Core Viewpoint - Zhongheng Electric experienced a 2.09% increase in stock price on September 17, with a trading volume of 2.157 billion yuan, indicating positive market sentiment towards the company [1] Financing and Trading Data - On September 17, Zhongheng Electric had a financing buy-in amount of 228 million yuan and a financing repayment of 182 million yuan, resulting in a net financing buy of 46.1341 million yuan [1] - As of September 17, the total financing and securities balance for Zhongheng Electric was 587 million yuan, which accounts for 3.34% of its circulating market value [1] - The company had no short selling activity on September 17, with a short selling balance of 0 [1] Company Overview - Zhongheng Electric, established on July 11, 2001, and listed on March 5, 2010, is located in Hangzhou, Zhejiang Province [1] - The company's main business involves the research, development, production, sales, and service of high-frequency switch power supply systems, with key products including communication power systems and power operation power systems [1] - The revenue composition of Zhongheng Electric includes: data center power supply (45.66%), power operation power systems (19.60%), communication power systems (19.22%), software development and services (11.47%), other (2.87%), and power management services and engineering income (1.17%) [1] Financial Performance - For the first half of 2025, Zhongheng Electric reported a revenue of 891 million yuan, representing a year-on-year growth of 14.27% [2] - The net profit attributable to the parent company was 47.4826 million yuan, showing a year-on-year decrease of 30.19% [2] Shareholder Information - As of June 30, 2025, Zhongheng Electric had 75,000 shareholders, a decrease of 4.59% from the previous period [2] - The average circulating shares per person increased by 4.81% to 7,439 shares [2] - Cumulative cash dividends since the company's A-share listing amount to 527 million yuan, with 84.3543 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, D. Morgan Digital Economy Mixed A (017102) is the third largest, holding 9.8227 million shares, an increase of 2.9290 million shares from the previous period [3]

Core Insights - The article highlights the critical role of energy efficiency in the expansion of AI data centers, with Super X (SUPX.US) emerging as a key player through a strategic partnership aimed at addressing energy supply challenges [1][2][9] - Super X's collaboration with Zhongheng Electric aims to establish a joint venture, "SuperX Digital Power," to tackle urgent power supply issues in AI data centers globally, excluding mainland China, Hong Kong, and Macau [2][3] Energy Efficiency and Technology - The partnership focuses on HVDC technology, which significantly improves energy efficiency by reducing energy loss and total cost of ownership (TCO) compared to traditional AC systems [3][4] - HVDC technology has been validated through extensive deployment in major Chinese telecom and internet companies, achieving over 96% energy efficiency and reducing TCO by more than 20% [3][4] Market Positioning and Growth Potential - Super X is positioned to capitalize on the growing demand for AI computing power, with projections indicating that power consumption in data centers will exceed 100kW per cabinet, necessitating HVDC as a critical solution [4][8] - The company aims to provide a comprehensive solution that integrates power supply, cooling, and computing capabilities, enhancing customer value and operational efficiency [5][6] Competitive Advantage - The integration of HVDC technology with Super X's AI infrastructure solutions creates a unique, non-replicable competitive barrier, allowing for optimized energy management and system stability [6][7] - Super X's global reach and established channels enable it to quickly respond to the surging demand for AI data centers, particularly in North America, Europe, and Southeast Asia [7][9] Strategic Vision - Super X is not just a service provider but aims to set new standards for AI infrastructure, focusing on the vertical integration of computing and energy solutions [8][9] - The company's approach aligns with global trends towards green energy solutions, enhancing its appeal to investors and clients focused on sustainability [7][8]

