Core Viewpoint - The Shanghai Stock Exchange's listing review committee approved the initial public offering (IPO) of Ningbo Jianxin Superconducting Technology Co., Ltd., confirming that the company meets the issuance, listing, and information disclosure requirements [1] Group 1: Company Overview - Ningbo Jianxin Superconducting Technology Co., Ltd. is undergoing its IPO process, with the review meeting held on October 21, 2025 [1] - The company is required to explain the stability of its independent supplier business model compared to self-produced magnets, considering the MRI equipment and superconducting magnet market space [1] Group 2: Industry Context - The listing committee emphasized the need for the company to address the market space, competitive landscape, and future development trends of the MRI equipment and superconducting magnet industry [1] - The company must also discuss its product and technology research and development in relation to the industry [1]

Core Points - The Shanghai Stock Exchange's Listing Review Committee is scheduled to hold its 43rd meeting on October 21, 2025, to review the initial public offering (IPO) of Ningbo Jianxin Superconducting Technology Co., Ltd. (referred to as "Jianxin Superconducting") [1] - Jianxin Superconducting plans to list on the Sci-Tech Innovation Board and aims to raise CNY 77.5 million, which will be allocated to projects including the annual production of 600 sets of liquid helium-free superconducting magnets, the annual production of 600 sets of high-field medical superconducting magnets, and the research and development of new superconducting magnets [1] Company Ownership Structure - As of the signing date of the prospectus, Xu Jianyi directly holds 41.51% of the company's shares, making him the controlling shareholder. Xu Jianyi, Xu Hui, and Xu Dianbo hold 41.51%, 4.36%, and 4.36% of the shares, respectively. Xu Hui controls an additional 4.84% of voting rights through Kaifang Investment and Qiyi Investment, resulting in a total of 59.92% voting rights controlled by the three individuals [1] - Xu Jianyi is the father of Xu Hui and Xu Dianbo, who are siblings. The three have signed a "Joint Action Agreement" on October 18, 2019, establishing them as the actual controllers of the company [1] Sponsorship Information - The sponsor for Jianxin Superconducting's IPO is GF Securities Co., Ltd., with representatives Zhou Yin and Wang Zhen serving as the sponsoring representatives [1]

Core Viewpoint - China's recent breakthrough in superconducting magnet technology, achieving a steady-state magnetic field of 35.1 Tesla, positions the country as a leader in controlled nuclear fusion research, potentially revolutionizing energy production and addressing global energy crises [1][4]. Group 1: Significance of the Breakthrough - Controlled nuclear fusion is considered the "ultimate energy" source, producing energy greater than that of atomic bombs without generating radioactive waste [2]. - The 35.1 Tesla magnetic field allows for sustained nuclear fusion within the "Eastern Super Ring," enhancing energy output and potentially accelerating the timeline for successful fusion experiments in China [4]. Group 2: Unique Technological Advancements - China has developed a unique "high-temperature + low-temperature" coaxial nested technology for superconducting magnets, which significantly enhances magnetic field strength [7][8]. - The full superconducting magnet technology is entirely domestically produced and controlled, indicating a significant technological edge over other nations [7]. Group 3: Broader Implications - Advancements in superconducting technology are expected to improve medical imaging, enhance transportation and power transmission efficiency, and accelerate the development of clean energy through controlled nuclear fusion [10]. - The breakthrough is likely to attract significant foreign investment in China's green energy and high-tech sectors, with notable interest from sovereign wealth funds [10].

Core Viewpoint - The research led by the Hefei Institute of Plasma Physics has achieved a new world record with a steady-state magnetic field of 35.1 Tesla using a fully superconducting magnet, marking a significant technological breakthrough in the field [1] Group 1: Technological Achievements - The achievement represents a key technological breakthrough in the international field of ultra-high field fully superconducting steady-state magnets [1] - The research has achieved 100% independent control over key materials, processes, and preparation methods [1] Group 2: Industry Implications - This research is expected to effectively drive the technological upgrade of the domestic high-temperature superconducting materials industry [1] - The breakthrough provides critical technical support for industrial applications in various fields, including nuclear magnetic resonance imaging, aerospace electromagnetic propulsion, superconducting induction heating, superconducting magnetic levitation, and efficient power transmission [1]

