证券代码：300870 证券简称：欧陆通 公告编号：2025-047 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于 2025 年第二季度可转债转股结果暨股份变动公告 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。 特别提示： 1、"欧通转债"（债券代码：123241）转股期为 2025 年 1 月 13 日至 2030 年 7 月 4 日，最新转股价格为 43.98 元/股。 2、2025 年第二季度，共有 311,837 张"欧通转债"完成转股（面值金额共 计 3,118.37 万元人民币），合计转为 706,722 股"欧陆通"股票。 3、截至 2025 年第二季度末，"欧通转债"剩余 3,812,372 张，剩余票面总 金额为 38,123.72 万元人民币。 （三）可转换公司债券转股期限 根据相关法律法规规定及公司《向不特定对象发行可转换公司债券募集说明 书》的相关规定，本次发行的可转换公司债券转股期自可转换公司债券发行结束 之日起（2024 年 7 月 11 日）满六个月后的第一个交易日起至可转换公司债券到 期日止，即 ...

证券代码：300870 证券简称：欧陆通 公告编号：2025-046 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于欧通转债 2025 年付息的公告 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。 特别提示： 3、付息日：2025 年 7 月 7 日 4、除息日：2025 年 7 月 7 日 5、本次付息期间及票面利率：计息日期为 2024 年 7 月 5 日至 2025 年 7 月 4 日，票面利率为 0.10% 一、欧通转债基本情况 6、"欧通转债"本次付息的债权登记日为 2025 年 7 月 4 日，在 2025 年 7 月 4 日（含）前买入并持有本期债券的投资者享有本次派发的利息，2025 年 7 月 4 日（含）前卖出本期债券的投资者不享有本次派发的利息。在本次付息债权 登记日前（包括付息债权登记日）申请转换成公司股票的可转换公司债券，公司 不再向其持有人支付本计息年度及以后计息年度利息。 7、下一付息起息日：2025 年 7 月 5 日 8、下一年度票面利率：0.30% 深圳欧陆通电子股份有限公司（以下简称"公司"） ...

Summary of AIDC Industry Update and Q&A Industry Overview - The AIDC (Artificial Intelligence Data Center) industry is experiencing a recovery in overseas computing infrastructure, with companies like Nvidia and Corewave showing positive performance focused on training and inference demand [1][2] - Domestic AIDC is constrained by chip limitations, model breakthroughs, and application deployment, but major data centers like GDS and Century Internet are maintaining stable deployment rates despite the H20 ban [1][2][3] Key Insights - **Overseas Market Recovery**: Nvidia's focus is on training demand, while Corewave caters to large enterprises like Microsoft. Companies such as Broadcom and Marvell have optimistic revenue expectations for ASICs, and Oracle's OCI business reflects growth in inference demand [1][2][5] - **Domestic Market Dynamics**: Despite short-term impacts from trade wars, major Chinese internet companies like Alibaba and ByteDance are investing heavily in AI. Long-term solutions for domestic AI challenges include breakthroughs in chips (e.g., Cambricon, Huawei Cloud Matrix 384) and improvements in model capabilities [1][3][4] - **Investment Recommendations**: Companies with stable deployment rates and core leading customer orders, such as Runze Technology, Aofei Data Port, Century Internet, and GDS, are recommended for investment due to their low valuations and potential for significant improvement [1][4] Performance Trends - **Overseas Demand Trends**: The overseas computing market is showing strong growth, particularly in GPU and ASIC demand. Nvidia has launched new GB series chips, and companies like Marvell and Broadcom have revised their market demand expectations upward [7][8] - **Domestic Market Performance**: The domestic computing market faced some disruptions in Q2 due to geopolitical factors and chip restrictions, but overall guidance remains stable. The AIDC sector is expected to see improved order visibility and capital expenditure growth in the coming quarters [8][9] Future Outlook - **Upcoming Quarters**: The outlook for the domestic computing market in the next two quarters is positive, with expectations of accelerated capital expenditure and construction progress, particularly in the AIDC core hardware supply chain [9] - **AI Data Center Growth**: AI data center-related sectors are showing good business growth elasticity, with significant order increases in server power supplies and UPS systems [10][14] - **HVDC Development**: Both domestic and international markets are seeing increased adoption of HVDC solutions, with major Chinese internet companies pushing for its application [11][12] Global AI Demand - **Inference Demand Growth**: Global inference demand is rapidly increasing, with companies like Google and ByteDance significantly ramping up their requirements [16] - **US vs. China AI Demand**: The US is entering a new model iteration cycle with large clusters, while China's AI demand is primarily focused on inference due to limited resources for training [17] Market Sentiment - **US AI Industry Expectations**: The US AI industry is expected to see significant changes in the next six months, with rapid stock price increases in sectors like NV and ASIC, indicating a potential expansion from overseas to domestic supply chains [18] - **AI Business Models**: The US has a stronger likelihood of successful AI business models due to higher payment willingness, while China's market faces challenges in this regard, potentially affecting profit margins [19] Conclusion - The AIDC industry is poised for growth, driven by both domestic and international demand for AI capabilities. Investment in key players with stable growth prospects is recommended, while monitoring the evolving landscape of AI business models and market dynamics is crucial for future success [20]

