Core Viewpoint - The charging pile industry is currently in a stage of full competition and stable development, with the company actively responding to national policies and expanding its market share in the heavy-duty electric truck charging pile sector [1] Group 1: Industry Insights - The charging pile industry is characterized by sufficient competition and stable growth [1] - The company is focusing on the heavy-duty electric truck sector, leveraging its technological and market advantages [1] Group 2: Company Strategies - The company is deepening collaborations with complete vehicle manufacturers to increase its market share in the heavy-duty charging pile market [1] - The company is accelerating its expansion into lower-tier markets, such as counties and rural areas, in response to the trend of promoting electric vehicles in these regions [1] - The company is launching compatible fast charging piles and smart charging and swapping solutions to tap into incremental market opportunities [1]

Group 1: Market Development and Trends - The charging pile industry is currently in a phase of full competition and stable development, with a target to establish 28 million charging facilities by the end of 2027, providing over 300 million kW of public charging capacity to meet the needs of over 80 million electric vehicles [2][3] - The company aims to respond to national policies promoting the large-scale application of new energy heavy trucks, leveraging its technological and market advantages in the charging pile sector to expand its market share [3][4] - The government supports the development of public charging networks in rural areas, aiming for full coverage of charging stations and piles in counties and villages, which the company is actively pursuing [3][4] Group 2: Overseas Market Opportunities - The overseas charging pile market shows low penetration but significant growth potential, with the company planning to expand its product applications and enhance its competitive edge in the fast-charging sector [4][5] - The company is focusing on localizing its products and services to meet overseas market requirements, ensuring successful delivery of overseas orders [4][5] Group 3: Energy Storage Market Insights - The domestic energy storage market is expected to develop positively in 2026, driven by the deepening of electricity market reforms and the profitability of independent storage projects [4][5] - The global energy transition towards low carbon is creating new opportunities for energy storage, with the company aiming to deepen its overseas market presence and adapt to various application scenarios [5][6] Group 4: Strategic Alignment with National Policies - The company aligns its development strategies with the "14th Five-Year Plan," focusing on innovation driven by market demand and enhancing energy efficiency through technological advancements [5][6] - Emphasizing regional economic coordination, the company is launching products tailored for rural areas to support national development goals [5][6] Group 5: AIDC Business Development - The company is experiencing growth in its AIDC (Artificial Intelligence Data Center) business, with a significant increase in the use of power quality products in data centers and smart computing centers [6] - Plans are in place to develop new products in the AIDC power supply sector, leveraging existing technological expertise to meet emerging market demands [6]

Financial Performance - In Q3 2025, the company achieved a revenue of 854 million CNY, representing a year-on-year growth of 28.54% [2] - The net profit attributable to shareholders for Q3 2025 was 119 million CNY, with a year-on-year increase of 33.09% [2] - For the first nine months of 2025, total revenue reached 2.216 billion CNY, up by 5.78% year-on-year, while net profit was 277 million CNY, reflecting a growth of 2.23% [2] Strategic Focus - The company aims to expand its overseas market presence, targeting a foreign revenue of 430 million CNY in 2024, which will account for 14.17% of total revenue [3] - Future strategies include enhancing the proportion of overseas income and improving profitability through local service quality and innovative product offerings [3] Product Development - A dedicated team has been established to develop AIDC (Artificial Intelligence Data Center) solutions, aiming to provide comprehensive power solutions for data centers [3] - The company has launched a smart energy management platform, which has been successfully deployed and is now in the commercialization phase [3] Market Opportunities - The North American market is experiencing power shortages, creating demand for energy storage solutions that can support data centers and enhance grid reliability [4] - The company plans to align its product offerings with market needs to capture additional market share in response to these developments [4] Charging Infrastructure - The charging pile industry is currently in a competitive and stable phase, with a national plan to build 28 million charging facilities by the end of 2027, providing over 300 million kW of public charging capacity [5] - The company is responding to government initiatives to support the growth of charging infrastructure, particularly in rural areas, by developing suitable fast-charging solutions [5] Energy Storage Market - The energy storage market is expected to grow as power trading becomes more market-oriented, with independent storage projects showing profitability potential [6] - The company anticipates that the continuous development of market policies will support the healthy growth of the energy storage sector [6]