Summary of Jiangbolong's Conference Call Company Overview - **Company**: Jiangbolong - **Industry**: Storage Solutions and Semiconductor Manufacturing Key Points Financial Performance - Jiangbolong reported significant improvement in H1 2025, with Q2 revenue reaching **5.939 billion** yuan, a historical high, and gross margin rebounding to **14.82%** [2][8][11] - Effective cost control and R&D investment contributed to steady growth [2][8] Product Development - The company achieved breakthroughs in self-developed main control chips, launching multiple series with over **80 million** units deployed, expected to exceed **100 million** by the end of August [2][4] - The UFS4.1 main control chip, built on **5nm** technology, is leading in performance and supports hybrid media [2][4][23] Market Strategy - Jiangbolong is collaborating with original manufacturers like SanDisk through the TCM model to enhance domestic market share and improve server product performance and profitability [2][7] - The enterprise storage business grew nearly **200%** in H1 2025, capitalizing on a **100 billion** yuan market opportunity [2][13] International Expansion - The company’s overseas business is rapidly growing, with the Lexar brand being the only domestic high-end consumer brand operating internationally, achieving a **40%** year-on-year increase in overseas shipments [2][15][16] Technological Innovation - Jiangbolong is focused on systematic technological foundations to lead storage product innovation, with high-performance storage solutions for AI and wearable devices [6][14] - The company is advancing in high-end embedded products, with UFS4.1 market share reaching **33%** in global smartphone storage interfaces [14] Supply Chain and Inventory Management - Enhanced inventory management led to a Q2 inventory value of **8.076 billion** yuan, with effective measures resulting in a **1.57 million** yuan provision for inventory depreciation [10][11] Future Market Outlook - Global NAND Flash demand is expected to grow by approximately **10%** in 2025, driven by recovery in consumer electronics and increased AI server demand [11] - The company anticipates new growth opportunities as terminal inventory depletion completes and original manufacturers shift focus to DDR5 [11] Challenges and Adaptations - The TCM model faces challenges in inventory management but has gained customer acceptance, effectively addressing supply chain risks [17][18] - Jiangbolong plans to gradually adopt net income recognition to focus on profit accumulation rather than just sales volume [18] Competitive Landscape - Jiangbolong aims to differentiate its main control chip offerings through innovative technology, targeting the mid-to-high-end smartphone market [30] Strategic Partnerships - Collaborations with major clients and suppliers are crucial for enhancing efficiency and reducing costs, particularly in the enterprise storage sector [33][34] Product Diversification - The company is expanding its product range, including SOCAM products for AI applications, which are gaining traction due to their low power consumption and cost advantages [29][30] Conclusion - Jiangbolong is positioned for significant growth in the storage solutions market, leveraging technological advancements, strategic partnerships, and a focus on profitability over mere sales volume [34]

Core Viewpoint - Jiangbolong (301308) reported a mixed financial performance for the first half of 2025, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 10.196 billion yuan, a year-on-year increase of 12.8% [1]. - Net profit attributable to shareholders was 14.7663 million yuan, down 97.51% year-on-year [1]. - In Q2 2025, total revenue was 5.939 billion yuan, up 29.51% year-on-year, while net profit was 166.7 million yuan, down 20.55% year-on-year [1]. - Gross margin decreased to 12.96%, a decline of 44.89% year-on-year, and net margin fell to 0.4%, down 93.86% year-on-year [1]. - Total operating expenses were 745 million yuan, accounting for 7.3% of revenue, a decrease of 19.06% year-on-year [1]. - Cash flow from operating activities showed a significant increase of 148.59% year-on-year, reaching 1.65 yuan per share [1]. Accounts Receivable and Liabilities - Accounts receivable increased by 37.34% year-on-year, reaching 2.263 billion yuan, indicating potential issues with cash collection [1][3]. - Interest-bearing liabilities rose by 5.28% year-on-year to 7.779 billion yuan [1]. Business Model and Market Position - The company relies heavily on R&D and marketing for its business performance, with a historical return on invested capital (ROIC) of 5.74%, indicating average capital returns [4]. - The company has faced challenges in profitability, with a median ROIC of 4.76% since its listing and two years of losses [4]. - The TCM model partnership with memory wafer manufacturers highlights the company's technological leadership and ability to meet high-performance and customized demands [7]. Fund Holdings - The top fund holding Jiangbolong shares is the Debang Semiconductor Industry Mixed Fund, which has recently increased its position [6].

