北京市中伦（深圳）律师事务所 关于深圳市江波龙电子股份有限公司 2024年年度股东大会的 法律意见书 二〇二五年四月 法律意见书 北京市中伦（深圳）律师事务所 关于深圳市江波龙电子股份有限公司 2024 年年度股东大会的 法律意见书 致：深圳市江波龙电子股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）受深圳市江波龙电子 股份有限公司（以下简称"公司"）委托，指派孔维维律师、郭子威律师出席并 见证公司 2024 年年度股东大会（以下简称"本次股东大会"），并依据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》（以下 简称"《股东会规则》"）以及《深圳市江波龙电子股份有限公司章程》（以下 简称"《公司章程》"）等有关规定，就本次股东大会的召集、召开程序、出席 现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具本法律 意见书。 本所律师仅依据本法律意见书出具之前所发生的事实，并基于对该等事实的 认识以及对相关法律、法规以及《公司章程》的理解出具本法律意见书。本法律 意见书不涉及本次股东大会议案内容以及此间所涉及事实的真实性、准确性。 本所律师同意将本法律意见书作为 ...

深圳市江波龙电子股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示 1、 本次股东大会不存在否决议案的情形。 2、 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 证券代码：301308 证券简称：江波龙 公告编号：2025-025 (一) 召开时间：2025 年 4 月 11 日（星期五）14:30； (二) 召开地点：深圳市前海深港合作区南山街道听海大道 5059 号鸿荣源 前海金融中心二期 B 座 23 楼； (六) 本次会议的召集、召开符合《中华人民共和国公司法》《上市公司股东 会规则》（以下简称"《股东会规则》"）《深圳证券交易所创业板股票上市规则》 等有关法律、行政法规、部门规章、规范性文件和《深圳市江波龙电子股份有限 公司章程》（以下简称"《公司章程》"）的有关规定。 二、会议出席情况 （一）股东出席的总体情况 参加本次股东大会现场会议和网络投票表决的股东及股东代理人共 339 人， 代表有表决权的公司股份数合计为 312,203,258 股，占公司有表决权股份总数 415 ...

深圳市江波龙电子股份有限公司 投资者关系活动记录表 编号：2025-007 | 投资者关系活动 | | √特定对象调研 | □分析师会议 | □媒体采访 | | --- | --- | --- | --- | --- | | 类别 | □业绩说明会 □新闻发布会 □路演活动 | | | | | | □现场参观 √电话会议 □其他 | | | | | 参与单位名称及 | 大成基金、广发基金、华创证券、汇丰晋信基金、易方达 基金、大家基金、国信证券、中欧基金、中邮证券、建投 | | | | | 人员姓名 | 基金、Overlook Investments、招商基金 | | | | | 时间 | 2025 年 3 月 31 日 (周一) 至 4 月 3 日 (周四) | | | | | 地点 | 深圳市前海深港合作区南山街道听海大道 5059 号鸿荣源前 | | | | | | 海金融中心二期 座 B 2301 | | | | | 上市公司接待人 | 副总经理、董事会秘书 许刚翎 投资者关系经理 黄琦 | | | | | 员姓名 | 投资者关系资深主管 苏阳春 | | | | | | 1、如何看待全球政策变动对公司 ...

近日，国产存储厂商江波龙正式向香港联合交易所提交上市申请，计划登陆港交所主板。此前，江波龙 于2022年8月5日在深交所创业板上市，若此次港股上市成功，江波龙将实现"A+H"两地上市。 半导体存储行业具备周期性特点，江波龙业绩在2023年行业下行周期中也出现较大幅度波动。而在这一 年，江波龙加大扩张，收购了苏州与巴西的两家工厂。 扩张背后，近年来，江波龙的现金流情况并不算理想，2022年至2024年，江波龙已连续三年经营活动现 金流为负，资产负债率也出现增长。南都湾财社记者也就对于未来如何改善现金流及负债率情况向江波 龙发去采访函，江波龙方面回应称公司港股上市拟募集资金将用于进一步提升公司市场竞争力和财务稳 健性，同时通过多种措施，不断增强盈利能力和现金流创造能力，确保公司在持续扩张的同时，保持稳 健的财务状况。 股权集中度高 第二大股东为国家大基金 招股书显示，2022年至2024年，公司整体毛利水平分别为10.4%、4.7%和15.8%。部分产品线还一度出现 亏损，例如2023年江波龙嵌入式存储产品和内存条就分别亏损达7267万元和9384.5万元。 对于2022年至2023年毛利及毛利率的下降，招股书解 ...

