Core Viewpoint - The approval of Shenzhen Dapu Microelectronics Co., Ltd.'s IPO marks the first instance of an unprofitable company successfully passing the review on the ChiNext board, with plans to raise 1.88 billion yuan for R&D and production projects [2] Group 1: Company Overview - Dapu Micro was established in 2016 and focuses on the R&D and sales of enterprise-level SSD products, being one of the few domestic providers with full-stack self-research capabilities [3] - The company’s main revenue comes from sales of enterprise-level SSD products and a small amount from technical services [3] - Dapu Micro's SSD products cover generations from PCIe 3.0 to 5.0, with a strong emphasis on self-developed controller chips and firmware algorithms [3] Group 2: Financial Performance - Revenue grew from 557 million yuan in 2022 to 962 million yuan in 2024, with 748 million yuan recorded in the first half of 2025 [4] - Despite revenue growth, the company has not improved its profitability, with losses increasing to 354 million yuan in the first half of 2025 [4] - The net losses from 2022 to 2025 were 534 million yuan, 617 million yuan, 195 million yuan, and 354 million yuan respectively [4] Group 3: Business Model and Challenges - Dapu Micro focuses on R&D and sales, outsourcing assembly production to third-party manufacturers, which makes its performance highly sensitive to industry cycles [4][7] - The company’s procurement of raw materials reached 809 million yuan in the first half of 2025, indicating a reliance on external suppliers [4] - The business model leads to significant impacts from industry fluctuations, with a high concentration of suppliers, where the top five suppliers account for over 90% of total procurement [8] Group 4: Research and Development - Dapu Micro has invested significantly in R&D, with expenses of 194 million yuan, 269 million yuan, 274 million yuan, and 133 million yuan from 2022 to the first half of 2025, representing 34.82%, 51.72%, 28.51%, and 17.74% of revenue respectively [9] - The funds raised from the IPO will primarily be used for R&D, with 958 million yuan allocated for the development of next-generation controller chips and enterprise-level SSDs [10]

证券日报网12月23日讯，江波龙（301308）在接受投资者提问时表示，晶圆采购至存储器销售的生产周 期间隔，决定了存储晶圆价格上行时对公司毛利率将产生正面影响。近年来公司在高端存储、海外业务 以及自研主控芯片等方面持续取得突破，内生性成长因素将更直接且持续地驱动公司盈利能力的提升。 ...

Core Viewpoint - Jiangbolong (301308.SZ) is positioned as a global leader in the semiconductor storage industry, showcasing its systematic technological capabilities across key areas such as chip design, firmware algorithm development, memory design, and packaging manufacturing [1] Group 1 - The company has made significant breakthroughs in enterprise storage, high-end consumer storage, overseas business expansion, and self-developed main control chips [1] - Jiangbolong is enhancing its global comprehensive competitiveness through multi-dimensional efforts [1]

Group 1: Market Trends and Supply Chain - The company is the second largest independent memory manufacturer globally and the largest in China, establishing long-term direct cooperation with major memory wafer suppliers through Long-Term Supply Agreements (LTA) and Memorandums of Understanding (MOU) to ensure stable supply of memory wafers [3] - AI technology is driving a surge in storage capacity demand, coupled with tight supply of high-capacity HDDs, leading cloud service providers to shift towards NAND Flash, which is expected to see explosive demand [2] Group 2: Pricing and Sales Strategy - The company determines product sales prices based on industry practices and customer characteristics, using framework agreements and order fulfillment, with prices dynamically adjusted according to market conditions [4] Group 3: Product Development and Performance - As of the end of Q3, the company has deployed over 100 million self-developed main control chips, which utilize advanced foundry processes and proprietary algorithms, leading to significant performance and power consumption advantages [5] - The enterprise storage business is experiencing rapid growth, supported by collaborations with major clients in telecommunications, internet companies, and server manufacturers, with the company ranking third in total capacity for enterprise SATA SSDs in China as of H1 2025, and first among domestic brands [6] Group 4: UFS4.1 Product Commercialization - The company is among a few globally capable of developing UFS4.1 products at the chip level, with its UFS4.1 products recognized for superior process, read/write speed, and stability, accelerating the adoption process with major Tier 1 clients [7]

Core Viewpoint - The company, Jiangbolong, is positioned as a leading independent storage device manufacturer, with significant growth in revenue and profit, and is actively expanding its market presence through strategic partnerships and product development. Group 1: Company Position and Supply Chain - The company is the second largest independent storage device manufacturer globally and the largest in China, which facilitates long-term direct cooperation with major global storage wafer suppliers through long-term supply agreements [2] - The company has established long-term supply agreements and commercial cooperation memorandums with storage wafer manufacturers to ensure a stable supply of storage wafers [2] Group 2: Product Development and Market Growth - As of the end of Q3 2025, the company has deployed over 100 million self-developed main control chips, which are expected to see rapid growth in application scale [3] - The company’s enterprise storage products have been integrated into the supply chains of leading internet companies, with a significant growth trend in enterprise storage business, ranking third in total capacity among Chinese enterprise-level ST SSDs as of H1 2025 [4] - The company’s UFS4.1 products, equipped with self-developed main control chips, outperform comparable market products in terms of process, read/write speed, and stability, gaining recognition from major clients [5] Group 3: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 16.734 billion yuan, a year-on-year increase of 26.12%, and a net profit of 713 million yuan, up 27.95% year-on-year [6] - In Q3 2025 alone, the company achieved a main revenue of 6.539 billion yuan, a year-on-year increase of 54.6%, and a net profit of 698 million yuan, reflecting a significant increase of 1994.42% year-on-year [6] Group 4: Analyst Ratings and Predictions - In the last 90 days, 9 institutions have rated the stock, with 7 buy ratings and 2 hold ratings, indicating positive market sentiment [7] - The average target price set by institutions over the past 90 days is 311.8 yuan [7]

