人民财讯10月5日电，欧陆通（300870）已构建多元核心产品矩阵：涵盖3,200W钛金M-CRPS服务器电 源、1,300W—3,600W钛金CRPS服务器电源、3,300W—5,500W钛金和超钛金GPU服务器电源、浸没式 液冷服务器电源及机架式电源(Power Shelf)解决方案，还推出符合开放计算组织(OCP)第三代开放式机 柜(ORV3)规范的机架式电源解决方案，配置6组5,500W服务器电源，可提供最高33KW的功率输出，转 换效率高达97.5%，并可拓展至2OU66KW、3OU66KW以及4OU132KW等方案。同时，公司全力支持国 产产业链发展，持续配合客户研发全国产化的数据中心电源产品，目前有多个全国产化在研及量产的电 源机型。 凭借硬核实力，欧陆通已陆续为浪潮信息（000977）、富士康、华勤、联想、中兴、新华三等国内知名 服务器系统厂商出货，也同步与国内头部互联网企业等终端客户保持紧密合作。 ...

欧陆通已构建多元核心产品矩阵：涵盖3,200W钛金M-CRPS服务器电源、1,300W—3,600W钛金CRPS服 务器电源、3,300W—5,500W钛金和超钛金GPU服务器电源、浸没式液冷服务器电源及机架式电源 （Power Shelf）解决方案，还推出符合开放计算组织（OCP）第三代开放式机柜（ORV3）规范的机架 式电源解决方案，配置6组5,500W服务器电源，可提供最高33KW的功率输出，转换效率高达97.5%，并 可拓展至2OU 66KW、3OU 66KW以及4OU 132KW等方案。同时，公司全力支持国产产业链发展，持 续配合客户研发全国产化的数据中心电源产品，目前有多个全国产化在研及量产的电源机型。凭借硬核 实力，欧陆通已陆续为浪潮信息、富士康、华勤、联想、中兴、新华三等国内知名服务器系统厂商出 货，也同步与国内头部互联网企业等终端客户保持紧密合作。 ...

Group 1: Company Strategy and Market Position - The company focuses on "specializing in power supply and concentrating on core business" as its development strategy, leveraging its market and brand advantages in the power supply industry [1] - The company aims to enhance its core businesses in LED driver power supplies and consumer electronics, driving high-quality development through technological innovation and resource integration [1][2] Group 2: Technological Innovation and Product Development - The company is at the industry-leading level in LED power supply technology innovation and product upgrades, with plans to increase R&D investment and launch new generation green products [2] - The company has introduced the first integrated smart control power supply for high-power LED drivers, providing low-carbon intelligent road lighting solutions [2] Group 3: Financial Performance and Challenges - The company faced pressure in its performance in the first half of 2025, leading to a strategic focus on six key areas to improve operations and financial results [3] - The company reported a revenue split of 50.26% from domestic markets and 49.74% from international markets in the first half of 2025, with plans to balance business segments further [3][4] Group 4: Response to Market Conditions - The company is addressing performance challenges by optimizing customer structure, enhancing order acquisition, and improving production efficiency through AI manufacturing technology [3] - The company is also focusing on quality control and risk prevention to build customer trust and market reputation [3] Group 5: Future Plans and Investments - The company plans to enter the semiconductor RF power supply and energy storage production sectors in 2024, aiming to capture new market opportunities [4] - The company is actively managing raw material price fluctuations by establishing strategic reserves and optimizing suppliers to stabilize costs [4]

Core Viewpoint - The company reported a significant increase in revenue and profit for the first half of 2025, driven by growth in industrial power and new energy sectors, despite challenges from global inflation and geopolitical tensions [1][3]. Financial Performance - Revenue for the six months ended June 30, 2025, reached HKD 2,948.1 million, a year-on-year increase of 19.3% [1][3]. - Gross profit rose to HKD 526.7 million, reflecting a 4.9% increase, while the net profit margin improved slightly to 7.2% [1][3]. - Profit attributable to shareholders increased by 20.4% to HKD 211.7 million, with basic earnings per share rising 23.5% to HKD 0.21 [1][3]. - The interim dividend was declared at HKD 0.062 per share, up 19.2% from the previous year [1][3]. Business Highlights - The company is capitalizing on the growing demand for high-end intelligent controllers, particularly in the context of rapid AI development [4]. - New energy business revenue grew by 33.6%, contributing 19.1% to total revenue, driven by storage and automotive electronic products [5]. - The company is expanding its product offerings in AI power supply solutions, including a new 3,500W power supply for servers [7]. Strategic Initiatives - The company has diversified its market presence across Southeast Asia, Europe, North America, and China to mitigate risks associated with reliance on a single market [2][3]. - It is actively involved in the development of renewable energy infrastructure in Southeast Asia, including projects related to electric vehicle charging [5][9]. - The company is enhancing its global production capabilities, with new facilities in Vietnam and Mexico, to ensure flexible and resilient operations [8][10]. Future Outlook - The company aims to leverage trends in AI and green energy to drive future growth, focusing on energy storage solutions and electric vehicle charging equipment [9][10]. - The Southeast Asian two-wheeler electric vehicle market is projected to grow significantly, providing opportunities for the company to expand its market share [9].

