Group 1: Market Conditions and Pricing - The supply of storage wafers is expected to remain tight, with limited incremental contribution to output in 2026 due to the cautious capacity expansion strategy of major manufacturers [2] - According to CFM's forecast, the price increase for Mobile eMMC/UFS in Q1 2026 is projected to be between 25% and 30%, while LPDDR4X/5X is expected to rise by 30% to 35% [2] - PC DDR5/LPDDR5X prices are anticipated to increase by 30% to 35%, and cSSD prices are expected to rise by 25% to 30% [2] Group 2: Supply Chain and Procurement - The company has established long-term direct cooperation with major global storage wafer manufacturers, ensuring a diversified supply chain and a competitive advantage in wafer supply [3] - Supplier information is disclosed in public documents such as the prospectus [3] Group 3: Product Development and Competitive Advantage - The self-developed main control chip plays a critical role in managing data between storage particles and CPUs, significantly impacting overall performance [3] - The company has deployed over 100 million self-developed main control chips by the end of Q3, with UFS4.1 products gaining recognition from major storage manufacturers and Tier 1 clients [3] - The enterprise storage products have been integrated into the supply chains of leading internet companies, covering various sectors including telecommunications and server manufacturers [3] Group 4: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [3]

Group 1: Market Trends and Supply Chain - The company is the second largest independent memory manufacturer globally and the largest in China, establishing long-term direct cooperation with major memory wafer suppliers through Long-Term Supply Agreements (LTA) and Memorandums of Understanding (MOU) to ensure stable supply of memory wafers [3] - AI technology is driving a surge in storage capacity demand, coupled with tight supply of high-capacity HDDs, leading cloud service providers to shift towards NAND Flash, which is expected to see explosive demand [2] Group 2: Pricing and Sales Strategy - The company determines product sales prices based on industry practices and customer characteristics, using framework agreements and order fulfillment, with prices dynamically adjusted according to market conditions [4] Group 3: Product Development and Performance - As of the end of Q3, the company has deployed over 100 million self-developed main control chips, which utilize advanced foundry processes and proprietary algorithms, leading to significant performance and power consumption advantages [5] - The enterprise storage business is experiencing rapid growth, supported by collaborations with major clients in telecommunications, internet companies, and server manufacturers, with the company ranking third in total capacity for enterprise SATA SSDs in China as of H1 2025, and first among domestic brands [6] Group 4: UFS4.1 Product Commercialization - The company is among a few globally capable of developing UFS4.1 products at the chip level, with its UFS4.1 products recognized for superior process, read/write speed, and stability, accelerating the adoption process with major Tier 1 clients [7]

Core Viewpoint - The company, Jiangbolong, is positioned as a leading independent storage device manufacturer, with significant growth in revenue and profit, and is actively expanding its market presence through strategic partnerships and product development. Group 1: Company Position and Supply Chain - The company is the second largest independent storage device manufacturer globally and the largest in China, which facilitates long-term direct cooperation with major global storage wafer suppliers through long-term supply agreements [2] - The company has established long-term supply agreements and commercial cooperation memorandums with storage wafer manufacturers to ensure a stable supply of storage wafers [2] Group 2: Product Development and Market Growth - As of the end of Q3 2025, the company has deployed over 100 million self-developed main control chips, which are expected to see rapid growth in application scale [3] - The company’s enterprise storage products have been integrated into the supply chains of leading internet companies, with a significant growth trend in enterprise storage business, ranking third in total capacity among Chinese enterprise-level ST SSDs as of H1 2025 [4] - The company’s UFS4.1 products, equipped with self-developed main control chips, outperform comparable market products in terms of process, read/write speed, and stability, gaining recognition from major clients [5] Group 3: Financial Performance - For the first three quarters of 2025, the company reported a main 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% year-on-year [6] - In Q3 2025 alone, the company achieved a main revenue of 6.539 billion yuan, a year-on-year increase of 54.6%, and a net profit of 698 million yuan, reflecting a significant increase of 1994.42% year-on-year [6] Group 4: Analyst Ratings and Predictions - In the last 90 days, 9 institutions have rated the stock, with 7 buy ratings and 2 hold ratings, indicating positive market sentiment [7] - The average target price set by institutions over the past 90 days is 311.8 yuan [7]

