安徽应流机电股份有限公司2025 年半年度报告 公司代码：603308 公司简称：应流股份 安徽应流机电股份有限公司 2025 年半年度报告 1 / 151 安徽应流机电股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人杜应流、主管会计工作负责人涂建国及会计机构负责人（会计主管人员）项希 兰声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述因存在不确定性，不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十 ...

表决结果： 同意票 3 票、反对票 0 票、弃权票 0 票。 公司监事会对公司2025年半年度报告进行了认真审核，提出如下审核意见： 1、公司2025年半年度报告的编制和审议程序符合法律、法规、《公司章程》 及公司内部管理制度的各项规定； 2、公司2025年半年度报告的内容和格式符合中国证监会和上海交易所的各 项规定，其内容真实、准确、完整，不存在任何虚假记载、误导性陈述或重大遗 漏,报告客观的反映了公司2025年上半年度的经营管理和财务状况等事项； 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 安徽应流机电股份有限公司（以下简称"公司"）第五届监事会第十次会议于 2025 年 8 月 11 日在公司会议室召开。会议应到监事 3 名，实际参会监事 3 名。 会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 会议由监事会主席叶玉军先生主持，与会监事经过认真审议后以投票表决方 式做出如下决议： 一、审议通过《安徽应流机电股份有限公司 2025 年半年度报告及摘要》。 证券代码：603308 证券简称 ...

会议由公司董事长杜应流先生主持，与会董事经过认真审议后以记名投票方 式做出如下决议： 一、 审议通过《安徽应流机电股份有限公司 2025 年半年度报告及摘要》。 本议案已经公司第五届董事会审计委员会第八次会议审议通过，并同意提交 董事会审议。 表决结果： 同意票 9 票、反对票 0 票、弃权票 0 票。 证券代码：603308 证券简称：应流股份 公告编号：2025-023 安徽应流机电股份有限公司 第五届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 安徽应流机电股份有限公司（以下简称"公司"）第五届董事会第十一次会 议于 2025 年 8 月 11 日在安徽省合肥市经济技术开发区繁华大道 566 号公司会议 室召开。会议应到董事 9 名，实际参会董事 9 名。会议的召开符合有关法律、行 政法规、部门规章、规范性文件和公司章程的规定。 二零二五年八月十二日 1 特此公告。 安徽应流机电股份有限公司董事会 ...

人民财讯8月11日电，应流股份（603308）8月11日晚间发布2025年半年报，上半年实现营业收入13.84 亿元，同比增长9.11%；归母净利润1.88亿元，同比增长23.91%。 公司核心业务订单持续增长，在手订单金额再创历史新高。报告期内，公司新签订单超过20亿元，同比 增长超过35%。 ...

格隆汇8月11日丨应流股份(603308.SH)公布半年度报告，2025年上半年，公司以技术创新为引擎，各项 业务协同发力，公司营业收入实现13.84亿元，较上年同期增长9.11%，归母净利润1.88亿元，较上年增 长23.91%。公司将加速可转债募投项目落地，推动订单向业绩转化，优化现金流管理，继续为股东创 造长期价值。 ...