Core Insights - China has successfully developed a superconducting magnet that achieves a steady-state magnetic field of 35.1 Tesla, setting a new world record [1][3]. Group 1: Technical Achievements - The superconducting magnet utilizes a combination design of "high-temperature superconducting insert + low-temperature superconducting magnet," which are precisely nested together to form a stable composite structure [3]. - The research team employed multi-physical field collaborative optimization methods and high-stress control processes to effectively address issues such as stress concentration under low-temperature high-field conditions, significantly enhancing the magnet's mechanical stability and electromagnetic performance [3]. - The magnet successfully maintained a magnetic field of 35.1 Tesla for 30 minutes during experiments, validating the reliability of the technical solution and providing a robust platform for various sample experiments under these conditions [3]. Group 2: Industry Implications - This achievement represents a critical technological breakthrough in the field of ultra-high field superconducting steady-state magnets, with 100% independent control over key materials, processes, and fabrication [7]. - The research is expected to drive technological upgrades in the domestic high-temperature superconducting materials industry and provide essential technical support for industrial applications in various fields, including nuclear magnetic resonance imaging, aerospace electromagnetic propulsion, superconducting induction heating, superconducting magnetic levitation, and efficient power transmission [7].

Core Viewpoint - The successful development of a fully superconducting magnet capable of generating a steady-state magnetic field of 351,000 Gauss represents a significant advancement in superconducting technology, with broad applications in various fields such as nuclear fusion and advanced scientific instrumentation [1][2]. Group 1: Technological Advancements - The superconducting magnet was developed through collaboration among the Hefei Institute of Physical Science, Hefei International Applied Superconductivity Center, Hefei Comprehensive National Science Center Energy Research Institute, and Tsinghua University [1]. - The innovative structure of the magnet combines high and low-temperature superconducting magnets in a coaxial arrangement, addressing challenges such as stress concentration and shielding current effects, thereby enhancing mechanical stability and electromagnetic performance under extreme conditions [1][2]. Group 2: Applications and Implications - The superconducting magnet is a core component of magnetic confinement nuclear fusion devices, acting as a "magnetic cage" to safely contain high-temperature plasma [2]. - The successful development of this magnet is expected to promote the commercialization of high-end scientific instruments like nuclear magnetic resonance imaging and provide critical technical support for various industries, including nuclear fusion devices, aerospace electromagnetic propulsion, superconducting induction heating, superconducting magnetic levitation, and efficient power transmission [2].

Group 1: Company Performance - Jiangxi Lianchuang Optoelectronics reported a revenue of 1.648 billion yuan for the first half of the year, representing a year-on-year increase of 6.51% [1] - The company's net profit attributable to shareholders was 263 million yuan, up 15.18% year-on-year, while the net profit after deducting non-recurring gains and losses was 237 million yuan, reflecting a growth of 14.01% [1] - The company has successfully entered the emerging field of high-temperature superconducting electromagnetic catapults, attracting significant market attention [1] Group 2: Technological Advancements - The company plans to establish a joint venture for commercial aerospace operations, focusing on electromagnetic launch technology, which utilizes electromagnetic thrust for high-speed acceleration [2] - High-temperature superconducting technology is a key component of electromagnetic catapults, offering advantages such as increased launch efficiency, reduced costs, and improved launch window utilization [2] - The technology aims to significantly lower manufacturing costs by minimizing the need for first-stage rockets and associated components [2] Group 3: Industry Context - The city of Ziyang in Sichuan Province is prioritizing the development of commercial aerospace, having previously established a solid rocket development base that has successfully launched three rockets [3] - The joint venture's electromagnetic launch project is expected to integrate well with local market resources, contributing to a comprehensive commercial aerospace ecosystem [3] - There is a significant shortfall in China's commercial rocket capacity, with projected demand reaching 7,353 tons from 2025 to 2030, while current capacity is below 250 tons [4] Group 4: Future Prospects - The joint venture aims to enhance launch capabilities and reduce costs, promoting a low-cost, frequent launch model for aerospace operations [5] - The high-temperature superconducting technology is anticipated to experience substantial growth during the 14th Five-Year Plan period, with applications expanding into areas such as controlled nuclear fusion [5] - The "Spark No. 1" project has transitioned from planning to operational phases, with environmental assessments and approvals underway [5]

