Core Viewpoint - The company Bowei Alloy (601137.SH) does not supply directly to Oracle Corporation in the United States [1] Group 1: Company Operations - In the AI computing server sector, the company's materials are primarily used in high-speed connector materials for copper connections in AI computing servers [1] - The company also provides specialized cooling materials for GB300 liquid cooling plates [1] - Additionally, the company supplies power distribution materials used in computing servers [1]

Core Viewpoint - The company does not supply directly to Oracle Corporation in the AI computing server sector, focusing instead on specific materials used in various components [1] Group 1: Company Operations - The company's materials are primarily applied in AI computing server copper connectors, which utilize high-speed connector materials [1] - The company also provides specialized cooling materials for GB300 liquid cooling plates [1] - Additionally, the company supplies power distribution materials used in computing servers [1]

Group 1 - The company Bowei Alloy is a significant supplier for domestic harmonic reducer companies, providing essential tools for the processing of the inner teeth of rigid wheels used in robots [2] - The company's precision cutting wire is applicable in scenarios requiring repeated bending, such as humanoid robot joints, although the humanoid robot industry has not yet reached mass production [2] - Currently, the alloy wire is primarily utilized in the defense industry, as the demand from the humanoid robot sector has not materialized [2]

Group 1 - The company, Bowei Alloy (601137), has announced its capability to produce rolled alloy copper foil, which is characterized by high processing difficulty and added value, making it suitable for high-speed transmission in dynamic flexible motion applications [1] - The alloy copper foil is distinct from PCB board copper foil, which is used in the PCB industry as static copper foil and cannot be bent repeatedly, indicating different demand and applications with no current substitutability [1]

格隆汇9月10日丨博威合金(601137.SH)在投资者互动平台表示，精密切割丝应用于机器人所用的谐波减 速器的刚轮内齿加工，是国内谐波减速器解决方案必不可少的加工工具。公司是国内重要的头部谐波减 速器公司的重要供应商，同时公司产品可以供应用切割法做谐波减速器的公司。公司的合金线可用于人 形机器人旋转部位反复弯曲使用场景，但由于目前人形机器人尚未量产，合金线依然用于国防工业，人 形机器人行业的用量尚未起来。 ...

Core Viewpoint - The financial performance and trading activity of Bowei Alloy indicate a strong position in the market, with significant financing and trading volumes, alongside a steady growth in revenue and profit [1][2]. Group 1: Financial Performance - For the first half of 2025, Bowei Alloy achieved a revenue of 10.22 billion, representing a year-on-year growth of 15.21% [2]. - The net profit attributable to shareholders for the same period was 676 million, reflecting a year-on-year increase of 6.05% [2]. - Cumulative cash dividends since the A-share listing amount to 1.694 billion, with 923 million distributed over the past three years [2]. Group 2: Trading Activity - On September 9, Bowei Alloy's stock price decreased by 0.32%, with a trading volume of 868 million [1]. - The financing buy-in on that day was 151 million, while the financing repayment was 115 million, resulting in a net financing buy of 35.49 million [1]. - The total financing and securities lending balance as of September 9 was 1.123 billion, with the financing balance accounting for 5.54% of the circulating market value, indicating a high level compared to the past year [1]. Group 3: Shareholder Structure - As of August 29, the number of shareholders for Bowei Alloy was 35,600, a decrease of 19.28% from the previous period [2]. - The average circulating shares per person increased by 23.88% to 22,843 shares [2]. - Notable changes in institutional holdings include the entry of the photovoltaic ETF as the ninth largest shareholder, holding 5.68 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 1.68 million shares [2].

Group 1 - The stock of Ningbo Bowei Alloy Materials Co., Ltd. increased by 5.04% on September 5, reaching a price of 25.03 CNY per share, with a trading volume of 705 million CNY and a turnover rate of 3.53%, resulting in a total market capitalization of 20.36 billion CNY [1] - The company, established on January 22, 1994, and listed on January 27, 2011, specializes in the research, production, and sales of high-performance and high-precision non-ferrous alloy materials, solar cell components, and precision cutting wires [1] - The revenue composition of the company includes 77.63% from new material products, 21.23% from renewable energy products, and 1.14% from other sources [1] Group 2 - Huatai-PineBridge Fund has a fund that ranks among the top ten circulating shareholders of Bowei Alloy, with the Guangfu ETF (515790) newly entering the top ten in the second quarter, holding 5.68 million shares, accounting for 0.7% of circulating shares, and generating an estimated profit of approximately 6.82 million CNY [2] - The Guangfu ETF (515790) was established on December 7, 2020, with a latest scale of 9.984 billion CNY, yielding 11.61% this year, ranking 3156 out of 4222 in its category, and 28.1% over the past year, ranking 3076 out of 3795, with a cumulative loss of 15.39% since inception [2] Group 3 - The fund managers of Guangfu ETF (515790) are Li Qian and Li Mu Yang, with Li Qian having a cumulative tenure of 5 years and 307 days, managing a total fund size of 39.351 billion CNY, achieving a best fund return of 99.64% and a worst return of -18.35% during her tenure [3] - Li Mu Yang has a cumulative tenure of 4 years and 244 days, managing a total fund size of 21.273 billion CNY, with a best fund return of 91.96% and a worst return of -48.09% during his tenure [3]

