Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's four core businesses, including smart home appliance control, industrial power, industrial automation and intelligent equipment, and new energy and rail transit, have all achieved varying degrees of growth. The industrial automation business reported sales revenue of 389 million yuan in the first half of 2025, a year-on-year increase of 27.90%. The new energy and rail transit business generated sales revenue of 508 million yuan, a year-on-year increase of 150.94%, accounting for 10.87% of total revenue [1][5] - The company is leveraging its core technology platform based on power electronics and control technology to achieve cross-business synergy and support rapid expansion into emerging fields such as AI server power supplies, 5G communication power supplies, and thermal management for new energy vehicles [1] Financial Performance Summary - The company is projected to achieve net profits attributable to shareholders of 520 million yuan, 912 million yuan, and 1.311 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 19.2%, 75.4%, and 43.7%. Corresponding EPS is expected to be 0.95 yuan, 1.67 yuan, and 2.39 yuan for the same years [3][9] - Revenue is expected to grow from 6.754 billion yuan in 2023 to 16.577 billion yuan in 2027, with growth rates of 23.3%, 21.0%, 25.1%, 30.3%, and 24.4% for the years 2023 to 2027 [3][9] Market Opportunity - The global AI server power supply market is projected to grow from 2.846 billion USD in 2024 to 60.810 billion USD by 2031, with a compound annual growth rate (CAGR) of 45.00% from 2025 to 2031. The company's products are well-positioned to capture this growth, having already received small batch orders for AI server power supplies as of August 29 [2][3]

威尔高（301251.SZ）9月29日在投资者互动平台表示，泰国现在产能利用率达到九成以上，主要以AI服 务器电源和汽车电子产品为主。计划第三季度公司将完成十万平米设备的扩充，可以关注公司披露的定 期报告和其他相关公告。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：目前威尔高泰国项目产能情况如何？泰国产能给阿里 东南亚数据中心供货情况如何？ ...

Group 1 - The company, Tuobang Co., Ltd. (002139), has a solid foundation in digital power, liquid cooling energy storage, and Battery Management Systems (BMS) for entering the AI server power market [1] - The decision to enter and the speed of advancement will depend on factors such as customer demand alignment, technology and certification achievement, resource investment, and commercial return assessment [1]

Group 1: Overall Market Performance - The Xinhua Overseas Index series showed strong performance in August 2025, with the Manufacturing Overseas Index, TMT Overseas Index, and Electric New Overseas Index rising by 33.22%, 29.94%, and 29.17% respectively [1][8][10] Group 2: Digital Investment and Technology Output - The acceleration of global digital investment has enhanced the technical output capabilities and cost advantages in sectors such as communication equipment, optical modules, engineering machinery, and passenger vehicles [1][4][15] - The rapid development of AI technology has led to a surge in computing power demand, significantly increasing the power requirements for data centers, which in turn has driven explosive growth in the AI server power market [4][13] Group 3: Industry Trends and Strategic Shifts - The merger between China Shipbuilding and China Heavy Industry marks a significant restructuring in the global shipbuilding industry, aiming to enhance international pricing power and strengthen high-end manufacturing and digital transformation [5] - The 27th Asia Pet Expo showcased the acceleration of globalization and innovation upgrades among Chinese pet enterprises, highlighting a shift from "OEM export" to "brand export" strategies [6][7] Group 4: Investment Focus and Sector Contributions - Investment preferences in August continued to favor communication equipment, with a notable shift in TMT sector funding towards more certain areas, while non-TMT sectors experienced capital withdrawal due to a lack of policy catalysts [10][21] - The upward movement of indices in August was driven by three main lines: semiconductors (AI computing power + domestic substitution), photovoltaic/battery (energy transition), and components (high-end manufacturing) [23]

Core Insights - The company has achieved mass production of power management chips for AI servers and AI acceleration cards, marking a significant milestone as the first domestic 55nm BCD integrated DrMOS chip has passed customer validation and is entering large-scale production [1] - The company has launched a second-generation high-efficiency power management chip manufacturing platform for data centers, which has already attracted key customer adoption [1] - The company is transitioning from a "single device supplier" to a "foundational infrastructure for the intelligent era" as it deepens its system foundry model involving silicon carbide, analog ICs, and MCUs [2] Business Development - The revenue contribution from AI-related businesses has reached 6% within six months after establishing AI as a new business focus [2] - The AI server power system covers a three-tier power supply structure from PSU to POL, capable of replacing over 50% of the total cost of AI server power [2] - The company anticipates that by 2026, the revenue share from AI-related businesses will exceed double digits, becoming the fourth growth curve after new energy vehicles (47%), industrial control (19%), and consumer electronics (28%) [2] Strategic Goals - The company aims to achieve comprehensive profitability by 2026, driven by three main factors: continuous cost reduction through technology, optimization of production capacity structure, and deepening domestic substitution [3] - In the silicon carbide sector, the company is reducing costs by 30% through 8-inch production compared to 6-inch, and increasing single wafer output by 40% with planar to trench technology, pushing costs closer to 1.5-2 times that of IGBTs [3] - The company plans to expand its 12-inch analog IC production capacity to 40,000 wafers per month based on downstream demand, with a focus on high-margin products to enhance profitability [3]

