Group 1: Industry Overview - The controlled nuclear fusion, known as "artificial sun," is considered a key to achieving infinite, clean, and safe energy, and has become a strategic direction for many countries since the 20th century [3] - The nuclear fusion industry is experiencing rapid commercialization and industrialization, with significant interest in both primary and secondary markets [4] - The global market for nuclear fusion is expected to reach a scale of trillions, with various regions in China, including Shanghai, Guangdong, Zhejiang, and Sichuan, targeting nuclear fusion as a future industry [7][8] Group 2: Company Developments - Several A-share companies, including Yingjie Electric, Lianchuang Optoelectronics, Hezhong Intelligent, and Jingye Intelligent, are accelerating their layouts in the nuclear fusion field, with recent disclosures of progress [10] - Yingjie Electric provides comprehensive key power supply services for nuclear fusion projects, successfully applied in multiple national-level projects [10] - Lianchuang Optoelectronics is advancing its "3+N" product layout in high-temperature superconducting equipment, aiming for increased product and technology contract amounts [10] - Hezhong Intelligent focuses on the R&D and manufacturing of complex components for fusion reactors, participating in the preliminary research of core components [10] - Shanghai Electric Group has become one of the most comprehensive equipment manufacturers in the nuclear fusion field, achieving 36 breakthroughs in key manufacturing technologies over 20 years [9] Group 3: Recent Milestones - Hanhai Fusion announced the completion of its HHMAX-901 main unit construction, marking a transition from laboratory to application for controlled nuclear fusion technology in China [2] - The BEST project in Hefei has advanced its total assembly work two months ahead of schedule, achieving significant milestones in plasma current and ion temperature [5] - The International Fusion Association (FIA) indicates that most fusion companies expect to achieve the first power supply to the grid between 2031 and 2035 [5]

Group 1: Financial Performance and Risks - The company emphasizes the importance of receivables collection and sales revenue recognition in the photovoltaic industry, facing challenges such as project delays and potential bad debts [1] - Most of the unrecognized sales in the photovoltaic sector have been prepaid, effectively mitigating financial risks [2] - In 2024, the company has made provisions for inventory impairment related to high-risk clients, maintaining overall financial risk within a controllable range [2] Group 2: Controlled Nuclear Fusion Business - The controlled nuclear fusion business is part of the company's research institute segment, with long-term collaborations with various research institutions, including nearly 20 years with 585 Institute [3] - The company provides power support for most domestic nuclear fusion projects, collaborating with entities like the Chinese Academy of Sciences and New Energy Group [3] - The power supply for nuclear fusion devices typically exceeds megawatt levels, including magnetic field power supplies, heating power supplies, and control system power supplies, with cumulative revenue in this sector reaching several million yuan [4] Group 3: Competitive Landscape - The nuclear fusion power supply sector has high technical barriers due to specific operational requirements, resulting in few domestic competitors capable of research and production [5] - Major competitors in project bidding come from cities like Tianjin, Wuhan, Chengdu, and Anshan [5] Group 4: Semiconductor and Charging Pile Business - In 2024, the semiconductor business revenue reached 350 million yuan, with expectations for year-on-year growth based on increasing orders in the second quarter [7] - The company is collaborating with leading domestic firms on new charging pile products, which are currently in the validation stage, potentially leading to significant revenue growth in 2025 [7]