Summary of Megmeet (002851.SZ) Conference Call Company Overview - **Company**: Megmeet (002851.SZ) - **Industry**: AI Robotics & Power Supply Key Points Industry Outlook - **2026 as a Pivotal Year**: Megmeet anticipates significant growth in AI server power supply shipments in 2026, driven by an expanded product portfolio and deeper engagements with major Cloud Service Providers (CSPs) [1][2] - **Initial Shipments**: The company has begun initial shipments of server power products, including 5.5kW Power Supply Units (PSUs) and various power shelves, although specific shipment sizes were not disclosed [1] Business Model and Engagement - **Shift in Engagement**: The business model is transitioning from engaging Original Design Manufacturers (ODMs) to direct engagement with CSPs, requiring Megmeet to pass stringent customization tests to gain vendor codes [2] - **CSP Relationships**: The company is actively engaging with major CSPs in the US and China to secure more vendor codes [2] Execution Challenges - **Production Ramp-Up**: Megmeet faces challenges in transitioning from R&D to mass production, with a focus on tracking production efficiency and field performance post-deployment [3][6] - **Complex Supply Chains**: Managing over 200 suppliers and 1,000 components presents significant challenges, particularly in ensuring quality control for AI-grade components [6] Competitive Landscape - **Gap with Global Leaders**: Megmeet acknowledges a gap in R&D strength and manufacturing readiness compared to global leaders like Delta Electronics, but is catching up by launching next-gen products ahead of the adoption timeline [7] - **Co-Design Engagement**: Direct co-design engagement with Nvidia and end-users is seen as a competitive advantage [7] Product Development - **Next-Gen Products**: The company plans to launch official samples of 18kW PSUs and 3U 110kW power shelves in 1Q26, with 800V DC power racks expected in mid-2026 [8] - **Technical Barriers**: Transitioning to 800V DC architecture faces multiple technical challenges, making mass production in 2026 less likely [8] Financial Outlook - **Margin Recovery**: Megmeet expects gradual net margin recovery driven by a better product mix and improved operating leverage as the server power supply business scales [9] - **Overseas Revenue Target**: The company aims for 60% of total revenue to come from overseas markets, up from approximately 40% currently [9] Investment Thesis - **Structural Transformation**: Megmeet is transforming from an automation specialist to a contender in the global AI server power supply market, with a forecasted 5% market share by 2030 [10] - **Valuation**: The 12-month target price is set at Rmb86.8, indicating a downside potential of 16.1% from the current price of Rmb103.5 [14] Risks - **Market Share Dynamics**: Risks include the pace of market share gain within the NVIDIA ecosystem and the execution on mass production [13] - **R&D Cycle Variability**: The length of R&D cycles for 800V DC products and industry adoption rates also pose risks [13] Additional Insights - **Investment Banking Relationships**: Goldman Sachs has investment banking relationships with a significant percentage of companies covered in its research, which may influence objectivity [3] - **Market Cap and Financial Metrics**: Megmeet's market cap is Rmb56.5 billion, with projected revenues increasing from Rmb8.17 billion in 2024 to Rmb16.62 billion by 2027 [14]

22 January 2026 | 8:51AM HKT Equity Research CHINA HUMANOID ROBOT AI Robotics & Power Field Trip takeaways: Driving multi-fold shipment growth through pragmatic verticalization into 2026-2027E As part of our GS China AI Robotics & Power Trip, we visited 8 private/non-covered AI Robotics related companies and met 6 C-level management in Hangzhou/Shanghai/Shenzhen during Jan 15-20 from Unitree, Mechmind, Fourier, LimX Dynamics, UBTech, EngineAI, Paxini and Orbbec. Goldman Sachs China Humanoid Robot Encouragin ...

