Group 1: Yuanjie Technology - In the first half of 2025, the company experienced significant revenue growth in the data communication sector, particularly driven by the demand for 400G/800G optical modules, with a quarter-on-quarter upward trend expected to continue in the second half [1] - The company achieved core technological breakthroughs in high-power CW light sources and high-speed EML, with the US factory undergoing renovations and equipment procurement [1] - The company has pre-purchased equipment to ensure capacity expansion and will continue to invest in R&D to optimize processes and maintain a high gross margin [1] Group 2: Dekoli - In the first half of 2025, the company faced challenges due to rapid growth in computing power demand, leading to insufficient capacity and supply chain resources, resulting in inadequate order fulfillment [1] - The revenue share of data communication products increased to nearly 40%, while telecom business revenue declined by approximately 8% year-on-year [1] - A new factory is expected to come online in the second half of the year, with improved prospects anticipated, and the company is focusing on enhancing core competitiveness to address risks [1] Group 3: Kehua Data - In the first half of 2025, the company reported revenue of 3.733 billion yuan, a year-on-year increase of 0.06%, and a net profit attributable to shareholders of 244 million yuan, up 7.94% [2] - The data center business generated revenue of 1.398 billion yuan, reflecting a year-on-year growth of 16.77%, while revenue from smart energy and new energy businesses declined [2] - The company is focusing on "technological innovation" and "computing power layout," rapidly developing its intelligent computing center business and launching a new computing power service model [2]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Tongyuan Investment on a listed company, Kehua Data, revealing its financial performance and strategic focus [1] - In the first half of 2025, Kehua Data reported revenue of 3.733 billion yuan, a slight increase of 0.06% year-on-year, and a net profit attributable to shareholders of 244 million yuan, up 7.94% year-on-year [1] - The data center business generated revenue of 1.398 billion yuan, reflecting a year-on-year growth of 16.77%, while the smart electric and new energy sectors experienced a decline in revenue [1] Group 2 - Kehua Data is focusing on "technological innovation" and "computing power layout," with rapid development in its intelligent computing center business [1] - The company has launched its computing power platform V2.0 and is establishing a new service model termed "1+4+X" for computing power services [1] - Kehua Data is advancing its liquid cooling technology and has introduced full lifecycle services, creating several benchmark projects across various industries [1] Group 3 - The company has introduced a 2000V 450kW inverter and a 460kW liquid-cooled PCS in the new energy sector, serving numerous central state-owned enterprises [1] - Kehua Data is accelerating its overseas business expansion, implementing an "going abroad" strategy by leveraging its core products [1]

Core Viewpoint - The company has shown resilience in its financial performance despite challenges in certain sectors, with a focus on innovation and strategic expansion in the data center and energy management industries [2][3][4]. Financial Performance - In the first half of 2025, the company's revenue reached 3.733 billion yuan, a slight increase of 0.06% year-on-year [2] - The net profit attributable to shareholders was 244 million yuan, reflecting a growth of 7.94% [2] - The data center sector generated 1.398 billion yuan in revenue, up 16.77% year-on-year, while the gross margin was 29.35%, down 1.40% [2][3] - The smart energy sector saw revenue decline by 22.56% to 439 million yuan, but the gross margin increased by 1.93% to 36.39% [2][4] - The renewable energy sector's revenue decreased by 4.22% to 1.852 billion yuan, with a gross margin of 17.51%, up 0.63% [2][4] Business Segments - The intelligent computing center business generated approximately 1.398 billion yuan in revenue, driven by technological innovation and partnerships with leading AI chip manufacturers [3] - The smart energy business is leveraging AI for energy management and has secured contracts in major transportation and industrial projects [4] - The renewable energy sector is focusing on innovative products like the 2000V 450kW string inverter and 460kW liquid-cooled PCS [4] Liquid Cooling Business - The company is a pioneer in the liquid cooling sector, offering a full lifecycle service for liquid-cooled data centers and exporting products internationally [5] - Collaborations with partners like Nuxi Co. aim to meet high-performance computing demands [5] International Expansion - The company is actively pursuing international opportunities, particularly in the overseas computing power market, by focusing on product certification and customer testing [6]

