Core Viewpoint - Aikaisibo, a leading company in the field of power electronic conversion and control, was listed on the Shanghai Stock Exchange on September 28, 2023, and has a strong focus on R&D, production, and sales of power electronic conversion and control equipment [1] Financial Performance - In Q3 2025, Aikaisibo achieved a revenue of 585 million yuan, ranking 18th in the industry, significantly lower than the industry leader China Power's 40.971 billion yuan and the second-ranked Haibosi's 7.913 billion yuan [2] - The company's net profit for the same period was -44.6247 million yuan, placing it 20th in the industry, far behind the industry leader's 2.502 billion yuan and the second's 624 million yuan [2] Profitability and Debt Management - Aikaisibo's debt-to-asset ratio in Q3 2025 was 27.47%, lower than the industry average of 42.24%, indicating relatively low debt pressure [3] - The gross profit margin for the same period was 31.37%, higher than the industry average of 25.60%, although it decreased from the previous year's 41.12% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 14.07% to 7,003, while the average number of circulating A-shares held per household decreased by 9.77% to 12,800 [5] - The top ten circulating shareholders include the Fuguo Tianhui Growth Mixed Fund, holding 2 million shares, a decrease of 1,367 shares from the previous period [5] Business Highlights and Future Outlook - Aikaisibo has focused on the power electronic conversion control field for nearly 30 years, building three major technology platforms and serving well-known companies across multiple industries [5] - The precision testing power business is expected to see significant revenue growth in 2024, supported by lean management and reduced expenses [5] - The company is projected to achieve revenues of 1.303 billion yuan, 1.6 billion yuan, and 1.775 billion yuan from 2025 to 2027, with net profits of 105 million yuan, 133 million yuan, and 182 million yuan respectively [5] - CICC has adjusted the 2025 net profit forecast down by 41.9% to 86 million yuan, while introducing a 2026 net profit estimate of 146 million yuan, maintaining an outperform rating with a target price of 32 yuan [6]

Core Insights - Aikaisibo Electric Co., Ltd. experienced a stock price increase of 5.68%, reaching 40.38 CNY per share, with a total market capitalization of 4.659 billion CNY as of October 27 [1] Company Overview - Aikaisibo Electric Co., Ltd. is located in Xi'an, Shaanxi Province, and was established on January 19, 1996. The company was listed on September 28, 2023 [1] - The main business activities include research, development, production, and sales of power electronic conversion and control equipment [1] Revenue Composition - The revenue breakdown is as follows: - Precision testing power supply: 62.98% - Power quality control equipment: 17.25% - Special power supply: 16.85% - Other (supplementary): 2.74% - Others: 0.19% [1] Fund Holdings - Huafu Fund has a significant holding in Aikaisibo, with the Huafu Tianxin Flexible Allocation Mixed A Fund (003152) holding 54,100 shares, representing 6.74% of the fund's net value, making it the third-largest holding [2] - The fund has achieved a year-to-date return of 19.23% and a one-year return of 21.3%, ranking 4,581 out of 8,226 and 4,006 out of 8,099 respectively [2] Fund Manager Performance - The fund manager, Wang Yiwei, has been in position for 4 years, with a total fund asset size of 422 million CNY. The best return during his tenure is 89.65%, while the worst is -32.32% [2]

Core Points - Aikaisibo Electric Co., Ltd. experienced a decline of 5.09% in stock price, reaching 43.85 CNY per share, with a trading volume of 114 million CNY and a turnover rate of 2.82%, resulting in a total market capitalization of 5.06 billion CNY [1] - The company, established on January 19, 1996, specializes in the research, production, and sales of power electronic conversion and control equipment, with main revenue sources including precision testing power supplies (62.98%), power quality control equipment (17.25%), special power supplies (16.85%), and other sources (2.74% and 0.19%) [1] Fund Holdings - Zheshang Securities Asset Management has a fund that heavily invests in Aikaisibo, specifically the Zheshang Huijin Quantitative Selected Mixed Fund (006449), which held 115,000 shares in the second quarter, accounting for 4.72% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has reported a floating loss of approximately 270,300 CNY as of the latest update [2] - The Zheshang Huijin Quantitative Selected Mixed Fund was established on March 25, 2019, with a current size of 104 million CNY, achieving a year-to-date return of 51.06%, ranking 584 out of 8161 in its category, and a one-year return of 43.8%, ranking 1161 out of 8015 [2]

