欧陆通：上半年归母净利润同比增长54.86% 数据中心电源业务成增长引擎

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 2.12 billion yuan, a year-on-year growth of 32.59%, and a net profit of 134 million yuan, up 54.86% [1] - The company is focusing on expanding its power adapter business and deepening its strategic involvement in the data center power sector, which has become a major driver of revenue growth [1][2] - The company has made substantial investments in research and development, with R&D spending reaching 132 million yuan, a 28.26% increase year-on-year, and has accumulated numerous patents in the field [2] Revenue Breakdown - The power adapter business generated 826 million yuan in revenue, reflecting a growth of 6.61% [1] - The data center power business achieved revenue of 962 million yuan, marking a remarkable growth of 94.30% and accounting for 45.37% of total revenue [1][2] - Other power-related businesses contributed 323 million yuan in revenue, with a modest growth of 0.41% [1] Strategic Initiatives - The company is strategically positioning itself in the AI server market, which is seen as a new growth area, and has become one of the few domestic manufacturers capable of producing data center power supplies [2] - The company has developed a comprehensive range of products across various power segments, including high-power server power supplies, and has introduced several advanced solutions [2] - The company is accelerating its global business expansion, with production bases established in Vietnam and Mexico to support global delivery and enhance its ability to mitigate international risks [3]