近日，某存储企业（公司）通过特定对象调研及电话会议形式，接待了来自中泰证券、博普资产、摩根 士丹利、易方达基金等35家机构的调研。公司副总经理、董事会秘书许刚翎，投资者关系经理黄琦，投 资者关系资深主管苏阳春参与接待，就行业趋势、产品布局、供应链管理及技术研发等核心议题与机构 投资者进行深入交流。 投资者关系活动类别 特定对象调研、电话会议 时间 2025年12月23日（周二）10:00-11:00、16:00- 17:30；2025年12月26日（周五）10:00-11:30、14:00-15:30 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 参与机构 中泰证券、博普资产、创金合信、混沌投资、前 海再保险、安信基金、泰达宏利、国源信达、摩根士丹利、国信自营、富荣基金、鹏华基金、橡果资 管、方正证券、恒越基金、易方达、前海人寿、远望角投资、开源资管、中盈蓝景、西部证券、华夏基 金、东吴证券、万家基金、盘京投资、国寿资产、弘毅远方、中信保诚基金、中邮基金、天弘基金、泰 康基金、大家资产、交银施罗德、平安基金、中海基金等35家 接待人员 副总经理、董事会秘书许刚 翎， ...

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：2025-037 | 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 | | | √电话会议 □现场参观 □其他 | | 参与单位名称及 | 中泰证券、博普资产、创金合信、混沌投资、前海再保险、 | | | 安信基金、泰达宏利、国源信达、摩根士丹利、国信自营、 | | | 富荣基金、鹏华基金、橡果资管、方正证券、恒越基金、易 | | | 方达、前海人寿、远望角投资、开源资管、中盈蓝景、西部 | | 人员姓名 | 证券、华夏基金、东吴证券、万家基金、盘京投资、国寿资 | | | 产、弘毅远方、中信保诚基金、中邮基金、国寿资产、天弘 | | | 基金、泰康基金、大家资产、交银施罗德、平安基金、中海 | | | 基金、国寿资产 | | 时间 | 年 月 日（周二）10:00-11:00 2025 12 23 | | | 2025 年 12 月 23 日（周二）16:00-17:30 | | | 年 月 日（周五）10:00-11:30 2025 12 26 | ...

创业板制度改革落地，引导资本活水精准滴灌硬科技、高潜力企业 创业板自成立之初，便明确了支持创新成长企业的战略定位。经过十余年的建设发展，创业板制度规则 的包容性、适应性不断提升，创新属性愈发鲜明，成长特色日益凸显。如今，创业板已形成阶梯式、多 元包容的上市标准，为符合国家战略方向的"高成长、高水平、高质量"企业拓宽了融资通道，让资本活 水精准滴灌技术创新能力显著的优质企业。大普微此次IPO过会也标志着创业板迎接首家优质未盈利企 业的落地，是"资本市场服务科技创新"的具体体现。 此次过会的大普微是一家国家级专精特新重点"小巨人"企业、国家知识产权优势企业、获广东省存储芯 片及系统工程技术研究中心认定企业。大普微的顺利过会，为创业板支持拥有核心技术、市场潜力突出 的新质生产力企业贡献了重要的制度实践与标杆案例，进一步强化了创业板作为中国创新驱动发展战略 重要阵地的核心地位。 2025年12月25日，深圳大普微电子股份有限公司(以下简称"大普微")于创业板IPO成功过会，市场各方 高度关注。 大普微是一家专注于企业级SSD产品的高科技公司，以"主控芯片+固件算法+模组"全栈自研能力为核心 支点，产品广泛应用于AI、 ...