Group 1: 5G Network Development - As of July 2023, China has built 4.598 million 5G base stations and over 30.53 million gigabit network capability ports, achieving the goal of "gigabit access in every county and 5G access in every village" [1] - Nearly 65,000 5G industry virtual private networks have been deployed, with over 100 types of 5G industrial gateways and routers launched [3] - China's declared essential patents for 5G account for 42% of the global total, leading in the research and development of 5G-A and 6G technologies [3] Group 2: Capital Market Performance - Cambrian's stock price surged nearly 10% on August 27, briefly surpassing Kweichow Moutai to become the new "king of A-shares" [3] - Cambrian's stock has increased over 100% in August and has an astonishing year-to-date increase of over 2500%, with a total market value exceeding 600 billion yuan [3] Group 3: Corporate Services and AI Technology - Feishu announced significant progress by signing cooperation agreements with several South China enterprises, enhancing its overseas solutions for different stages of international expansion [3] - Meitu upgraded its AI image restoration technology, improving image and video processing efficiency across various verticals [4] Group 4: Digital Printing Market - In the first half of 2025, China's digital industrial printer market revenue reached 3.94 billion yuan, a year-on-year increase of 10.7% [4] - The industrial digital textile printing machine and digital packaging and labeling printing machine markets grew by 76.6% and 9.3% respectively [4] Group 5: Retail Sector Developments - Amazon announced the extension of its employee benefits program, including salary structures and benefits, to its Whole Foods employees in the U.S. [5]

Group 1 - As of July 2023, China has built 4.598 million 5G base stations, achieving "gigabit access in every county and 5G access in every village" [2] - The number of 5G industry virtual private networks deployed in China has reached nearly 65,000, with over 100 types of 5G industrial gateways and routers available [2] - China's share of global essential 5G standard patents has reached 42%, leading in the research and development of key technologies like 5G-A and 6G [2] Group 2 - On August 27, 2023, Cambrian Technology's stock price surged, briefly surpassing Kweichow Moutai to become the new "king of A-shares" [3] - Cambrian's stock has increased over 100% in August 2023, with a cumulative rise of over 2500% year-to-date, bringing its total market capitalization to over 600 billion [3] Group 3 - Feishu announced partnerships with eight South China enterprises to enhance its overseas business solutions, focusing on product and brand globalization [4] - The upgraded solutions aim to support global collaboration and efficient growth through tools for language capabilities, asynchronous collaboration, and compliance [4] Group 4 - Meitu has upgraded its AI image restoration technology, enhancing image and video processing efficiency across various scenarios [5] - The upgraded technology is now widely applied in Meitu's product offerings [5] Group 5 - According to IDC, the revenue of China's digital industrial printer market reached 3.94 billion yuan in the first half of 2023, marking a year-on-year growth of 10.7% [6] - The large-format digital printing machine market saw a revenue decline of 2.8%, while the industrial digital textile printing machine market grew by 76.6% [6] Group 6 - CICC reports that AI server power supplies are expected to become a new trillion-yuan market, with rapid growth projected between 2025 and 2027 [7] - The market for modules and chips is expected to grow at a CAGR of 110% and 67%, respectively, with key beneficiaries being PSU, PDU, BBU, and DC-DC devices [7] Group 7 - Amazon announced the extension of its employee compensation and benefits structure to Whole Foods employees in the U.S., aiming to integrate its grocery business [8] - This move is expected to streamline cross-department collaboration among Whole Foods, Amazon Fresh, and Amazon Go [8]

