Core Insights - Despite revenue growth, the company has entered a loss position, facing intensified industry competition and internal transformation challenges [1][2] Group 1: Profitability Pressure - The most significant risk signal from the company's Q3 report is the substantial decline in profitability, shifting from profit in the previous year to a loss [2] - A notable reason for this situation is the significant drop in gross margin, driven by increased market competition leading to lower product sales prices, which compresses profit margins [2] - The growth rate of the company's main business costs has outpaced revenue growth, further eroding profits [2] - Increased expenses due to business expansion, including higher personnel costs from sales, R&D, and service staff, have added pressure on profitability [2] - The net cash flow from operating activities has shown a significant outflow, creating additional financial pressure for business operations and expansion [2] Group 2: Financial Structure Changes - The Q3 report indicates a rise in the company's debt levels, with a significant increase in short-term borrowings, which is concerning given the weakened profitability [3] - The asset structure has also changed, with improvements in cash reserves but a significant increase in fixed assets due to data center project transfers, impacting future depreciation burdens and profitability [3] - There is a noticeable decrease in the number of common stock shareholders, indicating a trend towards concentration of equity, with mixed signals from the capital market regarding the company's future prospects [3] Group 3: Market and Operational Challenges - The company faces challenges in balancing market expansion and internal management, needing to maintain revenue growth while controlling costs and improving profitability [3] - In the context of the ongoing development of the data center industry, the company's ability to adjust its business structure, control operating costs, and enhance operational efficiency will be crucial for overcoming current difficulties [3] - The company has a considerable order backlog, providing a foundation for future business development, but converting these orders into actual profits remains to be seen [3]

Core Points - The company reported a decline in net profit attributable to shareholders compared to the same period last year, primarily due to increased market competition leading to lower product sales prices and gross margin [4] - The company has a total order backlog of 1,022.30 million yuan as of September 30, 2025 [5] Financial Data - The financial statements for the third quarter are unaudited, and the report period refers to the three months from the beginning to the end of the quarter [3] - The company has confirmed that the financial information in the quarterly report is true, accurate, and complete, with no false records or major omissions [2] Non-Recurring Gains and Losses - The report indicates that non-recurring gains and losses are applicable, but specific details on significant non-recurring items are not provided [6] Shareholder Information - There are no changes in the number of shareholders or significant shareholders participating in the securities lending business compared to the previous period [8] Audit Opinion - The financial statements are unaudited, and the company has not undergone any mergers that would affect the reported net profit [9]

Core Points - The company reported a decline in net profit attributable to shareholders compared to the same period last year, primarily due to intense market competition leading to decreased product sales prices and gross margin [4] - The increase in sales contracts resulted in higher sales, research and development, and service personnel costs, contributing to increased sales and R&D expenses [4] - The company had a total order backlog of 1,022.30 million yuan as of September 30, 2025 [5] Financial Data - The financial statements for the third quarter were not audited [3] - The report indicates that the financial information is guaranteed to be true, accurate, and complete by the company's board and management [2] - The company has not recognized any non-recurring gains or losses during the reporting period [6] Shareholder Information - There were no changes in the number of shareholders or significant shareholders participating in the securities lending business [7] - The report does not indicate any other important information regarding the company's operational situation during the reporting period [7] Audit Information - The financial statements for the period ending September 30, 2025, are unaudited [8] - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the current year [8]

Group 1 - The company reported a revenue of 483 million yuan for the first three quarters of 2025, representing a year-on-year growth of 6.32% [1] - The company experienced a net loss attributable to shareholders of 43.74 million yuan [1] - The company's net profit excluding non-recurring items was a loss of 55.41 million yuan [1] - The basic earnings per share were reported at -0.0807 yuan [1]

Group 1 - The company reported a revenue of 483 million yuan for the first three quarters of 2025, representing a year-on-year growth of 6.32% [1] - The company incurred a net loss attributable to shareholders of 43.74 million yuan [1] - The company's net profit excluding non-recurring items was a loss of 55.41 million yuan [1] - The basic earnings per share were -0.0807 yuan [1]

