Core Viewpoint - InnoSwitch (英诺赛科) announces collaboration with NVIDIA to support the 800 VDC power architecture, which is expected to enhance efficiency, power density, and reduce energy consumption and CO2 emissions in AI data centers [1] Group 1: 800 VDC Power Architecture - The transition from 48V to 800V in rack power systems can reduce current by 16 times, significantly decreasing I²R losses and minimizing copper demand [1] - Traditional AI systems operating at 48V face challenges such as inefficiency and high copper consumption, with over 45% of total power used for cooling [1] - The 800 VDC architecture is positioned as a solution to support the transition from kilowatt to megawatt-level AI clusters [1] Group 2: GaN Technology Advantages - InnoSwitch's third-generation GaN technology offers a decisive advantage, reducing driving losses by 80% and switching losses by 50% compared to SiC at 800V input, leading to an overall power reduction of 10% [3] - Only 16 GaN devices are needed to achieve the same conduction losses as 32 silicon MOSFETs at 54V output, doubling power density and reducing driving losses by 90% [3] - The use of GaN materials in the low-voltage conversion stage of 800 VDC can lower switching losses by 70% and increase power output by 40% within the same volume compared to existing silicon MOSFET architectures [3] Group 3: Full-Stack GaN Solutions - As the only full-stack GaN supplier, InnoSwitch is capable of mass-producing GaN solutions from 1200V to 15V, providing a complete solution from 800V to 1V [5] - InnoSwitch's GaN technology has demonstrated superior reliability, passing rigorous stress tests and ensuring a high-performance lifespan of over 20 years for data center products [5] - The integration of the 800 VDC power architecture with InnoSwitch's GaN technology is set to revolutionize AI data centers, enabling a leap from kilowatt to megawatt racks, fostering a new era of efficient, high-performance, and environmentally friendly AI computing [5]

Core Insights - InnoSwitch (英诺赛科) announces collaboration with NVIDIA to support the 800 VDC power architecture, which is a breakthrough for AI data centers, enhancing efficiency, power density, and reducing energy consumption and CO2 emissions [1] - The transition from 48V to 800V in power supply units (PSUs) significantly reduces current by 16 times, minimizing I²R losses and copper demand, addressing the challenges faced by traditional AI systems [1] - The 800 VDC architecture enables a leap from kilowatt to megawatt-level power systems, essential for future AI clusters with over 500 GPUs [1] Group 1: Technical Advantages - To meet the power density requirements of 800 VDC, the switching frequency of power supplies must increase to nearly 1MHz, potentially reducing magnetic component and capacitor sizes by about 50% [2] - InnoSwitch's third-generation GaN technology offers decisive advantages, including an 80% reduction in drive losses and a 50% reduction in switching losses compared to SiC, leading to an overall power consumption reduction of 10% [2] - Only 16 GaN devices are needed at the 54V output to achieve the same conduction losses as 32 silicon MOSFETs, doubling power density and reducing drive losses by 90% [2] - The use of GaN materials in the low-voltage conversion stage of 800 VDC can lower switching losses by 70% while increasing power output by 40% within the same volume [2] Group 2: Market Position and Reliability - As the only full-stack GaN supplier and leading GaN IDM company, InnoSwitch is capable of mass-producing GaN from 1200V to 15V, providing a complete solution from 800V to 1V [4] - InnoSwitch's third-generation devices have passed rigorous accelerated stress tests, ensuring high-performance longevity of over 20 years for data center applications [4] - The integration of the 800 VDC power architecture with InnoSwitch's GaN technology will facilitate a transition from kilowatt to megawatt AI data centers, marking a new era of efficient, high-performance, reliable, and environmentally friendly AI computing [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 自願公告 英諾賽科為800 VDC電源架構提供 全GaN電源解決方案，賦能新一代AI Factories 本公告由英諾賽科（蘇州）科技股份有限公司（「本公司」或「英諾賽科」）自願作 出，旨在使本公司股東及潛在投資者了解本公司最新業務發展情況。 NVIDIA將支持800 VDC電源架構。800 VDC機架電源架構為人工智能數據中心 帶來突破性進展，可實現更高效率、更高功率密度，同時降低能耗需求並減少二 氧化碳排放。如同電動汽車行業從400V向800V的升級，機架電壓從48V提升到 800V可使電流降低16倍，從而大幅減少I²R損耗並最大限度降低對銅材的需求。 英諾賽科正與NVIDIA合作，攜手支持800 VDC電源架構，為新一代GPU路線圖 的擴展提供保障。 基於48V電壓的傳統人工智能系統正面臨嚴峻的挑戰—－效率低下、銅耗過高， 超過45%的總功耗耗費在散熱上。未來的人工智能集群（如搭載超過500塊GP ...

