Core Insights - The company, Jingquan Technology, reported a revenue of 2.6 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 23.96% [1] - The net profit attributable to shareholders reached 71.87 million yuan, marking a significant increase of 69.74% year-on-year [1] - The growth is attributed to the company's proactive expansion in overseas markets and its deepening involvement in data centers and new energy sectors [1] Business Overview - Jingquan Technology is a leading enterprise in the magnetic components sector, with operations spanning three main segments: magnetic components, power supplies, and special transformers [1] - The company's products are widely used in high-growth areas such as renewable energy generation and storage, electric vehicles and charging stations, industrial automation, and computing centers [1] Special Transformers - Special transformers are the largest source of revenue for the company, showing strong growth in data center applications [1] - The demand for magnetic components in the server sector, particularly for uninterruptible power supplies (UPS), is rising due to the global digitalization trend [1] - The company's focus on developing Solid State Transformer (SST) technology is becoming a key driver for future growth [1] SST Technology - SST technology is an innovative power solution that integrates the entire energy conversion process from high voltage input to direct current output into a single system cabinet, significantly simplifying the architecture and enhancing overall conversion efficiency [2] - Compared to traditional solutions, SST offers bidirectional energy conversion capabilities, supporting AC/DC conversion and allowing for direct conversion of high voltage input to 200-1000V DC [2] - The technology's adaptability in overseas markets is a notable advantage [2] Future Outlook - The growth potential for Jingquan Technology is substantial, driven by the ongoing global digitalization and intelligence trends [3] - The overseas data center market is expected to maintain steady growth [3]

Core Viewpoint - The company has confirmed its mastery of HVDC technology and its application in several national demonstration projects [1] Group 1 - The company has been asked by investors about its capabilities in HVDC technology [1] - The company plans to explore the integration of solid-state transformer (SST) technology with HVDC technology to enhance its unique advantages and strategic positioning in the intelligent computing center (AIDC) sector [1]