深圳市江波龙电子股份有限公司 关于实际控制人及其一致行动人持股比例被动稀释 触及 1%整数倍的公告 本公司实际控制人蔡华波先生及其一致行动人蔡丽江女士、深圳市龙熹一号投 资企业（有限合伙）、深圳市龙熹二号投资企业（有限合伙）、深圳市龙熹三号投资企 业（有限合伙）、深圳市龙舰管理咨询企业（有限合伙）、深圳市龙熹五号咨询企业 （有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 证券代码：301308 证券简称：江波龙 公告编号：2025-038 二、其他情况说明 1、本次权益变动为蔡华波先生及其一致行动人持股比例被动稀释，未违反 《证券法》《上市公司收购管理办法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》以及《上市公司股东减持股份管理暂行办法》 等有关法律、法规、规章、业务规则的规定。 2、本次权益变动未违反蔡华波先生及其一致行动人做出的相关承诺。 3、本次权益变动不会导致公司控制权发生变更，不会对公司治理结构及持 续性经营产生影响。 三、备查文件 1、相关股东出具的《关 ...

Group 1: Market Outlook and Trends - The demand for high-performance computing and storage hardware is expected to grow due to continuous investments by cloud service providers in AI hardware, particularly in the server sector [3] - The storage market began to recover gradually from the end of March 2025, following a series of production cuts announced by major storage manufacturers [3] - The first quarter of 2025 saw a revenue of 319 million CNY for enterprise storage products, representing a year-on-year growth of over 200% [3] Group 2: Competitive Advantages - The company is one of the few in China capable of designing and supplying "eSSD + RDIMM" products, showcasing its comprehensive strength in technology, manufacturing, and market capabilities [5] - The customer base for the company's enterprise storage products is diverse, including large internet companies and telecom operators, indicating strong adaptability and recognition across various industries [5] Group 3: Product Development and Innovation - The company has launched three self-developed main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [6] - The UFS products utilizing the self-developed main control chips are expected to maintain and expand the company's leading position in the embedded storage market [6] Group 4: Business Model and Inventory Strategy - The TCM model aims to establish a new type of supply-demand relationship, enhancing visibility and reducing price volatility impacts [7] - The company is transitioning towards a service and value-driven model, adjusting inventory strategies flexibly based on market conditions and business development needs [7]

Group 1 - The core viewpoint of the articles highlights the increasing trend of A-share companies, particularly in the semiconductor sector, pursuing dual listings in Hong Kong, driven by favorable regulatory policies and the need for global expansion [1][6][8] - The "A+H model" allows companies to access both domestic and international capital markets, enhancing their financial strength and market recognition [6][8] - Several semiconductor companies, including Zhaoyi Innovation, Unisoc, and others, have announced plans for Hong Kong listings, indicating a significant shift towards internationalization [2][4][5] Group 2 - The semiconductor companies aim to strengthen their global presence, with many explicitly stating that their Hong Kong listings are part of a strategy to enhance their international business operations and competitiveness [6][7] - The funds raised from these listings are primarily targeted at improving core technology capabilities, expanding product lines, and enhancing overseas sales networks [6][7] - Recent regulatory changes, such as the "Five Measures to Benefit Hong Kong" policy and adjustments to listing requirements, have made it easier for A-share companies to pursue dual listings in Hong Kong [7][8]

3、本次归属日：2025 年 5 月 26 日 4、归属股票来源：公司向激励对象定向发行公司 A 股普通股股票 证券代码：301308 证券简称：江波龙 公告编号：2025-037 深圳市江波龙电子股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第二个归属期及 预留授予部分第一个归属期归属结果暨股份上市的公告 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。 重要内容提示： 1、本次归属人数：290 人，其中首次授予部分激励对象 275 人，预留授予部 分激励对象 15 人。 2、本次归属股票数量共计：3,163,703 股，占归属前总股本比例 0.76%。其 中首次授予部分数量 2,819,272 股，预留授予部分数量 344,431 股。 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日 召开第三届董事会第九次会议和第三届监事会第九次会议，审议通过了《关于公 司 2023 年限制性股票激励计划首次授予部分第二个归属期及预留授予部分第一 个归属期归属条件成就的议案》。公司 2023 年限制性股票激励计划（以下简称 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for overseas listing applications from several companies, focusing on compliance with tax, investment, and regulatory frameworks [1][2][4][5][8][10]. Group 1: Supplementary Material Requirements - For MicroVision Technology, the CSRC requires clarification on tax declaration and payment related to the merger with Future Vision, in accordance with relevant tax regulations [1][4]. - For Longhong New Materials, the CSRC is concerned about the legitimacy of three zero-value equity transfers in 2023 and the significant price difference in a subsequent capital increase in 2024, requiring explanations regarding the authenticity of these transactions and potential shareholding arrangements [2][10][11]. - Glen Holdings must provide details on the compliance of its equity structure and the pricing basis for a recent acquisition, ensuring adherence to foreign investment regulations [5]. - For Haichen Energy Storage, the CSRC requests information on the compliance of overseas investments, technology export activities, and data protection measures related to user information [6]. - Dongpeng Beverage is required to clarify its business scope in relation to foreign investment restrictions and provide details on user data management practices [8]. Group 2: Company-Specific Issues - MicroVision Technology must explain the compliance of its equity control structure and the operational scope of its domestic entities in the AI sector [4]. - Longhong New Materials needs to address the compliance of its equity structure and the legitimacy of its recent ownership changes, particularly regarding the zero-value transfers [2][10][11]. - Glen Holdings is tasked with detailing the compliance of its overseas subsidiaries with foreign investment regulations [5]. - Haichen Energy Storage is required to clarify its technology export activities and compliance with data protection regulations [6]. - Dongpeng Beverage must provide information on its compliance with foreign investment policies and user data management practices [8].

