Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 3.387 billion, a year-on-year increase of 27.16% [2] - The gross profit margin for the first three quarters was 20.47%, a decrease of 0.80 percentage points year-on-year [2] - The net profit attributable to shareholders for the first three quarters was CNY 222 million, a year-on-year increase of 41.53%, with a net profit margin of 6.54% [3] - The operating net profit, excluding stock incentive and convertible bond expenses, was CNY 257 million, a year-on-year increase of 57.63% [3] Expense Overview - Total expenses for the first three quarters amounted to CNY 409 million, a year-on-year increase of 22.98%, with an expense ratio of 12.06% [4] - Sales expenses for the first three quarters were CNY 77.27 million, an increase of 8.88% year-on-year [4] - R&D expenses for the first three quarters were CNY 211 million, a year-on-year increase of 38.31%, with an R&D expense ratio of 6.22% [5] Product Development - The company offers a range of data center power products, including various power supply solutions for servers, with a focus on high-power and high-efficiency products [6][7] - Future plans include enhancing capabilities in high-power server power supplies and expanding into AI server power solutions [8] Business Expansion - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target global markets [10] - The company aims to leverage opportunities in the AI sector and domestic market replacements to drive growth [8] Convertible Bond Projects - The company plans to use proceeds from convertible bonds for projects including the construction of a new headquarters and R&D lab, and an annual production capacity of 1.45 million data center power supplies [11] Revenue Targets - The revenue growth targets for 2025 and 2026 are set at 28%, 52%, and 72% for the trigger values, with target values of 35%, 65%, and 90% respectively [13] Shareholder Actions - The controlling shareholder plans to reduce holdings by up to 2.1 million shares, representing no more than 1.91% of the total share capital, within a specified period [14]

Core Insights - The fundamental driver of AI power supply solutions is the continuous improvement in single-chip and single-cabinet power levels, with companies like NVIDIA leading the charge in upgrading their AI chips [1] - The power of AI data centers in North America is projected to reach 71GW by 2028, driven by advancements in multi-chip designs such as NVL72 from NVIDIA and Superpod from Google [1] Group 1: Power Supply Evolution - The main directions for AIDC power supply iteration are high power, high voltage, and direct current, with NVIDIA's white paper outlining a clear path from AC to 800V DC solutions [2] - The OCP organization has established ±400V power supply standards, aiming for MW-level cabinet power through direct current supply [2] Group 2: Technological Changes and Growth - The evolution of power supply solutions has led to the development of integrated devices like HVDC Sidecar and SST hosts, which can perform multiple functions such as voltage reduction and power quality improvement [3] - Key challenges in R&D include power conversion modules and high-frequency isolation transformers, with third-generation wide bandgap semiconductors like SiC and GaN being crucial for achieving high voltage and efficiency [3] Group 3: Investment Opportunities - Four key areas for investment consideration include AIDC power hosts (PSU, HVDC, SST), with companies like Sungrow Power (300274.SZ) and Megmeet (002851.SZ) being notable mentions [4] - Energy storage solutions at the station level are highlighted, with companies such as Sungrow Power and Fluence Energy (FLNC.US) being potential investment targets [4] - Core incremental components like solid-state circuit breakers and electronic fuses are also identified, with companies like Liyang Technology (002706.SZ) and Vicor Corporation (VICR.US) being recommended [4] - Third-generation semiconductors like GaN and SiC are emphasized as critical components for future developments [4]

Group 1 - The core viewpoint of the news is that Shenzhen Oulutong Electronic Co., Ltd. has seen a significant stock price increase of 5.23%, reaching 243.20 CNY per share, with a total market capitalization of 26.717 billion CNY [1] - The company specializes in the research, production, and sales of switch power supply products, with 99.57% of its main business revenue coming from the manufacturing of computers, communications, and other electronic devices [1] - The trading volume for the stock was 1.218 billion CNY, with a turnover rate of 4.75% [1] Group 2 - New沃 Fund has a significant holding in Oulutong, with its New沃 Domestic Demand Growth Mixed A Fund (012143) holding 2,500 shares, representing 4.93% of the fund's net value [2] - The fund has achieved a year-to-date return of 9.63%, ranking 776 out of 8,838 in its category, and a one-year return of 36.76%, ranking 3,778 out of 8,089 [2] - The fund's total scale is 8.5055 million CNY, and it has experienced a cumulative loss of 43.75% since its inception [2]

