Summary of the Conference Call for Shenling Environment Company Overview - **Company**: Shenling Environment - **Industry**: Data Center and Cooling Technology Key Points Financial Performance - In the first half of 2025, Shenling Environment achieved revenue of 1.682 billion yuan, representing a year-on-year growth of 28.95% [3] - Q1 revenue grew by 27%, while Q2 saw a 30% increase, with profits in Q2 rising nearly 60% [3] Business Segments - The data service segment accounted for approximately 55% of total revenue, with data center business growing by about 44% year-on-year [2][4] - The industrial and special business segments contributed about 40% to 50% of revenue, with industrial growth closely linked to power and energy applications [17] Strategic Partnerships and Market Expansion - Shenling Environment has deepened collaborations with major clients like H Company, which is expected to drive growth in data center and computing center businesses in China and Southeast Asia [2][4] - The company has signed approximately 250 million yuan in overseas orders, primarily from the US and Southeast Asia, using an "export for domestic use" model [5] Liquid Cooling Technology - Liquid cooling technology has become a market hotspot, with Shenling Environment having started its development in 2011 [7] - The company is upgrading its hardware for liquid cooling product R&D and manufacturing, enhancing capabilities to meet high-quality demands from top clients [9] - Liquid cooling orders are growing faster than overall orders, indicating a strong market trend towards this technology [14] Future Growth Expectations - Shenling Environment anticipates sustained growth in the next few years, driven by deeper client relationships and increased supply of high-density computing chips [8] - The company plans to focus on digital and computing, as well as power and energy applications, which are expected to maintain rapid growth [10] Overseas Market Strategy - The profitability of liquid cooling products in overseas markets is expected to surpass that of domestic markets, with the company providing comprehensive solutions including technical consulting [10] - Shenling Environment is preparing for potential overseas production layouts, influenced by supply chain conditions and client demands [19] Market Trends and Projections - The company expects a significant increase in nuclear power market demand due to new nuclear power bases coming online and growing attention to nuclear energy in China [26] - The growth of data center revenue structure is projected to stabilize at 50%-60% or higher, depending on various factors including chip delivery capabilities [26] Competitive Positioning - Shenling Environment aims to differentiate itself in the North American market by providing high-value products rather than competing solely on price [22] - The company emphasizes the importance of understanding customer needs and providing tailored solutions to enhance project value [11] Conclusion - Shenling Environment is well-positioned for future growth with a strong focus on liquid cooling technology and overseas market expansion, supported by strategic partnerships and a commitment to innovation in manufacturing and service delivery [27]

Summary of Hengtong Optic-Electric Conference Call Company Overview - **Company**: Hengtong Optic-Electric - **Date**: August 30, 2025 Key Industry and Company Insights Industry: Optical Fiber and Energy 1. **Product Structure Optimization**: Hengtong has made significant breakthroughs in high-end and specialty optical fibers, including ultra-low loss, marine, multimode, and hollow fibers, achieving international advanced levels in hollow anti-resonant fiber loss values [1][3] 2. **Investment in AI**: The company is investing in an advanced optical fiber materials R&D and manufacturing center to enhance the delivery capacity of specialty fibers [1] 3. **Energy Sector Progress**: Hengtong has made notable advancements in marine energy and smart grid sectors, with over 20GW of projects approved or competitively bid since Q4 2024, and nearly 3 billion yuan in marine energy projects won in 2025 [1][5] Financial Performance 1. **Revenue Growth**: In H1 2025, Hengtong achieved a revenue increase of 20% year-on-year, with a net profit of 1.613 billion yuan, marking a historical high [2] 2. **Business Segment Contributions**: By H1 2025, the smart grid and industrial new energy segments accounted for approximately 50% of total business, while marine energy and communication segments made up 10%, and traditional optical communication accounted for 20% [7][30] Optical Communication Developments 1. **High-End Product Revenue**: The revenue share of high-quality specialty products, such as ultra-low loss and marine fibers, increased from about 10% to nearly 20% in H1 2025, with