Group 1 - Jiangbolong (SZ 301308) announced it will accept a research meeting with CICC on September 8, 2025, from 10:30 to 11:30 AM, with investor relations manager Huang Qi and senior supervisor Su Yangchun participating in the reception [1] - For the year 2024, Jiangbolong's revenue composition is 100.0% from the storage industry [1] - As of the report, Jiangbolong's market capitalization is 38.6 billion yuan [1]

证券代码：301308 证券简称：江波龙 公告编号：2025-066 深圳市江波龙电子股份有限公司 （2025 年修订）》《关于新〈公司法〉配套制度规则实施相关过渡期安排》等相关法 律、法规及规章的规定，结合公司实际情况，对《公司章程》进行了修订。具体内容 详见公司在巨潮资讯网（http://www.cninfo.com.cn）上披露的《关于变更公司注册资 本、修订<公司章程>并办理工商变更登记的公告》（公告编号：2025-054）等相关公 告。 近日，公司完成了注册资本工商变更登记以及变更后《公司章程》的备案登记手 续，并取得了深圳市市场监督管理局出具的《登记通知书》，公司的注册资本由人民 币 41,598.1564 万元变更为人民币 41,914.5267 万元。 二、备查文件 关于完成工商变更登记的公告 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。 一、工商变更登记情况 深圳市江波龙电子股份有限公司（以下简称"公司"）分别于 2025 年 7 月 29 日、 2025 年 8 月 21 日召开第三届董事会第十一次会议及 2025 年第三次临时股东大会， ...

Group 1: Company Growth and Market Position - The company ranks third in the 2024 SATA total capacity according to IDC data, and first among domestic brands [2] - The enterprise-level PCIe SSD and RDIMM products have begun mass import into leading domestic enterprises [2] - The company has achieved over 80 million units of its main control chips deployed by the end of July, with rapid growth in deployment scale [5] Group 2: Product Development and Technology - The SOCAMM2 product, designed for high-performance computing (HPC), offers breakthrough energy efficiency in bandwidth and power consumption [3] - The UFS4.1 product, equipped with self-developed main control chips, achieves sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write performance of 630K IOPS and 750K IOPS, significantly outperforming mainstream market products [4] - The TCM (Technology Contract Manufacturing) model is supported by comprehensive service capabilities from chip R&D to packaging and testing, with successful collaborations already established [4] Group 3: Market Trends and Pricing - The semiconductor storage market has shown substantial recovery since March 2025, driven by increased AI server shipments and higher storage capacities in mobile devices [6] - Third-party market forecasts indicate that storage product prices in the server and mobile sectors will continue to have upward momentum in Q3 [6]

Core Insights - The 2025 Open Data Center Conference (ODCC) held in Beijing focused on AI transformation and featured experts from data center, computing power, and storage sectors [1] - Jiangbolong launched the innovative enterprise-level memory product SOCAMM2, designed to address challenges posed by various AI workloads [1][7] - The company emphasized the integration of AI technology in storage systems to enhance performance and reliability [12][16] Group 1: Product Launch and Features - SOCAMM2 is based on LPDDR5/5x and features a modular design with a compact size of 14×90 mm, achieving a maximum capacity of 256GB and a data transfer rate of 8533 Mbps [7][10] - The product offers a significant energy efficiency improvement, consuming only one-third of the power of standard DDR5 RDIMM while increasing bandwidth by 2.5 times [7][10] - SOCAMM2 is positioned to complement HBM applications, balancing capacity, power consumption, and flexibility in high-performance computing environments [10] Group 2: AI Storage Solutions - Jiangbolong's enterprise-level SSDs are critical for AI clusters, facing performance bottlenecks and reliability challenges as data scales from GB to PB [12][14] - The company introduced intelligent storage solutions that utilize smart load sensing technology to optimize caching strategies and data layout, significantly enhancing system performance [14][16] - Machine learning models are employed to analyze real-time parameters for predictive maintenance, improving reliability and reducing operational complexity [16][17] Group 3: Future Developments - Jiangbolong plans to launch enterprise-level SSDs supporting QLC and PCIe Gen5, incorporating more intelligent innovations and advanced algorithms for AI data centers [25] - The company is establishing a comprehensive storage service model that integrates R&D, testing, and manufacturing to meet diverse AI application needs [21]

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 2025 年上半年度跟踪报告 二、保荐人发现公司存在的问题及采取的措施 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3."股东会、董事会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括 对外投资、风险投资、委托理财、 | 无 | 不适用 | | 财务资助、套期保值等） | | | | 10.发行人或者其聘请的中介机 | 无 | 不适用 | | 构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务发 展、财务状况、管理状况、核心 | 无 | 不适用 | | 技术等方面的重大变化情况） | | | 2 | 项 目 | 工作内容 | | - ...

