Summary of Jiangbolong's Conference Call Company Overview - Jiangbolong is a leading player in the embedded storage sector globally and ranks second in mobile storage, with comprehensive technical capabilities in chip design, firmware development, memory design, and packaging manufacturing. The company has launched multiple series of self-developed main control chips, with over 100 million units deployed, utilizing advanced processes from Samsung and TSMC, leading in performance [2][3][6]. Key Financial Performance - In Q3 2025, Jiangbolong achieved a record revenue of 6.539 billion RMB, with a gross profit of 1.892 billion RMB and a net profit attributable to shareholders of 698 million RMB. R&D expenses for the first three quarters amounted to 701 million RMB, indicating sustained high investment [2][9][17]. Market Position and Strategy - Jiangbolong is the largest independent memory manufacturer in China and the second largest globally. The company focuses on the NAND business, particularly in embedded storage, where it holds a leading position. The company has a 40% market share in domestic ESSD and over 20% in SATA ESSD as of H1 2025 [3][14]. - The company employs a TCI model to stabilize wafer supply and pricing, collaborating with upstream suppliers like SanDisk and downstream clients to mitigate wafer price fluctuations [2][8]. Industry Dynamics - The current storage upcycle is expected to continue due to a lack of effective capacity increase on the supply side and positive demand changes in the server sector. North American CSP manufacturers have extended AI order visibility to 2027, and the HDD supply gap is widening, with a clear trend of QLC SSD replacing HDD, driving overall market growth [2][11][23]. Product Lines and Innovations - Jiangbolong's product lines include self-developed chips, modules, and products. The self-developed chips account for 40%-45% of total revenue, while solid-state drives (SSDs) and mobile storage contribute 25%-23% and 23%-20%, respectively. The company also owns the well-known high-end storage retail brand Lexar, which contributes about 20% to revenue [5][6][26]. Future Outlook - The company anticipates continued growth in overseas markets, with Lexar's revenue reaching 3.544 billion RMB in the first three quarters of 2025, a nearly 40% increase year-on-year. The Brazilian subsidiary Vilia also saw revenue growth of over 30% [3][14]. - Jiangbolong expects storage prices to remain in an upward trend through 2026, driven by strong demand in the enterprise SSD market and limited supply due to capital expenditure focusing on DRAM rather than NAND [24][25]. Challenges and Risks - The company faces challenges in maintaining supply amid a global semiconductor shortage, exacerbated by insufficient capital investment in recent years. However, Jiangbolong has established good relationships with major suppliers and has secured long-term agreements to stabilize wafer supply [15][20]. Conclusion - Jiangbolong is well-positioned to capitalize on the growing demand for high-performance storage solutions, particularly in the enterprise sector, while navigating the challenges of supply chain constraints and market dynamics. The company's focus on innovation and strategic partnerships will be crucial for sustaining its competitive edge in the evolving storage market [2][3][11][14].

Core Viewpoint - Jiangbolong Electronics Co., Ltd. is a leading independent semiconductor memory manufacturer, providing a complete storage value chain solution, and has recently seen its Hong Kong IPO application expire after six months [1][2]. Group 1: Company Overview - Jiangbolong is recognized as the second-largest independent memory manufacturer globally and the largest in China based on revenue from storage products in 2023 [2]. - The company designs, produces, and sells NAND Flash and DRAM storage products for consumer, enterprise, and industrial applications [2]. Group 2: Market Position - In 2023, Jiangbolong's FORESEE brand ranked fifth among independent brands globally in B2B storage product revenue [2]. - The company's Lexar brand was the second-largest independent consumer storage brand globally based on revenue in 2023 [2]. - In the Latin American and Brazilian markets, Jiangbolong's Zilia brand ranked first among independent memory manufacturers in 2023 [2].

