Summary of Zhongtian Technology Conference Call Company Overview - Zhongtian Technology reported a revenue of 23.6 billion RMB for the first half of 2025, representing a year-on-year growth of 10.19% [2] - The net profit attributable to shareholders was 1.568 billion RMB, with a year-on-year increase of 7.38% [2] - The company has a strong order backlog in the energy network sector, amounting to approximately 30.6 billion RMB as of July 31, 2025 [2][5] Financial Performance - In Q2 2025, revenue reached 13.84 billion RMB, showing a year-on-year increase of 5.08% and a quarter-on-quarter growth of 41.90% [9] - The net profit for Q2 was 940 million RMB, with a year-on-year increase of 14.09% and a quarter-on-quarter increase of 19.79% [9] - The sales gross margin decreased by 1.6 percentage points to 15.07%, while the net profit margin decreased by 0.12 percentage points to 6.70% [9] Industry and Market Dynamics - The company is positioned to benefit from the global demand for submarine cables driven by offshore wind power projects, with China expected to add 160 GW of offshore wind capacity in the next decade [4][17] - The high-speed copper cable market is projected to expand to 3 billion USD by 2025, with AI data centers and 5G communication as key growth drivers [8] Key Business Segments Energy Network - The energy network segment has a backlog of orders worth approximately 30.6 billion RMB, with marine series orders around 13.3 billion RMB and grid construction orders around 15.5 billion RMB [5] - The marine segment achieved a revenue of 2.896 billion RMB, growing by 37.19% year-on-year, while the grid business generated 9.975 billion RMB, up 11.97% year-on-year [5] Information Communication - Zhongtian Technology has achieved mass production of a full range of 400G optical modules and is actively developing next-generation 1.6T/3.2T optical interconnect technology [2][3] - The company has made significant advancements in hollow fiber technology, establishing a complete R&D system and achieving breakthroughs in multi-layer design for efficient light signal transmission [12] International Expansion - The company is expanding internationally with manufacturing bases in Jiangsu, Guangdong, Shandong, and Zhejiang, and operational centers in Germany and the Middle East [4][18] - Zhongtian Technology has successfully secured several international projects, including high-voltage submarine cable projects in Vietnam and the Middle East [21] Technological Innovations - The company has developed a complete system for underwater optical transmission, integrating core components such as umbilical cables and connectors [22] - Innovations in high-speed copper cables and liquid cooling technology are being pursued to meet the increasing demands of data centers [14] Conclusion - Zhongtian Technology is a leading player in the energy network and communication sectors, with a diversified portfolio in optical communication, marine economy, smart grid, and new energy [27] - The company is well-positioned to capitalize on market growth opportunities, supported by its strong financial performance and technological advancements [27]

Core Viewpoint - The company is currently utilizing its liquid cooling technology primarily in high-power liquid cooling charging guns and has not yet applied it to server data centers [1] Group 1 - The company's liquid cooling technology is mainly used in high-power liquid cooling charging guns [1] - The company's high-speed communication cables are primarily applied in data centers, high-performance computing, and mobile network switching centers [1] - The high-speed communication cables facilitate high-speed data transmission in various communication settings [1]

Core Viewpoint - The research from the University of St Andrews and the University of Cambridge highlights that optimized OLED technology can achieve unprecedented high-speed data transmission and significantly extended effective range, potentially transforming future device connectivity [1] Group 1: Technological Advancements - OLED technology is being recognized as a breakthrough in the race for faster and more flexible wireless communication [1] - The study published in the journal "Advanced Photonics" indicates that the optimized design of OLED can surpass previous records in data transmission speed [1] Group 2: Implications for Connectivity - This advancement in OLED technology is expected to reshape the way devices connect in the future [1]

