【导读】赵争鸣教授逝世，系国际著名电力电子与电机领域专家、学者 中国基金报记者 晨曦 赵争鸣教授是国际著名的电力电子与电机领域专家、学者，长期从事电力电子电机学科的教学和科研工 作，在大容量电力电子、新能源光伏发电、电力电子与电机集成系统等方面造诣深厚，曾主持并完成电 力电子领域首个国家自然科学基金重大项目。 他全身心投入，研制了中压变频器、光伏并网变换器、电能路由器等大容量电力电子装置，推动相关工 业领域发展，研制了首款自主化通用电力电子工业仿真软件DSIM，在全球15个国家和地区的200多家单 位推广应用。 赵争鸣教授作为第一完成人先后获得教育部科技成果一等奖3次，中国电工技术学会科技成果一等奖3 次，中国机械工业联合会科技进步一等奖1次，日内瓦国际发明展览会金奖3次。发表600余篇学术论 文，出版9部科技书籍，获得发明专利100余项、软件著作权30余项，为我国电气工程学科建设和发展作 出了突出贡献。 讣告最后称，赵争鸣教授为人善良，胸怀宽广，热诚坦荡，倾情工作，勇于担当，矢志报国，是为人师 表的典范。"深切悼念并沉痛哀悼赵争鸣教授！" 上市公司相关公告信息显示，赵争鸣教授曾担任汇川技术、通合科技等上市公 ...

9月4日，"清华电机"微信公众号发布讣告称，中国共产党党员、清华大学电机工程与应用电 子技术系退休教师、国务院特殊津贴专家，赵争鸣教授因病于2025年9月3日19时在北京逝 世，享年66岁。 【导读】赵争鸣教授逝世，系国际著名电力电子与电机领域专家、学者 中国基金报记者 晨曦 电子领域又有知名专家逝世。 赵争鸣教授是国际著名的电力电子与电机领域专家、学者，长期从事电力电子电机学科的教 学和科研工作，在大容量电力电子、新能源光伏发电、电力电子与电机集成系统等方面造诣 深厚，曾主持并完成电力电子领域首个国家自然科学基金重大项目。 他全身心投入，研制了中压变频器、光伏并网变换器、电能路由器等大容量电力电子装置， 推动相关工业领域发展，研制了首款自主化通用电力电子工业仿真软件DSIM，在全球15个国 家和地区的200多家单位推广应用。 赵争鸣教授1959年2月出生于湖南省邵阳市，1982年、1985年分别获得湖南大学电气工程 系学士、硕士学位，1991年获得清华大学电机系博士学位，后留清华大学任教，曾任电机系 副主任，电力系统及大型发电设备安全控制与仿真国家重点实验室副主任。 赵争鸣教授担任《Chinese Jour ...

Core Insights - The company reported a revenue increase but a decline in net profit for the first half of 2025, with revenue reaching 891 million yuan, a year-on-year growth of 14.27%, while net profit attributable to shareholders decreased by 30.19% to 47.48 million yuan [1] - The decline in net profit was primarily due to the absence of non-recurring gains from the previous period, specifically a gain from equity transfer amounting to 32.68 million yuan [1] Revenue Breakdown - The growth in revenue was mainly driven by the data center power supply business, which generated 407 million yuan, reflecting a significant year-on-year increase of 60.6% [1] - The net profit excluding non-recurring items showed a positive trend, increasing by 15.39% to 44.75 million yuan [1] Business Development and Strategy - The company is focused on developing a third-generation HVDC product matrix to meet the power supply needs of high-density server cabinets in intelligent computing centers, aiming for zero faults, zero engineering, and zero losses [2] - The overseas business segment reported revenue of 34.18 million yuan, marking a substantial year-on-year growth of 591.88%, with efforts to expand globally through a subsidiary in Singapore [2] - The company is recognized as one of the earliest developers of electric vehicle charging stations in China and plans to strengthen its competitive edge by focusing on high-quality customers [2] - In the site energy sector, the company is providing modular power products and integrated energy cabinet solutions, successfully winning a centralized procurement project for power supply products from China Tower in 2025 [2] - The company is investing in research and development primarily in power electronics and digital power sectors [2] - Future expansion will focus on green ICT infrastructure, new power systems, low-carbon transportation, and comprehensive energy services [2]