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas listing of Shenzhen Jiangbolong Electronic Co., Ltd., allowing the company to issue up to 84,419,800 shares for listing on the Hong Kong Stock Exchange [1][2] - Jiangbolong is recognized as a leading independent semiconductor memory manufacturer globally, providing complete storage value chain solutions [4] - In 2023, Jiangbolong ranked as the second-largest independent memory manufacturer worldwide and the largest in China, with its FORESEE brand ranking fifth among independent brands in the B2B storage product market [4] Group 2 - The company operates three main brands: FORESEE and Zilia for B2B markets, and Lexar for B2C markets [4] - FORESEE has been recognized as one of the "Top Ten Semiconductor Brands" at the China Internet of Things Conference for several consecutive years [4] - In 2023, Zilia was the largest independent storage brand in Brazil and Latin America by revenue, while Lexar, acquired in 2017, has products sold in over 60 countries and regions [4]

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of Shenzhen Jiangbolong Electronics Co., Ltd., which plans to issue no more than 84,419,800 shares of overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1][2]. Company Overview - Jiangbolong (301308.SZ) is a leading independent semiconductor memory manufacturer globally, providing complete storage value chain solutions. The company designs, produces, and sells NAND Flash and DRAM storage products for consumer, enterprise, and industrial applications [4]. - According to Zhaoshang Consulting, Jiangbolong is the second-largest independent memory manufacturer globally and the largest in China based on revenue from storage products in 2023. The company's FORESEE brand ranks fifth among independent brands globally in B2B storage product revenue, while its Lexar brand ranks second among independent consumer storage brands globally [4]. - Jiangbolong operates three main brands: FORESEE and Zilia (serving the B2B market) and Lexar (serving the B2C market). FORESEE has been developed organically over more than a decade and has been recognized multiple times as one of the "Top Ten Semiconductor Brands" at the China Internet of Things Conference. In 2023, Zilia is the largest independent storage brand in Brazil and Latin America by revenue [4]. - Lexar, acquired by Jiangbolong in 2017, is a leading high-end global brand, with its products sold in over 60 countries and regions [4].

Core Viewpoint - The "Shenzhen Qianhai e-Zhantong" platform serves as a crucial tool for Chinese enterprises to expand globally, providing comprehensive support and resources for their overseas ventures since its launch on July 25, 2024 [1]. Group 1: Service Framework - The platform integrates resources to create a multi-level service network involving national, provincial, and municipal support, enhancing the foundation for enterprises going abroad [3]. - It has established a "1+N" service system, collaborating with various districts to launch specialized service areas, ensuring efficient support for enterprises [6]. Group 2: Cross-Border Ecosystem - The platform aims to build a cross-border service ecosystem by connecting domestic and international markets, focusing on a full-chain service model [8]. - It has organized numerous promotional activities in collaboration with Hong Kong and Macau, facilitating over 46 investment projects with a total investment of $600 million [9]. Group 3: Comprehensive Support - The platform provides all-around support in product, investment, and service sectors, ensuring a worry-free overseas expansion for enterprises [13]. - It has successfully assisted enterprises in securing international orders and expanding their brands in overseas markets, achieving significant sales growth [15][16]. Group 4: Market-Driven Approach - The platform employs a "government guidance, market operation" model, leveraging associations and professional service alliances to enhance market-driven service efficiency [18]. - It has formed a service alliance with over 30 quality service institutions, covering key areas such as finance, law, and cross-border e-commerce [18]. Group 5: Future Outlook - The platform has conducted over 800 service sessions in the past year, solidifying its role as a comprehensive service hub for enterprises aiming to go global [20]. - It aims to continue promoting its service philosophy, positioning itself as a vital support for enterprises in the "Belt and Road" initiative and the Guangdong-Hong Kong-Macao Greater Bay Area [20].

Core Viewpoint - Jiangbolong has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming for a market capitalization of approximately 41.5 billion CNY, with a projected net profit increase of 160% in 2024 [1][3]. Company Overview - Jiangbolong is a leading independent semiconductor memory manufacturer globally, providing comprehensive storage solutions, including NAND Flash and DRAM products for various applications [4][5]. - The company operates three main brands: FORESEE, Zilia, and Lexar, with FORESEE being recognized as one of China's top semiconductor brands [5]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Jiangbolong's revenues are projected to be approximately 8.33 billion CNY, 10.13 billion CNY, and 17.46 billion CNY, respectively, indicating a significant growth trajectory [6][7]. - The net profit for 2024 is expected to reach approximately 5.05 billion CNY, reflecting a 160.24% increase compared to the previous year [7]. - The company reported a basic earnings per share of 1.20 CNY for 2024, a substantial recovery from a loss of 2.01 CNY in 2023 [7].