证券代码：301308 证券简称：江波龙 公告编号：2025-009 深圳市江波龙电子股份有限公司 第三届监事会第八次会议决议公告 本公司及监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、监事会会议召开情况 深圳市江波龙电子股份有限公司（以下简称"公司"）第三届监事会第八次会 议于 2025 年 3 月 19 日以通讯的方式召开。会议通知已于 2025 年 3 月 9 日以适 当的方式送达各位监事。本次会议应出席监事 3 名，实际出席并参与表决的监事 3 名。 会议由监事会主席高威主持，公司部分高级管理人员列席会议。会议召开符 合有关法律、法规、规章和《公司章程》的规定。出席会议的监事对各项议案进 行了认真审议并做出了如下决议： 二、监事会会议审议情况 （一）审议通过《关于公司<2024 年年度报告>全文及摘要的议案》 监事会认为，公司编制的《2024 年年度报告》及其摘要符合法律、行政法 规、中国证监会和深圳证券交易所的规定，报告内容真实、准确、完整地反映了 公司 2024 年年度经营情况，不存在虚假记载、误导性陈述或者重大遗漏。 本议案尚须提交公司股东大会审议 ...

证券代码：301308 证券简称：江波龙 公告编号：2025-008 深圳市江波龙电子股份有限公司 第三届董事会第八次会议决议公告 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。 一、董事会会议召开情况 深圳市江波龙电子股份有限公司（以下简称"公司"）第三届董事会第八次会 议于 2025 年 3 月 19 日在会议室以现场结合通讯的方式召开。会议通知已于 2025 年 3 月 9 日以适当的方式送达各位董事。本次会议应出席董事 9 名，实际亲自出 席董事 9 名，其中，蔡华波、李志雄、王景阳、蔡靖、胡颖平、唐忠诚、陈伟岳、 黄志强、邓美珊通过通讯方式参加会议。 本次会议由董事长蔡华波先生主持，监事及部分高级管理人员列席。会议召 开符合有关法律、法规、规章和《公司章程》的规定。经各位董事认真审议，会 议形成了如下决议： 二、董事会会议审议情况 （一）审议通过《关于公司<2024 年年度报告>全文及摘要的议案》 公司编制的《2024 年年度报告》全文及摘要符合法律、行政法规、中国证监 会和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司 2024 年 的 ...

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3月19日召开 第三届董事会第八次会议和第三届监事会第八次会议，审议通过了《关于公司 2024年度利润分配预案的议案》，该议案尚需提交公司2024年年度股东大会审议。 现将具体情况公告如下： 一、利润分配预案基本情况 经安永华明会计师事务所（特殊普通合伙）出具的 2024 年度审计报告（安 永华明（2025）审字第 70028183_H01 号），公司 2024 年度实现归属于上市公 司股东的净利润为 49,868.45 万元，母公司净利润为-2,721.75 万元；截至 2024 年 12 月 31 日，合并财务报表的累计可供分配利润为 171,411.69 万元，母公司 累计可供分配利润为 17,377.81 万元。 根据《上市公司监管指引第 3 号—上市公司现金分红》及《公司章程》等 相关规定，为保障公司正常生产经营，综合考虑公司发展及股东长远利益，公 司拟定 2024 年度利润分配预案为：2024 年度不派发现金分红，也不进行资本 公积转增股本和 ...

