南财智讯2月10日电，江波龙在投资者关系活动中表示，公司mSSD采用Wafer级系统级封装(SiP)，将主 控、NAND、PMIC等元件整合进单一封装体内，实现了从Wafer到产品化的一次性封装，省去了PCB贴 片、回流焊等多道SMT环节；产品具备明显的制造成本优势，通过集成封装实现轻薄化、紧凑化，在 满足存储协议低功耗要求、大幅降低空间占用的同时，保持了与传统SSD相当的性能水平，并具备更优 异的物理特性。 ...

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：2026-002 | 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 | | | 招商证券、EIP、Willing、Optimas、中银基金、Quam Asset、 | | 参与单位名称及 | 长城资产国际、Commando、银河国际、银河证券、Morgan | | 人员姓名 | Stanley、北京信托、申万宏源、Point72、运舟资本、宁泉资 | | | 产、西部证券 | | | 2026 年 2 月 3 日 (周二) 9:00-10:00 | | | 年 月 日 (周二) 2026 2 3 10:00-11:00 | | | 2026 年 2 月 3 日 (周二) 11:00-12:00 | | 时间 | 年 月 日 (周二) 2026 2 3 14:00-15:00 | | | 年 月 日 2026 2 4 (周三) 10:00-11:00 | | | 年 月 日 (周四) 2026 2 5 9:00 ...

Core Insights - AI technology is reshaping various industries, with storage technology becoming increasingly critical as a backbone for AI applications. Jiangbolong has emerged as a key player in the AI storage transformation with innovative solutions and precise market positioning [1]. Group 1: Full-Stack Solutions - Jiangbolong provides a full-stack solution for AI servers and computing integrated machines, covering all scenarios of AI training and inference. Key products include eSSD, RDIMM, SOCAMM2, and innovative memory solutions, which offer efficient and reliable storage performance tailored to complex AI needs [1]. - The new UNCIA 3856 SATA eSSD features high-quality 3D eTLC NAND and self-developed firmware algorithms, achieving a balance of large capacity, low power consumption, and high endurance, thus providing a solid data storage foundation for AI servers [1]. Group 2: Memory Solutions - Jiangbolong's DDR5 RDIMM and MRDIMM memory modules are core choices for general servers and AI infrastructure due to their high bandwidth, low latency, and excellent compatibility. The DDR5 MRDIMM significantly enhances data transfer rates through a multi-channel architecture, delivering unprecedented performance for AI computing integrated machines [3]. - The SOCAMM2 memory product, based on LPDDR5/5x particles and CAMM modular design, meets the stringent performance and energy efficiency requirements of data centers. It offers ultra-high transmission rates (up to 8533 Mbps) and low power consumption (one-third of standard DDR5 RDIMM), providing dual enhancements in capacity and bandwidth for intelligent computing centers [3]. Group 3: Edge AI Solutions - Jiangbolong has introduced the integrated packaging mSSD for edge AI applications, utilizing wafer-level system-in-package (SiP) technology to integrate the controller, NAND, PMIC, and other components into a single package. This makes mSSD an ideal storage solution for edge AI devices such as AI PCs and robots, offering flexibility and efficiency [5]. Group 4: Strategic Vision - In the AI era, mere improvements in storage performance are insufficient to meet the complex and changing application demands. Jiangbolong aims to achieve efficient utilization of storage resources and flexible release of computing power through an edge-cloud collaborative strategy. The company strengthens partnerships within the industry chain to inject critical storage capabilities into AI intelligent computing center construction and promote the continuous advancement and widespread application of edge AI storage technology [7]. - Jiangbolong's outstanding performance in the AI storage sector is reflected not only in the continuous launch of innovative products but also in its deep insights into industry trends and precise understanding of customer needs. The company will continue to adhere to an innovation-driven development strategy, focusing on core media like mSSD to iterate more forms and scenarios of innovative packaged storage, contributing further to the popularization and application of AI technology [7].

