Core Viewpoint - Xinyi Technology (stock code: 300745) has announced a forecast for 2025, expecting a net loss of between 110 million to 130 million yuan, with operating revenue projected to be between 2.6 billion to 2.8 billion yuan. The primary reasons for the loss include intensified market competition, increased R&D and management expenses, and asset impairment provisions [1][2]. Financial Performance - The company anticipates a net profit loss attributable to shareholders of between 110 million to 130 million yuan for 2025, with operating revenue expected to be between 2.6 billion to 2.8 billion yuan. The main factors contributing to this loss are pressure on gross margins due to market competition, rising R&D and management costs, and asset impairment provisions [2]. Project Development - According to institutional research information from November 20, 2025, Xinyi Technology's Anhui project will adopt a "one-time planning, phased construction" model, with the first phase expected to begin trial production in September 2026 and the second phase planned for operation in June 2027. This project aims to expand production capacity and broaden technology applications [3]. Financial Situation - As of February 2, 2026, the company's financing balance stands at 225 million yuan, accounting for 5.17% of its circulating market value, which exceeds the 80th percentile level over the past year, indicating a high level of short-term funding attention [4]. Business and Technology Development - In November 2025, the company launched the 9th generation platform "Ruihu" for vehicle power supplies and is extending its capabilities into the AI server power supply sector based on power electronics technology. Additionally, the company continues to invest in third-generation semiconductors (such as silicon carbide and gallium nitride) to enhance product competitiveness [5].

Core Viewpoint - Xinyi Technology (300745) focuses on innovation and application in high-power power electronic energy conversion systems and has not yet engaged in transformer-related businesses [1] Company Summary - The company has consistently concentrated on high-power power electronic energy conversion systems [1] - Currently, the company does not have any involvement in transformer-related operations [1]

Group 1 - The company, Xinrui Technology, announced on February 5 that it has disclosed its 2025 annual performance forecast on the Giant Tide Information Network, with further details to be provided in the upcoming 2025 annual report [2]

Core Viewpoint - The increase in R&D expenses for Xinyi Technology is driven by two main factors: deepening the technological barriers of its core business and exploring new markets based on a "technology homology" strategy [2] Group 1 - The company emphasizes that R&D is fundamental to its survival and development [2] - Any significant changes in R&D expenses are closely related to the company's future strategy [2] - The R&D expenses are based on a comprehensive and strategic investment considering medium to long-term technological layout and market demand foresight [2]

Group 1 - The core viewpoint of the article is that Xinrui Technology (300745) is actively implementing various measures to improve its operational performance [1] Group 2 - The company is optimizing its product structure as part of its strategy to enhance business operations [1] - Technological iteration and upgrades are being pursued to stay competitive in the market [1] - Cost control measures are being refined to ensure efficient management of expenses [1] - The company is focusing on efficient asset turnover to improve overall operational efficiency [1]

Core Viewpoint - The company focuses on innovation and application in high-power power electronics energy conversion systems and currently does not engage in transformer-related businesses [1] Group 1: Company Strategy - The company's strategy is centered around its core capabilities [1] - The management will continue to explore application opportunities for power electronics technology in emerging fields [1] - Any significant business expansion will be based on thorough validation of technology pathways, market demand, competitive landscape, and internal resources [1]

Core Viewpoint - The company focuses on innovation and application in high-power power electronics energy conversion systems and currently does not engage in transformer-related businesses [1] Group 1: Company Strategy - The company's strategy is centered around its core capabilities and management will continue to explore application opportunities for power electronics technology in emerging fields [1] - Any significant business expansion will be based on thorough validation of technology pathways, market demand, competitive landscape, and internal resources [1]

Group 1 - The company Xinrui Technology announced an earnings forecast on January 29, expecting a net loss attributable to shareholders of 110 million to 130 million yuan for 2025, compared to a net loss of approximately 122 million yuan in the same period last year [1] - The primary reason for the change in performance is the company's ongoing market expansion and proactive response to external market environment changes, which led to an increase in main business revenue compared to the same period last year [1] - However, due to market competition and other factors, the sales prices of the company's main products have declined, resulting in a low overall gross profit margin [1]

证券代码：300745 证券简称：欣锐科技 公告编号：2026-003 深圳欣锐科技股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为负值 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所 审计。但公司已就业绩预告有关事项与年报审计会计师事务所进行了预沟通，公 司与会计师事务所在本报告期的业绩预告方面不存在重大分歧。 三、业绩变动原因说明 1、报告期内，公司持续深化市场拓展并积极应对外部市场环境变化，带动 主营业务收入较上年同期实现增长；但因受市场竞争等因素影响，公司主营产品 1 销售价格有所下降，导致综合毛利率水平不高。 2、报告期内，为巩固技术优势、拓展市场，公司在关键领域加大了投入， 相关费用在短期内对利润造成了压力。随着业务量的增加导致销售费用、管理费 用合计同比增加约 2,300 万元。公司坚持研发驱动，构建了深圳、上海及武汉三 地研发中心体系，2025 年研发 ...

Core Viewpoint - The Chinese electric vehicle (EV) high-voltage component industry has transitioned from policy-driven to market-driven growth, with increasing consumer acceptance of pure electric and hybrid models, leading to a significant expansion in production and sales, and a surge in demand for high-voltage components [1][10]. Industry Overview - The high-voltage system in EVs is crucial for energy storage, conversion, transmission, and usage, operating at hundreds of volts, which distinguishes EVs from traditional fuel vehicles [2]. - High-voltage components are essential for the efficient operation of EVs, enabling energy management and enhancing overall performance [4]. Market Size and Growth - By 2025, the market size of China's high-voltage component industry is projected to reach 311.66 billion yuan, representing a year-on-year growth of 26.5%, capturing 49.32% of the global market share [1][10]. - In the first nine months of 2025, China's production and sales of new energy vehicles reached 11.24 million and 11.23 million units, respectively, with a year-on-year growth of 35.2% and 34.9% [8]. Industry Barriers - The high-voltage component industry faces significant technical barriers, requiring precise design, programming skills, and a deep understanding of system logic to ensure performance, reliability, and safety [5][6]. Market Policies - The Chinese government has implemented various policies to support the development of the automotive parts industry, including high-voltage components, creating a favorable environment for growth [6]. Industry Chain - The upstream of the high-voltage component industry includes suppliers of raw materials like copper, aluminum, and rare earths, while the downstream consists of EV manufacturers and the aftermarket, which is seeing increased demand as early EVs enter replacement cycles [7][8]. Competitive Landscape - The industry is characterized by a fragmented market with numerous players focusing on specific segments. Key companies include Xinrui Technology, Zhonghang Optoelectronics, BYD Semiconductor, and Futec Technology [10][11]. Development Trends - The industry is expected to see a shift towards higher voltage and efficiency, with wide bandgap semiconductor materials playing a crucial role in enhancing energy conversion efficiency [14]. - There will be a trend towards system integration and modularization, aiming for lightweight designs and cost control [14]. - Collaboration within the supply chain will deepen, with a focus on localizing key materials and components to build a self-sufficient supply chain [15].