（编辑 袁冠琳） 证券日报网讯 欣锐科技11月19日在互动平台回答投资者提问时表示，公司一直以来都致力于电力电子 技术的研究与开发。在车载电源及新能源相关领域，公司持续推动"品牌向上"战略落地，以技术创新为 驱动，围绕高压快充、轻量化、高可靠性等核心需求，不断拓展优质客户资源，巩固并提升在车载电源 领域的市场地位。氢能与燃料电池领域，公司已是高压"电控"DCF系列产品的主流配套商。公司始终锚 定电力电子赛道，聚焦核心业务的技术迭代与产品创新，加速新场景、新市场与新产品的布局。以追求 卓越的产品创新理念，为行业客户提供专业价值服务。更多信息请关注公司定期报告及法定披露信息。 ...

Core Insights - The Fourth China Power Electronics and Energy Conversion Conference (CPEEC & CPSSC 2025) was successfully held in Shenzhen from November 7 to 10, 2025, with ChipLink Integrated making its debut as a wafer foundry, showcasing core products and solutions in automotive electronics and AI power [2] - The demand for AI computing power is driving rapid advancements in data center power supply systems towards high power density, high efficiency, and high voltage [2] - ChipLink Integrated offers a comprehensive range of high-performance and reliable devices and system solutions for AI server power, leveraging its extensive power device platform and process technology [2] Power Device Developments - In the silicon carbide (SiC) sector, ChipLink Integrated has mass-produced mature devices across a voltage range of 650V to 3300V and developed a new G2.0 high-frequency SiC platform to enhance power efficiency and density [4] - The company is also developing high-voltage devices rated at 4500V and 6500V to meet the infrastructure demands of next-generation high-voltage direct current (HVDC) and solid-state transformers (SST) [4] - In the gallium nitride (GaN) area, ChipLink Integrated has introduced devices ranging from 40V to 650V using mainstream P-GaN technology and has developed optimized driver chips to address reliability issues in high-speed switching applications [4] Comprehensive Solutions - ChipLink Integrated has achieved a full range of low-voltage MOSFET products from 25V to 200V, outperforming mainstream manufacturers in Europe and the US, and has developed specialized devices for unique applications like server hot-swapping [4] - The company continues to innovate in packaging technology, offering advanced forms such as surface cooling and multi-in-one integration to meet high-density power design needs [4] - In addition to power devices, ChipLink Integrated provides supporting magnetic device solutions, starting with high-frequency magnetic materials to offer customized inductors and transformers for high-frequency and miniaturized power systems [4] Digital Control and Customer Solutions - On the chip level, ChipLink Integrated operates 55nm and 40nm MCU production lines to support the development of customized digital control chips for power management systems [5] - The company emphasizes its commitment to providing "one-stop" power solutions to assist customers in achieving autonomous, efficient, and green transformations in AI server power [5] - As the demand for AI computing power continues to rise, ChipLink Integrated aims to keep pace with technological advancements and collaborate with industry partners to enhance power electronics technology and energy conversion efficiency [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25][26] Core Views - The company has achieved record high performance in Q3, with revenue and profit growth driven by expanding overseas business [1][19] - The company has significantly increased its overseas revenue, which accounted for 34% of total revenue in the first half of 2025, reflecting a year-on-year growth of 89% [2][21] - The establishment of a joint venture for IGCT valve group indicates the company's strategic expansion into new business areas [2][24] - The company has made notable advancements in supercapacitor applications, securing major projects in the automotive sector [2][24] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 138.27 billion yuan, a year-on-year increase of 32.86%, and a net profit of 21.91 billion yuan, up 46.94% [1][7] - In Q3 2025, the company achieved revenue of 53.30 billion yuan, a year-on-year increase of 25.68%, and a net profit of 8.99 billion yuan, up 48.73% [1][19] - The gross margin for Q3 2025 was 33.25%, an increase of 2.29 percentage points year-on-year, while the net margin was 17.67%, up 2.99 percentage points [1][19] - The company has revised its profit forecasts for 2025-2027, expecting net profits of 30.50 billion yuan, 40.45 billion yuan, and 49.50 billion yuan respectively [3][25] Financial Metrics Summary - The projected revenue for 2025 is 193.96 billion yuan, with a growth rate of 25.5% [4] - The projected net profit for 2025 is 30.50 billion yuan, reflecting a growth rate of 48.8% [4] - The company's PE ratios for 2025, 2026, and 2027 are projected to be 31, 24, and 19 respectively [3][25]

Core Viewpoint - Zhuzhou CRRC Times Electric Co., Ltd. has obtained a patent for a new type of single-tube fixed pressure block and structure, which enhances stability and reliability in electrical applications [1][2]. Company Overview - Zhuzhou CRRC Times Electric Co., Ltd. was established in 2005 and is located in Zhuzhou City, primarily engaged in the manufacturing of railway, marine, aerospace, and other transportation equipment [2]. - The company has a registered capital of 1,411.54 million RMB [2]. - It has made investments in 37 companies and participated in 5,000 bidding projects, holding a total of 3,625 patent records and 148 administrative licenses [2]. Patent Details - The patent, titled "A Single-Tube Fixed Pressure Block and Fixed Structure," was granted with the announcement number CN223230340U, with an application date of October 2024 [1]. - The patent involves an insulated shell and a metal pressure piece, designed to ensure long-term stability and reliability while maintaining insulation and improving welding efficiency for single tubes [1].

