文｜半导体产业纵横

​12yue18ri，bandaoticunchuqijutoukaixiakongguzaidongjingzhengquanjiaoyisuozuigaoyijideprimeshichangguapaishangshi，lakaijiaoyixumu。

shourikaipanhoudechushijiageweimeigu1440riyuan，jiaofaxingjia1455riyuanxiadie1%。yichushijiagejisuanzongshizhiyuewei7762yiriyuan（yue51yimeiyuan）。

kaixiashangshishixinfaxingle2156wangu，choudezijinyue290yiriyuan。chiyouqigupiaodemeiguotouzijijinbeienzibenhedongzhijiangmaichuyibufen，shichigubilifenbiecong56%he40%，jiangzhi51%he30%。

kaixiacicishangshi，keweishiyibosanzhe，haozaibenniandujijiangshouguanzhiji，qiaodingjieguo。zhishiduiqizibenfanglaishuo，zheiyijieguoyouxie “daijiabufei”。

zhiyuzheiyiganshoudeyoulai，houwenjiangjinxingxiangxipouxi。ertijikaixia，biranraobukaiyuqiduocijiugedexibushuju。jinnianlai，zheiliangjiagongsizaishougouyushangshideyitishangpinfanjiaoliu，guanxiyichangjinmi。

zaitanjiuzheixiejiugeqian，xianlejieliangjiagongsibeijing。

01、铠侠与西部数据的历史

铠侠—原东芝存储

1987niandongzhigongsifaminglenandshancun，2017nian4yue，dongzhicunchuqijituancongdongzhigongsiboli。

2018niandongzhijiangxinpianyewuchushoujibeienzibenqiantoudecaituan，jiaoyijineyue2wanyiriyuan（yue180yimeiyuan）。

2019nian10yue，dongzhicunchuqizhushihuishegengmingweikaixiazhushihuishe。

kaixiazhuyaocongshishancun（flash）jigutaiyingpan（ssd）kaifa、shengchanhexiaoshou。kaixiajiezhi9yue30ridefy24 q2caibaoxianshi，ssdcunchuyingshou2742yiriyuan，ssdyingshouzhanbi57.0%。

西部数据—收购闪迪

2015nian10yue21ri，xibushujuxuanbuyimeigu86.5meiyuan、zongjia190yimeiyuandejiage，shougoushandi。

yaozhidao，shandichengliyu1998nian，dangshideshandishiquanqiutoubushancunshengchanshang，weileshougoushandi，xibushujukeyishuoshidushangzhenggeshenjia。

2021nian1yue，shandigengmingweixibushuju。

zhiyuxibushujuweishenmeyaoshougoushandi？

shouxian，congchanpinjiegoushangkan，bishixibushujudecunchuchanpinzhuyaoweijixieyingpan，dandangshidegutaiyingpanyijingkaishiqinshijixieyingpandeshichang。

lingwai，youyuyunjisuandefazhan，qiyejicunchukaishichengxianbaozhashizengzhang，caiyongchuantongjixieyingpandefuwuqihecunchugoujiandeshujuzhongxinyijingwufamanzubaozhaxingzengzhangdeshujucunchudexuqiu。

yezhengyinci，chuantongdeyingpanchangshangruxibushuju、xijiedengdoufenfenjinrushancunshichang。shougoushandihou，xibushujujiangcongchuantongdeyingpancunchujinruleshancuncunchulingyu，mibulezijiyewuduanban。

qici，congbeishougouduixianglaikan，weishenmeshishandi？yinweibishishengyujijiatoubushancungongsifenbieweisanxing、skhailishi、dongzhi、meiguang，xianranshougouzheixiegongsiyaonandeduo，xiangbilaishuo，shandishizuirongyitupodeyigeduankou。

muqian，xibushujudezhuyingyewuyouhdd（jixieyingpan）hessd。2025cainiandiyijidu（2024nian7yue-9yue）hdd yewuyingshou 22.11 yimeiyuan，zhanbi54%，“shancunyingyongchanpin”yewuyingshou18.84yimeiyuan，zhanbiyue46%。

