证券代码：300870 证券简称：欧陆通 公告编号：2026-002 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于欧通转债可能满足赎回条件的提示性公告 自 2025 年 12 月 22 日至 2026 年 1 月 6 日，深圳欧陆通电子股份有限公司（以 下简称"公司"）股票已有 10 个交易日的收盘价不低于"欧通转债"当期转股 价格（43.55 元/股）的 130%（含 130%，即 56.62 元/股）。若在未来触发"欧 通转债"的有条件赎回条款（即"在转股期内，如果公司股票在任何连续三十个 交易日中至少十五个交易日的收盘价格不低于当期转股价格的 130%（含 130%）"）， 届时根据《公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募 集说明书》"）中有条件赎回条款的相关约定，公司有权决定按照债券面值加当 期应计利息的价格赎回全部或部分未转股的可转换公司债券（以下简称"可转 债"）。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 敬请广大投资者详细了解可转债相关规定，并关注公司后续公告，注意投资 ...

国金证券股份有限公司 | 保荐机构名称：国金证券股份有限公司 | 被保荐公司简称：欧陆通 | | | --- | --- | --- | | 保荐代表人姓名：孙爱国 | 联系电话：0755-82805991 | | | 保荐代表人姓名：张玉忠 | 联系电话：0755-82805991 | | | 现场检查人员姓名：孙爱国、张玉忠、黄铤 | | | | 现场检查对应期间：2025年度 | | | | 现场检查时间：2025年12月29日—12月31日 | | | | 一、现场检查事项 | 现场检查意见 | | | （一）公司治理 | 是 不适用 | 否 | | 现场检查手段（包括但不限于本指引第33条所列） | | | | 1.公司章程和公司治理制度是否完备、合规 | √ | | | 2.公司章程和股东会、董事会规则是否得到有效执行 | √ | | | 3.股东会、董事会会议记录是否完整，时间、地点、出席 人员及 会议内容等要件是否齐备，会议资料是否保存完整 | √ | | | 4.股东会、董事会会议决议是否由出席会议的相关人员签名 | √ | | | 确认 | | | | 5.公司董事、高级管理人员是否按照有 ...

时间：2025年12月29日 培训方式：现场授课与自学相结合的方式 国金证券股份有限公司 关于深圳欧陆通电子股份有限公司 2025年度持续督导培训情况报告 国金证券股份有限公司（以下简称"国金证券"）作为深圳欧陆通电子股份 有限公司（以下简称"欧陆通"或"公司"）首次公开发行股票并在创业板上市 的保荐机构，根据《深圳证券交易所上市公司自律监管指引第13号--保荐业务》 的要求，对欧陆通进行了2025年度持续督导培训。现将培训情况报告如下： 一、培训基本情况 三、培训总结 本次持续督导培训的工作过程中，欧陆通参训人员认真学习并充分沟通，积 极配合。通过此次培训授课，使公司实际控制人、董事、高级管理人员和中层及 以上管理人员等相关人员对于上市公司信息披露管理、内幕交易、大股东、实控 人及董高行为规范、买卖股票时间限制、上市公司信息披露及募集资金监管等相 关主要法规变化情况等有深入的了解，进一步增强了公司相关人员对上市公司的 规范运作意识，达到了预期的培训效果。 （本页无正文，为《国金证券股份有限公司关于深圳欧陆通电子股份有限公 司 2025年度持续督导培训情况报告》之签字盖章页） 保荐代表人： 地点：公司会议室 ...

Market Overview - The other power equipment sector increased by 1.72% on January 5, with China Power leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - China Power (600482) closed at 21.81, up 5.36% with a trading volume of 508,100 shares and a transaction value of 1.095 billion [1] - Other notable performers include: - Euro Continental (300870) at 230.10, up 4.12%, with a transaction value of 1.274 billion [1] - Tonghe Technology (300491) at 26.14, up 4.02%, with a transaction value of 206 million [1] - Keti Data (002335) at 57.56, up 3.66%, with a transaction value of 1.859 billion [1] Capital Flow - The other power equipment sector experienced a net outflow of 435 million from institutional investors, while retail investors saw a net inflow of 383 million [2] - The capital flow for specific stocks includes: - China Power (600482) had a net inflow of 26.41 million from retail investors but a net outflow of 58.67 million from institutional investors [3] - Rongfa Nuclear Power (002366) had a net inflow of 55.70 million from institutional investors but a net outflow of 42.01 million from retail investors [3]