Core Viewpoint - The stock price of Oulutong has shown a positive trend with a year-to-date increase of 6.72%, despite a slight decline of 1.32% over the past five trading days [2]. Group 1: Stock Performance - As of January 14, Oulutong's stock price rose by 2.06% to 235.86 CNY per share, with a trading volume of 611 million CNY and a turnover rate of 2.41%, resulting in a total market capitalization of 25.911 billion CNY [1]. - The stock has experienced a 14.00% increase over the past 20 days and a 26.74% increase over the past 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Oulutong achieved a revenue of 3.387 billion CNY, representing a year-on-year growth of 27.16%, and a net profit attributable to shareholders of 222 million CNY, reflecting a growth of 41.53% [2]. - Since its A-share listing, Oulutong has distributed a total of 229 million CNY in dividends, with 183 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of Oulutong shareholders reached 21,600, an increase of 25.48% from the previous period, with an average of 5,097 circulating shares per shareholder, a decrease of 18.27% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 2.4112 million shares, an increase of 1.7864 million shares from the previous period [3].

Group 1 - The company announced the resignation of non-independent director Mr. Wang Peng due to work reasons, effective immediately [2] - The board of directors held a meeting on January 13, 2026, to approve the election of Ms. Li Meiqin as a member of the audit committee, replacing Mr. Wang Peng [2] - Ms. Li Meiqin will serve on the audit committee until the end of the current board's term [2]

国金证券股份有限公司 经深圳证券交易所（以下简称"深交所"）同意，公司向不特定对象发行可转 换公司债券于2024年7月26日起在深交所挂牌上市交易，债券简称"欧通转债"， 债券代码"123241"。 （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》（以下简称"《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2025年1月13日至2030年7月4日止（ 关于深圳欧陆通电子股份有限公司 不提前赎回"欧通转债"的核查意见 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为深圳 欧陆通电子股份有限公司（以下简称"欧陆通"或"公司"） 向不特定对象发行 可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》、《 深圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监 管指引第2号--创业板上市公司规范运作》等有关规定，对深圳欧陆通电子股 份有限公司不提前赎回"欧通转债"的事项进行了核查，具体情况如下： 一、可转换 ...

证券代码：300870 证券简称：欧陆通 公告编号：2026-006 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 关于非独立董事辞任暨补选董事会审计委员会委员的公告 王芃先生辞任不会导致公司董事会人数低于法定人数，不会影响公司的正常 生产经营。王芃先生将按照公司《董事、高级管理人员离职管理制度》做好工作 交接，其辞任事项不会影响公司日常经营和业务管理运作。公司及董事会对王芃 先生在任期间为公司发展做出的积极贡献表示衷心感谢。 二、关于补选董事会审计委员会委员的情况 公司于 2026 年 1 月 13 日召开第三届董事会 2026 年第一次会议，审议通过 了《关于补选第三届董事会审计委员会委员的议案》。公司董事会同意补选职工 代表董事李美琴女士为公司第三届董事会审计委员会委员，与杨小平先生（主任 委员）、游晓女士共同组成第三届董事会审计委员会，任期自本次董事会审议通 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、关于非独立董事辞任的情况 深圳欧陆通电子股份有限公司（以下简称"公司"）近日接到了公司非独立 董事王芃先生的书面辞任报 ...