债券简称：欧陆通 债券代码：123241 证券简称：欧陆通 证券代码：300870 深圳欧陆通电子股份有限公司 创业板向不特定对象发行可转换公司债券 2024 年定期受托管理事务报告 发行人 深圳欧陆通电子股份有限公司 （深圳市宝安区航城街道） 债券受托管理人 （住所：成都市青羊区东城根上街 95 号） 2025 年 6 月 重要声明 根据《可转换公司债券管理办法》（以下简称"管理办法"）、《深圳欧陆 通电子股份有限公司向不特定对象发行可转债之受托管理协议》、《深圳欧陆通 电子股份股份有限公司创业板向不特定对象发行可转换公司债券募集说明书》等 相关规定和约定，国金证券股份有限公司（以下简称"国金证券"）作为受托管 理人，以公开信息披露文件、发行人出具的相关说明文件以及第三方中介机构出 具的专业意见等为信息来源编制本定期受托管理事务报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国金证券所作的承诺 或声明。未经国金证券书面许可，不得将本报告用作其他任何用途。 1 | 重要声明 | 1 | | --- | --- | | 目录 | 2 ...

关于控股股东及其一致行动人因可转债转股 权益比例被动稀释的提示性公告 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。 特别提示： 证券代码：300870 证券简称：欧陆通 公告编号：2025-045 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 自 2025 年 3 月 28 日至 2025 年 6 月 19 日，"欧通转债"因转股减少 318,384 张，累计转股 721,398 股，公司总股本由 106,392,061 股增加至 107,113,459 股，导致公司控股股东南京王越科王创业投资合伙企业（有限合伙）、深圳市格 诺利信息咨询有限公司及其一致行动人泰州通聚信息技术咨询合伙企业（有限合 伙）在合计持有公司股份数量不变的情况下，合计权益比例从 58.69%被动稀释 至 57.98%，触及 1%的整数倍。 | 1、基本情况 | | | | --- | --- | --- | | 信息披露义务人一 | 深圳市格诺利信息咨询有限公司 | | | 住所 | 深圳市福田区深南大道 6007 号创展中心 1603 室 | | | 信息披 ...

