长江商报消息 ●长江商报记者 沈右荣 供需失衡，存储价格上涨，国内存储模组行业龙头江波龙（301308.SZ）经营业绩爆发式增长。 1月29日晚，江波龙发布年度业绩预告。公司预计2025年度实现营业收入225亿元至230亿元，同比增长 28.84%至31.70%；预计实现扣非净利润11.30亿元至13.50亿元，同比增长578.51%至710.60%。 其中，第四季度，公司预计扣非净利润约为6.5亿元至8.7亿元，超过前三个季度之和，而上年同期为亏 损。 江波龙解释了业绩暴增原因。2025年，存储价格在一季度触底后企稳回升，三季度末因AI 服务器需求 爆发及原厂产能向企业级产品倾斜，导致供给进一步失衡，存储价格持续上涨。依靠技术布局与深度协 同机制，公司在晶圆供应结构性偏紧的环境下，构建起了差异化的供应保障能力与成长潜力。 江波龙依托自主研发。2024年，公司研发投入为9.10亿元，2025年前三季度为7.01亿元，同比继续保持 增长。 前三季度的营业收入、归母净利润、扣非净利润的数据表现并不突出。 从单个季度看，2025年第一、二、三季度，公司实现的营业收入分别为42.56亿元、59.39亿元、65.39亿 ...

Core Viewpoint - Jiangbolong Electronics is expected to achieve significant growth in its 2025 performance forecast, driven by a recovery in the storage industry and the company's technological and product advantages [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between 1.25 billion to 1.55 billion yuan, representing a year-on-year increase of 150.66% to 210.82% [1][2] - The expected non-recurring net profit is projected to be between 1.13 billion to 1.35 billion yuan, showing a substantial year-on-year growth of 578.51% to 710.6% [1][2] - Revenue is forecasted to be between 22.5 billion to 23 billion yuan, compared to 17.464 billion yuan in the same period last year [1][2] Industry Dynamics - The demand for AI servers and the shift of original manufacturers towards enterprise-level products are driving up storage product prices [1] - Jiangbolong has successfully turned a profit in the first half of the year, with a steady increase in profitability in the second half, particularly in Q4 where the non-recurring net profit is estimated to be between 650 million to 870 million yuan [1] - The company has achieved mass application of several main control chips and completed the first tape-out of the UFS4.1 main control chip, positioning itself as one of the few companies globally with self-research capabilities in this generation of main control chips [1] Market Outlook - The market perceives that server demand is the primary driver for storage needs, but the upgrade cycle of smartphones, particularly iPhones, is also contributing to the current storage price increases [3] - The global HBM market is projected to grow from 5.61 billion dollars in 2024 to 57.09 billion dollars by 2034, with a compound annual growth rate of 26.1% [3] - Major manufacturers like Micron have sold out their HBM capacity for 2025, and enterprise SSD demand is expected to increase by over 30% [3] Future Catalysts - The ongoing storage upgrade cycle for iPhones is expected to continue, with anticipated enhancements in storage parameters for new models in 2026, further driving up storage prices [4] - Continuous upgrades in server computing power are likely to sustain long-term demand for HBM, providing support for Jiangbolong's future development [4] - Recent supply chain research indicates that DRAM and NAND flash prices have entered an upward trend since the end of 2025, which may continue into early 2026, benefiting related companies in the storage industry [4]