02、西部数据与铠侠，开始纠缠

shizhijinri，xibushujuyukaixiayiranjueqi，chenggongjishenquanqiu nand shancunlingyuqianwuqiangzhilie。genjutrendforceshujuxianshi，2024niandierjidu，sanxingdianziyi36.9%deshichangfenelingpaonandshichang，skjituan（skhailishihesolidigm）yi22.1%deshouruzhanbijuquanqiudier，jinsuiqihoudeshikaixia（13.8%）、meiguangkeji（11.8%）hexibushuju（10.5%）。

suizheyewuxiangsixingdeyingxiang，zheiliangdagongsizaixingyebianqianzhongzhujiankaolong。tamenzaiyewushangkenengxianghuyilai，danzaizhanlvebujushangyoucunzaiqianzaideduili，youciyinfaleyichangyinrenguanzhudejiuge。

zi2018nianduliyilai，kaixiayizhizaijijichoubeishangshi。

kaixiadediyiciipojihuaqiyu2020nian，zheiyiniankaixiahuodeshangshizigedanyouyuguojimaoyihuanjingheshichangbodongdeyingxiang，kaixiatuichileshangshijihua。

kaixiadedierciipojihuashiyujinnian8yue，suizhequanqiubandaotishichangdehuinuan，tebieshizairengongzhinengjishutuidongxiaduigaoxingnengcunchuxinpianxuqiudejizeng，jinnian8yue，kaixiazaicitijiaoshangshishenqing，jihua10yueipo。raner，zheiciipojihuayewuguoerzhong。

zhiyudiercishangshijihuagezhideyuanyin，bishibeienzibenchiyoukaixia56%degufen，dongzhigongsichiyou41%degufen，haoyagongsichiyou3%degufen。dangshi，touzirenyibandaotishichangfusuhuanmanweiyou，yaoqiubeienzibenjiangkaixia ipo guzhijiangdizhimubiaozhi（yue 1.5 wanyiriyuan）deyibanzuoyoushuiping，zheiyedaozhibeienzibenfangqirangkaixiazai 10 yuedijinxing ipo dejihua。

zaikaixiajijizhunbeiipodeguochengzhong，xibushujuyejinlai“hengchaleyijiao”。

2021nian，xibushujukaishiyanjiu，jihuashougoukaixia。ranerkanshangkaixiadebingbuzhixibushujuyijia，dangshimeiguangyezaipinggu，jihuashougoukaixia。

youzhiqingrenshicheng，gaijiaoyiduikaixiadeguzhikenengzai300yimeiyuanzuoyou。zhidezhuyideshi，kaixiaipohouguzhijin51yimeiyuan，zheiyishuzhijinwei2021niandeliufenzhiyi，benciipobeienzibengengshijingkuisun130yimeiyuanzuoyou。

zhihoukaixiayuxibushujukaishijinxinghebingtanpan。

raneryouyushoudaokaixiajianjiedagudongskhailishidefandui，yushigaihebinganyu2023nian10yuexuanbuzhongzhi。

juxi，skhailishitongguobeienzibenjianjiechiyoukaixiayue34%degufen，yincikaixiahexibushujuxiangyaoshunlihebing，jiubixuhuodeskhailishizheigedagudongtongyi。

bijing，tangruoxibushujuhekaixiajiaoyichenggong，hebinghoudegongsijiangzhanjuquanqiu nand shancunshichangdesanfenzhiyifene，bingjiangyulongtouchangshangsanxingdianzichiping，zheiyijumianshibihuiduishijiedisanda nand shancunzhizaoshang sk hailishidediweigouchengweixie。

ciwai，yidankaixiabeimaidiao，bujinyiweizheribenjincundedaxingcunchuxinpiangongsisuoshengwuji，yedaibiaozhequanqiushancunyewujibenshangzhangwozaimeiguo、hanguoshouzhong，zheiweilaihuimianlinzheyangedeshencha。

hezuoweiguo，liangjiagongsibiankaishizhongzuoguihua。kaixiaxuanzejixuzoushangshizhilu，xibushujuzejihuafenchaiweiliangjiagongsi，yigezhuanzhuyushengchanhdd，lingyigezezhuanzhuyushengchannandshancunhessd。

03、两家公司，各自有了选择

rujinkaixiayiwanchengqiipodejihua。

xibushujushouxizhixingguan david goeckeler cengbiaoshi，“jianyudangqiandeyueshutiaojian，dongshihuizuijinjizhouyuelaiyueqingchudirenshidao，fenchaishixibushujuzhengquefazhandexiayibu，bingjiangshigongsichuyuzuijiaweizhi，weiwomendegudongshifangjiazhi。”

genjugongsijihua，zheixieyewudefenlijiangyimianshuidefangshijinxing，bingjihuazai 2024 nianxiabannianwancheng。ranersuizheshijianjinru12yuezhongxiaxun，xibushujudefenchaijihuahaimeiyouyinglaijieguo。

riqian，xibushujuzaigongbu2025cainiandiyicaiji（2024nian7-9yue）yejishibiaoshi，guanyufenchaishixiang，xibushujumuqianzhengzaianjihuafenlishancunheyingpanyewu。congdiercaiji（10-12yue）kaishi，jiangjixuzhixingruanfenchaijieduan，bingzhengnulituijinyufenlixiangguandejianguanshenbaosuoxudeguanjiangongzuoliucheng。yujirongzihuodongjianghenkuaikaishi，zheijiangweiqishishifenchaidiandingjichu，yujifenchaijiangzaidiercaijijieshushiwancheng。

