Core Viewpoint - Hybrid bonding technology is rapidly transitioning from laboratory to mass production, becoming a new pillar in storage chip manufacturing, particularly in the context of advanced packaging technologies like 3D NAND and HBM [2][3]. Group 1: Hybrid Bonding Technology - Hybrid bonding eliminates size limitations and parasitic effects associated with traditional bump structures, resulting in shorter signal transmission paths, lower power consumption, and higher speeds [3]. - In 3D NAND, hybrid bonding is expected to replace some existing structures, enabling stable manufacturing at higher stacking layers (e.g., over 300 layers) [3][7]. - Leading companies like Micron, SK Hynix, and Samsung are actively investing in hybrid bonding technology for HBM4 and next-generation CUBE architectures, highlighting its strategic importance [3][5]. Group 2: Samsung's Initiatives - Samsung has shown a strong commitment to hybrid bonding, recognizing its necessity for manufacturing 16-layer HBM [4][5]. - The company plans to produce HBM4 samples by 2025, with mass production expected in 2026, and has already tested a 16-layer HBM sample using hybrid bonding technology [5][6]. - Samsung is also preparing for a custom HBM business, responding to demand from major tech companies like Google and NVIDIA for tailored HBM products [6][7]. Group 3: SK Hynix's Developments - SK Hynix is also pursuing hybrid bonding technology, planning to mass-produce 16-layer HBM4 by 2026 and exploring the potential for over 20 layers [9][10]. - The company aims to implement hybrid bonding for its NAND products, targeting 400-layer NAND flash production by 2025 [10][11]. Group 4: Micron's Position - Micron has been relatively quiet about hybrid bonding but has begun delivering HBM4 samples, which feature a capacity of 36 GB and a bandwidth of up to 2 TB/s [13][14]. - The company is focusing on optimizing existing technologies and may adopt hybrid bonding later than its competitors [14]. Group 5: Equipment Manufacturers - Equipment manufacturers like BESI and Applied Materials are leading the hybrid bonding equipment market, with BESI having developed systems for high-precision bonding since 2019 [15][16]. - Applied Materials has integrated its hybrid bonding platform with wafer processing data, emphasizing system-level integration [16][17]. - Other companies, including ASMPT and Korean firms like Hanmi Semiconductor and Hanwha, are also entering the hybrid bonding equipment market, with various development stages and partnerships [18][19][20]. Group 6: Future Outlook - The semiconductor industry is increasingly focused on hybrid bonding as a key technology to overcome traditional packaging limitations and achieve higher performance integration [25]. - As Moore's Law slows, hybrid bonding is expected to play an irreplaceable role in advancing the industry towards greater integration and performance [25].

Market Overview - The US stock market experienced significant declines on the first trading day of August, with the Dow Jones falling by 1.23%, the S&P 500 by 1.6%, and the Nasdaq by 2.24% [2] - The US non-farm payrolls for July increased by only 73,000, which was significantly below the economists' forecast of 100,000 [2] - Federal Reserve Chairman Jerome Powell indicated a cautious approach to interest rate cuts, affecting market sentiment [2] - Former President Trump announced adjustments to tariffs, with new rates ranging from 10% to 41%, adding further pressure to market sentiment [2] Commodity Market - International gold prices surged, with London gold rising by 2.22% and COMEX gold increasing by 2.01% [3] Company News: China Shenhua - China Shenhua announced it received a notification from its controlling shareholder, China Energy Investment Corporation, regarding a potential major asset acquisition involving coal and related assets [4] - The transaction will involve issuing shares and cash to acquire coal, pithead coal power, and other related assets, with specific details to be confirmed in future announcements [8] - China Shenhua's latest market capitalization is approximately 722.455 billion, with a projected net profit for the first half of the year between 23.6 billion and 25.6 billion [9] Upcoming Stock Unlocking - A total of 32 stocks will face unlocking next week, with a combined market value of 91.974 billion [11] - Notable unlockings include Runze Technology with 1.076 billion shares and a market value of 51.821 billion, and Jiangbolong with 155 million shares and a market value of 13.649 billion [12][13] - The average stock price of the unlocking stocks has increased by 3.01% since July, with Xicetest seeing a significant rise of 30.19% [16][17] Institutional Research - Several companies facing unlocking have recently been subject to institutional research, including Jiangbolong and Huayuan Pharmaceutical, which focus on high-tech pharmaceutical development [17][18] - Jiangbolong reported that the semiconductor storage market is expected to recover gradually starting from the second half of 2025, driven by demand from server OEMs and mobile storage capacity increases [18]