Core Insights - The article highlights that energy efficiency has become a critical bottleneck for the global expansion of AI data centers, particularly as AI computing power enters a phase where single cabinet power consumption exceeds 100 kW [1][3] - Super X is positioned as a key player in addressing this challenge through a strategic partnership with China’s leading digital energy company, Zhongheng Electric, to establish a joint venture focused on high-efficiency AI data centers [3][11] - The collaboration aims to redefine the core technology of next-generation AI data centers, leveraging Zhongheng Electric's expertise in HVDC technology to significantly reduce energy loss and total cost of ownership (TCO) [4][11] Group 1: Strategic Partnership - Super X and Zhongheng Electric announced the formation of a joint venture, "SuperX Digital Power," to tackle urgent power supply issues in AI data centers globally, excluding mainland China, Hong Kong, and Macau [3][4] - The partnership is not merely an extension of business but a strategic positioning in the core technology of next-generation AI data centers, with Zhongheng Electric being a leader in HVDC technology [4][5] Group 2: Technological Advantages - Zhongheng Electric's HVDC solutions have been widely deployed in major data centers of top operators and internet giants in China, achieving an end-to-end energy efficiency breakthrough of over 96%, which is more than 20% lower in TCO compared to traditional AC architectures [4][5] - The integration of HVDC technology with Super X's AI servers and liquid cooling systems creates a unique synergy that enhances power efficiency and system stability, providing a competitive edge in the market [8][11] Group 3: Market Positioning - Super X's joint venture fills a significant gap in the market for high-efficiency, fast-deployment power solutions for AI data centers, leveraging its global channels and mature technology [11][13] - The partnership aligns with the global trend towards "green computing," as Zhongheng Electric's HVDC solutions not only reduce costs but also minimize energy waste, appealing to ESG-conscious investors [11][13] Group 4: Investment Potential - Super X's investment value lies in its proactive positioning for the next generation of AI computing infrastructure, focusing on the integration of computing power and energy solutions [13] - The company is expected to benefit from the doubling demand for AI computing power annually, with its integrated solutions likely to translate into sustained revenue and profit growth [13]

Core Insights - Zhongheng Electric (002364) announced a joint venture with SuperX to establish SuperX Digital Power Pte. Ltd., with Enervell holding 20% and SuperX holding 40% of the joint venture [1] - The collaboration aims to create the "SuperX Digital Power" brand for HVDC and ecological products in overseas markets, leveraging both parties' strengths in customer resources and technology [1][2] Company Overview - Zhongheng Electric is a leading player in HVDC technology in China, with its solutions deployed in major data centers of top operators and internet giants like China Mobile, Alibaba, and Tencent [2] - The joint venture will introduce Zhongheng's HVDC power supply technology to meet the core demands of future AI data centers, focusing on green, efficient, and high-density solutions [2] Market Potential - HVDC technology offers significant advantages, including improved energy efficiency, higher power density, smaller footprint, greater system reliability, and a reduction in total cost of ownership (TCO) by over 20% [2] - With the upcoming launch of NVIDIA's Rubin Ultra NVL576, which will have a power consumption of 600kW per cabinet, HVDC is becoming essential for next-generation AI data centers, indicating substantial market demand [2] Strategic Benefits - For SuperX, Zhongheng Electric not only provides financial support but also access to its extensive resources and application scenarios in the Chinese market, facilitating rapid technology iteration and commercialization [3] - The partnership will expand SuperX's business scope from AI servers and cooling solutions to the core of data centers—power distribution systems, enhancing Zhongheng's international market entry [3] Technological Integration - The joint venture will enable SuperX to launch HVDC products that are deeply integrated with AI servers and cooling solutions, creating a comprehensive technology advantage in performance and competitive TCO [3] - SuperX's CTO emphasized that the collaboration represents a deep synergy in technology roadmaps, setting a new global standard for high-efficiency AI data centers while enabling clients to scale their computing resources sustainably [3]