三、公司智慧电能与新能源业务的发展情况如何？ 证券代码：002335 证券简称：科华数据 科华数据股份有限公司投资者关系活动记录表 编号：2025-02 | | 特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | 其他（电话交流） | | | | 天风证券股份有限公司、易方达基金管理有限公司、汇添富基 金管理股份有限公司、平安基金管理有限公司、海富通基金管 | | | | 理有限公司、鹏华基金管理有限公司、万家基金管理有限公司、 | | | | 兴业基金管理有限公司、华安基金管理有限公司、光大保德信 | | | | 基金管理有限公司、汇泉基金管理有限公司、东兴基金管理有 | | | | 限公司、泉果基金管理有限公司、海南恒立私募基金管理有限 | | | | 公司、上海保银私募基金管理有限公司、上海博昱私募基金管 | | | | 理有限公司、上海笃诚私募基金管理有限公司、上海盛宇股权 | | | 参与单位名称 | 投资基金管理有限公司、闻天私募 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 8月28日，中电联与国家电化学储能电站安全监测信息平台联合发布《2025年上半年电化学储能电站行 业统计数据》。其中显示， 已投运电站装机TOP5系统集成商：海博思创、比亚迪、阳光电源、远景、中车株洲所，总能量 23.45GWh，占比36.38%。 学储能电站安全监测信息平台 2025 年上半年电化学储能电站 行业统计数据 中国电力企业联合会 国家电化学储能电站安全监测信息平台 2025 年 8 月 已投运电站装机TOP5电池厂商：宁德时代、亿纬锂能、比亚迪、海辰储能、远景，总装机能量 42.71GWh、占比66.27%。 已投运电站装机TOP5 PCS 厂商：科华数据、上能电气、索英电气、国电南瑞、许继电气，总功率 15.67GW，点能51.94%。 已投运电站装机TOP5 BMS厂商：高特电子、协能科技、海博思创、比亚迪、阳光电源，总能量 35.83GWh，占比55.60%。 已投运电站装机TOP5 EMS厂商：德联软件、长园集团、国电南瑞、许继电气、远景，总能量 29.52GWh、占比45.80%。 1-6月，全 ...

Summary of Kehua Data Co. (002335.SZ) Conference Call Company Overview - **Company**: Kehua Data Co. (002335.SZ) - **Industry**: Industrial Technology & Machinery, specifically focusing on Uninterruptible Power Supply (UPS) and power management solutions Key Financial Results - **2Q25 Financial Performance**: - Revenue: Rmb2,516 million, down 1% YoY - Gross Profit: Rmb567 million, up 7% YoY - EBIT: Rmb218 million, up 24% YoY - Net Profit: Rmb175 million, up 15% YoY - Gross Profit Margin (GPM): 23%, up 2 percentage points YoY - Operating Profit Margin (OPM): 9%, up 2 percentage points YoY - Net Profit Margin (NPM): 7%, up 1 percentage point YoY - **Comparison to Guidance**: Results were largely in line with expectations, excluding credit impairment losses of Rmb47 million [1][19][20] Revenue Segmentation - **Data Center Products**: - Sales: Rmb784 million, up 34% YoY - **Smart Power Products**: - Sales: Rmb439 million, down 23% YoY - **Total Sales for 1H25**: Rmb1,224 million, up 6% YoY, compared to Kstar's Rmb1,299 million, up 8% YoY [2][10] Growth Outlook - **2H25 Expectations**: Anticipated 30% YoY growth in data center products driven by strong demand and order delivery schedules [2] - **Overseas Expansion**: Limited contribution in 1H25, but management is actively expanding the overseas customer base, with expectations for more business progress in 2026E [10] - **Domestic Demand**: Solid growth in 2025 YTD, maintaining high wallet share with major clients like Tencent [10] Product Development - **New Products**: Development of high-voltage direct current (HVDC) products and next-generation technologies [10][16] - **Cooling Solutions**: Offering liquid-cooled modular data centers and racks for AI applications, primarily serving Chinese telecom operators [16] Financial Projections - **Revised Net Income Forecasts**: Adjusted by -1% on average for 2025-2030E [1][19] - **12-Month Price Target**: Updated to Rmb42.6 from Rmb42.8, maintaining a Neutral rating due to current valuation levels [1][19] Risks and Considerations - **Downside Risks**: - Lower-than-expected data center revenue growth - Weaker new energy revenue outlook - Reduced margins in new energy products - **Upside Risks**: - Better-than-expected customer capital expenditures - Faster product expansion and market share gains - Price competition in data center and renewable energy products [19][26] Valuation Metrics - **Market Cap**: Rmb29.8 billion / $4.2 billion - **P/E Ratios**: 34x for 2026E, 28.5x for 2027E - **CAGR**: 14% for 2027-2030E earnings [1][4][11] Conclusion - Kehua Data Co. is positioned as a leader in the UPS market with a focus on expanding its product offerings and market reach. The company is navigating a solid domestic demand landscape while actively pursuing international opportunities. The current valuation reflects a balanced risk/reward scenario, leading to a Neutral rating from analysts.

