Core Viewpoint - The company has received small batch orders for AI server power supplies, but these orders are not expected to significantly impact the company's performance for the fiscal year 2025 [1]. Group 1: Company Orders and Performance - As of August 30, 2025, the company has received small batch orders for AI server power supplies [1]. - The total amount of these orders is relatively small, and the production and delivery schedule will depend on specific customer demand [1]. - The company anticipates that these orders will not have a major impact on its performance for the fiscal year 2025 [1]. Group 2: Future Disclosures - The company will disclose any significant developments related to key projects in accordance with relevant information disclosure rules [1]. - Investors are encouraged to monitor the company's periodic reports or temporary announcements for updates on recent orders and performance [1].

Group 1 - The data center power supply sector experienced a significant decline in early trading on October 17, with several companies hitting their daily limit down [1] - Companies such as Igor and Zhongheng Electric reached their limit down, while Jinpan Technology fell nearly 10% [1] - Other companies in the sector, including Kelon Electronics, Yingweik, Sunshine Power, Shenghong Co., and Magmi Tech, also reported notable declines [1]

Core Viewpoint - The announcement from Magmiit indicates that all guarantees provided by the company are solely for subsidiaries within the consolidated financial statements, with no guarantees extended to external entities [1] Group 1 - The company confirmed that it has not provided any guarantees to entities outside the scope of the consolidated financial statements [1] - There are no overdue guarantees or guarantees involved in litigation, nor any losses incurred due to guarantees resulting in adverse judgments [1]

Core Viewpoint - The company, Magmi Tech, announced on October 15, 2025, that it will continue to utilize part of its idle raised funds for cash management to improve the efficiency of fund usage while ensuring project funding needs are met [1] Group 1: Cash Management of Idle Funds - The company has set a cash management limit of no more than 100 million yuan for idle funds from the 2019 convertible bonds and 300 million yuan for the 2022 convertible bonds, with a maximum term of 12 months [1] - The company has successfully redeemed investments made with idle funds, including a total of 2 million yuan invested in structured deposits with Shanghai Pudong Development Bank, yielding a return of 97,111.11 yuan by October 9, 2025 [2] - Another 2 million yuan was invested in a different structured deposit with the same bank, yielding a return of 32,222.22 yuan by the announcement date [2] Group 2: 2019 Convertible Bonds Cash Management - The company issued a total of 655 million yuan in convertible bonds in 2019, and has utilized idle funds for cash management, achieving a total return of 872,333.33 yuan from a rolling amount of 60 million yuan over the past twelve months [4] - The cash management products included a structured deposit with a guaranteed principal and an expected annual yield of 0.7% to 2.35% [2] Group 3: 2022 Convertible Bonds Cash Management - In 2022, the company issued convertible bonds totaling 1.22 billion yuan, with cash management activities yielding a total return of 1,556,153.37 yuan from a rolling amount of 213 million yuan [4] - The cash management products included a one-year CD with an expected annual yield of 1.70% and a six-month CD with an expected yield of 1.35% [3] Group 4: Risk Management and Company Impact - The company has implemented several risk control measures for its cash management activities, including financial department evaluations and independent oversight by directors and supervisors [4] - The use of idle funds for low-risk financial products is expected to enhance fund efficiency and asset returns without affecting the cash flow for project investments [4]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、被担保人：杭州乾景科技有限公司; 证券代码：002851 证券简称：麦格米特 公告编号：2025-080 深圳麦格米特电气股份有限公司 关于公司为子公司提供担保的进展公告 2、截至本公告日，本年度公司对资产负债率超过 70%的子公司提供担保的 余额为 4.1 亿元，占公司最近一期经审计净资产的 6.59%，提请投资者关注担保 风险； 3、公司全部担保事项仅为对合并报表范围内子公司提供的担保，公司及下 属子公司无对合并报表外单位提供担保的事项。 一、担保进展情况 深圳麦格米特电气股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第五届董事会第十七次会议及第五届监事会第十六次会议、于 2025 年 5 月 20 日召开了 2024 年年度股东大会，审议通过了《关于公司 2025 年度为全资 及控股子公司提供担保额度预计的议案》，根据公司全资及控股子公司的生产经 营资金需求，于 2024 年年度股东大会通过之日起，至 2025 年年度股东大会召开 之日期间，公司计划为下属子公司提供总 ...

证券代码：002851 证券简称：麦格米特 公告编号：2025-079 深圳麦格米特电气股份有限公司 关于继续使用部分闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、使用 2019 年公开发行可转换公司债券部分闲置募集资金进行现金管理 情况 深圳麦格米特电气股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日分别召开了第五届董事会第十七次会议、第五届监事会第十六次会议，并于 2025 年 5 月 20 日召开了 2024 年年度股东大会，会议审议通过了《关于使用暂 时闲置的募集资金进行现金管理的议案》，为提高募集资金使用效率，降低公司 财务成本，促进公司经营业务发展，在遵循股东利益最大化的原则并保证募集资 金投资项目建设资金需求的前提下，同意公司使用额度不超过 1 亿元 2019 年可 转换公司债券暂时闲置募集资金进行现金管理，期限不超过 12 个月且上述资金 额度在 2024 年年度股东大会决议有效期内可滚动使用。具体内容详见公司 2025 年 4 月 29 日公布在巨潮资讯网（www.cninfo.com. ...

