深圳欧陆通电子股份有限公司 独立董事工作制度 为进一步完善深圳欧陆通电子股份有限公司（以下简称"公司"）的法人治 理结构，强化对董事会及管理层的约束和监督制度，更好地维护中小股东的利益， 促进公司的规范运作，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司独立董事 管理办法》、《深圳证券交易所创业板股票上市规则》（以下简称"《创业板上 市规则》"）等法律法规、规范性文件和《公司章程》的有关规定，制定本制度。 第一章 总则 第一条 本制度所指独立董事是指不在公司担任除董事外的其他职务，并与 公司及其主要股东、实际控制人不存在直接或间接利害关系，或者其他可能影响 其进行独立客观判断的关系的董事。 第二条 独立董事对公司及全体股东负有忠诚与勤勉的义务，并应当按照法 律、行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、证 券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与 决策、监督制衡、专业咨询作用，维护上市公司整体利益，保护中小股东的合法 权益。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等 ...

深圳欧陆通电子股份有限公司 对外投资管理制度 第一章 总则 第一条 为规范深圳欧陆通电子股份有限公司(以下简称"公司")对外投资行 为，降低投资风险，提高投资收益，维护公司、股东和债权人的合法权益，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《深圳证券交易所上市公司 自律监管指引第7号——交易与关联交易》、《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》、《深圳证券交易所创业板股票上市规则》（以 下简称"《上市规则》"）等法律、法规、规范性文件以及《公司章程》的相关规定， 制定本制度。 第二条 本制度所称对外投资是指公司为获取未来收益而将一定数量的货币资 金、股权、实物资产、无形资产或其它法律法规及规范性文件规定可以用作出资的 资产对外进行各种形式投资的活动。 按照投资期限的长短，公司对外投资分为短期投资和长期投资 1、短期投资，是指公司购入能随时变现的投资品种或工具，包括股票、债券、 投资基金、期货、期权及其它金融衍生品种等。 2、长期投资，是指公司购入的不能随时变现或不准备随时变现的投资，即以现 金、实物资产、无形资产等公司可支配的资源，通过合资合作、联营、兼并等方式 ...

Core Viewpoint - The company announced that its controlling shareholder and actual controller's concerted action partner, Taizhou Tongju Information Technology Consulting Partnership (Limited Partnership), plans to reduce its holdings by up to 1.74% of the total share capital through block trading within three months starting from September 22, 2025 [1] Summary by Relevant Sections - **Share Reduction Plan** - The planned reduction involves a total of up to 1.9 million shares, which represents no more than 1.74% of the company's total share capital [1] - The reduction will occur through block trading and is scheduled from September 22, 2025, to December 21, 2025 [1] - **Reason for Reduction** - The reason for the share reduction is attributed to the shareholder's own financial arrangements [1] - **Compliance and Impact** - The reduction plan complies with relevant laws and regulations and will not lead to a change in the company's control [1] - It is stated that the reduction will not affect the company's governance structure or its ongoing operations [1]

深圳欧陆通电子股份有限公司 2025 年半年度报告全文 深圳欧陆通电子股份有限公司 2025 年半年度报告 2025-053 本报告中如有涉及到未来的计划、业绩预测等方面的内容，均不构成本公司对任何投 资者及相关人士的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异。 2025 年 8 月 1 公司可能面临的风险详见本报告"第三节管理层讨论与分析"之"十、公司面临的风 险和应对措施"。 深圳欧陆通电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人王合球、主管会计工作负责人张淑媛 及会计机构负责人(会计主管人员) 谭群声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司经本次董事会审议通过的利润分配预案为：以实施权益分派股权登记日登记的总 股本扣除公司回购专户上已回购股份后的股本为基数，向全体股东每 10 股派发现金红利 4. ...

