Core Viewpoint - The order volume for RF power supplies remains stable compared to the same period last year, with no significant differences noted in the usual statistical methods [1] Group 1: Company Performance - The RF power supply orders are essentially flat year-on-year, indicating a steady demand [1] - New products are expected to be launched in the first half of 2025, but initial sales volumes are low, impacting the gross margin due to the allocation of R&D costs [1] - The company has received new R&D tasks from clients, which may lead to increased sales volume if new products are launched in the second half of this year or the first half of next year [1]

Group 1 - The company is currently focusing on AI and data center power solutions, indicating a strategic investment in these areas [1] - The technology platform of the company supports the research and development of related products, but there is a need to clarify customer and specific power requirements [1] - The future scale of the company's operations will depend on customer demand and collaboration opportunities [1]

Core Viewpoint - The company, Yingjie Electric (300820.SZ), has reported that its nuclear fusion power business received approximately 10 million in orders last year, with a similar volume expected this year. The core projects are anticipated to enter a concentrated procurement phase from the second half of this year to the first half of next year, presenting opportunities for power supply bidding [1]. Group 1 - The company is closely tracking and collecting customer demand and power supply type information for upcoming projects [1]. - The Chengdu region is highlighted as having the most intensive project tracking, with competition among peers for various projects [1]. - Future order volumes will depend on the results of the bidding process [1]. Group 2 - The company has been collaborating with customers for customized research and development [1]. - The company can develop power supplies that meet customer needs based on its technological platform [1].

Financial Performance - In the first half of 2025, the company achieved revenue of 722 million CNY, a year-on-year decrease of 9.42% [1] - Net profit attributable to shareholders was 119 million CNY, down 32.71% year-on-year [1] - Operating cash flow remained positive at 175 million CNY [1] Revenue Breakdown by Sector - Solar energy sector generated 298 million CNY, accounting for 41.24% of total revenue, with a year-on-year decline of 25.18% [1] - Semiconductor and electrical materials sector reported 160 million CNY, representing 22.20% of total revenue, down 13.45% year-on-year [1] - Other sectors, including research institutions and steel metallurgy, saw revenue of 263 million CNY, making up 36.43% of total revenue, with a year-on-year increase of 23.94% [1] Order and Delivery Status - The solar business confirmed nearly 300 million CNY in revenue in the first half of 2025, with outstanding goods around 1.4 billion CNY [2] - Semiconductor orders and revenue showed a year-on-year decline, but excluding the impact of changes in settlement methods, they would have increased [2] - Other sectors experienced significant growth, with orders reaching 354 million CNY, a year-on-year increase of nearly 60% [2] Profitability and Margin Trends - Semiconductor sector's gross margin declined due to high initial costs of new products and increased management and R&D expenses [2] - The company is implementing flexible payment policies to mitigate financial risks, particularly in the solar sector [4] - The gross margin trend for the second half of the year is uncertain, depending on whether previous costs are fully accounted for [3] Future Outlook - The company anticipates pressure on overall performance in 2025 due to delays in revenue recognition from the solar sector and overseas orders [5] - There is optimism for improvement in 2026 with potential contributions from overseas solar orders and new business segments like charging piles [5] - The company is actively pursuing opportunities in AI and data center power supply markets [5]

