Core Viewpoint - The company, Shunluo Electronics, has been engaged in the precision ceramics field for many years, focusing on high-performance ceramic materials and products, with applications in various industries including solid oxide batteries, smart wearables, consumer electronics, new energy, and medical sectors [1] Group 1: Company Overview - Shunluo Electronics has developed a range of products including structural ceramics and electronic ceramics, emphasizing platform-based research and customized products [1] - The company has made significant investments in ceramic powder technology, accumulating extensive expertise in the development of platform-based ceramic products, new material applications, and manufacturing processes [1] Group 2: Market Applications - The primary application markets for the company's products include solid oxide batteries (SOC), which encompass both SOFC and SOEC technologies, as well as smart wearables, consumer electronics, new energy, and medical fields [1] - The company has established advanced and complete processes for powder preparation and product processing, along with production lines [1] Group 3: Strategic Partnerships - Through its subsidiary, Xinbai Ceramics, the company has partnered with Zhen Tai Energy to form Bai Tai Company, which will focus on the research and development of core technologies for new high-temperature fuel cells, as well as the production and sales of related products [1]

Group 1: AI Server Market - The company is strategically positioned in the AI server market, focusing on miniaturization, high precision, and high power density technology, providing comprehensive power supply solutions for clients [2] - Domestic clients in the AI server sector have shown steady growth due to the rapid application of domestic computing power models, with quarterly growth observed throughout the year [2] - The demand for modular inductive solutions for ASIC chips and GPU peripherals from overseas clients is also increasing, contributing to the sustained growth of the company's data center market [2][3] Group 2: TLVR Inductor Development - The TLVR inductor offers significant advantages over traditional VR structure inductors, including faster load transient response and reduced output capacitor size and cost [3] - The company has proactively developed various TLVR inductor products, which are now being supplied in bulk to clients, indicating a strong market position [3] Group 3: Tantalum Capacitor Market - The company has invested in the tantalum capacitor sector for years, developing new series products that cater to high-end consumer electronics, AI data centers, and automotive electronics [4] - The new tantalum capacitor products have gained recognition from major clients due to their thin profile and low ESR values, aligning with trends in high-performance applications [4] Group 4: Impact of Raw Material Prices - Precious metals constitute a small portion of the raw material costs, and as electronic components trend towards lighter and smaller designs, the impact of raw material costs on production is limited [4] - The company maintains strong supply chain management capabilities, which help mitigate the effects of raw material price volatility [4] Group 5: Ceramic Products Strategy - The company has been involved in the precision ceramic field for many years, focusing on high-performance ceramic materials and products for various applications, including solid oxide batteries and consumer electronics [5] - Continuous investment in ceramic powder technology has led to a diverse range of product offerings, supported by advanced manufacturing processes [5] Group 6: Future Capital Expenditure Plans - The company operates in a capital-intensive industry, necessitating ongoing expansion and high funding requirements [5] - Emphasis on R&D investment remains strong, with a commitment to increasing R&D spending over the long term to support growth in new business areas [5]