Financial Performance - The company reported a revenue of RMB 1.5 billion for the fiscal year 2024, representing a year-over-year growth of 15%[15]. - The company projects a revenue growth of 10% for the next fiscal year, targeting RMB 1.65 billion[15]. - The company's operating revenue for 2024 reached ¥17,463,650,272.14, representing a 72.48% increase compared to ¥10,125,111,900.80 in 2023[23]. - The net profit attributable to shareholders for 2024 was ¥498,684,535.69, a significant turnaround from a loss of ¥827,809,358.07 in 2023, marking a 160.24% improvement[23]. - The basic earnings per share for 2024 increased to ¥1.20, compared to a loss of ¥2.01 per share in 2023, reflecting a 159.70% increase[23]. - The total assets of the company as of the end of 2024 were ¥16,896,667,412.13, which is a 23.52% increase from ¥13,679,845,767.45 at the end of 2023[23]. - The company reported a weighted average return on equity of 31.27% for 2024, a significant increase of 44.28 percentage points from -13.01% in 2023[23]. - The company’s net profit after deducting non-recurring gains and losses for 2024 was ¥166,542,635.13, compared to a loss of ¥882,103,741.76 in 2023, indicating an improvement of 118.88%[23]. - The company achieved a total cash outflow from financing activities of 5,921,206,520.58 CNY, a significant increase of 147.01% compared to the previous year[129]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, aiming for a 25% market share by 2025[15]. - The company is focusing on technology innovation and customized design to meet the diverse needs of various end markets, enhancing its competitive edge in the semiconductor storage industry[39]. - The company has established partnerships with three major tech firms to enhance its supply chain efficiency[16]. - The company is enhancing its capabilities in storage chip design, main control chip design, and firmware algorithm development to strengthen its market position and industry chain collaboration[43]. - The company is committed to improving product quality and competitiveness in NAND Flash storage products[169]. - The company aims to solidify its position as a leading high-end consumer storage brand globally[171]. Research and Development - Research and development investment increased by 18%, focusing on advanced memory technologies[15]. - The company plans to introduce a new line of low-power memory products, projected to capture 15% of the market within two years[16]. - R&D expenses reached 910 million yuan, a year-on-year increase of 53.34%, with stock-based compensation accounting for 138 million yuan[81]. - The company is accelerating the development of high-performance eSSD products aimed at enterprise applications, including PCIe Gen 5.0[169]. - The company is developing a range of new high-performance NAND Flash storage chips, including SLC and MLC NAND, to enhance its market competitiveness[125]. Risks and Challenges - The company faces risks including high concentration of raw material suppliers, significant overseas procurement, and fluctuations in wafer prices[3]. - The company has established long-term and stable relationships with upstream suppliers to mitigate risks related to raw material supply and price fluctuations[175]. - The company experienced a foreign exchange loss of 61.29 million yuan in 2024, an increase from the 19.49 million yuan loss in 2023, indicating significant currency fluctuation risks[190]. - The company is closely monitoring tax policy changes that could affect its eligibility for tax incentives, which may impact future profitability[192]. - The company is actively assessing the impact of global economic conditions on its business operations, particularly regarding supplier and customer relationships[193]. Product Development and Innovation - New product launches include a next-generation SSD with a 30% increase in read/write speeds compared to previous models[16]. - The company has successfully launched QLC eMMC products in 2024, leveraging their large capacity and cost advantages to maintain market leadership in eMMC[60]. - The company has launched innovative products such as UFS4.1, eMMC Ultra, and 2TB micro SD Card, enhancing its competitive edge in product innovation[98]. - The company has successfully developed and taped out its first batch of self-developed UFS controller chips, with the UFS4.1 product achieving sequential read/write speeds of 4350MB/s and 4200MB/s, respectively[93]. - The company has established a vehicle-grade storage product matrix, including UFS, eMMC, and SPI NAND Flash, and has provided storage solutions to over 20 well-known automotive brands[87]. Operational Efficiency - The gross margin improved to 35%, up from 30% in the previous year, due to cost optimization strategies[15]. - The company aims to improve operational efficiency, targeting a reduction in costs by 5% through process optimization[197]. - The company has established a robust operational process covering the entire product development lifecycle, from market analysis to sales, ensuring efficient product delivery[68]. - The company is actively monitoring market demand and adjusting production plans to manage inventory risks effectively[181]. Financial Management - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[4]. - The company has ongoing projects in the storage industry, with a total investment of ¥184,771,382.09 during the reporting period, contributing to a cumulative investment of ¥583,149,300.73[144]. - The company has established risk control measures for foreign exchange hedging, including conducting risk assessments and selecting suitable financial institutions for transactions[149]. - The company reported a significant amount of restricted cash, totaling ¥524,046,198.16, which includes cash used as collateral for loans[140]. - The company has not engaged in speculative derivative investments during the reporting period[150].

