Group 1: Company Performance - Zhejiang Chint Electric Co., Ltd. reported stable growth in low-voltage component channel business in core European markets, particularly in Southern Europe, including Italy, Spain, and Turkey, while also establishing new growth curves in Germany and France [1] - In the Asia-Pacific growth market, Chint Electric achieved rapid growth in the ASEAN economic circle centered around Singapore, including Malaysia, Indonesia, Vietnam, and the Philippines [1] - The company is also focusing on emerging markets in West Asia and Africa, leveraging development momentum in Gulf countries, with dual headquarters in Saudi Arabia and Dubai [1] Group 2: Industry Trends - The Chinese low-voltage electrical industry is experiencing a steady increase in exports, with a total export value of $7.82 billion in the first four months of the year, representing a year-on-year growth of 15.9% [2] - The export market is characterized by the rise of emerging markets and the differentiation of traditional markets, with significant growth in exports to Vietnam, which reached $740 million, a 40% increase year-on-year [2] - Exports to traditional markets like the U.S. are facing challenges due to tense trade relations, but companies are actively exploring diversified markets to mitigate impacts from tariff adjustments [2][3] Group 3: Product Export Structure - Connectors, which account for a significant portion of China's low-voltage electrical exports, saw a year-on-year growth of 24.9%, with exports totaling $3.76 billion in the first four months [3] - The export of automatic circuit breakers reached $530 million, reflecting a year-on-year increase of 14.8%, with major destinations including Russia, Brazil, Singapore, Turkey, the UK, and Vietnam [3] - Other circuit protection devices, such as residual current devices, also experienced growth, with exports amounting to $320 million, a 4.2% increase year-on-year [3] Group 4: Future Outlook - The future development of the Chinese low-voltage electrical industry is expected to focus on smart and green technologies, with emerging market expansion being a key strategy for overseas diversification [4] - The China Chamber of Commerce for Import and Export of Machinery and Electronic Products forecasts that the total export value of the low-voltage electrical industry will exceed $22.5 billion in 2025, with a year-on-year growth of 10% to 15% [4] - The second and third quarters are anticipated to maintain an export growth rate of 10% to 13%, supported by a strong order backlog, particularly from emerging markets [4]

Core Viewpoint - The low-voltage electrical equipment industry in China has shown a strong export performance in the first quarter of 2025, with significant growth compared to previous years, driven by various market dynamics and product demand. Group 1: Export Trends - In January 2025, the export value of low-voltage electrical equipment reached a record high of $2.21 billion, a year-on-year increase of 11.3% [1] - February saw a decline to $1.32 billion due to post-holiday work resumption delays, but it remained above the average of the past three years [1] - March exports rebounded sharply to $2.08 billion, a month-on-month increase of 57.6%, indicating a clear "V-shaped" recovery in the quarter [1] - The total export value for the first quarter was $5.6 billion, a year-on-year growth of 13.6%, continuing the upward trend from 2024 [1] Group 2: Market Performance - Exports to Hong Kong reached $860 million, accounting for 15.4% of total exports, with a year-on-year growth of 30.8% [4] - Exports to the United States were stable at $620 million, representing 11% of total exports, with a modest year-on-year increase of 2.6% [4] - Exports to Vietnam surged to $530 million, a 37.9% increase, benefiting from strong trade relations and infrastructure development [4] - Emerging markets like India, Mexico, and Thailand showed strong growth, while traditional markets like Germany and Japan remained flat or declined [4] Group 3: Product Structure - Connectors accounted for 47.9% of total exports, valued at $2.68 billion, with a growth rate of 22.9% [5] - Automatic circuit breakers made up 7% of exports, valued at $390 million, with an 11.4% increase driven by demand for smart products [5] - Other circuit protection devices saw a stable international demand, with a year-on-year growth of 4.6% [5] Group 4: Future Outlook - The impact of U.S. tariffs on the low-voltage electrical equipment industry is expected to be limited, with companies adopting strategies to share costs and maintain market demand [10] - The industry is predicted to achieve an export value exceeding $22.5 billion in 2025, with a growth rate of 10%-15% [13] - The second and third quarters are expected to maintain export growth rates between 10%-13%, supported by strong order backlogs, particularly in emerging markets [13] - The industry is anticipated to shift towards higher-end products and enhance its technological influence in the global value chain [13]