8月22日晚间，江波龙（301308，SZ）披露2025年半年度业绩报告。公司上半年实现营业总收入101.96亿元，同比增长12.80%；扣非归母净利润0.32亿 元。公司在多个业务领域持续取得突破，第二季度实现营收59.39亿元，环比增长39.53%，单季度营收创历史新高；实现扣非归母净利润2.34亿元，环比 增长215.94%，二季度收入与利润环比均呈现大幅改善趋势。 分板块来看，报告期内江波龙企业级存储实现营收6.93亿元，同比增长138.66%。海外市场方面，Zilia实现销售收入13.88亿元，同比增长40.01%；Lexar在 以往高增长的基础上，上半年全球销售收入达到21.45亿元，同比增长31.61%，公司全球品牌影响力持续提升。 行业景气度叠加技术突破 此外，江波龙前瞻性地布局了QLC存储解决方案，结合自研eMMC主控芯片与固件技术，于2024年率先实现QLC eMMC产品的量产出货，是全球极少数 具备QLC eMMC量产能力的企业。目前，该产品已成功应用于Realme、ZTE、荣耀、MOTO等知名品牌的多款终端产品，为公司巩固eMMC市场的领先地 位注入了新的增长动能。公司还进一步开发了e ...

Core Viewpoint - Jiangbolong (301308) reported a stable revenue of 4.256 billion yuan in Q1 2025, with a net loss of 152 million yuan, indicating an improvement trend in profitability despite slow terminal recovery and inventory digestion [1] Group 1: Financial Performance - The company achieved a revenue of 4.256 billion yuan in Q1 2025, with a net loss of 152 million yuan and a non-recurring net loss of 202 million yuan [1] - The net loss margin significantly narrowed, showing signs of profitability improvement [1] - Revenue from enterprise-level storage (eSSD and RDIMM) reached 319 million yuan, growing over 200% year-on-year [2] Group 2: Product Development and Market Position - Jiangbolong has made significant progress in self-developed main control chips, successfully mass-producing UFS4.1 chips and applying over 30 million self-developed chips [3] - The company has launched new products to meet the urgent demand for high-capacity SSDs and DRAM, enhancing its offerings in mobile and smart wearable markets [3] - Jiangbolong has established deep cooperation with major automotive manufacturers, covering over 10 types of in-vehicle applications, leveraging its early entry into the automotive storage sector [2] Group 3: Brand and Market Expansion - Jiangbolong is the second-largest independent storage company globally and the largest in China, with significant brand presence in both B2B and B2C markets [4] - The Lexar brand achieved a 21% year-on-year revenue growth in Q1 2025, continuing its expansion in the global consumer market [4] - The acquisition of Zilia, a leading storage manufacturer in Brazil, has enhanced Jiangbolong's product offerings and supply chain efficiency [4] Group 4: Strategic Outlook - The company is well-positioned for future growth due to its strategic focus on high-end storage, technological breakthroughs, and effective market expansion [5] - The ongoing demand for AI hardware and high-performance computing is expected to create further opportunities for Jiangbolong's high-end business [1]