Core Viewpoint - The company is issuing shares to specific investors to raise funds for expanding its production capacity in the photovoltaic and energy storage sectors, amidst a rapidly growing market and increasing competition. Group 1: Financial Performance - The company's net profit attributable to shareholders after non-recurring gains and losses was reported as 69.78 million, 275.75 million, 412.40 million, and 85.79 million yuan over the recent periods, indicating significant growth in profitability [2]. - The company's overseas revenue has shown a growth trend, with figures of 334.92 million, 689.67 million, 1.16288 billion, and 429.18 million yuan, representing respective proportions of 14.33%, 13.99%, 24.39%, and 51.76% of total revenue [3]. Group 2: Industry Context - The photovoltaic and energy storage industries are experiencing rapid development due to government policies supporting renewable energy, leading to increased competition as many domestic and international companies enter the market [2][3]. - The company operates in a sector characterized by technological and capital intensity, with significant funding requirements for business expansion [5]. Group 3: Risks and Challenges - The company faces performance volatility risks due to increasing competition in the photovoltaic and energy storage sectors, which may affect market share and profit margins [2]. - There are risks associated with potential changes in government policies that could impact the demand for photovoltaic and energy storage products, affecting the company's operational performance [3]. - The company has a significant amount of accounts receivable, totaling 2.32 billion yuan, which constitutes 37.67% of current assets, posing risks to cash flow if collection periods extend [5]. - The company is also exposed to risks related to high levels of inventory, which amounted to 1.70 billion yuan, representing 24.11% of current assets, potentially leading to write-downs if market conditions change [6]. Group 4: Future Plans and Investments - The company plans to use the raised funds for projects including the annual production of 25GW of string inverters and 15GW of energy storage inverters, which are expected to significantly enhance production capacity [8][10]. - The total amount to be raised is capped at 1.6486 billion yuan, with net proceeds allocated entirely to the specified projects [8][10].

文 | 爱维达 当工商业储能赛道涌入2000＋玩家时，一家深耕UPS电源27年的"隐形冠军"选择了与众不同的路 径。爱维达，这个服务过北京奥运会、冬奥会的电源保障专家，正将其在极端环境设备可靠性领 域的电力电子技术积淀，转化为储能红海中的差异化竞争力。 技术基因的传承与裂变 爱 维达27年的发展轨迹始终围绕"电能可靠性"展开，从通信基站到智算中心，从金砖会议到上合 峰会，其技术基因在储能领域得以延续和进化。 在这二十余载的技术沉淀中，电力电子技术的同源性成为了爱维达从UPS转向储能的核心逻辑。 无论是UPS的AC-DC/DC-AC转换，还是储能PCS的AC-DC-AC双向变换，核心都是电力电子器 件的拓扑设计与控制算法。爱维达1998年为2G基站研发的第一代在线式UPS，已经具备较高的电 压精度和切换能力，这种对电能质量的极致追求，正是储能系统参与电网调频的技术基础。凭借 这一坚实的技术基础，爱维达在储能领域的发展有了更为明确的方向和优势。 尽管储能场景的复杂度远超UPS，但爱维达凭借其在电力电子领域的深厚技术沉淀，成功突破了 技术壁垒。例如，冬奥会户外电源项目要求设备在-40℃环境下稳定运行，爱维达将相关技 ...

Company Overview - Founded in 2011, located in Huzhou Anji, focusing on R&D, production, and sales of high-voltage power systems for new energy vehicles [1] - Main products include vehicle-mounted high-voltage power systems, liquid-cooled ultra-fast charging pile power modules, and intelligent DC charging pile power modules [1] - Current application scenarios include home slow charging, quick energy replenishment, and vehicle-to-load power supply [1] Market Competition - Domestic market features two main types of suppliers: OEMs like BYD and Tesla, and third-party independent suppliers providing complete solutions [2] - Most vehicle manufacturers still rely on third-party independent suppliers for vehicle-mounted power products, with a stable competitive landscape in recent years [2] Competitive Advantages - Domestic suppliers have gained significant experience in the new energy vehicle sector, enhancing competitiveness in international projects [2] - Domestic brands have opportunities to become international suppliers, providing comprehensive solutions to global customers [2] Profitability Trends - Intense price competition in the domestic new energy vehicle market has led to cost-cutting demands across the supply chain [3] - Despite market expansion, profitability for vehicle-mounted power systems is expected to remain challenging in the short term due to ongoing competition [3] - The company plans to mitigate impacts on performance through technological and business cost reductions [3] Collaboration with BYD - The company is a supplier within BYD's system, primarily focusing on vehicle-mounted power products for certain models [4] - Current collaboration does not involve ultra-fast charging business [4] Robotics Industry Outlook - The robotics industry is gaining traction, with potential overlaps in charging functions and power electronics technology [4] - However, significant differences exist in charging requirements and product forms between robotics and automotive power products, and the company currently has no concrete plans in this area [4]

（上会稿） 量控制环节出现问题而本次股票发行后拟在科创板市场上市，该市场具有较高 的投资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投 资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳威迈斯新能源股份有限公司 Shenzhen VMAX New Energy Co., Ltd. （地址：深圳市南山区北环路第五工业区风云科技大楼 501 之一） 首次公开发行股票并在科创板上市 招股说明书 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公 告的招股说明书作为投资决定的依据。 保荐机构（主承销商） （地址：上海市黄浦区中山南路 318 号东方国际金融广场 2 号楼 24 层） 深圳威迈斯新能源股份有限公司 首次公开发行股票并在科创板上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者 ...