此外，公司积极拓展产品布局，在配电类产品领域初见成效，已成为国家电网三个项目的中标候选人， 2025年已累计中标国家电网项目8127.42万元，帮助公司丰富了产品类别，开拓业务场景，持续提升公 司的业绩和产品竞争力。 答:在通信领域，公司依托国内中国移动、中国电信、中国联通等通信运营商资源开展合作，提供通信 基础设备。随着产业数字化升级，公司紧跟行业趋势、提升技术能力进入智算数据中心市场，已为杭州 杭钢云计算数据中心有限公司等多个项目提供服务，并成功入围万国数据、有孚白名单，为后续业务推 进奠定坚实基础。同时，公司开发工业控制机柜、自动化控制柜，进一步将产品应用领域拓宽至工业类 企业以及轨道交通、国家高铁、新能源等场景，成功为公司传统业务注入新动能。 格隆汇12月12日丨万马科技在投资者关系中表示，有被问到:公司的通信类业务布局如何？ ...

Core Viewpoint - The company is actively expanding its communication business and product offerings, leveraging partnerships with major telecom operators and entering new markets such as smart data centers and industrial automation [1] Group 1: Communication Business - The company collaborates with major telecom operators like China Mobile, China Telecom, and China Unicom to provide communication infrastructure [1] - The company is enhancing its technical capabilities to enter the smart data center market, having already provided services for multiple projects, including those for Hangzhou Hangang Cloud Computing Data Center [1] - The company has successfully qualified for the whitelist of WanGuo Data and YouFu, laying a solid foundation for future business development [1] Group 2: Product Expansion - The company is developing industrial control cabinets and automation control cabinets, broadening its application fields to include industrial enterprises, rail transportation, national high-speed rail, and renewable energy [1] - The company has made initial progress in the distribution product sector, becoming a candidate for three projects with the State Grid [1] - As of 2025, the company has won a total of 81.2742 million yuan in State Grid projects, enriching its product categories and expanding business scenarios, which continuously enhances its performance and product competitiveness [1]

Core Viewpoint - The company, Hechuan Technology, maintains a high level of R&D investment, with R&D expenses amounting to 93 million yuan, representing 12.69% of its operating revenue for the first three quarters of 2025 [1] Group 1 - The company has independently designed and developed industrial control chips that integrate main control MCU, motion control algorithms, storage, and industrial real-time Ethernet technology [1] - The industrial control chips have already entered mass production [1] - Currently, the company has no plans to develop AI chips [1]

Core Viewpoint - Dongtu Technology stated that its stock price fluctuations are influenced by various factors, and the company's current operational order is normal with no undisclosed significant information [1] Group 1: Business Performance - The company is currently in a business restructuring phase, which has shown positive results [1] - The smart controller business has achieved large-scale orders in the semiconductor field this year [1] - As of the third quarter, the order amounts for smart controllers, industrial operating systems, and related software services increased by 87.55% and 13.63% respectively [1] Group 2: Revenue Growth - Revenue from smart controllers, industrial operating systems, and software services grew by 16.94% and 12.85% compared to the same period last year [1] - The company emphasizes a long-term sustainable development strategy to enhance overall value and core competitiveness [1] Group 3: Investor Communication - The company is committed to market value management and will maintain communication with investors through various means to convey its value [1]

Core Insights - A new company, Boyate Material Technology (Wuhan) Co., Ltd., has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Zhang Ke, and its business scope includes engineering and technology research and experimental development, AI industry application system integration services, and sales of industrial control computers and systems [1] - The company is jointly held by Boya Precision Engineering (300971) and other shareholders [1]

Core Insights - A new company, Boya Special Materials Technology (Wuhan) Co., Ltd., has been established with a registered capital of 20 million RMB [1] - The legal representative of the company is Zhang Ke, and its business scope includes engineering and technology research and experimental development, AI industry application system integration services, and sales of industrial control computers and systems [1] - The company is jointly held by Boya Precision Engineering (300971) and other shareholders [1]

