投资者关系活动记录表 编号：2025-038 深圳市江波龙电子股份有限公司 | 投资者关系活动 | √特定对象调研 □媒体采访 | □分析师会议 | | --- | --- | --- | | 类别 | □业绩说明会 □路演活动 | □新闻发布会 | | | □现场参观 □其他 | □电话会议 | | 参与单位名称及 | 中信证券、江苏瑞华、红杉中国、巨子私募、Optimas Capital、 达晨财智、新思哲、秦皇岛宏兴钢铁、深圳市创新投资集团、 | | | 人员姓名 | 粤财中垠、深圳博普资产、宝盈基金、为顺投资、金九瑞和 | | | | 投资 | | | 时间 | 年 月 2025 12 29 | 日（周一）15:00-16:30 | | 地点 | 深圳市前海深港合作区南山街道听海大道 号鸿荣源前 5059 | | | | 海金融中心二期 B | 座 2301 | | 上市公司接待人 | 投资者关系经理 黄琦 | | | 员姓名 | 投资者关系资深主管 | 苏阳春 | | | 1、公司新产品 mSSD 相较于传统 SSD 有哪些优势？mSSD | | --- | --- | | | 未来将有多大的市场空 ...

| | 升，目前 TCM | 模式的导入工作正加速进行，并有望在更多原 | | --- | --- | --- | | | 厂和 Tier1 | 客户的合作上持续取得突破。 | | 关于本次活动是 | | | | 否涉及应披露重 | | 本次活动不涉及未公开披露的重大信息。 | | 大信息的说明 | | | | 附件清单（如有） | 无 | | 编号：2025-036 | 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 | | | □现场参观 √电话会议 □其他 | | | 长江证券、生命资产、聚象私募、东方财富证券、太平资产、 | | 参与单位名称及 | 西部证券、China Renaissance Securities (HK) Ltd、China | | 人员姓名 | Universal Asset Management Co., Ltd、Point72 Asset | | | Management、Pinpoint Asset Management Limited、WT Capital | | | 年 ...

Core Viewpoint - The article highlights the strategic move by Jiangbolong, a leading independent storage company in China, to raise up to 3.7 billion yuan for AI-related storage research and industrialization projects, amidst a surge in AI computing power demand [1][4]. Group 1: Fundraising and Investment Plans - Jiangbolong plans to raise funds through a private placement, targeting a total of 3.7 billion yuan, with a focus on AI-related storage development [1][4]. - The funds will be allocated to four key areas: high-end storage for AI, semiconductor storage control chip development, high-end packaging and testing projects, and working capital [3][4]. Group 2: Market Position and Growth - Jiangbolong is the second-largest independent storage company globally, with significant market presence through its brands FORESEE and Lexar [5]. - The company reported a 138.66% year-on-year increase in enterprise storage business revenue, reaching 693 million yuan in the first half of 2025 [5][7]. Group 3: Technological Advancements - The company aims to address the challenges of performance, capacity, and cost in storage technology, particularly for AI applications [4]. - Jiangbolong's self-developed control chips have surpassed 100 million units deployed, with ongoing validation by major manufacturers [5]. Group 4: Financial Performance - For the first three quarters of 2025, Jiangbolong achieved revenue of 16.734 billion yuan, a 26.12% increase year-on-year, and a net profit of 713 million yuan, up 27.95% [7].

Supply Chain and Market Trends - The company maintains strong relationships with major wafer suppliers through long-term agreements, ensuring supply chain resilience and diversity [2] - Recent trends show a price increase in storage products due to high demand from North American cloud service providers investing in AI, leading to a tightening supply for consumer and embedded storage products [3] Business Performance and Product Development - The company ranks third in total capacity for enterprise SATA SSDs in China and first among domestic brands, with ongoing expansion in enterprise storage product offerings [3] - The company has launched four series of self-developed controller chips, with over 100 million units deployed, indicating rapid growth in deployment scale [5] New Product Innovations - The company is actively developing high-performance storage products for data centers, including the newly released SOCAMM2, designed specifically for AI data centers, which shows significant improvements in bandwidth and power consumption [4] - The UFS4.1 product, developed in collaboration with SanDisk, has demonstrated superior performance in process, read/write speed, and stability compared to market alternatives, with accelerated adoption among Tier 1 clients [5]

