Core Viewpoint - Tonghe Technology (300491) reported that as of November 10, 2025, the total number of common stock shareholders is 20,903 [1] Company Summary - The company has engaged with investors through an interactive platform, providing updates on shareholder numbers [1]

Core Viewpoint - Tonghe Technology experienced a decline of 5.05% on November 7, with a stock price of 28.57 CNY per share and a total market capitalization of 5.007 billion CNY [1] Group 1: Company Overview - Tonghe Technology, established on December 21, 1998, is located in Shijiazhuang, Hebei Province, and was listed on December 31, 2015 [1] - The company specializes in the research, production, and sales of high-frequency switch power supplies and related electronic products, including military products [1] - The revenue composition of the company includes: 65.68% from new energy power conversion products, 20.15% from smart grid power supply products, 11.90% from customized power supplies and testing services, and 2.27% from other sources [1] Group 2: Shareholder Information - According to data, Bosera Fund has one fund among the top ten circulating shareholders of Tonghe Technology, specifically the Bosera Huixing Return One-Year Holding Mixed Fund (011056), which entered the top ten in the third quarter with 2.5736 million shares, accounting for 1.65% of circulating shares [2] - The estimated floating loss for this fund today is approximately 3.9119 million CNY [2] Group 3: Fund Performance - The Bosera Huixing Return One-Year Holding Mixed Fund (011056) was established on January 14, 2021, with a latest scale of 5.818 billion CNY [2] - Year-to-date, the fund has achieved a return of 42.2%, ranking 1738 out of 8148 in its category; over the past year, it has returned 47.24%, ranking 921 out of 8053; since inception, it has returned 3.45% [2]

Core Viewpoint - Tonghe Technology experienced a significant decline of 15.07% in its stock price, with a trading volume of 1.013 billion yuan and a turnover rate of 21.26% on the day of the report [2] Trading Activity - The stock's trading activity showed a total turnover of 1.013 billion yuan, with a price fluctuation of 18.47% throughout the day [2] - Institutional investors net sold 34.98 million yuan, while the total net selling from brokerage seats amounted to 42.05 million yuan [2] - The top five trading departments accounted for a total transaction of 194 million yuan, with a buying amount of 58.54 million yuan and a selling amount of 136 million yuan, resulting in a net selling of 77.03 million yuan [2] Institutional Participation - Two institutional specialized seats were involved in the trading, with a combined buying amount of 32.52 million yuan and a selling amount of 67.50 million yuan, leading to a net selling of 34.98 million yuan [2] - The main capital outflow for the stock was 78.59 million yuan, with a significant outflow of 94.31 million yuan from large orders, while smaller orders saw a net inflow of 15.72 million yuan [2] - Over the past five days, the main capital outflow totaled 48.96 million yuan [2] Detailed Trading Data - The top buying and selling activities included: - Buy One: Institutional specialized seat bought 22.39 million yuan and sold 42.11 million yuan - Buy Two: Institutional specialized seat bought 10.13 million yuan and sold 25.40 million yuan - Other notable buying included HuLong Securities and Ping An Securities with smaller amounts [2]

Market Overview - The other power equipment sector experienced a decline of 1.3% on November 4, with Tonghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Hailu Dong (002255) with a closing price of 10.80, up 9.98% and a trading volume of 960,000 shares, totaling 1.036 billion yuan [1] - Hu塑科技 (301157) closed at 52.32, up 4.89% with a trading volume of 30,000 shares, totaling 156 million yuan [1] - Conversely, Tonghe Technology (300491) saw a significant drop of 15.07%, closing at 29.26 with a trading volume of 330,800 shares, totaling 1.013 billion yuan [2] Capital Flow - The other power equipment sector experienced a net outflow of 650 million yuan from institutional investors, while retail investors saw a net inflow of 110 million yuan [2] - The capital flow for specific stocks showed: - New Ray Energy (300593) had a net inflow of 1.03 billion yuan from institutional investors, but a net outflow of 1.48 billion yuan from retail investors [3] - Hailu Heavy Industry (002255) had a net inflow of 81.86 million yuan from institutional investors, but a net outflow of 30.28 million yuan from retail investors [3]

