南京佳力图机房环境技术股份有限公司（以下简称"公司"或"佳力图"） 于 2025 年 4 月 18 日召开 2025 年第三次临时股东会，审议通过了《关于公司 及子公司使用部分闲置非公开发行股票募集资金进行现金管理的议案》，同意公 司及子公司对总额不超过 7 亿元的闲置非公开发行股票募集资金进行现金管理， 该额度在股东会审议通过之日起 12 个月内可循环滚动使用，单个理财产品的投 资期限不超过 12 个月，募集资金现金管理到期后归还至募集资金专用账户，并 由股东会授权董事长在以上额度内具体实施本次购买保本型理财产品的相关事 宜、签署相关合同文件。保荐机构中信建投证券股份有限公司对佳力图及子公司 使用部分闲置募集资金进行现金管理无异议。具体信息详见公司于 2025 年 4 月 1 日披露的《关于公司及子公司使用部分闲置非公开发行股票募集资金进行现金 管理的公告》（公告编号：2025-040）。 一、本次使用部分闲置募集资金进行现金管理到期赎回的情况 公司子公司南京楷德悠云数据有限公司于 2025 年 12 月 12 日使用闲置非公 开发行股票募集资金 10,500 万元购买了浙商银行股份有限公司盐城分行"大额 ...

Group 1 - The liquid cooling server concept is gaining momentum, with several companies experiencing significant stock price increases [1] - Chuanrun Co., Ltd. has seen its stock hit the daily limit up, indicating strong market interest [1] - Jialitu and Highlan Co., Ltd. also reached their daily limit up, reflecting positive investor sentiment in the sector [1] Group 2 - Highlan Co., Ltd. experienced a stock increase of over 10%, showcasing its strong performance in the market [1] - Other companies such as Fangsheng Co., Shenli Environment, Yimikang, and Feilong Co. also saw their stocks rise, indicating a broader trend in the industry [1]

Financial Performance - The company expects a net profit loss of between 60 million to 74 million yuan for the year 2025, primarily due to intense market competition, rising raw material costs leading to a decline in gross margin, increased R&D expenses, and higher operational costs for the Kaide Youyun Data Center project [2] - The Q3 2025 report shows a significant decline in net profit attributable to shareholders, amounting to -43.73 million yuan, indicating a substantial year-on-year drop [2] Stock Price and Fund Movement - Shareholder Anle Engineering Group Co., Ltd. plans to reduce its holdings by up to 16.25 million shares (not exceeding 3% of total share capital) between January 30, 2026, and April 29, 2026, which may impact stock liquidity [3] - Recent fund movements indicate a net outflow of main funds, with a recorded outflow of 10.61 million yuan on February 4, 2026, and continuous net outflows observed throughout January 2026, reflecting cautious market sentiment that may increase short-term stock price volatility [3] Industry and Risk Analysis - The liquid cooling industry, to which the company belongs, is gaining attention due to expanding computing power demands and may benefit from the long-term development of the digital economy [4] - The company is currently under profit pressure, with a gross margin of only 14.09% reported in Q3 2025, down year-on-year, necessitating observation of whether the company can achieve a performance turnaround through cost control or improved orders [4] Company Fundamentals - The Q3 2025 report indicates a slight revenue increase to 483 million yuan, but a significant decline in net profit, with a debt ratio of 49.11% [5] - The high proportion of accounts receivable and the need to monitor cash flow conditions are fundamental factors that may affect the company's long-term performance [5]

| 证券代码：603912 | 证券简称：佳力图 | 公告编号：2026-007 | | --- | --- | --- | | 转债代码：113597 | 转债简称：佳力转债 | | 南京佳力图机房环境技术股份有限公司 关于公司及子公司使用部分闲置非公开发行股票 募集资金进行现金管理的进展公告 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法律责任。 重要内容提示： 已履行及拟履行的审议程序 南京佳力图机房环境技术股份有限公司（以下简称"公司"或"佳力图"） 于 2025 年 4 月 18 日召开 2025 年第三次临时股东会，审议通过了《关于公司 及子公司使用部分闲置非公开发行股票募集资金进行现金管理的议案》，同意 公司及子公司拟对总额不超过 7 亿元的闲置非公开发行股票募集资金进行现金 管理，该额度在股东会审议通过之日起 12 个月内可循环滚动使用。 特别风险提示 本次购买的理财产品安全性高、流动性好、有保本约定，属于低风险投资 产品，但金融市场受宏观经济、财政及货币政策的影响较大，不排除该项投资 可能受到市场波动的影响。 一、投 ...

2．公司子公司楷德悠云于 2025 年 8 月 15 日使用闲置非公开发行股票募集 资金 5,000 万元购买了浙商银行股份有限公司盐城分行"浙商银行单位结构性存 款(产品代码：EEH25032DT)"理财产品，理财期限：180 天，具体信息详见公 司于 2025 年 8 月 19 日披露的《关于公司及子公司使用部分闲置非公开发行股 票募集资金进行现金管理的进展公告》（公告编号：2025-095）。 截至本公告披露日，公司已赎回上述理财产品，获得本金及收益合计人民币 101,000,000.00 元，与预期收益不存在差异，本金及收益已归还至募集资金专 户。具体情况如下： | 证券代码：603912 | 证券简称：佳力图 | 公告编号：2026-006 | | --- | --- | --- | | 转债代码：113597 | 转债简称：佳力转债 | | 南京佳力图机房环境技术股份有限公司 关于公司及子公司使用部分闲置非公开发行股票 募集资金进行现金管理到期赎回的公告 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法律责任。 南京佳力图机 ...

