Group 1: Market Conditions and Pricing - The supply of storage wafers is expected to remain tight, with limited incremental contribution to output in 2026 due to the cautious capacity expansion strategy of major manufacturers [2] - According to CFM's forecast, the price increase for Mobile eMMC/UFS in Q1 2026 is projected to be between 25% and 30%, while LPDDR4X/5X is expected to rise by 30% to 35% [2] - PC DDR5/LPDDR5X prices are anticipated to increase by 30% to 35%, and cSSD prices are expected to rise by 25% to 30% [2] Group 2: Supply Chain and Procurement - The company has established long-term direct cooperation with major global storage wafer manufacturers, ensuring a diversified supply chain and a competitive advantage in wafer supply [3] - Supplier information is disclosed in public documents such as the prospectus [3] Group 3: Product Development and Competitive Advantage - The self-developed main control chip plays a critical role in managing data between storage particles and CPUs, significantly impacting overall performance [3] - The company has deployed over 100 million self-developed main control chips by the end of Q3, with UFS4.1 products gaining recognition from major storage manufacturers and Tier 1 clients [3] - The enterprise storage products have been integrated into the supply chains of leading internet companies, covering various sectors including telecommunications and server manufacturers [3] Group 4: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [3]

Core Viewpoint - Jiangbolong's recent actions in the storage industry have raised eyebrows, as the company is aggressively pursuing dual financing while simultaneously allowing executives and employee stock platforms to cash out, leading to market confusion [1][5][7]. Financing Details - The company plans to raise 37 billion yuan through a private placement, with 11 billion yuan allocated for working capital, which constitutes 29.73% of the total amount, nearing regulatory limits [2]. - Despite a rising debt ratio of 58.93% compared to 25.94% in 2022, Jiangbolong's financial health remains relatively stable when compared to industry leader Demingli's over 70% debt ratio [2]. Stock Performance and Cashing Out - Since September, Jiangbolong's stock price surged from around 100 yuan per share to a peak of 331.5 yuan, marking a 280% increase, with the company's market capitalization approaching 100 billion yuan [5]. - Key executives, including the deputy general manager and board members, have cashed out significant amounts, totaling 14.57 billion yuan, coinciding with the stock price surge [5][7]. Market Dynamics and Opportunities - The storage industry is currently experiencing a dual benefit period, driven by the explosive demand for storage due to AI advancements and the opportunity for domestic replacement in the market [8][10]. - AI services require significantly more storage, with DRAM usage in AI servers being eight times that of regular servers, and NAND Flash usage three times higher, indicating a geometric increase in storage demand [8]. Domestic Market Potential - The domestic storage market accounts for over 20% of global demand, yet the localization rate is below 30%, presenting substantial opportunities for domestic companies like Jiangbolong [10]. - As major foreign manufacturers plan to increase prices starting September 2025, domestic firms are expected to benefit significantly, potentially leading to a turnaround in Jiangbolong's performance [10]. Risks and Challenges - The storage industry is characterized by volatility, with prices experiencing sharp fluctuations, making Jiangbolong's aggressive expansion a high-stakes gamble [12]. - The company's investment projects, including 8.8 billion yuan for high-end AI storage and 12.2 billion yuan for critical control chips, require time to realize returns, posing risks if the market enters a downturn before these projects are completed [14].

