As the largest unlisted independent memory manufacturer in China, what Hongxinyu really deserves attention is probably not only the size, but also the chip capabilities hidden behind the product.
The Zhitong Finance App learned that according to public application documents, Hongxinyu achieved operating income of 11.238 billion yuan and net profit of 1,364 billion yuan for the full year of 2025; the release of results from January to April 2026 was accelerated, achieving operating income of 8,012 billion yuan and net profit of 3.841 billion yuan. The single-period profit scale has exceeded the full year level of 2025. When the market set its sights on this storage company, a main line of technology worth understanding gradually became apparent: Hongxinyu did not start getting involved in master control until the business grew bigger, but in the early days of its establishment, it embarked on the path of collaborative development of main control chips and storage modules.
The next step from consumer to enterprise Hongxinyu is not to start from scratch
If “main control chip+storage module” is the technical route that Hongxinyu has laid out since its inception, then the result of the first round of strategic development cycle was to establish scale, customer and technology accumulation in the consumer storage market, and rank among the leading enterprises in the industry. Focusing on the needs of consumer electronics customers, the company has gradually developed three mutually supporting capabilities: understanding customer application requirements, translating requirements into specific product characteristics, and promoting the verification and commercialization of new products. These capabilities are also an important foundation for Hongxinyu to expand into more application scenarios. The consumer-grade business has validated the path of technology and product collaboration, and the enterprise-level market has provided a new space for this set of capabilities.
The accumulation of main control design, firmware development, storage medium analysis, testing and verification is expected to help Hongxinyu extend the product development and customer service experience formed in the consumer market to enterprise storage. The application documents revealed that the company has begun mass production of storage products for enterprise-level scenarios, which means that related developments have entered the product implementation stage. Looking at Hongxinyu's main control path from this perspective, its significance is not only to support existing revenue, but also to provide a technical foundation for the company to expand from the consumer level to the enterprise level: enter new scenarios with the capabilities already accumulated, and then promote technological upgrading through the demands of the new scenarios.
Since the beginning, in addition to the layout module, there is also a core
To understand this route, we must first understand the role of the main control chip. For NAND Flash-based storage products, flash memory particles provide storage media, and the main control chip and firmware are responsible for data management tasks. How to read and write data, how to correct errors, and how to control loss are all related to this software and hardware system. The same flash memory particle, with different controllers, firmware and product designs, may ultimately present different performance, power consumption, and reliability. Therefore, the main control is not an ordinary accessory on the module, but an important part affecting the competitiveness of the product.
Hongxinyu's development timeline provides specific footnotes on this technology route. The company was founded in December 2018, and product lines such as embedded storage, solid state drives and mobile storage were launched in 2019; in the same year, the company's official website recorded the launch of the HG2319 USB 3.2 flash drive main control chip. The industrialization of storage products and the layout of main control chips began simultaneously in the company's inception.
Since then, the main control products have gradually expanded in different application directions. According to the company's official website, in 2020, the HG2319 achieved mass production, HG2309 USB 2.0 flash drive master control; in 2021, the HG2283 PCIe Gen 3×4 SSD master control and HG2232 eMMC 5.1 master control were released; in 2022, the HG2283 and HG2229 eMMC 5.1 master controls were mass-produced.
In 2023, the HG2259 SATA SSD master control was launched; in 2024, the company disclosed that the PCIe Gen 4×4 SSD master was launched in the fourth quarter, and the HG2325 UFS 2.2 master control was also completed; in 2025, the HG2233 eMMC 5.1 master control was launched. Expanding from USB to SSD, eMMC, and UFS, Hongxinyu's main control layout gradually covers more storage applications.
The significance of these nodes is not to simply add a few chip models, but to show that master control development continues to advance. Of course, delivery, and mass production represent different stages and cannot be confused; in the end, the value of technical layout must still be reflected through product verification and commercial delivery.
