Core Viewpoint - The company, KOTAI Power (300153), is focusing on expanding its domestic and international markets while ensuring flexible production capacity based on order demands and main engine resources [1] Group 1 - The company's generator products include large, medium, and small power segments, with relatively flexible production capacity [1] - The company aims to reasonably arrange production capacity to better ensure product delivery [1]

Group 1 - The core point of the article is that KOTAI Power (300153.SZ) announced its intention to sell its stake in Guangzhou Zhiguang Energy Technology Co., Ltd. (referred to as "Zhiguang Energy") through a share issuance and cash payment [1] - KOTAI Power currently holds a 5.1799% stake in Zhiguang Energy [1] - The transaction is in the planning stage, with a framework agreement signed on September 26, 2025, between KOTAI Power, Zhiguang Electric, and Zhiguang Energy [1]

Core Viewpoint - The company holds a 5.1799% stake in Guangzhou Zhiguang Energy Storage Technology Co., Ltd. and is in preliminary discussions for a potential acquisition by Zhiguang Electric through share issuance and cash payment [1] Group 1 - The company has signed a framework agreement for the purchase of assets with Zhiguang Electric and Zhiguang Energy Storage on September 26, 2025 [1] - The transaction is currently in the planning stage as of the date of the announcement [1]

Core Viewpoint - KOTAI Power (300153.SZ) holds a 5.1799% stake in Guangzhou Zhiguang Energy Technology Co., Ltd. (referred to as "Zhiguang Energy") and is in discussions for a potential acquisition of its stake by Guangzhou Zhiguang Electric Co., Ltd. (referred to as "Zhiguang Electric") through a combination of share issuance and cash payment [1] Group 1 - KOTAI Power has signed a framework agreement on September 26, 2025, with Zhiguang Electric and Zhiguang Energy for the acquisition of its stake [1] - The transaction price for the assets will be based on an asset valuation report from a qualified asset appraisal institution, in accordance with the Securities Law [1] - The final transaction terms will be negotiated and specified in a formal agreement between the parties involved [1]

证券代码：300153 证券简称：科泰电源 公告编号：2025-036 上海科泰电源股份有限公司 关于签署框架协议暨交易处于筹划阶段的 提示性公告 1 / 4 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1. 本次签署的框架协议仅代表了各方达成的交易意向，不具有 法律约束力，本次交易的具体方案及相关条款由相关交易各方另行协 商并签署正式文件确定。本次协议的履行及其后续协议的签订和履行 存在一定不确定性，敬请广大投资者注意投资风险。 2. 本次签署的框架协议不涉及具体金额。对公司本年度以及未 来各会计年度财务状况、经营成果的影响，需视具体项目的推进和实 施情况而定。 一、合同签署概况 上海科泰电源股份有限公司（以下简称"公司"）持有广州智光 储能科技有限公司（以下简称"智光储能"）5.1799%的股权。经各方 初步协商，广州智光电气股份有限公司（以下简称"智光电气"）拟 通过发行股份及支付现金（如有）的方式收购公司持有的智光储能全 部或部分股权（以下简称"标的资产"）。2025 年 9 月 26 日，公司与 智光电气、智光储能签署《发行股份及支 ...

Core Viewpoint - KOTAI Power (300153.SZ) announced a framework agreement for the acquisition of its stake in Zhiguang Energy by Zhiguang Electric and Zhiguang Storage through the issuance of shares and cash payment, indicating a strategic move in the energy sector [1] Group 1 - The transaction does not constitute a related party transaction or a major asset restructuring [1] - The deal is currently in the planning stage, with specific terms and formal agreements to be negotiated and signed later [1]

Group 1 - The company has signed a framework agreement with Zhiguang Electric and Zhiguang Energy for the acquisition of all or part of the equity held by the company in Zhiguang Energy through the issuance of shares and cash payment [1] - The signed framework agreement represents the intention of the parties involved and is not legally binding, with specific transaction details and terms to be negotiated and formalized later [1] - The transaction is still in the planning stage, and its impact on the company's financial status and operating results will depend on the progress of the project [1]