plans to reach 30% or higher in the future [3][13] 2. **Profit Margins**: The gross margin for optical communication business is approximately 25%, with improvements driven by product structure optimization [8][30] 3. **Response to Cost Pressures**: Despite rising prices of silicone, Hengtong successfully increased its gross margin by enhancing the proportion of high-end products [9] Marine Communication Sector 1. **Cable Delivery Milestones**: As of the reporting period, Hengtong's global submarine cable delivery exceeded 108,000 kilometers, with an order backlog of about 7.5 billion yuan [6][19] 2. **PEACE Project Expansion**: The company plans to construct the Gulf extension of the PEACE project, expected to reach the UAE and Oman by Q3 2026 [6] Energy Sector Highlights 1. **Marine Energy Orders**: In the marine energy sector, over 30% of the 20 billion yuan in energy orders are related to submarine cables, with minimal contributions from engineering projects [24] 2. **Smart Grid Growth**: The smart grid segment's gross margin improved to over 14%, while the industrial new energy segment's gross margin rose to over 15% [30] Market Outlook 1. **Future Growth Potential**: Hengtong's various business sectors, including optical communication, marine energy, and smart grids, are expected to benefit from increasing demand driven by AI, cloud computing, and data center developments [31] 2. **International Market Expansion**: The company has seen strong performance in overseas fiber optic cable exports, with significant demand from regions such as South Africa, Brazil, Germany, and India [18] Additional Insights 1. **Order Confirmation Method**: Hengtong uses the percentage of completion method for revenue recognition, allowing for a clearer understanding of future revenue growth based on order progress [21] 2. **Optimistic Market Sentiment**: The company maintains a cautiously optimistic outlook for the second half of 2025 and 2026, despite slight declines in bidding volumes from major clients like China Mobile [15][16] This summary encapsulates the key points from the conference call, highlighting Hengtong Optic-Electric's strategic advancements, financial performance, and market outlook across its various business segments.

Summary of Conference Call Notes Company Overview - The company is focused on high voltage lithium cobalt oxide and NCA (Nickel Cobalt Aluminum) materials, showing significant growth in revenue and product development in the first half of 2025 [1][2]. Key Financial Performance - Revenue for the first half of 2025 increased by approximately 23% year-on-year, surpassing 1 billion yuan [2]. - In Q2 2025, the company achieved a revenue of 582 million yuan and a net profit of 27 million yuan, indicating a turnaround from previous losses [2]. Product Development and R&D - R&D investment grew nearly 50% year-on-year, with new products launched including O2 phase lithium cobalt oxide and lithium-rich manganese-based solid-state electrolyte nano cathodes [1][3]. - High voltage lithium cobalt oxide (4.48 and above) accounted for over 50% of total sales, entering mass supply stages with significant processing fee premiums [1][5][6]. - NCA business showed notable growth, with monthly shipments reaching 300-500 tons in Q2, and gross margins between 8% and 10% [1][9]. Market Dynamics and Customer Base - Major customers for lithium cobalt oxide include BYD and Zhuhai Guanyu, which together account for 60%-70% of sales [7]. - The company is strategically pricing its products, with normal pricing mechanisms for non-strategic customers, while offering discounts to strategic clients to capture more market share [8]. Supply Chain and Pricing Challenges - The demand for lithium cobalt oxide may be impacted by rising cobalt prices, with potential price increases from the Democratic Republic of Congo [1][11]. - The company plans to expand production of ultra-high nickel materials and O2 phase projects, with a total capacity increase of approximately 30,000 to 40,000 tons [12]. Future Outlook and Strategic Initiatives - The company is optimistic about the NCA product line's continued growth, with full capacity utilization expected in the second half of the year [11]. - There is a focus on solid-state battery verification, with collaborations ongoing with major clients like CATL and Beijing Weilan [13][14]. - The company is exploring acquisitions in the high voltage lithium iron phosphate battery sector to support its energy storage projects [15][16]. Additional Insights - The company is adopting a follow-up strategy for sodium batteries, with limited immediate plans for large-scale development due to cost disadvantages [10]. - The expansion plans are contingent on product validation progress, with no new expansions for lithium cobalt oxide due to limited market demand [12].