Summary of Centre Testing International Group (CTI) Conference Call Company Overview - **Company Name**: Centre Testing International Group Co., Ltd. (CTI) - **Stock Code**: 300012.SZ - **Industry**: Testing, Inspection, and Certification (TIC) Key Points Revenue Growth Guidance - Management has raised the 2026 revenue growth guidance to **15%** (10% organic and 5% inorganic) from the previous **10%** due to better-than-expected 4Q25 results and order momentum [1][10] - The target price has been increased to **RMB 24** from **RMB 19** based on this revised guidance [1] Financial Performance - **4Q25 Net Profit Growth**: Achieved a growth rate of **15-20%** year-over-year, with a sequential acceleration from previous quarters [2] - **Operating Cash Flow (OCF)**: Increased by **1.2X** year-over-year to **RMB 596 million** during 9M25, compared to an attributable net profit of **RMB 766 million** (up **9.5%** year-over-year) [3] - **2025 Earnings Forecast**: Expected to be a record-high year with a net profit of **RMB 1,021 million** and diluted EPS of **RMB 0.607** [9] Segment Performance - **Medical and Chipset Segments**: Expected to achieve breakeven in 2026, with significant growth anticipated in Chipset testing due to the AI boom and humanoid robot development [4][10] - **Revenue Contribution**: The Pharmacy and Medical segment is projected to be the fastest-growing, driven by CRO normalization and device ramp-up [10] Inorganic Growth Drivers - CTI has begun consolidating several acquisitions in 4Q25, which are expected to contribute approximately **5%** to total revenue in 2026 [11] - Acquisitions include companies in food safety, greenhouse gas certification, and supply chain sustainability services across various countries [11] Market Position and Strategy - CTI is positioned as a leading private TIC player in China, benefiting from the government's opening of the TIC market for private players [19] - The company aims to continue expanding through both organic growth and M&A, with a focus on technology acquisition to support overseas business development [11][19] Risks and Challenges - Key risks include unfavorable policy changes, slower revenue growth due to market downturns, rising labor and rental costs, and potential failures in M&A [21][22] Valuation - The target price of **RMB 24** is based on a **33x PE** for FY26E, reflecting a three-year EPS CAGR of **15%** through 2027E [20] - DCF valuation suggests an implied fair value of **RMB 25**, indicating strong free cash flow generation potential in the mid- to long-term [20] Investment Recommendation - The stock is rated as a **Buy**, with an expected share price return of **44.8%** and a total return of **45.6%** [5][9] Conclusion Centre Testing International Group is poised for significant growth driven by strong order momentum, strategic acquisitions, and a favorable market environment. The revised revenue guidance and robust financial performance underscore its potential as a leading player in the TIC industry.

Flash | 21 Jan 2026 12:00:00 ET │ 12 pages Hengli Hydraulic (601100.SS) 2026 outlook – Mr. Zhou guided 20%-30% YoY revenue growth with GPM expansion. By product, the excavator component revenue growth in 2026 could reach 40% YoY, with pump and valve outgrowing cylinder (~20% YoY), while non-excavator revenue growth could be 20%-30% YoY among which the revenue growth for pump and valve could reach +30% but it could be just 10% for cylinder. Humanoid robot – Hengli will get its Mexico plant ready in March or ...

Summary of TongFu Microelectronics (002156.SZ) Conference Call Company Overview - **Company**: TongFu Microelectronics (TFME) - **Ticker**: 002156.SZ - **Date of Report**: January 20, 2026 Key Financial Highlights - **FY25 Preliminary Net Profit**: Rmb1,100-1,350 million, indicating a **4Q25 net profit** of Rmb240-490 million (mid-point Rmb365 million), which is a **191% YoY increase** but **7% below Bloomberg consensus** [1] - **Revenue Growth**: 4Q25 revenue expected at Rmb6.8 billion, with a **YoY growth of 7%** [2] - **Gross Profit Margin**: 4Q25 gross profit margin at **16.1%**, with a **YoY increase** from previous quarters [2] - **Operating Expenses**: Operating expenses for 4Q25 at Rmb767 million, representing **11.3% of revenue** [2] - **Earnings Before Interest and Taxes (EBIT)**: EBIT for 4Q25 at Rmb366 million, with an EBIT margin of **5.4%** [2] Management Insights - **Earnings Growth Drivers**: Management attributed strong earnings growth to: - Improved capacity utilization - Increased revenue from higher-end products - Effective cost control measures [1] - **Future Outlook**: TFME expects solid momentum to continue in 2026, driven by: - Increased demand for CPUs - GPU testing from key customer AMD [1] Capital Raising and Expansion Plans - **Private Share Placement**: TFME announced a plan to raise up to **Rmb4.4 billion** to fund capacity expansions in: - Memory chips (Rmb800 million) - Automotive and emerging applications (Rmb1.055 billion) - Wafer-level packaging and testing (Rmb151 million) - High-performance computing and communication (Rmb620 million) - Working capital and debt repayment (Rmb1.230 billion) [5] - **Total Investment**: Rmb4.686 billion planned for capacity expansion [5] Market Performance - **Stock Performance**: TFME shares have rallied **37% in the past month**, outperforming the SZSE Index which increased by **6%** [1] - **Market Capitalization**: As of January 20, 2026, TFME's market cap is **Rmb77.413 billion** (approximately **US$11.108 billion**) [3] Valuation and Risks - **Target Price**: Set at **Rmb48**, based on a **4.3x 2026E P/B** ratio, reflecting significant re-rating potential from advanced packaging for logic and memory products [10] - **Key Risks**: - Disappointing development of domestic advanced memory products - Market share loss at key customers due to exclusion of AI-related business - Geopolitical tensions affecting overseas operations - Falling utilization rates post-industry capacity expansion - US export restrictions limiting supply of back-end equipment [11] Conclusion - TFME is positioned for continued growth in 2026, supported by strong demand in the semiconductor sector and strategic investments in capacity expansion. However, potential risks related to market dynamics and geopolitical factors could impact future performance.