Summary of Conference Call for 应流股份 Industry Overview - The global AI data center capital expenditure is surging, particularly in Europe and the US, leading to a strong demand for gas turbines due to insufficient grid stability, with natural gas becoming the primary energy source [2][5] - The global gas turbine market is highly concentrated, with GEV (USA), Siemens Energy (Germany), and Mitsubishi Heavy Industries (Japan) holding 80%-90% market share [2][6][8] - The gas turbine industry is expected to see a market space of approximately $28.1 billion (around 200 billion RMB) in 2024 [8] Key Points and Arguments - In 2024, global cloud infrastructure service spending is projected to reach $330 billion, a year-on-year increase of 22%, with the four major US CSPs (Google, Amazon, Meta, Microsoft) increasing capital expenditure by 75% [2][5][7] - GEV's order backlog has reached levels sufficient to sustain operations until 2028, with a 113% year-on-year increase in new gas orders for 2024 [2][6][10] - Siemens Energy reported a 60% year-on-year increase in new gas business orders for the first half of 2025, indicating a strong demand trend [2][9] - The gas turbine blade industry is experiencing intense competition, with companies like Howmet and PCC expanding slowly, while Homate's gross margin has improved due to increased demand [2][11] Company-Specific Insights - 应流股份 is focusing on the gas turbine blade sector as its primary growth curve for the next three years, with potential expansion into the aerospace engine blade market in the future [3][12] - The company has seen explosive order growth since the second half of last year, reflecting strong downstream demand and price increases [3][15] - 应流股份 has been approved for convertible bond issuance to expand production capacity, which is expected to significantly enhance blade output and revenue potential in the coming years [3][15] Additional Important Information - The overall industry is experiencing high demand across various dimensions, including AI data center capital expenditure and gas turbine blade manufacturing, with significant improvements in gross margins and performance [2][14] - 应流股份 is well-positioned to capitalize on market opportunities due to the slow expansion of competitors and the high energy consumption and pollution associated with casting processes [3][13] - Market valuation concerns exist for 应流股份, currently estimated at 40 times earnings, but with significant growth potential projected over the next three years [2][16]

通过天眼查大数据分析，安徽应流机电股份有限公司共对外投资了9家企业，参与招投标项目36次，知 识产权方面有商标信息260条，专利信息165条，此外企业还拥有行政许可26个。 应流股份最新一期业绩显示，截至2025一季报，公司营业总收入6.63亿元、同比增长0.03%，归属净利 润9204.31万元，同比增长1.65%，扣非净利润8976.06万元，同比增长0.15%，流动比率1.136、速动比率 0.537、资产负债率57.09%。 天眼查商业履历信息显示，安徽应流机电股份有限公司，成立于2006年，位于合肥市，是一家以从事通 用设备制造业为主的企业。企业注册资本67903.6441万人民币，实缴资本67903.6441万人民币。公司法 定代表人为杜应流。 金融界消息 截至2025年8月6日收盘，应流股份（603308）报收于27.55元，上涨3.61%，换手率1.93%， 成交量13.13万手，成交金额3.58亿元。 资金流向方面，今日主力资金净流入4837.07万元，占比成交额13.51%。其中，超大单净流入3943.73万 元、占成交额11.01%，大单净流入893.34万元、占成交额2.49%，中单净 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the AI industry and related infrastructure investments, particularly focusing on data centers and associated equipment such as cooling systems, gas turbines, and diesel generators [1][2][3]. Core Insights and Arguments - **Capital Expenditure Trends**: Meta has raised its 2025 capital expenditure (Capex) forecast to $66-72 billion, with a similar increase expected for 2026, indicating strong investment in computing power by cloud service providers [1][2]. - **Domestic Market Recovery**: The release of NVIDIA's H20 and H25 signifies a return of domestic computing power investments, alleviating concerns about the market's performance in the latter half of the year [3]. - **Cooling Technology Growth**: The global liquid cooling market is projected to grow from $5 billion in 2024 to over $20 billion by 2030, with a domestic growth rate expected to exceed 70% [1][6]. - **Gas Turbine Demand**: The demand for gas turbines is expected to rise due to increased electricity consumption in data centers, with projections indicating that by 2028, data centers in the U.S. will account for over 10% of total electricity consumption [1][10]. Important but Overlooked Content - **Performance of Leading Companies**: Companies like Johnson Controls and Trane Technologies are experiencing significant growth in their data center business, with Johnson Controls' orders in the first half of FY 2024 surpassing the total for FY 2023, and sales doubling [1][7]. - **Investment Opportunities in Diesel Engines**: The diesel engine market is facing a global supply shortage, with Cummins reporting a 20% growth in its power generation business and a 70% increase in sales in China [4][13]. - **Market Dynamics for Gas Turbines**: The gas turbine market is highly concentrated, with leading companies like 应流股份 (Yingliu) and 万泽 (Wanze) positioned to benefit from domestic demand and the shift towards localized production [12][10]. - **Future Growth Projections**: The compound annual growth rate (CAGR) for data center construction and related infrastructure is expected to exceed 30% over the next 3 to 5 years, driving demand for cooling equipment, gas turbines, and diesel generators [15]. Recommendations - **Investment Recommendations**: Companies such as Ice Wheel Environment, 应流股份 (Yingliu), and 潍柴重机 (Weichai Heavy Industry) are highlighted as potential investment opportunities due to their strong market positions and growth prospects in the context of rising demand for data center infrastructure [8][15].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, suggesting that the industry is expected to outperform the overall market [3][28]. Core Insights - The military industry is experiencing a positive cycle driven by domestic demand, particularly due to the ongoing modernization of the military, which is expected to enhance domestic demand and support growth in the military sector [5][6]. - The report highlights a significant increase in global military trade demand, driven by geopolitical changes, which is anticipated to create a strong resonance between supply and demand in China's military trade [5][6]. - The military sector is expected to see an increase in overall valuation as the global military trade landscape evolves and domestic construction cycles expand, leading to greater recognition and higher valuations for military technology [5][6]. - The report recommends increasing attention to military stocks, particularly those related to next-generation equipment and precision-guided weapons, which are expected to enter a growth phase by 2025 [5][6]. Market Review - Last week, the Shenwan Defense and Military Index rose by 0.08%, outperforming the ChiNext Index, the CSI 300, and the Shanghai Composite Index, which fell by 0.74%, 1.75%, and 0.94% respectively [3][6]. - The report notes that the military sector's performance ranked 6th among 31 Shenwan primary industry sectors, with the average increase of the civil-military integration index at 0.65% [3][6]. - The top five performing stocks in the defense sector last week included Shanhe Intelligent (28.88%), Great Wall Military (22.91%), Aerospace Power (13.95%), Aileda (13.22%), and Zhongguang Lightning Protection (11.08%) [3][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 84.97, placing it in the upper range historically, with a valuation percentile of 71.81% since January 2014 and 99.75% since January 2019 [13][18]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment currently positioned at a relatively high valuation level since 2020 [13][18]. Key Valuation Targets - The report lists several key targets within the military sector, including high-end combat capabilities and new quality combat capabilities, with specific companies highlighted for their growth potential and market positioning [5][20].