The reference for the mainland version of the Group Network is similar to the development path
If you need to find a reference to help investors understand Hongxinyu, the Taiwanese capital market listed company Qunlian Electronics is a name you can't get around. Qunlian Electronics (Phison, stock code 8299) has long been involved in the NAND Flash main control chip and storage solution business. Its capabilities cover chip design, firmware development, system integration and storage products. The industry inspiration it provides is that storage companies can extend competition from a single hardware supply to the design and optimization of complete solutions by mastering master control and firmware.
Looking at the “main control chip+storage module” business path, the “mainland version of group networking” can be used to understand one aspect of Hongxinyu. The analogy here is a model of technology and product collaboration, which does not mean that the two companies are already exactly the same in terms of technology generation, product coverage, or market position.
There are not only modal similarities between the two. According to the application documents, Qunlian participated in Hongxinyu's initial investment through its entities and further increased investment in 2020; Hongxinyu also cooperated with Qunlian in the early stages of technical services and intellectual property licensing. At the same time, the document revealed that since then, the company has established independent research and development capabilities and continues to accumulate its own technology and intellectual property rights. Therefore, a more accurate statement is: On the basis of industrial cooperation, Hongxinyu laid out master control and module collaboration from the beginning of establishment, and continued to enhance independent research and development capabilities. This is closer to the actual development process than the “all technology is independently developed from scratch” statement.
Investment in R&D from chips to products is forming more complete capabilities
In 2026, Hongxinyu's main control route has made new public progress. The company released a self-developed HG2325 UFS 2.2 master control and supporting embedded storage solution in COMPUTEX 2026. According to official information, the chip uses a 22nm process, is equipped with a self-developed 4KB LDPC hardware error correction engine, and supports mechanisms such as wear balance, bad block management, and power failure data protection.
What is noteworthy about this announcement is that the main control chip was unveiled along with the supporting storage solution. For customers, they need not only chip parameters, but products that can operate stably in actual terminals; for Hongxinyu, the potential value of master control and module collaboration forms more direct feedback between chip development and terminal requirements.
The R&D pipeline is also continuing to expand. In July 2026, the public application documents revealed that in addition to the main control already mass-produced, the company also has eight self-designed and developed master controls at different stages: UFS 2.2 and eMMC 5.1 are in the sample delivery stage; USB 3.2, UFS 4.1 and PCIe 4.0 SSDs are in the streaming stage; PCIe 5.0 SSD and low-power UFS 2.2 are in the back-end design stage; and UFS 5.0 is in the front-end design stage.
What supports this route is continuous investment. From 2023 to 2025, Hongxinyu spent about 283 million yuan, 392 million yuan and 493 million yuan respectively, for a total of about 1,168 million yuan over three years. Among them, one of the reasons for the increase in R&D expenses in 2025 is the increase in technical service fees mainly related to the development of main control chips. These are the company's overall R&D expenses. Not all of them are equivalent to investment in main control chips, but they can reflect the strength it continues to build technical capabilities.
The company has also been recognized as the Guangdong High Performance Memory Control Chip Engineering Technology Research Center, and has built a technical system around chip development, firmware, testing and media analysis. What needs to be distinguished is that its main control mainly serves its own storage products. Not all products use self-developed master controls, nor does it mean that the company manufactures its own storage wafers.
The label “China's largest unlisted independent memory manufacturer” allowed Hongxinyu to enter the eyes of more investors, while the development trajectory of the main control chip made the company's technical landscape more clear. What it is worth paying attention to is not only “how many storage products have been sold”, but also whether it can continuously transform chips, firmware, and application experience into products that customers want to choose.
From the initial layout of the “main control chip+module”, to establishing scale and customer base in the consumer market, and then extending to the enterprise-level scenario, Hongxinyu's growth logic is becoming clear: it is necessary not only to improve existing products, but also to let the technology and commercialization capabilities accumulated over a long period of time be verified in the new market.