Core Viewpoint - Rujing Technology emphasizes its commitment to innovation and research-driven development in the field of power electronics and motor control technology [2] Group 1: Technology and Innovation - The company has successfully developed three major technology areas: motor control, power control, and system control technology [2] - Rujing Technology focuses on continuous R&D investment to enhance its innovation capabilities and accelerate the iteration and upgrade of core technologies and products [2] - The company has established a robust R&D platform to support its technological advancements [2]

Core Viewpoint - The company, Pirey Co., has signed a strategic cooperation agreement with Xi'an Power Electronics Research Institute to jointly develop and manufacture power devices represented by medium and high voltage IGBTs. The agreement does not involve specific transaction amounts and is not expected to have a significant impact on the company's operating performance for the current year [1]. Group 1 - The strategic cooperation aims to enhance research and development capabilities in power devices [1]. - The focus of the collaboration is on medium and high voltage IGBTs, which are critical components in various electronic applications [1]. - The agreement is not expected to materially affect the company's financial results for the current fiscal year [1].

Core Viewpoint - The company, Pirey Co., has signed a strategic cooperation agreement with Xi'an Power Electronics Research Institute to jointly develop and manufacture power devices represented by medium and high voltage IGBTs. The agreement does not involve specific transaction amounts and is not expected to have a significant impact on the company's operating performance for the current year [1]. Group 1 - The strategic cooperation agreement aims to enhance research and development capabilities in power devices [1]. - The focus of the collaboration is on medium and high voltage IGBTs, which are critical components in various electronic applications [1]. - The agreement is not expected to materially affect the company's financial results for the current fiscal year [1].

Group 1 - Magpowr (SZ 002851) announced an investor meeting scheduled for August 30, 2025, where the chairman and CEO, Tong Yongsheng, along with CFO Wang Tao, will address investor inquiries [1] - For the first half of 2025, Magpowr's revenue composition was 95.63% from power electronic products and 4.37% from precision connectors [1] - As of the report, Magpowr's market capitalization stands at 48.8 billion yuan [1] Group 2 - Nvidia's stock has experienced a significant decline, resulting in a market value loss of 1.28 trillion yuan [1] - Investors expressed concerns over a perceived performance gap, with Nvidia missing expectations by 200 million USD, leading to market panic [1]

Core Insights - The company reported a total revenue of 4.674 billion yuan for the first half of 2025, representing a year-on-year increase of 16.52%, while the net profit attributable to shareholders decreased by 44.82% to 174 million yuan [1] - The second quarter revenue was 2.357 billion yuan, up 8.13% year-on-year, but the net profit for the same period fell by 62.33% to approximately 66.33 million yuan [1] - The company's accounts receivable were notably high, with accounts receivable accounting for 575.92% of the latest annual net profit [1] Financial Performance - Gross margin decreased to 22.07%, down 13.97% year-on-year, while net margin fell to 4.01%, a decline of 49.79% [1] - Total sales, management, and financial expenses amounted to 313 million yuan, representing 6.69% of revenue, a decrease of 5.9% year-on-year [1] - Earnings per share dropped to 0.32 yuan, down 49.33% year-on-year, while operating cash flow per share increased significantly by 166.65% to 0.35 yuan [1] Cash Flow and Debt Management - The company experienced a 10.17% decrease in short-term borrowings due to reduced borrowing during the period [2] - Financial expenses saw a significant reduction of 124.48%, attributed to high convertible bond interest expenses in the previous period [3] - The net cash flow from operating activities increased by 190.36%, driven by improved cash flow from sales collections [3] Business Evaluation - The company's return on invested capital (ROIC) was 7.07%, indicating average capital returns, with a historical median ROIC of 12.64% since its listing [4] - The business model relies heavily on research and marketing, necessitating a thorough examination of the underlying drivers [4] - The company has a cash flow ratio of 57.04% and a three-year average operating cash flow to current liabilities ratio of 5.34%, indicating potential liquidity concerns [4] Market Position and Competitiveness - The company has established a strong competitive edge through its comprehensive capabilities in technology research, engineering design, management systems, supply chain management, and manufacturing [6] - It has developed multiple technology platforms in power conversion hardware, digital power control, and automation, allowing for diversified product offerings across various fields [6] Fund Holdings - The largest fund holding the company’s shares is the Manulife Transformation Opportunity Stock A, with 3.811 million shares, remaining unchanged [5] - Other funds have adjusted their positions, with some reducing their holdings while others have increased or newly entered the top ten holdings [5]