Summary of Conference Call Records Company and Industry Overview - **Company**: Shenzhen Longsys Electronics Co Ltd (301308.SZ) - **Industry**: NAND Memory and Semiconductor Industry Key Points and Arguments 1. **Rating Upgrade**: The company has been upgraded from Equal-weight to Overweight with a new price target of Rmb125.00, up from Rmb89.00, indicating a positive outlook for the stock [1][6][22] 2. **NAND Pricing Trends**: Production cuts are expected to impact NAND pricing trends starting in Q2 2025, with lower utilization rates (UTR) and capped capacity expansion contributing to a favorable pricing environment [1][4][10] 3. **Market Demand Recovery**: Reasonable demand recovery expectations are anticipated, with a forecast of 13% year-over-year demand bit growth, indicating an 8% undersupply in NAND for 2025 [3][4][13] 4. **Inventory Levels**: Inventory levels at PC and smartphone manufacturers have returned to healthier levels, allowing for potential restocking demand in Q2 2025 [3][10] 5. **Price Increases**: SanDisk announced a price increase of over 10% effective April 1, which is seen as a sign of strengthening supplier bargaining power [2][10] 6. **Earnings Projections**: The company's EPS estimates for 2025 and 2026 have been increased by 29% and 13%, respectively, reflecting improved pricing and margin expectations [4][21] 7. **Revenue Growth**: Longsys is expected to achieve a revenue growth of 27% year-over-year in 2025, driven by product expansion and synergy with Zilia [15][17] 8. **Segment Performance**: The Embedded Storage segment is projected to remain the largest contributor to revenue, accounting for over 45-50% from 2024 to 2026 [21][24] 9. **Market Dynamics**: The NAND market is expected to transition to tighter supply and demand dynamics in the second half of 2025, which could lead to further stock re-rating [4][9] 10. **Investment Risks**: There are near-term risks of profit-taking as the stock has risen 37% since January 2025, compared to a 5% increase in the CSI300 index [4][9] Additional Important Insights 1. **Capex Discipline**: Suppliers are prioritizing brownfield investments in node migration, which may limit supply growth in 2025 [11] 2. **Customer Behavior**: Changes in customer procurement behavior are noted, with more aggressive purchasing expected as inventory levels normalize [10] 3. **Longsys' Product Expansion**: The company is expanding its product offerings, including the eSSD+ Module and Lexar, which are expected to contribute significantly to revenue growth [15][21] 4. **Market Valuation**: The new price target of Rmb125.00 implies a valuation of 6.4x 2025 estimated P/B, aligning with the company's peak cycle valuation [4][22] This summary encapsulates the critical insights from the conference call, highlighting the positive outlook for Shenzhen Longsys Electronics Co Ltd and the NAND memory industry as a whole.

Group 1: Company Growth Outlook - The company is transitioning from a traditional storage module manufacturer to a comprehensive semiconductor storage brand, focusing on customized, high-end products and overseas markets [3] - In the enterprise business, the company aims to leverage its competitive advantages in supply chain, technology, and brand partnerships to achieve sustained high growth [3] - The company plans to enhance its global strategy for the Lexar brand and expand its overseas market share through differentiated operational strategies [3] Group 2: Market Trends and Pricing - The demand for high-performance computing and storage hardware is expected to grow due to ongoing investments by cloud service providers in AI hardware [3] - The storage market is anticipated to see a price recovery as supply and demand dynamics improve, with adjustments in production capacity by major storage wafer manufacturers [4] Group 3: Competitive Landscape - The enterprise storage market is characterized by high technical difficulty and customer loyalty, requiring comprehensive capabilities in supply, technology, and brand strength [4] - The company has launched multiple enterprise-grade products and secured procurement orders from well-known enterprises, laying a solid foundation for future growth [4] Group 4: Self-Developed Controller Progress - The company has established self-developed controller capabilities, which enhance its competitiveness and create entry barriers in the storage market [4] - Three self-developed controller chips have been applied in over ten million products, focusing on mid-to-high-end product segments [4] Group 5: Gross Margin Trends - The company's gross margin is influenced by product structure, raw material supply, market demand fluctuations, and competitive landscape changes [5] - The company aims to reduce the impact of gross margin volatility by leveraging its comprehensive competitive advantages and providing one-stop storage solutions [5] Group 6: Inventory Management - The company is shifting from a traditional price-difference model to a service and value model, with a focus on flexible inventory strategies to support long-term development [5] - Following a double-digit inventory reduction in Q3 2024, the company plans to balance delivery needs and liquidity while adapting to business development requirements [5] Group 7: Collaboration with Wafer Manufacturers - The company has established long-term, stable partnerships with major storage wafer manufacturers, ensuring diverse and stable supply [5] - The procurement strategy will be dynamically adjusted based on market demand and business development needs [5]

