Market Overview - Major indices showed positive performance with the ChiNext Index up by 0.38%, the Shenzhen Component Index up by 0.59%, and the STAR Market 50 Index up by 0.64% [1] - The TMT sector led the gains, with the SW Brand Consumer Electronics rising by 4.04% and SW Other Electronics III increasing by 2.45% [1] - Conversely, the TMT sector also saw declines, with SW Communication Cables and Supporting down by 4.37% and SW Integrated Circuit Packaging and Testing down by 2.21% [1] Domestic News - Media reports that MediaTek showcased its first AI smart glasses prototype, powered by the flagship mobile platform Dimensity 9500, emphasizing local computing capabilities and user privacy [1] - Jiangbolong disclosed core advancements in its main control chip and innovative mSSD products, indicating that its flagship products are nearing mass shipment [1] - Huawei launched the Atlas 950 SuperPoD intelligent computing node, which supports up to 8192 NPU cards, significantly enhancing training efficiency and reliability compared to Nvidia [1] - BYD announced the second-generation blade battery and fast-charging technology, capable of charging in 5 minutes and establishing 20,000 fast-charging stations by the end of 2026 [1] Overseas News - Marvell reported FY26 revenue of $8.195 billion, with expectations for accelerated revenue growth in FY27 driven by strong data center business performance [2] - Denso has made a public tender offer to acquire all shares of Rohm for approximately 1.3 trillion yen (about 63 billion RMB), aiming to enhance competitiveness in power semiconductors for electric vehicles [2] - The U.S. government is drafting new export control regulations that will require approval for the export of advanced AI accelerators produced by U.S. companies [2] - Samsung secured a contract to provide 5G Open RAN RF equipment to Rakuten Mobile in Japan, covering a range of frequency bands [2] AI News - OpenAI launched GPT-5.4, the first general model with native computer usage capabilities, achieving a success rate of 75% in OSWorld-Verified tests [3] - Google DeepMind introduced the AI programming agent AlphaEvolve, which can generate and iterate programs, achieving optimal solutions in 50+ tests [3] - Alibaba Cloud released HiClaw, an upgraded version of OpenClaw, focusing on multi-agent collaboration management [3] - VAST AI completed a $50 million Series A funding round, with plans to invest in world model development and UGC interactive content platform construction [3] Industry Tracking - SpaceX plans to launch approximately 1,200 second-generation satellites by the end of 2027 to provide mobile Starlink internet services with download speeds of up to 100 Mbps [4] - Cheng Tian Technology completed a B+ round financing, focusing on expanding the market for consumer-grade exoskeletons and brain-machine interface products [4] - The Ministry of Industry and Information Technology stated that China's AI core industry scale will exceed 1.2 trillion RMB by 2025, with over 300 humanoid robot products released [4] - The Dejing high-quality stainless steel pipe project has partially commenced production, with 23 production lines operating efficiently [4]

Core Viewpoint - The company has introduced mSSD, an upgraded form of traditional SMT process SSD, which offers significant advantages in terms of size, power consumption, and performance, indicating a strong market potential for this innovative product [1]. Group 1: Product Innovation - mSSD utilizes Wafer-level System-in-Package (SiP) technology to achieve lightweight and compact design while meeting low power consumption requirements [1]. - The product maintains performance levels comparable to traditional SSDs while providing superior physical characteristics and overall cost advantages [1]. Group 2: Market Potential - The company has established a comprehensive intellectual property portfolio around mSSD, indicating a strong commitment to innovation and market readiness [1]. - mSSD is currently being accelerated for adoption by several leading PC manufacturers, highlighting its growing acceptance in the market [1].