Financial Performance - The company's operating revenue for the third quarter was ¥162,490,297.38, a decrease of 23.32% compared to the same period last year[4] - The total profit for the quarter was -¥32,095,444.37, reflecting a significant decline of 8,653.10% year-over-year[4] - The net profit attributable to shareholders was -¥25,965,614.83, down 2,104.78% from the previous year[4] - Total net profit attributable to shareholders for the reporting period was -458.34 million RMB, primarily due to a decrease in gross margin and increased expenses[11] - The net profit for the first three quarters of 2025 was a loss of ¥43,892,297.96, compared to a profit of ¥12,300,608.49 in the same period of 2024[22] - The company's operating profit turned negative at -¥53,035,103.64, contrasting with a positive operating profit of ¥11,405,917.59 in the previous year[21] - The total net profit for the year-to-date was -572.79 million RMB, attributed to declining gross margins and rising costs[11] - Operating profit for the first three quarters of 2025 was a loss of ¥34.62 million, compared to a profit of ¥4.75 million in 2024[33] - Net profit for the first three quarters of 2025 was a loss of ¥25.63 million, while in 2024, the net profit was ¥10.61 million[33] Assets and Liabilities - The total assets increased by 8.36% to ¥3,534,984,461.52 compared to the end of the previous year[5] - Total assets as of September 30, 2025, included cash and cash equivalents of 944.18 million RMB, an increase from 684.50 million RMB at the end of 2024[16] - The total assets of the company amounted to ¥3,534,984,461.52, compared to ¥3,262,317,104.04 in the previous year, showing growth in asset base[19] - Current liabilities rose to ¥1,337,865,425.96 from ¥1,065,051,429.07, indicating increased short-term financial obligations[18] - Long-term borrowings were reported at ¥86,041,250.01, reflecting the company's financing strategy[18] - The total equity attributable to shareholders decreased to ¥1,798,413,928.02 from ¥1,885,134,876.20, indicating a decline in shareholder value[18] - The company's total equity decreased to CNY 1,762,813,888.60 from CNY 1,831,432,416.79, reflecting a decline of 3.7%[29] - Total liabilities increased to CNY 1,726,858,236.00 from CNY 1,340,926,934.39, representing a rise of 28.7%[29] Cash Flow - The cash flow from operating activities showed a net outflow of -¥128,988,049.03, a decline of 154.18% compared to the previous year[5] - Cash flow from operating activities for the reporting period was -154.18 million RMB, mainly due to changes in supplier settlement methods[11] - Operating cash inflow for the first three quarters of 2025 was CNY 597,414,609.67, an increase of 5.0% compared to CNY 568,747,352.59 in the same period of 2024[24] - Net cash outflow from operating activities was CNY -128,988,049.03, worsening from CNY -50,747,451.74 in the previous year[25] - Total cash inflow from investment activities reached CNY 3,043,341,285.82, significantly up from CNY 2,337,340,610.82 in 2024, marking a 30.2% increase[25] - Cash flow from investing activities showed a net outflow of ¥187.73 million in 2025, compared to a net outflow of ¥75.20 million in 2024[35] - Cash flow from financing activities generated a net inflow of ¥366.77 million in 2025, compared to ¥329.16 million in 2024[37] Shareholder Information - The company reported a total of 44,911 common shareholders at the end of the reporting period[13] - The largest shareholder, Nanjing Kaide Investment Co., Ltd., holds 156,635,373 shares, representing 28.91% of total shares[14] Research and Development - Research and development expenses increased to ¥45,044,412.87, up from ¥40,174,224.92, indicating a focus on innovation[20] - Research and development expenses increased to ¥38.62 million in 2025, up from ¥32.20 million in 2024, reflecting a 19.9% increase[32] Market Conditions - The company noted that increased competition led to a decline in product sales prices, impacting gross margins negatively[6] - Total operating costs increased to ¥550,682,906.44, up from ¥453,773,488.27, reflecting a significant rise in operating expenses[20] - Basic earnings per share for the reporting period was -458.67 RMB, reflecting lower net profit[11] - Diluted earnings per share for the reporting period was -449.09 RMB, indicating a decrease in profitability[11] - The basic earnings per share for the period was -¥0.08, down from ¥0.02 in the previous year, highlighting the impact of the net loss on shareholder returns[22]

