1. Main Business and Operational Situation During the Reporting Period
In 2025, the management team adhered to the entrepreneurial spirit of "making electricity purer and quieter," focusing on technology development and product innovation. The company achieved an operating revenue of 1.802 billion yuan, a year-on-year increase of 8.38%, and a net profit attributable to shareholders of 418 million yuan, up 11.29%, marking a historical high in operational performance. The specific performance drivers are as follows:
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During the reporting period, revenue from metal soft magnetic powder cores maintained steady growth, continuing to uphold the company's market leadership in the industry. In the communications, server power supply, and UPS application fields, sales revenue experienced rapid growth due to increased capital expenditure by global cloud providers in AI data center construction. In the new energy vehicle and charging pile sectors, the company gained recognition from brands such as BYD and Huawei, while also achieving significant breakthroughs with major overseas clients, resulting in rapid sales growth. In the energy storage application field, particularly in the storage market, revenue saw high growth, maintaining a super high market share. In the air conditioning application field, due to overall tight production capacity, the company proactively chose to forgo competition in some low-price markets, leading to a decline in sales revenue year-on-year.
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During the reporting period, revenue from inductive components grew rapidly. Although there was a slight decline in revenue in the first half of the year, a series of breakthroughs in new technologies, projects, and clients in the second half, combined with the release of new production capacity, restored rapid growth in inductive component revenue. In terms of client expansion, the company's chip inductive products deepened cooperation with existing clients like MPS and established partnerships with several globally renowned manufacturers such as Flex. In application field expansion, the company continued to develop new products and delivered a large number of samples for market validation, continuously exploring more application areas, achieving mass production breakthroughs in ASIC and optical module fields during the reporting period. Particularly in the ASIC field, with AI giants like Google, Amazon, Meta, and Microsoft accelerating the large-scale deployment of self-developed ASIC chips, the market widely anticipates a significant turning point for ASICs in 2026, which will greatly enhance their application share in AI servers, presenting substantial market opportunities for the company's chip inductive products. In R&D, the company continued to increase its efforts in basic material research, achieving significant breakthroughs in the performance of metal soft magnetic materials, laying a solid foundation for providing optimal solutions for the company's chip inductive products in more application scenarios. In production and delivery, with the gradual maturation of processes and increased production automation levels, the yield of core products significantly improved, and delivery cycles shortened. In capacity construction, the company accelerated the construction of a new high-end integrated inductive construction project at the Huizhou production base, aiming for rapid utilization in 2026. Meanwhile, it continued to increase equipment investment and enhance automation levels on existing production lines to prepare for sustained growth in the GPU market and mass production in other application areas.