Summary of the Conference Call for New Fengguang Company Overview - **Company**: New Fengguang - **Industry**: Renewable Energy, specifically focusing on solar and energy storage solutions Key Points and Arguments Financial Performance - **Revenue**: For the first three quarters of 2025, revenue decreased by 33.54% year-on-year, amounting to 1.217 billion yuan [2][3] - **Net Profit**: Net profit fell by 33.54% to approximately 83 million yuan [2][3] - **Gross Margin**: The overall gross margin was 23.12%, down by 1.34 percentage points compared to the previous year [3] Reasons for Profit Decline - **Market Reforms**: The decline in profit was primarily due to the market-oriented reform of electricity prices in the renewable energy sector, which led clients to delay project connections to avoid losses from price fluctuations [4] - **Increased Competition**: Heightened market competition resulted in downward pressure on prices, further compressing profit margins [4] Strategic Responses - **Cost Reduction and Efficiency**: The company is implementing cost-cutting measures, optimizing product designs, and increasing investment in new product development [2][5] - **Client Diversification**: Efforts are being made to expand the client base to include small and medium enterprises across various industries [2][5] - **Internal Incentives**: Strengthening internal incentives and assessments to boost performance in revenue recognition and order fulfillment [6] Market Dynamics - **Electricity Price Impact**: The impact of electricity price changes on wind and solar businesses was noted, with wind energy being less affected compared to solar [7][10] - **Solar Market Recovery**: After September, the solar market began to recover, particularly in the commercial sector, with investment returns stabilizing [2][10] Inventory and Liabilities - **High Inventory and Contract Liabilities**: The company is experiencing high levels of inventory and contract liabilities due to the abandonment of low-margin orders and market policy impacts, leading to delays in shipment and revenue recognition [8] Energy Storage Business - **Rapid Growth**: The energy storage segment is growing rapidly but faces intense competition [13] - **Product Line**: The company offers a range of products including commercial storage, centralized storage PCS, and liquid cooling products, with plans to expand into overseas markets [14][15] - **Future Goals**: The target for energy storage capacity is set at 2-3 GW for 2026 [16] Fusion Power Sector - **Long-term Commitment**: The company has been involved in fusion power projects since 2006, with a focus on developing specialized power supply solutions [8] - **Future Developments**: Plans to establish a dedicated department or subsidiary for fusion-related business are under consideration [8] Solid-State Transformer (SST) Development - **Technological Advancements**: The company has been working on solid-state transformer technology, which is expected to become viable due to advancements in materials and components [18][19] - **Market Applications**: Target applications include data centers and electric vehicle charging stations, with a mature product expected to launch in 2026 [19] Overseas Expansion - **International Growth**: The establishment of an overseas division has led to increased international sales, with products now used in over 70 countries [20] - **Future Plans**: Continued focus on expanding the overseas team and market presence is planned for the coming years [20] Additional Important Insights - **Supply Chain Localization**: The company has successfully localized its supply chain for key components, reducing reliance on imports [12] - **Market Resilience**: Despite challenges, the solar industry has shown resilience, with expectations for overall sales growth in the sector [10]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][3][4] Financial Data - The financial statements for the third quarter are unaudited [3][8] - The company has repurchased a total of 2,041,139 shares, accounting for 1.44% of the total share capital, with a total expenditure of approximately RMB 44.99 million [6] - The net profit of the merged entity for the current period is RMB 3,796,435.53, compared to RMB 1,866,539.38 in the previous period [7] Shareholder Information - The company does not have any changes in the top ten shareholders or significant shareholders participating in the securities lending business [5][6]

Core Insights - The company reported a revenue of 1.217 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 6.62% [1] - The net profit attributable to the parent company was 83.03 million yuan, down 33.54% year-on-year [1] - The non-recurring net profit was 78.996 million yuan, reflecting a decrease of 29.79% compared to the previous year [1] - The basic earnings per share stood at 0.60 yuan [1]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter of 2025, primarily due to market reforms in the new energy sector affecting customer project timelines and pricing pressures on products [1] Financial Performance - The company's third-quarter revenue was 347 million yuan, a year-on-year decrease of 28.75% [1] - Net profit for the third quarter was 22.86 million yuan, down 50.39% year-on-year [1] - For the first three quarters of 2025, total revenue reached 1.217 billion yuan, reflecting a year-on-year decline of 6.62% [1] - Net profit for the first three quarters was 83.03 million yuan, a decrease of 33.54% year-on-year [1] - Basic earnings per share stood at 0.6 yuan [1] Market Impact - The decline in performance is attributed to the impact of market-oriented reforms in new energy pricing, leading some customers to delay or postpone project grid connections to avoid potential losses from price fluctuations [1] - The company faces downward pressure on product prices, which has resulted in reduced gross margins and further squeezed profit margins [1]

格隆汇10月24日丨新风光(688663.SH)公布，公司第三季度实现营业收入3.47亿元，同比下降28.75%； 归属于上市公司股东的净利润2286.43万元，同比下降50.39%；归属于上市公司股东的扣除非经常性损 益的净利润2201.36万元，同比下降42.22%；基本每股收益0.17元。 ...

