Summary of AI Industry Conference Call Industry Overview - The AI chip demand is surging, driving the development of the industry chain, with major players like Meta and Google accelerating their ASIC chip deployments and repeatedly raising their demand forecasts for 2026, particularly with Google's V7 chip set to fully adopt liquid cooling technology [1][2] Key Points and Arguments - **Liquid Cooling Technology**: - Liquid cooling has become a standard for AI giants, with Google planning to fully adopt it by 2026 and Meta already implementing it in their self-developed chips [1][3] - Infinet is collaborating with Google to develop a universal CDU suitable for various ASIC chips, indicating a trend towards silent liquid cooling in the future [1][4] - **High-Speed Optical Modules**: - The evolution towards 1.6T optical modules is evident, with Google's V7 chip primarily utilizing this technology, benefiting leading companies like Zhongji Xuchuang and Xinyi Sheng [1][5] - The demand for CW light sources is also increasing, positively impacting companies like Yuanjie Technology [1][5] - **OCS Switches**: - Google's OCS switches are expected to achieve over 50% growth next year, benefiting manufacturers like Dekoli and Guangku Technology, as well as component suppliers like Tengjing Technology and Juguang Technology [1][6] - **Competitive Advantages**: - Infinet stands out in the global AI industry chain due to its comprehensive solutions and delivery capabilities, having secured clients like Intel, Meta, Google, and OpenAI [1][7][8] - Zhongji Xuchuang and Xinyi Sheng are recognized as leaders in the high-speed optical module sector, while Yuanjie Technology is a key supplier in the CW light source market [1][8] Additional Insights - **Market Dynamics**: - The global AI industry chain is accelerating, particularly in overseas markets, with OpenAI collaborating with major chip companies like Broadcom, AMD, and NVIDIA, creating a significant siphoning effect [2] - The domestic AI computing card market is currently facing a supply shortage, but improvements are expected in 2026, with major domestic players like Alibaba, ByteDance, and Tencent likely to increase their AI investments significantly [11] - **Emerging Technologies**: - The supernode technology is anticipated to explode in 2026, presenting opportunities across various sectors, including chips, machine manufacturing, optical modules, liquid cooling, copper connections, and server power supplies [12][13] - **AIDC Sector Outlook**: - The AIDC sector, which includes data center construction and power systems, is expected to see improved bidding progress as domestic chip supply increases in 2026, benefiting companies in cooling, power supply, and data center management [14] - **Market Volatility**: - Short-term market fluctuations due to tariff disturbances are not expected to alter the long-term growth trajectory of the AI industry, with upcoming catalysts likely to positively impact the entire industry chain [15]

Core Points - The company, 欧陆通, announced a temporary suspension of the conversion of its convertible bonds due to the implementation of the 2025 semi-annual equity distribution [2] - The suspension period for the convertible bonds (code: 123241; abbreviation: 欧通转债) will last from September 29, 2025, until the equity registration date on October 16, 2025 [2] - The conversion of the bonds will resume on the first trading day after the equity registration date, which is October 17, 2025 [2]

深圳欧陆通电子股份有限公司 证券代码：300870 证券简称：欧陆通 公告编号：2025-074 债券代码：123241 债券简称：欧通转债 关于"欧通转债"恢复转股的提示性公告 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： 1、债券代码：123241 2、债券简称：欧通转债 3、转股时间：2025 年 1 月 13 日至 2030 年 7 月 4 日 4、暂停转股时间：2025 年 9 月 29 日至 2025 年 10 月 16 日 5、恢复转股时间：2025 年 10 月 17 日 深圳欧陆通电子股份有限公司（以下简称"公司"）因实施 2025 半年度权 益分派，根据《公司向不特定对象发行可转换公司债券募集说明书》的相关条款 及有关业务办理指南的规定，公司可转换公司债券（债券代码：123241；债券简 称：欧通转债）自 2025 年 9 月 29 日起至 2025 半年度权益分派股权登记日（2025 年 10 月 16 日）止暂停转股。 根据规定，"欧通转债"将于本次权益分派股权登记日后的第一个交易日即 2025 年 10 月 17 日起恢 ...