Core Viewpoint - Jiangbolong expects a significant increase in net profit for 2025, driven by a recovery in storage prices and strong demand from AI server markets [1][2] Group 1: Financial Performance - Jiangbolong forecasts a net profit attributable to shareholders of 1.25 billion to 1.55 billion yuan for 2025, representing a year-on-year growth of 150.66% to 210.82% [1] - The company's non-GAAP net profit is projected to be between 1.13 billion and 1.35 billion yuan, reflecting a year-on-year increase of 578.51% to 710.60% [1] - The company transitioned from a net loss of 152 million yuan in Q1 2024 to a net profit of 1.67 billion yuan in Q2 and 6.98 billion yuan in Q3, with an expected Q4 profit of 537 million to 837 million yuan [1] Group 2: Market Dynamics - The recovery in storage prices began after a low point in Q1 2024, with significant increases attributed to surging demand for AI servers and a shift in production capacity towards enterprise-level products [1] - According to TrendForce, global DRAM prices are expected to rise by 8% to 13% quarter-on-quarter in Q4 2025, with increases of 13% to 18% when including HBM [1] - The current cycle of rising storage chip prices is anticipated to last until mid-2027, with some high-end products potentially extending to 2028 [1] Group 3: Company Strengths - Jiangbolong is the second-largest independent memory manufacturer globally, offering a comprehensive range of storage solutions, including embedded storage, solid-state drives, mobile storage, and memory modules [2] - The company has established partnerships with several wafer foundries and leading smart terminal manufacturers, enhancing its market position [2] - Jiangbolong's self-developed main control chips have seen deployment exceed 100 million units by the end of Q3 2025, with multiple flagship products achieving mass application [2] Group 4: Research and Development - Jiangbolong has consistently increased its R&D expenditures, reaching 701 million yuan by Q3 2025, following previous investments of 356 million yuan, 594 million yuan, and 910 million yuan in the preceding years [3] - The company announced a fundraising of 3.7 billion yuan in early 2025 to support high-end storage research and development projects, particularly in the AI sector [3]

Core Viewpoint - The demand for AI servers has led to a significant increase in the performance forecast of Jiangbolong, a leading domestic storage chip manufacturer, with expected net profits for 2025 projected to grow by 150.66% to 210.82% compared to the previous year [2][4]. Financial Performance - Jiangbolong anticipates a net profit attributable to shareholders of between 1.25 billion to 1.55 billion yuan for 2025, marking a year-on-year increase of 150.66% to 210.82% [2][4]. - The company's revenue is projected to be between 22.5 billion to 23 billion yuan, compared to 17.46 billion yuan in the same period last year [4]. - The net profit after deducting non-recurring gains is expected to be between 1.13 billion to 1.35 billion yuan, reflecting a year-on-year growth of 578.51% to 710.60% [4]. Market Position and Product Development - Jiangbolong is recognized as a global leader in semiconductor storage, established in 1999, and offers a range of products including embedded storage, solid-state drives, mobile storage, and memory modules [4]. - The company has successfully developed and applied several main control chips, including the UFS4.1 main control chip, positioning itself among the few companies globally with self-research capabilities in this technology [7]. - Jiangbolong has achieved mass shipments of customized AI storage products to major clients and has introduced wafer-level SiP packaged mSSD products, which are being accelerated for adoption by leading PC manufacturers [8]. Strategic Initiatives - The company is actively pursuing financing to expand production, with a plan to issue up to 126 million shares to raise no more than 3.7 billion yuan, primarily for high-end storage research and industrialization projects related to AI [8]. - Jiangbolong has maintained a focus on improving operational efficiency, resulting in a reduction in overall expense ratios compared to 2024, which supports the growth of high-end products and supply chain resilience [8].

报告期内，存储价格在一季度触底后企稳回升，三季度末因AI服务器需求爆发及原厂产能向企业级产 品倾斜，导致供给进一步失衡，存储价格持续上涨。公司依托高端产品布局、海外业务拓展及自有品牌 优势，上半年实现扭亏为盈，下半年盈利水平稳步提升，第四季度扣非净利润约为6.5亿元至8.7亿元。 报告期内，公司多款主控芯片已经实现批量应用，并成功完成UFS4.1主控芯片的首次流片，成为全球 少数具备该代际主控芯片自研能力的企业。依托主控芯片、固件算法、封装测试的全栈能力，公司已与 多家晶圆原厂及头部智能终端设备厂商构建了深度合作关系，以UFS4.1为代表的旗舰存储产品正在批 量出货前夕。同时，公司已经实现定制化端侧AI存储产品在头部客户的批量出货。报告期内公司还推 出了Wafer级SiP封装的mSSD产品，正在多家头部PC厂商加快导入。上述技术布局与深度协同机制，使 公司在晶圆供应结构性偏紧的环境下，构建起了差异化的供应保障能力与成长潜力。 江波龙（301308）(301308.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润12.5亿元 至15.5亿元，同比增长150.66%至210.82%;扣除非经常性 ...

