Puya's profit surge on AI memory demand; sector pullback a risk
First-half profit to jump ~1,925% on AI memory demand Puya expects H1 2026 net profit of about 825 million yuan, up 1,925% from a year earlier. Revenue is seen at 3.95 billion yuan, up 336%. The company credits AI data-center build-out, which lifted both prices and sales volumes of its general-purpose memory chips, plus growing sales of new analog products like MCUs and drivers.
This is the core new fundamental driver that explains why the stock is moving and gives investors the big picture.
AI infrastructure and Beijing AI-agent push support demand Global AI computing build-out is driving memory chip demand. On July 24, Beijing introduced measures to accelerate AI agents, encouraging general-purpose processors and inference chips. This policy support reinforces the long-term demand outlook for Puya's memory and analog chips used in AI and industrial applications.
It shows a broader, policy-backed demand tailwind that supports the positive earnings story.
PBOC injects 500 billion yuan, easing market liquidity The People's Bank of China conducted a 500 billion yuan one-year medium-term lending facility operation on July 24. This adds cash to the financial system, which can support stock market sentiment and make it easier for growth companies like Puya to access funding. Lower funding stress generally helps share prices.
It is a new macro liquidity event that can lift the whole market, including Puya.
Memory chip sector pullback dragged Puya down 11% On July 13, the memory chip sector tumbled, with Puya falling over 11% in a broad market selloff. This shows the stock is still sensitive to sector-wide swings and profit-taking, even as its business fundamentals improve. Investors should expect sharp short-term moves alongside the positive earnings trend.
It provides a fair counterweight, showing the stock is not immune to sector volatility.