Core Viewpoint - Jiangbolong held a conference call on August 22, 2025, to discuss its enterprise-level business strategy, TCM model progress, and main control chip R&D with 90 institutional investors [1] Group 1: Enterprise-Level Business Development - Jiangbolong's enterprise-level storage products have gained recognition from well-known clients due to its proprietary core intellectual property and technical capabilities [1] - According to IDC data, Jiangbolong's SATA eSSD has a domestic market share second only to Solidigm and Samsung, while its PCIe SSD and RDIMM products have been mass-produced for leading domestic enterprises [1] Group 2: SOCAMM Product Development - The SOCAMM product has been activated, showing over 2.5 times the bandwidth compared to traditional RDIMM at the same capacity, with a 20% reduction in latency and a size one-third that of standard RDIMM [2] - However, the SOCAMM product has not yet generated revenue, indicating certain risks [2] Group 3: TCM Model Progress and Market Space - Jiangbolong is focusing on high-end, brand, and overseas development, investing in key areas such as main control, firmware, and packaging testing to build a comprehensive service capability [3] - The TCM model connects wafer manufacturers with core downstream clients, simplifying the business model and reducing the impact of industry cycle fluctuations [3] - Jiangbolong has partnered with SanDisk to launch customized UFS products and solutions for the mobile and IoT markets, accelerating the introduction of UFS products into multiple Tier 1 client supply chains [3] Group 4: Main Control Chip Technology and R&D Plans - Jiangbolong has established a self-developed main control chip R&D team and continues to invest in it, utilizing leading processes and proprietary core IP [4] - 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 speeds of 630K IOPS and 750K IOPS, significantly outperforming mainstream market products [4] - As of the end of July, over 80 million main control chips have been deployed, with UFS4.1 products undergoing validation with multiple Tier 1 manufacturers [4] Group 5: Embedded Business Opportunities - Jiangbolong has launched new embedded products such as UFS4.1 and eMMC Ultra, leveraging its advantages in self-developed main control, firmware, algorithms, and packaging testing [5] - The UFS product's performance advantages have led to a strategic partnership with SanDisk, while QLC eMMC products are being applied in numerous mobile terminal products due to their large capacity and price advantages [5] Group 6: Impact of U.S. Tariff Policies on Zilia - After acquiring Zilia, a leading storage manufacturer in Brazil, Jiangbolong has empowered it with its technology and product design solutions, leveraging Zilia's local manufacturing and service advantages [6] - Zilia has established long-term cooperative relationships with global top clients and manufacturers in Brazil [6]

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or the specific company being analyzed [1]. Core Insights - The company is one of the few in China capable of providing "eSSD+RDIMM" product design and large-scale supply, with expected sales of enterprise storage reaching approximately 900 million yuan in 2024 [21]. - The demand for server and automotive-grade storage is anticipated to continue growing into 2025, driven by the acceleration of AI technology across various consumer electronics [21]. - The company has achieved significant sales growth for its Lexar brand, with projected revenue of around 3.5 billion yuan in 2024, indicating a strong market position and growth potential [23]. - Zilia, a recent acquisition, is expected to generate approximately 2.3 billion yuan in revenue for 2024, reflecting a year-on-year growth of about 120% [24]. Summary by Sections 1. Research Overview - The research was conducted on February 24, 2025, focusing on the semiconductor industry, specifically the company Jiangbolong [13]. 2. Participating Institutions - The research involved various institutions, including fund management companies, insurance companies, and investment firms, highlighting a diverse interest in the semiconductor sector [14][15]. 3. Market Trends - The semiconductor market is expected to see a recovery in pricing as supply and demand dynamics improve, with adjustments in production capacity by several storage wafer manufacturers [21]. - The company plans to leverage its competitive advantages in technology and supply chain to mitigate the impact of fluctuating gross margins due to market conditions [24]. 4. Product Development - The company has successfully developed and applied over ten million units of its self-developed main control chips, focusing on high-end product segments [22]. - The company is actively enhancing its inventory management strategies to optimize turnover rates while meeting delivery demands [24].