Group 1: Supply Chain and Production - The company is the second largest independent storage device enterprise globally and the largest in China, which aids in securing stable supply of storage wafers through long-term agreements with major suppliers [2][3] - The company has established long-term supply agreements (LTA) and memorandums of understanding (MOU) with storage wafer manufacturers to ensure continuous supply [2] Group 2: Self-Developed Chip Applications - As of the end of Q3, the company has deployed over 100 million self-developed main control chips, utilizing advanced foundry processes and proprietary IP [3] - The self-developed main control chip is currently undergoing validation with multiple Tier 1 manufacturers, indicating potential for rapid growth in deployment scale [3] Group 3: Enterprise Storage Business - The enterprise storage products have been integrated into the supply chains of major internet companies, covering sectors such as telecommunications and server manufacturing [3] - According to IDC data, the company ranked third in total capacity for enterprise-grade SATA SSDs in China for the first half of 2025, and first among domestic brands [3] Group 4: UFS4.1 Product Development - The company is among a few globally capable of developing UFS4.1 products at the chip level, with its products outperforming competitors in terms of process, read/write speed, and stability [3] - The UFS4.1 products have gained recognition from major storage manufacturers and several Tier 1 clients, with acceleration in the introduction process [3]

Supply Chain and Market Trends - The company maintains strong relationships with major wafer suppliers through long-term agreements, ensuring supply chain resilience and diversity [2] - Recent trends show a price increase in storage products due to high demand from North American cloud service providers investing in AI, leading to a tightening supply for consumer and embedded storage products [3] Business Performance and Product Development - The company ranks third in total capacity for enterprise SATA SSDs in China and first among domestic brands, with ongoing expansion in enterprise storage product offerings [3] - The company has launched four series of self-developed controller chips, with over 100 million units deployed, indicating rapid growth in deployment scale [5] New Product Innovations - The company is actively developing high-performance storage products for data centers, including the newly released SOCAMM2, designed specifically for AI data centers, which shows significant improvements in bandwidth and power consumption [4] - The UFS4.1 product, developed in collaboration with SanDisk, has demonstrated superior performance in process, read/write speed, and stability compared to market alternatives, with accelerated adoption among Tier 1 clients [5]

Core Insights - The company has achieved a cumulative deployment of over 100 million self-developed main control chips by the end of Q3, with rapid growth in deployment scale continuing [2] - The UFS 4.1 products equipped with the company's self-developed main control chips are currently undergoing introduction and validation stages with multiple Tier 1 manufacturers [2] - The overall deployment scale of self-developed main control chips is expected to see significant growth throughout the year [2]

Core Insights - The company Jiangbolong (301308) reported that as of the end of Q3, the cumulative deployment of its self-developed main control chips has exceeded 100 million units, with rapid growth in deployment scale continuing [1] - The UFS4.1 products equipped with the company's self-developed main control chips are currently undergoing introduction and validation stages with multiple Tier 1 manufacturers, indicating a strong market interest [1] - Overall, the deployment scale of self-developed main control chips is expected to see significant growth throughout the year [1]

Corporate Announcements - China Aluminum announced the election of He Wenjian as chairman and the appointment of Zhang Ruizhong as general manager, with Zhang holding 147,100 shares of A-shares [4] - Jiangbolong reported that its self-developed main control chip deployment exceeded 100 million units by the end of Q3, with ongoing rapid growth [5] - Asia-Pacific Pharmaceutical received a notice of disapproval for the consistency evaluation application of Diltiazem Hydrochloride Tablets, which will not significantly impact current performance [6] - Fuxiang Pharmaceutical successfully passed the FDA's cGMP inspection, marking the third successful inspection, enhancing its qualification for international market supply [7] - Biaobang Co. terminated its control change planning due to failure to reach consensus on core terms, leading to stock resumption [8] - Jingjin Equipment announced the release of its actual controller and chairman from detention, allowing normal operations [9] - Sand Membrane reported that part of its fundraising account was frozen, amounting to 11.74 million yuan, related to a contract dispute [10] - Renfu Pharmaceutical's subsidiary received approval for clinical trials of HWH217 tablets for treating pulmonary arterial hypertension [12] - Wanye Enterprises will change its stock name to "Xian Dao Ji Dian" effective November 12 [13] - Huahai Pharmaceutical's subsidiary passed the FDA inspection, ensuring compliance with international standards [14] Performance Metrics - Daqin Railway reported a cargo transport volume of 32.51 million tons in October, a decrease of 4.7% year-on-year [19] - Jingji Agriculture announced sales of 233,300 pigs in October, generating revenue of 317 million yuan [20] - Baiyun Airport reported a passenger throughput of 7.64 million in October, a year-on-year increase of 12.04% [21] - Dongfeng Motor's total vehicle production decreased by 23.4% year-on-year in October, with significant declines in commercial vehicle categories [22] - Hongyang Real Estate reported a contract sales amount of 202 million yuan in October [23][24] Shareholding Changes - Xintonglian announced that a shareholder plans to reduce its stake by up to 3% [25] - Tonghua Dongbao conducted its first share buyback, acquiring 0.01% of its shares for 1.29 million yuan [26] - Guoci Materials plans to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 30 yuan per share [27] - Xili Technology announced multiple shareholders plan to reduce their stakes [28] Major Contracts - Dayu Water announced a pre-bid win for a 310 million yuan water conservancy project in Hainan [29] - Zhongjian Technology signed a significant sales contract worth 563 million yuan [30] - Longjian Co. won a bid for a 441 million yuan project for road construction in Heilongjiang [31] - Chongqing Construction's subsidiary won a bid for a 781 million yuan project in Chongqing [32]