Group 1: Supply Chain and Production - The company is the second largest independent storage device enterprise globally and the largest in China, which aids in securing stable supply of storage wafers through long-term agreements with major suppliers [2][3] - The company has established long-term supply agreements (LTA) and memorandums of understanding (MOU) with storage wafer manufacturers to ensure continuous supply [2] Group 2: Self-Developed Chip Applications - As of the end of Q3, the company has deployed over 100 million self-developed main control chips, utilizing advanced foundry processes and proprietary IP [3] - The self-developed main control chip is currently undergoing validation with multiple Tier 1 manufacturers, indicating potential for rapid growth in deployment scale [3] Group 3: Enterprise Storage Business - The enterprise storage products have been integrated into the supply chains of major internet companies, covering sectors such as telecommunications and server manufacturing [3] - According to IDC data, the company ranked third in total capacity for enterprise-grade SATA SSDs in China for the first half of 2025, and first among domestic brands [3] Group 4: UFS4.1 Product Development - The company is among a few globally capable of developing UFS4.1 products at the chip level, with its products outperforming competitors in terms of process, read/write speed, and stability [3] - The UFS4.1 products have gained recognition from major storage manufacturers and several Tier 1 clients, with acceleration in the introduction process [3]

Group 1: Events and Conferences - The 2025 World Computing Conference will be held from November 20 to 21 [1] - The CDCC 2025 Data Center Standards Conference is scheduled for November 20 to 21 [1] - The 2025 Quantum Technology and Industry Conference will take place on November 20 to 21 [1] Group 2: Stock Market Updates - The stock of HeFu China resumed trading today, with a cumulative increase of 256.29% during the period from October 28 to November 14, with 12 out of 14 trading days closing at the涨停 price [1] - *ST King Kong resumed trading with an adjusted opening reference price of 13.06 yuan per share, following the completion of its restructuring plan, increasing total shares from 216 million to 540 million [1] Group 3: Financial Technology Initiatives - The Hong Kong SAR Government and Shenzhen Local Financial Management Bureau jointly announced an action plan to create a global fintech center between Hong Kong and Shenzhen, aiming to establish over 20 cross-border data verification platforms in financial applications by the end of 2027 [3] Group 4: Industry Growth and Trends - The retail sales of trendy and collectible toys in China are projected to reach 558.3 billion yuan in 2024, indicating a rapid growth phase for the industry [7][8] - Factors such as rising disposable income, the emergence of emotional consumption, and the rise of domestic trendy culture and quality IP are driving the expansion of China's trendy toy market [8] Group 5: AI and Automation Developments - Google launched the Gemini3 AI application, which features a visual understanding accuracy of 72.7%, doubling the current advanced level [10] - Pony.ai announced a collaboration with SANY Heavy Truck and Dongfeng Liuzhou Motor to develop a fourth-generation autonomous truck family, aiming for mass production by 2026 [11] Group 6: Corporate News - CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share swap, with A-shares suspended from trading starting November 20, 2025 [13] - OpenAI partnered with Target to enhance retail experiences through AI-driven recommendations and productivity improvements [13] - Changying Precision reported over 80 million yuan in deliveries of humanoid robot structural components from January to August this year, with ongoing growth in overseas orders [13]

Core Insights - The company Jiangbolong (301308) has successfully developed UFS4.1 products, a feat achieved through its self-developed main control chip, positioning itself among a few global enterprises capable of such advancements [1] Group 1 - The UFS4.1 products developed by the company outperform comparable market products in terms of process, read/write speed, and stability, as verified by original manufacturers and third-party testing [1] - The company has received recognition from major storage manufacturers, including SanDisk, and has also gained approval from several Tier 1 clients, accelerating the integration process [1]

