Summary of Nanxin Technology Conference Call Company Overview - **Company**: Nanxin Technology - **Industry**: Semiconductor, specifically in charge pump and charging management chips Key Points and Arguments 1. **Rapid Growth in Fast Charging Market**: Nanxin Technology achieved rapid growth in the fast charging market in 2021 due to its charge pump technology, with significant revenue increases driven by high wattage fast charging technology upgrades [2][4] 2. **New Product Launches**: Starting in 2024, new products such as OLED Power, BMS, wireless charging, multi-in-one solutions, and ACDC are expected to ramp up, with growth rates surpassing traditional charge pump business, laying a solid foundation for growth in 2025 and beyond [2][5] 3. **Experienced Management Team**: The core management team has experience from leading international analog chip companies like Texas Instruments and Linear Technology, which aids in accurately grasping product direction and enhancing core competitiveness in automotive and industrial sectors [2][6] 4. **Concentrated Shareholding Structure**: The actual controller, Mr. Ruan, holds over 30% of shares through an indirect employee platform, which supports proactive product layout. The introduction of strategic investors like Anker and Xiaomi before the IPO reflects high recognition of the company's technological strength [2][7] 5. **Increased R&D Investment**: Since its IPO, Nanxin Technology has increased R&D investment and attracted quality R&D personnel to ensure long-term growth points. Stock incentives are used to align core employees with company development goals [2][8][9] 6. **Revenue Growth**: The company has maintained over 30% annualized revenue growth since 2021, with a 17.6% year-on-year increase in the first half of 2025. The introduction of new products in the second half is expected to drive annual revenue growth above 30% [2][10] 7. **Gross Margin Recovery**: Although the gross margin slightly declined in the first half of the year, it is expected to recover to around 40% in the second half due to the ramp-up of high-margin products [2][10] 8. **Challenges and Responses**: The company faces challenges from an increase in low-margin products affecting overall gross margin. However, by focusing on high-margin products like BMS and OLED Power, the company anticipates a recovery in gross margin [2][11] 9. **Future Revenue Growth from Samsung**: In 2026, revenue from Samsung is expected to grow significantly as more models are introduced. The company has established end-to-end solutions, particularly in the mobile market, which constitutes a major part of its revenue [2][12][13] 10. **Focus on Automotive and Industrial Markets**: Approximately 50% to 60% of R&D resources are allocated to automotive and industrial products, including AI server-related product matrices, which are crucial for future growth [2][14] 11. **Long-term Growth Prospects**: As a leading domestic analog chip company, Nanxin Technology is well-positioned for future growth, particularly with the ramp-up of automotive, industrial, and AI-related products, ensuring a solid foundation for long-term growth [2][15] Additional Important Information - **Market Reach**: The company has a broad customer base, including major domestic and international smartphone brands such as Huawei, OPPO, Vivo, Xiaomi, Honor, and Samsung [3] - **Complete Solution Offering**: Nanxin Technology has achieved a complete solution layout from mobile devices to charging heads, enhancing the value per unit to $3-4 [4][11]

Summary of Solid-State Transformer (SST) Industry Trends Industry Overview - The solid-state transformer (SST) industry is in its early stages both domestically and internationally, with companies like China Xidian already deploying 2.4 MW SSTs in data centers, showing promising operational results [1][5] - Key players in the SST market include China Xidian, Sungrow Power Supply, Jinpan Technology, and New Special Electric [3][9] Core Insights and Arguments - SSTs convert 10 kV AC to 800 V DC, simplifying the power supply chain and improving efficiency, which is crucial for AI data centers with increasing power demands [2][3] - The current price of SSTs is relatively high, ranging from 7 to 14 RMB per watt in overseas markets, but costs are expected to decrease with technological advancements and mass production [6] - The global AI data center (AIDC) market is projected to reach a deployment of over 10 GW by 2025, potentially nearing 20 GW, with a market size exceeding 100 billion RMB [8] Market Potential and Demand - The demand for SSTs is anticipated to reach a trillion RMB level as power density requirements increase in data centers [9] - The transition from traditional UPS systems to high-voltage direct current (HVDC) power supply methods is driving interest in SSTs as a primary solution for future AI DC power needs [2] Advantages of Solid-State Transformers - SSTs utilize semiconductor components instead of traditional iron core windings, achieving energy conversion at frequencies exceeding 1 kHz, reducing size to 1/5 of traditional transformers, and offering power densities over 10 kW/kg [4][7] - The conversion efficiency of SSTs exceeds 98%, making them significantly more efficient than traditional transformers [7] Future Outlook - The SST market is expected to grow significantly, with a focus on companies that have made advancements in this technology [9] - Other AIDC power equipment, including 800 V HVDC, ACDC, BBU, and liquid cooling systems, are also viewed positively for their importance in technological advancements and application expansion [10]