On March 20, 2026, Sun.King Technology Group Co., Ltd. (hereinafter referred to as "the Group" or "Sun.King Technology") held its 2025 annual online performance conference. During the conference, the management team provided an in-depth interpretation of the Group's operating results and future development prospects for 2025, as well as the development strategy of the Group's data center. They also answered questions from participating investors in detail.

The consolidated sales revenue amounted to RMB 2.255 billion, representing a year-on-year increase of 40%

In 2025, the Group's sales revenue reached a new historical high:

• Sales      revenue reached RMB 2.255 billion, representing a year-on-year increase of      40%;  
• Net      profit attributable to shareholders was RMB 138 million, representing a      year-on-year increase of 35%.

Among them, the conventional DC and flexible power transmission business laid a solid foundation for performance, achieving sales revenue of 872 million yuan, a year-on-year increase of 35%; new energy power generation and energy storage ushered in explosive growth, with sales revenue of 577 million yuan, a significant increase of 111% year-on-year; actively expanding frontier industries, with sales revenue of 114 million yuan, a year-on-year increase of 72%.

Sales revenue structure

Driven by scientific and technological innovation, our R&D investment has yielded remarkable results

The Group has always adhered to technological innovation as a driving force for development. In 2025, the Group invested approximately 162 million yuan in research and development, accounting for 7% of sales revenue, a year-on-year increase of 10%. By the end of 2025, a total of 8 subsidiaries under the Group had been awarded as high-tech enterprises, and 6 subsidiaries had been selected into the list of specialized, refined, unique, and innovative enterprises (4 at the national level and 2 at the provincial level). The core scientific and technological innovation strength has provided a lasting driving force for the Group's business development.

R&D investment

In 2026, our group will continue to increase investment in research and development, with a target annual expenditure exceeding RMB 200 million. We will prioritize technological research and development in the following four areas:

1. For the field of flexible power transmission, our group has pioneered online monitoring of DC support capacitors and high-power IGBTs for flexible DC transmission;

2. 2300V IGBT chips and modules used in the field of wind power generation;

3. Solid-state DC circuit breakers, 2300V silicon carbide chips, and modules used in the data center field;

4. Pulse power switches used in fields such as nuclear fusion and semiconductor manufacturing equipment.

The construction of ultra-high voltage (UHV) has seen significant enhancement, and the market space for the 15th Five-Year Plan period is vast

During the "14th Five-Year Plan" period, the construction of ultra-high voltage direct current (UHVDC) projects exhibited a trend of "lagging in the early stage and accelerating in the middle and later stages". A total of 12 UHVDC projects were initiated, with 10 of them commencing between 2023 and 2025. Projects initiated in 2024 and beyond primarily focused on flexible technologies. Thanks to our leading position in the industry and the increase in the number of projects, our group achieved sales revenue of RMB 872 million in conventional DC and flexible power transmission in 2025, representing a year-on-year growth of 35%. From 2023 to 2025, we achieved a compound annual growth rate (CAGR) of 86% in sales revenue.

UHVDC projects during the "14th Five-Year Plan" period

The outstanding performance of the UHV business is primarily attributed to the fruitful R&D achievements of the group and the outstanding competitiveness of its core products. Among them, the DC support capacitors have achieved three "firsts" in China: the first to pass third-party testing, the first to be put into operation in batches, and the first to achieve 100% substitution for imports. They account for 75% of the domestic DC support capacitors used in the Gansu-Zhejiang project. The anode saturated reactors and power capacitors have been continuously developed, maintaining a leading position in the industry. The original online monitoring of support capacitors and online monitoring of IGBTs for flexible DC transmission are two core components, of which the online monitoring of support capacitors has been supplied to customers in batches for the Gansu-Zhejiang project.

Looking ahead to the "14th Five-Year Plan" period, the State Grid Corporation of China is expected to invest over 4 trillion yuan in fixed assets during this period, and strive to put 15 UHVDC projects into operation. Thanks to this, our group is expected to receive orders worth over 8 billion yuan in the conventional DC and flexible power transmission fields during the "14th Five-Year Plan" period.

"15th Five-Year Plan" partial UHV DC projects

Revenue from power semiconductors has seen significant growth, with both technological research and development and market expansion yielding fruitful results

In 2025, our group's self-developed power semiconductor business achieved leapfrog development, with annual sales revenue reaching 121 million yuan, a year-on-year increase of 104%. This marked the synergistic advancement of customer expansion and product innovation. Our customer base continued to expand, with 55 new bulk supply customers added throughout the year, covering leading enterprises in the fields of photovoltaics, energy storage, industrial control, and commercial electric drives. We have not only gradually become the primary supplier for some industry leaders but also achieved a breakthrough from scratch in the fields of power supplies and commercial electric drives.