新风光电子科技股份有限公司 2025 年第三季度报告 新风光电子科技股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 346,581,142.53 | -28.75 | 1,217,002,773.42 | -6.62 ...

Group 1 - The company's third-quarter revenue is 347 million, a decrease of 28.75% [1] - The net profit for the third quarter is 22.86 million, down 50.39% [1] - For the first three quarters, the revenue totals 1.217 billion, a decline of 6.62% [1] Group 2 - The net profit for the first three quarters is 83.03 million, a decrease of 33.54% [1]

Core Insights - The nuclear fusion industry is expected to see a collaborative push in policy, technology, and capital by 2025, with significant breakthroughs in plasma duration and commercial tritium production in countries like Germany and the UK [2] - The global investment scale is set to explode, with private capital leading the way, particularly in the US and Europe, while China accelerates its efforts [2] Group 1: Industry Developments - TAE Technologies has simplified its technology to reduce system costs, raising a total of $1.35 billion and planning to advance prototype reactors and power plants [3] - Helion has completed its Trenta device and is currently building the Polaris, with plans to supply power to Microsoft by 2028, having raised over $1 billion [3] - Domestic pioneers like Hanhai Energy have built the HHMAX-901 device, focusing on commercialization in both power generation and non-power sectors [3] Group 2: FRC Technology - FRC (Field-Reversed Configuration) is emerging as a new path in magnetic confinement fusion, offering unique advantages such as high energy efficiency and lower construction costs compared to traditional technologies [2] - The engineering realization of FRC is simpler, with construction costs estimated to be only 1/5 to 1/10 of that of Tokamak systems [2] Group 3: Investment Recommendations - Companies to watch in the nuclear fusion sector include core component suppliers like Guoguang Electric (688776.SH), Xuguang Electronics (600353.SH), and Guoli Co. (688103.SH), as well as power supply firms like Xinfengguang (688663.SH) and Yingjie Electric (300820.SZ) [3]

Group 1 - The global nuclear fusion sector is expected to see a collaborative advancement of policy, technology, and capital by 2025, with private capital leading the way, primarily in the US and Europe, while China accelerates its efforts [1] - Significant breakthroughs in plasma duration and commercial tritium production have been achieved in countries like Germany and the UK, with many nations launching investment plans to expedite commercialization [1] - The FRC (Field-Reversed Configuration) technology is emerging as a promising path in magnetic confinement fusion, showcasing unique advantages such as high energy efficiency and lower construction costs compared to traditional methods [2] Group 2 - TAE Technologies has raised $1.35 billion and is advancing its prototype and power plant, while Helion has built the Trenta device and plans to supply power to Microsoft by 2028, having raised over $1 billion [3] - Domestic pioneers like Hanhai Fusion and Xingneng Xuanguang are making strides in commercializing FRC technology, with plans for large-scale power plants by 2035 [3] - Key companies to watch in the nuclear fusion supply chain include Guoguang Electric, Xuguang Electronics, and Guoli Co., among others, which are involved in core component supply and power systems [4]

Core Insights - Liu Jingkang, CEO of Yingshi Innovation, acknowledged criticism regarding recent controversies but assured that promised benefits will be delivered [2] - Yingshi Innovation's market share increased from 28.4% in 2023 to 35.6% in 2024, while DJI's market share decreased from 19.1% to 13.2% during the same period [4] - Yingshi Innovation's revenue growth is showing signs of slowing down, with a projected revenue of 55.74 billion yuan in 2024, reflecting a growth rate of 53.29% [4] Company Performance - Yingshi Innovation's revenue for 2022, 2023, and 2024 is reported as 20.41 billion yuan, 36.36 billion yuan, and 55.74 billion yuan, with growth rates of 53.66%, 78.16%, and 53.29% respectively [4] - In Q1 2025, Yingshi Innovation achieved a revenue of 13.55 billion yuan, marking a year-on-year growth of 40.70%, indicating a decline in growth rate [4] - For the first half of 2025, Yingshi Innovation reported total revenue of 36.71 billion yuan, a year-on-year increase of 51.17%, but net profit attributable to shareholders was only 5.2 billion yuan, reflecting a slight increase of 0.25% [4] Competitive Landscape - The competition between Yingshi Innovation and DJI has intensified, with Yingshi entering the drone market and planning to launch the world's first panoramic drone [5] - DJI responded quickly by introducing panoramic camera products to directly compete with Yingshi's core business [5]