Market Performance - On January 5, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 1.38% to 4023.42 points, the Shenzhen Component Index rising by 2.24% to 13828.63 points, and the ChiNext Index up by 2.85% to 3294.55 points [1] - The sectors that performed well included brain engineering, storage chips, and cloud gaming, while shale gas, natural gas, and insurance-related sectors saw declines [1] Fund Manager Changes - From January 1 to January 5, a total of 9 fund managers experienced changes in their positions, which can significantly impact the future performance of the funds they manage [2] - In the same period, 4 fund products announced fund manager departures, with reasons including job changes and personal reasons [3] - A total of 29 fund products announced new fund manager appointments, involving 7 new fund managers [3] Fund Performance - Wang Bo from Ping An Fund managed a total fund asset of 696 million yuan, with the highest return of 99.12% from the fund "Anxin Xinfang Youxuan Mixed A" during his tenure [3] - Li Jialiang from Southern Fund managed a total fund asset of 9.657 billion yuan, with the highest return of 163.15% from the "Southern Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF" during his tenure [3] Fund Research Activity - In the past month (December 6 to January 5), Huaxia Fund conducted the most company research, engaging with 43 listed companies, followed by Bosera Fund, Southern Fund, and E Fund, which researched 39, 32, and 29 companies respectively [5] - The chemical products industry was the most researched sector, with 161 instances, followed by the computer equipment industry with 112 instances [5] Recent Company Focus - In the last month, the most researched company by public funds was Zhongke Shuguang, which is in the specialized computer equipment industry, with 117 fund management companies participating in the research [5] - Other companies receiving significant attention included Haiguang Information and Changan Automobile, with 117 and 86 fund management companies involved in their research respectively [5] Recent Weekly Research Activity - In the week from December 29 to January 5, the company with the highest number of fund research engagements was Oulutong, with 30 fund institutions participating [6] - Other companies with notable research activity included Jingji Zhinu and Zhongwei Shares, with 29 and 26 fund institutions respectively [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significant "siphon effect" of AI and the accelerated development of satellite internet, recommending a focus on the dual core themes of "AI + Satellite" and four key segments: "Optical + Liquid Cooling + Domestic Computing Power + Satellite" [5][15] - It highlights the expected growth in AI applications, particularly in voice and image recognition technologies, which will drive demand for smart computing modules and CDN services [7][17] - The report notes the increasing importance of satellite internet as a core component of 6G, driven by national policies emphasizing self-sufficiency and technological upgrades [8][18] Summary by Sections 1. Investment Outlook for 2026 - The report suggests actively positioning in multiple sub-sectors, focusing on "AI + Satellite" as the main investment themes for 2026 [5][15] 2. Key Segments for 2026 Segment One: Global AI Resonance - 2026 is projected to be the year of significant deployment for 1.6T optical modules, with advancements in silicon photonics technology expected to become mainstream [6][16] - The report anticipates a substantial increase in the penetration rate of liquid cooling technologies, driven by the release of new computing power chips from major companies [6][16] Segment Two: AI Applications - The development of AI toys and applications is expected to accelerate, leading to increased demand for intelligent computing modules and CDN services [7][17] Segment Three: Satellite Internet Development - The report identifies four key areas of focus within the satellite internet sector: satellite manufacturing, launch, ground equipment, and operations, all of which are expected to benefit from increased demand and government support [8][18] 3. Investment Recommendations - The report recommends specific companies across various segments, including optical network equipment, computing devices, and AI applications, highlighting potential beneficiaries in each category [19][20][26][27] 4. Market Review - The communication index experienced a decline of 1.41% during the week of December 29 to December 31, 2025, ranking fourth among TMT sectors [28] 5. Communication Data Tracking - As of November 2025, China had a total of 4.83 million 5G base stations, with 5G mobile phone users reaching 1.193 billion, marking a year-on-year growth of 19.06% [29][34]

Core Viewpoint - Eurotech announced a successful investor meeting with 53 institutions, showcasing strong revenue growth and strategic plans for future expansion in the data center power supply sector [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, Eurotech achieved a revenue of 3.387 billion yuan, representing a year-on-year growth of 27.16% [1]. - The third quarter revenue reached 1.267 billion yuan, showing a year-on-year increase of 19% and a quarter-on-quarter growth of 2.81% [1]. - The net profit attributable to shareholders for the first three quarters was 222 million yuan, up 41.53% year-on-year, with a net profit margin of 6.54%, an increase of 0.66 percentage points [1]. - After excluding the impact of stock incentives and convertible bond expenses, the operating net profit was 257 million yuan, reflecting a year-on-year increase of 57.63% [1]. Group 2: Product and Market Strategy - Eurotech offers a diverse range of products in the data center power supply sector, including power supplies below 800W, between 800-2,000W, and above 2,000W [2]. - The company has launched key products such as the 3,200W titanium M-CRPS server power supply and the 1,300W-3,600W titanium CRPS server power supply, serving major domestic server manufacturers [2]. - Eurotech is actively expanding its overseas business, establishing teams in Taiwan and the United States to engage with various international clients [2]. - The company aims to focus on core competencies through technological innovation, targeting high power, high efficiency, and advanced semiconductor applications [2]. Group 3: Shareholder Information - As of September 30, 2025, Eurotech had 21,551 shareholders, an increase of 4,376 from the previous count, with an average holding value of 1.1266 million yuan per shareholder [3]. - The top shareholder is the investment fund managed by China Merchants Bank, which emphasizes value-driven and long-term investment strategies [3].