Summary of Capital Online's Conference Call Company Overview - Capital Online is one of the early players in the global cloud-network integrated service sector in China, transitioning from IDC resale to cloud computing operations and now to AI-driven intelligent computing. Currently, the intelligent computing cloud business accounts for 13% of total revenue with a high gross margin, driving revenue growth [2][6][21]. Key Insights and Arguments - The core executive team has a strong background in cloud computing, telecommunications, and computing industries, positioning the company as a third-party neutral operator with unique advantages in customer competition and global deployment [2][8]. - By 2025, domestic demand for inference technology resources is expected to grow significantly, while the overseas market has entered a monetization phase. The cost advantage in the domestic market will accelerate growth, benefiting Capital Online [2][10]. - The scale of intelligent computing in China is projected to reach 103.73 billion Flops by 2025 and 278.39 billion Flops by 2028, with a compound annual growth rate of 39.94%. The demand for computing power in the AI era exceeds expectations, favoring infrastructure providers like Capital Online [2][13]. - The IDC industry supply-demand relationship is gradually improving due to tightened approvals and increased demand for cloud inference, which will enhance overall industry profitability [2][14]. Industry Dynamics - Capital Online's unique advantage lies in its global ITC and cloud technology resources, particularly in North America and Southeast Asia, which strengthens its position in serving top domestic AI clients [3][8]. - The company has undergone a transformation from IDC resale to cloud computing and now focuses on AI-driven intelligent computing, enhancing its competitive edge through the Max platform and heterogeneous computing services [4][15]. - The governance structure has been adjusted to respond to industry changes, including the establishment of various business units to better meet future AI demands [7]. Future Outlook - The company is strategically positioned to benefit from the rapid growth of AI demand, with a revenue structure where traditional computing accounts for 28%, intelligent computing cloud for 13%, and HC services for 55%. The high gross margin of intelligent computing cloud is expected to improve profitability as its share increases [6][21]. - By 2025, the domestic market is anticipated to reach a tipping point for large-scale deployment, while the overseas market will shift from training to application inference [6][10]. - The deep integration of software and hardware is crucial for optimizing costs and enhancing competitive advantages in the AI era [16][17]. Additional Considerations - The global expansion of AI applications is vital, with domestic models expected to accelerate their international presence, creating significant market opportunities for Capital Online [18]. - The company’s ability to build and operate IT facilities independently, along with low debt levels, enhances its responsiveness to rapid demand expansion [19]. - Capital Online is transitioning towards PaaS and MaaS to improve competitiveness, focusing on cost control as a core capability [20]. Conclusion - Capital Online is viewed as a key beneficiary in the upcoming AI wave due to its historical performance, strategic global positioning, and enhanced software and supply chain integration capabilities [21].

Summary of Guanghui Logistics Conference Call Company Overview - **Company**: Guanghui Logistics - **Period**: First half of 2025 - **Total Assets**: 21.587 billion CNY - **Net Assets**: 7.243 billion CNY - **Debt Ratio**: 64.21%, down 1.5 percentage points from the beginning of the year [2][3] Key Financial Metrics - **Revenue**: 1.421 billion CNY, down approximately 21% year-on-year [1][2] - **Net Profit**: 260 million CNY, roughly flat year-on-year [1][2] - **Operating Cash Flow**: 878 million CNY, up 28.81% year-on-year [1][2] - **Energy Logistics Revenue**: 1.124 billion CNY, down 20% year-on-year; Gross Margin: 38%, Net Margin: 17.662% [1][2][4] - **Real Estate Revenue**: 250 million CNY, down 56% year-on-year [1][3] Energy Logistics Performance - **Total Shipment Volume**: 13.49 million tons, up 38.96% year-on-year [1][2][4] - **Initial Shipment Volume**: 6.3 million tons [2][4] - **Throughput Volume**: 7.19 million tons, up 95.16% year-on-year [1][2][4] - **2025 Shipment Target**: 31 