Group 1 - China Shipbuilding Industry Corporation is set to absorb China Shipbuilding Industry Corporation through a share swap, with the A-shares of China Shipbuilding Industry Corporation terminating listing on September 5 [1] - Yutong Bus reported sales of 4,260 units in August, representing a year-on-year increase of 16.78% [1] Group 2 - Shanghai Raist plans for some directors and all senior management to increase their shareholding by no less than 6 million yuan within six months [2] - Bowei Alloy's upcoming high-end AI smartphone will fully utilize the company's VC cooling materials [2] - Guoxin Technology has successfully tested a new generation of automotive electronic BLDC motor drive control high-performance chip [2] - Junsheng Electronics is collaborating with leading clients like Zhiyuan Robotics, with customized main control boards already in mass production [2] - Fuliwang has begun shipping metal components such as robot reducers [2] - Beijing Lier has signed strategic cooperation agreements with SenseTime and Xiwang Technology to explore AI computing power collaboration [2] - Xiandai Intelligent has successfully completed the entire process for mass production of all-solid-state batteries [2] - Tongguan Copper Foil has developed copper foil products suitable for solid-state and semi-solid-state batteries [2] - Heng Rui Pharmaceutical has received a clinical trial approval notice for HRS-4729 injection [2] - Ningbo Construction's subsidiary has won construction projects totaling 1.117 billion yuan [2] - Zhongwei Company has launched six new semiconductor equipment products [2] - China Construction Bank's CCB Financial Leasing plans to increase capital by 3 billion yuan to CCB Shipping and Aviation [2]

Summary of the Conference Call for 博威合金 Company Overview - **Company**: 博威合金 (Bohai Alloy) - **Industry**: New materials, renewable energy, automotive electronics Key Points and Arguments Industry Growth and Demand - The new materials business is benefiting from rapid growth in industries such as electric vehicles, computing servers, AI smartphones, and semiconductors, particularly in high and low voltage connectors, high-speed connector materials, and thermal materials [2][5] - The U.S. photovoltaic market shows strong demand, but supply is limited due to an incomplete industrial chain and trade policies [2][5] Financial Performance - In the first half of 2025, the company achieved a total revenue of 10.105 billion yuan, with new materials contributing 7.935 billion yuan and renewable energy contributing 2.17 billion yuan [4] - The net profit for the same period was 676 million yuan, with new materials generating a profit of 234.31 million yuan and renewable energy generating 441.84 million yuan [4] - New materials sales volume reached 125,605 tons, a year-on-year increase of 11.03% [4] Product and Market Development - The automotive electronics segment has surpassed 20% of total business, with expected production and sales of 25,000 tons by 2025 [2][6] - The company is closely collaborating with strategic clients, with processing fees adjusted based on project needs [2][7] - The company is supplying thermal materials for the iPhone 17, with an estimated total of 4,100 tons needed for 125 million units [2][8] Strategic Initiatives - Plans to relocate the Vietnam factory to Morocco to enhance project efficiency and capacity utilization [3][19] - The company is considering selling its U.S. photovoltaic subsidiary to meet subsidy policy requirements [3][19] Future Outlook - The company anticipates significant growth in demand for high and low voltage connectors and high-speed connector materials due to the rise of range-extended electric vehicles and solid-state batteries [5] - The introduction of new AI smartphones is expected to drive demand for thermal materials [5] - The company is also focusing on the semiconductor packaging materials business as domestic chip production accelerates [5] Challenges and Risks - The company faces challenges from U.S. tariffs, which are currently borne by clients, limiting the impact on the company [7] - The European market is experiencing difficulties, particularly for competitors like BK Company, which has been affected by the energy crisis and competition from Chinese electric vehicles [16] Collaboration and Market Share - Collaboration with NVIDIA involves the use of liquid cooling materials in their server cabinets, with significant profit margins expected [3][14] - The company holds a market share of approximately 50% in the copper rod market for NVIDIA's GPU300, with plans for expansion [14] Production and Supply Chain - The new 1GW component project in the U.S. has faced delays but is expected to ramp up production quickly due to existing capacity utilization [17] - The company is prioritizing output to maximize subsidy benefits from the U.S. market [18] Conclusion - 博威合金 is positioned for growth in multiple sectors, leveraging strategic partnerships and addressing market challenges while focusing on innovation and capacity expansion to enhance profitability and market share [2][5][19]

Group 1 - The company currently has the production capacity for rolled alloy copper foil, which is a specialized material for high-speed transmission in dynamic flexible motion applications [1] - The processing difficulty of alloy copper foil is high, resulting in a greater added value compared to other types of copper foil [1] - There is a distinction between alloy copper foil and electrolytic copper foil, with the latter being used in the PCB industry as static copper foil that cannot be bent repeatedly, indicating different demand and applications [1]