Core Insights - Tonghe Technology (300491) announced on November 4 that as of October 31, 2025, the total number of common stock shareholders will be 18,481 [1] Company Summary - The company is actively engaging with investors through interactive platforms to provide updates on shareholder statistics [1]

Core Insights - The A-share market has seen a decline in the power equipment sector, with significant drops in stock prices for several companies [1] Summary by Category Stock Performance - Tonghe Technology (300491) experienced a decline of 14.43%, with a total market capitalization of 5.167 billion [2] - Hongyuan Green Energy (603185) fell by 6.70%, with a market cap of 20.3 billion [2] - Sunshine Power (300274) decreased by 5.47%, with a market value of 26.068 billion [2] - Haibo Sichuang (688411) saw a drop of 4.81%, with a market capitalization of 48.8 billion [2] - Shuangyi Technology (300690) declined by 4.70%, with a market cap of 5.225 billion [2] - Yiyuan Lithium Energy (300014) fell by 4.69%, with a market value of 162.7 billion [2] - Changhong Energy (920239) decreased by 4.48%, with a market capitalization of 6.635 billion [2] - Daqian Energy (688303) saw a decline of 4.35%, with a market cap of 63.3 billion [2] - Zhongheng Electric (002364) dropped by 4.33%, with a market value of 1.39 billion [2] - Liwang Co. (920627) fell by 4.11%, with a market cap of 2.513 billion [2] - Boliview (688345) decreased by 4.05%, with a market capitalization of 3.596 billion [2] - Koweil (688551) saw a drop of 4.04%, with a market value of 3.394 billion [2] - Haitai New Energy (920985) declined by 3.83%, with a market cap of 2.801 billion [2] - Guosheng Technology (603778) fell by 3.61%, with a market value of 3.152 billion [2] - Jiejia Weichuang (300724) decreased by 3.81%, with a market capitalization of 31.7 billion [2] Year-to-Date Performance - Despite the recent declines, some companies have shown significant year-to-date gains, such as: - Tonghe Technology with an 85.85% increase [2] - Hongyuan Green Energy with an 84.31% increase [2] - Sunshine Power with a 161.42% increase [2] - Haibo Sichuang with a remarkable 1319.42% increase [2] - Zhongheng Electric with a 130.72% increase [2]

Group 1 - The core point of the article highlights that Tonghe Technology reported a decrease in the number of shareholders, with a total of 18,481 shareholders as of October 31, down by 2,906 from the previous period, representing a month-on-month decline of 13.59% [2] - The latest stock price of Tonghe Technology is 34.12 yuan, reflecting a decrease of 0.96%, and the stock has cumulatively dropped by 0.76% since the concentration of shares began, with 6 days of increase and 5 days of decrease in the trading period [2] - The company's third-quarter report indicates that it achieved a total operating revenue of 975 million yuan in the first three quarters, marking a year-on-year growth of 32.40%, while the net profit was 20.44 million yuan, showing a year-on-year decline of 2.20%, with basic earnings per share at 0.1200 yuan and a weighted average return on equity of 1.76% [2]

