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]

Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

在全球存储芯片价格"跌跌不休"的行业寒冬中，这家中国存储龙头正经历着转型期的阵痛与突围。 在2024年实现扭亏之后的今年一季度，江波龙又出现了单季亏损：营业总收入42.56亿元，同比微降 4.41%；归母净利润-1.52亿元，同比暴跌139.52%，这是继2023年Q4后再次单季亏损。 江波龙是国内第一家突破百亿规模的存储公司，客户覆盖中兴通讯、联想、比亚迪、上汽集团、中国移 动等多个领域的龙头。 但江波龙产品更多集中在嵌入式存储、固态硬盘等业务上，这些产品的附加值并不高。2024年这两大业 务营收占比之和超过七成，拉低了江波龙的整体盈利能力。 2024年，江波龙曾凭借行业复苏实现营收174.64亿元，同比增长72.48%，录得净利润4.99亿元，同比增 长160.24%，成功扭亏为盈。 作者：周源/华尔街见闻 这一成绩背后，是企业级存储（收入9.22亿元，同比巨幅增长666.30%）与巴西子江波龙Zilia（收入 23.12亿元，同比大增120.15%）的爆发式增长。 然而，2024年四季度净利润环比从三季度的4.97亿元骤降至1.67亿元，暴露出消费级存储需求疲软与库 存压力的双重隐患。 作为国内少数具备 ...

Group 1 - National Integrated Circuit Industry Fund plans to reduce its stake in Jiangbolong by no more than 4,159,815 shares, accounting for 1.00% of the total share capital, between May 27, 2025, and August 26, 2025 [1] - The reduction is due to the fund's operational management needs and will be executed through centralized bidding at market prices [1] - The implementation of this reduction plan will not lead to a change in the company's control or significantly impact its governance structure and ongoing operations [1] Group 2 - Haitai Weiye has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue no more than 710.52 million overseas listed ordinary shares [2] - The listing will take place on the main board of the Hong Kong Stock Exchange, but the matter still carries uncertainties [2] Group 3 - Fudan Zhangjiang announced a price reduction of at least 35% for its Doxorubicin Liposome Injection starting May 1, 2025, which is expected to negatively impact sales revenue [3] - The drug generated approximately RMB 210 million in sales for the year 2024, representing 29% of the company's total sales revenue [3] - The price adjustment may lead to a risk of single product loss for the drug in 2025 [3] Group 4 - Xinyuan Technology's director expressed inability to guarantee the authenticity and completeness of the 2024 annual report and related financial documents, citing significant issues identified by the audit firm [4] - The company has received a notice of investigation from the securities regulatory authority, and the audit report issued was unable to express an opinion [4] Group 5 - ST Xinchao announced that its stock will be suspended from trading starting May 6, 2025, due to the inability to disclose the audited 2024 annual report and the 2025 Q1 report within the legal timeframe [5] - If the company fails to disclose the 2024 annual report within two months of the suspension, it will face delisting risk warnings [5] Group 6 - Huakang Clean has pre-won a project worth RMB 167 million [6] - Tongguang Cable has pre-won a procurement project from the State Grid valued at RMB 142 million [6] - Fengmao Co. has increased its investment in a production base in Thailand to RMB 26 million [6] Group 7 - Huaren Pharmaceutical's wholly-owned subsidiary has obtained a medical device registration certificate for wound dressings [7] Group 8 - Major shareholders of Kairun Co. plan to reduce their holdings by no more than 9 million shares [10] - CITIC Securities has completed its reduction plan for China Gold [10] - The reduction plan for Hengfeng Information's director and vice president has been completed [10]