Investment Rating - The report gives a "Buy" rating for Jiangbolong (301308) [9] Core Views - The company achieved significant growth in its enterprise-level storage business, with revenue reaching 922 million yuan, a year-on-year increase of 666.30% [4] - The overall revenue for 2024 was 17.464 billion yuan, representing a 72.48% year-on-year growth, while the net profit attributable to shareholders was 499 million yuan, up 160.24% [2][3] - The company has successfully launched multiple high-speed eSSD products and has adapted its products for compatibility with various domestic CPU platforms, enhancing its market presence [6][4] - The self-developed main control chips are expected to accelerate the company's long-term performance, with significant shipments anticipated in 2025 [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 17.464 billion yuan, with a growth rate of 72.48% [11] - The net profit attributable to shareholders was 499 million yuan, reflecting a growth rate of 160.24% [11] - The company’s expenses increased to 2.608 billion yuan, a rise of 64.40% compared to the previous year, primarily due to increased sales and management costs [3] Business Growth - The embedded storage, solid-state drives, mobile storage, and memory module businesses all experienced growth [3] - The enterprise-level storage business saw a notable increase, with revenue reaching 922 million yuan [4] - The Brazilian subsidiary Zilia achieved sales of 2.312 billion yuan, a 120.15% increase from 2023 [3] Product Development - The company has developed and successfully taped out its first batch of self-developed UFS main control chips, enhancing its product offerings [7] - The UFS storage products are expected to penetrate the high-end smart terminal market, with strong performance metrics compared to market competitors [7] Market Outlook - The demand for high-performance computing and storage hardware is expected to grow, driven by continuous investments from cloud service providers in AI hardware [8] - The storage price recovery trend is anticipated to gradually establish itself in the industry supply-demand dynamics, with a forecast of a low-to-high price pattern in 2025 [8]

Core Viewpoint - Jiangbolong, a domestic storage manufacturer, has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a dual listing after its previous listing on the Shenzhen Stock Exchange in 2022. The company is expanding despite facing cash flow challenges and increasing debt levels during the semiconductor storage industry's downturn [1][10]. Company Overview - Jiangbolong is a leading independent semiconductor storage manufacturer, providing a full range of storage solutions, primarily NAND Flash and DRAM products, and ranks second globally and first in China among independent storage manufacturers as of 2023 [2]. - The company has established brands such as FORESEE, Zilia, and Lexar, with four main product lines: embedded storage, solid-state drives, mobile storage, and memory modules [2]. Shareholder Structure - The National Integrated Circuit Industry Investment Fund (referred to as "Big Fund") is the second-largest shareholder, holding 5.82% of shares as of the end of 2024, while the founder, Cai Huabo, holds 38.96% [3]. Operational Model - Jiangbolong has a comprehensive operational model covering the entire product development lifecycle, including design, manufacturing, and packaging/testing. The company has its own design capabilities for small-capacity storage chips and collaborates with semiconductor foundries for manufacturing [4][5]. Financial Performance - The company's gross margin has fluctuated significantly due to the volatility in raw material costs, with gross margins of 10.4%, 4.7%, and 15.8% from 2022 to 2024. The embedded storage product line, which contributes nearly 50% of revenue, achieved a gross margin of 13.8% in 2024 after a recovery in the industry [5][6]. - In 2024, Jiangbolong reported a revenue of 17.464 billion yuan, a year-on-year increase of 72.48%, and a net profit of 499 million yuan, marking a significant turnaround from previous losses [6]. Expansion Strategy - Jiangbolong has accelerated its expansion efforts, acquiring a 70% stake in a domestic high-end packaging and testing company and an 81% stake in a Brazilian storage manufacturer in 2023. The company plans to use funds from its Hong Kong listing to further expand production capacity [8][9]. - The company aims to invest in its factories in Suzhou, Zhongshan, and Brazil to enhance production capabilities and maintain competitiveness in the market [9]. Future Outlook - Jiangbolong is focused on improving cash flow and reducing debt levels through its upcoming Hong Kong listing, with plans to optimize resource allocation and enhance operational efficiency [10].

中信建投证券股份有限公司关于 深圳市江波龙电子股份有限公司 2024 年度跟踪报告 | 保荐机构名称：中信建投证券股份有限公司 | 被保荐公司简称：江波龙 | | --- | --- | | 保荐代表人姓名：彭欢 | 联系电话：0755-23953863 | | 保荐代表人姓名：俞鹏 | 联系电话：0755-23953869 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 不限于防止关联方占用公司资源的制度、募集 | | | | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次 2 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | ...

