Core Viewpoint - Shenzhen Oulutong Electronics Co., Ltd. has demonstrated robust growth in its performance for the first half of 2025, despite facing global economic challenges, particularly in the power supply sector [2][3]. Financial Performance - The company achieved a revenue of 2.12 billion yuan, marking a year-on-year increase of 32.59%. The second quarter alone saw revenue of 1.23 billion yuan, up 36.39% year-on-year and 38.71% quarter-on-quarter, setting a new record for quarterly revenue [2]. - The gross profit margin for the first half was 20.31%, a decrease of 0.64 percentage points year-on-year, attributed to a decline in sales prices of certain products [2]. - The net profit attributable to shareholders was 134 million yuan, reflecting a year-on-year growth of 54.86%, with a net profit margin of 6.31%, an increase of 0.91 percentage points year-on-year [2]. Business Segments - The power adapter segment generated revenue of 826 million yuan, a growth of 6.61% year-on-year, despite a slowdown in global consumer electronics demand. The gross margin for this segment was 17.19%, down 0.40 percentage points year-on-year [3]. - The data center power business was the main growth driver, with revenue reaching 662 million yuan, a significant increase of 216.47% year-on-year, accounting for 68.76% of the overall revenue. However, the gross margin for this segment was 23.54%, down 2.70 percentage points year-on-year due to competitive market pressures [3]. - Other power businesses reported revenue of 323 million yuan, a slight increase of 0.41% year-on-year, with a gross margin of 18.58%, down 1.20 percentage points year-on-year, primarily due to lower margins on newly introduced products [3]. Strategic Initiatives - The company is actively expanding its overseas business, establishing teams in Taiwan and the United States to attract various international clients [4]. - In the data center power product line, the company offers a comprehensive range of products covering different power segments and has launched several server power solutions [4]. - Future strategies will focus on enhancing core competencies in high-power and high-density server power technologies, capitalizing on opportunities in the server and AI industries [4]. Revenue Goals and Shareholding Changes - The revenue targets for 2025-2026 are aligned with the performance goals set in 2024's equity incentive plan, which includes specific growth triggers for revenue and net profit [5]. - The company completed a share reduction plan, selling 1.9 million shares through block trading from September 22 to 24 [6].

Financial Performance - The company achieved a revenue of 2.12 billion CNY in the first half of 2025, representing a year-on-year growth of 32.59% [3] - In Q2 2025, revenue reached 1.23 billion CNY, showing a year-on-year increase of 36.39% and a quarter-on-quarter increase of 38.71% [3] - The gross profit margin for the reporting period was 20.31%, a decrease of 0.64 percentage points year-on-year [3] - The net profit attributable to shareholders was 134 million CNY, up 54.86% year-on-year, with a net profit margin of 6.31%, an increase of 0.91 percentage points [3] Business Segment Performance - Power adapter business generated 826 million CNY in revenue, a year-on-year increase of 6.61% [4] - Data center power business revenue was 962 million CNY, with a significant year-on-year growth of 94.30%, driven by high-power server power sales [5] - High-power server power revenue reached 662 million CNY, a remarkable increase of 216.47% year-on-year, contributing 68.76% to the data center power revenue [5] - Other power business revenue was 323 million CNY, showing a modest year-on-year growth of 0.41% [5] Strategic Initiatives - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target various overseas clients [6] - Future plans for data center power business include focusing on high-power, high-density, and high-efficiency power supply solutions, leveraging technological innovations [9] - The power adapter business aims to expand product categories and improve operational efficiency to enhance market competitiveness [11] Future Revenue Targets - The company has set ambitious revenue growth targets for 2025 and 2026, with trigger values for revenue growth rates at 28%, 52%, and 72% for the respective years, and target values at 35%, 65%, and 90% [12] Shareholder Actions - The company completed a share reduction of 1.9 million shares from September 22 to 24, 2025, through block trading [13]

欧陆通(300870.SZ)现跌6.55%报204.71元，暂成交10亿元，最新市值225亿元。欧陆通公告，控股股东及实际控制人的一致行动人泰州通聚于2025/9/22- 2025/9/24通过大宗交易减持190万股，减持均价182.02元，减持价格区间182元/股-184.01元/股，占当时总股本1.73%；减持后持股173.52万股，占目前总股本 1.58%。本次减持计划已实施完毕。(格隆汇) ...