Core Viewpoint - The company’s subsidiary, Fengbo Environment, is involved in the construction of a 2400-meter deep underground constant temperature and humidity laboratory project, showcasing the company's technical strength and engineering experience in precision environmental control [1] Group 1 - The project is designed and integrated by Fengbo Environment, highlighting the company's comprehensive solution capabilities [1] - The core equipment utilized in the project includes high-precision constant temperature and humidity units developed by the company [1] - The project encompasses multiple key modules, including a fresh air handling system, automation control system, electrical supporting system, and laboratory renovation works [1]

Core Viewpoint - The company, Jialitu (603912.SH), is actively involved in a significant project for constructing a 2400-meter deep underground constant temperature and humidity laboratory, showcasing its expertise in precision environmental control [1] Group 1: Project Involvement - The company's subsidiary, Fengbo Environment, is responsible for the overall design and system integration of the laboratory project [1] - The core equipment utilized in the project includes high-precision constant temperature and humidity units developed by the company [1] Group 2: Technical Capabilities - The project encompasses multiple critical modules, including a fresh air handling system, automation control system, electrical supporting system, and laboratory renovation works, reflecting the company's technical strength and engineering experience in the field [1] - Since its establishment, the company has focused on technological research and development in precision environmental control, particularly for data centers [1] Group 3: Service Offerings - The company provides stable, green, and energy-efficient integrated solutions and services, including energy-saving renovation services aimed at addressing high energy consumption issues in outdated data centers [1] - The company also offers operational maintenance services for data centers, leveraging its extensive experience accumulated over the years [1] Group 4: Clientele - The company's clients span various sectors, including government departments, telecommunications, finance, internet, healthcare, rail transportation, aviation, and energy [1] - Detailed information regarding the company's main products and typical case studies can be found in its periodic reports or on its official website [1]

Core Viewpoint - The company, Jialitu (603912.SH), is actively involved in a significant project for constructing a 2400-meter deep underground constant temperature and humidity laboratory, showcasing its technical strength and engineering experience in precision environmental control [1] Group 1: Project Involvement - The company's subsidiary, Fengbo Environment, is responsible for the overall design and system integration of the laboratory project [1] - The core equipment for the project includes high-precision constant temperature and humidity units developed by the company [1] Group 2: Technical Expertise - The company has focused on technology research and development in the precision environmental control sector since its establishment [1] - It provides integrated solutions and services that are stable, green, and energy-efficient, addressing high energy consumption issues in outdated data centers [1] Group 3: Clientele and Industry Reach - The company's clients span various sectors, including government, telecommunications, finance, internet, healthcare, rail transportation, aviation, and energy [1] - The company has accumulated extensive experience in products and technology over the years, with detailed information available in its periodic reports or on its official website [1]

