Group 1: Company Growth and Market Position - The company achieved a revenue of 319 million CNY in Q1 2025 for its enterprise storage products, representing a year-on-year growth of over 200% [3] - The company is one of the few A-share listed companies that publicly disclose specific enterprise storage product performance, indicating a strong market position [3] - The company has established recognition among major clients across various industries, including large internet companies and telecom operators, showcasing the adaptability and reliability of its products [3] Group 2: AI Infrastructure and Storage Demand - The demand for storage is expected to rise due to increased investment in AI infrastructure, which requires enhanced computing and storage capabilities [3] - The penetration rate of DDR5 in RDIMM products has significantly increased, driven by the performance requirements of AI servers [3] - eSSD's advantages in speed and energy efficiency are leading to its widespread adoption, replacing HDDs in cloud service providers [3] Group 3: TCM Model and Revenue Impact - The company has partnered with SanDisk to leverage its strengths in chip control and firmware development, aiming to introduce high-quality UFS products for the mobile and IoT markets [5] - The UFS4.1 product, featuring high sequential read/write speeds of 4350MB/s and 4200MB/s, has outperformed mainstream market products [5] - The TCM model is expected to enhance revenue and profit by improving visibility in supply and demand, thereby mitigating price volatility [6] Group 4: Self-Developed Controller Chips - The company has launched three self-developed controller chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [7] - The self-developed controller chips are anticipated to see significant growth in application scale throughout 2025 [7] - The company plans to maintain long-term collaborations with third-party controller chip manufacturers to diversify its product offerings [7] Group 5: Storage Price Trends - The semiconductor storage market has shown signs of recovery since late March 2025, driven by inventory digestion and increased downstream demand [8] - Price increases in storage products are expected in Q3 2025 due to inventory needs from server OEM customers and rising storage capacities in mobile devices [8] Group 6: Lexar and Zilia Business Growth - Lexar's global sales revenue reached over 3.5 billion CNY in 2024, with significant growth potential in market share [9] - Zilia achieved a revenue of 2.312 billion CNY in 2024, marking a year-on-year growth of 120.15%, with a 45.08% increase in Q1 2025 [10] - The integration of Zilia into the company's operations has enhanced its overseas market presence and product offerings [10]

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：2025-013 | 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 | | | | □现场参观□电话会议 □其他 | | | 参与单位名称及 | 华商基金、招商证券、长城基金、南土资产、国盛证券、江 | | | 人员姓名 | 海证券 | | | | 2025 年 7 月 14 日 (周一)上午 10:00-11:30 | | | 时间 | 2025 年 7 月 15 日 (周二)下午 15:00-16:30 | | | 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 B 座 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 | | 公司正积极推进 TCM 模式应用，依托于自身核心技术能 力，拉通晶圆原厂与大客户，增加产业供应及需求双向能见 度，一方面部分的降低价格波动产生的影响， ...

Group 1: Market Outlook and Trends - The demand for high-performance computing and storage hardware is expected to grow due to continuous investments by cloud service providers in AI hardware, particularly in the server sector [3] - The storage market began to recover gradually from the end of March 2025, following a series of production cuts announced by major storage manufacturers [3] - The first quarter of 2025 saw a revenue of 319 million CNY for enterprise storage products, representing a year-on-year growth of over 200% [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, manufacturing, and market capabilities [5] - The customer base for the company's enterprise storage products is diverse, including large internet companies and telecom operators, indicating strong adaptability and recognition across various industries [5] Group 3: Product Development and Innovation - The company has launched three self-developed main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [6] - The UFS products utilizing the self-developed main control chips are expected to maintain and expand the company's leading position in the embedded storage market [6] Group 4: Business Model and Inventory Strategy - The TCM model aims to establish a new type of supply-demand relationship, enhancing visibility and reducing price volatility impacts [7] - The company is transitioning towards a service and value-driven model, adjusting inventory strategies flexibly based on market conditions and business development needs [7]