Group 1 - Jiangbolong announced that 300 million restricted shares (accounting for 71.57% of total share capital) will be released for circulation on August 5 [1] - The controlling shareholder and actual controllers have voluntarily committed not to reduce their holdings for 12 months starting from the release date, significantly reducing the potential sell-off pressure [1] - The overall sellable share ratio will decrease from 71.57% to 28.30%, and the number of shares from 300 million to 11.9 million, alleviating market concerns [1] Group 2 - The employee stock ownership platform, as a concerted actor of the actual controller, holds 16.53% of shares (0.69 million shares) and will adhere to the same strict reduction requirements [2] - This further reduces the overall sellable scale by 57.98%, indicating a strong commitment to maintaining share value [2] - Jiangbolong is focusing on high-end, overseas, and brand development to enhance its competitiveness in the semiconductor storage industry, achieving significant breakthroughs in enterprise-level storage and high-end consumer storage [2]

Group 1 - The company Jiangbolong (301308) announced that 300 million restricted shares (accounting for 71.57% of total shares) will be released for circulation starting August 5 [2] - The controlling shareholder and actual controller, along with certain directors, voluntarily committed not to reduce their holdings for 12 months starting from the release date, significantly reducing the potential sell-off pressure [2][3] - The overall sellable share ratio will decrease from 71.57% to 28.30%, and the number of shares from 300 million to 11.9 million, alleviating market concerns about concentrated unlock pressure [2] Group 2 - The employee stock ownership platform, as a concerted actor of the actual controller, holds 16.53% of shares (0.69 million shares) and will adhere to the same strict reduction requirements, further decreasing the overall sellable scale by 57.98% [3] - Analysts indicate that such voluntary non-reduction commitments typically serve as a positive signal in the capital market, enhancing investor confidence [3] - Jiangbolong is advancing its business layout focusing on industry, high-end, overseas, and branding, aiming to build an internationally competitive semiconductor storage brand [3]

Core Viewpoint - Shenzhen-based Dapu Microelectronics is seeking an IPO on the ChiNext board, focusing on enterprise-level SSDs for data centers, and is the first unprofitable company to be accepted for listing on the board [1][2]. Company Overview - Dapu Microelectronics, founded in April 2016, specializes in semiconductor storage products, particularly enterprise-level SSDs [3][4]. - The company has a full-stack self-research capability in "controller chip + firmware algorithm + module" for enterprise-level SSDs and outsources assembly production to EMS factories [4][6]. - The founder, Yang Yafei, controls 66.74% of the voting rights and has a background in Qualcomm [3]. Financial Performance - Dapu Microelectronics has experienced significant revenue fluctuations, with revenues of 5.57 billion yuan in 2022, 5.19 billion yuan in 2023, and projected 9.62 billion yuan in 2024 [8]. - The company reported net losses of 5.34 billion yuan in 2022, 6.17 billion yuan in 2023, and a projected loss of 1.91 billion yuan in 2024, totaling over 13 billion yuan in losses over three years [8]. - The company's gross profit margins have been unstable, with rates of 0.46%, -26.36%, and 27.26% over the past three years [13]. Market Position - Dapu Microelectronics ranks fourth in the domestic enterprise-level SSD market with a market share of 6.4% as of 2023 [6][28]. - The global enterprise-level SSD market was valued at $20.454 billion in 2022 and is expected to reach $51.418 billion by 2027, with a CAGR of 20.25% [24]. Industry Dynamics - The semiconductor storage industry is heavily influenced by the semiconductor cycle, with significant price fluctuations observed [28]. - Major global players like Samsung, SK Hynix, Western Digital, Micron, and Kioxia dominate over 90% of the market, impacting pricing and production decisions [28]. - Dapu Microelectronics plans to raise 1.878 billion yuan for R&D and production projects, indicating a focus on innovation and market competitiveness [28].

