9月22日至26日，深圳欧陆通电子股份有限公司（债券代码：123241，债券简称：欧通转债）通过线上 会议或券商策略会的形式，接受了景林资产、东方财富证券等15家机构的调研。公司副总经理、董事会 秘书蔡丽琳，投资者关系经理许业凯、杨帅参与接待。以下为本次投资者关系活动的主要内容。 其他电源业务上半年营收3.23亿元，同比增长0.41%。全球电动工具市场需求疲软，公司通过开拓新领 域产品布局和导入新客户，保持了收入平稳。该业务毛利率为18.58%，同比减少1.20个百分点，主要因 部分新产品导入初期毛利率较低。 2025年上半年业绩稳健增长 2025年上半年，全球经济面临多重挑战，增长动能趋缓。在此背景下，欧陆通锚定战略目标，深耕开关 电源领域，保持稳健发展。 报告期内，公司实现营业收入21.20亿元，同比增长32.59%。其中，第二季度营收12.32亿元，同比增长 36.39%，环比增长38.71%，创单季度营收新高。数据中心电源业务的高速增长，尤其是高功率服务器 电源收入的显著提升，成为营收增长的主要动力。 毛利率方面，上半年公司毛利率为20.31%，同比减少0.64个百分点。尽管公司优化了客户及产品结构， ...

Financial Performance - The company achieved a revenue of 2.12 billion CNY in the first half of 2025, representing a year-on-year growth of 32.59% [3] - In Q2 2025, revenue reached 1.23 billion CNY, showing a year-on-year increase of 36.39% and a quarter-on-quarter increase of 38.71% [3] - The gross profit margin for the reporting period was 20.31%, a decrease of 0.64 percentage points year-on-year [3] - The net profit attributable to shareholders was 134 million CNY, up 54.86% year-on-year, with a net profit margin of 6.31%, an increase of 0.91 percentage points [3] Business Segment Performance - Power adapter business generated 826 million CNY in revenue, a year-on-year increase of 6.61% [4] - Data center power business revenue was 962 million CNY, with a significant year-on-year growth of 94.30%, driven by high-power server power sales [5] - High-power server power revenue reached 662 million CNY, a remarkable increase of 216.47% year-on-year, contributing 68.76% to the data center power revenue [5] - Other power business revenue was 323 million CNY, showing a modest year-on-year growth of 0.41% [5] Strategic Initiatives - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target various overseas clients [6] - Future plans for data center power business include focusing on high-power, high-density, and high-efficiency power supply solutions, leveraging technological innovations [9] - The power adapter business aims to expand product categories and improve operational efficiency to enhance market competitiveness [11] Future Revenue Targets - The company has set ambitious revenue growth targets for 2025 and 2026, with trigger values for revenue growth rates at 28%, 52%, and 72% for the respective years, and target values at 35%, 65%, and 90% [12] Shareholder Actions - The company completed a share reduction of 1.9 million shares from September 22 to 24, 2025, through block trading [13]

Group 1 - The core viewpoint of the news is that Xianying Technology's stock has seen a significant increase of 5.39%, reaching a price of 36.35 CNY per share, with a trading volume of 1.93 billion CNY and a turnover rate of 8.74%, resulting in a total market capitalization of 35.35 billion CNY [1] - Xianying Technology, established on July 4, 2011, and listed on September 22, 2021, is located in Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of various signal converters, signal conversion cables, signal expansion docks, and power adapters [1] - The main business revenue composition of Xianying Technology includes signal conversion and expansion products at 54.66%, molds and precision structural parts at 28.75%, power adapters at 15.50%, and others at 1.09% [1] Group 2 - Among the top circulating shareholders of Xianying Technology, a fund under Dacheng Fund holds a position. The Dacheng CSI 360 Internet + Index A (002236) reduced its holdings by 9,000 shares in the second quarter, now holding 474,300 shares, which accounts for 0.74% of the circulating shares [2] - The Dacheng CSI 360 Internet + Index A (002236) was established on February 3, 2016, with a latest scale of 698 million CNY. Year-to-date returns are at 33.01%, ranking 1443 out of 4220 in its category; the one-year return is 87.73%, ranking 803 out of 3814; and since inception, the return is 213.7% [2]