Group 1 - The core point of the news is that KOTAI Power's stock price dropped by 5.08% to 40.15 CNY per share, with a trading volume of 1.117 billion CNY and a turnover rate of 8.53%, resulting in a total market capitalization of 12.848 billion CNY [1] - KOTAI Power, established on June 19, 2002, and listed on December 29, 2010, specializes in the development, design, production, and sales of intelligent environmental power supply equipment, providing technical consulting, training, installation, and maintenance services [1] - The main revenue sources for KOTAI Power include: 88.96% from low-noise diesel generator sets, 6.68% from installation and labor services, 2.67% from other renewable energy sales, 1.62% from equipment and factory leasing, and 0.06% from other sources [1] Group 2 - From the perspective of KOTAI Power's top ten circulating shareholders, a fund under GF Fund ranks among the top shareholders, with GF Multi-Emerging Stocks (003745) newly entering the top ten in the second quarter, holding 1.7785 million shares, accounting for 0.56% of circulating shares [2] - The fund GF Multi-Emerging Stocks (003745) was established on April 24, 2017, with a latest scale of 1.832 billion CNY, achieving a year-to-date return of 39.99% and a one-year return of 70.98% [2] - The fund manager of GF Multi-Emerging Stocks is Zhou Zhishuo, who has been in the position for 5 years and 10 days, managing assets totaling 19.1 billion CNY, with the best fund return during his tenure being 47.06% [3] Group 3 - GF Multi-Emerging Stocks (003745) holds 1.7785 million shares of KOTAI Power, which accounts for 3.29% of the fund's net value, making it the sixth-largest holding, with an estimated floating loss of approximately 3.8238 million CNY [4]

Investment Rating - The report maintains a positive outlook on the AIDC diesel generator market, indicating high demand and potential for domestic manufacturers to replace foreign counterparts [2]. Core Insights - Diesel generators are a key growth point for diesel engines, with applications in remote power supply, data centers, and industrial facilities [2][18]. - The demand for diesel generators is expected to accelerate due to increased capital expenditure (CAPEX) in the AI sector, with North American CSPs projected to spend approximately $340 billion in 2025, a 49% year-on-year increase [2][30]. - The domestic diesel generator market is currently dominated by foreign and joint-venture companies, which hold an 83% market share, leaving significant room for domestic manufacturers to grow [2][41]. - Investment recommendations include focusing on companies like Weichai Power, Yuchai International, and Weichai Heavy Machinery, which are well-positioned to benefit from the market dynamics [2]. Industry Trends - The AIDC infrastructure is experiencing high demand, with diesel generators playing a critical role in ensuring power reliability for data centers [5][18]. - The diesel engine market is closely tied to the commercial vehicle cycle, with generator sales showing consistent growth [11][12]. - The market for diesel generators is projected to reach 12.5 billion yuan in 2025, reflecting a 53% year-on-year increase, with a compound annual growth rate (CAGR) of 22% from 2024 to 2028 [34]. Market Dynamics - The global diesel generator market is expected to grow from $3 billion in 2023 to $12 billion by 2030, with a CAGR of 22% [17][34]. - The report highlights that diesel generators account for 2-3% of the capital expenditure for large data centers, emphasizing their importance in infrastructure investment [24][27]. - Domestic manufacturers are expected to gain market share as they improve production capacity and respond to demand more effectively than foreign competitors [2][41]. Supply Chain and Key Players - The supply chain includes three main segments: engines, OEMs, and component suppliers, all of which are expected to benefit from the growing demand for diesel generators [42]. - Key players in the engine segment include Cummins, MTU, and Weichai Power, with significant revenue contributions from diesel generator sales [43][44]. - The report identifies specific companies to watch, including Weichai Heavy Machinery and KOTAI Power, which are focusing on the diesel generator OEM market [65].

Group 1 - The company does not currently engage in liquid cooling technology [2] - The core business of the company is generator products and services [2] - In data centers, the company's products primarily serve as backup power sources, supplying electricity to various loads during power outages [2]