Core Viewpoint - Jiangbolong held a conference call on August 22, 2025, to discuss its enterprise-level business strategy, TCM model progress, and main control chip R&D with 90 institutional investors [1] Group 1: Enterprise-Level Business Development - Jiangbolong's enterprise-level storage products have gained recognition from well-known clients due to its proprietary core intellectual property and technical capabilities [1] - According to IDC data, Jiangbolong's SATA eSSD has a domestic market share second only to Solidigm and Samsung, while its PCIe SSD and RDIMM products have been mass-produced for leading domestic enterprises [1] Group 2: SOCAMM Product Development - The SOCAMM product has been activated, showing over 2.5 times the bandwidth compared to traditional RDIMM at the same capacity, with a 20% reduction in latency and a size one-third that of standard RDIMM [2] - However, the SOCAMM product has not yet generated revenue, indicating certain risks [2] Group 3: TCM Model Progress and Market Space - Jiangbolong is focusing on high-end, brand, and overseas development, investing in key areas such as main control, firmware, and packaging testing to build a comprehensive service capability [3] - The TCM model connects wafer manufacturers with core downstream clients, simplifying the business model and reducing the impact of industry cycle fluctuations [3] - Jiangbolong has partnered with SanDisk to launch customized UFS products and solutions for the mobile and IoT markets, accelerating the introduction of UFS products into multiple Tier 1 client supply chains [3] Group 4: Main Control Chip Technology and R&D Plans - Jiangbolong has established a self-developed main control chip R&D team and continues to invest in it, utilizing leading processes and proprietary core IP [4] - The UFS4.1 product, equipped with self-developed main control chips, achieves sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS, significantly outperforming mainstream market products [4] - As of the end of July, over 80 million main control chips have been deployed, with UFS4.1 products undergoing validation with multiple Tier 1 manufacturers [4] Group 5: Embedded Business Opportunities - Jiangbolong has launched new embedded products such as UFS4.1 and eMMC Ultra, leveraging its advantages in self-developed main control, firmware, algorithms, and packaging testing [5] - The UFS product's performance advantages have led to a strategic partnership with SanDisk, while QLC eMMC products are being applied in numerous mobile terminal products due to their large capacity and price advantages [5] Group 6: Impact of U.S. Tariff Policies on Zilia - After acquiring Zilia, a leading storage manufacturer in Brazil, Jiangbolong has empowered it with its technology and product design solutions, leveraging Zilia's local manufacturing and service advantages [6] - Zilia has established long-term cooperative relationships with global top clients and manufacturers in Brazil [6]

Group 1: Company Performance - In the first half of 2025, the company achieved total revenue of 10.196 billion yuan, a year-on-year increase of 12.80% [1] - The company reported a net profit attributable to shareholders of 32 million yuan, with a significant second-quarter revenue of 5.939 billion yuan, reflecting a quarter-on-quarter growth of 39.53% [1] - The second quarter's net profit attributable to shareholders reached 234 million yuan, marking a quarter-on-quarter increase of 215.94% [1] Group 2: Business Segments - The enterprise-level storage segment generated revenue of 693 million yuan, a year-on-year increase of 138.66% [3] - The overseas market saw Zilia achieve sales revenue of 1.388 billion yuan, a year-on-year growth of 40.01%, while Lexar's global sales revenue reached 2.145 billion yuan, up 31.61% year-on-year [1] Group 3: Industry Trends - The semiconductor industry is experiencing optimistic growth driven by AI, memory upgrades, and strategic supply chain adjustments [2] - The company is transitioning to a comprehensive semiconductor storage brand, focusing on the entire value chain of semiconductor storage applications [2] Group 4: Product Development - The company has expanded its main business into integrated circuit design, including main control chip design and storage chip design, enhancing market positioning [3] - The company launched various enterprise-level storage products, including eSSD and DDR5 RDIMM, and achieved compatibility certification with AMD Threadripper PRO 9000WX series [3] Group 5: AI and Innovation - The company has introduced several new products targeting AI applications, including eSSD and MRDIMM, and is pioneering QLC storage solutions [4] - The company has developed ultra-thin ePOP and small-sized eMMC products to meet the lightweight demands of AI wearable devices [5] Group 6: Business Model and Strategy - The company has established an open business model, introducing TCM (Technology Contract Manufacturing) and PTM (Product Technology Manufacturing) to enhance collaboration with clients [6] - The company’s strategy includes a three-in-one layout of self-developed main control chips, high-end packaging, and global manufacturing [7] Group 7: Global Expansion - The Lexar brand has expanded its global presence, achieving revenue growth from 864 million yuan in 2019 to 3.525 billion yuan in 2024, with a compound annual growth rate of 32.48% [8] - The company continues to launch flagship mobile storage products, enhancing its influence in the global consumer market [8]

Core Viewpoint - Jiangbolong (301308) reported a strong performance in the first half of 2025, with total revenue reaching 10.196 billion yuan, a year-on-year increase of 12.80%, and a significant improvement in profitability in the second quarter [1][2] Financial Performance - The company achieved a record high quarterly revenue of 5.939 billion yuan in Q2, representing a quarter-on-quarter growth of 39.53% [1] - The net profit attributable to the parent company for Q2 was 234 million yuan, showing a remarkable quarter-on-quarter increase of 215.94% [1] Business Segments - In the enterprise storage sector, Jiangbolong generated revenue of 693 million yuan, a year-on-year increase of 138.66% [3] - The overseas market saw Zilia achieve sales revenue of 1.388 billion yuan, up 40.01% year-on-year [1] - Lexar's global sales revenue reached 2.145 billion yuan, marking a year-on-year growth of 31.61% [1] Industry Trends - The semiconductor industry is experiencing optimistic growth driven by AI, memory upgrades, and strategic supply chain adjustments [2] - Jiangbolong is transitioning to a comprehensive semiconductor storage brand, focusing on the entire value chain of semiconductor storage applications [2] Product Development - Jiangbolong has launched various enterprise-level storage products, including eSSD and DDR5 RDIMM, and has achieved compatibility certification with AMD Threadripper PRO 9000WX series [3] - The company is among the few in China capable of mass-producing QLC eMMC products, which are now applied in several well-known brands [4] Innovation and Business Model - Jiangbolong has introduced innovative business models such as TCM (Technology Contract Manufacturing) and PTM (Product Technology Manufacturing) to address industry challenges [5][6] - The company has established a three-in-one layout of self-developed controllers, high-end packaging, and global manufacturing to support its open ecosystem [6] Global Brand Expansion - Lexar has expanded its global presence, achieving revenue growth from 864 million yuan in 2019 to 3.525 billion yuan in 2024, with a compound annual growth rate of 32.48% [7] - The company continues to launch flagship mobile storage products, enhancing its influence in the global consumer market [7] Future Outlook - The semiconductor and storage sectors are expected to benefit from ongoing domestic substitution and global supply chain restructuring, particularly in AI applications [7]