Core Viewpoint - The company, Jiangbolong, is actively engaging with institutional investors and has established a strong position in the semiconductor storage market, particularly in the enterprise storage segment, while navigating supply chain challenges and price fluctuations in the storage industry. Group 1: Company Operations and Strategy - Jiangbolong has established long-term partnerships with major wafer suppliers, ensuring a resilient and diversified supply chain for storage wafers [2] - The company is recognized as a leading independent memory manufacturer, with efficient inventory turnover and the ability to utilize various suppliers' wafers [2] - Jiangbolong's enterprise storage business is expanding, with a focus on high-performance storage products for data centers, including new memory types like CXL2.0 and MRDIMM [4] Group 2: Market Trends and Pricing - The storage market is experiencing significant price increases due to high demand from North American cloud service providers, leading to a shortage of HDDs and a shift in production focus towards server markets [3] - Recent reports indicate that prices for storage products have risen by at least 20%, with some products seeing increases of over 40% [3] Group 3: Financial Performance - In the first three quarters of 2025, Jiangbolong reported a revenue of 16.734 billion yuan, a year-on-year increase of 26.12%, and a net profit of 713 million yuan, up 27.95% [7] - The third quarter alone saw a revenue of 6.539 billion yuan, representing a 54.6% increase year-on-year, and a staggering net profit increase of 1994.42% [7] - The company's gross margin stands at 15.29%, with a debt ratio of 58.93% [7] Group 4: Product Development and Innovation - Jiangbolong has successfully developed UFS4.1 products, which are recognized for their superior performance in terms of speed and stability compared to market alternatives [5] - The company has deployed over 100 million self-developed controller chips, with ongoing growth in deployment scale [6]

Group 1: Supply Chain and Market Dynamics - The global supply of storage wafers is under continuous pressure, with companies establishing long-term agreements (LTA) and memorandums of understanding (MOU) with major suppliers to ensure supply chain stability [2][3] - Recent price increases in storage products are attributed to a significant demand from North American cloud service providers investing in AI, leading to a supply shortage in HDDs and a minimum price increase of 20% for DRAM and NAND products, with some prices rising over 40% [3] Group 2: Enterprise Storage Business Progress - The company ranks third in total capacity for enterprise SATA SSDs in China for the first half of 2025, leading among domestic brands [3] - The company is actively expanding its product offerings in the enterprise storage sector, with RDIMM products being shipped in bulk and other forms of enterprise storage products being introduced to major domestic enterprises [4] Group 3: High-Performance Storage Products - The company is focusing on high-performance storage products for data centers, including new memory types like CXL2.0 and MRDIMM, and has launched SOCAMM2, designed specifically for AI data centers [4] - SOCAMM2 has shown breakthrough performance in bandwidth and power consumption, although it has not yet generated revenue [4] Group 4: UFS4.1 Development and Market Position - The company has successfully developed UFS4.1 products, which are recognized for their superior performance in process, read/write speed, and stability compared to market alternatives [5] - UFS4.1 is positioned as a preferred storage configuration for flagship smart terminal models among Tier 1 clients, with the market transitioning from eMMC to UFS, indicating significant growth potential [5] Group 5: Chip Control and Deployment - The company has launched four series of proprietary control chips, achieving a deployment of over 100 million units by the end of Q3, with rapid growth expected [5] - The control chips are integrated with self-developed firmware algorithms, providing significant performance and power advantages [5]

Group 1: Market Trends and Price Increases - The recent increase in storage prices is attributed to the growing demand from North American cloud service providers investing heavily in AI infrastructure, leading to a significant supply shortage of HDDs [2][3] - DRAM and NAND product prices have seen a minimum increase of 20%, with some prices rising over 40% [3] Group 2: Impact on Profitability - The production cycle from wafer procurement to storage sales will positively impact the company's gross margin during periods of rising storage wafer prices, although raw material price fluctuations are only one factor affecting performance [4] - The company has made significant breakthroughs in enterprise storage, high-end consumer storage, overseas business, and self-developed controller chips, which will drive profitability growth more directly and sustainably [4] Group 3: Resource Supply Stability - As a leading independent storage manufacturer, the company maintains a strong inventory turnover rate and has established long-term partnerships with major wafer suppliers, ensuring resource supply stability [4] - The company has signed long-term agreements (LTA) or memorandums of understanding (MOU) with wafer suppliers, enhancing supply chain resilience and diversity [4] Group 4: Enterprise Storage Business Progress - The company ranks third in total capacity for enterprise SATA SSDs in China for the first half of 2025, leading among domestic brands [4] - The company is actively expanding its high-performance storage products for data center applications, including new memory types like CXL2.0 and MRDIMM, and has officially launched SOCAMM2 [5][6] Group 5: UFS4.1 and Controller Chip Developments - The company has successfully developed UFS4.1 products, which outperform comparable market products in terms of process, read/write speed, and stability, gaining recognition from major clients [6] - The deployment of the company's self-developed controller chips has surpassed 100 million units, with rapid growth expected in the coming year [6]