Core Viewpoint - The company has approved a joint investment with related parties to establish a new joint venture, SuperX Digital Power Pte. Ltd., aimed at expanding its overseas business in the HVDC product market [5][24]. Summary by Sections 1. Meeting and Approval - The company's ninth board meeting was held on September 15, 2025, where the proposal for the joint investment was approved with 5 votes in favor, 0 against, and 2 abstentions [1][9]. 2. Investment Details - The total investment for the joint venture is SGD 2 million, with the company's subsidiary, Enervell Power Pte. Ltd., contributing SGD 400,000 [2][6]. - The shareholding structure post-investment will be: Enervell (20%), Super X (40%), Zhu Yikun (10%), Xu Feifei (10%), and Jovail (20%) [6][17]. 3. Related Parties - Zhu Yikun and Xu Feifei are identified as related parties due to their connections to the company's actual controller and chairman [7][11]. 4. Purpose of the Investment - The investment aims to leverage the strengths of all parties involved to explore opportunities in the overseas data center market and enhance the company's international competitiveness [24]. 5. Governance and Management - The joint venture will have a board of directors and will be managed by a CEO appointed jointly by Super X and Enervell [18][20]. 6. Financial Implications - The joint venture will not be consolidated into the company's financial statements and will not affect the company's overall financial condition significantly [6][23]. 7. Independent Directors' Opinion - Independent directors support the investment, stating it aligns with the company's long-term strategy and does not harm the interests of minority shareholders [26].

Core Viewpoint - The newly established joint venture "SuperX Digital Power" aims to integrate the strengths of SuperX and Zhongheng Electric to provide high-voltage direct current (HVDC) solutions globally, addressing the high energy consumption challenges of AI computing and offering more efficient and cost-effective energy solutions for next-generation data centers [1][2]. Group 1: Joint Venture Formation - SuperX AI Technology Limited has signed a joint venture agreement with Zhongheng Electric to create SuperX Digital Power Pte. Ltd. in Singapore, focusing on HVDC solutions for global markets excluding mainland China, Hong Kong, and Macau [1][2]. - This strategic collaboration marks SuperX's vertical integration from AI infrastructure to core energy technology, targeting the exponential growth of energy consumption in the AI era [2]. Group 2: HVDC Technology Advantages - HVDC technology simplifies the power supply chain, achieving "direct current to the end," which significantly reduces energy loss and operational costs compared to traditional AC systems [3][4]. - The core advantages of HVDC include improved energy efficiency, with end-to-end efficiency rising from approximately 85-90% to over 96%, and a reduction in physical space requirements by up to 50% [5][6]. Group 3: Strategic Value for SuperX - The partnership enhances SuperX's capabilities, allowing it to offer a comprehensive "one-stop" solution that includes power supply systems, thereby increasing its competitiveness in the market [6]. - By integrating HVDC products with AI servers and liquid cooling solutions, SuperX can create a unique technology barrier, providing unmatched performance and total cost of ownership (TCO) benefits [6]. - The collaboration enables SuperX to leverage Zhongheng Electric's advanced technology to quickly respond to global demand for efficient AI data centers, helping clients gain a competitive edge [6]. Group 4: Industry Context - The increasing power demands of next-generation GPUs, such as NVIDIA's upcoming Rubin Ultra NVL576, which is expected to reach 600kW per cabinet, highlight the necessity of HVDC solutions in future AI data centers [4]. - Zhongheng Electric is recognized as a leader in HVDC technology in China, with its solutions already deployed in major data centers operated by top companies like Alibaba and Tencent, demonstrating long-term stability and reliability [4][5].

