Financial Performance - The company's revenue for the first three quarters of 2025 reached 837 million CNY, a year-on-year increase of 2.59% [1] - Net profit attributable to shareholders was 192 million CNY, up 21.31% year-on-year [1] - The gross profit margin for the first three quarters was 47.73%, an increase of 1.49 percentage points compared to the previous year [1] - The net profit margin improved to 22.96%, up 3.55 percentage points year-on-year [1] - Operating expenses for Q3 2025 were 224 million CNY, a decrease of 10.26 million CNY compared to the same period last year [1] Business Structure and Growth - EMS 2.0 and 3.0, along with virtual power plant platforms, are the core growth drivers, while traditional EMS 1.0 products have seen a decline [1] - Domestic business focuses on sectors like rail transportation and petrochemicals, showing clear growth; overseas business has also increased, particularly in Southeast Asia, Europe, and Brazil [1][2] - The company provides services in the data center sector, including power monitoring and energy management, with typical project sizes often exceeding one million CNY [2] Market Demand and Challenges - There is strong market demand for zero-carbon industrial parks, supported by national and local government policies [2] - The company is experiencing a transitional phase, with significant growth in targeted sectors, but traditional business declines are affecting overall revenue growth [2] - Some new business projects have longer cycles, which delays revenue recognition [2] Client Engagement and Strategy - Large client business, centered around EMS 3.0, is a significant focus, although the overall proportion of large clients has not been disclosed [2] - High repurchase rates from large clients can drive sales of hardware and systems, enhancing customer loyalty and enabling standardized solutions to be replicated across more clients [2]

Summary of Conference Call for Anke Rui (2025) Industry and Company Focus - The company is focusing on the new energy and new power system market in 2025, with 80% of orders related to new energy [2][5] - Key products include EMS 2.0 and 3.0, which are crucial for order acquisition and market share enhancement [2][7] Core Insights and Arguments - The company aims to expand in sectors such as rail transit, petrochemicals, and data centers, achieving breakthroughs in the rail transit industry [2][7] - The integration of R&D and sales has improved market understanding and competitiveness, allowing access to central state-owned enterprise clients [9] - The zero-carbon park policy aligns with EMS 3.0 target customers, providing energy-saving and carbon reduction projects for large clients, schools, and hospitals [2][9] - The new energy industry is experiencing increased demand for photovoltaic installations, necessitating solutions for photovoltaic consumption, power quality, and safety [2][13] - The company expects significant revenue growth from recent breakthroughs to manifest in the next two years, with an accelerating trend anticipated [11] Financial Performance - For the first three quarters of 2025, revenue grew by 2.59% to 837 million yuan, with a net profit of 192 million yuan, up 21.31% year-on-year [4] - The overall gross margin is approximately 48%, with EMS 3.0 gross margin exceeding 60% and EMS 2.0 above 50% [3][18] Market Development and Strategy - The company is actively pursuing market opportunities in new energy and new power systems, with 80% of orders related to new energy projects [5] - The overseas market has shown promising growth, with a target revenue of 100 million yuan, representing a 30%-50% increase [6][21] - The company is focusing on upgrading solutions for new energy products, including virtual power plants and digital energy platforms [6][23] Product and Technology Development - EMS 2.0 and 3.0 products are crucial for meeting market demand and increasing market share [7][16] - AI technology is being integrated into product offerings for equipment monitoring and predictive functions, with plans to launch a 4.0 version in the future [24][25] Customer and Market Insights - Significant demand exists in downstream sectors such as petrochemicals, rail transit, and parks, with tailored solutions for private enterprises based on their electricity consumption [12] - The zero-carbon park policy presents substantial growth opportunities, with major clients exploring partnerships [10][29] Future Outlook - The company anticipates a positive revenue trajectory in the fourth quarter and aims to restore previous growth targets in 2026 [28] - The national energy policy is expected to favor the company, particularly with the development of microgrid policies and the potential for green electricity usage to increase significantly [29]

Group 1: Data Center Industry Insights - The company has established numerous successful cases in the data center sector, providing comprehensive product solutions to meet the demands of power distribution monitoring and management [1] - The rapid development of AI technology significantly boosts investment in data centers, with major tech companies increasing their capital expenditures in this area for 2025 [1] - Traditional data centers face substantial renovation needs to meet the requirements of AI data centers, indicating a growing market demand [1] Group 2: Impact of New Energy Policy - The recent notice from the National Development and Reform Commission emphasizes the acceleration of a new power system and the establishment of a green, low-carbon development mechanism [2] - Microgrids can sell excess renewable energy during high electricity prices and store energy or purchase from the main grid during low prices, enhancing economic returns [2] - The cost of renewable energy generation is subject to market fluctuations, posing challenges for cost control in microgrids [2] Group 3: Technological and Operational Challenges - Microgrids require precise forecasting of renewable energy generation and load demands, necessitating the use of smart energy management systems [2] - The development of power electronics technology is crucial for the flexible connection of microgrids to the main grid, enhancing performance and reliability [2] - The intermittency and volatility of renewable energy generation increase the difficulty of power balance in microgrids, highlighting the importance of energy storage systems [2] Group 4: Market Competition and Development - Microgrids must improve operational efficiency and service quality to compete as independent market entities in the electricity market [2] - The policy encourages technological innovation and industry upgrades in microgrids, attracting more enterprises to participate in their construction and operation [2] - The company's EMS 3.0 core functions align with electricity reform policies, becoming essential for commercial users looking to engage in market transactions [2]