BYE(SH:603861) Quan Jing Wang·2025-11-05 01:04Core Insights - The company held its Q3 2025 earnings briefing on November 4, 2025, with full participation from management and investors, achieving a 100% response rate to questions [1] Group 1: Business Operations - The company is actively involved in the construction of national UHV (Ultra High Voltage) AC and DC transmission lines, providing a range of capacitor assemblies and capacitive voltage transformers, with advantages in product variety, technological leadership, and reliable quality [1] - The company plans to deepen its business in the UHV sector, focusing on the development of dry oil-free capacitors and enhancing technological advantages, particularly in domestic replacements for DC support capacitors used in flexible DC transmission [1] Group 2: Market Demand and Product Applications - The company has seen significant demand for its products in the data center sector, particularly due to the national "East Data West Computing" initiative, which has led to increased electricity demand in the thousands of megawatts [1] - The company provides transformers, medium-voltage cabinets, low-voltage cabinets, bus ducts, and distribution boxes for various data center projects, including those for major telecom operators and internet giants [1] Group 3: International Expansion - The company is accelerating its international strategy and has developed transformers that meet U.S. standards, accumulating project experience overseas [1] - The company has signed multiple overseas projects in countries such as Congo, Thailand, Peru, and Malaysia, with successful delivery of the U.S. Bit Deer 110kV project [1]