深圳欧陆通电子股份有限公司 关于控股股东及实际控制人的一致行动人 股份减持计划实施完毕的公告 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。 深圳欧陆通电子股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日披 露了《关于控股股东及实际控制人的一致行动人减持股份预披露公告》（公告编 号：2025-061），公司控股股东及实际控制人的一致行动人泰州通聚信息技术咨 询合伙企业（有限合伙）（以下简称"泰州通聚"）计划自公告披露之日起十五 个交易日后的三个月内以大宗交易方式减持本公司股份合计不超过 1,900,000 股 （占公司当时总股本比例不超过 1.74%）。 公司于近日收到泰州通聚出具的《减持计划实施完毕的告知函》，上述减持 计划已实施完毕，有关情况公告如下： 一、股东减持情况 证券代码：300870 证券简称：欧陆通 公告编号：2025-069 债券代码：123241 债券简称：欧通转债 二、其他相关说明 1、在本次减持计划实施期间，泰州通聚严格遵守了《中华人民共和国公司 法》《中华人民共和国证券法》《上市公司股东减持股份管理暂行办法》《深圳 ...

深圳欧陆通电子股份有限公司 简式权益变动报告书 上市公司名称：深圳欧陆通电子股份有限公司 上市地点：深圳证券交易所 股票简称：欧陆通 股票代码：300870 信息披露义务人一：深圳市格诺利信息咨询有限公司 住所/通讯地址：深圳市福田区深南大道6007号创展中心1603室 信息披露义务人二：南京王越科王创业投资合伙企业（有限合伙） 住所/通讯地址：江苏省南京市溧水区洪蓝街道凤凰井路85号1幢408-7室 执行事务合伙人：王合球 信息披露义务人三：泰州通聚信息技术咨询合伙企业（有限合伙） 住所/通讯地址：江苏省泰兴市黄桥经济开发区胜利东路中小企业创业园C幢211室 执行事务合伙人：王合球 权益变动性质：股份减少、持股比例被动稀释 签署时间：2025年9月24日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"证券法") 、《上 市公司收购管理办法》（以下简称"收购办法"）、《公开发行证券的公司信息披露内容 与格式准则第15号——权益变动报告书》（以下简称"《准则15号》"）及相关的法律、法 规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行 ...

控股股东深圳市格诺利信息咨询有限公司、南京王越科王创业投资合伙企业 及其一致行动人泰州通聚信息技术咨询合伙企业保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 1、本次权益变动主要系公司可转换公司债券转股使公司总股本增加致使控 股股东及其一致行动人合计权益被动稀释，以及公司控股股东的一致行动人泰州 通聚信息技术咨询合伙企业（有限合伙）（以下简称"泰州通聚"）减持公司股 份，导致控股股东及其一致行动人合计权益由 61.37%降低至 54.80%，权益变动 触及 1%及 5%的整数倍。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及一致行动人发 生变化，不会影响公司的治理结构和持续经营。 深圳欧陆通电子股份有限公司（以下简称"公司"）近日收到控股股东的一 致行动人泰州通聚出具的《简式权益变动报告书》，因可转债转股、泰州通聚减 持，导致公司控股股东及一致行动人合计权益由 61.37%降低至 54.80%，权益变 动触及 1%及 5%的整数倍。现将本次权益变动情况公告如下： | 1、基本情况 | ...

Group 1 - The controlling shareholder and actual controller's concerted action partner, Taizhou Tongju, reduced its holdings by 1.9 million shares through block trading from September 22 to September 24, 2025, at an average price of 182.02 CNY per share, with a price range of 182 CNY to 184.01 CNY per share, accounting for 1.73% of the total share capital at that time [1] - After the reduction, Taizhou Tongju holds 1.7352 million shares, representing 1.58% of the current total share capital [1] - The reduction plan has been fully implemented [1]

Summary of Key Points Core Viewpoint - On September 24, a total of 93 stocks appeared on the block trading platform, with a cumulative trading volume of 239 million shares and a total trading value of 3.612 billion yuan, indicating active trading in the market [1]. Group 1: Trading Activity - The highest trading value was recorded for Zijin Mining, with two transactions totaling 363 million yuan [1]. - Following Zijin Mining, Oulutong had 59 transactions with a total trading value of 334 million yuan [1]. - A total of 49 stocks had trading values exceeding 10 million yuan, reflecting significant investor interest [1]. Group 2: Notable Stocks - Zijin Mining (stock code: 601899) had a closing price of 25.93 yuan, with a slight increase of 0.43% [1]. - Oulutong (stock code: 300870) closed at 220.58 yuan, showing a rise of 1.89%, but had a trading price of 182.00 yuan, reflecting a discount of 17.49% [1]. - Liyade (stock code: 300296) experienced a 3.54% increase, closing at 7.32 yuan, with a trading price of 7.07 yuan, indicating a discount of 3.42% [1].