Investment Rating - The report maintains a "Recommended" investment rating for Jiangbolong (301308.SZ) [1][9]. Core Views - Jiangbolong's enterprise-level storage continues to grow, and the recovery in storage prices has led to improved performance. In 2024, the company achieved revenue of 17.464 billion yuan, a year-on-year increase of 72.48%, and a net profit attributable to shareholders of 499 million yuan, up 160.24% year-on-year [4][8]. Summary by Sections Financial Performance - In 2024, Jiangbolong's revenue reached 17.464 billion yuan, with a year-on-year growth of 72.48%. The net profit attributable to shareholders was 499 million yuan, reflecting a significant increase of 160.24% year-on-year [4][8]. - The gross margin for 2024 was 19.05%, an increase of 10.86 percentage points year-on-year, while the net margin rose by 11.16 percentage points to 2.89% [8]. Business Growth - The enterprise-level storage segment saw a remarkable revenue increase of 666% year-on-year, reaching 922 million yuan. The company has launched multiple high-speed eSSD products, achieving compatibility with various domestic CPU platforms [8]. - The Brazilian subsidiary Zilia reported revenue of 2.312 billion yuan in 2024, a year-on-year growth of 120%, benefiting from Jiangbolong's market brand and technical resources [8]. - The Lexar brand continued its rapid growth, with global revenue increasing from 860 million yuan in 2019 to 3.53 billion yuan in 2024 [8]. Future Projections - The report projects net profits for 2025, 2026, and 2027 to be 639 million yuan, 887 million yuan, and 1.278 billion yuan, respectively. The estimates for 2025 and 2026 have been revised downwards due to expected fluctuations in net profit [9][11]. - The company is expected to benefit from a stable recovery in storage prices and strong demand for enterprise-level storage driven by AI and data center growth [9].

文/瑞财经 杨宏彬 1996年，20岁的蔡华波从九江市第三中学毕业，他在继续求学和打工之间，选择了后者。 他加入做照明设备的海洋王（002724.SZ），担任销售员，干了三年。离开海洋王后，蔡华波决定自己做老板，创立了江波 龙，一家半导体存储器厂商。 做半导体存储器，有一定的技术门槛。蔡华波虽然自己学历不高，但他在创立江波龙后引入一些高学历且专业对口的人 才，包括拥有华中科技大学电子与通信工程硕士学位的李志雄，以及拥有复旦大学电子及信息系统学士学位的王景阳，此 二人均是较早加入江波龙，并持有江波龙股权的高管。 随着人才的不断加入，江波龙的业务也不断扩张。 2022年时，公司已经登陆深交所。时隔两年有余，江波龙向A H股发起 冲刺。 近3年来，江波龙收入是不断增长的，但公司净利润却存在波动，2023年甚至出现亏损的情况。 在递表港交所前，江波龙进行了两次分红，分红金额超3亿元。而截至今年2月末，公司还存在短期的流动性压力。 01、多位高管0成本入股，员工持股平台有大量外人 江波龙创立于1999年4月，初始注册资金50万元，由蔡锦江及陈广瑜先生分别持有90%和10%），二人所持股权是替蔡华波 持有。2001年3月 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [7][18]. Core Insights - The company achieved a record revenue of 17.464 billion yuan in 2024, representing a year-on-year growth of 72.48%. The net profit attributable to the parent company was 499 million yuan, a significant increase of 160.24% [1]. - The business structure has been optimized, with all four product lines showing growth. Embedded storage accounted for 48.24% of revenue, mobile storage 18.37%, solid-state drives 23.75%, and memory bars 8.74% [1]. - The company is expected to benefit from the recent price increases in storage chips, with major manufacturers like SanDisk and Micron raising prices by over 10% [2]. - The company is expanding its global market presence by submitting an IPO application to the Hong Kong Stock Exchange, which is expected to enhance its market competitiveness [2]. - The company has established a chip design team to develop its own main control chips, enhancing product differentiation and performance [3]. - The enterprise-level storage revenue reached 922 million yuan in 2024, a staggering growth of 666.30%, driven by increased demand from AI and data center investments [4]. Financial Summary - The company's revenue for 2023 was 10.125 billion yuan, projected to grow to 21.830 billion yuan by 2025, with a compound annual growth rate of 25% [6]. - The net profit attributable to the parent company is expected to increase from 498.68 million yuan in 2024 to 1.227 billion yuan by 2027 [6]. - The EBITDA for 2024 is projected at 2.552 billion yuan, with a significant increase in profitability metrics [6]. - The company has a total market capitalization of approximately 38.616 billion yuan, with a price-to-earnings ratio of 77.43 for 2024 [8].