2025年秋季，美国大豆农场主面临历史性危机：中国买家一份新订单都没有。 印度自身大豆产量不低，国内大量农民靠种大豆谋生，莫迪政府若放开进口将面临巨大民意压力。 而美国大豆期货价格三年暴跌 40%，现在每蒲式耳10.10美元，已低于预估生产成本11.03美元，农民种得越多亏得越多。 作为曾经占美国大豆出口一半以上的最大客户，中国的退出导致全美库存积压超700万吨，价格跌至生产成本线以下。 与此同时，阿 根廷主动提升高粱出口标准以适应中国需求，南美国家正加速取代美国在全球农产品供应链中的地位。 美国中西部广袤的农田里，金黄的豆荚在收割季低垂，却少了往年的繁忙景象。 爱荷华州农民蒂姆·麦克斯韦站在仓库前发愁，他的仓库里堆满了卖不出去的大豆。 种了几十年地的他第一次遇到如此冷清的市场，去年此时中国买家早已预订了约1300万吨美国大豆，而今年此时一份订单都没有。 这场危机始于贸易关税政策。 当美国对华大豆关税飙升至245%时，中国进口商算了一笔账：原本每吨300美元的美国大豆，加税后比巴西大豆贵出近60%。 价格杠 杆迅速生效，2023年第三季度中国从美国进口大豆量暴跌至五年最低，而同期巴西对华出口激增40%。 美国 ...

Group 1: Business Direction and Market Positioning - The company positions itself as a leader in energy exchange solutions for the AI era, focusing on three main areas: comprehensive energy solutions around computing power, power and control solutions for electric vehicles, and upgrades for consumer electronics power systems [2][3]. - The demand for high-power computing power supplies is expected to surge due to the rapid growth of AI applications, creating opportunities in various fields such as server power, backup power for data centers, and power for smart devices [2][3]. Group 2: Global Supply Chain and Manufacturing Strategy - The company has established a global network of six smart manufacturing bases, including locations in Dongguan, Wuhan, Ji'an, India, Indonesia, and Vietnam, to effectively respond to global supply chain restructuring and international trade policy changes [3]. - With a low dependency on the U.S. market and a robust global production capacity, the company anticipates limited direct impact from recent tariff adjustments [3]. Group 3: AI Technology Integration - AI technology is driving the upgrade of charging products, with significant increases in charging power for various devices, such as mobile phones and IoT devices, which are moving from 5W to over 20W [3][5]. - The company has launched its first AI smart charger, which learns user habits and offers features like voice control and location tracking, enhancing the smart electricity experience [3][5]. Group 4: Power Electronics and Technical Innovations - The company has developed three core technology directions in power electronics: hardware integration and architecture innovation, software and intelligent control, and new materials and device-level innovations [5][6]. - Key advancements include high-frequency magnetic devices, multi-layer planar transformers, and the application of AI in system development and operation, which enhance power density and reliability [5][6]. Group 5: Product Development and Market Expansion - The company is actively involved in setting new industry standards post-3C incident, ensuring high product quality and customer recognition, with over 90 safety testing projects exceeding national standards [6]. - In the robotics sector, the company has established strong partnerships with leading consumer electronics and automotive brands, positioning itself to integrate into supply chains as new products are launched [7][8]. Group 6: Renewable Energy and Storage Solutions - The company is accelerating the development of an integrated "light-storage-charge" product matrix to meet the growing demand for household and commercial energy solutions [9]. - Its core products have achieved multiple international certifications, and the company is focusing on energy management solutions for data centers, with power ranges from 550W to 8000W [9][10]. Group 7: Backup Power and GaN Technology - The company has capabilities in diesel generator control through its subsidiary, which is expected to enhance its backup power offerings in the future [11]. - The company is a leader in the market for GaN power products, addressing industry challenges such as electromagnetic interference and energy efficiency, with plans to extend this technology into server power applications [12].