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]

Group 1 - The core viewpoint of the news is that Tonghe Technology (300491.SZ) has seen an increase in institutional investor holdings, with a total of 6.20% of shares held by institutions as of October 29, 2025, marking a rise of 4.37 percentage points from the previous quarter [1] - A total of 6 institutional investors disclosed their holdings in Tonghe Technology, with a combined shareholding of 10.865 million shares [1] - The public fund sector saw an increase in holdings from one fund, Guangfa Reform Mixed Fund, while three new public funds disclosed their holdings this quarter [1] Group 2 - Two new foreign institutions disclosed their holdings in this quarter, including UBS AG and Morgan Stanley & Co. International PLC [2]

Core Viewpoint - Tonghe Technology (300491.SZ) reported a revenue of 975 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 32.40% [1] Financial Performance - The net profit attributable to shareholders of the listed company was 20.44 million yuan, showing a year-on-year decrease of 2.20% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 15.91 million yuan, down 9.61% year-on-year [1] - Basic earnings per share stood at 0.12 yuan [1]

Group 1 - The company Tonghe Technology (SZ 300491) reported a revenue of approximately 975 million yuan for the first three quarters of 2025, representing a year-on-year increase of 32.4% [1] - The net profit attributable to shareholders of the listed company was approximately 20.44 million yuan, showing a year-on-year decrease of 2.2% [1] - The basic earnings per share remained unchanged at 0.12 yuan compared to the previous year [1]

石家庄通合电子科技股份有限公司（以下简称"公司"）于2025年10月29 日召开第五届董事会第十三次会议，审议通过了《2025年第三季度报告》。为使 投资者全面了解公司的经营成果及财务状况，公司《2025年第三季度报告》于2025 年 10 月 30 日 在 中 国 证 监 会 指 定 的 创 业 板 信 息 披 露 网 站 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露。 敬请投资者注意查阅。 特此公告 证券代码：300491 证券简称：通合科技 公告编号：2025-065 石家庄通合电子科技股份有限公司 2025年第三季度报告披露提示性公告 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。 董 事 会 二零二五年十月二十九日 石家庄通合电子科技股份有限公司 ...

证券代码：300491 证券简称：通合科技 公告编号：2025-067 石家庄通合电子科技股份有限公司 关于计提减值准备及核销资产的公告 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。 石家庄通合电子科技股份有限公司（以下简称"公司"）根据《深圳证券交易 所创业板股票上市规则》《深圳证券交易所创业板上市公司自律监管指南第1号 —业务办理》及公司相关会计政策的规定，基于谨慎性原则，为了更加真实、准 确地反映公司的资产与财务状况，对合并报表范围内截至2025年9月30日各类应 收票据、应收款项、合同资产、存货、固定资产、长期股权投资、无形资产、商 誉等资产进行了全面清查，对可能发生资产减值损失的资产计提资产减值准备， 对存货进行了核销。本次计提减值准备及核销资产事项无需提交公司董事会审议， 具体情况如下： 一、本次计提减值准备及核销资产情况概述 （一）计提减值准备情况 1、本次计提减值准备的原因 根据《企业会计准则》及公司会计政策等相关规定的要求，为真实、准确反 映公司截至2025年9月30日的财务状况、资产价值及经营成果，基于谨慎性原则， 公司对合并报表范围内的 ...