million tons, up 37% year-on-year [2][8] - **2026 Shipment Projection**: 35 to 40 million tons, with a year-on-year increase of 15% to 30% [2][9] Real Estate Business - **Inventory Cost**: Approximately 2.2 billion CNY, with 1.8 billion CNY located in Chengdu Tianfu New Area [3][6] - **Current Status**: All real estate projects completed and in the sales phase [5][6] Major Developments - **Stock Buyback Plan**: Delayed to April 30, 2026, with a budget of 200 to 300 million CNY; 14.77 million shares repurchased for 85 million CNY [2][13] - **ST Removal Application**: Planned for October 12, 2025 [2][13] - **Railway Projects**: The restoration of Jiangnao Railway is expected to be completed by the end of 2027 [2][15] Market and Strategic Outlook - **Coal Price Impact**: Coal price fluctuations have affected logistics pricing; however, the company has adjusted fees accordingly [11][20] - **Future Coal Market Outlook**: Optimistic about the growth potential of Xinjiang's coal market, with significant demand gaps expected in Gansu, Ningxia, and Sichuan-Chongqing regions [12][20] - **Logistics Base Development**: New logistics bases in Ming Shui and Guang Yuan expected to enhance coal transfer efficiency [14][17] Additional Insights - **Cost Structure**: The complete cost of Xinjiang coal ranges from 140 to 160 CNY/ton, with varying transportation costs to different regions [11] - **Investment Gains**: Expected investment gain of nearly 100 million CNY from the sale of Jiangnao Railway shares to the National Railway Group [2][16] - **Operational Adjustments**: The company has implemented price reductions to counteract market challenges, including a 30 CNY/ton reduction in initial fees and a 10% reduction in shipping rates [4][7]

Summary of Zhongji Innolight - A Conference Call Company Overview - **Company**: Zhongji Innolight Co., Ltd. - **Industry**: Technology, specifically data center optical modules Key Financial Highlights - **Sales Performance**: - 2Q25 sales reached Rmb8.1 billion, representing a 36% year-over-year (YoY) increase and a 22% quarter-over-quarter (QoQ) increase [7] - **Net Profit**: - 2Q25 net profit was Rmb2.4 billion, up 79% YoY and 52% QoQ [7] - **Gross Profit Margin (GPM)**: - GPM for 2Q25 was 41.5%, an increase of 8.1 percentage points YoY and 4.8 percentage points QoQ [7][16] Growth Drivers - **Product Mix**: - Improved product mix with a higher volume of 800G transceivers contributed to sales growth and higher margins [7][17] - **Silicon Photonics (SiPho) Adoption**: - Increased adoption of SiPho technology is expected to enhance cost structure and profitability, with SiPho projected to account for approximately 50% of total 800G transceiver shipments [7][20] - **CPO Competition**: - Concerns regarding Co-packaged Optical (CPO) technology are noted, but the impact is expected to be felt beyond 2027, allowing for continued growth in the pluggable transceiver market [24][25] Earnings Forecasts - **Earnings Growth**: - Earnings are projected to grow at a compound annual growth rate (CAGR) of 58% from 2025 to 2027 [7][28] - **Revised Estimates**: - 2025 sales forecast revised down by 10% to Rmb38.2 billion, while 2026 sales forecast increased by 39% due to strong demand from major clients like Meta [28] Valuation and Price Target - **Price Target**: - The price target for December 2026 is set at Rmb366, based on a 20x forward price-to-earnings ratio, which is in line with global peers but at a discount to A-share peers [34][43] - **Investment Rating**: - The stock is rated as Overweight (OW) due to its strong market position and growth potential [12][43] Risks and Catalysts - **Downside Risks**: - Potential risks include escalation of US-China trade tensions, slower-than-expected global IDC capex growth, and cash flow impacts from management incentives [45] - **Upside Catalysts**: - Faster market share gains, increased IDC capex, and quicker adoption of cloud services in China could drive growth [45] Additional Insights - **Market Performance**: - The stock has shown significant price performance, with a year-to-date increase of 163.2% [10] - **Future Outlook**: - The company is positioned to benefit from the ongoing ramp-up in AI-driven demand for higher-capacity optical modules, particularly in the 800G and 1.6T segments [12][43] This summary encapsulates the key points from the conference call regarding Zhongji Innolight's financial performance, growth drivers, earnings forecasts, valuation, risks, and market outlook.

