深圳市江波龙电子股份有限公司 投资者关系活动记录表 编号：2025-037 | 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 | | | √电话会议 □现场参观 □其他 | | 参与单位名称及 | 中泰证券、博普资产、创金合信、混沌投资、前海再保险、 | | | 安信基金、泰达宏利、国源信达、摩根士丹利、国信自营、 | | | 富荣基金、鹏华基金、橡果资管、方正证券、恒越基金、易 | | | 方达、前海人寿、远望角投资、开源资管、中盈蓝景、西部 | | 人员姓名 | 证券、华夏基金、东吴证券、万家基金、盘京投资、国寿资 | | | 产、弘毅远方、中信保诚基金、中邮基金、国寿资产、天弘 | | | 基金、泰康基金、大家资产、交银施罗德、平安基金、中海 | | | 基金、国寿资产 | | 时间 | 年 月 日（周二）10:00-11:00 2025 12 23 | | | 2025 年 12 月 23 日（周二）16:00-17:30 | | | 年 月 日（周五）10:00-11:30 2025 12 26 | ...

【今日速览】 ①数字孪生+元宇宙+智慧社区+军工信息化！公司已在公安、气象、交通、健康与社区服务等垂直领 域，研发与具体业务场景深度结合的专用智能体；②人形机器人+eVTOL+大飞机+通用航空+商业航 天！公司获得人形机器人加工件定点采购协议；③燃料电池+氢能+航空航天+可控核聚变+量子计 算！公司为"华龙一号"核电站提供成套混凝土冷却系统。 【臻选回顾】 公告臻选12月1日提示《恒逸石化：控股股东及其一致行动人拟15亿元-25亿元增持公司股份》， 恒逸石化12月2日高开高走封死涨停直至收盘，12月3日再度上涨3%；公告臻选12月2日提示《稀 土永磁+钨钼+锂电+核聚变！公司光伏用细钨丝市场份额超80%》，厦门钨业12月3日逆市飘红， 12月5日、8日分别上涨1.77%、3.86%；公告臻选12月2日提示《主控芯片+高端封测+存储器 +AI，公司拟定增37亿元用于面向AI领域的高端存储器等项目》，江波龙12月8日大涨14.64%；12 月3日提示《多肽药+创新药+原料药+减肥药！公司产品通过药监局化妆品新原料备案》，圣诺生物 12月4日低开高走收涨3.55%；12月4日提示《显示驱动芯片+CMOS图像传感器+ ...

Core Viewpoint - Jiangbolong (301308.SZ) plans to raise up to 3.7 billion yuan through a private placement of A-shares to support its business expansion in AI high-end storage and main control chips [1][3]. Summary by Sections Fundraising Details - The company intends to issue no more than 126 million shares, accounting for up to 30% of the pre-issue total share capital, with a fundraising target of no more than 3.7 billion yuan [3]. - The issuance will be directed towards no more than 35 qualified institutional and other investors, with the share price set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [3]. Allocation of Funds - The raised funds will be allocated to four main areas: 1. 880 million yuan for AI high-end storage research and industrialization projects [3]. 2. 1.22 billion yuan for semiconductor storage main control chip series research projects [3]. 3. 500 million yuan for high-end packaging and testing construction projects [4]. 4. 1.1 billion yuan for working capital to support business expansion [4]. Project Investments - The high-end storage research project has a total investment of 930 million yuan, focusing on enterprise-level SSDs and RDIMM memory modules for AI applications [3]. - The main control chip project has a total investment of 1.28 billion yuan, targeting SoC architecture design and firmware algorithm development for various storage technologies [3]. - The high-end packaging and testing project has a total investment of 540 million yuan, aimed at enhancing the company's packaging and testing capacity for embedded storage and SSD products [4]. Company Performance - In the first three quarters of the year, Jiangbolong achieved revenue of 16.734 billion yuan, a year-on-year increase of 25.12%, and a net profit attributable to shareholders of 712 million yuan, up 27.95% year-on-year [4]. - After the issuance, the total share capital will increase to approximately 545 million shares, with the actual controllers' combined shareholding ratio decreasing from 42.17% to 32.44% [4].