事件：公司25Q2 业绩超预期。公司25H1 实现营收37.33 亿元，同增0.06%；实现归母净利润2.44 亿 元，同增7.94%。其中，25Q2 单季营收25.16 亿元，同增-1.19%，环增106.88%；Q2 归母净利润1.75 亿 元，同增14.81%，环增153.24%。25Q2 计提资产减值0.41 亿元，信用减值0.47 亿元，还原减值影响后 25Q2 归母净利润约2.63 亿元，超预期。 费率端： 25H1 公司销售/ 管理/ 研发/ 财务费率为6.99%/3.17%/5.86%/0.07%， 同比 +0.3pct/+0.15pct/+0.48pct/-0.8pct。财务费率同比下降主要系转债利息减少及汇兑收益增加。 净利率：25H1 公司净利率同比-0.56pct 至4.45%，其中25Q2 净利率7.04%，同增0.95pct，环比 +1.13pct。 25H1 智慧电能产品收入4.39 亿元，同比-22.56%，毛利率36.39%，同比+1.93pct；25H1 新能源产品收入 18.52 亿元，同比-4.22%，毛利率17.51%，同比+0.63pct。 投资建议：维持"买入"评 ...

公司发布的半年报数据显示，上半年公司共实现营业收入37.33亿元，同比增长0.06%，实现净利润2.44 亿元，同比增长7.94%，基本每股收益为0.5100元，加权平均净资产收益率5.08%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 科华数据股价创出历史新高，截至9:32，该股上涨4.20%，股价报60.24元，成交量1062.11万股，成交金 额6.55亿元，换手率2.34%，该股最新A股总市值达310.49亿元，该股A股流通市值273.89亿元。 证券时报·数据宝统计显示，科华数据所属的电力设备行业，目前整体涨幅为0.21%，行业内，目前股价 上涨的有200只，涨幅居前的有雅达股份、先导智能、杭可科技等，涨幅分别为28.45%、13.91%、 10.10%。股价下跌的有181只，跌幅居前的有大全能源、南网科技、电气风电等，跌幅分别为8.57%、 4.37%、4.01%。 两融数据显示，该股最新（8月29日）两融余额为17.94亿元，其中，融资余额为17.90亿元，近10日增加 6.36亿元，环比增长55.13%。 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 09 01 年 月 日 朝闻国盛 8 月 PMI 低位小升的背后 今日概览 ◼ 重磅研报 【宏观】政策半月观—市场迎来关键窗口——20250831 【宏观】8 月 PMI 低位小升的背后——20250831 【金融工程】市场波动开始加大——20250831 【金融工程】择时雷达六面图：本周外资指标弱化——20250830 【固定收益】相对性价比在行情中改变——20250831 【固定收益】资金继续宽松，杠杆小幅回升——流动性和机构行为跟踪 ——20250830 【固定收益】低利率反转后的压力与应对——低利率时代资管机构之美 国银行保险篇——20250829 【家用电器】乐摩吧：共享按摩服务提供商，市场份额领先——20250831 【食品饮料】用出清换改善——白酒行业 2025H1 中报总结—— 20250831 【银行】本周聚焦—上市银行 2025 年中报：营收及利润增速双双转正— —20250831 【建筑装饰】Q2 营收业绩降幅收窄，现金流边际改善——20250831 【能源】预期寻底，新机当立——20250829 【计算机】有方科技（688 ...

科华数据 20250829.docx AceCamp AI 2025-08-30 摘要 科华数据 2025 年上半年现金流改善，但计提 9,800 万元资产减值影响 单期利润。数据中心业务收入增长 16.77%，毛利率 29.35%，其中数 据中心产品收入增长 34.19%，毛利率 36.06%。 公司聚焦核心产品和技术创新，加大海外市场开拓，通过准时制、 IPD、LTC 等管理变革提升经营效益，并在高毛利、高壁垒行业寻找新 机会。 科华数据作为国内算力重要标的，受益于 AI 产业发展，尤其是在电源、 HVDC、液冷等领域具备丰富产品线和出海战略，未来成长空间巨大。 国内收入略降，海外收入增长 24.73%，主要得益于新能源和数据中心 领域的出海战略。数据中心业务在腾讯高压直流市场占据近 80%份额， 并积极拓展阿里巴巴等大客户。 数据中心业务核心产品包括 UPS、HVDC、SST 及液冷技术，其中 UPS 不断更新，HVDC 在大客户中占据重要地位，液冷技术实现从 0 到 1 的 突破，并推出液冷 Pod。 IDC 服务包括租赁业务和算力平台 2.0，目标上架率 85%，算力平台集 成算力筑基、资源融通和平 ...