佰维存储披露，公司预计2025年实现营业收入100亿元至120亿元，同比增长49.36%至79.23%；预计实 现归母净利润8.5亿元至10亿元，同比增长427.19%至520.22%。佰维存储介绍，2025年度，公司在AI新 兴端侧领域保持高速增长趋势，并持续强化先进封装能力建设，晶圆级先进封测制造项目整体进展顺 利，目前正按照客户需求推进打样和验证工作，为客户提供"存储+晶圆级先进封测"一站式综合解决方 案。 德明利预计2025年实现营业收入103亿元至113亿元，同比增长115.82%至136.77%；实现归母净利润6.5 亿元至8亿元，同比增长85.42%至128.21%。德明利表示，公司聚焦全链路存储解决方案能力强化，从 2025年第三季度起，受益于AI需求驱动，存储行业景气度逐步回暖，存储价格进入上行通道，公司产 品销售毛利率大幅提升，经营业绩显著改善。 香农芯创介绍，2025年，公司销售的企业级存储产品数量增长，主要产品价格呈现上升的态势，预计全 年营业收入增长超过40%。公司自主品牌"海普存储"已推出包括企业级SSD以及企业级DRAM两大产品 线的多款产品并进入量产阶段。2025年度，"海普存 ...

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 ...

Group 1: Product Innovations - The mSSD product utilizes Wafer-level System-in-Package (SiP) technology, integrating multiple components into a single package, which significantly reduces manufacturing costs by eliminating several SMT processes [3] - mSSD offers a compact design that meets low power consumption requirements while maintaining performance levels comparable to traditional SSDs, indicating a broad market potential [3] - The UFS4.1 product is positioned as a high-end storage solution for Tier 1 customers, with limited global competition in chip-level development, enhancing its market prospects [3] Group 2: Market Trends and Demand - The current storage upcycle is expected to be driven by increased demand for SSDs from cloud service providers due to AI technology applications and a shortage of HDD supply [3] - The transition from HDD to SSD by cloud service providers is anticipated to significantly boost NAND Flash demand, although capacity expansion may lag behind this demand [3] - Future capital expenditure increases from manufacturers may have limited impact on output growth in 2026 due to the inherent delays in capacity construction [3] Group 3: Investor Relations Activity - The investor relations activity took place on January 8, 2026, with participation from several investment firms, indicating strong interest in the company's developments [2] - The meeting was led by the Investor Relations Manager and a Senior Supervisor, highlighting the company's commitment to transparent communication with investors [2] - No undisclosed significant information was involved in this activity, ensuring compliance with disclosure regulations [3]

Group 1: Product Innovations - The company's new product, mSSD, integrates multiple components into a single package, offering significant cost advantages over traditional SSDs [3] - mSSD provides TB-level capacities and meets high-performance standards for PCIe interfaces, making it suitable for diverse storage applications [3] - The innovative design of mSSD includes a tool-free expansion feature, enhancing compatibility and user experience [3] Group 2: Market Opportunities - The market for UFS4.1 products is expanding, especially as major competitors like Micron exit the consumer storage market [3][4] - The company is one of the few capable of developing UFS4.1 products at the chip level, with its offerings recognized by major Tier 1 clients [3] - The demand for NAND Flash is expected to surge due to AI applications and a shift from HDD to SSD among cloud service providers [4] Group 3: Pricing Trends - Predictions indicate that prices for Mobile eMMC/UFS may rise by 25%-30% in Q1 2026, with LPDDR4X/5X expected to increase by 30%-35% [4] - The price of PC DDR5/LPDDR5X is also projected to rise by 30%-35%, while cSSD prices may increase by 25%-30% [4] Group 4: Future Developments - The company plans to design high-performance controller chips for UFS, eMMC, SD cards, and PCIe SSDs, enhancing its product competitiveness [4] - The company will adopt a Fabless model for its chip architecture and firmware development [4]

