3200% Profit Growth: Memory Chip Supply-Demand Mismatch or Financial Accounting Game?

BIWIN Storage's half-year earnings forecast features numbers so large they're almost disorienting. Revenue is projected between 15 billion and 16 billion RMB, with net profit attributable to shareholders ranging from 7 billion to 7.5 billion RMB—a year-on-year surge exceeding 3200%. If this were two years ago, I might have thought these were just numbers games from some startup's funding round. But today, after the storage industry endured its darkest moment in 2023, this data deserves serious analysis.