Core Viewpoint - The article highlights the increasing trend of cash dividends among listed companies in China, with a focus on their commitment to return profits to shareholders through substantial cash distributions over the next three years. Group 1: Cash Dividend Trends - Listed companies in China have shown a significant increase in cash dividend intentions, with the total cash dividends exceeding 2.47 trillion yuan this year, surpassing the total for the entire previous year [2][4] - Major companies like BYD, Hikvision, and Zijin Mining have reported cash dividends exceeding 10 billion yuan for the first time this year, with many traditional "dividend giants" increasing their payouts [4][5] Group 2: Future Dividend Plans - Nearly 40 companies have established shareholder return plans for the next three years (2026-2028), with most committing to distribute at least 10% of their annual distributable profits in cash [7] - Specific companies have set higher targets, such as Qibin Group, which plans to distribute over 50% of its annual distributable profits in cash, and China Merchants Shekou, which aims for a minimum of 40% [7][9] Group 3: Market Performance and Institutional Interest - Companies that announced shareholder return plans have seen an average stock price increase of over 4.5%, outperforming the average increase of the CSI 300 index [10] - Notably, companies like Wangzi New Materials and Aibison have experienced stock price increases exceeding 50% since their announcements [10][12] Group 4: Institutional Research Activity - Among the 37 companies with announced return plans, 17 have received significant institutional interest, with some receiving over 350 institutional research inquiries [11][12] - Companies like Baiwei Storage and Shiji Information have also reported substantial stock price increases alongside their active engagement with institutional investors [12][13]

今年以来，上市公司以现金分红等方式积极回馈投资者。 作为回馈投资者的重要方式，近年来，国内资本市场有关现金分红的政策文件相继出炉。 2024年年初，沪深交易所相继发出"提质增效重回报""质量回报双提升"的倡议；同年4月，新"国九条"出台，其中提出强化上市公司现金分红监管，并提 出"推动一年多次分红、预分红、春节前分红"。 2025年12月初，中国证监会主席吴清在人民日报发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精神）》。该文章指 出，督促和引导上市公司强化回报投资者的意识，更加积极开展现金分红、回购注销等。 年内分红总额已超过去年全年 近年来，上市公司分红意愿显著提升，A股市场分红生态持续优化，呈现出分红总额、参与分红公司数量占比以及年内多次分红公司数量逐年递增的趋 势。 按照除权除息日计算（下同），截至12月12日，今年以来，A股上市公司现金分红总额达到2.47万亿元，已超过2024年全年的现金分红总额。 从2025年数据来看，比亚迪、海康威视、紫金矿业等今年实施的现金分红总额首次突破百亿元。 传统"分红大户"今年均加大力度。以2025年以来现金分红超过百亿元的36家公司来看， ...

分析主要供应商第三季营收表现，市场龙头Samsung（三星）精准捕捉通用型Server需求回温的红利，特别在Intel Ice Lake平台仍为主流方案的情况下， Samsung凭借业界最齐全的TLC产品线，收获大笔成熟制程SSD订单，带动其第三季营收季增28.6%，达24.4亿美元。 SK Group[SK集团，含SK hynix（SK海力士）和Solidigm（思得）]尽管第三季大容量产品出货仅微幅上升，但得益于Server对TLC SSD的强劲需求，集 团整体出货大幅成长，营收季增27.3%，突破18.6亿美元，位居第二名。 2025年第三季Enterprise SSD（企业级SSD）市场迎来显著成长。根据TrendForce集邦咨询最新调查，受惠于AI需求快速从训练端外溢至推理端，以及北美 云端服务业者(CSP)同步扩张AI基础设施与通用型Server建设，第三季Enterprise SSD出货量与价格强势上扬，前五大品牌厂合计营收季增28%，达65.4亿 美元，创今年新高。 | Rankings | Company | | Revenue (US$M) | Market Share (%) | | ...

Dec. 5, 2025 产业洞察 2025年第三季Enterprise SSD（企业级SSD）市场迎来显著成长。根据TrendForce集邦咨询最新调 查，受惠于AI需求快速从训练端外溢至推理端，以及北美云端服务业者(CSP)同步扩张AI基础设施与 通用型Server建设， 第三季Enterprise SSD出货量与价格强势上扬，前五大品牌厂合计营收季增 28%，达65.4亿美元，创今年新高 。 分析主要供应商第三季营收表现： Samsung 市场龙头Samsung（三星）精准捕捉通用型Server需求回温的红利，特别在Intel Ice Lake平台仍为主流方 案的情况下，Samsung凭借业界最齐全的TLC产品线，收获大笔成熟制程SSD订单，带动其第三季营收季 增28.6%，达24.4亿美元。 SK Group SK Group[SK集团，含SK hynix（SK海力士）和Solidigm（思得）]尽管第三季大容量产品出货仅微幅上 升，但得益于Server对TLC SSD的强劲需求，集团整体出货大幅成长，营收季增27.3%，突破18.6亿美 元，位居第二名。 TrendForce集邦咨询表示，第四季市场 ...