Core Viewpoint - The company has launched several enterprise-level storage products, including SATAeSSD, PCIeSSD, and RDIMM, and is committed to continuous investment in cutting-edge product areas [1] Product Development - The company is closely following market demand and technological evolution trends to advance new product research and customer integration [1] - Specific product progress will be based on information publicly released by the company [1]

Group 1: Market Overview - Since 2025, the global storage market has shown a clear trend of low-to-high performance, with weak demand in early Q1 due to inventory destocking in major downstream terminals like smartphones and PCs, leading to a decline in NAND Flash and DRAM prices [1] - In March, terminal demand began to recover, and with downstream inventory returning to healthy levels, combined with major storage manufacturers implementing production cuts and inventory control strategies, the supply-demand balance improved significantly, resulting in a rebound in storage prices [1] - In the first half of 2025, the NAND Flash market composite price index increased by 9.2%, while the DRAM market composite price index surged by 47.7% [1] Group 2: Company Performance - In terms of revenue for the first half of the year, Jiangbolong achieved 1,019,565.537 thousand yuan, leading the market, followed by Demingli with 410,903.6587 thousand yuan, and Baiwei Storage with 391,233.6914 thousand yuan [4] - From a gross margin perspective, Tongyou Technology had a sales gross margin of 51.6%, while Jiangbolong's was 13%, Baiwei Storage and Wanrun Technology both at 9.1%, and Demingli at 5% [6] - In terms of net profit, Wanrun Technology reported a net profit of 1,553.53 thousand yuan, while Jiangbolong had a net profit of 1,476.6 thousand yuan; however, Demingli and Baiwei Storage reported significant net losses of -11,794.56 thousand yuan and -22,579.55 thousand yuan, respectively [7] Group 3: Inventory and R&D Investment - Jiangbolong led in inventory with 807,615.8102 thousand yuan, followed by Demingli with 464,262.8646 thousand yuan, indicating a strategic approach to stockpiling during low market conditions [9] - Jiangbolong also led in R&D investment with 44,573.88 thousand yuan, followed by Baiwei Storage with 27,292.89 thousand yuan, highlighting the importance of R&D in the storage module industry, especially with the growth in AI technology and data center storage demand [11][12]

Group 1 - A total of 59 institutions conducted 1,678 "buy" ratings covering 929 stocks from September 1 to September 5 [1] - Among the stocks rated "buy," 89 saw a decrease in shareholder accounts compared to the end of Q2, with 41 stocks experiencing a decline of over 10% [1] - The 41 stocks with significant concentration of shares had an average increase of over 20% year-to-date, with 6 stocks, including Aosaikang and Tengya Precision, rising over 50% [1] Group 2 - 15 stocks underperformed the Shanghai Composite Index, which had a year-to-date increase of 13.75%, with 8 stocks, including Zhejiang Dingli, Huaihe Energy, and Huaibei Mining, experiencing a decline in stock price [1][2] - Specific companies such as Zhejiang Dingli and Huaihe Energy reported significant drops in net profit, with declines of 17.96% and 14.36% respectively [2] - The coal industry showed notable underperformance, with companies like Huaihe Energy and Huaibei Mining reporting net profit decreases of 22.15% and 64.85% respectively [2]

Group 1 - Jiangbolong's stock price dropped by 5.12% to 87.36 CNY per share, with a trading volume of 654 million CNY and a turnover rate of 2.66%, resulting in a total market capitalization of 36.617 billion CNY [1] - Jiangbolong Electronics, established on April 27, 1999, specializes in the research, design, and sales of semiconductor storage application products, with 99.99% of its revenue coming from storage products [1] Group 2 - Southern Fund's Southern CSI 500 ETF (510500) increased its holdings by 293,000 shares in the second quarter, bringing its total to 1.9116 million shares, which accounts for 1.61% of the circulating shares [2] - The Southern CSI 500 ETF has a total scale of 113.438 billion CNY, with a year-to-date return of 21.5% and a one-year return of 51.34% [2] Group 3 - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has been in the position for 12 years and 139 days, managing assets totaling 138.999 billion CNY [3] - During his tenure, the best fund return was 141.73%, while the worst was -47.6% [3]

Core Insights - The card reader industry in China is experiencing significant growth, with the market size projected to increase from 12 billion yuan in 2020 to 18.5 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 11.43% [1][11] - The integration of 5G and IoT technologies is expected to further enhance the role of card readers as critical interfaces connecting the physical and digital worlds, with the market size anticipated to reach 20.8 billion yuan by 2025 [1][11] - The industry is characterized by a competitive landscape with both international and domestic players, where international brands dominate the high-end market while local brands focus on cost-effective solutions [1][12] Industry Overview - Card readers are specialized tools for reading data from storage and smart cards, connecting with devices like computers, smartphones, and cameras [3][11] - The evolution of card readers has seen them transition from basic data reading to incorporating encryption algorithms for identity verification and access management [1][11] Industry Development History - The origins of card readers date back to the 1970s with magnetic stripe card readers, evolving through the 1990s with the introduction of compact flash and smart media cards [5][6] - The 21st century saw a surge in digital products, leading to innovations in card reader technology, including support for multiple card types and wireless reading capabilities [5][6] Industry Chain - The card reader industry chain consists of upstream raw materials and components, midstream manufacturing, and downstream applications in various sectors such as digital imaging, financial payment terminals, and IoT [6][7] Chip Industry Insights - Chips are the core components of card readers, responsible for reading card information and performing encryption and decryption [8] - China's chip production reached 451.42 billion units in 2024, showing a year-on-year growth of 14.38%, indicating a recovery in the semiconductor industry [8] Financial Sector Impact - The financial sector is a significant application area for card readers, particularly for reading and verifying financial IC cards, with the financial industry's added value growing from 6.48 trillion yuan in 2017 to 9.85 trillion yuan in 2024, a CAGR of 6.16% [9][10] Current Market Trends - The card reader industry is moving towards smart, high-end, and integrated solutions, with products increasingly featuring intelligent diagnostics, high-speed data transfer capabilities, and multifunctional designs [13][14][15]