[European Telecom: Cooperation with Google GPU power supply project is advancing, and Vietnam's high-power server power supply production line will be mass-produced in 2027] On September 4, Eurofina Telecom (300870.SZ) released an investor relations activity record statement. Data center power supply has become the company's largest business segment, and the proportion of high-power server power supply in this business revenue has increased to 82.38%. In terms of overseas expansion, the company has reached cooperation with Google on the computing equipment GPU power supply project, and is cooperating with customers to promote testing, small batches and mass production. The specific rhythm is to be confirmed. At the same time, the company has established cooperative relationships with AMD and Juniper, and maintains business contacts with mainstream server system vendors such as Inventec and Compal. In terms of product layout, focusing on high-power, third-generation semiconductor applications and high-efficiency liquid cooling compatible design, we plan 5.5KW to 18.4KW server power supplies and 33KW to 110KW centralized power supply products. In terms of production capacity construction, the general and high-power server power supply production lines of the Vietnam production base have been completed and debugged. It is expected to achieve small batch production before the end of 2026 and large-scale mass production in 2027 to meet overseas order delivery; the domestic Suzhou convertible bond investment project continues to invest and will complete the production line construction as soon as possible to achieve the expected mass production target.