Summary of Yingjie Electric's Conference Call Company Overview - **Company**: Yingjie Electric - **Date**: August 22, 2025 Key Points Industry Performance - **Photovoltaic Industry**: Contributed 41.23% to revenue, down 25.18% year-on-year [2][3][6] - **Semiconductor and Electronic Materials**: Contributed 22.2% to revenue, down 13.245% year-on-year; actual sales revenue expected to exceed 200 million [2][3][7] - **Other Industries**: Contributed 36.56% to revenue, up 24.21% year-on-year, with strong performance in charging piles and energy storage [2][3][8] Financial Performance - **Revenue**: 722 million, down 9.42% year-on-year; operating income 138 million, down 36.75%; net profit 119 million, down 32.71% [3] - **Cash Flow**: Operating cash flow net inflow of 175 million, showing a decline [3] - **Gross Margin**: Decreased to around 30% due to high initial costs of new products, competitive pricing in the semiconductor sector, and increased management and R&D expenses [4][11] Inventory and Contract Liabilities - **Inventory**: 1.48 billion, slightly down from 1.56 billion at the end of 2024, indicating high levels [5] - **Contract Liabilities**: 1.137 billion, stable compared to the end of 2024; products shipped but not fully recognized as revenue [5] Challenges and Opportunities - **Challenges**: Significant reduction in photovoltaic orders and uncertainties in overseas markets impacting performance [9] - **Opportunities**: Strong order backlog in non-photovoltaic sectors and good cash flow position [9][10] Future Focus - **Sales Confirmation**: Continued efforts to confirm more photovoltaic sales revenue and accelerate development in other business segments [10] - **Market Expansion**: Strengthening domestic market expansion to mitigate overseas uncertainties [10] Sector-Specific Insights - **Nuclear Fusion**: Ongoing supply and technological breakthroughs expected to accelerate commercialization; anticipated similar order volume as last year [4][19][22] - **Charging Piles and Energy Storage**: Orders expected to grow significantly, with a year-on-year increase of nearly 60% [8][26] Long-term Outlook - **2025 Performance**: Expected to be challenging, but optimistic about long-term growth and recovery in 2026 [35][39] - **Revenue Target**: Aiming for 5 billion in revenue with significant progress in key industries [36] Investor Guidance - **Investment Perspective**: Investors should remain patient as the company navigates current challenges and capitalizes on emerging industry opportunities [40] Additional Considerations - **Market Positioning**: The company is positioned to benefit from the cyclical nature of the photovoltaic industry and emerging sectors [38] - **R&D and Product Development**: Continuous investment in R&D to enhance product offerings and meet customer demands in various sectors, including AI and data centers [34][30] This summary encapsulates the key insights from Yingjie Electric's conference call, highlighting the company's current performance, challenges, and future strategies within the photovoltaic and semiconductor industries.

Financial Performance - The company reported total revenue of 722 million yuan for the first half of 2025, a decrease of 9.42% year-on-year [1] - The net profit attributable to shareholders was 119 million yuan, down 32.71% compared to the previous year [1] - The gross margin was 36.57%, reflecting a decline of 13.4% year-on-year, while the net profit margin decreased by 27.86% to 16.91% [1] - The company's accounts receivable amounted to 370 million yuan, representing an increase of 2.48% year-on-year, with accounts receivable accounting for 114.54% of the net profit [1][4] Cash Flow and Debt Management - The net cash flow from operating activities decreased by 31.05%, attributed to a reduction in cash received from sales of goods and services [3] - The company experienced a 100% decrease in short-term borrowings as a subsidiary repaid its bank loans [3] - The net increase in cash and cash equivalents dropped by 100.81%, due to reduced cash flows from operating and investing activities [3] Business Overview - The company specializes in the research and manufacturing of industrial power supplies, with core businesses including power control and special power supplies [5] - The company is actively transforming its business strategy, focusing on the semiconductor and charging pile sectors, which have shown promising growth [5] - The semiconductor business has been steadily increasing its share, achieving breakthroughs in domestic power supply replacements for critical processes [5] Investment Insights - The company has a strong historical return on invested capital (ROIC) of 13.93%, with a median ROIC of 22.89% since its listing [4] - The company maintains healthy cash assets, with a cash-to-current liabilities ratio of 86.69% [4] - The largest fund holding the company's shares is the Zheshang Smart Selection Pioneer One-Year Holding Mixed A Fund, with a current scale of 150 million yuan [4]

Core Viewpoint - The semiconductor industry is experiencing a decline in gross margins, impacting the performance of the company's subsidiary, Chenhui, despite the overall positive growth in the sector and the company's investments in research and development [1] Group 1: Company Performance - The subsidiary, Chenhui, has seen an increase in sales revenue due to new product deliveries, but the initial costs associated with these products are high, contributing to lower gross and net profits [1] - Increased management, sales, and research expenses at Chenhui are attributed to hiring a significant number of semiconductor industry R&D personnel, which has led to higher salary levels [1] Group 2: Industry Context - The semiconductor industry is facing challenges with domestic substitution, which is recognized as having a high level of difficulty and uncertainty [1] - The time required for R&D investments to translate into performance improvements is acknowledged, indicating that the benefits of such investments may not be immediate [1]

人民财讯8月22日电，英杰电气（300820）今日在互动平台表示，针对客户的新品充电桩研发已经通过 验证，目前客户正在与其目标客户洽谈合同，合资公司事宜目前也正在推进，客户名称待事项落地后告 知。 ...

Core Viewpoint - Yingjie Electric reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 722 million yuan, a year-on-year decrease of 9.42% [2] - The net profit attributable to shareholders was around 119 million yuan, reflecting a year-on-year decline of 32.71% [2] - Basic earnings per share were 0.54 yuan, down 33.33% compared to the previous year [2]

Group 1 - The company, Yingjie Electric, announced the convening of its fifth board meeting on August 21, 2025, which will be held in a hybrid format combining in-person and communication methods [2] - The meeting will review the proposal and its summary documents [2]