Core Viewpoint - The company, Xinle Energy, focuses on specialized power supply solutions and is expanding its investments in integrated circuits, electric motors, and power supply products for data centers and commercial aerospace. Group 1: Company Strategy - The company is concentrating on specialized power supply fields and increasing investments in integrated circuits, electric motors, and equipment-level power supplies [2] - Future strategies include refining, strengthening, and enhancing high-end projects in specialized fields [15] Group 2: Data Center Power Supply - The company offers a comprehensive range of power solutions for data centers, including HVDC power, PSU power, and CRPS power, as well as various secondary and tertiary power products [3] - The theoretical capacity for modular products is 500 million yuan, while non-modular products have a theoretical capacity of 400 million yuan, with plans for expansion based on order demand [8] - The company has completed the development of a full range of CRPS server power supplies below 3.6KW, which have started generating revenue [10] Group 3: Partnerships and Collaborations - The company collaborates with ADI in the data center sector, utilizing ADI chips and engaging in joint development [4] - Secondary power products with ADI have entered small batch production, with additional products expected to follow [6] Group 4: International Expansion - The company is planning to establish a new production line in Malaysia, currently in the filing process, with future investments contingent on market demand [9] Group 5: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 929 million yuan, a year-on-year increase of 36.16%, and a net profit of -89.86 million yuan, up 34.71% [18] - The gross margin stands at 40.04%, with a debt ratio of 41.41% [18]

Group 1: Company Strategy and Focus - The company focuses on specialized power supply fields, increasing investment in integrated circuits, electric motors, and equipment-level power supplies, while also expanding into data centers, commercial aerospace, and low-altitude economy sectors [2][3]. Group 2: Data Center Power Solutions - The company offers a comprehensive range of power solutions for data centers, including primary, secondary, and tertiary power supplies, such as PSU power supplies and HVDC CRPS power supplies [2][3]. - The theoretical production capacity for modular products is 500 million CNY, while non-modular products have a theoretical capacity of 400 million CNY. An additional 400 million to 500 million CNY capacity will be added after a 3-6 month expansion period [3][4]. Group 3: Partnerships and Collaborations - The company collaborates with ADI, which acts as a partner in the data center sector, utilizing ADI chips for joint development [3][4]. - Secondary power products are entering small batch production, with additional products expected to follow in the coming year [3]. Group 4: Market Expansion and Production - The company is in the process of establishing a new production line in Malaysia, currently undergoing the filing process, with plans to increase investment based on market demand [3][4]. - The company has completed the development of a full series of CRPS server power supplies below 3.6KW, which have started generating revenue, although market promotion has not met expectations [3][4]. Group 5: Technical Capabilities and Future Plans - The company’s technical capabilities in the data center sector are on par with international manufacturers, with some products leading the market [3][4]. - Future plans include focusing on high-end, specialized projects and expanding resources in integrated circuits and onboard secondary power supplies [4].