Core Viewpoint - The company has reported its financial results and significant events for the first half of 2025, including asset impairment losses, changes in shareholding, and plans for H-share issuance in Hong Kong. Group 1: Company Overview - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [3]. - The company plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [5]. Group 2: Financial Performance - For the first half of 2025, the company recognized impairment losses of 168.63 thousand yuan for accounts receivable and 19,434.74 thousand yuan for inventory [4]. - In 2024, the company recorded a provision for bad debts of 378.83 thousand yuan and inventory write-downs of 56,629.72 thousand yuan [2][4]. Group 3: Corporate Governance - The company has elected a new independent director, Ms. Deng Meishan, to enhance governance and support international development [4]. - The company has renewed its audit engagement with Ernst & Young Hua Ming for the 2025 fiscal year [4]. Group 4: Shareholder Activities - The National Integrated Circuit Industry Investment Fund plans to reduce its shareholding by up to 4,159,815 shares, which is 1.00% of the total share capital [7]. - As of July 23, 2025, the fund has completed its share reduction, lowering its stake to below 5% [7]. Group 5: Employee Initiatives - The company has approved a housing loan program for employees, with a total fund of up to 100 million yuan, of which 26.02 million yuan has been utilized as of June 30, 2025 [6].

Core Viewpoint - Jiangbolong announced plans to utilize idle self-owned funds for cash management to enhance fund efficiency and achieve better investment returns [1] Group 1: Company Actions - The company will hold the 12th meeting of the third board of directors on August 21, 2025, to review the proposal for cash management [1] - Jiangbolong intends to use no more than RMB 1.4 billion of idle self-owned funds to purchase low-risk, high-liquidity financial products [1] - The investment period for these financial products will be 12 months from the date of board approval [1]

智通财经APP讯，江波龙(301308.SZ)发布2025年半年度报告，该公司营业收入为101.96亿元，同比增长 12.80%。归属于上市公司股东的净利润为1476.63万元，同比减少97.51%。归属于上市公司股东的扣除 非经常性损益的净利润为3220.69万元，同比减少94.02%。基本每股收益为0.04元。 ...

Core Viewpoint - Jiangbolong (301308) reported a strong performance in the first half of 2025, with total revenue reaching 10.196 billion yuan, a year-on-year increase of 12.80%, and a significant improvement in profitability in the second quarter [1][2] Financial Performance - The company achieved a record high quarterly revenue of 5.939 billion yuan in Q2, representing a quarter-on-quarter growth of 39.53% [1] - The net profit attributable to the parent company for Q2 was 234 million yuan, showing a remarkable quarter-on-quarter increase of 215.94% [1] Business Segments - In the enterprise storage sector, Jiangbolong generated revenue of 693 million yuan, a year-on-year increase of 138.66% [3] - The overseas market saw Zilia achieve sales revenue of 1.388 billion yuan, up 40.01% year-on-year [1] - Lexar's global sales revenue reached 2.145 billion yuan, marking a year-on-year growth of 31.61% [1] Industry Trends - The semiconductor industry is experiencing optimistic growth driven by AI, memory upgrades, and strategic supply chain adjustments [2] - Jiangbolong is transitioning to a comprehensive semiconductor storage brand, focusing on the entire value chain of semiconductor storage applications [2] Product Development - Jiangbolong has launched various enterprise-level storage products, including eSSD and DDR5 RDIMM, and has achieved compatibility certification with AMD Threadripper PRO 9000WX series [3] - The company is among the few in China capable of mass-producing QLC eMMC products, which are now applied in several well-known brands [4] Innovation and Business Model - Jiangbolong has introduced innovative business models such as TCM (Technology Contract Manufacturing) and PTM (Product Technology Manufacturing) to address industry challenges [5][6] - The company has established a three-in-one layout of self-developed controllers, high-end packaging, and global manufacturing to support its open ecosystem [6] Global Brand Expansion - Lexar has expanded its global presence, achieving revenue growth from 864 million yuan in 2019 to 3.525 billion yuan in 2024, with a compound annual growth rate of 32.48% [7] - The company continues to launch flagship mobile storage products, enhancing its influence in the global consumer market [7] Future Outlook - The semiconductor and storage sectors are expected to benefit from ongoing domestic substitution and global supply chain restructuring, particularly in AI applications [7]