进一步统计，近3个月内该股累计发生65笔大宗交易，合计成交金额为3.49亿元。 证券时报·数据宝统计显示，欧陆通今日收盘价为220.58元，上涨1.89%，日换手率为4.97%，成交额为 11.91亿元，全天主力资金净流出2619.06万元，近5日该股累计上涨0.62%，近5日资金合计净流出478.91 万元。 两融数据显示，该股最新融资余额为6.31亿元，近5日增加1312.36万元，增幅为2.12%。（数据宝） 9月24日欧陆通大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 48.91 | 8901.62 | 182.00 | -17.49 | 机构专用 | 国金证券股份有限公司 | | | | | | | 深圳湾一号证券营业部 | | 8.46 | 1539.72 | 182.00 | -17.49 | 机构专用 | 国金证券股份有限公司 | | | | | | ...

Summary of the Conference Call for 欧陆通 Company Overview - **Company Name**: 欧陆通 - **Industry**: Data Center Power Supply Key Financial Metrics - **Revenue**: - H1 2025 revenue reached 21.20 billion, a year-on-year increase of 32.59% [4] - Q2 2025 revenue was 12.3 billion, exceeding 30% growth year-on-year [2][4] - **Net Profit**: - H1 2025 net profit was 1.34 billion, up 55% year-on-year [2][4] - Operating net profit was 1.57 billion, a significant increase of 82.36% [2][4] - **Gross Margin**: - Overall gross margin was 20.31%, a slight decrease of 0.64 percentage points year-on-year [4] - Q2 gross margin improved to 21.17%, an increase of 2.07 percentage points quarter-on-quarter [2][4] - **Expenses**: - Total expenses decreased by 25.39% year-on-year to 2.55 billion [4] - R&D expenses were 1.32 billion, up 28.26% year-on-year, with an R&D expense ratio of 6.21% [2][4] Business Segments - **Data Center Power Supply**: - Became the largest business segment with revenue of 9.62 billion, a 94% increase year-on-year [2][4] - High-power server power supply (2 kW and above) revenue reached 6.6 billion, a substantial growth of 216% [2][4] - High-power segment gross margin maintained at 27%-28%, while mid-low power margins decreased due to market competition [2][4][6] - **Customer Base**: - Major clients include leading domestic server manufacturers such as Inspur, Foxconn, Lenovo, and internet giants like Alibaba, Tencent, and ByteDance [6] Market Dynamics - **Order Visibility**: - Server power supply order visibility is low, with expectations of a 15-20% revenue decline in Q3 due to domestic GPU supply constraints [2][13] - **Future Growth**: - The company is actively developing higher power supplies (8 kW, 10 kW) but expects mainstream demand to remain around 5.5 kW in the short term [5][14] - Plans to expand into overseas markets, with potential orders expected by H2 2026 [5][10] Product Development and Challenges - **New Product Introduction**: - New products like the 5 kW PSU and 33 kW PowerShift are anticipated to boost margins, but short-term supply chain issues may hinder their rollout [8][11] - **High Voltage Direct Current (HVDC) Products**: - Development of high voltage direct current products is ongoing, but no specific customer demand has been established yet [15] - **Liquid Cooling Power Supply**: - Currently low penetration in the market, with potential for growth as GPU power consumption increases, but large-scale adoption is unlikely in the next 2-3 years [18] Strategic Outlook - **Revenue Goals**: - The company aims for total revenue of 45 billion for the year, with a target growth of 5-10% in consumer products [22] - **Market Adaptation**: - Future growth will depend on customer demand and order patterns, particularly in the AI server market [9][10] Conclusion - 欧陆通 is experiencing strong growth in its data center power supply segment, driven by high-power products. However, challenges such as order visibility and market competition may impact future performance. The company is focused on innovation and expanding its market presence, particularly overseas, while navigating supply chain constraints.