Core Viewpoint - SuperX AI Technology Limited has formed a joint venture with Zhonhen Electric to create SuperX Digital Power, focusing on High-Voltage Direct Current (HVDC) solutions to address the high energy consumption of AI computing globally, excluding Mainland China, Hong Kong, and Macau [2][3][9]. Company Overview - SuperX AI Technology Limited is an AI infrastructure solutions provider, offering a range of products and services for AI data centers, including high-performance AI servers and HVDC solutions [11]. - Zhonhen Electric is a leading provider of HVDC technology in China, with established trust among major technology and telecom companies [6][10]. Joint Venture Details - The joint venture, SuperX Digital Power Pte. Ltd., aims to integrate Zhonhen Electric's HVDC technology with SuperX's AI infrastructure expertise, creating a comprehensive "Compute + Power" solution [3][8]. - This partnership is expected to enhance SuperX's capabilities, allowing it to offer a fully optimized solution from power-in to model-out, thereby gaining a competitive edge [13]. Technological Advantages - HVDC technology simplifies power distribution, reducing energy losses from approximately 10-15% in traditional systems to over 96% efficiency, significantly lowering operational expenditures [4][7]. - The new architecture allows for higher power density and a smaller footprint, potentially freeing up to 50% of facility space for additional AI servers [7]. Market Positioning - The collaboration positions SuperX to meet the urgent demand for energy-efficient AI data centers, providing a first-mover advantage in the global market [13]. - The partnership is seen as a strategic move to establish a new global standard for energy-efficient AI data centers, enhancing operational efficiency and reducing environmental impact [9].

格隆汇9月15日丨中恒电气(002364.SZ)公布，为推进海外业务发展，公司新加坡全资子公司 EnervellPowerPte.Ltd.（简称"Enervell"）、SuperXAISolutionLimited（简称"SuperX"）、朱一鲲先生、胥 飞飞先生以及自然人ONGCAIPING,JOVAIL(简称"Jovail")签订合资协议，拟共同对 SuperXDigitalPowerPte.Ltd.（简称"SuperXDigital"或"合资公司"）进行投资,总投资金额为200万新加坡 元。其中，Enervell、SuperX、朱一鲲先生（或其控制的主体）、胥飞飞先生（或其控制的主体）、 Jovail将分别以40万新加坡元（折合人民币约为222万元）、80万新加坡元、20万新加坡元（折合人民币 约为111万元）、20万新加坡元（折合人民币约为111万元）、40万新加坡元向合资公司进行投资，对应 分别持有合资公司20%、40%、10%、10%、20%的股权。（以上新加坡元按照2025年9月12日银行间外 汇市场人民币汇率中间价1新加坡元对人民币5.5417元折算）本次投资完成后合资公司将成为公司的参 股公 ...

Group 1 - The core point of the article is that Zhongheng Electric (SZ 002364) held its third board meeting of the ninth session on September 15, 2025, to discuss significant investment and related party transactions [1] - The company's revenue composition for the first half of 2025 is as follows: communication accounts for 64.89%, electricity for 20.77%, software for 11.47%, and others for 2.87% [1] - As of the report, Zhongheng Electric has a market capitalization of 17.4 billion yuan [1]

Core Viewpoint - The company is advancing its overseas business development by signing a joint venture agreement to invest in SuperXDigitalPowerPte.Ltd, with a total investment of 2 million Singapore dollars [1][2]. Group 1: Investment Details - The investment will be made by Enervell, SuperX, and individuals Zhu Yikun and Xu Feifei, along with natural person Ong Caiping and Jovail, with respective contributions of 400,000, 800,000, 200,000, 200,000, and 400,000 Singapore dollars [1]. - The equity stakes in the joint venture will be distributed as follows: Enervell 20%, SuperX 40%, Zhu Yikun 10%, Xu Feifei 10%, and Jovail 20% [1]. - The total investment amount is equivalent to approximately 11.1 million RMB based on the exchange rate of 1 Singapore dollar to 5.5417 RMB [1]. Group 2: Strategic Objectives - The core objective of the investment is to leverage the strengths of all parties involved in customer resources and technology reserves to jointly explore the overseas HVDC product market [2]. - The company aims to focus on collaborative development through partner resources to expand its business growth path, with no current plans to acquire a controlling stake in the joint venture [2]. - A comprehensive post-investment management and supervision mechanism will be established to continuously monitor the operational and financial status of the joint venture [2].