YMTC’s potential next growth engine is not the phone market where flash memory is familiar to consumers. It is the server rack. South China Morning Post reports that Counterpoint Research expects server-related revenue, effectively zero for YMTC in 2024, to approach 39% of the company’s revenue by 2028. That would put enterprise solid-state drives, rather than a peripheral product category, near the center of the Chinese memory maker’s commercial story.
The change matters because YMTC is the core operating business of parent CCSH, which is pursuing a planned 33 billion yuan raise on Shanghai’s STAR Market. Reuters reported that the exchange had accepted the application, while neither Reuters nor SCMP said the listing had been completed. For customers building data-center capacity, the practical question is whether a NAND manufacturer already present in phones, SSDs, data centers and enterprise servers can turn its server-storage ambition into a meaningful supply position.
Counterpoint’s Server-Storage Forecast Changes the Revenue Conversation
The numerical shift is striking precisely because it is about mix, not simply growth. The projection cited by SCMP comes from Counterpoint Research, and ties YMTC’s expected server contribution to enterprise SSDs and data-center storage. The projected mix is a forecast, not an observed revenue line. Still, it gives readers a clear lens for interpreting a company that is often discussed through consumer electronics: YMTC is being evaluated for the storage it could sell into the systems that house enterprise workloads.
That distinction changes the stake for the prospective offering. A server-oriented revenue share would connect the company’s NAND output to a set of buyers whose storage needs sit inside enterprise servers and data centers, categories Reuters explicitly includes among YMTC’s markets. It also places the company in a broader Chinese memory narrative. EastFrontier’s earlier look at how YMTC and CXMT are reshaping global NAND and DRAM markets is useful context because NAND and DRAM are different parts of the memory conversation, yet both are increasingly relevant to server infrastructure.
SCMP’s report pairs the longer-term server scenario with a current financial base: YMTC recorded RMB63 billion in 2025 revenue, up 40% year on year, according to its prospectus. That figure establishes momentum, but it should not be read backward as proof that the forecast server mix has already arrived. The reported revenue describes the company’s existing scale; Counterpoint’s estimate describes how the composition of that business could change if enterprise SSD and data-center storage become far more consequential.
Enterprise SSDs Turn NAND Into a Data-Center Question
The server emphasis gives an otherwise abstract revenue percentage a concrete meaning. SSDs are one of the places YMTC’s NAND is used, alongside phones, while Reuters also identifies data centers and enterprise servers among the markets for its chips. When Counterpoint links the future mix to enterprise SSDs, it is pointing to a route by which storage moves from a component sale into the infrastructure discussion surrounding AI data centers. That is the reader stake: a larger YMTC role would be measured not just by flash output, but by whether its storage is relevant where organizations buy and operate server capacity.
It is also important not to flatten every memory story into the same product. The server-storage forecast concerns NAND and enterprise SSDs. A separate EastFrontier report on CXMT’s server-memory test for its 4F² DRAM design highlights why readers should keep the two companies’ server propositions distinct. YMTC’s reported opportunity is the storage stack. The source material does not make a claim about a completed broad data-center rollout, individual customer wins, or current server revenue at the scale Counterpoint expects later in the decade.
That restraint is useful for investors and operators alike. The prospectus-backed revenue number indicates that YMTC is not beginning from zero as a company. The effectively-zero description applies to the server-related slice, not to all company sales. The forecast therefore describes a reweighting of an existing business: consumer and other NAND markets remain part of the company’s context, while enterprise storage could become a substantially more visible part of its revenue mix.
A Prospective STAR Market Listing Will Test the Storage Narrative
The planned STAR Market raise adds a financial audience to this operational question. Reuters and SCMP report that CCSH is seeking 33 billion yuan, and Reuters says the exchange accepted the application. Acceptance is an important procedural step, but it is not a completed listing or a completed capital raise. The company’s possible market debut should be understood alongside, not as evidence for, the Counterpoint outlook about server revenue.
For YMTC, that separation creates a more demanding story than a simple IPO pitch. The company would need to show a credible connection between its reported RMB63 billion revenue base and the enterprise SSD and data-center storage opportunity identified by Counterpoint. The forecast gives the market a benchmark for what a successful expansion might look like. It does not establish that the mix will reach nearly 39%, and it does not turn a planned fundraise into capital already available for that effort.
The next real test is therefore twofold. First, the STAR Market process must advance beyond an accepted application. Second, YMTC will need evidence that its NAND is gaining a larger role in enterprise SSDs and data-center storage, the categories on which Counterpoint’s projected mix depends. Until those tests produce observable progress, the most informative way to read the story is as a high-stakes shift in the company’s intended revenue mix, supported by a growing existing business but still awaiting proof in the server market.