Market Overview - The other power equipment sector experienced a slight decline of 0.03% on December 31, with Jinshi Technology leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Rongfa Nuclear Power (002366) with a closing price of 7.51, up 1.90% [1] - Shanghai Electric (601727) at 8.61, up 1.77% [1] - New Fortune Energy (300593) at 29.76, up 1.16% [1] - Conversely, Jinshi Technology (002951) saw a significant decline of 3.18%, closing at 14.90 [2] - Other notable decliners included: - ST Yishite (300376) down 2.70% at 6.49 [2] - Xizi Clean Energy (002534) down 2.16% at 16.77 [2] Capital Flow - The other power equipment sector saw a net inflow of 4.036 million yuan from institutional investors, while retail investors contributed a net inflow of 5.217 million yuan [2] - However, there was a significant net outflow of 56.2025 million yuan from speculative funds [2] Individual Stock Capital Flow - Shanghai Electric (601727) had a net inflow of 1.98 million yuan from institutional investors, but a net outflow of 74.3939 million yuan from speculative funds [3] - European Road (300870) experienced a net inflow of 1.32 million yuan from institutional investors, with a net outflow of 51.9466 million yuan from speculative funds [3] - New Fortune Energy (300593) had a net inflow of 3.68069 million yuan from institutional investors, while speculative funds saw a net outflow of 2.48318 million yuan [3]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 3.387 billion, a year-on-year increase of 27.16% [3] - The gross profit margin for the first three quarters was 20.47%, a decrease of 0.80 percentage points year-on-year [3] - The net profit attributable to shareholders for the first three quarters was CNY 222 million, up 41.53% year-on-year, with a net profit margin of 6.54% [3] - In Q3 2025, the revenue was CNY 1.267 billion, a year-on-year increase of 19% and a quarter-on-quarter increase of 2.81% [3] Expense Overview - Total expenses for the first three quarters amounted to CNY 409 million, an increase of 22.98% year-on-year, with an expense ratio of 12.06% [4] - Sales expenses for the first three quarters were CNY 77.27 million, an increase of 8.88% year-on-year [4] - R&D expenses for the first three quarters reached CNY 211 million, a year-on-year increase of 38.31%, with an R&D expense ratio of 6.22% [4] Product Development - The company offers a range of data center power products, including various server power supplies and solutions, with leading technology in the market [5][7] - Future plans for the data center power business focus on high-power, high-density, and high-efficiency products, leveraging advancements in AI and server technology [6][7] Market Expansion - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target global markets [10] - The company aims to capture opportunities in the domestic market and accelerate overseas market expansion with high-quality products and competitive pricing [7][10] Fundraising and Investment - The company plans to use proceeds from convertible bonds for projects including the construction of a new headquarters and R&D laboratory, and an annual production capacity of 1.45 million data center power units [11] - Revenue targets for 2025 and 2026 are set with specific growth rates, aiming for a 28% to 72% increase in revenue and a 48% to 200% increase in net profit over the next three years [12] Shareholder Actions - The controlling shareholder plans to reduce holdings by up to 2.1 million shares, representing no more than 1.91% of the total share capital, due to personal financial arrangements [14]

Market Overview - The other power equipment sector declined by 0.65% compared to the previous trading day, with Oulutong leading the decline [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - Notable gainers in the other power equipment sector included: - ST Yishite (300376) with a closing price of 6.67, up 3.41% on a trading volume of 390,900 shares and a transaction value of 258 million [1] - Kewai Data (002335) closed at 56.75, up 2.31% with a transaction value of 1.713 billion [1] - Maigemeite (002851) closed at 89.26, up 1.28% with a transaction value of 1.612 billion [1] - Conversely, Oulutong (300870) saw a significant drop of 5.99%, closing at 218.96 with a transaction value of 1.631 billion [2] - Other notable decliners included: - New Funeng (300593) down 5.55% to 29.42 with a transaction value of 1.44 billion [2] - Jinshi Technology (002951) down 5.00% to 15.39 with a transaction value of 215 million [2] Capital Flow - The other power equipment sector experienced a net outflow of 468 million from institutional investors, while retail investors saw a net inflow of 271 million [2] - The capital flow for specific stocks showed: - Zhongheng Electric (002364) had a net inflow of 41.43 million from institutional investors [3] - Maigemeite (002851) saw a net inflow of 19.90 million from institutional investors but a net outflow of 42.24 million from retail investors [3] - Kewai Data (002335) had a net inflow of 19.01 million from institutional investors [3]