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Summary of Conference Call Records Industry Overview - The focus is on the North American data center industry and its power supply solutions, particularly the transition from traditional power sources to alternative energy solutions like fuel cells and gas turbines [1][2][3][4]. Key Points and Arguments 1. **Current Power Supply Preferences**: - Diesel generators remain the preferred backup power source for North American data centers due to a CAPEX of approximately $1 per watt, significantly lower than alternatives like gas turbines and fuel cells [1][3]. - The shift towards off-grid power systems is driven by resource scarcity and extended approval processes for grid connections [1][4]. 2. **Emerging Technologies**: - Small gas turbines are becoming a popular alternative for off-grid power, despite their costs rising to $2 per watt, due to their favorable LCOE (Levelized Cost of Energy) [1][5]. - Fuel cell technology, particularly from suppliers like Bloom Energy, is gaining traction with significant orders, although their CAPEX remains higher than diesel generators even with ITC subsidies [6][11]. 3. **Market Dynamics**: - There has been a surge in gas turbine orders, with Q1 and Q2 of 2025 seeing around 20 GW each, leading to capacity saturation and extended delivery times of over three years for large turbines [8][9][10]. - Data centers are increasingly opting for smaller gas turbines with shorter delivery times, despite higher unit costs [10]. 4. **Regulatory and Economic Considerations**: - The U.S. energy regulatory body (FERC) has paused large nuclear projects due to ethical concerns, impacting the energy mix for data centers [5]. - Over 50% of new data center projects are developed by major cloud providers with strong ESG commitments, necessitating zero-carbon power sources [2]. 5. **Future Projections**: - The long-term goal is to reduce fuel cell CAPEX to below $1 per watt and LCOE to $50 per MWh by 2030, which would significantly enhance market potential [13][17]. - The anticipated annual off-grid power demand for data centers is projected to be around 5 GW, considering a 50% off-grid adoption rate among new projects [13]. Additional Important Insights - **Fuel Cell Viability**: - Fuel cells are seen as a viable option due to their operational efficiency, but their high initial costs remain a barrier without subsidies [11][12]. - The potential for hydrogen fuel cells exists, but current LCOE remains too high for widespread commercial adoption [12]. - **SOFC Technology**: - Solid Oxide Fuel Cells (SOFC) are gaining attention for their high efficiency and versatility, with Bloom Energy leading the market [14][18]. - Challenges for SOFC commercialization include improving system reliability and reducing costs, with a target to achieve $1 per watt by 2030 [17]. - **Competitive Landscape**: - Companies like 易时通 are making strides in the SOFC market, aiming for significant cost reductions and market expansion by 2026 [20][21]. This summary encapsulates the key discussions and insights from the conference call, highlighting the evolving landscape of power supply solutions for North American data centers.

Core Viewpoint - The article highlights significant international advancements in the fuel cell sector, showcasing the successful entry of Chinese companies into global markets, specifically through the achievements of Yihua Tong in Australia and Weishi Energy in Brazil [3][5]. Group 1: Yihua Tong's Breakthrough in Australia - Yihua Tong has successfully exported its 240kW hydrogen fuel cell engine (G20+) to Australia, marking a significant milestone for Chinese hydrogen energy heavy trucks [3]. - The hydrogen fuel cell heavy trucks have a maximum range of 500 kilometers and demonstrate industry-leading hydrogen consumption levels, meeting or exceeding local requirements in terms of environmental performance, durability, and overall system safety [3]. Group 2: Weishi Energy's Delivery in Brazil - Weishi Energy has delivered the first domestically produced mobile hydrogen power generation unit for maritime use to Brazil, developed in collaboration with Haida Qingneng for NAUTICA [5]. - This mobile hydrogen power generation unit is designed for a 36-meter research vessel and incorporates advanced hydrogen fuel cell technology, modular hydrogen management technology, and specialized hydrogen safety technology for ships [5].