Core Insights - China's economy is demonstrating resilience and innovation, with significant growth in foreign trade and foreign investment despite external challenges [1][5][8] - The transformation of China's foreign trade structure is evident, with a shift from labor-intensive products to high-tech and high-value-added goods [3][5] - Foreign companies are increasingly viewing China not just as a market but as a vital part of their global supply chain and innovation ecosystem [8][9] Group 1: Trade and Economic Growth - In the first three quarters, China's total goods trade value increased by 4% year-on-year, with new foreign-funded enterprises rising by 4.1% in the first half of the year [1][5] - High-tech product exports grew by 11.9% year-on-year, contributing over 30% to overall export growth [5][6] - The export of electromechanical products now accounts for 60% of total exports, indicating a significant shift in trade composition [3][5] Group 2: Company Innovations and Developments - Huakin, a leading company in smart product manufacturing, plans to produce 230 million smart products in 2024, with over 100 million units destined for international markets [2] - The company has invested over 5 billion yuan annually in technology development, employing over 19,000 R&D personnel [2] - Shanghai's Qinglong Intelligent Technology has produced 100,000 service robots, which have collectively traveled over 40 million kilometers, equivalent to over 1,000 times around the Earth [5][6] Group 3: Foreign Investment and Market Dynamics - Over 5,700 new foreign-funded enterprises were established annually in Shanghai since the 14th Five-Year Plan, with a total of 33,000 new foreign-funded enterprises nationwide in the first half of the year [8][9] - Schneider Electric has established China as a key supply chain and R&D base, emphasizing the collaborative advantages of the industrial chain [8] - Foreign companies express confidence in investing in China, viewing it as a strategic market for future growth [9]

Core Viewpoint - The successful implementation of the "Double King" strategy by Huichuan Technology is highlighted, particularly through the independent operation and listing of its subsidiary, United Power, which aims to become a leading provider of intelligent electric vehicle components and solutions [2][3][4]. Group 1: Company Strategy and Performance - The "Double King" strategy, proposed in 2016, focuses on becoming the "King of New Energy Vehicles" and the "King of Intelligent Manufacturing," leading to significant growth in both industrial control and new energy vehicle components [3][4]. - United Power's revenue for the first half of this year reached 9.138 billion yuan, a year-on-year increase of 50%, with net profit growing approximately 90% to 549 million yuan [4]. - The independent operation of United Power has not only enhanced business performance but also fostered team development, improving adaptability and responsiveness to market changes [4][5]. Group 2: Market Position and Competitive Advantage - United Power has established itself as a leading independent third-party supplier in the domestic market, holding approximately 10.1% market share in electric motor controllers and 11.3% in stator installations for new energy passenger vehicles [6][7]. - The company serves over 40 OEMs and has developed hundreds of power system solutions, leveraging modular design to reduce costs and enhance responsiveness to market demands [7][8]. Group 3: Future Outlook and Innovation - The automotive industry is transitioning towards intelligent vehicles, with United Power aiming to integrate robotics concepts into automotive design, focusing on intelligent chassis and safety enhancements [9][10]. - The global intelligent chassis market is projected to exceed $80 billion by 2025, with a significant portion attributed to control technologies, indicating a strong growth opportunity for United Power [10].