Investment Rating - The report gives a "Buy" rating for the company, marking it as a first-time coverage [12]. Core Views - The demand for AI computing power is continuously increasing, driven by the AIDC infrastructure wave, which is leading to an explosive demand for related products in the industry chain. As a leading domestic switch power supply company, the company has a rich product matrix and advanced technical capabilities, focusing on high-power data center power supplies and rapidly expanding into overseas markets. The overall business situation is improving, and performance is expected to see rapid release [4][9][10]. Summary by Sections Company Overview - The company has been deeply rooted in the switch power supply field for thirty years, evolving from lamp power supplies to becoming a leader in the domestic market. Its business is divided into three main segments: power adapters, data center power supplies, and other power supplies, covering various downstream fields such as consumer electronics and electric tools. The company is expected to benefit from the recovery of demand in 2024, particularly in the data center power supply and power adapter segments [8][10][21]. AIDC Era and Data Center Power Demand - The AIDC infrastructure wave is driving explosive demand for data center power supplies, which are experiencing both quantitative and qualitative growth. The company has established partnerships with major industry clients and is well-positioned to benefit from this trend [9][10][60]. Recovery of Power Adapter Business - The power adapter business is seeing a recovery, particularly in the PC and display markets, as demand rebounds. The company is also expanding into the electric tool market, which presents significant growth opportunities [10][39]. Financial Performance and Projections - The company achieved a revenue of 3.798 billion yuan in 2024, with a year-on-year growth of 32.32%. The net profit attributable to shareholders reached 268 million yuan, up 36.92% year-on-year. Projections for 2025-2027 indicate continued growth, with net profits expected to reach 335 million yuan, 465 million yuan, and 558 million yuan, respectively [10][34][37]. Product Matrix and Market Position - The company has a diverse product matrix that includes power adapters, data center power supplies, and other power supplies, catering to various markets. The data center power supply segment is expected to become the largest revenue contributor, driven by high-power product demand [24][37]. R&D and Innovation - The company has consistently invested in R&D, with a focus on enhancing its technological capabilities. It has established multiple R&D centers and holds numerous patents, which support its long-term growth strategy [43][48].

Core Viewpoint - The liquid cooling server concept stocks experienced a rebound after an initial dip, with several companies reaching significant gains, indicating a positive market sentiment towards this technology [1] Company Performance - Inveke reached a limit-up and set a new historical high [1] - Siquan New Materials saw an increase of over 10% [1] - Dayuan Pump Industry, Shenling Environment, ZTE Corporation, and Oulu Tong all rose by more than 5% [1] - Yimikang, Chunz中科技, and Keshida also experienced gains [1]

Group 1 - The liquid cooling concept is experiencing a rebound, with significant stock price increases observed in related companies [1] - In particular, Yingweike has reached the daily limit increase, while Dayuan Pump Industry has risen over 8% [1] - Other companies such as Shenling Environment, ZTE Corporation, and Oulu Tong have also seen stock price increases exceeding 5% [1]

Group 1 - The liquid cooling server sector is experiencing a rebound, with significant stock price increases observed [1] - In particular, Invec has reached its daily limit increase, while Dayuan Pump Industry has risen over 7% [1] - Other companies such as Shenling Environment, ZTE Corporation, and Oulu Tong have also seen their stock prices rise by over 5% [1]

Group 1 - Huawei Cloud announced its Tokens service is fully integrated with CloudMatrix384 super nodes, leveraging a "mixed bag" advantage to enhance performance through system innovation [1] - The xDeepServe architecture innovation allows for a maximum of 2400 TPS and 50 ms TPO, achieving high throughput and low latency performance that surpasses industry standards [1] - In the past 18 months, China's AI computing power demand has grown exponentially, with daily Token consumption increasing from 100 billion at the beginning of 2024 to over 30 trillion by June 2023, reflecting a growth of over 300 times [1] Group 2 - CloudMatrix384 super nodes are a revolutionary AI architecture introduced by Huawei, designed to address traditional computing power bottlenecks with features such as high throughput, low latency, and high elasticity [1] - The integration of CloudMatrix384 super nodes significantly enhances Tokens processing efficiency, accelerating the commercialization of AI [1] - Shengke Communication is identified as a rare domestic Ethernet switch chip design company, targeting large-scale data center and cloud service demands with flagship chips offering switching capacities of 12.8 Tbps and 25.6 Tbps [1] Group 3 - Oulutong is a high-power server power supply provider that benefits from the growth of the AI industry and opportunities for domestic substitution [2]

Core Viewpoint - The company has been actively involved in the AI sector for several years, focusing on servers, liquid-cooled servers, and data centers, with a notable increase in revenue expected in AI business by the first half of 2025 [1] Group 1: Company Operations - The company has established a presence in the AI field with relevant business in servers, liquid-cooled servers, and data centers [1] - Major clients include companies such as 联宝, 光迅科技, 寒武纪, and others, indicating a strong customer base [1] - The company is actively promoting its products and solutions related to AI [1] Group 2: Financial Outlook - The company anticipates a year-on-year increase in revenue from its AI business in the first half of 2025 [1]