[Welgo: Net profit in the third quarter increased by 462% year-on-year. Orders for AI server power supply AC-DC products grew rapidly] On October 16, Welgo (301251.SZ) announced that its operating income in the third quarter was 877 million yuan, a year-on-year increase of 115.24%; net profit was 138 million yuan, a year-on-year increase of 461.86%. Operating income in the first three quarters was 1.856 billion yuan, a year-on-year increase of 65.41%; net profit was 182 million yuan, a year-on-year increase of 161.43%. Since 2026, the demand for AI server power supplies has exploded. The company's thick copper plate flagship products have continued to iterate. Ultra-thick copper, high multi-layer, and HDI technology and process capabilities have been further improved. Overseas production capacity layout has gradually taken shape. The company's AI server power supply AC-DC product orders have grown rapidly, with a significant increase compared with the same period last year. In terms of DC-DC high-end products, it has obtained supply qualifications from key large customers, and is simultaneously promoting certification and introduction for multiple customers. The talent system has been improved and small batch delivery has been achieved. During the reporting period, AI server power products accounted for approximately 63% of the main business revenue. Xiaocai Note: The company’s Q3 net profit was 138 million, and Q2 net profit was 37 million. Based on this calculation, Q3 net profit increased by 268% month-on-month.