（一）可转换公司债券发行情况 深圳欧陆通电子股份有限公司 关于不提前赎回"欧通转债"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： 1、自 2025 年 12 月 22 日至 2026 年 1 月 13 日，深圳欧陆通电子股份有限公 司（以下简称"公司"或"欧陆通"）股票已满足任意连续三十个交易日中至少 十五个交易日的收盘价格不低于当期转股价格的 130%（含 130%），已触发"欧 通转债"有条件赎回条款。 2、公司于 2026 年 1 月 13 日召开第三届董事会 2026 年第一次会议，审议通 过了《关于不提前赎回"欧通转债"的议案》，董事会决定本次不行使"欧通转 债"的提前赎回权利，不提前赎回"欧通转债"，且自 2026 年 1 月 14 日至 2026 年 4 月 13 日，如再次触发"欧通转债"上述有条件赎回条款时，公司均不行使 提前赎回权利。自 2026 年 4 月 13 日后首个交易日重新计算，若"欧通转债"再 次触发上述有条件赎回条款，届时董事会将另行召开会议决定是否行使"欧通转 债"的提前赎回权利。 一、可转换公司债券基 ...

证券代码：300870 证券简称：欧陆通 公告编号：2026-004 债券代码：123241 债券简称：欧通转债 一、董事会会议召开情况 深圳欧陆通电子股份有限公司（以下简称"公司"）第三届董事会 2026 年 第一次会议于 2026 年 1 月 13 日（星期二）以通讯表决方式召开。本次董事会会 议通知已于 2026 年 1 月 9 日以电子邮件、微信或电话等方式通知全体董事和高 级管理人员。本次会议应出席董事 9 人，实际出席董事 9 人。本次会议由董事长 王合球先生召集和主持，公司全体高级管理人员列席了本次会议。会议的内容以 及召集、召开的方式、程序均符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 会议审议并通过以下议案： 1、审议通过了《关于不提前赎回"欧通转债"的议案》 根据《公司向不特定对象发行可转换公司债券募集说明书》中可转换公司债 券有条件赎回条款的相关约定，自 2025 年 12 月 22 日至 2026 年 1 月 13 日，公 司股票已满足任意连续三十个交易日中至少十五个交易日的收盘价格不低于当 期转股价格（43.55 元/股）的 130%（含 130%，即 56.62 元 ...

Summary of AIDC Conference Call Industry Overview - The conference call focuses on the AIDC (Artificial Intelligence Data Center) industry, particularly the transition towards 800 VDC (voltage direct current) systems and the adoption of solid-state circuit breakers (SSCB) [1][3][4]. Key Points and Arguments - **Transition to 800 VDC**: The domestic 800 VDC pilot projects are being implemented, marking a significant shift towards direct current and high voltage systems, which will drive the evolution of UPS (Uninterruptible Power Supply) to HVDC and SST (Solid-State Transformer) [1][3]. - **Solid-State Circuit Breakers (SSCB)**: The application of SSCBs in 800 V systems is accelerating, with companies like Eaton, ABB, and domestic firms such as Liangxin, Taiyong Changzheng, and Chint Electric actively investing in this technology [1][5]. - **Market Acceptance**: There is an increasing acceptance of direct current power supply solutions in the market. Companies like ByteDance are testing DC UPS and 800 V HVDC systems, indicating a growing willingness to adopt these technologies [1][6]. - **Investment Potential**: Companies such as Zhongheng Electric, Keda, and Oulutong are identified as having significant investment potential due to their strategic positions and partnerships with major players like Alibaba and ByteDance [1][7]. - **Impact of Overseas Markets**: The North American market shows a significant influence on high voltage direct current systems, with companies benefiting from the new cycle of internet infrastructure investment [1][8]. - **Future Demand for SSCBs**: The demand for SSCBs is expected to grow significantly, with projections indicating a market space of 2 billion yuan by 2027 if the penetration rate of 800 V HVDC reaches 20% [2][13]. Additional Important Insights - **Economic Benefits of SSCBs**: The adoption of SSCBs in data centers is expected to yield substantial economic benefits, including reduced maintenance costs and increased electrical lifespan [12][13]. - **Application Scenarios**: SSCBs are particularly suited for high-frequency operations and compact requirements in data centers, with applications in various scenarios such as multi-ecological access and high-voltage DC relay upgrades [14][15]. - **Market Forecast**: The global market for SSCBs is projected to reach 30 billion yuan by 2027, with a significant portion of this market driven by overseas demand due to higher penetration rates and pricing [13]. This summary encapsulates the key discussions and insights from the AIDC conference call, highlighting the industry's transition towards high voltage direct current systems and the growing role of solid-state circuit breakers.