青岛云路先进材料技术股份有限公司（以下简称"公司"）第三届监事会第 七次会议于 2025 年 12 月 5 日上午 11 点在公司会议室以现场方式结合通讯方式 召开。本次会议应到监事 3 名，实到监事 3 名。会议由监事会主席张强主持。本 次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 及《青岛云路先进材料技术股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 一、审议通过《关于取消监事会、修订<公司章程>及公司部分制度的议案》 证券代码：688190 证券简称：云路股份 公告编号：2025-054 青岛云路先进材料技术股份有限公司 第三届监事会第七次会议决议公告 本公司及监事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 监事会认为：公司取消监事会，修订《公司章程》及公司部分制度符合《公 司法》《上市公司章程指引(2025 年修订)》等相关法律法规、规章及其他规范 性文件的规定，有利于进一步完善公司治理结构，符合上市公司规范运作需求。 表决结果：3 票同意，0 票反对，0 票弃权。 监事会认为：公司使 ...

董事会认为，公司取消监事会，修订《公司章程》及公司部分制度符合《公 司法》《上市公司章程指引(2025 年修订)》等相关法律法规、规章及其他规范 性文件的规定，有利于进一步完善公司治理结构，符合上市公司规范运作需求。 证券代码：688190 证券简称：云路股份 公告编号：2025-053 表决结果：10 票同意，0 票反对，0 票弃权。 青岛云路先进材料技术股份有限公司 第三届董事会第八次会议决议公告 本公司及除李晓雨先生外的其他董事会全体成员保证公告内容不存在虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 青岛云路先进材料技术股份有限公司（以下简称"公司"）第三届董事会第 八次会议于 2025 年 12 月 5 日上午 10 点在公司会议室以现场方式结合通讯方式 召开。本次会议应到董事 11 名，实到董事 10 名（李晓雨先生因被采取留置措施 缺席本次会议），会议由副董事长雷日赣主持。本次会议的召集和召开符合《中 华人民共和国公司法》（以下简称"《公司法》"）及《青岛云路先进材料技术 股份有限公司章程》（以下简称"《公司章程》"）的有关规定。 一、审议通过《关于 ...

证券代码：688190 证券简称：云路股份 公告编号：2025-059 青岛云路先进材料技术股份有限公司 关于 2025 年前三季度利润分配预案的公告 本公司及除李晓雨先生外的其他董事会全体成员保证公告内容不存在虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 重要内容提示： 一、利润分配方案内容 监事会认为：公司2025年前三季度利润分配预案符合有关法律、法规和《青 岛云路先进材料技术股份有限公司章程》的规定，充分考虑了公司经营状况、日 常生产经营需要以及公司可持续发展等因素，符合公司当前经营发展的实际情 况，履行了相应的决策程序。 因此，监事会通过了公司2025年前三季度利润分配预案。 如在本公告披露之日起至实施权益分派股权登记日期间，公司总股本发生变 动的，公司拟维持分配总额不变，相应调整每股分配比例。如后续总股本发生变 化，将另行公告具体调整情况。 本次利润分配尚需提交股东大会审议。 每股分配比例：每10股派发现金红利5.00元。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司 ...

Core Viewpoint - The report highlights the increasing energy consumption and power demands of data centers, driven by advancements in technology and the growing reliance on AI, necessitating innovations in power supply architecture such as Solid State Transformers (SST) [1][2][3][6] Energy Consumption and Power Demand - According to IEA, global data center electricity demand is projected to reach 415 TWh in 2024, accounting for approximately 1.5% of total global electricity consumption [2] - The CAGR for IT energy consumption in AIDC from 2022 to 2027 is estimated at 44.8% [2] - NVIDIA's rack power is experiencing exponential growth, with each generation of GPU typically increasing thermal design power by 20%, leading to rising power requirements for individual servers [2][3] Concentrated Distribution and Cost Implications - Data centers exhibit a concentrated distribution pattern, with significant electricity demand in these areas and a rapid increase in the number of large-scale data centers [2] - Electricity costs represent over 50% of the total operational costs of data centers, making it a critical factor in their financial sustainability [2] Innovation in Power Supply Architecture - The rise in energy consumption and power demands is driving innovations in power supply architecture, particularly through the use of new power devices and medium-high frequency transformers, enabling efficient and highly integrated SST systems [3] - SiC and GaN are identified as key materials for enhancing the efficiency and power density of SST systems, with major manufacturers like STMicroelectronics and ON Semiconductor benefiting from this trend [3][5] Market Potential and Growth Projections - IEA data indicates that the global data center installed capacity is expected to increase by approximately 14 GW in 2024, with projections of reaching 32 GW by 2027, leading to a growing demand for SST systems valued at around 11.5 billion yuan by 2027 [4] - The construction of data centers, driven by AI development, is anticipated to significantly boost the demand for SST solutions [5] Investment Recommendations - Companies involved in the production of SiC and GaN power devices, such as STMicroelectronics and ON Semiconductor, are expected to benefit from the increasing adoption of these technologies [5] - Key materials for high-frequency transformers, including amorphous alloys and nanocrystalline cores, are crucial for reducing size and power consumption, with companies like TBEA and Keli Electric positioned to gain from this trend [5] - The report recommends focusing on companies like Sungrow Power Supply and others listed for potential investment opportunities in the SST market [5]