Core Viewpoint - Jiangbolong (301308.SZ) has established long-term agreements with wafer suppliers, enhancing supply chain resilience and diversity, while achieving breakthroughs in UFS4.1 products with self-developed main control chips [1] Group 1: Long-term Agreements and Supply Chain - The company has signed long-term contracts (LTA) or memorandums of understanding (MOU) with wafer suppliers, indicating a commitment to long-term direct cooperation with wafer manufacturers [1] - This framework contributes to a robust and diversified supply chain, which is crucial for operational stability [1] Group 2: Product Development and Market Recognition - The company has successfully developed UFS4.1 products using its self-developed main control chips, marking a significant technological advancement [1] - Testing by original manufacturers and third parties has shown that the UFS4.1 products outperform comparable market products in terms of process, read/write speed, and stability [1] - The products have received recognition from major storage manufacturers, including SanDisk, and have been acknowledged by several Tier 1 clients, with the integration process accelerating [1]

Core Insights - The company has achieved a cumulative deployment of over 100 million self-developed main control chips by the end of Q3, with rapid growth in deployment scale continuing [2] - The UFS 4.1 products equipped with the company's self-developed main control chips are currently undergoing introduction and validation stages with multiple Tier 1 manufacturers [2] - The overall deployment scale of self-developed main control chips is expected to see significant growth throughout the year [2]

Core Insights - The company Jiangbolong (301308) reported that as of the end of Q3, the cumulative deployment of its self-developed main control chips has exceeded 100 million units, with rapid growth in deployment scale continuing [1] - The UFS4.1 products equipped with the company's self-developed main control chips are currently undergoing introduction and validation stages with multiple Tier 1 manufacturers, indicating a strong market interest [1] - Overall, the deployment scale of self-developed main control chips is expected to see significant growth throughout the year [1]

Core Viewpoint - The storage chip sector, led by companies like Jiangbolong, is experiencing significant stock price increases driven by AI demand and supply adjustments, despite concerns about potential overvaluation and market corrections [1][2][13]. Group 1: Stock Performance - Jiangbolong's stock price reached 301.72 yuan with a daily increase of 6.21% and a remarkable 234.95% rise over the past 60 days [1]. - The company reported a cumulative stock price increase of 207.37% over 30 trading days, significantly outperforming the storage chip index and the ChiNext index [1]. - Nine stocks in the A-share storage sector have seen over 100% increases in the past 60 days, with three exceeding 200% [1]. Group 2: Industry Demand and Supply Dynamics - The AI wave and adjustments in the storage industry supply are driving demand, with AI technologies leading to a surge in requirements for high-bandwidth memory and large-capacity storage [2]. - The demand for DRAM in AI servers is eight times that of traditional servers, while NAND usage is three times higher [2]. - Major international storage companies are shifting strategies, reducing capital expenditures, and focusing on high-end products, leading to a supply gap in mid-to-low-end storage [2]. Group 3: Financial Performance of Key Players - Jiangbolong reported a revenue of 6.539 billion yuan for Q3 2025, a year-on-year increase of 54.6%, with net profit soaring by 1994.42% [6]. - The company’s revenue for the first three quarters of 2025 reached 16.734 billion yuan, a 26.12% increase year-on-year [6]. - Other leading companies like Lanke Technology and Zhaoyi Innovation also reported significant revenue and profit growth, indicating a robust recovery in the storage sector [7][8]. Group 4: Technological Advancements - Jiangbolong has deployed over 100 million self-developed control chips, with its UFS4.1 products gaining recognition from major international manufacturers [10]. - Zhaoyi Innovation is capitalizing on the exit of major players from the niche market, enhancing its market position through technological optimization [11]. - Lanke Technology's core business in memory interface chips positions it strategically within the global supply chain, contributing to its revenue growth [12]. Group 5: Market Sentiment and Future Outlook - Despite the strong performance of leading companies, there are emerging concerns about overvaluation and potential market corrections, as indicated by recent stock market trends [13][15]. - The market is witnessing a shift in sentiment, with some investors opting to take profits amid fears of "expectation overdraft" [15]. - Long-term growth prospects remain strong due to the ongoing AI demand and the upgrade of domestic storage industries, although short-term volatility should be approached with caution [16][17].