Core Viewpoint - The storage market appears to be recovering after years of adjustment, raising questions about whether the recent stock price increases of related A-share companies are due to cyclical trends or genuine improvements in their profitability [1][2]. Group 1: Market Performance - Since September 4 to September 25, the stock prices of Demingli (001309.SZ) and Jiangbolong (301308.SZ) surged from approximately 86 CNY per share to about 177 CNY and 144 CNY respectively, reaching historical highs [2]. - International storage giant SanDisk announced a price increase of over 10% for some products, igniting industry-wide price hike expectations [2]. - Morgan Stanley's report suggests that NAND Flash prices may continue to rise into Q4 2025 and persist into 2026, indicating a potential market recovery [2]. Group 2: Financial Performance of Major Players - Micron's Q4 2025 revenue reached $11.32 billion, a 46% year-on-year increase, with net profit soaring 158% to $3.47 billion [4]. - For the entire 2025 fiscal year, Micron's revenue hit a record $37.4 billion, up nearly 50% [4]. - Micron's revenue from high-value segments like HBM and server DRAM reached $10 billion, five times that of the previous fiscal year, driven by demand from AI servers [5][6]. Group 3: Domestic Manufacturers' Challenges - Domestic storage manufacturers like Baiwei Storage and Demingli reported negative net profits in the first half of 2025, reflecting the lingering effects of the previous downturn [9]. - The traditional business model of these companies, which relies on purchasing storage wafers from international suppliers, limits profit margins and exposes them to inventory losses during price declines [9][10]. - Domestic firms are shifting focus to develop their own controller chips to capture higher value in the supply chain [10]. Group 4: Technological Advancements and Market Strategy - Jiangbolong has shipped over 80 million self-developed controller chips, while Baiwei Storage has successfully mass-produced its first domestic eMMC controller chip [10]. - Domestic manufacturers are investing in advanced packaging technologies to enhance production capabilities and profitability [12]. - The shift towards enterprise markets, such as data centers and AI servers, is expected to yield higher profit margins compared to traditional consumer markets [13][14]. Group 5: Investment and Future Outlook - Baiwei Storage raised 1.871 billion CNY for expanding its advanced packaging and manufacturing facilities, indicating a strategic shift towards higher-value manufacturing [12]. - Jiangbolong's enterprise storage business revenue reached 693 million CNY in the first half of 2025, a 138.66% increase, reflecting successful penetration into the enterprise market [14]. - The strong performance of storage concept stocks in the A-share market may reflect capital market's dynamic pricing of these companies' new growth narratives [14].

Core Viewpoint - The storage chip sector in the A-share market has shown strong performance despite increased volatility in the overall market, driven by price hikes from international giants and positive forecasts for NAND Flash prices [2][3]. Group 1: Market Performance - From September 4 to September 25, the stock prices of Demingli (001309.SZ) and Jiangbolong (301308.SZ) surged from approximately 86 yuan to 177 yuan and 144 yuan respectively, reaching historical highs [2]. - The price increase expectations were ignited by SanDisk's announcement of a price hike of over 10% for some products, marking the second price increase this year [2]. - Morgan Stanley's report suggests that NAND Flash prices may continue to rise into Q4 2025 and persist into 2026, with CFM forecasting a comprehensive price increase in the storage market during that period [2]. Group 2: Financial Performance of Major Players - Micron's Q4 2025 revenue reached $11.32 billion, a 46% year-on-year increase, with net profit soaring 158% to $3.47 billion [3]. - For the entire fiscal year 2025, Micron's revenue hit a record $37.4 billion, up nearly 50% year-on-year, primarily driven by demand from data centers and AI servers [3]. - Micron's high-value business segments, including HBM and high-capacity DIMM, generated $10 billion in revenue, five times that of the previous fiscal year [3][4]. Group 3: Domestic Manufacturers' Challenges and Strategies - Domestic storage manufacturers like Baiwei Storage and Demingli reported negative net profits in the first half of 2025, reflecting the lingering effects of the previous downturn [6]. - The traditional business model of relying on purchasing storage wafers from international suppliers has limited profit margins for domestic firms [6]. - Domestic manufacturers are shifting focus towards upstream technology to capture higher value, particularly through the development of proprietary controller chips [6][7]. Group 4: Technological Advancements - Jiangbolong has shipped over 80 million units of its self-developed controller chips, with its UFS 4.1 products outperforming market standards [7]. - Baiwei Storage has successfully mass-produced its first domestic eMMC controller chip and is developing UFS controller chips, expected to be ready for production in 2025 [7]. - Demingli has also achieved mass production of its SATA SSD controller chip, which is the first in China to utilize RISC-V architecture [7]. Group 5: Investment and Market Expansion - Baiwei Storage raised 1.871 billion yuan for expanding its advanced packaging and manufacturing facilities, indicating a strategic shift towards higher-value manufacturing [9]. - Domestic firms are targeting enterprise markets, such as data centers and AI servers, where profit margins are higher and customers prioritize reliability over price [10]. - Jiangbolong's enterprise storage revenue reached 693 million yuan in the first half of 2025, a 138.66% increase, while Baiwei Storage has secured core supplier status with major AI server manufacturers [10].