Market Overview - The metal new materials sector experienced a slight decline of 0.06% on November 20, with Alloy Investment leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Alloy Investment (000633) closed at 7.98, down 6.67% with a trading volume of 701,500 shares and a transaction value of 561 million [1] - Other notable declines included: - Zhongke Magnetic (301141) down 3.44% to 55.07 with a transaction value of 220 million [1] - Bowei Taijin (601137) down 2.58% to 21.18 with a transaction value of 258 million [1] - Jinli Yongci (300748) down 2.32% to 34.50 with a transaction value of 1.22 billion [1] Capital Flow Analysis - The metal new materials sector saw a net outflow of 151 million from main funds, while retail investors contributed a net inflow of 75.99 million [1] - Specific stock capital flows included: - Shenzhen New Star (603978) with a main fund net inflow of 1.05 billion, but a net outflow from retail investors of 46.47 million [2] - Tunan Co. (300855) with a main fund net inflow of 41.86 million, but a significant retail outflow of 3.44 million [2] - Bowei Alloy (601137) recorded a main fund net inflow of 3.88 million, while retail investors saw a net outflow of 2.06 million [2]

Core Insights - Solid-State Transformers (SST) are leading innovations in power transmission and distribution, utilizing power electronics and high-frequency electromagnetic induction principles [1][2] - China has established a well-defined vertical industry chain for SST, with upstream focusing on wide bandgap semiconductors and soft magnetic materials, midstream on modular manufacturing, and downstream on applications in smart grids and data centers [1][6] - The SST industry is transitioning from technology validation to large-scale commercialization, driven by AI computing power and energy transition, despite facing technical bottlenecks [1][12] Industry Overview - SST, also known as Power Electronic Transformer (PET), replaces traditional transformer components with semiconductor devices to achieve voltage transformation and electrical isolation [2][3] - The main types of SST include AC-SST, DC-SST, and Hybrid-SST, each serving different applications from smart grids to data centers [4][5] Cost Structure - The cost structure of SST is heavily concentrated in upstream components, with power electronic devices accounting for approximately 40% of costs, followed by high-frequency transformers, structural cooling, and control systems each at about 15% [8][10] Market Dynamics - The demand for SST is rapidly diversifying, primarily driven by global energy transition and digital infrastructure development, with AI data centers being the largest application segment [11][12] - The Chinese silicon carbide (SiC) market is projected to grow from approximately 1.6 billion yuan in 2024 to 1.91 billion yuan in 2025, indicating strong growth potential [10] Development Status - The SST industry in China is at a critical stage of transitioning from technology validation to commercialization, with challenges including high costs and lack of standards [12][13] - Major companies like China Xidian and TBEA are leading the market, with significant shares in high-end applications [15] Future Trends - The industry is expected to see breakthroughs in material performance and technology, leading to cost reductions and performance improvements [16] - Application scenarios are anticipated to expand from data centers and smart grids to electric vehicle charging and industrial applications [17] - The competitive landscape will evolve, emphasizing technology, capital, and supply chain capabilities, with a focus on domestic material sourcing [18]

Core Insights - Yunlu Co., Ltd. experienced a total of 14 block trades on November 18, with a cumulative trading volume of 629,500 shares and a total transaction value of 59.26 million yuan, at a price of 94.14 yuan per share, reflecting a discount of 9.52% compared to the closing price of the day [2][3] Trading Activity - The closing price of Yunlu Co., Ltd. on the same day was 104.04 yuan, marking a decline of 1.25%, with a turnover rate of 0.56% and a total trading volume of 70.07 million yuan, alongside a net inflow of main funds amounting to 4.65 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 9.41%, with a total net inflow of funds reaching 11.21 million yuan [2] Margin Financing - The latest margin financing balance for Yunlu Co., Ltd. stands at 10.9 million yuan, having increased by 4.46 million yuan over the past five days, representing a growth rate of 4.25% [3] Company Background - Qingdao Yunlu Advanced Materials Technology Co., Ltd. was established on December 21, 2015, with a registered capital of 1.2 billion yuan [3]

Core Points - The company Yunlu Co., Ltd. announced a significant equity change involving a shareholder, Guo Keyun, who reduced his stake in the company by 699,500 shares, representing 0.58% of the total shares outstanding [1] - Following this transaction, Guo Keyun's ownership in the company decreased from 17.42% to 16.84%, indicating a notable shift in equity distribution [1] Summary by Categories - **Equity Change** - Guo Keyun reduced his shareholding by 699,500 shares through centralized bidding and block trading [1] - This reduction accounts for 0.58% of the total shares of the company [1] - **Ownership Structure** - Post-transaction, Guo Keyun's ownership percentage changed from 17.42% to 16.84% [1] - The equity change triggered a notification due to the 1% threshold being crossed [1]

证券代码：688190 证券简称：云路股份 公告编号：2025-052 青岛云路先进材料技术股份有限公司 投资者郭克云保证向本公司提供的信息真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司董事会及除李晓雨先生外的其他董事会全体成员保证公告内容 与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 17.42% | | | | 权益变动后合计比例 | 16.84% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 5%以上大股东及其一致行动人 ☑其他 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明 ...

Core Viewpoint - Yunlu Co., Ltd. (688190.SH) disclosed that Guo Keyun reduced his shareholding in the company, impacting his ownership percentage significantly [1] Summary by Category Shareholding Changes - Guo Keyun reduced his shareholding by 699,500 shares, which accounts for 0.58% of the total shares outstanding [1] - Following this reduction, Guo Keyun's ownership percentage decreased from 17.42% to 16.84% [1] - The share reduction occurred between November 14, 2025, and November 18, 2025, through centralized bidding and block trading methods [1]