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Core Viewpoint - Morgan Stanley initiates coverage on Innoscience Technology (02577) with a rating in line with the market and a target price of HKD 95, implying a projected price-to-sales ratio of 34 times for next year [1] Company Summary - Innoscience Technology is identified as a leading manufacturer of gallium nitride power integrated circuits, positioning itself to benefit from growth drivers such as artificial intelligence data centers, humanoid robots, and electric vehicles [1] - The current valuation of Innoscience Technology is believed to largely reflect the market's high expectations [1]

Core Viewpoint - Morgan Stanley initiates coverage on InnoPhase (02577) with a rating in line with the market and a target price of HKD 95, implying a forecasted price-to-sales ratio of 34 times for next year [1] Company Summary - InnoPhase is identified as a leading manufacturer of gallium nitride power integrated circuits, positioning itself to benefit from secular growth drivers such as artificial intelligence data centers, humanoid robots, and electric vehicles [1] - The current valuation of InnoPhase is believed to largely reflect the market's high expectations [1]

Core Viewpoint - Morgan Stanley initiates coverage of Innoscience Technology with a rating of "In Line with Market" and sets a target price of HKD 95, implying a projected price-to-sales ratio of 34 times for the next year [1] Company Summary - Innoscience Technology is identified as a leading manufacturer of gallium nitride power integrated circuits [1] - The company is well-positioned to benefit from growth drivers such as artificial intelligence data centers, humanoid robots, and electric vehicles [1]

Group 1 - Morgan Stanley initiates coverage on Innoscience with a rating of "In Line with Market" and a target price of HKD 95, implying a projected price-to-sales ratio of 34 times for next year [1] - Innoscience is identified as a leading manufacturer of gallium nitride power integrated circuits, indicating its strong position in the market [1] - The company is believed to be well-prepared to benefit from growth drivers such as artificial intelligence data centers, humanoid robots, and electric vehicles [1]

Core Viewpoint - InnoScience (02577.HK) plans to raise funds through a placement of new H-shares, with a total expected amount of HKD 1.56 billion, aimed at capacity expansion, debt repayment, and working capital [1][2]. Fund Allocation - Approximately 31% of the funds (HKD 482 million, about RMB 442 million) will be used for capacity expansion and product upgrades to meet the growing demand in the GaN power device market [1][2]. - About 24% of the funds (HKD 376 million, about RMB 344 million) will be allocated to repay interest-bearing debts, optimizing the capital structure and reducing financial risk [2]. - Approximately 45% of the funds (HKD 691 million, about RMB 633 million) will be used for working capital and general corporate purposes, including human resources expenses and potential investments [2]. Company Overview - InnoScience, established in 2017, focuses on the research and manufacturing of third-generation semiconductor GaN chips, with a market share of 42.4% in the global GaN power semiconductor sector [2]. - The company is the first globally to achieve mass production of 8-inch silicon-based GaN wafers, significantly improving yield and reducing costs compared to 6-inch wafers [2]. Industry Outlook - The GaN power semiconductor market is expected to grow rapidly, reaching a market size of RMB 50.1 billion by 2028, accounting for 10.1% of the global power semiconductor market [3]. - GaN technology offers advantages over traditional silicon materials, making it suitable for applications in electric vehicles, data centers, and photovoltaic power stations [3].

Core Viewpoint - InnoCare (Suzhou) Technology Co., Ltd. plans to issue 20,700,000 new H-shares to enhance its financial strength and support business expansion, with a share price set at HKD 75.58, representing a discount of approximately 7.88% from the last trading price of HKD 82.05 [1][3]. Summary by Sections Share Placement Details - The placement agent aims to secure subscriptions from at least six independent professional and institutional investors [3]. - The new shares represent about 4.1% of the existing issued H-shares and approximately 2.31% of the total issued shares, with post-placement proportions of about 3.94% and 2.26% respectively [3]. Use of Proceeds - The estimated net proceeds from the placement are approximately HKD 1.55 billion, allocated as follows: - Capacity expansion and product upgrades: approximately HKD 482.26 million (31%) to meet the growing demand for GaN power devices and enhance product competitiveness [5]. - Debt repayment: approximately HKD 376.24 million (24%) to optimize capital structure and reduce financial burden [6]. - Working capital and general corporate purposes: approximately HKD 691.93 million (45%), which includes human resources expenses, payments to suppliers, and potential domestic and foreign investments [7]. Share Capital Changes - Post-placement, the company's registered capital and total shares will change to RMB 915,100,653 and 915,100,653 shares respectively [7]. - The company will apply for the listing and trading of the new shares on the Stock Exchange of Hong Kong and will comply with the filing rules of the China Securities Regulatory Commission [7].