| 地点 | 深圳市前海深港合作区南山街道听海大道 5059 号鸿荣源前 | | --- | --- | | | 海金融中心二期 座 B 2301 | | 上市公司接待人 | 副总经理、董事会秘书 许刚翎 | | | 投资者关系经理 黄琦 | | 员姓名 | 投资者关系资深主管 苏阳春 | | | 1、如何展望存储价格的涨幅弹性？ | | | 答：根据第三方媒体报道，9 月以来，继闪迪公开宣布 | | | 涨价之后，美光向渠道通知存储产品即将上涨 20%-30%，三 | | | 星通知大客户 LPDDR4X、LPDDR5/5X 协议价格预计上涨 | | | 15%-30%以上，eMMC/UFS 协议价格预计涨幅 5%-10% | | | 根据 CFM 闪存市场预测，全球 AI 服务器市场新增 DRAM | | | 和 NAND 备货需求下半年相继涌现，进一步带动原厂产能供 | | | 应向高性能服务器存储产品倾斜，在超预期的服务器存储新 | | | 增需求带动下，原厂全面转向以利润指标为核心的供应策 | | | 略，四季度存储市场价格将迎来全面上涨。 | | 投资者关系活动 | 2、如何看待公司企业级产品导入 ...

Group 1 - The core viewpoint is that the NAND market is expected to see a comprehensive price increase in the fourth quarter due to rising demand for server storage driven by the expansion of AI server shipments [1][3] - The company has begun mass importing enterprise-level PCIe SSD and RDIMM products to leading domestic enterprises, with over 80 million of its main control chips deployed by the end of July, indicating rapid growth [3] - The self-developed main control chip is progressing well, with UFS4.1 products currently undergoing validation with multiple Tier 1 manufacturers, suggesting a significant increase in deployment scale for the year [3] Group 2 - The demand recovery in the storage industry chain is driven by AI needs, positioning the company to accelerate market share expansion in the new industry cycle through continuous breakthroughs in enterprise SSD and self-developed main control chips [3]

Suspension and Resumption - Time Space Technology has terminated the planning of control change matters and resumed trading of its stock [1] - Quzhou Development plans to purchase shares of Xian Dao Electronic Technology Co., Ltd. held by Guangdong Xian Dao Rare Materials Co., Ltd., resulting in stock suspension [1] Share Buyback - Shennma Electric Power intends to repurchase shares worth between 300 million to 400 million yuan [2] Investment Cooperation and Operational Status - Jiangbolong expects a significant increase in the application scale of its self-developed main control chips for the entire year [3] - Hunan Tianyan is indirectly controlled by China Changan Automobile Group with a 37.25% stake [3] - ST Shengtun's subsidiary BMS plans to sign an investment agreement for a solar-storage project with Greener International, with an estimated electricity payment of approximately 48.06 million USD over 10 years [3] - Ashi Chuang has completed verification of some new semiconductor products and received trial orders [3] - Wantong Zhikong has signed an exclusive sales and cooperation contract with Shanghai Shenming Aosi Semiconductor Technology Co., Ltd. for the production and sale of boards based on the Fellow1 model chip, with a 5-year authorization period [3] - Daoshi Technology has signed a strategic cooperation framework agreement with Nengsida and its affiliate Chiperson to collaborate on humanoid robot electronic muscles [3] - Anhui Construction has won the bid for the Chongqing Rongchang to Sichuan Zigong highway project, with an estimated total investment of 3.614 billion yuan [3] - Tiantie Technology's subsidiary Anhui Tiantie has signed a procurement framework agreement with Zhuhai Xinjie for the purchase of copper-lithium composite strips, with an order amount of 400 million yuan [3] Performance Changes - Kaimete Gas expects a net profit of 55.8461 million yuan for the first half of 2025, representing a year-on-year increase of 199.82% [4] - Shijia Photon anticipates a net profit of 217 million yuan for the first half of 2025, reflecting a year-on-year increase of 1712.00% [5]

Core Viewpoint - The company, Jiangbolong, focuses on self-developed main control chips to meet high-end product demands, having launched three main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [1] Group 1 - The company has successfully completed the first batch of tape-out for UFS self-developed main control chips [1] - The main control chips offer significant performance and power consumption advantages compared to similar market products [1] - The company aims to maintain and expand its leading position in various storage markets based on its main control chip technology [1] Group 2 - A significant increase in the application scale of self-developed main control chips is expected in 2025 [1] - The company will continue long-term cooperation with third-party main control chip manufacturers to enhance its product portfolio [1] - The collaboration aims to provide a more diverse range of storage solutions by leveraging the technological advantages of independent main control chip manufacturers [1]

Group 1: Company Growth and Market Position - The company achieved a revenue of 319 million CNY in Q1 2025 for its enterprise-level storage products, representing a growth of over 200% year-on-year [3] - The company is one of the few A-share listed companies that publicly disclose specific performance metrics for enterprise-level storage products, showcasing its unique market position [3] - The company has established strong recognition among major clients across various industries, including large internet companies and telecom operators, indicating robust adaptability and reliability of its products [3] Group 2: TCM Model and Strategic Partnerships - The company has successfully established a TCM (Technology Contract Model) partnership with SanDisk, leveraging its leading capabilities in chip design and manufacturing [5] - The UFS 4.1 products, featuring the company's self-developed main control chip, demonstrate superior performance with sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS [5] - The TCM model is expected to enhance revenue and profit by increasing visibility in supply and demand, thereby mitigating price volatility and creating sustained value [5] Group 3: Self-Developed Main Control Chip - The company has launched three main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [6] - The company anticipates significant growth in the application scale of its self-developed main control chips throughout 2025, maintaining its competitive edge in the storage market [7] - The company plans to continue collaborating with third-party main control chip manufacturers to diversify its product offerings and enhance storage solutions [7] Group 4: Market Trends and Price Outlook - The semiconductor storage market has shown signs of recovery since late March 2025, driven by inventory digestion and increased downstream demand [7] - Price trends for storage products are expected to rise in Q3 2025 due to production cuts announced by major storage wafer manufacturers and increased demand from server OEM customers and mobile storage capacity upgrades [7]

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: Competitive Advantages in Enterprise Storage - The company is one of the few A-share listed companies that officially discloses specific enterprise storage product performance, including eSSD and RDIMM [3] - In Q1 2025, the revenue from enterprise storage products reached 319 million CNY, representing a year-on-year growth of over 200% [3] - The company has gained recognition from various well-known clients across different industries, including large internet companies and telecom operators, showcasing the adaptability and reliability of its products [3] Group 2: Impact of TCM Model on Revenue and Profitability - The company has partnered with SanDisk to leverage its strengths in main control chip development and packaging, aiming to launch customized high-quality UFS products for the mobile and IoT markets [4] - The UFS 4.1 product, featuring the company's self-developed main control chip, achieves sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS, outperforming mainstream market products [4] - The TCM model is expected to enhance visibility in supply and demand, reduce price volatility impacts, and create continuous value through core capabilities [5] Group 3: Future Development of Self-Developed Main Control Chips - The company has launched three main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [5] - The first batch of UFS self-developed main control chips has been successfully taped out, indicating progress in high-end product development [5] - The company anticipates significant growth in the application scale of self-developed main control chips throughout 2025, while maintaining long-term collaborations with third-party chip manufacturers to diversify its product offerings [5]