Core Viewpoint - The storage industry is experiencing a "super cycle" driven by AI demand, leading to significant expansion plans from major players like Jiangbolong and Demingli, with expectations of continued price increases into the first half of next year [1][8]. Group 1: Expansion Plans and Funding - Jiangbolong plans to raise up to 3.7 billion yuan for technology development in storage applications, NAND Flash controller chip design, and packaging testing [1][5]. - Demingli aims to raise 3.2 billion yuan to enhance its full-chain technical capabilities from storage controller chip R&D to module delivery [1][3]. - Both companies are focusing on high-performance storage solutions to meet the increasing demands of AI applications, with Jiangbolong investing 1.28 billion yuan in NAND Flash controller chip development [5][6]. Group 2: Market Dynamics and Demand - AI servers require significantly more storage than traditional servers, with DRAM usage approximately eight times and NAND Flash usage three times higher [5][6]. - The global semiconductor storage market is projected to grow to $214.8 billion by 2026, reflecting a 16.2% increase [6]. - The domestic storage market is expected to benefit from increased demand, particularly as local manufacturers like Yangtze Memory and Changxin Memory make technological advancements [7]. Group 3: Financial Health and Risks - Jiangbolong's market capitalization is reported at 108.6 billion yuan, while Demingli's is at 49.3 billion yuan [1]. - Both companies are facing cash flow challenges, with Demingli reporting negative operating cash flow for several quarters and a high debt ratio of 73.28% [10]. - The companies' expansion plans are subject to the volatility of the storage market, with potential risks associated with the long implementation periods of their projects [3][10]. Group 4: Inventory and Supply Chain Strategies - Companies are adjusting inventory strategies to ensure supply chain stability amid market fluctuations, with Jiangbolong and Demingli both emphasizing long-term contracts with suppliers [12]. - Jiangbolong's inventory value stands at 8.517 billion yuan, while Demingli's is at 5.940 billion yuan, indicating a focus on maintaining adequate stock levels to meet future demand [11][12]. - The anticipated supply constraints in the storage chip market are expected to create favorable conditions for domestic manufacturers, potentially leading to significant profits in the coming year [12].

Core Viewpoint - Jiangbolong plans to issue up to 126 million shares to raise no more than 3.7 billion yuan for technology development in storage products and related projects, while maintaining control by its major shareholders [1][2] Group 1: Fundraising and Shareholding - Jiangbolong intends to issue shares to no more than 35 specific investors, raising a total of up to 3.7 billion yuan [1] - The current controlling shareholders, Cai Huabo and Cai Lijiang, hold 42.17% of voting rights, which will decrease to 32.44% post-issuance, yet they will still retain control [1] Group 2: Use of Proceeds - The funds will primarily be allocated to three key areas: high-end storage product R&D for AI (880 million yuan), semiconductor storage main control chip development (1.22 billion yuan), and high-end packaging and testing (500 million yuan), with the remaining 1.1 billion yuan for working capital [1] - The fundraising is aimed at addressing the company's financial needs for business development and enhancing its main business in high-end storage products [1] Group 3: Business Expansion and Performance - Jiangbolong has expanded its business into integrated circuit design, covering embedded storage, solid-state drives, mobile storage, and memory modules, with brands like FORESEE and Lexar holding significant market positions [1] - The company is the second-largest independent storage enterprise globally and ranks first among domestic brands in enterprise-level SATA SSD capacity in China as of mid-2025 [2] - From 2022 to Q3 2025, Jiangbolong's R&D expenses increased from 356 million yuan to 701 million yuan, maintaining a research expense ratio of 4.19%-5.86% [2] - For the first three quarters of this year, Jiangbolong reported revenues of 16.734 billion yuan, a year-on-year increase of 26.12%, and a net profit of 713 million yuan, up 27.95% [2] - The third quarter alone saw revenues of 6.539 billion yuan, a 54.6% increase year-on-year, with net profits of 698 million yuan compared to a loss of 36.84 million yuan in the same period last year [2] Group 4: Inventory and Receivables - Despite positive performance, Jiangbolong's inventory has risen significantly from 3.744 billion yuan in 2022 to 8.517 billion yuan by Q3 this year, accounting for 43.67% of total assets [2] - Accounts receivable also increased from 914 million yuan to 2.786 billion yuan during the same period [2]

Group 1 - The article highlights the significant market share of the company in the photovoltaic fine tungsten wire sector, exceeding 80% [1] - The company has invested 2.2 billion yuan to further enhance its presence in the new energy sector, focusing on FPC, CDU, batteries, energy storage, and AI computing centers [1] - The company plans to raise 3.7 billion yuan through a private placement to fund high-end storage projects aimed at the AI field, including main control chips and advanced packaging [1]

