Summary of Conference Call Records Companies and Industries Involved - **Companies**:环旭电子 (Huanxu Electronics), 工业富联 (Industrial Fulian), 比亚迪电子 (BYD Electronics) - **Industries**: Electronics, AI, Automotive, Cooling Technology Key Points and Arguments Huanxu Electronics - Benefiting from integrated SoC eyewear solutions, with expected unit value reaching three-digit USD levels, driven by increased orders from Meta, presenting new investment opportunities [1] - Achieved breakthroughs in 1.6T optical modules, network cards, and power supply businesses, leveraging the packaging capabilities of its parent company, ASE Group, and the advantages of the Taiwanese supply chain [1][2] - The high-voltage power supply product line is projected to reach a market size of $4 billion by 2027, with a target to capture nearly half of the market share [2] Industrial Fulian - Recent strong stock performance attributed to outstanding Q2 financial results, with GB200 cabinets and products beginning to ship, validating its high barriers to entry and profitability [1][4] - The proliferation of liquid cooling technology and the delegation of procurement rights from NVIDIA have reduced overall costs for mainland manufacturers, enhancing profitability [1][4] - Increased shipment volumes and scale effects have made even minor profit improvements significantly impactful for the company [4] BYD Electronics - Continuously improving the structure of North American key customer components and assembly business through the acquisition of JEP and operational improvements, leading to reduced financial costs [1][5] - Major customers plan to launch foldable smartphones and smart home products in 2026, which will provide profit elasticity [5] - Expanding from smart cockpit to smart driving and thermal management in the automotive sector, enhancing competitiveness [3][5] - After obtaining certification from Hengwei in 2024, the company has become a qualified supplier in the power supply and liquid cooling sectors, with strong manufacturing capabilities expected to further expand market share [3][5] - The current valuation of Hong Kong stocks relative to A-shares still has discount space, but the development of AI product lines may change this situation [3][5] Other Important but Possibly Overlooked Content - The integration of AI-related components in Huanxu Electronics' product offerings, including SIP modules for WiFi and integrated solutions with SoC, is expected to significantly enhance product miniaturization and value [2] - The impact of supply chain dynamics on BYD Electronics' competitive advantage and potential valuation uplift if supply chains are relaxed in the future [3][5]

算力互连复盘 - 辨析板块先前和后续成长逻辑的转换 20250720 （专用集成电路）逐渐占据半壁江山；第三，从光模块、PCB、交换机、网卡 等产品级别层面的迭代，到整个网络架构的升级和创新；最后，从传统的 scale-out 网络扩展到 scale-up 网络，带来单卡对应带宽的升级。 摘要 传统云厂商资本支出（capex）与行业景气度关联性减弱，TOKEN 数 增长更能反映推理算力需求，形成生态飞轮，谷歌、微软等厂商 TOKEN 数同比增长显著。 算力采购正从依赖 GPU 转向 ASIC，ASIC 性价比更高，单位美元可购买 的算力卡及配套硬件增加，产业链增速或高于云厂商资本开支增速。 AI 计算需求推动网络架构升级，包括 scale-out 网络（以太网交换机容 量翻倍、光模块速率提升）和 scale-up 网络的发展，后者满足更高频、 更大量的数据传输需求。 海外算力市场经历多轮上涨和回调，行情驱动因素不断演变，从 GPT 技 术到多模态模型，再到英伟达新产品发布，每次突破都伴随新的技术和 需求。 Scale-up 网络单卡带宽更高，集群内卡数量较少，未来在云计算从 GPU 转向 ASIC 的趋势下， ...

Sales Distribution and Future Plans - In 2024, online sales reached 463,086.39 million CNY, accounting for 75.10% of total revenue, while offline sales were 153,547.02 million CNY, making up 24.90% [1][2] - The company plans to deepen existing sales channels and explore new markets, focusing on both online and offline strategies [1][2] Product Categories and Revenue Contribution - The product line consists of five main categories: - Charging products: 38.08% of total revenue [3] - Transmission products: 28.40% of total revenue [3] - Audio and video products: 17.19% of total revenue [3] - Storage products: 6.34% of total revenue [3] - Mobile peripherals: 8.42% of total revenue [3] Core Competencies - The company emphasizes technological innovation, with over 90% of revenue and gross profit derived from self-designed products [4][5] - Brand value is a key competitive advantage, with a focus on long-term brand building and consumer loyalty [5][6] - A multi-channel ecosystem is established, combining online and offline sales across various global markets [6][7] Supply Chain and Operational Efficiency - The company has developed a dual-driven supply chain model, enhancing its competitive edge through quality control and innovation [7][8] - A comprehensive supplier evaluation mechanism is in place to ensure high standards in production and service delivery [7][8] Corporate Culture and Vision - The mission is to create value for users, enhance employee well-being, and contribute to social development [8] - The vision is to become a valuable and warm global brand, guided by a user-centered approach and continuous optimization [8]