Group 1 - The core point of the article highlights the recent decline in Magmi's stock price, which has dropped 1.73% to 69.26 CNY per share, with a total market capitalization of 37.933 billion CNY and a cumulative decline of 12.06% over the past five days [1] - Magmi's main business includes the research, development, production, and sales of smart home appliance control products (45.92%), power products (24.77%), new energy and rail transit components (10.87%), industrial automation (8.32%), smart equipment (5.09%), precision connections (4.37%), and other supplementary products (0.66%) [1] - The company is located in Shenzhen, Guangdong Province, and was established on July 29, 2003, with its listing date on March 6, 2017 [1] Group 2 - From the perspective of fund holdings, one fund under Galaxy Fund has a significant position in Magmi, with the Galaxy Core Advantage Mixed A fund reducing its holdings by 5,000 shares, now holding 132,800 shares, which accounts for 7.48% of the fund's net value [2] - The Galaxy Core Advantage Mixed A fund has experienced a floating loss of approximately 162,000 CNY today and a total floating loss of 1.2616 million CNY during the five-day decline [2] - The fund was established on July 22, 2022, with a current scale of 88.4021 million CNY, and has achieved a year-to-date return of 25.69% [2]

Investment Rating - The report provides a strong buy recommendation for several companies in the HVDC and power equipment sector, including Kehua Data, Kstar, Sungrow, and others [3][8]. Core Insights - The report highlights the transition from traditional UPS systems to HVDC as a key trend for powering large data centers, driven by increasing ICT equipment power density and the limitations of existing UPS technology [1][9]. - It emphasizes the opportunity for Chinese companies to participate in the HVDC supply chain, particularly as overseas firms seek collaboration and outsourcing due to the rapid evolution of technology [1][43]. Industry Overview - The industry consists of 303 listed companies with a total market capitalization of 7,321.6 billion [4]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 12-month increase of 45.3% [6]. Key Companies and Financial Metrics - Kehua Data (002335.SZ): Market Cap 35.6 billion, 2025 EPS 1.18, PE 58.3, Investment Rating: Strong Buy [3]. - Kstar (002518.SZ): Market Cap 24.4 billion, 2025 EPS 0.99, PE 42.2, Investment Rating: Strong Buy [3]. - Sungrow (300274.SZ): Market Cap 303.8 billion, 2025 EPS 6.59, PE 22.2, Investment Rating: Strong Buy [3]. - Other notable companies include Megmeet, Shenghong, and Hewei Electric, all receiving strong buy ratings [3][8]. HVDC Technology Adoption - The report discusses the shift towards HVDC systems as a more efficient alternative to UPS, particularly for large-scale data centers, highlighting the advantages of reduced energy conversion losses and lower copper usage [31][34]. - It notes that the efficiency of HVDC systems can be 2-3% higher than traditional UPS systems, with significant reductions in copper requirements [31][34]. Opportunities for Chinese Companies - The report identifies potential opportunities for Chinese firms to engage in OEM and direct supply for HVDC systems, as established overseas companies look to leverage local expertise and manufacturing capabilities [1][54]. - Companies like Kehua Data, Megmeet, and Kstar are positioned to benefit from this trend due to their existing technological capabilities and market presence [55][56]. Related Companies - The report highlights several companies involved in HVDC technology and related components, including: - Kehua Data: Leading in HVDC solutions for various data center applications [55]. - Megmeet: Established in server power supply and expanding into HVDC [56]. - Kstar: Strong background in power electronics and renewable energy solutions [57]. - Sungrow: Notable for its global leadership in power electronics and potential in HVDC [58]. - Hewei Electric: Focused on high-power electronics and emerging HVDC applications [61].

Core Viewpoint - The company, Magmi Tech (002851), focuses on power electronics and related control technologies, specializing in the conversion and automation control of electrical energy [1] Group 1: Company Overview - Magmi Tech is an electrical automation company based on power electronics and related control technologies [1] - The company emphasizes the conversion of four types of electrical energy forms (AC/DC) and the adjustment of parameters such as voltage and frequency, which are core technological platforms [1] - There are relevant technological layouts and matching products for multiple industry application scenarios [1]

Core Viewpoint - The company, Magmi Tech (002851), is a power electronics manufacturing enterprise with a well-established production capacity both domestically and internationally, including a gradually operational self-built capacity in Thailand [1] Group 1 - The company is focused on enhancing capacity utilization and promoting lean production to improve equipment utilization and production efficiency [1] - The current capacity construction and layout of the company utilize flexible production line design, allowing for adaptability to various product manufacturing demands [1] - The production pace and batch sizes can be adjusted flexibly according to market demand changes [1]