Group 1 - The core point of the news is that Aikaisibo's stock price dropped by 5.09% to 43.85 CNY per share, with a trading volume of 114 million CNY and a turnover rate of 2.82%, resulting in a total market capitalization of 5.06 billion CNY [1] - Aikaisibo Electric Co., Ltd. specializes in the research, production, and sales of power electronic conversion and control equipment, with its main revenue sources being precision testing power supplies (62.98%), power quality control equipment (17.25%), special power supplies (16.85%), and others (2.74%) [1] Group 2 - Jin Xin Fund has a significant holding in Aikaisibo, with its Jin Xin Transformation Innovation Mixed A Fund (002810) holding 320,000 shares, accounting for 3.31% of the fund's net value, making it the third-largest holding [2] - The Jin Xin Transformation Innovation Mixed A Fund has achieved a year-to-date return of 47.72% and a one-year return of 72.68%, ranking 782 out of 8161 and 206 out of 8015 respectively [2] Group 3 - The fund managers of Jin Xin Transformation Innovation Mixed A are Huang Biao and Yang Chao, with Huang having a tenure of 4 years and 146 days and a best fund return of 122.35% during his tenure [3] - Yang Chao has a tenure of 4 years and 159 days, with a best fund return of 85.91% during his time managing the fund [3]

Core Insights - Aikaisibo Electric Co., Ltd. experienced a 5% increase in stock price, reaching 44.50 CNY per share, with a trading volume of 118 million CNY and a turnover rate of 3.07%, resulting in a total market capitalization of 5.135 billion CNY [1] Company Overview - Aikaisibo Electric Co., Ltd. is located in Xi'an, Shaanxi Province, established on January 19, 1996, and listed on September 28, 2023. The company specializes in the research, production, and sales of power electronic conversion and control equipment [1] - The revenue composition of the company includes: precision testing power supply (62.98%), power quality control equipment (17.25%), special power supply (16.85%), and other (2.74%) [1] Fund Holdings - Huafu Fund has a significant holding in Aikaisibo, with the Huafu Tianxin Flexible Allocation Mixed A Fund (003152) holding 54,100 shares, accounting for 6.74% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 114,700 CNY [2] - The Huafu Tianxin Flexible Allocation Mixed A Fund was established on December 29, 2016, with a latest scale of 24.745 million CNY. Year-to-date returns are 26.52%, ranking 3728 out of 8234 in its category, while the one-year return is 29.44%, ranking 2943 out of 8083. Since inception, the fund has achieved a return of 104.64% [2]

Group 1 - Aikaisibo Electric Co., Ltd. experienced a stock price increase of 5.09%, reaching 39.01 CNY per share, with a trading volume of 62.65 million CNY and a turnover rate of 1.85%, resulting in a total market capitalization of 4.501 billion CNY [1] - The company, established on January 19, 1996, is located in Xi'an, Shaanxi Province, and specializes in the research, production, and sales of power electronic conversion and control equipment [1] - The main revenue composition of the company includes precision testing power supplies (62.98%), power quality control equipment (17.25%), special power supplies (16.85%), and other sources (2.74% and 0.19%) [1] Group 2 - Zheshang Securities Asset Management has a fund that heavily invests in Aikaisibo, specifically the Zheshang Huijin Quantitative Selected Mixed Fund (006449), which held 115,000 shares in the second quarter, accounting for 4.72% of the fund's net value, ranking as the fifth-largest holding [2] - The Zheshang Huijin Quantitative Selected Mixed Fund (006449) was established on March 25, 2019, with a current scale of 104 million CNY, achieving a year-to-date return of 70.46% and a one-year return of 102.42% [2] - The fund manager, Pang Yaqing, has been in the position for 1 year and 238 days, with the fund's best and worst returns during this period both recorded at 80.7% [3]

Group 1 - Aikaisibo Electric Co., Ltd. experienced a stock price increase of 5.09%, reaching 39.01 CNY per share, with a trading volume of 62.1852 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 4.501 billion CNY [1] - The company, established on January 19, 1996, is located in Xi'an, Shaanxi Province, and specializes in the research, production, and sales of power electronic conversion and control equipment [1] - The main revenue composition of Aikaisibo includes precision testing power supplies (62.98%), power quality control equipment (17.25%), special power supplies (16.85%), and other sources (2.74% and 0.19%) [1] Group 2 - Huafu Fund has a significant holding in Aikaisibo, with the Huafu Tianxin Flexible Allocation Mixed A Fund (003152) holding 54,100 shares, accounting for 6.74% of the fund's net value, making it the third-largest holding [2] - The Huafu Tianxin Flexible Allocation Mixed A Fund was established on December 29, 2016, with a latest scale of 24.745 million CNY, achieving a year-to-date return of 12.3% and a one-year return of 61.98% [2] - The fund manager, Wang Yiwei, has a tenure of 3 years and 330 days, with the fund's total asset scale at 422 million CNY, achieving the best return of 83.06% and the worst return of -32.32% during his management period [2]