Core Viewpoint - Jiangbolong (301308.SZ) plans to raise up to 3.7 billion yuan through a private placement of A-shares to support its business expansion in AI high-end storage and main control chips [1][3]. Summary by Sections Fundraising Details - The company intends to issue no more than 126 million shares, accounting for up to 30% of the pre-issue total share capital, with a fundraising target of no more than 3.7 billion yuan [3]. - The issuance will be directed towards no more than 35 qualified institutional and other investors, with the share price set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [3]. Allocation of Funds - The raised funds will be allocated to four main areas: 1. 880 million yuan for AI high-end storage research and industrialization projects [3]. 2. 1.22 billion yuan for semiconductor storage main control chip series research projects [3]. 3. 500 million yuan for high-end packaging and testing construction projects [4]. 4. 1.1 billion yuan for working capital to support business expansion [4]. Project Investments - The high-end storage research project has a total investment of 930 million yuan, focusing on enterprise-level SSDs and RDIMM memory modules for AI applications [3]. - The main control chip project has a total investment of 1.28 billion yuan, targeting SoC architecture design and firmware algorithm development for various storage technologies [3]. - The high-end packaging and testing project has a total investment of 540 million yuan, aimed at enhancing the company's packaging and testing capacity for embedded storage and SSD products [4]. Company Performance - In the first three quarters of the year, Jiangbolong achieved revenue of 16.734 billion yuan, a year-on-year increase of 25.12%, and a net profit attributable to shareholders of 712 million yuan, up 27.95% year-on-year [4]. - After the issuance, the total share capital will increase to approximately 545 million shares, with the actual controllers' combined shareholding ratio decreasing from 42.17% to 32.44% [4].

Core Viewpoint - The storage chip prices have started to rise since September, accelerating in Q4 due to increased demand from downstream manufacturers, leading to a supply shortage and significant stock price increases for companies like Bawei Storage [2][3]. Group 1: Company Overview - Bawei Storage is a leading independent semiconductor storage solution provider, focusing on AI applications and possessing unique full-stack technology capabilities [3][7]. - The company has established partnerships with major global clients, including Meta, Xiaomi, and OPPO, across various applications such as smart mobile devices and AI [3][4]. Group 2: Financial Performance - Bawei Storage's revenue for 2022, 2023, and projected for 2024 is approximately 2.986 billion, 3.591 billion, and 6.695 billion RMB, respectively, with profits showing fluctuations [8][9]. - In the first half of 2025, the company reported a revenue increase of 13.70% year-on-year, reaching 3.912 billion RMB, despite a net loss of 241 million RMB [8][10]. Group 3: Product Segmentation - The revenue distribution for the first half of 2025 shows that smart mobile and AI applications accounted for 43.0%, PC and enterprise storage for 34.9%, and smart automotive and other applications for 20.0%, indicating a balanced revenue structure [12][14]. Group 4: Market Position and Strategy - Bawei Storage plans to use the funds raised from its Hong Kong IPO to enhance R&D capabilities, expand globally, and explore strategic investments and partnerships [2][3]. - The company is the only independent storage solution provider globally with wafer-level packaging capabilities and is projected to be the largest independent storage manufacturer by revenue in 2024 [7][8]. Group 5: Inventory and Cash Flow - The company has maintained high inventory levels, with figures reaching 4.382 billion RMB in the first half of 2025, which poses potential risks of impairment [15]. - Bawei Storage has recorded negative operating cash flow in recent years, with a net cash outflow of 701 million RMB in the first half of 2025 [14][15].

Core Viewpoint - The company has been continuously expanding its product matrix since its listing, introducing new storage module products such as embedded storage and enterprise-level storage, with some products already in mass production and successfully integrated with key customers [1] Group 1: Product Development - The company has launched new storage module products, including embedded storage and enterprise-level storage [1] - Some of the new products have achieved mass production and have been successfully introduced to key customers [1] Group 2: Market Strategy - The company is increasing its investment in PCIe SSDs in line with its business development plans and market demand [1] - The client base for PCIe SSDs has expanded to include several well-known manufacturers, with stable shipments already occurring [1]