Investment Rating - The report assigns an "Overweight" rating to Shenzhen Longsys Electronics Co Ltd [3] Core Insights - The company is recognized for its self-help story regarding enterprise business growth and overseas expansion, demonstrating efficient synergies across newly acquired assets [2] - The current trading valuation is at 4.4x 12M forward P/B, which is -1 standard deviation compared to its historical average, reflecting market concerns about the NAND cycle amid macro uncertainties [2] - Key catalysts to monitor include major suppliers' utilization rate decisions for the second half of 2025, as continued supply discipline could positively influence pricing trends in the upcoming quarters [2] Financial Overview - The company anticipates its enterprise business (eSSD+RDIMM) revenue to double this year to RMB 2 billion, with a target of RMB 10 billion revenue contribution from this segment by 2027, representing 50% of its estimated revenue for 2025 [5] - Revenue projections for the next few years are as follows: RMB 17,463 million in 2024, RMB 21,830 million in 2025, RMB 29,282 million in 2026, and RMB 34,844 million in 2027 [3] - The earnings per share (EPS) estimates are projected to increase from RMB 1.22 in 2024 to RMB 5.58 by 2027 [3] Market Dynamics - Positive pricing trends are expected into the second and third quarters of 2025, with inventory levels remaining healthy among smartphone customers [5] - The company is focusing on overseas expansion, with Zilia targeting a 50% year-over-year revenue growth and Lexar aiming for a 30% year-over-year increase [5]

证券代码：301308 证券简称：江波龙 公告编号：2025-036 深圳市江波龙电子股份有限公司 关于子公司实施股权激励及放弃优先认缴出资权暨 关联交易的进展公告 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。 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2024 年 12 月 18 召开第三届董事会第六次会议和第三届监事会第六次会议，审议通过了《关于全 资子公司实施股权激励及放弃优先认缴出资权暨关联交易的议案》，为了进一步 健全公司中长期激励体系，形成良好均衡的价值分配模式，在具体业务单元层面 形成更具针对性的激励机制，调动中高层管理人员和业务骨干的积极性和创造性， 吸引和保留管理人才和业务骨干，推动公司芯片设计业务的快速发展，公司子公 司慧忆微电子（上海）有限公司（以下简称"慧忆微电子"）通过增资扩股形式 对慧忆微电子的核心骨干员工实施股权激励。本次增资金额 4,300.00 万元，对应 新增注册资本 4,300.00 万元。具体内容详见公司于 2024 年 12 月 19 日在巨潮资 讯网（http://www.cninfo.com.cn）上披 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is experiencing accelerated growth in enterprise-level storage, with a significant increase in revenue from this segment [3] - The company has successfully integrated its overseas business, enhancing the influence of the Lexar brand globally [3] - Continuous breakthroughs in self-developed chips are opening up the mid-to-high-end storage application market [4] - The company is expected to see a moderate recovery in storage prices in 2025, following a decline in 2024 [2] Financial Performance Summary - In Q1 2025, the company achieved revenue of 4.256 billion yuan, a year-over-year decrease of 4.41% but a quarter-over-quarter increase of 1.45% [2] - The non-recurring net profit attributable to the parent company was -202 million yuan, a year-over-year decline of 155.64% but a quarter-over-quarter improvement of 38.82% [2] - The gross margin for Q1 2025 was 10.35%, down 14.04 percentage points year-over-year and down 0.81 percentage points quarter-over-quarter [2] - The company's enterprise-level storage revenue reached 922 million yuan in 2024, a substantial year-over-year increase of 666.30% [3] - The global sales revenue of the Lexar brand in 2024 was 3.525 billion yuan, covering over 60 countries and regions, with a year-over-year growth of nearly 21% in Q1 2025 [3] Earnings Forecast and Financial Indicators - The projected net profit for 2025 is 534 million yuan, with corresponding PE ratios of 60.7 [5] - Revenue is expected to grow from 10.125 billion yuan in 2023 to 21.889 billion yuan in 2025, reflecting a growth rate of 25.3% [5] - The company's EBIT margin is projected to be 4.1% in 2025, with a net asset return (ROE) of 7.7% [5]