Economic Overview - Guangdong Province's GDP reached 10 trillion 517.698 billion yuan in the first three quarters of 2025, with a year-on-year growth of 4.1%, maintaining the highest economic total in the country [1] - The advanced manufacturing and high-tech manufacturing sectors saw value-added growth of 5.4% and 6.4% respectively [1] Listed Companies - As of November 25, 2025, Guangdong has 887 listed companies in A-shares, ranking first in the country, with 28 companies valued over 100 billion yuan and 3 over 1 trillion yuan [2] - The total revenue of these companies reached 8.03 trillion yuan, with a net profit attributable to shareholders of 636.073 billion yuan [2] - The electronics, computer, electric power, and machinery manufacturing sectors account for 399 companies, representing 44.98% of Guangdong's A-share companies, indicating a strong innovation focus [2] New Listings - Guangdong added 18 new listed companies by November 25, 2025, with 11 in the electronics, computer, electric power, and machinery manufacturing sectors [4] Innovation Ecosystem - Guangdong has fostered a robust innovation and entrepreneurship environment since the reform and opening up, producing 28 A-share companies with a market value exceeding 100 billion yuan [4] - The integration of physical spaces, such as the Shenzhen Qianhai headquarters and the Zhuhai manufacturing base, enhances efficiency and creates a high-performance supply chain network across the Greater Bay Area [6] R&D Investment - Jiangbolong, a company producing high-end main control chips, has achieved a cumulative production of over 100 million units, reflecting the rapid increase in domestic production capabilities [7] - The company "Yingshi Innovation," which focuses on smart imaging, went public on the Sci-Tech Innovation Board in June 2025, reaching a market value of 700 billion yuan on its first day and 1 trillion yuan two months later, showcasing rapid product innovation and development [9] - Yingshi Innovation invested over 1 billion yuan in R&D in the first three quarters of 2025, highlighting the importance of sustained R&D investment for product innovation [9] Robotics Industry - The robotics industry in Guangdong is demonstrating strong cluster effects, with a complete chain from R&D to industrialization present in Shenzhen's "Robot Valley" [10] - Continuous and stable R&D investment is crucial for the growth of technology companies in this sector [10] Financial Ecosystem - Guangdong is committed to creating a virtuous cycle of "technology-industry-finance," promoting multi-level capital market financing for enterprises [12] - From 2020 to 2024, the total R&D expenses of Guangdong's A-share listed companies grew at a compound annual growth rate of over 12%, with R&D expenses reaching 242.853 billion yuan in the first three quarters of 2025, a nearly 10% year-on-year increase [13] Future Development Plans - Shenzhen's recent action plan aims to cultivate 20 more companies with a market value of over 100 billion yuan by 2027, focusing on mergers, acquisitions, and industrial collaboration to position for future industries [14] - The Shenzhen Municipal Financial Office emphasizes attracting patient capital to high-tech sectors, enhancing financial services to support the real economy [16]

改革开放以来，广东始终站在创新创业的潮头。如今，这里已孕育出28家A股的千亿市值企业。它们既 是中国制造业的中坚力量，也是观察广东创新生态的窗口。广东当地企业如何实现创新突破？如何孕育 出"千亿级"龙头企业？ 一个只有指甲盖大小的芯片，是存储器的"主控大脑"。手机、汽车、AI服务 器，几乎所有智能终端都离不开它。十多年前，高端主控芯片被外国厂商垄断，如今它已能进行国产， 而且国产化率在快速提升，现在江波龙自研的主控芯片累计产量已经突破1亿颗。 企业总部大楼位于深 圳前海，这里可以看到已经通车的深中通道。从总部出发约三十分钟车程，就能到达中山的产业园。这 个通道的贯通，让深圳前海的总部与珠江西岸的制造基地实现了"一小时级"的深度联动。研发迭代更 快、物料流转更顺、产线验证更及时，一个覆盖整个大湾区的高效供应链网络正在形成。 物理空间的 联通，为企业提供了基础效率；而要将创新转化为真正的市场竞争力，则离不开能让技术迅速"产品 化"的成熟产业生态。这家企业正是受益于在广东深耕三十多年所积累的完整产业基础，与即时响应的 供应链，才能让实验室创新快速走向市场。（央视新闻） ...

