Fute Technology: The domestic market for in-vehicle power is mainly dominated by small three-electric integrated solutions, while large integrated solutions are gradually becoming an important trend.

Futu Technology stated during institutional research that the development of automotive power sources shows a phased and diversified path. Currently, the domestic market is mainly dominated by small three-electric integrated solutions, which continue to lead the mainstream market due to their high cost performance and technological maturity. At the same time, large integrated solutions are gradually becoming an important trend, mainly led by major vehicle manufacturers, and it is expected that this trend will remain unchanged in the next 2-3 years. In the overseas market, small three-electric integration is also predominant, with only a few small vehicle models beginning to try large integrated solutions, but their progress is significantly slower than in the domestic market. It is expected that within 3-5 years, small three-electric integration will still be the mainstream overseas. The company has solid technological accumulation in both of these technological paths.