Group 1: Company Overview - The company is Shenzhen Oulutong Electronics Co., Ltd., with stock code 300870 and bond code 123241 [1] - The company specializes in data center power supply products, including various power ranges [2][3] Group 2: Product Offerings - The product line includes server power supplies ranging from 800W to over 5,500W, with advanced solutions like immersion cooling and rack power supplies [3] - The company has developed key products such as 3,200W titanium M-CRPS server power supply and 1,300W-3,600W titanium CRPS server power supply [3] Group 3: Market Position and Clients - The company has established itself as a leading domestic manufacturer of data center power supplies, recognized by major clients like Inspur, Foxconn, and Lenovo [4] - The company maintains close cooperation with top domestic internet companies, enhancing its market strength [4] Group 4: International Expansion - The company is actively expanding its overseas business, with teams established in Taiwan and the USA to target global markets [5] - It aims to onboard various types of overseas clients, including server manufacturers and major cloud providers [5] Group 5: Production Capacity - The company has a global production layout, with domestic bases in Shenzhen, Dongguan, Ganzhou, and Suzhou, and overseas bases in Vietnam and Mexico [6] - It can adjust production capacity based on client needs [6] Group 6: Future Business Plans - Data center power supply is a key long-term strategy, expected to drive significant revenue growth [7][8] - The company plans to deepen cooperation with existing clients and pursue 100% localization of components [8] Group 7: Adapter Business Development - The power adapter segment is a mature and steadily growing core business, with plans to expand into new application areas like smart homes and drones [9] Group 8: Impact of Tariff Policies - The direct revenue from sales to the USA is relatively small, limiting the impact of tariff policies [10] - The company is focused on risk mitigation through diversified client structures and global production layouts [10] Group 9: Revenue Targets - The revenue targets for 2025 and 2026 will align with the company's 2024 equity incentive assessment goals, with specific growth rates set for revenue and net profit [11][12] - The revenue growth rate trigger values for the next three years are 28%, 52%, and 72%, with target values of 35%, 65%, and 90% respectively [12]

Group 1: Policy Financial Tools - Historical policy financial tools were introduced as counter-cyclical measures to stabilize the economy and enhance local investment capabilities, characterized by low costs, quick deployment, and market-oriented operations [1][20][21] - New policy financial tools are expected to focus more on technology innovation, consumption, and foreign trade, with significant attention on their scale, leverage effects, and issuance rhythm [1][22] Group 2: Banking Sector - The loan interest rate is expected to decline significantly slower in 2025, with the LPR reform leading to a rapid decline in loan rates during certain periods, but a slowdown is anticipated moving forward [3][31][32] - The banking sector is likely to see a stabilization in performance due to reduced pressure on interest margins, with a recommendation to focus on high-quality regional small banks and stable state-owned banks [3][32] Group 3: Non-Banking Sector - Guoyin Financial Leasing - Guoyin Financial Leasing is projected to achieve total revenue of 28.56 billion yuan in 2024, with a year-on-year growth of 7.2%, and a net profit of 4.5 billion yuan, up 8.5% [3] - The company has seen rapid growth in its ship leasing segment, with revenue reaching 7.7 billion yuan, a year-on-year increase of 32.4% [3] Group 4: Non-Banking Sector - Blue Sky Technology - Blue Sky Technology reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 2.6%, with a net profit of 787 million yuan, up 9.8% [24] - The company’s adsorption materials business has shown strong growth, while the lithium extraction project has seen a significant decline in revenue [24][25] Group 5: Non-Banking Sector - Ruile New Materials - Ruile New Materials achieved a revenue of 1.459 billion yuan in 2024, with a year-on-year growth of 20.7%, and a net profit of 252 million yuan, up 87.6% [27] - The display materials segment has become the largest business area for the company, driven by the increasing penetration of OLED panels [27][28][29]