Core Insights - Guangdong has become a hub for innovation and entrepreneurship, producing 28 A-share companies with a market value exceeding 100 billion yuan, reflecting its role as a backbone of China's manufacturing industry and a window into its innovation ecosystem [1] Group 1: Innovation and Market Competitiveness - The development of high-end main control chips, previously dominated by foreign manufacturers, has seen a significant increase in domestic production, with Jiangbolong's self-developed main control chip production surpassing 100 million units [3] - The completion of the Shenzhen-Zhongshan Link has enhanced connectivity between Shenzhen's headquarters and manufacturing bases in the Pearl River West Bank, facilitating a highly efficient supply chain network across the Greater Bay Area [5] - A mature industrial ecosystem in Guangdong allows for rapid commercialization of innovations, enabling companies to transform laboratory breakthroughs into market-ready products [7] Group 2: Company Growth and R&D Investment - Yingstone Innovation, a downstream smart imaging company, achieved a market capitalization of over 700 billion yuan on its debut on the Sci-Tech Innovation Board, reaching 1 trillion yuan within two months, showcasing rapid growth within ten years of establishment [9] - Continuous product iteration at Yingstone requires substantial and stable R&D investment, with over 1 billion yuan allocated for R&D in the first three quarters of 2025, highlighting the importance of talent and funding for innovation [13] - The robotics industry in Guangdong is demonstrating strong cluster effects, with a complete chain from R&D to mass production facilitated by the robust industrial ecosystem in Shenzhen's "Robot Valley" [14] Group 3: Financial Ecosystem and Future Growth - From 2020 to 2024, the total R&D expenditure of A-share listed companies in Guangdong has seen a compound annual growth rate exceeding 12%, with R&D expenses reaching 242.85 billion yuan in the first three quarters of 2025, reflecting a nearly 10% year-on-year increase [16] - Shenzhen's recent action plan aims to cultivate 20 more companies with a market value of 100 billion yuan by 2027, focusing on mergers, acquisitions, and industrial collaboration to position future industries in high-value sectors [18] - The Shenzhen Municipal Financial Office emphasizes attracting patient capital to high-tech sectors, enhancing financial services to support the growth of technology-driven companies and improve the quality of service to the real economy [20]

央视网消息：改革开放以来，广东始终站在创新创业的潮头。如今，这里已孕育出28家A股千亿市值企业。它们既是中国制造业 的中坚力量，也是观察广东创新生态的窗口。一起走进广东，看当地企业如何实现创新突破，共同探寻广东如何孕育"千亿级"龙头企 业。 同样依托这片创新生态土壤快速成长的，还有江波龙下游的智能影像企业——影石创新。2025年6月，影石登陆科创板，上市首 日市值突破700亿元，两个月后升至1000亿元。从2015年成立到跻身千亿市值行业，影石创新仅仅用了十年。 这个只有指甲盖大小的芯片就是存储器的"主控大脑"，手机、汽车、AI服务器，几乎所有智能终端都离不开它。十多年前，高端 主控芯片被外国厂商垄断，如今它已能进行国产，而且国产化率在快速提升，现在江波龙自研的主控芯片累计产量已经突破1亿。 物理空间的联通为企业提供了基础效率，而要将创新转化为真正的市场竞争力，则离不开能让技术迅速"产品化"的成熟产业生 态。这家企业正是受益于在广东深耕三十多年所积累的完整产业基础与即时响应的供应链，才能让实验室创新快速走向市场。 来到深圳前海的总部大楼，在记者身后，隐约可以看到远处已经通车的深中通道。从总部出发开车约三十分钟 ...

Core Viewpoint - The third largest shareholder of Shannon Chip Creation, Wuxi New Momentum Fund, has reduced its stake just after the company's stock price reached a historical high of 204.57 CNY per share on November 11, 2025, amid a price surge in the storage chip industry [1][2]. Group 1: Shareholder Actions - Wuxi New Momentum Fund sold 549,200 shares on November 11, reducing its holding from 5.13% to 4.999985%, officially exiting the "5% or more major shareholder" category [1][3]. - The fund had previously announced a plan to reduce its stake by up to 1% of the total share capital, equating to a maximum of 463.77 million shares, between November 11, 2025, and February 10, 2026 [2][3]. Group 2: Stock Performance - Shannon Chip Creation's stock price has increased significantly, with a rise of over 300% since September 5, 2025, and an annual increase exceeding 570%, leading to a market capitalization surpassing 90 billion CNY [4][5]. - The stock reached a peak of 204.57 CNY per share on November 11, 2025, marking a historical high [1][5]. Group 3: Industry Context - The surge in demand for storage chips is driven by the explosion of AI needs, with major AI operators increasing their demand for storage solutions [4][6]. - Major storage manufacturers like SanDisk and Micron are expected to initiate price adjustments in the fourth quarter of 2025, further benefiting companies like Shannon Chip Creation [4][6].