Group 1 - The core point of the news is that Xianying Technology's stock price dropped by 5.02% to 33.11 CNY per share, with a trading volume of 112 million CNY and a turnover rate of 5.16%, resulting in a total market capitalization of 3.219 billion CNY [1] - Xianying Technology, established on July 4, 2011, and listed on September 22, 2021, is located in Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of various signal converters, signal conversion cables, signal expansion docks, and power adapters [1] - The main business revenue composition of Xianying Technology includes: signal conversion and expansion products (54.66%), molds and precision structural parts (28.75%), power adapters (15.50%), and others (1.09%) [1] Group 2 - Among the top circulating shareholders of Xianying Technology, a fund under Dacheng Fund holds a position. The Dacheng CSI 360 Internet + Index A (002236) reduced its holdings by 9,000 shares in the second quarter, now holding 474,300 shares, which accounts for 0.74% of the circulating shares [2] - The Dacheng CSI 360 Internet + Index A (002236) was established on February 3, 2016, with a latest scale of 698 million CNY. Year-to-date returns are 34.45%, ranking 1422 out of 4220 in its category; the one-year return is 90.82%, ranking 730 out of 3814; and since inception, the return is 217.1% [2]

Group 1 - The core viewpoint is that 欧陆通 is a leading domestic supplier of high-power server power supplies, benefiting from the development of AI and high-density computing, and is rated as a "buy" [1] - The company has a rich product matrix including power adapters, data center power supplies, and other power solutions, widely applied in various fields such as office electronics, network communication, and data centers [1] - The company’s high-power server power products are at the leading level domestically, with core products launched to meet the high-power server power needs driven by AI [1][2] Group 2 - The demand for GPU power supply in AI servers is increasing, with current power requirements at 2700W and expected to rise to 5500W or even 8000W in the future [2] - The company is continuously expanding its server power supply product layout, with ongoing research on 5.5KW server power supplies [3] - The company’s product offerings cover all power segments, including 800W and below, 800-2000W, and above 2000W, with key clients including Foxconn, Inspur, and Lenovo [3]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is a leading domestic supplier of high-power server power supplies, benefiting from the high-density development of AI. It has a rich product matrix including power adapters, data center power supplies, and other power solutions, which are widely used across various sectors [5][24]. - The company is expected to see significant growth in net profit, with projections of CNY 322 million, CNY 445 million, and CNY 547 million for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 71.5, 51.8, and 42.2 times [5][8]. Summary by Sections Company Overview - The company has been deeply rooted in the power supply sector since its establishment in 1996, expanding its product offerings to include power adapters, server power supplies, and battery chargers for electric tools. It has established overseas production bases in Taiwan and Vietnam [15][24]. - The company has launched several high-power server power supply products, including 3200W titanium M-CRPS and 3300W-5500W GPU server power supplies, which meet the growing demands of AI applications [15][51]. Financial Performance - The company’s total revenue grew from CNY 1.313 billion in 2019 to CNY 3.798 billion in 2024, with a compound annual growth rate (CAGR) of 23.67%. Net profit increased from CNY 112 million to CNY 268 million during the same period, with a CAGR of 19.06% [24][25]. - In the first half of 2025, the company achieved total revenue of CNY 2.120 billion, a year-on-year increase of 32.59%, and net profit of CNY 134 million, up 54.86% year-on-year, driven by the rapid growth of data center power supply business [24][25]. Market Opportunities - The demand for AI servers is expected to grow significantly, with the global AI server market projected to increase from USD 19.5 billion in 2022 to USD 34.7 billion by 2026, representing a CAGR of 17.3% [39]. - The company is well-positioned to capture the growing demand for high-power server power supplies, particularly as AI applications accelerate [26][39]. Product Development - The company is actively expanding its product lineup, with ongoing research and development for a 5.5KW server power supply and other high-efficiency products aimed at meeting the needs of AI servers [51][56]. - The company has a strong focus on R&D, with R&D expenses increasing from CNY 52 million in 2019 to CNY 213 million in 2024, reflecting a CAGR of 32.58% [34]. Competitive Position - The company has established a stable market position with a market share of approximately 0.73% to 1.46% globally and 2.56% to 5.10% domestically in the server power supply market [52]. - The company is expanding its global footprint, with significant sales to North American clients and a focus on increasing its overseas market share [28].

证券日报网讯海能实业（300787）9月18日发布公告，在公司回答调研者提问时表示，公司传统的优势 产品信号线束、信号适配器和电源适配器在上半年都实现了份额提升；公司较新的产品如清洁机器人、 智能安防产品以及储能系统，在2024年度实现量产之后订单稳定增长，为公司上半年的收入和利润带来 了新的增量。 ...