建投能源 20260121 摘要 建投能源 2025 年发电量同比下降 3.56%，主要受用电需求减少、新能 源挤压及采暖季温暖影响。公司全年归母净利润 18.77 亿元，同比增长 253.38%，每股收益约 1.04 元，尽管四季度煤价上涨影响盈利，但整 体经营态势良好。 公司煤炭采购主要依赖现货市场，灵活调整长协和现货比例以控制成本。 2025 年长协煤占比约 50%，未来将以长协为核心，根据市场需求调整 结构配比，确保价格和质量优势。 河北南网火电长协议价因煤价下降有所降低，但仍保持在标杆电价上浮 15%-16%左右。容量电价政策（165 元/千瓦·月）预计增加度电收入约 4 分 2 厘，对公司收入有显著补充。 公司火电脱硫参与现货交易比例不到 10%，预计未来变化不大。辅助服 务收入虽逐年增长，但占总营收比例仍较低，主要来源于河北省辅助服 务规则，与现货市场关联性不大。 在建火电项目包括西柏坡四期和任丘热电二期，预计 2026 年投产。参 股国能控股多个新增项目，秦皇岛发电一台机组已试运行，定州和沧东 项目时间节点相近，恒丰电厂二期尚未开工。 Q&A 请简要回顾建投能源 2025 年的经营概况。 20 ...

Q&A 凯淳股份 20260121 凯淳股份公司在 AI 技术应用方面取得了哪些进展？ 凯淳股份公司在 AI 技术应用方面取得了显著进展。例如，通过引入 AI 技术， 公司能够实现一键上架产品，大幅提升了效率。2025 年，公司与行业领先的 AI MaTech 运营商克衡合作，专注于客户关系管理（CIM）和私域领域的 AI 创建。今年 1 月，公司进一步收购了克衡，以增强内部协同效应。此外，凯淳 股份公司还开发并投入使用了智能店长系统"智听"，实现 24 小时运行的 AI 客服系统，尽管处理高阶问题仍需人工介入。 2025 年凯淳股份公司的人员优化情况如何？ 2025 年，凯淳股份公司的员工人数从约 760 人减少到不到 500 人。这一优化 主要得益于 AI 技术在设计端和运营端的应用，例如智能店长系统使得店长每天 可以节省 1 至 2 小时处理反手数据的时间。尽管如此，预计 2026 年的人员优 化不会像 2025 年那样大刀阔斧，而是更加平稳地进行。 摘要 凯淳股份通过收购克衡加强内部协同，并推出智能店长系统"智听"以 优化运营，该系统虽能 24 小时运行并节省店长时间，但高阶问题仍需 人工处理。 公司 ...