Group 1: Overview of Chinese Companies Going Global - Chinese companies are actively engaging in globalization, showcasing "Chinese manufacturing" on the world stage while also creating opportunities for global partners to enter the Chinese market [1] - The article highlights two representative companies: Huaqin Technology and Schneider Electric, illustrating the integration of Chinese enterprises into the global market and vice versa [1] Group 2: Huaqin Technology - Huaqin Technology, a leading player in the global ODM industry, has expanded its business from mobile phones to various sectors including smart wearables, laptops, automotive electronics, and robotics [2] - The company has established strategic partnerships with eight of the top ten global smartphone brands and has shipped over 200 million smart terminal products annually [2][4] - Huaqin's overseas revenue now accounts for 50% of its total revenue, with factories established in India, Vietnam, and plans for Mexico to enhance its global footprint [4] Group 3: Schneider Electric - Schneider Electric, a major player in industrial control, has integrated deeply into the local supply chain in China, with 30 factories and logistics centers established in the country [6] - The company has over 2,200 R&D engineers and more than 3,000 patents in China, making it a crucial part of Schneider's global R&D network [6] - The implementation of digital technologies has led to an 82% increase in production efficiency and a 67% reduction in order delivery time, with new product launch times reduced to as little as six months [7]

Summary of Dongtu Technology Conference Call Industry and Company Overview - **Company**: Dongtu Technology - **Industry**: Industrial Control Systems, Semiconductor Equipment, Communication Solutions Key Points and Arguments 1. **Market Positioning and Strategy**: Dongtu Technology is consolidating its network communication business in mature markets such as rail transit and electricity, while enhancing technical research and service stickiness. The company collaborates with the Electric Power Research Institute to provide communication solutions for new power systems using TSN and AUTOSAR buses [2][3] 2. **Business Structure Adjustment**: In 2025, Dongtu Technology is focusing on optimizing its business structure and cultivating high-value-added businesses, particularly in industrial AI applications and controller business scenarios. The company aims to solidify its foundation in existing markets while actively expanding into new ones [3][4] 3. **Domestic Semiconductor Equipment Market**: The domestic semiconductor equipment market has significant potential for domestic substitution, with an estimated market size of 400 billion RMB in 2024. Currently, 20% of this market has completed domestic substitution, leaving a potential space of approximately 270 billion RMB for control systems [5][10] 4. **Traffic Server Market Breakthrough**: Dongtu Technology has made significant progress in the traffic server market, winning contracts for smart traffic projects in Beijing, with a total order exceeding 69 million RMB. The traffic signal machine market is vast, with local brands accounting for over 55% of the market share [5][6] 5. **Industrial Operating System Development**: The company is collaborating with leading enterprises in CNC machine tools and industrial robots to advance its industrial operating system. This initiative is supported by government policies and aims to expand the ecosystem through partnerships with state-owned enterprises [6][7] 6. **Strategic Partnership with Haiguang**: Dongtu Technology has entered a strategic partnership with Haiguang, utilizing their third to fifth generation CPU products to support seamless operation of user programs on Dongtu's operating system. This collaboration aims to enhance product performance and meet domestic substitution needs [8][9] 7. **Full-Stack Domestic Solutions**: The company offers a full-stack domestic solution covering semiconductor equipment, including upper and lower machines, PFC, and various components, accelerating the replacement of foreign real-time operating systems [4][10] 8. **Market Potential for Industrial Control Machines**: The domestic industrial control machine market has a potential capacity of 2-3 billion RMB annually, with Dongtu Technology providing comprehensive solutions to accelerate the replacement of foreign products [11][12] 9. **Challenges in Product Iteration**: Domestic enterprises face challenges in product iteration and service due to economic impacts and strategic requirements. Many companies prioritize domestic technologies for supply chain security and stability [14] 10. **Future Market Expectations**: The market for public machines is projected to reach 16.5 billion RMB in 2024, with significant growth expected in the semiconductor sector. The adoption of domestic CPUs is increasing, although Intel remains dominant [19][22] Other Important Insights - **Profit Margins**: Dongtu Technology's profit margin is at least 47%, with higher margins typically seen in the semiconductor industry due to its high-risk nature and associated services [22] - **Industrial Communication System Market Share**: The company's share in the industrial communication system market is approximately 3%-4% [24] - **Future Orders and Product Development**: The company anticipates seeing orders materialize in the fourth quarter, with significant progress in the industrial innovation sector and a strong competitive position in the market [26]