Summary of Conference Call on Quartz Fiber Electronic Fabric and Philihua Investment Value Analysis Industry Overview - The high-end PCB market is expected to benefit from the growth in server storage demand, with a projected market value of $10.9 billion in 2024, representing a 33% year-on-year increase, and a compound annual growth rate (CAGR) of 12% over the next five years, driven primarily by strong demand from the AI computing sector for high-end copper-clad laminates and PCBs [1][3][4]. Company Insights: Philihua - Philihua is one of the few manufacturers globally capable of mass-producing quartz fiber, possessing an integrated supply chain from quartz materials to finished products. The acquisition of Zhongyi New Materials has strengthened its competitiveness in the electronic fabric sector, leading to explosive growth in its business [1][5]. - The company has significant growth potential in the electronic fabric business, with projected revenues of 200-300 million yuan in 2026, and the potential to reach a scale of 700-1,000 million yuan in the coming years, possibly achieving a market value of 20 billion yuan [3][25]. Product Advantages - Quartz fiber electronic fabric exhibits significant advantages over traditional glass fiber fabric, particularly in dielectric constant (approximately 3.78) and dielectric loss (theoretically up to 1/10,000), making it more suitable for high-speed data transmission, especially in 224G high-speed interconnect applications [1][2][8][12]. - The high-end copper-clad laminate market is projected to grow from over $4 billion in 2024 to nearly $7 billion by 2029, with an annual increment of about $3 billion. If fully covered by quartz fiber electronic fabric, this would create an additional market space of approximately $1 billion (around 10 billion yuan) each year [1][14]. Market Dynamics - The special electronic fabric market is highly competitive, with Philihua's subsidiary Zhongyi New Materials having a full order book and actively expanding production since launching its quartz fiber electronic fabric project in 2017 [1][16][17]. - The global top ten copper-clad laminate manufacturers hold a high market concentration, accounting for about 75% of global sales. The market for AI server copper-clad laminates is primarily dominated by Taiwanese companies, which have been conservative in their expansion plans, leading to a persistent supply-demand imbalance in high-end copper-clad laminates [15]. Future Outlook - The demand for high-end PCBs is expected to enter a new growth cycle from 2024 to 2029, driven by high-end requirements such as high multilayer boards, HDI, and packaging substrates [13]. - Philihua's traditional semiconductor and aerospace businesses are expected to maintain steady growth, with aerospace demand anticipated to recover strongly in 2026 [3][19][24]. - The company’s new electronic fabric business is projected to achieve significant revenue growth, potentially reaching 700-1,000 million yuan in the next few years, with a market valuation of 20 billion yuan being a reasonable expectation [25][26]. Investment Considerations - Philihua's overall investment strategy indicates a strong outlook for its electronic fabric segment, with the potential for substantial market share and revenue growth in the quartz fiber sector, supported by its leading position in the domestic and global markets [27].

Core Insights - OEXN platform stands out in the fintech sector due to its exceptional stability and trading continuity, making it a trusted choice for investors [1][19] - The platform employs advanced technology architecture to ensure efficient operation even in high-frequency trading environments [1][19] - OEXN's robust operational mechanisms and innovative technology applications provide users with an unparalleled trading experience [1][19] Technology Advantages - The platform's architecture features high processing capabilities and superior security, offering a seamless trading experience [1][19] - A distributed system design ensures high availability and stability, while the latest encryption technologies safeguard data during transmission and storage [1][19] - Continuous technological upgrades and maintenance keep OEXN at the forefront of the industry [1][19] Operational Mechanisms - Efficient operational mechanisms allow the platform to maintain stability during peak trading volumes [7][19] - An intelligent monitoring system detects and responds to potential faults in real-time, enhancing reliability and security [7][19] - Regular system optimizations and upgrades ensure that the platform remains competitive and user-friendly [7][19] Risk Management and Security - OEXN's risk management system provides additional protection against potential losses due to market volatility [8][19] - The platform implements advanced security protocols, including encryption and multi-factor authentication, to protect user data [8][9][19] - Real-time transaction monitoring identifies and flags abnormal trading activities, ensuring transaction integrity [9][19] Data Integrity and Backup - Data integrity is maintained through well-designed backup strategies and real-time monitoring mechanisms [10][19] - Effective error detection and correction systems play a crucial role in ensuring platform stability and data integrity [11][19] - Permission management and control prevent unauthorized access and potential data breaches [12][19] Innovative Technologies - The integration of artificial intelligence, blockchain, and high-speed data transmission enhances the platform's reliability and responsiveness to market changes [12][13][19] - AI technologies improve decision-making efficiency and market response speed, while blockchain ensures data security and transaction transparency [12][13][19] - High-speed data transmission technologies are critical for maintaining competitive advantages in trading speed and information processing [13][19] Management and Compliance - Optimized management strategies enhance operational efficiency and adaptability to market changes [14][19] - Strengthened supervisory mechanisms ensure compliance and reduce potential risks in a rapidly evolving market [15][19] - Comprehensive risk control measures are essential for maintaining financial stability and operational security [15][19]