Summary of the Conference Call for 澜起科技 Company Overview - 澜起科技 focuses on interconnect chips and server platforms, including RCD and DB chips, which are used in data centers and servers to enhance data transmission efficiency, catering to the demands of the AI era [2][3] Core Business and Growth Points - The main business includes memory interconnect chips and high-speed transport chips, with partnerships with major companies like Samsung, Hynix, and Micron [3] - Future growth points include: - Retimer chips for amplifying high-speed signal transmission, currently ranked second in market share [3][4] - CXL MXC technology for memory expansion and pooling, expected to reach a market size of $600 million by 2026 and $972 million by 2030 [3][4] Market Performance and Projections - The new MRDIMM modules are expected to generate approximately $140 million in orders within six months starting from October 2025, with market sizes projected at $37 million in 2025 and $90 million in 2026 [2][6] - The company anticipates significant revenue and profit growth over the next five years due to the DDR4 to DDR5 transition [4] Product Lines and Applications - Product lines include interconnect chips (RCD, DB) and supporting products like SPD and temperature sensors, aimed at improving overall system performance in data centers and servers [5][6] - New high-speed memory modules like MRCD and MDB are designed to meet higher data rate demands in the AI era [5] Competitive Landscape - 澜起科技 holds a leading position in the ICDDB and MRCDMDB sectors with a global market share of 36.8% [9][11] - Competes with companies like Asure Software in the Retimer chip market, where it currently ranks second with a market share of 10.9% [15] Technological Advancements - The company is developing Switch chips, which are expected to contribute significantly to future growth once mass production is achieved [16] - CXL MXC technology allows for remote memory pooling, enhancing memory utilization efficiency [17][18] Financial Forecast - Projected revenue for 2025 is between 5.5 billion to 6 billion RMB, with profits around 4.5 billion RMB, potentially leading to a valuation of 250 billion RMB [19] - Changes in the equity incentive plan are expected to positively impact profits by approximately 300 million RMB in 2027 [19] Risks and Challenges - The company faces risks related to high customer concentration, foreign exchange fluctuations, and the need for continuous product development and technological iteration [20] - Major clients include Samsung and Hynix, which account for over 90% of global market share, posing a risk if customer concentration becomes too high [20]

康恩贝在 2026 年前三季度实现营业收入 41.76 亿元，同比增长 1.27%；归母 净利润为 5.84 亿元，同比增长 12.65%。其中，肠炎宁系列产品贡献显著， 同比增长超过 25%，弥补了金笛呼吸道用药因市场需求减少而导致的下滑。前 三季度全品类中药板块增长 5.37%，特色健康消费品板块增长 12.41%，但特 色化学药板块因集采失标和价格下降等原因下滑 7.16%。整体来看，公司在中 药行业压力较大的背景下，通过调整经营策略，保持了较好的增长态势。 康恩贝公司在不同产品线上的表现如何？ 康恩贝公司在 2026 年前三季度，全品类中药实现了 5.37%的增长，其中肠炎 宁系列同比增长超过 25%。金笛复方鱼腥草因市场需求减少，同比下降 康恩贝 20260121 摘要 康恩贝 2026 年前三季度营收增长，得益于肠炎宁系列（同比增长超 25%）和特色健康消费品（增长 12.41%），抵消了金笛呼吸道用药下 滑的影响。全品类中药板块增长 5.37%，但特色化学药板块因集采失标 和价格下降下滑 7.16%。 康恩贝制定了 2030 年"1,118"战略目标，即营收 110 亿元、净利润 10 亿元。将 ...

中熔电气 20260121 摘要 2025 年公司汽车业务同比增长超 50%，远超行业平均增速 28%，主要 得益于 800 伏平台需求增加及头部客户份额提升，如宁德时代和比亚迪。 四季度公司维持满产状态，订单和生产线表现良好，尽管 12 月车市表 现不如预期，但公司订单未受影响，一季度订单情况亦良好，但 2 月或 受春节影响。 面对原材料价格上涨，公司采取滚动采购和套期保值策略，并与客户沟 通价格调整，以应对普遍存在的成本上升压力，保障盈利水平。 公司正在积极拓展数据中心业务，并持续投入资源，包括人才引进和技 术研发，同时探索和储备新的产品品类，以增强在该领域的竞争力。 公司已向台达等客户提供 HVDC 产品，但尚未大规模应用，目前处于前 端阶段，等待行业需求爆发时，将迅速响应并获取更大市场份额。 公司储能产品主要应用于大型储能和工商储能，大型储能占据主导地位。 预计 2026 年，随着头部客户项目进展，激励垄断器等产品将在储能领 域得到更多应用。 公司正在考虑拓展新的保护器件品类，包括 PDU 产品以及其他集成保护 设备，为公司长期发展做准备，但短期内不会形成大量订单。 Q&A 请介绍一下中荣电电器 20 ...