A-share Announcement Highlights | Shenzhen Honor Electronic (300870.SZ): Rapid growth in data center power business, cooperation with Google on GPU power project established.

Today's focus 1. Shenzhen Honor Electronic: Data center power business grows rapidly, cooperates with Google on GPU power project Shenzhen Honor Electronic announced in an investor relations activity record that the company's data center power business achieved revenue of 2.015 billion yuan by 2025, a year-on-year increase of 38.15%. The revenue from high-power data center power business was 1.299 billion yuan, a year-on-year increase of 66.52%. The company has launched core products such as 800-3600W air-cooled CRPS power supplies, 1600-3500W immersion liquid-cooled power supplies, and 3300-5500W custom GPU power supplies. In terms of overseas markets, the company has reached a cooperation agreement with overseas leading CSP customer Google on the GPU power project, and has established partnerships with AMD, Juniper, as well as technical exchanges with mainstream server system vendors such as Inspur and Quanta. The company's Vietnam production base has completed the construction and debugging of general and high-power server power supply production lines, with small-scale production expected by the end of 2026 and mass production by 2027. The company's 2026 revenue target is based on stock incentive assessment, with a revenue growth trigger value of 72% and a target value of 90%. 2. Tongding Interconnection Information clarifies: No business relationship with NVIDIA Tongding Interconnection Information issued a clarification announcement stating that a WeChat public account published an article on May 12, 2026, titled "Riding on NVIDIA, A-share fiber optic stock rose more than 300% this year". After verification, Corning, as a supplier, sells preform (referred to as "rod") products externally. The company purchases rods from Corning for fiber optic production. As of now, Hainan Corning is only a raw material supplier of rods for the company, with a limited purchase scale, averaging 187.25 tons per year from 2023 to 2025. There is no exclusive supply situation, nor any other cooperative relationship. The company will reduce external purchases by producing rods internally. The title and content of the aforementioned article are potentially misleading to investors, as the statement "Riding on NVIDIA" is inaccurate and the conclusion is unfounded. The company has no business relationship with NVIDIA. 3. Hangzhou Tigermed Consulting: Plans to repurchase shares worth 500 million to 1 billion yuan Hangzhou Tigermed Consulting announced that it plans to use its own funds or self-raised funds to repurchase some of its A-shares through centralized bidding, with a total repurchase amount of not less than 500 million yuan and not exceeding 1 billion yuan, with a repurchase price not exceeding 60 yuan per share. The repurchased shares will be used to implement A-share equity incentive plan or employee shareholding plan (up to 60% of the repurchase total) and reduce registered capital (not less than 40% of the repurchase total). The repurchase period will not exceed 12 months from the date of approval by the shareholders' meeting. 4. Hangzhou Shenhao Technology: Signs strategic cooperation agreement in the field of intelligent terminals with China Mobile (Hangzhou) Hangzhou Shenhao Technology announced that the company has signed a strategic cooperation agreement with China Mobile Information Technology Co., Ltd. (Hangzhou), and the two parties will conduct in-depth cooperation in the field of intelligent terminal products. China Mobile Information Technology Co., Ltd. (Hangzhou) is a wholly-owned subsidiary of China Mobile Limited, focusing on four key technology areas: operating system, computing power and security, artificial intelligence, and Siasun Robot & Automation. It is an important layout carrier for China Mobile Limited's "Building a Strong Nation through Networks" strategy and corporate transformation. 5. Dian Diagnostics Group: Director Ye Xiaoping under investigation by CSRC for suspected violation of Hangzhou Tigermed Consulting's shareholding disclosure rules Dian Diagnostics Group announced that Director Ye Xiaoping received a "Filing Notice" from the China Securities Regulatory Commission on May 12, 2026, as he is suspected of violating the shareholding disclosure rules related to Hangzhou Tigermed Consulting. The matter is unrelated to Dian Diagnostics Group's stock trading, information disclosure, and company operations, and will not affect normal operations. 6. Shanghai Bailian Group Incorporated: Plans to terminate entrusted management of 41.51% shareholding in LIANHUA, expected to constitute a major asset restructuring Shanghai Bailian Group Incorporated announced that it intends to terminate the entrusted management of the 41.51% shareholding in LIANHUA held by its controlling shareholder, Bailian Group. Upon completion, Shanghai Bailian Group Incorporated's voting rights percentage in LIANHUA will be reduced from 56.66% to 15.15%, and LIANHUA will no longer be included in the consolidated financial statements. Based on preliminary calculations, this transaction is expected to constitute a major asset restructuring, without involving the issuance of shares or changing control rights. The transaction is still in the planning stage and uncertainties exist. Through this termination of shareholding management, Shanghai Bailian Group Incorporated and LIANHUA will focus on their core businesses. 7. Ningbo Boway Alloy Material: Plans to sell U.S. CECEP Solar Energy battery assets for about $724 million Ningbo Boway Alloy Material announced that its wholly-owned subsidiary intends to sell its battery assets to INOXSOLAR AMERICAS, LLC, with a benchmark acquisition price of $413 million and a performance payment benchmark of $57 million. The company had previously signed a transaction agreement to sell component assets, with a maximum transaction price of up to $254 million. The total transaction amount for the sale of 100% equity of Bowell Tech (North Carolina) and battery assets is expected to be approximately $724 million. This proposal is subject to shareholder approval. The CECEP Solar Energy battery chip project is still in the investment and construction stage, with a total investment budget of $370 million, and will be delivered after completion to the buyer. Upon completion of this transaction, the company will recover the investment cost and gain a certain premium income, with the final result being subject to the delivery outcome. 8. Biwin Storage Technology: Resubmits H-share listing application Biwin Storage Technology announced that it has resubmitted the application for overseas listed shares (H-shares) to the Hong Kong Stock Exchange on May 12, 2026, and the application materials were published on the Hong Kong Stock Exchange website on the same day. This issuance is subject to record, approval, or consent from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, with uncertainties present. 9. Yunnan Energy New Material: Plans to invest 4 billion yuan to build a 50 billion square meters lithium battery separator project in Zigong Yunnan Energy New Material announced that it plans to invest in the construction of a lithium battery separator project with an annual production capacity of 50 billion square meters in Rong County, Zigong City, Sichuan Province, with a total investment of 4 billion yuan. The company has signed a "Strategic Cooperation Agreement" with the Zigong City People's Government, and its holding subsidiary Shanghai Enjie has signed an "Investment Cooperation Agreement" with the Rong County People's Government. The project will be implemented by a newly established subsidiary, with the company holding 67% of the shares, the Zigong City government's recommended industrial partner holding 33% of the shares, and the possibility of introducing other partners later holding up to 10% of the shares. The project will be funded through internal funds and self-raised funds to improve production capacity layout and increase market share. 10. China Jushi Co., Ltd: Plans to invest 4.431 billion yuan to build a 50,000 ton/year electronic yarn and 320 million square meters electronic fabric production line project China Jushi Co., Ltd announced that its wholly-owned subsidiary Jushi Group's wholly-owned subsidiary Jushi Huai'an plans to build a project for the construction of a 50,000 ton/year electronic yarn and 320 million square meters of electronic fabric production line, with a total investment of 4.431 billion yuan. Upon completion of the project, a total investment return rate of 10.81% is expected, which will help the company adjust its product structure, enhance profitability and international competitiveness.