Core Viewpoint - The announcement of the lifting of the lock-up period for 300 million shares of Jiangbolong (accounting for 71.57% of total shares) on August 5 is expected to have limited liquidity impact, as the controlling shareholders and executives have committed to not reducing their holdings for 12 months, enhancing market confidence in the company's future development and investment value [1][2][5] Group 1: Share Lock-up and Reduction - The lifting of the lock-up period will see the reducible share scale drop significantly from 71.57% to 28.30%, translating to a decrease from 300 million shares to 119 million shares [2] - The employee shareholding platform, holding 16.53% of shares (0.69 million shares), will also adhere to the same strict reduction requirements, further reducing the overall reducible scale by 57.98% [2] - The voluntary commitment not to reduce holdings is viewed positively in the capital market, enhancing investor confidence and reflecting the company's fundamental value [2] Group 2: Business Development and Market Position - Jiangbolong is focusing on high-end, overseas, and brand development to establish itself as a competitive semiconductor storage brand, achieving significant breakthroughs in enterprise storage, high-end consumer storage, and main control chips [3] - The company has transformed into a comprehensive semiconductor storage brand, becoming one of the few in China capable of supplying "eSSD+RDIMM" products, with multiple enterprise-level storage products launched [3] - Jiangbolong ranks as the second-largest independent memory company globally and the largest in China, with its FORESEE brand ranking fifth in B2B revenue and Lexar brand second in B2C revenue globally [3] Group 3: Financial Performance - In 2023, Jiangbolong achieved revenue of 10.125 billion yuan, marking its first time surpassing the 10 billion yuan threshold, with a projected revenue of 17.464 billion yuan in 2024, representing a year-on-year growth of 72.48% [4] - The company is benefiting from a pricing cycle in storage and the domestic substitution trend in high-end storage, which is expected to drive high revenue growth in the short term [4] - Jiangbolong's innovative business models, such as PTM and TCM, are providing industrial support for business breakthroughs, enhancing its differentiated product capabilities and overall service capacity [4]

大普微电子是一家半导体存储产品提供商，专注于数据中心企业级SSD（固态硬盘）领域。 公司业绩受半导体周期影响较为明显，目前尚未盈利，这也是创业板首家获受理的未盈利企业。 最近两个月，深圳迎来多家公司冲击IPO，包括北芯生命、惠科股份、承泰科技、华大北斗、创智芯联、大族数控、 乐动机器人、基本半导体等，其中有不少是半导体公司。 近期，又有一家来自深圳的半导体公司寻求A股上市。 格隆汇获悉，深圳大普微电子股份有限公司（简称"大普微电子"）不久前向创业板递交了招股书，由国泰海通证券股 份有限公司担任保荐人。 01 高通前员工在深圳龙岗创业，专注于数据中心企业级SSD领域 大普微电子成立于2016年4月，2023年9月变更为股份有限公司，其总部位于深圳市龙岗区龙城街道。 公司的创始人是杨亚飞，他目前通过大普海德、大普海聚合计控制公司66.74%的表决权。 大普微电子的主要机构投资者包括盈富泰克、龙岗基金、中科国控、招华招证、海通创新等；2024年12月，公司最后 一轮完成增资，当时的估值为68.1亿元。 杨亚飞今年46岁，博士研究生学历，目前在公司担任董事长兼总经理一职。创业之前，他在美国高通公司工作过多 年，先后任 ...

Core Insights - Tongyuan Investment conducted a survey on Jiangbolong, revealing significant revenue growth in the enterprise storage business, with over 600% growth in 2024 and over 200% growth in Q1 2025 [1] - The company is actively promoting the TCM model and has established partnerships with multiple Tier 1 clients, enhancing visibility in supply and demand, and improving profitability [1] - Jiangbolong has strong capabilities in 'eSSD+RDIMM' product design and supply, with recognition from various well-known clients across multiple industries [1] - The company’s self-developed main control chip shows superior performance, with UFS4.1 products outperforming mainstream market products, and a significant increase in shipment scale expected for 2025 [1] - Jiangbolong has established a comprehensive semiconductor storage R&D system, obtaining multiple patents and technology licensing agreements [1] - Market prices for storage products are rising, with expectations of continued upward momentum in Q3 for server and mobile storage products [1] - The company collaborates deeply with wafer foundries and end-market applications, acting as a crucial bridge between upstream and downstream, providing higher added value [1]