诞生于1999年的江波龙以嵌入式存储著称。 资料显示，这家中国存储龙头企业提供了包括UFS、eMMC、ePoP以及LPDDR、SLC NAND Flash等一系列嵌入式产品，除此以外，江波龙还提供固态硬盘、内存条、移动存储等产品 线。基于这些领先产品，江波龙能够为向消费电子、数据中心、工业、通信、汽车等行业应 用市场和消费者市场提供全方位的服务。 其中，汽车存储，无疑是江波龙近年来的重中之重。在近日举办的上海车展上，江波龙也带 来了公司在这个领域的重磅新品。 汽车存储大有可为，江波龙早有布局 其实汽车存储并不是什么新鲜事，在过去几十年里，汽车或多或少都用到了一些类型存储。不过， 随着汽车智能化和电动化时代的到来，汽车存储芯片的使用量直线上涨。 知名咨询机构IDC也在其报告中指出，在自动驾驶、ADAS和车辆功能的推动下，汽车产业对存储 容量的需求也显著增长。存储芯片的容量正在迅速扩展，以容纳更大量的源代码、地图数据、媒体 内容和日志信息。预计到2027年，汽车存储芯片贡献营收将超过70亿美元。 江波龙也认为，智能汽车产业已经进入了以智能化、网联化为特征的下半场大战。而在这背后，存 储技术扮演着至关重要的角色。因 ...

Group 1 - Major shareholders of *ST WanFang plan to reduce their holdings by up to 9,341,596 shares, accounting for 3% of the company's total share capital from May 27 to August 25, 2025 [1] - Shareholders of Airo Energy intend to reduce their holdings by up to 800,000 shares, 800,000 shares, and 1,600,000 shares, representing 0.50%, 0.50%, and 1% of the company's total share capital respectively during the same period [1] - Anner plans to reduce its holdings by up to 3,186,159 shares, which is 1.5% of the company's total share capital, from May 27 to August 26, 2025 [1] Group 2 - Shareholders of Chuhuan Technology plan to reduce their holdings by up to 2,395,605 shares, accounting for 3% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [1] - Major shareholder of Dalian Technology intends to reduce their holdings by up to 4,189,336 shares, which is 0.99% of the company's total share capital from May 27 to August 26, 2025 [2] - Dongwei Technology's board members plan to reduce their holdings by a total of 2,574,857 shares, representing 0.8629% of the company's total share capital during the same period [2] Group 3 - Gann Li Pharmaceutical's shareholder has completed a reduction of 6,010,622 shares, which is 1% of the company's total share capital from April 22 to April 30, 2025 [2] - Guanshi Technology's board members plan to reduce their holdings by up to 359,375 shares, accounting for 0.4891% of the company's total share capital from May 27 to August 26, 2025 [2] - Guoguang Electric's shareholder has completed a reduction of 1,625,751 shares, which is 1.5% of the company's total share capital from April 25 to April 30, 2025 [2] Group 4 - Haili Biological's major shareholder has completed a reduction of 13,113,244 shares, representing 2% of the company's total share capital from April 15 to April 22, 2025 [3] - Hengfeng Information's board member has completed a reduction of 198,717 shares, which is 0.1207% of the company's total share capital on April 28, 2025 [3] - Hongwei Technology's shareholder plans to reduce their holdings by up to 820,000 shares, accounting for 0.39% of the company's total share capital from May 12 to August 11, 2025 [3] Group 5 - Huatai Medical's vice president has completed a reduction of 29,943 shares, which is 0.0308% of the company's total share capital from April 28 to April 29, 2025 [4] - Jilin Carbon Valley's major shareholder has completed a reduction of 4,989,160 shares, representing 0.8490% of the company's total share capital from April 25 to April 29, 2025 [4] - Jiahua Technology's shareholder plans to reduce their holdings by up to 1,160,000 shares, accounting for 1.50% of the company's total share capital from May 28 to August 25, 2025 [4] Group 6 - Jiangbo Long's shareholder plans to reduce their holdings by up to 4,159,815 shares, which is 1% of the company's total share capital from May 27 to August 26, 2025 [5] - Jiangshan Co. plans to reduce its holdings in Jiangtian Chemical by 4,330,800 shares, accounting for 3% of its total share capital from May 27 to August 26, 2025 [5] - Kairun Co.'s major shareholder plans to reduce their holdings by up to 9,000,000 shares, representing 2.43% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [5] Group 7 - Lianqi Technology's shareholders plan to reduce their holdings by a total of 18,717,374 shares, which is 2.96% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [9] - Zhongke Information's board members have completed a reduction of 698,914 shares, representing 0.2358% of the company's total share capital [9] - Zhongshi Co.'s major shareholder plans to reduce their holdings by up to 1,800,000 shares, accounting for 1.1527% of the company's total share capital from May 27 to August 26, 2025 [10]