证券代码：300870 证券简称：欧陆通 公告编号：2025-044 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 | 变更 | 变更前 | 变更后 | | --- | --- | --- | | 类型 | | | | 经营 | 一般经营项目：非居住房地产租赁。（除 | 一般经营项目：非居住房地产租赁；光伏 | | 范围 | 依法须经批准的项目外，凭营业执照依 | 设备及元器件销售；机械电气设备制造； | | | 法自主开展经营活动）生产、销售：各 | 机械电气设备销售；电池制造；电池销售； | | | 类高频开关电源、电源适配器、稳压电 | 智能仪器仪表制造；智能仪器仪表销售。 | | | 源、低压电源、电源控制器、充电器、 | （除依法须经批准的项目外，凭营业执照 | | | 变压器、逆变器、冗余电源、变频器、 | 依法自主开展经营活动）。许可经营项目： | | | 整流模块、传感器、发射器、转换器及 | 生产、销售：各类高频开关电源、电源适 | | 带有集成电路的电路板、半导体器件及 | 配器、稳压电源、低压电源、电源控制器、 | | --- | --- | | 其他电子元器件 ...

证券代码：300870 证券简称：欧陆通 公告编号：2025-043 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于对外担保的进展公告 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、担保情况概述 深圳欧陆通电子股份有限公司（以下简称"公司"或"欧陆通"）于 2024 年 10 月 28 日召开第三届董事会 2024 年第七次会议，于 2024 年 11 月 18 日召开 2024 年第二次临时股东大会，审议通过了《关于为子公司提供担保额度预计的 议案》，同意公司 2025 年度向下属子公司提供的担保总额不超过 13 亿元人民币 （含等值外币），其中向公司控股子公司杭州云电科技能源有限公司（以下简称 "杭州云电"）提供预计不超过 2 亿元人民币的担保额度，有效期至 2025 年 11 月 17 日止。具体内容详见公司发布于巨潮资讯网（http://www.cninfo.com.cn） 的相关公告。 二、担保进展情况 近日，公司与平安银行股份有限公司深圳分行（以下简称"平安银行"）签 订了《最高额保证担保合同》，约定为保证平安银 ...

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [6][18]. Core Viewpoints - The overseas AI companies have frequently exceeded expectations, indicating the arrival of a resonant era between domestic and foreign AI sectors. This week, companies like Credo and Wistron reported better-than-expected Q1 results, while major players in the copper cable and AI application sectors, such as Amphenol and Palantir, continue to see stock price increases [5][14]. - The domestic AI sector is experiencing a rebound, driven by strong performance metrics, such as the monthly payment amount for Keling AI exceeding 100 million RMB for two consecutive months [5][14]. - The report suggests that the current AI market cycle will see continued valuation recovery in overseas chains, while domestic chains have a straightforward logic with strong upward expectations. Specific recommendations include focusing on Weichai Heavy Machinery, Kehua Data, Tonghe Technology, and others in the HVDC and server power supply segments [6][17]. Summary by Sections Investment Viewpoints - The report emphasizes that both overseas and domestic AI sectors are poised for significant growth, with specific recommendations for companies like Weichai Heavy Machinery and Kehua Data, which are expected to benefit from increasing market penetration and power enhancements [6][17]. Industry Dynamics - The report highlights recent advancements in AI, including the launch of the Qwen3-Embedding series by Alibaba, which has shown exceptional performance in text representation and ranking tasks [5][14]. - It also notes the ongoing developments in the education sector with the introduction of EduBench, a comprehensive evaluation benchmark for educational scenarios [20]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several key companies, including: - Weichai Heavy Machinery (32.09 RMB, EPS: 0.56 in 2024, PE: 30.99) [19] - Kehua Data (43.5 RMB, EPS: 0.68 in 2024, PE: 42.35) [19] - Yingweike (26.72 RMB, EPS: 0.61 in 2024, PE: 66.43) - Buy rating [19] - Maigemi Te (47.21 RMB, EPS: 1.08 in 2024, PE: 43.71) - Buy rating [19] - Tonghe Technology (18.77 RMB, EPS: 0.13 in 2024, PE: 144.38) - Increase rating [19] - Oulutong (112.04 RMB, EPS: 2.65 in 2024, PE: 40.32) [19] - Shenling Environment (35.54 RMB, EPS: 0.43 in 2024, PE: 82.65) - Buy rating [19]