Group 1: Market Trends and Pricing - The price of 512Gb TLC/1Tb TLC/QLC NAND in the spot market has increased by nearly 40% from September to late October 2025 [3] - The demand for servers has significantly exceeded original supply expectations due to cloud service providers increasing orders for high-capacity QLC SSDs [2] Group 2: Profitability and Supply Chain - The rising prices of wafers positively impact the company's gross margin, although raw material price fluctuations are only one factor affecting performance [4] - The company maintains strong inventory turnover and has established long-term partnerships with major wafer suppliers, ensuring supply chain resilience [4] Group 3: Business Growth and Product Development - The company ranks third in total capacity for enterprise SATA SSDs in China for the first half of 2025, leading among domestic brands [5] - The company is actively expanding its high-performance storage products for data centers and has launched SOCAMM2, designed specifically for AI data centers [5] - The UFS4.1 product, developed in-house, has shown superior performance in speed and stability compared to market alternatives, gaining recognition from major Tier 1 clients [6] Group 4: Chip Development and Deployment - The company has launched four series of storage controller chips, achieving a cumulative deployment of over 100 million units by the end of Q3 2025, with rapid growth expected [6] - The UFS4.1 products are currently undergoing validation with multiple Tier 1 manufacturers, indicating strong market potential [6]

Group 1: Market Trends and Pricing - The recent increase in storage prices is attributed to a significant demand for large-capacity QLC SSDs driven by North American cloud service providers investing in AI infrastructure, leading to a supply shortage of HDDs and a price increase of nearly 40% for 512Gb TLC/1Tb TLC/QLC NAND from September to late October [3] - The company anticipates that the rising wafer prices will positively impact gross margins due to the production cycle from wafer procurement to memory sales, although raw material price fluctuations are only one factor affecting performance [3] Group 2: Business Growth and Profitability - The company ranks third in total capacity for enterprise SATA SSDs in China and first among domestic brands, with enterprise PCIe SSDs and RDIMM products being introduced to major domestic clients [4] - The company is actively expanding its high-performance storage products for data center applications, including new memory types like CXL2.0 and MRDIMM, and has launched SOCAMM2, designed for AI data centers, which has not yet generated revenue [4] Group 3: Supply Chain and Resource Management - The company maintains a strong inventory turnover efficiency and has established long-term partnerships with major wafer suppliers, ensuring a resilient and diversified supply chain [3] - Long-term contracts (LTA) and memorandums of understanding (MOU) with wafer suppliers enhance the stability of key resource supplies [3] Group 4: Technological Advancements - The company has developed UFS4.1 products, which are superior in performance and stability compared to market alternatives, and is currently in the validation phase with several Tier 1 clients [5] - The deployment of self-developed main control chips has surpassed 100 million units by the end of Q3, with continued rapid growth expected [5] Group 5: Strategic Collaborations - The TCM model, which requires comprehensive service capabilities from chip development to packaging, has seen successful collaborations with major clients like SanDisk and ZTE, enhancing customer acceptance during rising storage prices [4] - The company is leveraging its core intellectual property and technical capabilities to expand its coverage among major clients and strategic partners [4]

Core Viewpoint - The storage chip sector in A-shares has shown strong performance, with leading companies like Jiangbolong experiencing significant stock price increases driven by rising demand for storage chips due to AI applications [1][3]. Industry Overview - The storage chip market is witnessing a price increase, with major suppliers like Samsung and SK Hynix planning to raise DRAM and NAND Flash prices by up to 30% in Q4 [1][3]. - The demand for storage chips is expected to surge, with global AI training data projected to reach 1.2ZB by 2025, which is 15 times the amount in 2022 [3]. Company Performance - Jiangbolong's stock price has increased over 200% since June, closing at 222.00 yuan per share, with a market capitalization exceeding 930 billion yuan [1][3]. - In the first half of 2025, Jiangbolong reported revenue of 10.196 billion yuan, a year-on-year increase of 12.80%, but net profit dropped by 97.51% to 14.7663 million yuan [4]. Mergers and Acquisitions - Jiangbolong has built a diversified brand matrix through acquisitions, including brands like FORESEE, Zilia, and Lexar [1][5]. - The company has accelerated its acquisition strategy, including the purchase of 81% of SMART Brazil and 70% of Powertech Technology (Suzhou) [6][7]. Financial Position - Jiangbolong's financial reports indicate a rising debt burden, with interest-bearing liabilities projected to increase from 1.325 billion yuan in 2022 to 7.7 billion yuan in 2024, while cash reserves are declining [1][7]. Leadership and Growth - Jiangbolong's founders, Cai Huabo and Cai Lijiang, have seen their wealth increase significantly, with a combined net worth exceeding 39 billion yuan due to the company's rising stock price [8][10].