Company Overview - Nanjing Nengli Chip Technology Co., Ltd. (referred to as "Nengli Chip") is a leading domestic enterprise in high power density DC-DC power supply, established in 2021, focusing on high-performance power module development [3] - The company aims for "efficiency, reliability, and localization," with core products widely applied in data centers, new energy vehicles, new energy ships, tethered drones, and robotics [3][4] - Nengli Chip has achieved significant milestones, including batch supply to dozens of domestic and international clients, with order amounts reaching several tens of millions [3] Recent Financing - Nengli Chip recently completed nearly 100 million yuan financing, led by Xinwei Capital, with participation from Lihua Capital, Feifan Venture Capital, and a well-known investment institution [2] - The financing will be used for further research and development of high-density power technology in AI computing infrastructure, low-altitude economy tethered drones, and robotics, as well as to promote large-scale production [2] Technological Advancements - The company has developed a full-stack DC-DC converter product line covering a power range from 0.6V to 800V and 100W to 10,000W [4] - Nengli Chip's core technological advantages include innovative power architecture, magnetic integration technology, optimized PCB design, self-developed control algorithms, and efficient thermal management and packaging design [4] - The first product, FR04N80U2317BDI, boasts a peak efficiency of 98.3%, significantly outperforming mainstream competitors and reducing losses by approximately one-third [5] Market Demand and Growth Potential - The demand for high-performance, high-power density power products has surged globally, particularly in the GPU and AI computing card sectors, with power supply being a critical component [6] - NVIDIA holds an 85% market share in the global GPU market, reaching 95% in China, indicating substantial market potential for domestic alternatives [6] - The domestic GPU power supply market is projected to reach 7.5 billion yuan by 2026, driven by the exponential growth in demand for GPU acceleration cards [6] Strategic Positioning - Nengli Chip is one of the few domestic manufacturers capable of producing high-power supplies suitable for GPUs, covering high-growth sectors such as AI, tethered drones, new energy vehicles, and robotics [7] - The company is well-positioned to benefit from the emerging "low-altitude economy" represented by tethered drones, which may receive significant policy support in the future [7] Leadership Insights - The chairman, Professor Long Teng, emphasizes the importance of power electronics technology in achieving efficient energy conversion, particularly in the context of AI computing [8] - The general manager, Xu Yingchun, highlights the need for not only technological innovation but also the ability to transform excellent technology into quality products and achieve large-scale production [9] Investor Perspectives - Investors recognize Nengli Chip's unique technological advantages and market prospects, particularly in the high power density and high energy efficiency power supply sector [11][12] - The successful completion of the recent financing is seen as a strong market endorsement of Nengli Chip's value and will support its next phase of large-scale production and market expansion [13]