Group 1 - The core viewpoint of the news is that Shenzhen Magpow Electric Co., Ltd. held a semi-annual communication meeting for 2025, discussing financial status, operational results, and business development with over a hundred participating institutions [1] Group 2 - In the first half of 2025, Magpow achieved operating revenue of 4.674 billion yuan, a year-on-year increase of 16.52%. However, operating profit was 214.89 million yuan, a year-on-year decrease of 34.83%, and net profit attributable to shareholders was 173.59 million yuan, down 44.82%, indicating a situation of increasing revenue but decreasing profit [2] - The reasons for the increase in revenue but decrease in profit include a higher proportion of low-margin products such as new energy vehicles and consumer goods, intensified competition in the industry, and adjustments in product pricing strategies affecting gross margins [2] - The company has invested significantly in R&D, with R&D expenses accounting for about 11% of revenue, which is much higher than peers, putting pressure on profit margins before scale effects materialize [2] Group 3 - The company plans to continue investing heavily in artificial intelligence data center power supplies, new energy transportation, energy storage charging components and systems, and smart home fields, with over 3,000 R&D personnel, accounting for over 35% of the workforce [3] - The server power supply business is expanding through partnerships with companies like Ericsson and NVIDIA, aiming to enter the AI server market and cover the entire product chain [3] - The company has over 80 designated projects in the new energy vehicle sector, with ample orders, and is implementing a "multi-client, full-category" strategy [3]

Summary of AI Server Power Supply Market Research Industry Overview - The AI server power supply market is rapidly expanding, expected to reach $11.6 billion by 2027, with a total growth rate of approximately 66% driven primarily by high-power platform shipments [1][4][10]. Key Insights and Arguments - The transition of AI server power supply architecture is moving towards 800V HVDC and SST architecture, replacing traditional UPS systems to meet the higher power and efficiency demands of AI applications [1][5][6]. - Power management is crucial in AI servers, with dynamic adjustment becoming a key aspect to ensure system stability amid rising power consumption [1][7]. - The core incremental value in the AI server power supply industry chain comes from material upgrades in PSU and DCDC segments, with GaN and SiC replacing silicon-based devices [1][8][17]. Market Size and Growth Projections - The estimated total value of the power system for AI servers based on NVIDIA's ML72 architecture is approximately ¥70,900 ($10,000) [4]. - The market size for AI server power supplies is projected to grow to $4.2 billion by 2025, $7.1 billion by 2026, and $11.6 billion by 2027, with a total growth rate of about 66% [4][10]. Development Directions - Short-term transitional solutions will lead to the long-term adoption of HVDC and SST architectures, which are expected to replace traditional UPS systems [5][6]. - The shift to third-generation semiconductors (SiC and GaN) is essential for achieving efficient operation of the new power supply architectures [5][6]. Key Players and Their Roles - Key companies in the AI server power supply sector include NVIDIA, Delta, Infineon, and domestic firms like Jianghai Co., which is a leader in supercapacitors [10][11][12][14]. - The global PDU market is expected to grow from $3.5 billion in 2025 to $5.5 billion by 2030, driven by the increasing power demands of AR server cabinets [10]. Emerging Trends - The demand for supercapacitors is increasing due to the need for peak shaving and backup power solutions, with Jianghai Co. positioned to benefit from this trend [1][14]. - The use of inductors in AI servers is evolving, with a shift from ferrite to metal soft magnetic powder materials to meet rising power demands [15]. Competitive Landscape - Domestic manufacturers are on par with international competitors in the third-generation semiconductor space, with some showing advantages in wafer size and yield rates [17]. - Traditional semiconductor companies are also making strides in the data center sector, indicating a potential recovery in the industrial semiconductor market [19][21]. Conclusion - The AI server power supply market is poised for significant growth, driven by technological advancements and increasing demand for efficient power solutions. Key players are adapting to these changes, positioning themselves for future opportunities in this evolving landscape.

Group 1 - InnoCare (02577) saw a significant stock increase, rising over 16% at the close, with a current price of 91.85 HKD and a trading volume of 1.257 billion HKD [1] - The company plans to hold a board meeting on August 28 to consider and approve its interim results [1] - InnoCare officially responded to rumors regarding a partnership with NVIDIA, confirming a collaboration to promote the large-scale implementation of 800VDC power architecture in AI data centers [1] Group 2 - On August 18, InnoCare announced the full launch of its third-generation (Gen3) 700V enhanced GaN power device series [1] - CICC recently published a report indicating that the AI server power supply market is expected to become a trillion-yuan market, with rapid growth projected between 2025 and 2027 [1] - The report estimates a CAGR of 110% for the module/chip market and 67% for the core benefiting segments, which include PSU, PDU, BBU, and DC-DC (PDB+VRM) devices [1]