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets have announced significant updates, including stock suspensions, name changes, and financial adjustments, which may present both opportunities and risks for investors [4][5][8][10]. Group 1: Stock Suspension and Changes - ST Xinchao will suspend its stock from May 6, 2025, due to the inability to disclose audited financial reports within the legal timeframe, with a risk of delisting if reports are not provided within two months [4]. - Wolong Real Estate plans to change its stock name to "Wolong New Energy" to align with national carbon neutrality policies and explore new profit growth areas [5]. Group 2: Financial and Operational Updates - Dongzhu Ecology clarified that it holds only a 10% stake in Dilos AI Technology and has no substantial business cooperation with it, indicating potential uncertainties in future performance [6][7]. - Haitian Flavor Industry has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue up to 710.52 million shares for overseas listing, though uncertainties remain [8]. - Fudan Zhangjiang announced a price reduction of at least 35% for its Doxorubicin Liposome Injection, which generated approximately RMB 210 million in sales in 2024, accounting for 29% of total revenue, potentially leading to losses in 2025 [10]. Group 3: Shareholding and Financing Activities - Jiangbolong's major shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its stake by up to 1% through market transactions between May 27 and August 26, 2025, without affecting control [12][13]. - Cambrian Technology intends to raise no more than RMB 4.98 billion through a private placement to fund projects related to large model chip and software platforms and to supplement working capital [14]. - Jinzhen Co. plans to sell up to 5 million shares from its repurchased stock, which amounts to 50% of the total repurchased shares, to maintain company value and shareholder interests [15]. Group 4: Major Contracts and Procurement Wins - Aolaide's subsidiary signed a sales contract worth RMB 655 million with Chengdu BOE Display Technology, expected to positively impact the company's performance in 2025 and 2026 [16]. - Tongguang Cable is a candidate for two procurement projects from the State Grid Corporation, with a total expected bid amount of RMB 142 million, representing approximately 5.49% of the company's total revenue for 2024 [17].

证券代码：301308 证券简称：江波龙 公告编号：2025-035 深圳市江波龙电子股份有限公司 关于持股 5%以上股东减持股份预披露公告 本公司股东国家集成电路产业投资基金股份有限公司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。 特别提示： 国家集成电路产业投资基金股份有限公司（以下简称"国家集成电路产业基 金"）持有深圳市江波龙电子股份有限公司（以下简称"公司"）股份 24,216,806 股（占公司总股本比例为 5.82%），计划在 2025 年 5 月 27 日至 2025 年 8 月 26 日期间通过证券交易所以集中竞价交易方式合计减持公司股份不超过 4,159,815 股（占公司总股本比例为 1.00%）。 公司于近日收到股东国家集成电路产业基金的《关于股份减持计划的告知 函》，现将具体情况公告如下： 一、股东的基本情况 1、股东名称：国家集成电路产业投资基金股份有限公司。 2、股东持股情况：截至本公告披露之日，国家集成电路产业基金持有公司 股份 24,216,806 股，占公司总股本比例为 ...

Group 1: Market Trends and Demand - The demand for high-performance computing and storage hardware is expected to grow due to continuous investment in AI hardware by cloud service providers in 2025 [3] - The semiconductor storage market began to recover gradually from the end of March 2025, with significant price increases anticipated in the latter half of Q1 2025 [3][11] - The company's enterprise storage products achieved revenue of 319 million CNY in Q1 2025, representing over 200% year-on-year growth [7] Group 2: Global Tariff Policies and Company Strategy - The company is closely monitoring global tariff changes and has maintained normal production operations [3] - Following the acquisition of SMART Brazil, the company saw a revenue increase of over 120% in 2024, leveraging low tariff advantages to expand overseas markets [3] Group 3: Gross Margin and Product Strategy - The company's gross margin is positively influenced by rising storage wafer prices, but is also affected by product structure and market competition [4] - The company is advancing its PTM and TCM models to provide comprehensive storage solutions, aiming to stabilize gross margins [4][5] Group 4: Inventory Management and Future Outlook - The company is transitioning towards a service and value-driven model, adjusting inventory strategies based on market demand and operational efficiency [9] - The market for enterprise-level storage products is expected to grow significantly, driven by AI applications and cloud services [7][8]