Core Viewpoint - The stock price of Eurotech has experienced significant fluctuations, with a year-to-date increase of 74.68% but a recent decline of 13.92% over the past five trading days [2]. Company Overview - Eurotech, established on May 29, 1996, and listed on August 24, 2020, is located in Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of switch power supply products [2]. - The main business revenue composition is 99.57% from the manufacturing of computers, communications, and other electronic devices, with the remaining 0.43% from other sources [2]. Financial Performance - For the period from January to June 2025, Eurotech achieved a revenue of 2.12 billion yuan, representing a year-on-year growth of 32.59%. The net profit attributable to shareholders was 134 million yuan, reflecting a year-on-year increase of 54.86% [2]. - Since its A-share listing, Eurotech has distributed a total of 229 million yuan in dividends, with 183 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, Eurotech had 17,200 shareholders, an increase of 4.07% from the previous period. The average number of circulating shares per shareholder was 6,236, a decrease of 3.27% [2]. - The top ten circulating shareholders include notable funds, with the fifth-largest being Yongying Digital Economy Mixed Fund, holding 1.1933 million shares, an increase of 447,900 shares from the previous period [3].

Market Overview - The other power equipment sector experienced a decline of 2.64% on the previous trading day, with Shanghai Electric leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Yingkerui (300713) with a closing price of 19.86, up 5.19% on a trading volume of 180,000 shares and a turnover of 361 million yuan [1] - Jinshi Technology (002951) closed at 15.31, up 3.80% with a trading volume of 100,400 shares and a turnover of 152 million yuan [1] - Major decliners included: - Shanghai Electric (601727) which closed at 10.14, down 5.85% with a trading volume of 8.29 million shares and a turnover of 8.7 billion yuan [2] - Kehua Education (002335) closed at 62.63, down 5.71% with a trading volume of 349,100 shares and a turnover of 2.27 billion yuan [2] Capital Flow - The other power equipment sector saw a net outflow of 1.26 billion yuan from institutional investors, while retail investors had a net inflow of 894 million yuan [2] - Specific stock capital flows indicated: - Dongfang Electric (600875) had a net inflow of 1.04 billion yuan from institutional investors [3] - Yingkerui (300713) recorded a net inflow of 863.39 million yuan from retail investors [3]

Summary of the Conference Call for 欧陆通 Industry Overview - The domestic AI investment is strong, with the Cloud Summit indicating a future capital expenditure of 380 billion yuan, predicting a tenfold increase in global AIDC power consumption by 2032 [2][3] - The demand and supply for domestic computing power cards are expected to significantly increase in the second half of 2025, driven by companies like寒武纪 and 海光信息, with 中芯国际 alleviating capacity constraints [2][3] Company Insights - 欧陆通 is positioned as a leader in high-power server power supplies, benefiting from the AI development and super node trends, with server power demand upgrading to 5.5 kW and even 8 kW [2][4] - The company has a comprehensive product line covering low-power to over 8 kW power supplies, maintaining a high domestic market share and a diversified customer base [2][4] - The business matrix is expanding into new areas such as portable energy storage devices and electric two-wheeler batteries, alongside launching new high-power GPU server power supplies [2][5] Financial Performance - From 2019 to 2024, total revenue grew from 1.313 billion yuan to 3.798 billion yuan, with a compound annual growth rate (CAGR) of 23.67%, and net profit increased from 112 million yuan to 268 million yuan, with a CAGR of 19.06% [7] - In the first half of 2025, revenue reached 2.12 billion yuan, a year-on-year increase of 32.59%, and net profit was 134 million yuan, up 50.86% [7] - The server power supply business saw a revenue increase of 96.30%, with high-power data center power supply revenue growing by 216.47% [3][7] Market and Customer Base - The company exports primarily to the Guangdong-Hong Kong-Macao region and overseas markets including North America, Singapore, Vietnam, Thailand, the EU, and South Korea, with major clients like LG, Google, and HP [8][9] - The domestic major clients include 富士康, 浪潮, and 海康威视, with the top five clients accounting for 48.48%, 45.80%, and 43.72% of revenue from 2021 to 2023 [16] Product Development and R&D - The company has developed products ranging from 3 kW to 5.5 kW and is preparing for next-generation products of 8 kW, 10 kW, and 15 kW to meet evolving industry demands [13] - AI large model development is driving demand for computing infrastructure, with the global AI server market expected to grow from 19.5 billion USD in 2022 to 34.7 billion USD in 2026, at a CAGR of 17.3% [14] Supply Chain and Cost Management - The company has seen a gradual increase in overall gross margin, attributed to the growth in server business, with a gross margin of 20.31% in the first half of 2025 [11] - Sales expense ratio decreased to 2.30% and management expense ratio to 3.54%, benefiting from economies of scale [12] Future Outlook - The power adapter business is expected to improve with the gradual recovery of the macro economy and consumer electronics sector, while the power battery business will continue to drive revenue growth through new customer acquisition [17]