Core Viewpoint - The article emphasizes the critical role of liquid cooling technology in addressing the increasing thermal management challenges faced by data centers due to the rapid advancement of technologies like artificial intelligence and the Internet of Things. Traditional air cooling methods are becoming inadequate, making liquid cooling a key focus for sustainable development in data centers [5]. Summary by Sections Overview of Liquid Cooling Technology - Data centers are evolving towards "high performance, high density, and high energy consumption," with cooling systems accounting for approximately 40% of total energy consumption. Efficient heat dissipation is essential for sustainable development [5]. Company Profiles - **Shenzhen Envicool Technology Co., Ltd.**: Established in 2005, it specializes in precision cooling solutions for data centers and has a diverse product matrix including liquid cooling technologies widely used in high-power density servers [6][7]. - **Guangzhou Gaolan Energy-saving Technology Co., Ltd.**: Founded in 2001, it offers advanced cooling solutions with a focus on liquid cooling technologies, achieving a PUE as low as 1.08 in applications [10][12]. - **Sugon Information Industry Co., Ltd.**: With a comprehensive product system in liquid cooling, it has developed technologies that enhance heat exchange efficiency by over 15% [13][14]. - **Inspur Information**: A global leader in IT infrastructure, it holds a 5.5% market share in the global liquid cooling infrastructure market and has been the top provider in China for four consecutive years [16][17]. - **Ningchang Information Industry (Beijing) Co., Ltd.**: Focused on liquid cooling servers, it has developed a comprehensive system covering all scenarios of liquid cooling [20][22]. - **Sanhua Tongfei Refrigeration Co., Ltd.**: Established in 2001, it specializes in industrial temperature control technology and has developed solutions that significantly reduce energy consumption [24][26]. - **Jiangsu Likang Puting Precision Technology Co., Ltd.**: Founded in 2024, it focuses on efficient and energy-saving cooling solutions for data centers [27][28]. - **Nanjing Jialitu Room Environment Technology Co., Ltd.**: Established in 2003, it provides a full chain of services in environmental control, including liquid cooling solutions [31][33]. - **Kehua Data Co., Ltd.**: With a history dating back to 1988, it has developed liquid cooling solutions that achieve a PUE as low as 1.2 [36][37]. - **Shenzhen Keda Technology Co., Ltd.**: Founded in 1993, it offers comprehensive solutions for data centers, focusing on high-density liquid cooling products [39][40]. - **Guangdong Shenling Environment System Co., Ltd.**: Established in 2000, it provides integrated solutions for environmental control, including innovative liquid cooling systems [42][43]. - **Guangdong Haiwu Technology Co., Ltd.**: Focused on low-carbon solutions, it has developed a full-stack liquid cooling system adaptable to various power densities [46][47]. - **Shenzhen Green Cloud Technology Co., Ltd.**: A subsidiary of Wangsu Technology, it specializes in green data center solutions based on immersion cooling technology [50][51]. - **Yimikang Technology Group Co., Ltd.**: Established in 2002, it aims to lead in zero-carbon data center solutions, with a focus on various liquid cooling technologies [53][54]. - **Yuan Di (Guangzhou) Digital Technology Co., Ltd.**: Founded in 2021, it focuses on innovative liquid cooling products and solutions, achieving significant milestones in various industries [57][58]. - **Sichuan Chuanrun Co., Ltd.**: Established in 1992, it has developed dual technology routes in liquid cooling, achieving a PUE below 1.05 [61][62]. - **Changzhou Hester Technology Co., Ltd.**: With 25 years of experience, it has become a leader in liquid cooling technology, providing solutions for high-performance computing [64][65]. - **Beehe Electric (Taicang) Co., Ltd.**: Founded in 2006, it offers comprehensive thermal management solutions, including liquid cooling products [68][69]. - **Guangzhou Hashi Temperature Control Technology Co., Ltd.**: Established in 2023, it focuses on liquid cooling solutions and has developed a complete technical system for various applications [71][72]. - **Lanyang (Ningbo) Technology Co., Ltd.**: Founded in 2019, it provides comprehensive liquid cooling solutions for various industries, focusing on immersion cooling technology [73][74]. - **Zhejiang Yunchuang Zhida Technology Co., Ltd.**: A subsidiary of Zhejiang Kangsong, it offers customized liquid cooling solutions based on extensive experience in thermal management [77][78]. - **Henan Jingrui Cooling Technology Co., Ltd.**: Established in 2008, it provides solutions for various fields, including data centers [80][81]. - **H3C Group**: Offers high-density liquid cooling solutions to meet the growing performance demands of data centers [84]. Upcoming Events - The sixth Thermal Management Industry Conference and Expo will be held in 2025, focusing on thermal management technologies in data centers and consumer electronics, inviting industry professionals and researchers to participate [88].