Core Viewpoint - The company emphasizes that its E-fuse products are still in the development stage and that solid-state circuit breakers will not replace fuses in existing electrical systems [1] Group 1: Product Development - The company is currently developing its E-fuse products [1] - Solid-state circuit breakers are fundamentally designed to replace mechanical circuit breakers, not fuses [1] Group 2: Product Comparison - Mechanical circuit breakers and fuses work in a complementary manner within existing electrical systems [1] - Solid-state circuit breakers have advantages but are larger, more expensive, and have higher thermal current compared to mechanical circuit breakers, and significantly higher than fuses [1] - The short-circuit withstand capability of solid-state circuit breakers is weaker than that of mechanical circuit breakers, and their short-circuit interruption capacity is inferior to that of fuses [1] Group 3: Market Position and Strategy - Fuses serve as a last line of defense against extreme faults like short circuits, being a one-time protective component [1] - In data center power systems, multiple levels of protection exist, and while solid-state circuit breakers may have advantages in certain applications, they are not suitable for all positions [1] - The inherent passive, high-reliability protection characteristics, high interruption capacity, and small size of fuses ensure their value will not diminish but may become even more critical [1] - The company aims to strengthen its leading position in the traditional power fuse market while actively exploring other emerging products and closely monitoring cutting-edge technologies like solid-state circuit breakers [1]

中熔电气（301031.SZ）11月14日在投资者互动平台表示，尊敬的投资者您好，我司目前在特高压领域 暂未提供产品服务。在电压等级7.2kv，12kv，40.5kv高压领域有高压产品提供。感谢您的关注！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司产品有无应用于特高压项目？ ...

格隆汇11月14日丨中熔电气(301031.SZ)在投资者互动平台表示,我司目前在特高压领域暂未提供产品服 务。在电压等级7.2kv，12kv，40.5kv高压领域有高压产品提供。 ...

Group 1 - The core point of the news is the significant trading activity of Zhongrong Electric on November 12, with a large block trade executed at a premium price compared to the closing price of the stock [2][3] - A total of 3,000 shares were traded in the block transaction, amounting to 3.24 million yuan, with a transaction price of 108.00 yuan, representing a 3.56% premium over the closing price [2][3] - Over the past three months, Zhongrong Electric has recorded 18 block trades, with a cumulative transaction amount of 189 million yuan [2] Group 2 - The stock closed at 104.29 yuan on the same day, reflecting a decline of 1.95%, with a turnover rate of 3.09% and a total trading volume of 22.2 million yuan [2] - The net outflow of main funds for the day was 17.78 million yuan, and over the past five days, the stock has decreased by 14.79% with a total net outflow of 261 million yuan [2] - The latest margin financing balance for Zhongrong Electric is 29.4 million yuan, which has increased by 5.67 million yuan over the past five days, marking a growth of 23.91% [3]

Group 1 - The core transaction on November 10 involved a block trade of 30,600 shares of Zhongrong Electric, with a transaction value of 3.5689 million yuan, at a price of 116.63 yuan, representing a premium of 6.91% over the closing price of the day [2][4] - In the last three months, Zhongrong Electric has recorded a total of 17 block trades, amounting to 186 million yuan [3] - The stock closed at 109.09 yuan on the same day, down 3.03%, with a turnover rate of 6.37% and a total trading volume of 480 million yuan, indicating a net outflow of 37.32 million yuan in main funds [3] Group 2 - The latest margin financing balance for Zhongrong Electric is 296 million yuan, with an increase of 52.2588 million yuan over the past five days, reflecting a growth rate of 21.42% [4] - Zhongrong Electric was established on April 20, 2007, with a registered capital of 98.32248 million yuan [4]

Group 1 - The company, Zhongrong Electric (301031.SZ), is currently engaged in discussions and collaborations with major manufacturers of solid-state transformers [1] - The main applications of the company's fuses are in low-voltage DC ports, high-voltage AC ports, and within power modules of solid-state transformers [1]

Core Insights - Zhongrong Electric (301031.SZ) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.434 billion yuan, representing a year-on-year growth of 48.47% [1] - The net profit attributable to shareholders of the listed company was 242 million yuan, showing a year-on-year increase of 101.77% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 239 million yuan, with a year-on-year growth of 102.55% [1] - Basic earnings per share stood at 2.35 yuan [1]

Group 1 - The core transaction on October 17 involved a block trade of 25,000 shares of Zhongrong Electric, with a transaction value of 2.607 million yuan and a price of 104.28 yuan, representing a premium of 4.28% over the closing price of the day [2][3] - In the last three months, Zhongrong Electric has recorded a total of 16 block trades, amounting to a cumulative transaction value of 182 million yuan [3] - The stock closed at 100.00 yuan on the same day, experiencing a decline of 6.75%, with a turnover rate of 4.73% and a total trading volume of 332 million yuan, indicating a net outflow of 22.4551 million yuan in main funds [3] Group 2 - The latest margin financing balance for Zhongrong Electric is 365 million yuan, which has decreased by 80.86 million yuan over the past five days, reflecting a decline of 18.15% [4] - Zhongrong Electric was established on April 20, 2007, with a registered capital of 98.32248 million yuan [4]

Group 1 - The core transaction on October 14 involved a block trade of 25,000 shares of Zhongrong Electric, with a transaction value of 2.619 million yuan and a transaction price of 104.76 yuan, representing a premium of 0.45% over the closing price of the day [2][4] - In the last three months, Zhongrong Electric has recorded a total of 15 block trades, amounting to a cumulative transaction value of 179 million yuan [3] - The closing price of Zhongrong Electric on the day of the transaction was 104.29 yuan, reflecting a decline of 3.00%, with a daily turnover rate of 6.19% and a total transaction volume of 457 million yuan [3] Group 2 - The latest margin financing balance for Zhongrong Electric is 399 million yuan, which has increased by 111 million yuan over the past five days, marking a growth rate of 38.80% [4] - The company, Xi'an Zhongrong Electric Co., Ltd., was established on April 20, 2007, with a registered capital of 98.32248 million yuan [4]

Core Viewpoint - The company announced a plan for its employee stockholding platforms to reduce their shareholdings by up to 979,600 shares, representing 1.00% of the total share capital, due to personal funding needs of the employees [1] Summary by Categories Shareholding Reduction Plan - The employee stockholding platforms, Yongchun Zhongyu and Yongchun Zhongying, plan to reduce their holdings within three months after a 15 trading day period from the announcement date [1] - Yongchun Zhongyu intends to reduce up to 548,600 shares, while Yongchun Zhongying plans to reduce up to 431,000 shares [1] Pricing and Market Conditions - The reduction price will be determined based on the secondary market price at the time of the reduction, and will not be lower than the initial public offering price [1] Uncertainty of Implementation - The implementation of this reduction plan carries uncertainty [1]