Group 1: Company Technology and Product Development - The company has launched multiple main control chips for UFS, eMMC, SD cards, and high-end USB, utilizing advanced foundry processes and self-developed core IP, resulting in significant performance and power consumption advantages [3] - As of Q3 2025, the cumulative deployment of the company's self-developed main control chips has exceeded 100 million units, indicating strong market penetration [3] - The mSSD product, as an upgrade to traditional SSDs, offers advantages such as lightweight design, low power consumption, and competitive performance, with a broad market outlook [3][4] Group 2: Market Trends and Future Outlook - The demand for storage is expected to surge due to the structural changes in AI inference, particularly with the application of key-value caching and retrieval-augmented generation technologies [4] - The rapid expansion of AI infrastructure and HDD supply shortages are anticipated to drive explosive growth in storage demand, although short-term output growth may be limited due to the lag in capacity construction [4] Group 3: New Product Innovations - The company has released several cutting-edge storage products, including MRDIMM and CXL2.0 memory expansion modules, and is actively innovating based on market needs [4] - The company has established a robust intellectual property portfolio around mSSD, facilitating the transition from R&D validation to commercial implementation [3][4] Group 4: Investor Relations and Communication - The investor relations activity was conducted on February 25, 2026, with participation from institutions such as Dongfang Securities and Penghua Fund, indicating active engagement with key stakeholders [2]

Core Insights - The storage chip sector is experiencing a continuous increase in market demand, with Jiangbolong revealing key developments in mSSD applications, UFS4.1 product collaborations, wafer supply assurance, and storage cycle outlooks during investor discussions [1] Group 1: mSSD Development - Jiangbolong's mSSD, utilizing Wafer-level System-in-Package (SiP) technology, integrates multiple components into a single package, offering significant manufacturing cost advantages while maintaining performance comparable to traditional SSDs [3] - The mSSD is being rapidly adopted by leading PC manufacturers, with analysts noting its potential as the standard storage solution for next-generation mobile computing platforms due to increasing demands from AI PCs for space and power efficiency [3] Group 2: UFS4.1 Product Capabilities - Jiangbolong is among a few global companies capable of developing UFS4.1 products at the chip level, with its self-developed controller offering superior performance in terms of process, read/write speed, and stability compared to comparable market products [3] - UFS4.1 is positioned as a premium storage option for Tier 1 clients' flagship smart terminal models, with mass shipments expected to commence soon [3][4] Group 3: Supply Chain Resilience - Jiangbolong has established deep cooperative relationships with major wafer manufacturers and leading smart terminal device companies, paving the way for large-scale commercialization of UFS4.1 [4] - The company has signed long-term supply agreements and commercial memorandums with global wafer suppliers, enhancing its supply chain resilience amid structural tensions in storage wafer supply [5] Group 4: Market Outlook - Jiangbolong anticipates a positive trend in storage prices, driven by structural changes in demand due to AI applications and the rapid expansion of AI infrastructure, coupled with a shortage of HDD supply [5] - The company highlights that the capital expenditure recovery of storage manufacturers will have limited short-term contributions to output growth due to the lag in capacity construction cycles [5]

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。 ...

Group 1: Product Innovation - The company's new product, mSSD, utilizes wafer-level system-in-package (SiP) technology, integrating multiple components into a single package, which significantly reduces manufacturing costs and enhances performance [3] - mSSD is positioned as an upgraded form of traditional SMT SSDs, offering compactness and low power consumption while maintaining performance levels comparable to traditional SSDs, indicating a broad market potential [3] Group 2: Strategic Partnerships - The company is among a few globally capable of developing UFS4.1 products at the chip level, with its UFS4.1 products outperforming market competitors in terms of process, read/write speed, and stability [3] - The company has established deep cooperative relationships with major wafer suppliers, supported by long-term supply agreements, ensuring a robust supply chain even in tight market conditions [3] Group 3: Market Trends - The demand for storage is expected to surge due to the structural changes in AI inference systems and the rapid expansion of AI infrastructure, coupled with HDD supply shortages [4] - The capital expenditure recovery of storage manufacturers will have limited short-term impact on output growth due to the lag in capacity construction [4] Group 4: Disclosure Compliance - The investor relations activity did not involve any undisclosed significant information [4]

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].