Core Insights - Zhongyuan Tong (301516) reported a net profit attributable to shareholders of approximately -19.67 million yuan for the first half of 2025, representing a year-on-year decline of 6.6% [1] - The company operates in the research, production, and sales of various power supply products, including communication power supplies, renewable energy power supplies, industrial control power supplies, and other power supplies [1] Financial Performance - For the first half of 2025, Zhongyuan Tong achieved an operating revenue of approximately 381 million yuan, a year-on-year decrease of 7.38% [1] - The company's stock price closed at 19.09 yuan per share on August 20, with a total market capitalization of 5.359 billion yuan [1]

Group 1 - The private economy is a driving force for China's modernization and a crucial foundation for high-quality development, with over 58 million private enterprises and continuous growth in imports and exports for 21 consecutive quarters [1] - During the 14th Five-Year Plan period, private enterprises are seizing opportunities in industrial upgrading and technological innovation, contributing significantly to economic vitality [2][3] - The proportion of private enterprises in China's foreign trade has increased from 46.6% in 2020 to 57.3% in the first half of this year, maintaining their position as the largest foreign trade entity for six consecutive years [3] Group 2 - The implementation of the "Promotion Law for Private Economy" in May 2023 marks a significant step in protecting the rights of private enterprises, with a recent court ruling awarding over 8 million yuan in compensation to a private company [4][5] - The policy framework for supporting the private economy has been enhanced, with the release of 31 measures aimed at promoting the growth of private enterprises [6][7] - A total of 9.9 trillion yuan in tax reductions and exemptions have been implemented from 2021 to mid-2023, with 72.9% benefiting private enterprises, showcasing strong policy support for the sector [7] Group 3 - Private enterprises are increasingly focusing on innovation and expanding into new markets, as demonstrated by companies like Ounait Cable Group, which has developed specialized cables for harsh environments and aims for a production target of 2 billion yuan next year [8] - Continuous communication between government and enterprises is being established to address challenges faced by private companies, ensuring a supportive environment for their development [9]

Group 1: Business Overview - The company has been deeply involved in the controllable nuclear fusion power supply sector for many years, providing various auxiliary heating power supplies such as cyclotron power supplies and neutral beam power supplies. Recently, the technology has shifted from traditional thyristors to IGBT, and the company has started offering magnetic field power supplies among other products [1] - The company has established long-term cooperative relationships with research institutions such as the Southwest Institute of Physics and the Hefei Institute of Plasma Physics. In 2024, the company's orders related to nuclear fusion power supplies exceeded tens of millions RMB, with historical cumulative orders amounting to several tens of millions RMB [2] Group 2: Market Position and Competition - The company has actively engaged with key domestic commercial nuclear fusion projects across various regions including Anhui, Hebei, Shanghai, Sichuan, and Shaanxi [3] - In the nuclear fusion power supply sector, there are competitors located in cities such as Anshan, Chengdu, Tianjin, and Wuhan. The company has established barriers due to its mature technology and production capacity, as the high power requirements (megawatt level) and stability of the power supply necessitate advanced technical capabilities [4] Group 3: Market Potential and Order Planning - There are multiple nuclear fusion projects in China with significant investment scales ranging from tens of billions to hundreds of billions RMB, where the value of power supplies constitutes a considerable proportion. The company has a higher share in the magnetic field and heating power supplies it currently supplies [5] - Several projects are entering the bidding phase in the second half of 2025, and the company is actively tracking and engaging with project bidding progress [5]

Group 1: Company Overview - The company is Shenzhen Oulutong Electronics Co., Ltd., with stock code 300870 and bond code 123241 [1] - The company specializes in data center power supply products, including various power ranges [2][3] Group 2: Product Offerings - The product line includes server power supplies ranging from 800W to over 5,500W, with advanced solutions like immersion cooling and rack power supplies [3] - The company has developed key products such as 3,200W titanium M-CRPS server power supply and 1,300W-3,600W titanium CRPS server power supply [3] Group 3: Market Position and Clients - The company has established itself as a leading domestic manufacturer of data center power supplies, recognized by major clients like Inspur, Foxconn, and Lenovo [4] - The company maintains close cooperation with top domestic internet companies, enhancing its market strength [4] Group 4: International Expansion - The company is actively expanding its overseas business, with teams established in Taiwan and the USA to target global markets [5] - It aims to onboard various types of overseas clients, including server manufacturers and major cloud providers [5] Group 5: Production Capacity - The company has a global production layout, with domestic bases in Shenzhen, Dongguan, Ganzhou, and Suzhou, and overseas bases in Vietnam and Mexico [6] - It can adjust production capacity based on client needs [6] Group 6: Future Business Plans - Data center power supply is a key long-term strategy, expected to drive significant revenue growth [7][8] - The company plans to deepen cooperation with existing clients and pursue 100% localization of components [8] Group 7: Adapter Business Development - The power adapter segment is a mature and steadily growing core business, with plans to expand into new application areas like smart homes and drones [9] Group 8: Impact of Tariff Policies - The direct revenue from sales to the USA is relatively small, limiting the impact of tariff policies [10] - The company is focused on risk mitigation through diversified client structures and global production layouts [10] Group 9: Revenue Targets - The revenue targets for 2025 and 2026 will align with the company's 2024 equity incentive assessment goals, with specific growth rates set for revenue and net profit [11][12] - The revenue growth rate trigger values for the next three years are 28%, 52%, and 72%, with target values of 35%, 65%, and 90% respectively [12]