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].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a record high revenue of 5.9 billion yuan in Q2 2025, with a significant increase in gross margin to 14.8%, up 4.4 percentage points from the previous quarter [7] - The company is the second largest independent storage manufacturer globally and the largest in China, with three major storage brands: FORESEE, Zilia, and Lexar [7] - The company is experiencing rapid growth in enterprise storage, with a projected revenue of 9.22 billion yuan in 2024, representing a year-on-year increase of 666.3% [7] - The company has successfully completed compatibility adaptations for its PCIe SSD and SATA SSD product lines with multiple domestic CPU platforms [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 17.464 billion yuan - 2025: 20.311 billion yuan - 2026: 23.440 billion yuan - 2027: 25.025 billion yuan - The company expects a net profit of 0.615 billion yuan in 2025, with a year-on-year growth rate of 23.4% [2][8] - The gross margin is projected to be 17.0% in 2025, with a return on equity (ROE) of 8.7% [2][8] Market Data - The closing price of the company's stock is 96.73 yuan, with a market capitalization of 26.543 billion yuan [3] - The company has a price-to-earnings (P/E) ratio of 66 for 2025 [2][3] Product Development - The company has expanded its automotive-grade storage product matrix, with successful product verification and mass production of UFS2.1 and UFS3.1 products [7] - The company has shipped over 50 million SLC NAND chips and over 80 million self-developed controller chips [7]

Core Viewpoint - Jiangbolong will face the unlocking of 300 million shares next week, with a market value of approximately 25.785 billion yuan, representing 251.99% of the pre-unlocking circulating market value [1] Group 1: Share Unlocking Details - The type of shares being unlocked is the original shareholders' restricted shares from the initial public offering, with the unlocking date set for August 5, 2025 [1] - Major shareholders involved in the unlocking include Cai Huabo (162 million shares), Li Zhixiong (23.1 million shares), and several investment partnerships with varying amounts [1] Group 2: Company Overview - Jiangbolong is a leading global semiconductor storage brand established in 1999, located in the Qianhai Shenzhen-Hong Kong Cooperation Zone [2] - The company integrates R&D design, packaging testing, production manufacturing, and sales services, providing high-end, flexible, and efficient customized storage solutions [2] - Jiangbolong's product lines include embedded storage, solid-state drives, mobile storage, and memory bars, widely used in consumer electronics, data centers, automotive electronics, IoT, and personal retail markets [2] Group 3: Market Position and Strategy - Jiangbolong has established R&D bases, packaging testing bases, and manufacturing operation centers in regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, forming a dual-circulation supply chain system [2] - The company aims to support global industrial partners' innovative development through its storage solutions [2]

Core Viewpoint - Jiangbolong (301308) disclosed a correction announcement for its 2024 annual report, citing the high workload during the reporting period as the reason for not identifying minor errors in a timely manner [1][3] Group 1: Correction Details - The announcement includes five corrections, two of which pertain to unit description errors, while three involve the "weighted average return on equity" and its corresponding "year-on-year growth rate" [2][3] - Before correction, the weighted average return on equity was reported at 31.27% with a year-on-year growth of 44.28%. After correction, it was adjusted to 7.92% with a year-on-year growth of 20.93% [3] - Cash flow data was also corrected; initially, the net cash flow from investment activities was reported to have decreased by 33.67%, and the net increase in cash and cash equivalents was reported to have decreased by 73.70%. After correction, both figures showed an increase of 33.67% and 73.70%, respectively [3] Group 2: Company Overview and Financial Performance - Jiangbolong is a semiconductor storage brand with product lines including embedded storage, solid-state drives, mobile storage, and memory modules, and it owns the brands FORESEE and Lexar [4] - The company is planning a secondary listing in Hong Kong, with its application materials accepted by the China Securities Regulatory Commission in April 2024 [4] - For the year 2024, Jiangbolong reported a revenue of 17.464 billion yuan, a year-on-year increase of 72.48%, and a net profit of nearly 500 million yuan, reflecting a growth of over 160%. However, the net profit included 340 million yuan from non-operational financial activities, leading to a non-recurring net profit of only 167 million yuan, indicating ongoing pressure [4]

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].