Group 1 - The global storage market is expected to experience a disruptive price increase starting from Q3 2025, with DRAM and NAND flash prices rising over 300% [1] - Predictions indicate that NAND flash prices will increase by 33%-38% and general DRAM prices by 55%-60% in Q1 2026 [1] - 25 out of 41 storage companies have disclosed earnings forecasts, with 16 companies expecting positive results, driven by the AI and computing industry [1] Group 2 - The price surge is attributed to a structural supply-demand imbalance caused by AI, with AI servers consuming 53% of global memory monthly production [1] - Major manufacturers are shifting over 80% of their advanced production capacity to high-margin HBM, leading to a reduction in mature capacity [1] - The average inventory cycle for the DRAM industry is projected to drop to 10 weeks, indicating a tight supply situation [1] Group 3 - Domestic companies like Changxin Technology and Yangtze Memory are expected to benefit from increased opportunities in DDR4 and 3D NAND products due to foreign manufacturers focusing on high-end production [2] - Baiwei Storage anticipates revenues of 10 to 12 billion yuan in 2025, with a net profit increase of 427.19% to 520.22% [2] - Demingli expects revenues of 10.3 to 11.3 billion yuan in 2025, with a net profit increase of 85.42% to 128.21% [2] Group 4 - The company Shannon Chip Innovation expects over 40% revenue growth in 2025, with its brand "Haipu Storage" entering mass production [3] - The current market is viewed as a "super cycle" lasting 2-3 years, with supply capacity lagging behind demand growth [3] - Citigroup predicts average price increases of 88% for DRAM and 74% for flash products in 2026, higher than previous forecasts [3] Group 5 - Companies are focusing on inventory management and supply stability, with Baiwei Storage maintaining sufficient inventory levels [4] - Demingli plans to raise up to 3.2 billion yuan for SSD and DRAM expansion projects [4] - Several companies are pursuing acquisitions to enhance product lines and supply capabilities, such as Yingxin Development's acquisition of Guangdong Changxing Semiconductor [5]

Core Viewpoint - Jiangbolong (301308.SZ) is experiencing explosive growth in its operating performance due to supply-demand imbalance and rising storage prices, with significant increases in revenue and net profit expected for 2025 [1][2][4]. Financial Performance - For the fiscal year 2025, Jiangbolong anticipates revenue between 22.5 billion to 23 billion yuan, representing a year-on-year growth of 28.84% to 31.70% [1][2]. - The company expects net profit attributable to shareholders to be between 1.25 billion to 1.55 billion yuan, with a year-on-year increase of 150.66% to 210.82% [2]. - The forecasted non-GAAP net profit is projected to be between 1.13 billion to 1.35 billion yuan, showing a staggering growth of 578.51% to 710.60% [1][2]. Quarterly Performance - In the first three quarters of 2025, Jiangbolong reported revenue of 16.734 billion yuan, a year-on-year increase of 26.12% [2]. - The net profit attributable to shareholders for the same period was 713 million yuan, up 27.95% year-on-year [2]. - The non-GAAP net profit for the first three quarters was 479 million yuan, reflecting a decline of 3.62% year-on-year [2]. Fourth Quarter Expectations - For the fourth quarter, Jiangbolong expects revenue between 5.766 billion to 6.266 billion yuan, a year-on-year growth of 37.45% to 49.37% [3]. - The anticipated net profit attributable to shareholders is projected to be between 537 million to 837 million yuan, indicating a remarkable year-on-year increase of 925.86% to 1443.10% [3]. - The expected non-GAAP net profit for the fourth quarter is between 650 million to 870 million yuan, showing a growth of 196.97% to 263.64% [3]. Market Dynamics - The surge in Jiangbolong's performance is attributed to the recovery of storage prices after a low in Q1 2025, driven by increased demand for AI servers and a shift in production capacity towards enterprise-level products [1][4][7]. - The company has established a differentiated supply assurance capability and growth potential, which has contributed to its significant performance increase in the latter half of the year [4]. R&D and Product Innovation - Jiangbolong has invested 910 million yuan in R&D for 2024 and 701 million yuan in the first three quarters of 2025, continuing to show growth in R&D expenditure [1][9]. - The company has developed competitive new products, including the mSSD, which integrates multiple components into a single package, offering cost advantages and improved performance [8][9]. - Jiangbolong has also successfully completed the first tape-out of its UFS4.1 main control chip, becoming one of the few companies globally with self-research capabilities for this generation of chips [9]. Market Performance - Over the past year, Jiangbolong's stock price has increased more than threefold, with a current market capitalization of 140.8 billion yuan [10].

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]