Core Viewpoint - Jiangsu Yongding Co., Ltd. announced that its subsidiary, Eastern Superconductor Technology (Suzhou) Co., Ltd., will sign a debt-to-equity conversion agreement with Industrial Guoxin Asset Management Co., Ltd. This agreement involves converting 12 million RMB of convertible bond loans into equity investment, which will result in a slight decrease in Yongding's ownership percentage in Eastern Superconductor while maintaining control over the subsidiary [2][3][6]. Group 1: Transaction Overview - The debt-to-equity conversion involves converting 12 million RMB of the 30 million RMB convertible bond loan into an investment in Eastern Superconductor, based on a pre-investment valuation of 63 million RMB [2][5]. - After the conversion, Yongding's direct ownership in Eastern Superconductor will decrease from 60.9524% to 59.8131%, while the total ownership by Yongding and its wholly-owned subsidiary will decrease from 67.4286% to 66.1682% [3][6]. - The transaction has been approved by the company's board and does not require shareholder approval, as it does not constitute a related party transaction or a major asset restructuring [8][9]. Group 2: Impact on Company - The debt-to-equity conversion is expected to enhance Eastern Superconductor's operational strength and address urgent funding needs, potentially attracting strategic investors and new business opportunities [40]. - The company will continue to maintain actual control over Eastern Superconductor post-conversion, ensuring that the arrangement does not adversely affect its financial status or normal operations [40]. - The arrangement of the buyback rights associated with this transaction is designed to be manageable and will not harm the interests of the company or its shareholders, particularly minority shareholders [40].

Group 1 - Shanghai Superconductor Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board [1] - The company plans to raise funds amounting to 1.2 billion yuan [1] - The sponsor for this IPO is China International Capital Corporation (CICC) [1]

Financial Data and Key Metrics Changes - AMSC reported a record revenue of $66.7 million for Q4 FY2024, a 59% increase from $42 million in the same quarter last year [11] - For the full fiscal year 2024, total revenue reached $222.8 million, up 53% from $145.6 million in FY2023 [12] - The company achieved GAAP profitability for the third consecutive quarter and non-GAAP profitability for the seventh consecutive quarter [6][7] - Gross margin for Q4 FY2024 was 27%, compared to 25% in the previous year, while the full year gross margin improved to 28% from 24% [13] Business Line Data and Key Metrics Changes - Grid business revenue for Q4 FY2024 was $55.6 million, a 62% increase year-over-year, while wind business revenue was $11.1 million, up 42% [11] - For the full fiscal year, grid business revenue was $187.2 million, representing 84% of total revenue, and increased by 53% [12] - Wind business revenue for FY2024 was $35.6 million, accounting for 16% of total revenue, with a 51% year-over-year increase [12] Market Data and Key Metrics Changes - Approximately 70% of AMSC's revenue came from the U.S. market, providing a hedge against changing trade policies [8] - The company secured nearly $320 million in new orders for FY2024, with a backlog of over $200 million at year-end, up from $140 million a year ago [9] Company Strategy and Development Direction - AMSC is focusing on expanding its product portfolio and capitalizing on opportunities in military and industrial sectors [10] - The company aims to enhance its position in the defense market, highlighted by a significant contract with the Royal Canadian Navy [10][30] - AMSC is also targeting growth in the semiconductor sector, with expectations of triple-digit growth potential [74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue building a resilient and profitable business, with strong demand across various sectors [21][34] - The company anticipates continued growth driven by semiconductor demand, traditional energy, and utility projects [88][92] - Management noted that the evolving energy landscape and increasing demand for reliable power solutions present significant opportunities [23][26] Other Important Information - AMSC ended FY2024 with over $85 million in cash, cash equivalents, and restricted cash, which is critical for supporting larger orders and future growth [17] - The company generated $28.3 million in operating cash flow for the full fiscal year [17] Q&A Session Summary Question: Can you provide an order breakdown for the grid segment in Q4? - Management indicated that the grid segment is expected to represent about 25% of the business, with strong demand driven by semiconductors and traditional power generation [40][41] Question: What are the expectations for wind business in FY2025? - Management noted that wind business has seen significant growth, particularly with Inox, and they are focused on being responsive to their needs [48][50] Question: How effective are the cross-selling efforts now that platforms are integrated? - Management stated that they are no longer cross-selling but are selling the entire portfolio as a cohesive solution to meet customer demands [61] Question: What visibility do you have into the semiconductor pipeline? - Management highlighted a large pipeline with triple-digit growth potential, driven by both domestic and international markets [74] Question: Have tariffs affected order cadence? - Management indicated that tariffs have not negatively impacted orders; rather, they see it as an opportunity for growth [78] Question: How are the delivered systems performing for the US Navy? - Management confirmed that the systems are performing well and have been well-received, with plans to scale offerings to other allied navies [82]