Group 1 - The core viewpoint of the article highlights the strategic transition of Teruid from a device supplier to an energy service provider in the data center sector, leveraging over 20 years of experience in high-voltage power systems and over 10 years in power electronics technology [2][4] - Teruid has established a "three-step" strategy: short-term focus on becoming an integrated solution expert, and long-term goal to transform into a power energy supplier covering the entire service chain from design to energy management [2][6] Group 2 - The solid-state transformer (SST) project is a key technological focus for Teruid, with plans to commercialize the first SST solution for data centers by 2026, achieving over 98% energy conversion efficiency by 2027 [3][8] - Teruid's core competitive advantage lies in the deep integration of high-voltage power systems and power electronics technology, enabling the provision of "turnkey" services that significantly reduce construction time and costs for data centers [4][5] Group 3 - Teruid has established partnerships with major clients such as China Mobile, Tencent, and Alibaba, participating in significant projects like the Beijing-Tianjin-Hebei data center and the Western Cloud Data Center [5] - The long-term strategy of Teruid aims to position the company as a global leader in new power systems and intelligent computing infrastructure, progressing through three phases: integrating modular substations with SST technology, expanding energy management services, and exploring energy supply and sales business [6][7] Group 4 - The increasing demand for AI computing power is driving the need for modular and energy-efficient power supply equipment in data centers, with Teruid's SST technology poised to address these challenges effectively [8] - The potential applications of SST technology extend beyond data centers to include green hydrogen production and high-power charging for heavy-duty vehicles, indicating a broad market opportunity if cost competitiveness is achieved [8]

Core Viewpoint - The company is actively engaging with institutional investors to showcase its business strategies and future plans, particularly in the fields of smart manufacturing, electric vehicle charging networks, and virtual power plants [1][2][3]. Company Overview - The company focuses on "smart manufacturing + integrated services" and electric vehicle charging network operations, with a recent revenue of 2.102 billion yuan, a year-on-year increase of 3.46%, and a net profit of 64.78 million yuan, up 5.17% year-on-year [8]. Business Strategy - The company is expanding its international presence, targeting key regions such as the Middle East and Africa, Central Asia and Europe, Southeast Asia, and the Pacific, with a production base established in Qingdao to enhance responsiveness to overseas customer needs [2][3]. - The company aims to leverage its technological innovations and partnerships with leading global energy firms to enhance its core competitiveness and capitalize on global energy transition opportunities [3][6]. Product and Service Offerings - The company is focusing on modular substations as a core product, which significantly reduces delivery time compared to traditional substations, addressing the long construction cycles in global energy transformation [3]. - The company has established partnerships with over 70 major automotive manufacturers to enhance user charging experiences and brand value through collaborative charging station initiatives [4]. Virtual Power Plant Operations - The company has developed a virtual power plant platform that aggregates resources like electric vehicle charging networks and distributed energy sources, enabling participation in electricity market transactions [4][5]. - As of the end of 2024, the company has established online information exchanges with 38 power control centers, with over 3,400 adjustable power stations ready for integration into the virtual power plant framework [5]. Market Trends and Future Outlook - The company anticipates growth in the commercial vehicle sector, particularly in third- and fourth-tier cities, as electric vehicle adoption increases [7]. - The company is implementing a "city operator model" for residential charging stations to address challenges in charging infrastructure management and safety [7].

Group 1: International Market Expansion - The company focuses on key overseas regions including Middle East and Africa, Central Asia and Europe, Southeast Asia, and the Pacific, with specific plans for market penetration [3] - A production base for overseas power equipment has been established in Qingdao, enhancing responsiveness to international customer needs [3] - The company aims to leverage high-quality products and services to achieve high-quality development in overseas markets [3] Group 2: Digital Ecosystem and Services - As the largest electric vehicle charging network operator in China, the company generates significant industrial data daily, providing diverse value-added services to partners [4] - Collaborations with over 70 mainstream automakers enhance user charging experience and brand value through co-branded charging stations [4] - The company has partnered with five leading insurance companies to offer battery health protection services [4] Group 3: Virtual Power Plant Operations - The company has built a virtual power plant platform that aggregates resources for market participation and power system operation [5] - As of the end of 2024, over 3,400 adjustable power stations are connected to the platform, with participation in peak-shaving services exceeding 300,000 kWh, generating nearly 10 million yuan in benefits [5] - The company has established online information exchange with 38 power control centers, showcasing significant technological leadership [5] Group 4: Revenue and Profitability Strategies - The company focuses on serving high-quality leading enterprises to ensure stable gross margins and good payment cycles [6] - Continuous cost optimization aims to create a "high quality, low cost, high efficiency" operational system [6] - The company has achieved technical breakthroughs in voltage levels from 110kV to 330kV, establishing a competitive edge in high-voltage markets [6] Group 5: Charging Industry Trends - The charging industry is expected to see significant growth in commercial vehicles, particularly in cities with high commercial vehicle ratios [7] - The company is actively collaborating with commercial vehicle manufacturers to seize market opportunities arising from electrification [7] - A "city operator model" is being piloted to address charging needs in residential areas, indicating a trend towards centralized management of charging facilities [7]