证券代码：300787 证券简称：海能实业 债券代码：123193 债券简称：海能转债 安福县海能实业股份有限公司 投资者关系活动记录表 编号：2025-004 | | ☐ 特定对象调研 ☐ 分析师会议 | | --- | --- | | | ☐ 媒体采访 ☐ 业绩说明会 | | 投资者关系活动类别 | 新闻发布会 路演活动 ☐ ☐ | | | 现场参观 | | | 其他 理性投资伴我行 走进上市公司活动 | | 参与单位名称及人员姓名 | 参加中信建投证券组织的 "理性投资伴我行 走进上市公司活动" | | | 的个人投资者11人，中信建投证券专员5人 | | 时间 | 2025年9月18日 (周四) 上午09:30-11:30 | | 地点 | 江西省吉安市安福县工业园 | | 上市公司接待人员姓名 | 董事、董事会秘书 韩双；证券事务专员 殷倩雯 | | 投资者关系活动主要内容 | 一、投资者参观了部分车间和产品展厅 | | 介绍 | | | | 二、投资者提出的主要问题及公司回复情况 | | | 问题一，海能今年上半年业绩增长60%主要是哪些产品在增加收入？ | | | 回复：公司传统的优势产品信 ...

Core Viewpoint - The financial performance and stock trading activities of Xiangying Technology indicate a mixed outlook, with a slight increase in revenue but a significant rise in net profit, while stock trading shows a decline in financing activities and a reduction in shareholder numbers [1][2][3]. Group 1: Financial Performance - For the first half of 2025, Xiangying Technology achieved operating revenue of 371 million yuan, representing a year-on-year growth of 0.34% [2]. - The net profit attributable to the parent company was 4.95 million yuan, showing a substantial year-on-year increase of 266.48% [2]. - Cumulatively, the company has distributed dividends amounting to 74.48 million yuan since its A-share listing, with 20.46 million yuan distributed over the past three years [3]. Group 2: Stock Trading Activities - On September 15, Xiangying Technology's stock price fell by 1.10%, with a trading volume of 75.32 million yuan [1]. - The financing buy-in amount for the day was 9.47 million yuan, while the financing repayment was 10.98 million yuan, resulting in a net financing outflow of 1.51 million yuan [1]. - As of September 15, the total financing and securities lending balance was 107 million yuan, accounting for 3.40% of the circulating market value, indicating a high level compared to the past year [1]. Group 3: Shareholder Information - As of September 10, the number of shareholders for Xiangying Technology was 12,400, reflecting a decrease of 9.79% from the previous period [2]. - The average number of circulating shares per shareholder increased by 10.85% to 5,150 shares [2]. - Among the top ten circulating shareholders, Dazheng Zhongzheng 360 Internet + Index A held 474,300 shares, a decrease of 9,000 shares compared to the previous period [3].

Financial Performance - The company achieved a revenue of 2.12 billion CNY in the first half of 2025, representing a year-on-year growth of 32.59% [3] - In Q2 2025, revenue reached 1.23 billion CNY, showing a year-on-year increase of 36.39% and a quarter-on-quarter increase of 38.71% [3] - The gross profit margin for the reporting period was 20.31%, a decrease of 0.64 percentage points year-on-year [3] - The net profit attributable to shareholders was 134 million CNY, up 54.86% year-on-year, with a net profit margin of 6.31% [3] Business Segments Performance - Power adapter business generated 826 million CNY in revenue, a year-on-year increase of 6.61% [4] - Data center power business revenue was 962 million CNY, with a significant year-on-year growth of 94.30% [5] - High-power server power revenue reached 662 million CNY, a remarkable increase of 216.47% year-on-year [5] - Other power business revenue was 323 million CNY, showing a modest year-on-year growth of 0.41% [5] Future Plans - The company aims for a revenue growth rate of 28%, 52%, and 72% for 2024-2026, with target values of 35%, 65%, and 90% respectively [12] - The net profit growth rate targets are set at 48%, 104%, and 200% for the same period, with target values of 60%, 130%, and 250% [12] - The company plans to continue expanding its overseas business, establishing teams in Taiwan and the USA [6] Market Conditions - The global economic environment remains challenging, with geopolitical conflicts and trade protectionism affecting growth [3] - The consumer electronics market is experiencing a slowdown, impacting the power adapter segment [4] Shareholder Actions - A share reduction plan is set to take place from September 22, 2025, to December 21, 2025, involving a maximum of 1.9 million shares [13]