以下文章来源于最华人 ，作者华人作者团 最华人 . 有华人的地方，就有最华人。 关注华人商业领袖、创业者及商业案例； 洞察科技制造、品牌出海、产 业革新等。 "2022中国正能量网络精品"获得者。 来源丨最华人（wcweekly） 作者丨李慧颖 图源丨Midjourney 人潮汹涌，档口密布，吆喝声和讨价还价声交织，数不清的摊主在华强北做着电子产品的生意，等待一 场暴富的奇迹。 江西的一对双胞胎姐弟，就在1999年的华强北发现了自己的机遇，创立了跨时代的存储卡帝国，如今年 入130亿。 从华强北"倒爷"到创立独立品牌的"技术派" 1996年，高中毕业的蔡华波，从江西大老远跑来深圳闯荡。 眼看着周围的小商户们靠倒卖芯片、组装电子产品赚取了第一桶金，颇为眼热，不甘平凡的他也想加入 这个赚钱的队伍。 于是，在同在深圳打拼的二哥的鼓励下，蔡华波在华强北租下了一个几平米的小柜台，主营存储卡、U盘 等当时新兴的存储产品。 那时的华强北几乎遍地是黄金，每天与形形色色的客户打交道，蔡华波很快就积累了丰富的行业知识和 销售经验。 慢慢生意越做越大，同年他就拉着双胞胎姐姐蔡丽江一起，共同注册了深圳市江波龙电子有限公司，名 字的来 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, down 139.52% year-over-year and down 160.58% quarter-over-quarter [1][2]. - The growth in overseas and enterprise-level storage businesses has been robust, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year [2][3]. - The report anticipates a price rebound in DRAM/NAND products in Q2 2025, driven by inventory digestion and increased stocking willingness from downstream customers [1][3]. Summary by Sections Q1 2025 Performance - The company reported a revenue of 4.256 billion RMB, with a year-over-year decline of 4.41% and a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, reflecting a significant year-over-year decline of 139.52% [1][2]. - The gross margin was reported at 10.35%, down 14.04 percentage points year-over-year, but the decline in margin has narrowed compared to previous quarters [2]. Growth Drivers - The overseas and enterprise-level storage businesses showed strong growth, with Lexar's revenue increasing by 20.73% and Zilia's revenue increasing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2][3]. - The company is actively expanding its product offerings and customer base, particularly in the high-end product segment [2][3]. 2025 Outlook - The report expects a price rebound in consumer storage products starting in Q2 2025, as major manufacturers like Micron have announced price increases. The company’s self-developed UFS 4.1 controller chip has successfully entered mass production, which will support new product launches [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency and expanded the company's reach into South American markets [3]. Financial Projections - The company’s revenue forecasts for 2025-2027 are 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB, respectively, indicating a growth trajectory [4][6]. - The report projects a net profit of 668.52 million RMB for 2025, with an expected EPS of 1.61 RMB [6][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, a significant year-over-year decline of 139.52% [1][2]. - The strong growth in overseas and enterprise-level storage businesses has been a key driver for the company's performance, despite a slow recovery in demand for consumer electronics [1][2]. - The report anticipates that the prices of DRAM and NAND products will bottom out in Q2 2025, with potential price rebounds for certain product lines as inventory levels normalize [1][3]. Summary by Sections Q1 2025 Performance - The company's overseas and enterprise-level storage businesses saw significant growth, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2]. - The gross margin for Q1 2025 was 10.35%, reflecting a year-over-year decline of 14.04 percentage points, but the rate of decline has narrowed compared to previous quarters [2]. 2025 Outlook - The report highlights that major manufacturers like Micron have announced price increases starting in Q2, indicating a potential rebound in consumer storage prices. The company has successfully mass-produced its self-developed UFS 4.1 controller chip, which will facilitate the introduction of new UFS products to mobile brand customers [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency, allowing the company to expand its overseas market presence [3]. Financial Projections - The company is projected to achieve revenues of 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 30.30%, 17.33%, and 10.74% [6][18]. - The net profit attributable to the parent company is expected to reach 668.52 million RMB in 2025, with a significant recovery from previous losses [6][18].