Core Insights - The report from CICC indicates a shift in the power supply systems for North American data centers, moving from operational nuclear power to new heavy-duty gas turbines, small gas turbines, and now to new SOFC fuel cells and SMR, with a notable reduction in delivery times [1] Group 1: Market Trends - The expected annual average installation scale of SOFC in North American data centers from 2026 to 2030 could reach between 0.5 to 1.25 GW [1] - Currently, there are approximately 68 GW of data center projects under construction, planned, or in early stages in the U.S., with a projected production capacity of around 50 GW from 2025 to 2030 [1] Group 2: SOFC Characteristics - SOFCs are characterized by high efficiency, cleanliness, and flexible deployment, making them suitable for various applications including fixed power generation, micro-CHP for homes, transportation, and portable fields [2] Group 3: Economic Challenges - The current bottleneck for SOFC applications in data centers lies in economic viability, requiring improvements in system lifespan, power generation efficiency, and production cost reduction [3] - The U.S. Department of Energy's Solid State Energy Conversion Alliance (SECA) has set long-term cost reduction targets for SOFC systems to below $225/kW and $900/kW by 2025 and 2030, respectively [3] Group 4: Relevant Companies - Companies involved in the SOFC industry include Yishitong (688733.SH), Sanhuan Group (300408.SZ), Fuan Energy (002911.SZ), Bloom Energy (BE.US), and FuelCell Energy (FCEL.US) [4]

Core Viewpoint - General Electric has obtained a patent for a "High-Performance Fuel Cell," indicating a strategic move towards advancing its technology in the energy sector [1] Group 1 - The patent was granted by the National Intellectual Property Administration of China, with the announcement number CN115249823B [1] - The application date for the patent was April 2022, suggesting a timeline for development and potential commercialization [1]

Core Viewpoint - Company Keli Yuan (600478) has made significant advancements in the development of foam metal materials, particularly in the area of three-dimensional foam metal materials, which has led to breakthroughs in SOFC (Solid Oxide Fuel Cell) technology [1] Group 1: Company Developments - Keli Yuan's subsidiary, Changde Liyuan, has over 20 years of experience in the design, manufacturing, and promotion of foam metal materials [1] - The company has successfully developed foam copper-manganese alloy materials for use in SOFC cathode current collectors, marking a technological breakthrough in the SOFC industry [1] - Currently, samples have been sent for testing to seven representative clients, with one notable domestic client entering the P2-P3 verification stage, completing approximately 100KW stack testing and application validation with positive results [1] Group 2: Product Development and Supply - In addition to developing foam copper-manganese alloy for SOFC cathodes, the company is also working on complementary anode materials, having supplied nearly 10,000 pieces for client testing [1] - Due to the special specifications of these materials, the company is undertaking process optimization and cost reduction efforts [1]

Summary of the Conference Call Company and Industry Overview - The conference call focuses on 易事通 (Yishitong) and its developments in Solid Oxide Fuel Cell (SOFC) technology, emphasizing its independent research and development efforts in the industry [2][3]. Key Points and Arguments - **SOFC Technology Development**: Yishitong has achieved significant milestones in SOFC technology since its inception in 2020, including optimizing stack performance and constructing demonstration projects to gather operational data for future commercialization [3][4]. - **Cost of SOFC Power Generation**: The current cost of SOFC power generation is approximately 1 RMB per kWh using natural gas, which is higher than traditional power supply solutions for data centers. However, this cost gap is expected to narrow with the advancement of green energy [2][4]. - **Cost Reduction Goals**: Yishitong aims to reduce the cost of its SOFC systems to below 30,000 RMB per kW by 2026, with current demonstration project pricing around 100,000 RMB per kW [2][6]. - **Cost Structure**: The cost structure of the SOFC system includes raw materials (20%), labor (10%), and equipment depreciation (30%). There is potential for further cost reduction through optimization of materials and production processes [11][8]. - **Market Focus**: The company is primarily targeting the data center application market, planning to enter through demonstration projects and expecting to scale production as the market matures in the next five years [12][13]. Additional Important Insights - **Technological Advantages**: Yishitong's SOFC technology is characterized by its self-developed components, full supply chain integration, and industrial equipment manufacturing capabilities, which provide a competitive edge in cost control and technology [7][9][10]. - **Performance Metrics**: The SOFC technology achieves average international levels in efficiency and lifespan, particularly suitable for data centers due to its reliability and high energy conversion efficiency [15][16]. - **Operational Plans**: The company plans to begin trial operations of its demonstration project by the end of the year, with a capacity of 120 kW [27]. - **International Market Engagement**: Yishitong is exploring both domestic and international markets, with a focus on small-scale power generation in Europe and data centers in China [13][21]. - **Future Commercialization**: The company anticipates achieving large-scale commercialization by around 2030, having already engaged with various clients for technical collaborations [14]. Conclusion Yishitong is positioned to leverage its technological advancements and strategic market focus to capitalize on the growing demand for efficient and sustainable energy solutions, particularly in the data center sector. The company's commitment to reducing costs and enhancing performance will be critical in achieving its long-term goals in the SOFC market.