| 亿元。在以往高增长的基础上，Lexar 存储卡、固态硬 | | --- | | 盘、移动存储等全系列产品业务再次实现快速增长，多个 | | 产品在细分市场中取得了领先地位。 | | 目前，Lexar（雷克沙）在全球市场的市占率仍具有较 | | 大的增长空间，公司将继续深化全球战略布局，发挥中国 | | 高效的供应链优势，并在各区域实施差异化运营策略，以 | | 更好地适应当地市场需求，从而进一步推动业务的持续增 | | 长。 | | 5、如何看待 Zilia 未来的增长潜力？ | | 答：2024 年 Zilia 的业务整合取得显著成效，实现销 | | 售收入约为 23 亿元，Zilia 收入同比增长约为 120%。 | | Zilia 作为巴西头部存储器厂商，拥有完善的海外供 | | 应链体系，与半导体存储全球头部客户、半导体存储原厂 | | 建立了长期合作关系。公司在收购 Zilia 后，以自身的技 | | 术与产品设计方案为 Zilia 赋能，发挥 Zilia 贴近本地客 | | 户、自研技术、综合存储产品、本地制造的优势，为海外 | | 客户提供更优质的服务，扩大公司的海外市场份额。 | | 6、 ...

| 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 人员姓名 | 兴业基金、光大保德信、太平资产、泰达宏利、平安资管 | | | | | | | | | | 2025 年 | 2 | 月 | 19 | 日 | (周三) | 下午 | 16:30~17:30 | | | 2025 年 | 2 | 月 | 21 | 日 | (周五) | 上午 | 10:00~11:00 | | 时间 | 2025 年 | 2 | 月 | 21 | 日 | (周五) | 下午 | 13:30~14:30 | | | 2025 年 | 2 | 月 | 21 | 日 | (周五) | 下午 | 15:00~16:00 | | | 年 月 2025 2 21 | | | | 日 | (周五) | 下午 | ...

证券代码：301308 证券简称：江波龙 公告编号：2025-005 深圳市江波龙电子股份有限公司 第三届董事会第七次会议决议公告 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。 一、董事会会议召开情况 公司 2025 年度预计日常关联交易，符合公司日常经营所需，交易价格由双 方参照市场价格协商确定，不存在损害公司利益的情形，不影响公司的独立性， 且不会对关联人形成依赖。 公司第三届董事会独立董事专门会议第三次会议审议了本议案，全体独立董 事一致同意本议案。 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司披露于巨潮资讯网（http://www.cninfo.com.cn）的《关于 公司 2025 年度日常关联交易预计的公告》（公告编号：2025-007）。 表决结果：8 票同意，0 票反对，0 票弃权。 公司董事蔡靖先生因同时担任深圳中电港技术股份有限公司董事，故蔡靖先 生回避表决。 保荐机构中信建投证券股份有限公司出具了核查意见。 深圳市江波龙电子股份有限公司（以下简称"公司"）第三届董事会第七次会 议于 2025 年 2 月 21 日在公司会议 ...

深圳市江波龙电子股份有限公司（以下简称"公司"）于2025年2月21日召开 第三届董事会第七次会议和第三届监事会第七次会议，审议通过了《关于公司 2025年度日常关联交易预计的议案》，现将具体情况公告如下： 一、日常关联交易基本情况 （一）日常关联交易概述 公司于2025年2月21日召开第三届董事会第七次会议，审议通过了《关于公 司2025年度日常关联交易预计的议案》，关联董事蔡靖先生回避表决，出席会议 的非关联董事一致同意该议案。根据公司业务发展及日常经营的需要，公司（含 全资或控股的子公司，下同）预计2025年度与深圳中电港技术股份有限公司（以 下简称"中电港"）发生日常关联交易不超过10,000.00万元。2024年度公司与中电 港日常关联交易预计金额为不超过18,000.00万元，实际发生总金额为17,487.89万 元。 证券代码：301308 证券简称：江波龙 公告编号：2025-007 深圳市江波龙电子股份有限公司 关于公司 2025 年度日常关联交易预计的公告 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。 本次日常关联交易预计事项在公司董事会 ...