yejiushishuo，huoxuzaibenyue，xibushujudefenchaidongzuojiuhuiwancheng。

04、上市与业务分拆，这是为何？

zhiyuliangjiagongsifenbiezouxiangshangshiyufenchaideyuanyin。

shouxiankankaixia，2018nianquanqiubandaotishichangchuyuyilunjingqizhouqidegaofeng，yeshizheiyinian，beienzibenjieshoukaixia。zhihousuizhebandaotizhouqixiaxing，gedagongsideyejiheguzhidoudafuxiahua。baokuodangqiandecunchulongtouskhailishiyeweinengtaoguoshichangzhouqideyingxiang。2018nianskhailishichuangxia38.5wanyihanyuandelishizuigaojilu，zhihouzai2022nian，skhailishishouruxiahuazhi28wanyihanyuan，yingyelirungengshichuxianle2wanyihanyuandekuisun。

kaixiazaibeishougouhouyejiyechuxianleleisidexiahua。2022niankaixiadeshouruxiajiangzhi1.1wanyiriyuan，jinglirundafuxiajiangzhiyue-1381yiriyuan。congzheigejiaodukan，beienzibencaituanshidianxingde“gaoweijiepan”。

zijindejinzhangyeshiyingxiangkaixiadeyinsuzhiyi。juxi，kaixiazaibeishougouhouhaibeifulechaoguo1wanyiriyuandezhaiwu，zheijidadexianzhileqizibenzhichudenengli。zaijiashangchixudekuisun，qijingzichanxiajiangleyue4000yiriyuan，tupoleyintuandaikuandetiaokuanyaoqiu，shidezairongziyeshoudaoyingxiang。

xingyanjigousmartkarmarenwei，zaiguoqusannianbandeshijianli，kaixiajinjiang27%deshouruyongyuzaitouzi，erzhuyaojingzhengduishoudepingjunbilidadao37%。jiuzaikaixiajieyisuoshideshihou，quanqiunandshichangzhengzaifashengyichang3d nandgeming。chuantongnandshouxianyugongyizhicheng，zaixingnengtishengshangyijingyudaolepingjing。er3d nandjishutongguojiangduogecunchudanyuanzaichuizhifangxiangshangjinxingduidie，tupolegongyizhichengdexianzhi，duidiecengshuyueduoxingnengyueqiang。

erzaizheichangjishujingsaizhong，kaixiadehuoyuechengdubingbugao，zongheduofangmianyinsumianlindezhuduoyali，kaixiazaicitichuyishoucigongkaimugu（ipo）defangshigongkaizengzi。

zaikanxibushuju，zheijiagongsishishichangshangweiyiyijiahebinghddhessdyewudegongsi，erqitagongsibingweicaiquzheizhonghebingcelve。quanqiuzhimingdesimuguquanheduichongjijinguanligongsielliott managementrenwei，zheizhonghebingcelvedaozhixibushujuyuzhuyaotongxingxijiexiangbibiaoxianbujia，tebieshiqissdbumenbeitouzizhedadadigu。

fenxishidejisuanxianshi，xibushujudenandhessdyewudeduliguzhikenengzai100yimeiyuandao220yimeiyuanzhijian。zheiyiguzhibiaoming，chaifenzheixieyewukenenghuiweigongsidailaigenggaodeshichangguzhi。baogaozhichu，chaifenhouliangjiagongsidedulijiazhizhishaowei300yimeiyuan，shenzhiyoukenengchaoguo400yimeiyuan。

yinci，chaifenyewukeyishifangssdbumendeqianli，shiqizhuanbianweigengchenggongdeqiye，bingweitouzizhedailaifenghoudehuibao。

ciwai，hddhessdshichangmianlinzhegezibutongdetiaozhan。hddshichangsuiranbeissdshichangyasuo，danzaimouxieyingyongchangjingxia（runas、yidongyingpandeng）rengranjuyouzhongyaodiwei，qieweilaiyujihuichuxianjijizengzhang。erssdshichangzemianlinzhekucunguosheng、jiagebodongdengtiaozhan。chaifenhou，lianggeyewukeyigengyouzhenduixingdiyingduigezishichangdetiaozhan，zhidinggengheshidezhanlvehejihua。

tandaozheili，huoxuhuiyourenhaoqi：weilai，zheiliangjiagongsishifouhuiyouxindehezuodongxiang，shenzhizhongxintantaohebingdekenengxing？

geweiduzhepengyou，duiyucishinimenyounaxieguandian？huanyingzaipinglunquchangsuoyuyan，geshujijian。