Group 1: Company Growth and Revenue - The company's revenue in the enterprise storage sector is expected to grow over 600% in 2024, with a further increase of over 200% in Q1 2025 [3] - The company has launched enterprise-level storage products such as eSSD, DDR4 RDIMM, and DDR5 RDIMM, which have received certifications from various sectors [3] - The company has established a partnership with SanDisk to offer customized high-quality UFS products for the mobile and IoT markets [3] Group 2: Competitive Advantages - The company is one of the few in China capable of designing and supplying "eSSD + RDIMM" products, showcasing its comprehensive strength in technology and market capabilities [4] - The enterprise storage products have strong adaptability and reliability, meeting high-performance and customization needs across various industries [4] - The company has developed its own main control chips, which outperform market competitors in terms of performance and power consumption [4] Group 3: Market Trends and Pricing - The semiconductor storage market is expected to recover gradually starting from Q2 2025, with price increases anticipated due to inventory digestion and rising demand [6] - The company expects storage product prices to maintain upward momentum in Q3 2025, driven by OEM customer demand and storage capacity increases in mobile devices [6] Group 4: Technology and Intellectual Property - The company has a robust semiconductor storage R&D system, with 570 patents and 138 software copyrights as of December 31, 2024 [5] - The company has established patent licensing agreements with various wafer manufacturers and leading independent storage companies [5] Group 5: Strategic Partnerships - The company aims to serve as a crucial link between upstream wafer manufacturers and end-user markets, enhancing its position in the storage ecosystem [7] - Long-term collaborations with industry leaders, such as SanDisk, reflect the company's technical strength and market positioning [7]

Core Viewpoint - SK Hynix reported a record high revenue of 22.23 trillion KRW in Q2 2025, driven by strong DRAM and NAND shipments, with a year-on-year increase of 35% and a quarter-on-quarter increase of 26% [1][6]. Group 1: Financial Performance - Q2 2025 revenue reached 22.23 trillion KRW, marking a historical high, with DRAM and NAND shipments exceeding expectations [1][6]. - Gross margin stood at 54%, up 8 percentage points year-on-year but down 3 percentage points quarter-on-quarter [1]. - Net profit was 7 trillion KRW, with a net profit margin of 31%, reflecting a year-on-year increase of 6 percentage points but a quarter-on-quarter decrease of 15 percentage points [1][15][16]. - DRAM revenue was 17.1 trillion KRW, up 58% year-on-year and 21% quarter-on-quarter, driven by strong server and PC demand [1][22]. - NAND revenue was 4.7 trillion KRW, down 8% year-on-year but up 47% quarter-on-quarter, with a significant increase in shipment volume [1][22]. Group 2: Market Outlook - Demand for storage is expected to continue growing in H2 2025, with strong demand and favorable pricing conditions observed in H1 2025 [2]. - The server market is anticipated to grow healthily, driven by increased capital expenditures from major companies and a shift in demand due to new CPU procurement [2][22]. - AI applications are expected to boost replacement demand in the PC and mobile markets, leading to an increase in memory capacity per device [2][22]. Group 3: Supply and Production Plans - Q3 2025 shipment growth is expected to slow, with DRAM growth projected at low to mid-single digits and limited growth in NAND shipments [3]. - The company plans to maintain its target of doubling HBM revenue year-on-year and has provided HBM4 samples to customers [3][22]. - Capital expenditures are expected to exceed previous guidance, with additional spending allocated for HBM-related equipment [3][22]. Group 4: Product Development and Strategy - The company is focusing on high-speed DDR5 products and expanding its HBM product line to meet growing AI market demands [23][32]. - Plans include the development of enterprise-level SSDs and high-density server modules to cater to evolving market needs [23][32]. - The M15X factory is set to begin production in Q4 2025, with full-scale production expected in 2026 [23][32]. Group 5: Customer and Market Dynamics - The company is closely monitoring customer demand and inventory levels, with a focus on maintaining stable supply amid uncertainties [26][27]. - The shift in AI workloads is expected to drive significant changes in NAND demand, particularly for eSSD solutions [34]. - The company is committed to ensuring supply continuity for its Chinese operations while navigating regulatory challenges [27].