Core Viewpoint - Despite facing challenges such as increased competition and cautious capital investment from downstream customers, the company achieved a revenue growth of 7.92% year-on-year, reaching 430.33 million yuan in the first half of 2025, demonstrating operational resilience [1] Group 1: Financial Performance - The company reported a net profit of -17.22 million yuan, a significant decline of 152.90% year-on-year, primarily due to increased R&D expenses and pressure on gross margins from market competition [1] - R&D expenses reached 94.02 million yuan, marking a 50.50% increase year-on-year, with R&D investment accounting for 21.85% of total revenue [2] Group 2: Product Development and Innovation - The company continues to invest heavily in R&D, focusing on launching new products in precision testing power supplies, special power supplies, and power quality control equipment [2] - New products launched include the PRO20 series bi-directional programmable power supply and the Mix series multi-channel programmable power supply system, catering to the evolving needs of the electric vehicle and photovoltaic storage sectors [2] Group 3: Industry Position and Influence - The company has established a strong technical advantage and brand influence in the field of power electronic conversion and control equipment, with products widely used in photovoltaic storage, electric vehicles, aerospace, and rail transportation [3] - The company has become a key supplier of testing power supplies for leading enterprises in the new energy sector, including major clients such as Huawei and BYD [3] - The special power supply segment generated revenue of 72.49 million yuan, a 45% increase year-on-year, and accounted for 16.85% of total revenue, highlighting its strong industry influence [4]

Investment Rating - The report assigns a "Strong Buy" rating for the power equipment industry, specifically recommending "Buy" for Aikasaibo (688719.SH) at a price of RMB 39.23 [1]. Core Insights - The core insight of the report emphasizes that nuclear fusion power sources are critical components of fusion devices, enhancing the heating temperature and energy confinement time to improve the fusion "triple product" [3][13]. - The report highlights the high technical and customer barriers in the power source segment, with costs accounting for 30%-50% of the overall fusion device [3][5]. - The increasing investment climate in China's nuclear fusion sector, with multiple technological routes advancing simultaneously, is expected to lead to significant order and performance releases in the fusion power segment [3][5]. Summary by Sections Investment Recommendations - The report suggests that nuclear fusion power sources will drive improvements in the fusion "triple product" through enhanced heating temperatures and energy confinement times, which are essential for achieving fusion ignition [3]. - It recommends Aikasaibo and suggests monitoring other companies such as Yingjie Electric, Guoguang Electric, Xuguang Electronics, Hongxun Technology, and Wangzi New Materials [3]. Industry Overview - The report discusses the critical role of power sources in nuclear fusion devices, which include providing energy for plasma heating and maintaining the stability of the magnetic field [13][14]. - It notes that the power source's performance is crucial for the safety and efficiency of fusion operations, with stringent requirements for response times and stability [21][22]. Technological Insights - The report details the different types of power sources used in various fusion technologies, including Tokamak, linear, and Z-pinch systems, each with specific requirements and challenges [45][47]. - It highlights the importance of high-power, low-ripple power sources in maintaining plasma stability and achieving the necessary conditions for fusion [22][52]. Market Potential - The report identifies a broad market potential for fusion power sources, driven by the increasing demand for customized solutions and the historical experience of suppliers in the nuclear fusion sector [52][53]. - It emphasizes that companies with established relationships and experience in nuclear-grade power supply are likely to benefit from upcoming large-scale projects [52][53]. Emerging Technologies - The report mentions the growing importance of supercapacitors in fusion power systems, which can provide rapid discharge capabilities essential for the pulsed operation of fusion devices [54][56]. - It notes that supercapacitors have been successfully integrated into existing projects, indicating a trend towards their increased use in future nuclear fusion applications [56].

股票简称：爱科赛博 股票代码：688719 首次公开发行股票科创板上市公告书 保荐人（主承销商） （中国（上海）自由贸易试验区世纪大道1198号28层） 二零二三年九月二十七日 特别提示 西安爱科赛博电气股份有限公司（以下简称"发行人"、"爱科赛博"、"公 司"或"本公司"）股票将于2023年9月28日在上海证券交易所科创板上市。本 公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五 入尾差所致。 西安爱科赛博电气股份有限公司 Xi'an Actionpower Electric Co., Ltd. （西安市高新区新型工业园信息大道 12 号） 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 ...