Core Viewpoint - The company plans to issue convertible bonds to raise up to 521.93 million yuan for business development and to enhance its sustainable growth capabilities [2][3]. Fundraising Plan - The total amount to be raised from the convertible bond issuance is capped at 521.93 million yuan, which will be allocated to specific projects after deducting issuance costs [2]. - The company may initially invest its own funds in the projects before the raised funds are available, and if the net amount is less than planned, it will implement projects in order of priority [2]. Background and Purpose of the Issuance - The issuance is driven by the rapid growth in demand for computing power, particularly in the context of artificial intelligence and digital economy [3]. - The global computing power scale reached 1,397 EFlops in 2023, with a growth rate of 54%, indicating a significant increase in demand for computing equipment [3]. - The Chinese intelligent computing center market is projected to grow from 879 billion yuan in 2023 to 2,886 billion yuan by 2028, with a compound annual growth rate of 26.8% [3]. Market Demand and Technological Trends - The demand for data center electricity is expected to rise, with global AI data centers projected to consume approximately 4,150 billion kWh by 2024 [4]. - The company aims to optimize power supply and distribution systems to meet the increasing efficiency demands of data centers [4][5]. - The HVDC (High Voltage Direct Current) solution is highlighted as a more efficient alternative to traditional UPS systems, with advantages in stability, reliability, and cost [5][6]. Project Implementation and Necessity - The company plans to establish a specialized R&D and production base for HVDC systems in Shijiazhuang and Xi'an, with a total investment of 406.93 million yuan over two years [8]. - The project aims to enhance the manufacturing capacity of HVDC products and align with the growing demand in the data center sector [8][9]. - The company has already developed HVDC products and is beginning to generate revenue from these offerings [7][8]. Financial Impact and Feasibility - The issuance of convertible bonds is expected to improve the company's capital structure and reduce financial risk compared to traditional bank financing [7][21]. - The company anticipates that the project will yield a post-tax internal rate of return of 14.96% and a payback period of approximately 9.97 years [18]. - The funds will also be used to supplement working capital, addressing the increasing operational funding needs due to business growth [20]. Conclusion - The fundraising initiative aligns with national industrial policies and market trends, enhancing the company's competitive position and long-term sustainability [21].

Group 1 - The company Megmeet (SZ 002851, closing price: 89.01 yuan) announced on August 30 that its fifth board meeting was held on August 29, 2025, in Shenzhen, discussing the proposal for the postponement of certain fundraising projects [1] - For the first half of 2025, Megmeet's revenue composition was as follows: power electronic products accounted for 95.63%, while precision connectors accounted for 4.37% [1] Group 2 - The news highlights the competitive landscape in the southwest region, with nearly 120 brands and 1,600 vehicles participating in the first A-class car exhibition of the second half of the year, indicating a significant shift in the automotive market due to new energy vehicles [1]