Summary of Conference Call Notes Company Overview - The company discussed is **Sifang Co., Ltd.** (四方股份), which is involved in the SST (Superconducting Superconducting Technology) sector. Key Points and Arguments 1. **Establishment of Subsidiary** On February 13, a new subsidiary named **Beijing Sifang Smart Source Technology Co., Ltd.** was registered with a capital of **70 million**. Sifang Co., Ltd. holds **100%** ownership of this subsidiary. The board member is **Liu Zhichao** (President of Sifang Co., Ltd.), and the manager is **Liu Shu** (Vice President of Sifang Co., Ltd., previously General Manager of the DC Transmission and Power Electronics Business Unit) [1] 2. **Core Business Focus** It is anticipated that Beijing Sifang Smart Source Technology Co., Ltd. will serve as the core subsidiary for Sifang's SST business. There are expectations for the establishment of an internal employee stock ownership plan, which is likely to enhance resource concentration and internal momentum, particularly in increasing investments in the SST field [1] 3. **Future Trends in SST Applications** Considering the future application trends of SST in AIDC (Automatic Identification and Data Capture) external high-voltage DC power supplies, it is expected that there will be ongoing opportunities for SST sample testing and catalysis throughout the year [1] 4. **Early Market Position** Sifang Co., Ltd. has established an early presence in the SST field, having developed a relatively complete product system and is continuously advancing overseas collaborations [2] 5. **Recommendation** The company continues to be recommended for investment [3]