长江存储落子三期项目，扩产欲夺全球 NAND 15%份额，定价权在望

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国产存储芯片产业迎来重大进展。据天眼查APP及企业官方信息显示，长存三期（武汉）集成电路有限责任公司于2025年9月5日正式成立，注册资本高达207.2亿元人民币，由长江存储科技有限责任公司持股50.19%，湖北国资背景的湖北长晟三期投资发展有限责任公司持股49.81%，法定代表人由长江存储董事长陈南翔担任。

这一举措被业内视为长江存储三期产能扩张的关键信号。公开资料显示，长江存储目前月产能接近13万片晶圆，全球3D NAND市场份额约为8%。公司计划在2025年将月产能提升至15万片，并力争到2026年底占据全球NAND闪存供应量的15%。根据此前环评信息，其总体规划产能为30万片/月，每期建设目标为10万片。此次三期公司的设立，意味着长江存储正稳步推进总产能翻倍的目标，进一步响应国内对自主可控存储产品的迫切需求。

长江存储自2016年成立以来，始终专注于3D NAND闪存技术的研发与产业化。即便在2022年底被美国列入实体清单、面临设备进口限制的背景下，公司仍坚持推进自主创新。其自主研发的Xtacking?架构已迭代至4.0版本，成功实现232层以上堆叠的3D NAND Flash量产。目前，长江存储已开始出货232层TLC芯片（X4-9070），该芯片通过双层堆叠实现总共294层结构，接口速度达到3600MT/s，产品性能已达到国际一线水平。

从市场环境看，当前NAND闪存需求逐步回暖，部分国际品牌已启动涨价，加之中国占全球NAND市场销售额30%以上，长江存储此次扩产具备扎实的市场动力和战略意义。若产能提升至月产20万片，长江存储将具备影响全球NAND闪存价格走势的话语权。

值得注意的是，在推进产能扩张的同时，长江存储正加速实现供应链自主化。据报道，公司计划在2025年下半年启动首条全国产化设备产线的试生产。此举旨在减少对外国设备的依赖，是应对美国出口管制的重要举措。目前，长江存储的设备国产化率已达45%，远高于国内其他主要晶圆厂水平。

Yangtze Memory Breaks Ground on Phase-III Project, Aims to Capture 15% Global NAND Market Share with Pricing Power in Sight

China’s domestic memory chip industry has achieved a significant milestone. According to Tianyancha APP and official corporate information,?Yangtze Memory Phase-III (Wuhan) Integrated Circuit Co., Ltd.?was officially established on September 5, 2025, with a registered capital of RMB 20.72 billion. It is owned 50.19% by its parent company,?Yangtze Memory Technologies Co., Ltd. (YMTC), and 49.81% by?Hubei Changsheng Phase-III Investment Development Co., Ltd., an entity backed by Hubei state-owned capital. The legal representative is Chen Nanxiang, Chairman of Yangtze Memory.

This move is widely regarded as a key signal of YMTC's Phase-III capacity expansion. Public data indicates that YMTC's current monthly production capacity is close to 130,000 wafers, accounting for approximately 8% of the global 3D NAND market. The company plans to increase its monthly capacity to 150,000 wafers by 2025 and aims to capture 15% of the global NAND flash supply by the end of 2026. According to earlier environmental impact assessment information, its overall planned capacity is 300,000 wafers per month, with each phase targeting 100,000 wafers. The establishment of this Phase-III entity signifies that YMTC is steadily advancing toward doubling its total production capacity, further addressing the urgent domestic demand for independently controllable storage products.

Since its inception in 2016, YMTC has consistently focused on the research, development, and industrialization of 3D NAND flash technology. Even after being added to the U.S. Entity List in late 2022 and facing restrictions on equipment imports, the company has persisted in pursuing independent innovation. Its self-developed Xtacking? architecture has been iterated to version 4.0, successfully achieving mass production of 3D NAND Flash with over 232 layers. Currently, YMTC has begun shipping 232-layer TLC chips (X4-9070), which utilize a double-stacked structure to achieve a total of 294 layers and an interface speed of 3600 MT/s. The product performance has reached international first-tier standards.

From a market perspective, global NAND flash demand is gradually recovering, with some international brands already initiating price hikes. Additionally, China accounts for over 30% of global NAND market sales, providing solid market momentum and strategic significance for YMTC’s capacity expansion. If the monthly production capacity reaches 200,000 wafers, YMTC will possess the pricing power to influence global NAND flash market trends.

It is worth noting that while advancing capacity expansion, YMTC is accelerating the localization of its supply chain. According to reports, the company plans to initiate trial production on its first fully domestically equipped production line in the second half of 2025. This move aims to reduce reliance on foreign equipment and is a critical step in responding to U.S. export controls. Currently, the localization rate of YMTC’s equipment has reached 45%, significantly higher than that of other major domestic wafer fabs.