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.

Market Performance - The other power equipment sector increased by 2.1% on September 24, with Haibo Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Haibo Sichuang (688411) closed at 268.98, up 4.30% with a trading volume of 47,300 shares and a transaction value of 1.27 billion [1] - Shanghai Electric (601727) closed at 8.87, up 4.11% with a trading volume of 8.15 million shares and a transaction value of 7.25 billion [1] - Other notable performers include Kewell (688551) up 3.94%, Yingjie Electric (300820) up 3.45%, and Futec Technology (832110) up 2.52% [1] Fund Flow Analysis - The other power equipment sector experienced a net outflow of 205 million from institutional investors, while retail investors saw a net inflow of 333 million [2][3] - Major stocks like Shanghai Electric and Haibo Sichuang had mixed fund flows, with Shanghai Electric seeing a significant net outflow from both institutional and retail investors [3]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | | 2025-09-23 | 300870 | 欧陆通 | 184.01 | 1.20 | 220.81 | 广发证券股份有限 | 国金证券股份有限 | | | | | | | | 公司珠海翠前北路 | 公司深圳湾一号证 | | | | | | | | 证券营业部 | 券营业部 | 9月23日，欧陆通大宗交易成交1.2万股，成交额220.81万元，占当日总成交额的0.17%，成交价184.01元，较市场收盘价 216.49元折价15%。 ...

Core Viewpoint - The report from Open Source Securities highlights that Oulutong is a leader in domestic high-power server power supplies, benefiting from the development of AI high-density applications, and assigns a "Buy" rating [1] Group 1: Market Demand and Product Development - Current AI servers require power supplies of 2700W and above, with future needs projected to reach 5500W and even 8000W [1] - Products such as NVIDIA's Hopper series servers have a single PSU power of 3KW, while the Blackwell series is expected to increase to 5.5KW, indicating a potential rise in both volume and price for server power supply products [1] Group 2: Product Range and Applications - The company offers a comprehensive range of server power supply products, including those below 800W, between 800-2000W, and above 2000W [1] - Key products include the 3200W Titanium M-CRPS, 1300W-3600W Titanium CRPS, 3300W-5500W Titanium and Super Titanium GPU server power supplies, as well as immersion liquid cooling server power supplies and rack-mounted power supplies [1] - These products are primarily used in data center edge computing and GPU server scenarios, with clients including Foxconn, Inspur, Huawei, StarNet, H3C, Dahua, Lenovo, and Hikvision, while actively expanding into North American markets [1]

Core Insights - On September 22, brokerages set target prices for listed companies, with notable increases for Gao Weida, SAIC Motor, and Haitian Flavoring, showing target price increases of 98.76%, 37.72%, and 27.18% respectively, across the software development, passenger vehicle, and seasoning industries [1][3] Group 1: Target Price Increases - Gao Weida received a target price of 51.50 yuan, reflecting a target price increase of 98.76% [3] - SAIC Motor's target price was set at 26.25 yuan, indicating a 37.72% increase [3] - Haitian Flavoring's target price reached 50.25 yuan, with a 27.18% increase [3] Group 2: Rating Adjustments - One company, Tebian Electric Apparatus, had its rating upgraded from "Hold" to "Strong Buy" by China Merchants Securities [4] - One company, Jiangling Motors, had its rating downgraded from "Buy" to "Hold" by Industrial Securities [5] Group 3: First Coverage - On September 22, brokerages initiated coverage on nine companies, including Jiangling Motors with a rating of "Hold" from Industrial Securities, and Ximai Food with a "Hold" rating from Shanxi Securities [6] - Gao Weida received a "Buy" rating from Dongwu Securities [6] - Other companies receiving coverage include Hengxin Life with a "Hold" rating and Xianglou New Materials with a "Hold" rating [6]