Industry Rating - The industry investment rating is maintained as "Outperform" [1] Core Viewpoints - The demand for AI computing power is increasing, leading to a transition from traditional UPS power supply to HVDC due to efficiency, cost, and reliability challenges [2][3] - The global power supply solutions are rapidly evolving towards ±400V and 800V HVDC systems led by tech giants like Microsoft, Google, and Nvidia, aiming to support 1MW power per rack [2] - The market is expected to see gradual volume growth starting in 2026, driven by increasing AI computing power demand and infrastructure investments from major cloud service providers [3] Summary by Sections 1. Why HVDC is Promising? - The technology evolution path is clear, with major players accelerating their layouts in HVDC systems [2] - The industry trend has shifted from concept to large-scale implementation, with significant projects expected to launch in 2026 [2] 2. Market Situation - The demand for IT power in global data centers is expected to rise significantly, with a projected increase from approximately 49GW in 2023 to 96GW by 2026, reflecting a CAGR of around 25% [7] - Major cloud service providers are increasing capital expenditures, providing strong momentum for infrastructure development [3] 3. Investment Recommendations - The HVDC industry is characterized by high concentration and significant barriers to entry, with three main domestic players: Zhongheng Electric, Delta Electronics, and Vertiv [4] - Investment opportunities include: - Domestic leaders expanding overseas: Zhongheng Electric is positioned to leverage its HVDC technology and products in international markets [4] - Companies utilizing ODM strategies to enter overseas markets: Kehua Data and Kstar are focusing on HVDC product development and international expansion [5] - New players in the module sector seeking growth: Tonghe Technology and Youyou Green Energy are developing HVDC product lines and targeting key industry clients [5] 4. HVDC Advantages Over UPS - HVDC systems offer higher safety, stability, and energy efficiency compared to traditional UPS systems, addressing issues related to power consumption, space, and reliability [6][16] - The modular structure of HVDC allows for better utilization rates and reduced redundancy compared to UPS systems [16] 5. Domestic and International Layouts - Domestic HVDC solutions are primarily focused on 240V/336V systems, with significant market share held by Zhongheng Electric, Delta Electronics, and Vertiv [68] - Internationally, major tech companies are pushing for the adoption of ±400V and 800V HVDC systems, with Meta and Nvidia leading the charge [68][72] 6. Future Market Potential - The penetration rate of HVDC in the domestic market is currently low at around 15%, but is expected to rise rapidly due to increasing demand for computing power [72] - The market for 800V HVDC is anticipated to see significant growth starting in 2028, driven by infrastructure projects and technological advancements [72]

Core Viewpoint - Tonghe Technology reported significant growth in revenue and net profit for Q3 2025, indicating strong operational performance despite some financial challenges [1][2]. Financial Performance - The company's revenue for Q3 2025 reached 389.47 million yuan, a year-on-year increase of 40.47% [2]. - Net profit attributable to shareholders was 4.97 million yuan, showing a remarkable growth of 604.27% compared to the same period last year [2]. - For the year-to-date period, revenue totaled 975.35 million yuan, up 32.40% year-on-year, while net profit decreased by 2.20% to 20.44 million yuan [2]. Cash Flow and Financial Health - The net cash flow from operating activities showed a drastic decline of 1055.00%, attributed to increased cash payments related to operating activities [3]. - The company reported a significant increase in accounts receivable, reaching 835 million yuan, a rise of 25.61% year-on-year [3]. - The asset-liability ratio stood at 48.64%, indicating some debt repayment pressure [3]. Shareholder Structure - The top 10 shareholders of Tonghe Technology hold a total of 45.59% of the shares, with individual natural persons making up more than half of this group [4]. Impairment and Inventory Management - The company recognized credit impairment losses and asset impairment losses totaling 8.62 million yuan for the first nine months of 2025, with 3.33 million yuan recognized in Q3 alone [6]. - Inventory write-offs amounted to 2.89 million yuan during July to September 2025, with a remaining inventory balance of 370 million yuan, indicating potential risks of further impairment [6]. Market Performance - As of October 31, 2025, Tonghe Technology's stock price was 36.26 yuan per share, reflecting a 10.89% increase, with a total market capitalization of 6.36 billion yuan [7].

Market Overview - The other power equipment sector experienced a decline of 2.4% on the trading day, with Zhongheng Electric leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable stock movements included: - Xinfuneng (300593) rose by 11.97% to a closing price of 27.23, with a trading volume of 642,500 shares and a turnover of 1.727 billion yuan [1] - Zhongheng Electric (002364) fell by 8.05% to a closing price of 25.60, with a trading volume of 621,900 shares and a turnover of 1.633 billion yuan [2] - Other significant declines included Maigemit (002851) down 5.48% and Yingjie Electric (300820) down 4.53% [2] Capital Flow - The other power equipment sector saw a net outflow of 2.227 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.740 billion yuan [2][3] - The capital flow for specific stocks indicated: - Zhongheng Electric had a net outflow of 14.05 million yuan from institutional investors [3] - ST Huaxi (002630) experienced a net inflow of 12.12 million yuan from retail investors despite a net outflow from institutional investors [3]