Summary of Dinglong Co., Ltd. Conference Call Company Overview - Dinglong Co., Ltd. has been involved in semiconductor materials since 2012, establishing a first-mover advantage and expanding its product lines through platform development, including integrated circuit materials and display optoelectronic materials, enhancing its core competitiveness [2][3][7]. Key Points and Arguments Industry Position and Growth - The semiconductor materials segment is projected to generate approximately 1.5 billion yuan in revenue in 2024, with a compound annual growth rate (CAGR) of 71%, expected to surpass printing consumables as the core revenue source by 2025 [2][9]. - CMP polishing pads are the primary revenue source, with an estimated revenue of 700 million yuan in 2024, capturing 50% of the domestic market [2][10]. - The global market for polishing pads and polishing liquids is around 3.5 billion USD, benefiting from the demand for advanced process technologies, which is expected to accelerate growth [2][11]. Product Development and Market Strategy - Dinglong has developed nearly 30 products in the high-end wafer photoresist sector, with over 15 products undergoing sample validation and 10 in gallon sample testing, anticipating bulk orders in the second half of the year [2][14]. - The company has a strong focus on domestic market demand, with the CMP polishing pad market in China valued at approximately 2 billion yuan, and Dinglong holding a dominant market share [12]. Future Directions - The company plans to continue strengthening its existing core businesses while investing in emerging technologies and high-end applications, particularly in high-end wafer photoresists [13]. - Dinglong is actively expanding its global market presence to reduce regional dependency risks and enhance brand influence [8]. Industry Trends and Challenges Trends - The semiconductor materials industry is witnessing increased demand for high-end materials due to advancements in process construction and accelerated domestic substitution processes [5][6]. - Companies are focusing on global market expansion to enhance competitiveness and market space [5]. Challenges - The industry faces uncertainties in capital expenditures and limited overall market size, with the global wafer manufacturing materials market projected at approximately 42.9 billion USD in 2024 [6]. - The difficulty of platformization due to existing competition in various segments poses a challenge for new entrants [6]. Financial Projections - Dinglong's overall business growth is expected to exceed 40% this year, increasing from 1.5 billion yuan to around 2.2 billion yuan, with projections nearing 3 billion yuan next year [3][18]. - Display materials are anticipated to generate 600 million yuan in revenue this year, with potential growth to 800 million yuan next year [18]. Conclusion - Dinglong Co., Ltd. is positioned as a key player in the semiconductor manufacturing sector, with strong growth potential and profitability in its product lines, particularly in polishing pads and photoresists. The company's strategic focus on innovation and market expansion makes it a noteworthy investment opportunity [19].

Summary of Key Points from the Conference Call Company Overview - **Company**: 罗莱生活 (Rolaile Life) - **Industry**: Home Textiles Financial Performance - **2025 Mid-Year Report**: Excluding one-time management fees, performance exceeded expectations, primarily driven by the home textile core business [1][5] - **Revenue Growth**: 3.6% year-on-year; Q2 revenue increased by 6.8% [1][16] - **Net Profit Growth**: 17% year-on-year; Q2 net profit increased by 4.9%, with a 52.9% increase when excluding litigation impacts [1][16] - **Sales Performance**: E-commerce channel grew by 18.3% year-on-year; direct sales increased by 5.1%; franchise channel declined by 8.7% [1][17] Product Highlights - **Zero Pressure Deep Sleep Pillow**: Became a growth driver with sales of 240,000 units and GMV exceeding 50 million yuan; expected to contribute over 100 million yuan in revenue for the year [1][17] - **Product Pricing**: The pillow is priced at approximately 200 yuan [1][17] Market and Channel Insights - **Market Penetration**: Accelerated penetration into tier 3 and tier 4 markets; same-store monthly revenue increased by 14.9% year-on-year [1][10] - **Channel Performance**: - E-commerce: Compound growth rate of 4.2%, gross margin increased from 44.6% to 53.3% [9] - Direct Sales: Compound growth rate of 1.5%, gross margin improved [9] - Franchise: Declined by 4.9% [9] Inventory Management - **Inventory Status**: Inventory decreased by 17.9% to 1.05 billion yuan; inventory turnover days reduced by 42 days to 169 days, indicating improved inventory management [1][21] - **Historical Context**: Inventory peaked at 1.64 billion yuan in 2022, now at a healthier level [11][12] Subsidiary Performance - **Lexington