Core Insights - The company recently engaged in a targeted research and teleconference with 35 institutions, discussing industry trends, product layout, supply chain management, and technology development [1] Group 1: Industry Trends - NAND Flash demand is experiencing a surge, driven by AI technology applications, leading to increased procurement of high-performance storage products like TLC eSSD and QLC eSSD [2] - HDD supply shortages are prompting cloud service providers to shift orders to SSDs, further boosting NAND Flash demand [2] - The industry is expected to maintain a tight supply-demand balance due to cautious capacity expansion strategies from major storage wafer manufacturers [2] Group 2: Supply Chain Management - The company's inventory management strategy is demand-driven, adjusting procurement based on market trends, storage wafer prices, existing inventory, and customer orders [3] - Long-term supply agreements (LTA) and memorandums of understanding (MOU) with storage wafer manufacturers ensure stable supply, supporting business expansion [3] Group 3: Product Development - The new mSSD product features significant competitive advantages, utilizing Wafer-level System-in-Package (SiP) technology to integrate core components into a single package, reducing production costs [4] - mSSD offers TB-level multi-capacity options and is designed for high performance while being compact, with innovative features for easy adaptability to various storage applications [4] Group 4: Growth Potential - The company has made progress in high-end storage markets, overseas business expansion, and the development of self-researched main control chips, enhancing its internal growth drivers [5] - An increase in the proportion of high-end products, expanded market share overseas, and greater autonomy in core technologies are expected to steadily improve the company's long-term profitability [5] Group 5: Technology Focus - The company plans to advance chip architecture design, firmware algorithm development, and backend design in key storage areas such as UFS, eMMC, SD cards, and PCIe SSDs [6] - The introduction of a series of high-performance main control chips under a Fabless model aims to enhance the autonomy and market competitiveness of storage products [6]

Group 1: Market Trends and Demand - The continuous rise in storage prices is driven by sustained demand for high-performance TLC eSSD and QLC eSSD from cloud service providers, influenced by AI technology applications and HDD supply shortages [3] - Major manufacturers are maintaining a cautious capacity expansion strategy, which may limit the incremental contribution to output growth in 2026 due to the lag in capacity construction cycles [3] Group 2: Inventory Management - The company's inventory strategy is based on demand forecasting, market trends, storage wafer prices, and customer orders, allowing for timely procurement [3] - Long-term supply agreements (LTA) and memorandums of understanding (MOU) with storage wafer manufacturers ensure stable supply [3] Group 3: Product Innovations - The new mSSD product features a wafer-level system-in-package (SiP) design, integrating multiple components into a single package, which reduces costs and simplifies manufacturing processes [3] - mSSD offers TB-level capacities and is designed for compactness and high performance, meeting PCIe interface standards [3] - The innovative mSSD includes a tool-free expansion card for enhanced compatibility with diverse storage applications [3] Group 4: Future Profitability and R&D Directions - The company is expected to enhance its profitability through breakthroughs in high-end storage, overseas business, and self-developed controllers [3][4] - Future R&D will focus on chip architecture design and firmware development for UFS, eMMC, SD cards, and PCIe SSDs, adopting a fabless model to improve product competitiveness [4] Group 5: Disclosure Compliance - The investor relations activity did not involve any undisclosed significant information [4]

Core Insights - The rapid development of AI technology is significantly transforming various industries, with storage technology being a fundamental component for AI applications [1] - Jiangbolong, a leading Chinese storage company, demonstrates exceptional innovation and market insight in the AI storage sector, providing robust support for the proliferation and application of AI technology [1] Group 1: End-Side AI Storage - End-side AI devices such as AI PCs, workstations, and AI robots are becoming market hotspots, necessitating higher storage requirements for fast data transmission, flexibility, and reliability [2] - Jiangbolong has over 20 years of experience in enterprise-level storage, successfully building a comprehensive storage matrix that covers all scenarios of AI training and inference [2] - The SOCAMM2 memory product, launched in September 2025, features a transmission speed of 8533 Mbps, low power consumption (one-third of standard DDR5 RDIMM), and compact size (14×90mm), enhancing capacity and bandwidth for AI model training and inference [2] Group 2: mSSD Innovation - Jiangbolong has introduced the integrated packaging mSSD, which serves as a new engine for end-side AI development, integrating multiple components into a single package [3] - The mSSD, as a core medium of the "AI Storage Core" category, offers high integration and flexible expansion, making it an ideal storage solution for end-side AI devices [3] - The company plans to continue its innovation-driven strategy, focusing on mSSD and other core mediums, while enhancing collaboration with industry partners to advance end-side AI storage technology [3]