证券代码：300870 证券简称：欧陆通 公告编号：2025-073 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 关于可转换公司债券调整转股价格的公告 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： 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会出具的《关于同意深圳欧陆通电子股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕219 号）同 意注册，深圳欧陆通电子股份有限公司（以下简称"公司"）于 2024 年 7 月 5 日，向不特定对象发行可转换公司债券 6,445,265 张，每张面值为人民币 100 元，发行总额为人民币 644,526,500.00 元。公司可转债于 2024 年 7 月 26 日起 在深圳证券交易所挂牌交易，债券简称"欧通转债"，债券代码"123241"。 根据公司《深圳欧陆通电子股份有限公司向不特定对象发行可转换公司债券 募集说明书》（以下简称"《募集说明书》"）的相关条款：在本次发行之后， 当公司发生派送股票股利、转增股本、增发新股或配股（ ...

证券代码：300870 证券简称：欧陆通 公告编号：2025-072 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 2025 年半年度权益分派实施公告 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、深圳欧陆通电子股份有限公司（以下简称"公司"或"本公司"）2025 年半年度权益分派方案已获 2025 年 9 月 16 日召开的 2025 年第一次临时股东大 会审议通过，2025 年半年度权益分派方案的具体内容为：以公司现有总股本 109,854,451 股剔除公司目前回购专户的股份余额 1,655,300 股（公司通过回购 专用账户所持有公司股份不参与本次利润分配）后共 108,199,151 股，以此为基 数计算，按每 10 股派发现金红利 4.34 元（含税）向全体股东分配，共计分配现 金红利 46,958,431.53 元（含税）。本次分配不送红股，不以资本公积转增股本。 2、本次权益分派实施后，按公司总股本折算每股现金红利和除权除息参考 价计算如下：以公司总股本 109,854,451 股（含回购股份）折算后 ...

Market Overview - On October 10, the other power equipment sector declined by 1.41%, with Oulu Tong leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Rongfa Nuclear Power (002366) with a closing price of 8.73, up 5.05% [1] - Hailu Heavy Industry (002255) at 9.50, up 3.37% [1] - Tonghe Technology (300491) at 31.94, up 2.01% [1] - Significant decliners included: - Oulu Tong (300870) at 208.20, down 7.05% [2] - Haidao Sichuang (688411) at 290.21, down 6.98% [2] - KOTAI Power (300153) at 36.59, down 6.63% [2] Capital Flow - The other power equipment sector experienced a net outflow of 2.205 billion yuan from institutional investors, while retail investors saw a net inflow of 1.976 billion yuan [2] - The capital flow for specific stocks showed: - Zhongheng Electric (002364) had a net inflow of 28.0243 million yuan from institutional investors [3] - Oulu Tong (300870) had a net inflow of 5.4702 million yuan from institutional investors but a net outflow of 57.7619 million yuan from speculative funds [3]

Core Insights - The other power equipment sector experienced a significant increase of 4.3% on October 9, with Yingjie Electric leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - Yingjie Electric (300820) saw a closing price of 62.26, with a remarkable increase of 20.01% and a trading volume of 162,100 shares, amounting to a transaction value of 932 million [1] - Aike Saibo (688719) closed at 44.80, up 14.05%, with a trading volume of 54,300 shares and a transaction value of 234 million [1] - Rongfa Nuclear Power (002366) closed at 8.31, up 10.07%, with a trading volume of 1,672,300 shares and a transaction value of 1.373 billion [1] - Other notable performers include Dongfang Electric (600875) with a 10.01% increase, closing at 21.22, and Shanghai Electric (601727) with a 9.96% increase, closing at 10.38 [1] Capital Flow - The other power equipment sector saw a net inflow of 2.194 billion in main funds, while retail funds experienced a net outflow of 990 million [3] - The overall capital flow indicates a mixed sentiment, with institutional investors showing interest while retail investors withdrew funds [3]