Investment Rating - The report maintains a positive outlook on the mechanical equipment sector, particularly highlighting the strong performance of specific companies like 应流股份 and 恒立液压 [11][16]. Core Insights - The gas turbine industry is experiencing a sustained increase in demand, with GEV signing new gas turbine orders of 12.2GW in H1 2025, representing a year-on-year growth of 35.56% [5][58]. - The report emphasizes the tight supply of turbine blades, a critical component in gas turbines, due to insufficient global production capacity, which is causing delivery challenges [5][23]. - The robotics sector is shifting from pure technology competition to application-specific scenarios, with significant advancements in automation and data utilization [5][24]. - The manufacturing PMI for July is reported at 49.3%, indicating a contraction in the manufacturing sector, but specific sub-sectors like forklifts are showing signs of recovery [5][33]. Summary by Sections Market Review - The SW Mechanical Equipment Index fell by 0.76% in the last week, ranking 9th among 31 primary industry categories, while the Shanghai Composite Index dropped by 1.75% [3][13]. - Year-to-date, the SW Mechanical Equipment Index has risen by 15.54%, ranking 6th among the same categories, compared to a 3.05% increase in the Shanghai Composite Index [3][14]. Key Data Tracking - General machinery continues to face pressure, with the manufacturing PMI below the neutral mark for four consecutive months [25][33]. - The engineering machinery sector shows resilience, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13.3% [38]. - The gas turbine sector is on an upward trend, with significant order growth and a robust market outlook [58]. Industry Dynamics - The report highlights the ongoing tightness in the supply of turbine blades, which is critical for gas turbine production, and the implications for companies like 应流股份 [5][23]. - The robotics industry is advancing towards practical applications, with notable developments in automation and machine learning [5][24]. - The report suggests monitoring the forklift and injection molding machine sectors, which are expected to benefit from domestic demand policies [5][33].