Core Viewpoint - Recent research by a well-known private equity firm, Fusheng Asset Management, highlights the advancements and market potential of Jinpan Technology, particularly in solid-state transformers and their applications in large-scale green data centers [1] Group 1: Company Overview - Jinpan Technology has completed its first prototype of solid-state transformers, which will be trialed in data centers and gradually promoted to international markets [1] - The company reported a 30.36% year-on-year growth in domestic orders for the first half of 2025, with current orders amounting to 7.54 billion yuan (excluding tax) [1] - Jinpan Technology holds 130 core technologies and 330 patents, and has established seven digital factories while advancing the construction of an AI factory [1] Group 2: Market Potential - The solid-state transformers (SST) are suitable for gigawatt-level ultra-large green data centers, with expectations for increased market penetration in the future [1] - During the "14th Five-Year Plan" period, the company's revenue and profit are projected to grow approximately 170% compared to the "13th Five-Year Plan" [1] - The company aims to focus on smart manufacturing and overseas market expansion in the "15th Five-Year Plan" [1] - There is a strong demand for overseas oil transformers, with the Wuhan base already capable of producing 345kV high-voltage immersed transformers [1]