The rapid expansion of our business and customer base is primarily attributed to the continuous innovation in product technology. In terms of technological and product innovation, our self-developed 1200V/12mΩ and 1400V/15mΩ silicon carbide chips have reached an international leading level. The HEEV and EVD packaging modules exhibit outstanding performance with parameters as low as 2mΩ to 4mΩ. Additionally, we have launched the industry's scarce seventh-generation micro-groove technology chips, significantly enhancing the power density per unit area of the chips while offering both cost and performance advantages. In 2025, we will successively launch multiple new module products such as EP, FP, TF, and BEVD, as well as expand new models of ED and ST modules. The combined contribution of these new products and models to our self-developed power semiconductor sales revenue will reach 43%. Furthermore, our domestically scarce 1700V product has seen a year-on-year growth of 295%, continuously enhancing our product competitiveness.

During the "15th Five-Year Plan" period, domestic new energy power generation will continue to maintain rapid growth. By 2026, the installed capacity of photovoltaic (PV) power is expected to surpass that of coal-fired power for the first time, with the combined installed capacity of wind and solar power reaching 50%. Additionally, with the increasing demand for electricity in data centers, "green power + energy storage" and "computing power collaboration" are receiving great attention, presenting vast market development opportunities. In 2026, our group will increase R&D investment and carry out research and development of power semiconductors tailored to the needs of "green power + energy storage + computing power", to meet the demands of more applications.

Leading with cutting-edge technology, nuclear fusion + data center layout embrace new opportunities

In 2025, our group's cutting-edge industries saw a positive development trend, with related sales revenue reaching 114 million yuan, marking a year-on-year increase of 72%. Solid-state switches are key equipment for cutting-edge industries such as nuclear fusion, data centers, and electrified ships, boasting broad development prospects. Our group possesses the world's most advanced solid-state switch technology, extensive industry experience, and a team of technically talented experts. Our cooperative clients span the globe, including not only Siemens in the field of ships but also renowned domestic and international enterprises such as Hitachi Energy, ABB, Schneider, and CSIC Heavy Industry, as well as multiple well-known research institutions and universities in China, Europe, and the Americas.

Sales revenue of cutting-edge industries

In the field of nuclear fusion, our group's pulsed power switches offer a variety of solutions, including thyristors, IGCTs, and IGBTs. We have successfully completed over 80 projects in fields such as nuclear fusion, high-energy particle research, radar, underwater exploration, and high-voltage laboratories. Building on the two completed orders for nuclear fusion projects in the United States, we signed our third controllable nuclear fusion order with an award-winning American client in 2025. Looking ahead, our group will seize industrial development opportunities, increase investment in technological research and development, and strengthen domestic and international market expansion.

Looking ahead to lay out new tracks for the future, with a target annual sales revenue of 2.7 billion yuan

Looking ahead, the company will continue to prioritize technological innovation, increase R&D investment, persistently conduct product research and development tailored to the needs of "green electricity + energy storage + computing power", and persistently advance core technological breakthroughs in areas such as flexible power transmission, new energy generation, data centers, and nuclear fusion.

Seizing the historical opportunity presented by the rapid development of the power industry during the "15th Five-Year Plan" period, we will deepen our core business layout in conventional DC and flexible power transmission, strengthen our new energy power generation and energy storage power semiconductor business, accelerate the layout of cutting-edge industries, continuously expand domestic and international markets, and continuously enhance our core competitiveness and industry influence, striving to achieve long-term growth in our group's business and performance. Specifically, our target for comprehensive sales revenue in 2026 is RMB 2.7 billion, representing a year-on-year increase of 20%.

Data center business strategy announcement

In the field of data centers, as a leader in the field of solid-state DC circuit breakers, our group boasts decades of technical accumulation. Currently, we offer a series of products covering a current range from 1500V/300A to a maximum of 3KA, and have achieved numerous successful applications in fields such as electrified ships, high-energy physics research, thermoelectric energy storage, and rail transit.

As a leading core device manufacturer in the field of power electronics, the group will actively deploy the research and development of data center-related products. In 2026, based on customer needs, it will focus on developing two types of products for solid-state transformers (SST) used in data centers:

l  Solid-state DC circuit breaker (SSCB): 800V and 1500V voltage platforms, with a total of 8 specifications

l  Silicon Carbide MOS: 2300V Silicon Carbide MOS chips and modules for next-generation data center Solid-State Transformers (SST)

Leveraging numerous advantages such as "microsecond-level" switching speed, digitalization, and intelligent operation, our group's solid-state DC circuit breakers will provide comprehensive short-circuit protection for the safe operation of solid-state transformers in data centers. We will actively develop solid-state DC circuit breakers for data centers, striving to win high-value orders in the Chinese and American data center markets. Based on customer needs, we will advance the construction of a solid-state DC circuit breaker production line at our Jiashan production base.

                                                                         1500V marine solid-state DC circuit breaker                                 800V、1500V solid-state DC circuit breaker for solid-state transformer