Subsidiary**: Experienced a loss of 28.75 million yuan in H1 2025 due to a weak U.S. real estate market; expected to turn profitable as the market stabilizes [3][20] - **Impact of U.S. Real Estate Market**: The subsidiary's performance is closely tied to the U.S. housing market, which has shown signs of recovery [15] Dividend Policy - **Dividend Declaration**: Mid-term dividend of 0.2 yuan per share with a payout ratio of 90%; expected annual dividend yield of approximately 6.4% [4][22] Future Outlook - **Profitability Forecast**: Maintained net profit forecast of 510 million yuan for 2025, with a price-to-earnings ratio of 16 times [4][23] - **Industry Trends**: The home textile industry is expected to grow at a CAGR of 3% from 2024 to 2029, with a focus on high-end technology products [13][14] - **Investment Recommendations**: Positive outlook on Rolaile Life's future growth potential, driven by product innovation and market recovery [18][23] Additional Insights - **Technological Upgrades**: The industry is undergoing product upgrades, positively impacting gross margins [19] - **Consumer Demand**: Increased consumer demand for health, comfort, and sleep-related products is driving growth in high-end technology products [8][19]

Summary of Key Points from the Conference Call Company Overview - **Company**: 科华数据 (Kehua Data) - **Industry**: Data Center, AI Computing, New Energy Financial Performance - In the first half of 2025, the company's net profit was 244 million yuan, a year-on-year increase of 7.9%, with a non-recurring net profit growth of 9.22% [3] - Cash flow improved during the reporting period, despite a provision for asset impairment of 98 million yuan impacting single-period profit [3] Business Segment Performance - **Data Center Business**: - Revenue increased by 16.77% year-on-year, with a gross margin of 29.35% [4] - Data center product revenue grew by 34.19%, with a gross margin of 36.06% [4] - The company holds nearly 80% market share in the high-voltage direct current (HVDC) market for Tencent [9] - **New Energy Business**: - Revenue decreased by 4.22%, but gross margin slightly improved to 17.51% [4] - Solar revenue reached 260 million yuan, a year-on-year increase of 5.2%, with overseas revenue growing by 53% [15] - **Smart Power Business**: - Revenue declined, but gross margin remained high at 36.39% [4] Strategic Focus - The company aims to focus on core products and technological innovation while expanding overseas markets [5] - Management reforms such as Just-In-Time (JIT), Integrated Product Development (IPD), and Lean Transformation (LTC) are being implemented to enhance operational efficiency [5] AI Computing Sector - The company is positioned to benefit from the early-stage AI industry, with significant growth potential in power supply, HVDC, and liquid cooling technologies [6] - The company is actively developing technologies to meet AI computing demands, including efficient and energy-saving power protection solutions [16] Revenue Dynamics - Domestic revenue saw a slight decline, while overseas revenue increased by 24.73%, reflecting the success of the company's overseas strategy, particularly in the new energy and data center sectors [7] Core Products and Technologies - Key products in the data center business include UPS, HVDC, SST (Solid State Transformer), and liquid cooling technology [10] - The company has made breakthroughs in liquid cooling technology and has launched liquid cooling Pods in collaboration with domestic GPU manufacturers [10] IDC Services - IDC services include leasing and computing power platforms, with a target on an 85% listing rate for leasing services [11] - The new Computing Power Platform 2.0 integrates foundational computing power, resource sharing, and platform empowerment to support AI applications [11] Future Development Strategies - The company plans to continue focusing on high-margin, high-barrier industries to ensure profitability and market competitiveness [5] - The data center business is expected to see new growth points in 2026, enhancing customer retention and overall revenue [13] Overseas Market Strategy - The overseas data center market is a key focus, with comprehensive planning and development efforts underway [12] - The company aims to achieve substantial progress in overseas markets and deepen cooperation with major clients [12][17]

四方股份 20250829.docx AceCamp AI 2025-08-30 摘要 四方股份 2025 年上半年营收同比增长 12.7%，每股收益增长约 12%，符合全年业绩预期，主要受益于交货节奏调整，合同增速虽稍缓， 但未来有望改善。 公司在电网自动化领域收入增长 2.25%，电厂和工业自动化增长超 30%，新能源领域增速达 55%。海外业务增长迅速但毛利率较低，导 致整体毛利率下降约 3 个百分点，影响净利润增速。 上半年新签合同额同比增长约 15%，电网端合同增速可观，主网和配电 分别保持 15%和 20%的增速。新能源新签合同额同比增长约 30%，国 际业务新签合同额同比增长达 60%~70%。 公司在国网三期招标中规模大幅增长 50%，累计中标金额增加 60%。 南网通招中标金额和排名均有所提升。国网区域联合空装招标中标金额 超过 1.07 亿元，市场份额扩展。 四方电气提供的无变压器供电方案，支持 240 伏到 800 伏输出，效率 超 98%，基于固态变压器技术，采用碳化硅器件，并支持多端馈入设计， 提高系统可靠性和扩展性。 Q&A 请介绍一下四方股份 2025 年上半年的经营情况和主要财 ...