Huaming Power Equipment Co.,Ltd. stated in response to an investor inquiry that data centers, supporting power grid infrastructure, and existing grid upgrades in the United States are all expected to drive demand for electrical equipment. If data centers build their own power stations, the boost to demand for electrical equipment could be even greater. Additionally, off-grid business faces fewer restrictions for the company, but specifics vary significantly depending on equipment type, scale of power stations and supporting grid infrastructure, and project size. Under conditions that remain unclear, the company cannot provide an assessment or judgment on this matter. The demand for large transformers from data centers is still relatively limited. While an increase in projects will drive demand growth, the key factor is whether it creates a leverage effect, spurring coordinated development in power generation, grid infrastructure, and related manufacturing. Currently, this logic primarily applies to the U.S. market. As a highly upstream supplier, the company finds it difficult to fully assess these situations. Overall, demand in the U.S. market is indeed improving, and the company's indirect revenue from tap changers sold to the U.S. has maintained growth since 2024. However, due to various complex factors, achieving a larger business scale remains very challenging.
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