Key Insights on Infrastructure Investment Opportunities - A seasonal infrastructure construction boom occurs from the end of the Spring Festival to the conclusion of the National People's Congress, lasting approximately 1-1.5 months, presenting significant investment opportunities[2] - The report identifies 10 strong sub-sectors with high odds and win rates, including engineering consulting services, environmental equipment, environmental governance, general equipment, specialized engineering, non-metallic materials, new metallic materials, specialized equipment, decoration, and plastics, with average returns of 12-15% and excess returns of 4-8% over the past decade[2][10] Selected Stocks from Strong Sub-sectors - The report highlights a portfolio of 18 stocks selected from the 10 strong sub-sectors based on a scoring model, which includes: - Engineering consulting: Qidi Design (average excess return 22.7%, win rate 100%) and Jian Ke Yuan (average excess return 16.4%, win rate 100%)[3][19] - Environmental equipment: Xianhe Environmental (average excess return 11.7%, win rate 90%) and Senyuan Co. (average excess return 12.2%, win rate 80%)[3][20] - Environmental governance: Shanghai Washba (average excess return 36.0%, win rate 100%) and Dechuang Environmental (average excess return 19.1%, win rate 89%)[3][23] - General equipment: Jialitu (average excess return 35.3%, win rate 100%) and Jinyang Sun (average excess return 28.8%, win rate 100%)[3][26] Performance and Risk Considerations - The selected 10 strong sub-sectors have consistently shown high absolute and excess return probabilities, with a stable performance track record over the past decade[10][13] - Risks include limitations of comparative studies, market learning effects leading to volatility, unexpected market downturns, and individual stock risks impacting the overall portfolio[4]

Group 1 - The company, Jialitu (603912), will disclose its operating performance in the upcoming annual report scheduled for March 24, 2026 [1]

Core Viewpoint - Efficient cooling is an effective approach to reduce the Power Usage Effectiveness (PUE) of data centers [2] Group 1: Energy Consumption and Cooling - The energy consumption of data centers is closely related to cooling, as stable electricity is required to maintain efficient chip operations, and heat generation must be effectively dissipated to prevent performance degradation [3] - PUE is a key indicator of data center operational efficiency, calculated as total energy consumption divided by IT equipment energy consumption, with a target of PUE < 1.3, ideally approaching 1.2 [3] - Cooling is often a major energy consumer in data centers, with early developments seeing PUE values exceeding 2, primarily due to cooling processes [4] Group 2: Paths to Reduce PUE - There are two main paths to reduce PUE: utilizing external cooling resources and implementing efficient internal cooling systems [5] - External cooling can be achieved through natural cooling from outdoor air in cold climates, as demonstrated by Kolos's data center in Norway, which aims to reduce energy costs by 60% due to its cold climate and hydropower resources [6] - China's Tibet Ningxuan data center is noted as the highest elevation data center globally, and there are proposals to build data centers in space to enhance cooling efficiency [7] Group 3: Internal Cooling Solutions - The current mainstream internal cooling solutions are air cooling and liquid cooling [8] - Liquid cooling is gaining traction as the next-generation mainstream solution, with its penetration rate increasing from 10% to 30% due to its superior heat dissipation capabilities [9] - The main types of liquid cooling technologies include cold plate liquid cooling, immersion cooling, and spray cooling, with companies specializing in data center cooling and traditional HVAC manufacturers involved in this space [10] Group 4: Future Trends - As AI demands continue to grow, liquid cooling is expected to replace air cooling as the primary method for reducing PUE in data centers [12]

Core Viewpoint - The company, Nanjing Jialitu Machine Room Environment Technology Co., Ltd., anticipates a significant net loss for the fiscal year 2025, with projected losses ranging from 60 million to 45 million yuan [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [3]. - The company expects a net profit attributable to shareholders of the parent company to be between -60 million and -45 million yuan, indicating a loss compared to the previous year [4]. - The projected net profit after deducting non-recurring gains and losses is estimated to be between -74 million and -60 million yuan [2][4]. Group 2: Previous Year Performance - In the previous year, the total profit was 37.8876 million yuan, with a net profit attributable to shareholders of the parent company at 35.8592 million yuan [6]. - The net profit after deducting non-recurring gains and losses was 16.7346 million yuan [6]. - The earnings per share for the previous year were 0.0662 yuan [7]. Group 3: Reasons for Expected Loss - The expected decrease in net profit is attributed to several factors: - Intense market competition and rising raw material costs leading to a decline in gross margin [8]. - Increased investment in new product research and development, resulting in higher personnel and expense costs [8]. - The completion of the first phase of the Kaide Youyun Data Center project, which has transitioned to fixed assets, leading to increased operating costs, depreciation, and management expenses [8].

Core Viewpoint - The company, Nanjing Jialitu Machine Room Environment Technology Co., Ltd., anticipates a significant net loss for the fiscal year 2025, with projected losses ranging from 45 million to 60 million yuan [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [3]. - The company expects a net profit attributable to shareholders of the parent company to be between -60 million and -45 million yuan, indicating a loss compared to the previous year [4]. - The projected net profit after deducting non-recurring gains and losses is estimated to be between -74 million and -60 million yuan [2][4]. Group 2: Previous Year Performance - In the previous year, the total profit was 37.8876 million yuan, with a net profit attributable to shareholders of the parent company at 35.8592 million yuan [6]. - The net profit after deducting non-recurring gains and losses was 16.7346 million yuan [6]. - The earnings per share for the previous year were 0.0662 yuan [7]. Group 3: Reasons for Expected Loss - The expected decline in net profit is attributed to several factors: - Intense market competition and rising raw material costs leading to decreased gross margins [8]. - Increased investment in new product research and development, resulting in higher personnel and expense costs [8]. - The completion of the first phase of the Kaide Youyun Data Center project, which has transitioned to fixed assets, leading to increased operating costs, depreciation, and management expenses [8].