Core Viewpoint - Company Keli Yuan (600478.SH) has made significant advancements in the development of three-dimensional foam metal materials, particularly in the application of foam copper-manganese alloy materials for SOFC (Solid Oxide Fuel Cell) cathode collectors, showcasing its technological capabilities and market potential [1] Group 1: Company Developments - Keli Yuan's subsidiary, Changde Liyuan, has over 20 years of experience in the design, manufacturing, and promotion of foam metal materials [1] - The company has successfully developed foam copper-manganese alloy materials, which exhibit a smaller thermal expansion coefficient and stable conductivity at high temperatures compared to traditional perovskite compound conductive connection pieces [1] - The breakthrough in SOFC cathode collector materials is expected to drive technological progress in the SOFC industry [1] Group 2: Client Engagement and Testing - The company has provided samples for testing to seven representative clients, with one notable domestic client currently in the P2-P3 verification stage [1] - This client has completed approximately 100KW stack testing and application verification, yielding positive results [1] - In addition to developing cathode materials, the company is also working on anode materials, having supplied nearly 10,000 products for testing [1] Group 3: Cost Optimization Efforts - Due to the special specifications of the anode materials, the company is undertaking process optimization and cost reduction initiatives [1]

Group 1 - The company Yishitong has been developing solid oxide fuel cell (SOFC) technology since 2020 and has mastered key core technologies [1] - The main bottleneck for the company is the accumulation of operational data and performance optimization for demonstration projects [1] - The company plans to complete its first demonstration project by the end of 2025 and expects the cost of a single kW device to drop below 30,000 yuan by 2026, with further reductions before 2030 [1] - SOFC technology has broad fuel adaptability and high energy conversion efficiency, making it suitable for data centers, but the company is not yet ready to take on commercial orders [1] - The future business model will combine equipment sales with energy sales, aiming to achieve GW-level production scale within five years [1] - The company holds independent core patents in the SOFC field, faces no patent barriers, and has established a complete industrial chain, mitigating the risk of supply chain constraints [1]

上海复胜资产管理合伙企业（有限合伙）成立于2015年，是国内首批以研究驱动为导向的阳光私募基金 管理公司。公司目前纯权益管理规模超过60亿。公司核心投研团队有16年以上大陆、香港、美国三地投 资经验，主要基金经理均有国内顶级公募投资经验。我们秉持"复利致胜"的原则，坚持业绩驱动投资， 重视投资的可持续性，致力为投资者获取长期的稳健收益。公司凭借优异的成绩，曾获中国证券报2019 年度第十一届三年期金牛私募投资经理（股票策略）、2020/2021年度第十一届金阳光•年度成长私募奖/ 十二届金阳光•三年卓越私募公司奖、2021第二届新财富最佳私募投资经理、2020英华奖中国私募基金 人气奖、2019/2020年度证券时报"金长江奖"绝对回报私募基金产品（三年期）以及2017年度（第十二 届）中国私募基金风云榜创业新锐奖，同年基金经理陆航荣获排排网股票策略最近一年全国地区收益组 十强，上海地区冠军。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：公司自2020年立项固体氧化物燃料电池（SOFC）项目，已掌握关键核心技术，目前主要 ...