Core Viewpoint - The company, Jiangbolong (301308.SZ), forecasts a significant increase in net profit for the fiscal year 2025, driven by a recovery in storage prices and strong demand from AI server markets [1][2]. Financial Performance - The company expects net profit attributable to shareholders to be between 1.25 billion to 1.55 billion yuan, representing a year-on-year growth of 150.66% to 210.82% [1]. - The net profit after deducting non-recurring gains and losses is projected to be between 1.13 billion to 1.35 billion yuan, indicating a substantial increase of 578.51% to 710.60% year-on-year [1]. - The fourth quarter's net profit, excluding non-recurring items, is estimated to be approximately 650 million to 870 million yuan [1]. Market Dynamics - Storage prices stabilized after hitting a low in the first quarter and have been rising due to an imbalance in supply, driven by surging demand for AI servers and a shift in production capacity towards enterprise-level products [1]. - The company has successfully turned losses into profits in the first half of the year, with steady profit growth in the second half [1]. Technological Advancements - The company has achieved mass application of several main control chips and successfully completed the first tape-out of the UFS4.1 main control chip, positioning itself among the few companies globally with self-research capabilities for this generation of chips [2]. - The company has established deep cooperative relationships with multiple wafer foundries and leading smart terminal device manufacturers, with flagship storage products based on UFS4.1 set to enter mass production [2]. - The introduction of customized edge AI storage products has also seen successful mass shipments to key clients [2]. - The company launched wafer-level SiP packaged mSSD products, which are being rapidly adopted by several leading PC manufacturers [2].

Summary of Jiangbolong's Conference Call Company Overview - **Company**: Jiangbolong - **Industry**: Storage Solutions and Semiconductor Manufacturing Key Points Financial Performance - Jiangbolong reported significant improvement in H1 2025, with Q2 revenue reaching **5.939 billion** yuan, a historical high, and gross margin rebounding to **14.82%** [2][8][11] - Effective cost control and R&D investment contributed to steady growth [2][8] Product Development - The company achieved breakthroughs in self-developed main control chips, launching multiple series with over **80 million** units deployed, expected to exceed **100 million** by the end of August [2][4] - The UFS4.1 main control chip, built on **5nm** technology, is leading in performance and supports hybrid media [2][4][23] Market Strategy - Jiangbolong is collaborating with original manufacturers like SanDisk through the TCM model to enhance domestic market share and improve server product performance and profitability [2][7] - The enterprise storage business grew nearly **200%** in H1 2025, capitalizing on a **100 billion** yuan market opportunity [2][13] International Expansion - The company’s overseas business is rapidly growing, with the Lexar brand being the only domestic high-end consumer brand operating internationally, achieving a **40%** year-on-year increase in overseas shipments [2][15][16] Technological Innovation - Jiangbolong is focused on systematic technological foundations to lead storage product innovation, with high-performance storage solutions for AI and wearable devices [6][14] - The company is advancing in high-end embedded products, with UFS4.1 market share reaching **33%** in global smartphone storage interfaces [14] Supply Chain and Inventory Management - Enhanced inventory management led to a Q2 inventory value of **8.076 billion** yuan, with effective measures resulting in a **1.57 million** yuan provision for inventory depreciation [10][11] Future Market Outlook - Global NAND Flash demand is expected to grow by approximately **10%** in 2025, driven by recovery in consumer electronics and increased AI server demand [11] - The company anticipates new growth opportunities as terminal inventory depletion completes and original manufacturers shift focus to DDR5 [11] Challenges and Adaptations - The TCM model faces challenges in inventory management but has gained customer acceptance, effectively addressing supply chain risks [17][18] - Jiangbolong plans to gradually adopt net income recognition to focus on profit accumulation rather than just sales volume [18] Competitive Landscape - Jiangbolong aims to differentiate its main control chip offerings through innovative technology, targeting the mid-to-high-end smartphone market [30] Strategic Partnerships - Collaborations with major clients and suppliers are crucial for enhancing efficiency and reducing costs, particularly in the enterprise storage sector [33][34] Product Diversification - The company is expanding its product range, including SOCAM products for AI applications, which are gaining traction due to their low power consumption and cost advantages [29][30] Conclusion - Jiangbolong is positioned for significant growth in the storage solutions market, leveraging technological advancements, strategic partnerships, and a focus on profitability over mere sales volume [34]