Group 1 - The company Jiangbolong (301308) announced that 300 million restricted shares (accounting for 71.57% of total shares) will be released for circulation starting August 5 [2] - The controlling shareholder and actual controller, along with certain directors, voluntarily committed not to reduce their holdings for 12 months starting from the release date, significantly reducing the potential sell-off pressure [2][3] - The overall sellable share ratio will decrease from 71.57% to 28.30%, and the number of shares from 300 million to 11.9 million, alleviating market concerns about concentrated unlock pressure [2] Group 2 - The employee stock ownership platform, as a concerted actor of the actual controller, holds 16.53% of shares (0.69 million shares) and will adhere to the same strict reduction requirements, further decreasing the overall sellable scale by 57.98% [3] - Analysts indicate that such voluntary non-reduction commitments typically serve as a positive signal in the capital market, enhancing investor confidence [3] - Jiangbolong is advancing its business layout focusing on industry, high-end, overseas, and branding, aiming to build an internationally competitive semiconductor storage brand [3]

Core Viewpoint - The announcement of the lifting of the lock-up period for 300 million shares of Jiangbolong (accounting for 71.57% of total shares) on August 5 is expected to have limited liquidity impact, as the controlling shareholders and executives have committed to not reducing their holdings for 12 months, enhancing market confidence in the company's future development and investment value [1][2][5] Group 1: Share Lock-up and Reduction - The lifting of the lock-up period will see the reducible share scale drop significantly from 71.57% to 28.30%, translating to a decrease from 300 million shares to 119 million shares [2] - The employee shareholding platform, holding 16.53% of shares (0.69 million shares), will also adhere to the same strict reduction requirements, further reducing the overall reducible scale by 57.98% [2] - The voluntary commitment not to reduce holdings is viewed positively in the capital market, enhancing investor confidence and reflecting the company's fundamental value [2] Group 2: Business Development and Market Position - Jiangbolong is focusing on high-end, overseas, and brand development to establish itself as a competitive semiconductor storage brand, achieving significant breakthroughs in enterprise storage, high-end consumer storage, and main control chips [3] - The company has transformed into a comprehensive semiconductor storage brand, becoming one of the few in China capable of supplying "eSSD+RDIMM" products, with multiple enterprise-level storage products launched [3] - Jiangbolong ranks as the second-largest independent memory company globally and the largest in China, with its FORESEE brand ranking fifth in B2B revenue and Lexar brand second in B2C revenue globally [3] Group 3: Financial Performance - In 2023, Jiangbolong achieved revenue of 10.125 billion yuan, marking its first time surpassing the 10 billion yuan threshold, with a projected revenue of 17.464 billion yuan in 2024, representing a year-on-year growth of 72.48% [4] - The company is benefiting from a pricing cycle in storage and the domestic substitution trend in high-end storage, which is expected to drive high revenue growth in the short term [4] - Jiangbolong's innovative business models, such as PTM and TCM, are providing industrial support for business breakthroughs, enhancing its differentiated product capabilities and overall service capacity [4]