证券代码：301308 证券简称：江波龙 公告编号：2025-063 3、业务期限（额度有效期）：自董事会审议通过之日起 12 个月内，单项保 理业务期限以单项保理合同约定期限为准；如单笔业务的存续期超过了额度有效 期，则该单笔业务对应的额度有效期限自动顺延至单笔交易终止时止； 4、保理融资金额：总规模累计不超过人民币 300,000 万元； 深圳市江波龙电子股份有限公司 关于公司及子公司开展应收账款无追索权保理业务的 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。 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召开第三届董事会第十二次会议，审议通过《关于公司及子公司开展应收账款 无追索权保理业务的议案》，基于公司及子公司（含控股子公司，下同）业务发 展需求，为缩短应收账款回笼时间，加速资金周转，公司及子公司拟与商业银行 等具备相关业务资格且与公司无关联关系的机构开展无追索权应收账款保理业 务（以下简称"保理业务"或"无追索权保理业务"），业务期限为自董事会审 议通过之日起 12 个月内，保理融资金额总规模累计不超过人 ...

证券代码：301308 证券简称：江波龙 公告编号：2025-065 深圳市江波龙电子股份有限公司 2025年半年度募集资金存放与使用情况的专项报告 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、资金募集基本情况 （一）实际募集资金金额，资金到账时间 经中国证券监督管理委员会《关于同意深圳市江波龙电子股份有限公司首 次公开发行股票注册的批复》（证监许可[2022]843 号）同意注册，并经深圳证 券交易所同意，本公司首次公开发行人民币普通股（A 股）42,000,000.00 股， 每股面值 1.00 元，发行价格人民币 55.67 元/股，募集资金总额为人民币 2,338,140,000.00 元，扣除承销费和保荐费人民币 125,966,018.87 元及支付其他 发行费用人民币 27,166,240.32 元后，本公司本次公开发行实际募集资金净额为 人民币 2,185,007,740.81 元。联席主承销商中信建投证券股份有限公司（以下简 称"中信建投证券"）于 2022 年 7 月 29 日已将扣除剩余未支付承销费（不含增 值税）人民币 123, ...

证券代码：301308 证券简称：江波龙 公告编号：2025-062 深圳市江波龙电子股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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）投资目的和必要性 为提高公司资金使用效率，在公司正常经营的情况下，合理利用部分闲置自 有资金进行现金管理，可以增加资金收益，为公司及股东获取更多的回报。 （二）投资额度及期限 根据公司当前的资金使用状况，公司拟使用不超过人民币 140,000 万元的闲 置自有资金进行现金管理，期限为自公司本次董事会审议通过之日起 12 个月。 在决议有效期内，上述额度可以循环滚动使用，期限内任一时点的交易金额（含 前述投资的收益进行再投资的相关金额）不应超过投资额度。如单笔业务的存续 期超过了额度有效期，则额度有效期限自动顺延至单笔交易终止时止。 重要内容提示： 1、投资种类：安全性高、流动性好、风险性低的现金管理产品，购买渠道 包括但不限于商业银行、证券公司等金融机构； 2、投资金额：闲置自有资金不超过 140,000 万元人民币，在上述额度内， 资金可以循环使用； 3、特别风险 ...

深圳市江波龙电子股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：人民币万元 | 非经营性资金占用 | 资金占用方名 称 | 占用方与上市 公司的关联关 | 上市公司核算 的会计科目 | 年期初 2025 占用资金余额 | 年半年度占 2025 用累计发生金额 | 年半年度 2025 占用资金的利 | 2025 还累计发生金额 | 年半年度偿 2025 | 年半年度期 末占用资金余额 | 占用形成原 因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 系 | | | （不含利息） | 息（如有） | | | | | | | 控股股东、实际控 制人及其附属企业 | 无 | 不适用 | 不适用 | - | | - | - | - | - | 不适用 | 非经营性占用 | | 前控股股东、实际 控制人及其附属企 | 无 | 不适用 | 不适用 | - | | - | - | - | - | 不适用 | 非经营性占用 | | 业 | | | | | | | ...