Core Viewpoint - The company, Keda (002518.SZ), has clarified its current involvement in data center infrastructure and its capabilities in liquid cooling solutions, indicating no engagement in platinum-level data center certification [2] Group 1: Company Operations - Keda provides core products for data center infrastructure construction, including UPS, high voltage direct current power (HVDC), temperature control, and batteries [2] - The company does not currently engage in platinum-level certification for data centers [2] Group 2: Liquid Cooling Solutions - In the temperature control sector, Keda has developed diverse solutions such as liquid cooling CDU and systems, as well as natural cooling with fluorine pumps [2] - These solutions are designed to meet the application needs of various data center scenarios [2]

Group 1 - The core viewpoint of the report indicates that Keda's net profit attributable to shareholders in the first half of the year reached 260 million, representing a year-on-year increase of 16.5% [1] - In Q2 of 2025, the net profit attributable to shareholders was 140 million, showing a significant quarter-on-quarter increase of 51.6% and a year-on-year increase of 29.9% [1] - The demand for orders in the communication and internet sectors is robust in 2025, with revenue from these sectors expected to surpass that from the financial sector [1]

Group 1 - Company Keda (SZ 002518) announced that it will hold an investor research meeting on September 1-2, 2025, with participation from the Deputy General Manager and Board Secretary Fan Tao [1] - For the first half of 2025, Keda's revenue composition is as follows: Data Center industry accounts for 61.44%, New Energy industry accounts for 37.6%, and Other businesses account for 0.96% [1] Group 2 - As of the report, Keda's market capitalization is 19.3 billion yuan [2]

Group 1: Company Overview - Shenzhen Keda Technology Co., Ltd. has a balanced business model with domestic and overseas data center operations each accounting for 50% of its business [2] - The company is actively expanding its global presence, particularly in North America, Europe, and Southeast Asia [2] Group 2: Market Development - The AI technology boom is driving a global surge in data center infrastructure, presenting significant growth opportunities in both domestic and international markets [2] - Southeast Asia is identified as a key export market, with ongoing projects like the national-level AI data center in Malaysia [3] Group 3: Production Capacity - The company currently has sufficient production capacity and a well-reserved industrial park, allowing for flexible adjustments in production lines [3] - The production cycle for new lines is short, enabling quick responses to market demands [3] Group 4: Financial Performance - Recent reports indicate a fluctuation in gross profit margins due to product pricing, raw material costs, and market competition, but the data center segment remains relatively stable [3] - The renewable energy segment is expected to recover profitability as storage and related businesses improve [3] Group 5: Investor Relations - The company adheres to strict information disclosure regulations, ensuring transparency and fairness in communications with investors [3]

Group 1 - The company, Keda (002518.SZ), provides UPS power supply products necessary for data center infrastructure construction for clients such as Alibaba [1]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue for the first half of 2025 reached 2.163 billion yuan, a year-on-year increase of 14.35%, with a net profit attributable to the parent company of 255 million yuan, up 16.49% year-on-year [1]. - The data center business is expanding rapidly in overseas markets, achieving revenue of 1.299 billion yuan in the first half of 2025, an increase of 8.05% year-on-year, despite a slight decline in gross margin [2]. - The company's energy storage and charging business is recovering, with revenue of 804 million yuan in the first half of 2025, a year-on-year increase of 28.20% [2]. - R&D investment continues to grow, with expenses totaling 132 million yuan in the first half of 2025, a year-on-year increase of 1.51% [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.219 billion yuan, a year-on-year increase of 15.00%, and a net profit of 144 million yuan, up 51.58% year-on-year [1]. - The company expects net profits for 2025-2027 to be 563 million, 773 million, and 969 million yuan respectively, with upward adjustments of 6%, 10%, and 10% [3]. Business Segments - The data center business is focusing on overseas expansion, particularly in North America, Europe, and Southeast Asia, while also developing new areas such as edge computing [2]. - The energy storage business is collaborating with major clients and making progress in large-scale storage applications [2]. R&D and Innovation - The company holds a total of 616 valid patents and has been involved in drafting or revising 133 national and industry standards [3]. - The R&D strategy emphasizes market orientation and technology-driven innovation to enhance product competitiveness [3].

Group 1 - The company hosted a specific investor research event from August 28 to 29, 2025, attended by 17 institutions including E Fund, GF Fund, and Taikang Asset [1] - In the first half of 2025, the company reported a steady operational performance with revenue of 2.163 billion and a year-on-year growth of 14.35%, while net profit attributable to shareholders was 255 million, up 16.49% [1] - The second quarter saw revenue of 1.219 billion and net profit of 144 million, both increasing approximately 30% compared to the first quarter [1] Group 2 - The company's dual business segments of "Data Center + New Energy" achieved growth in the first half of 2025 [1] - In the data center sector, the company has established a comprehensive product lineup including UPS, HVDC, temperature control, micro-modules, power modules, and battery solutions, serving major clients like ByteDance, Alibaba, and JD [1] - The new energy storage business is recovering, with a 26.38% year-on-year growth in the first half of 2025, driven by emerging markets in the Middle East, Southeast Asia, and Africa [1] Group 3 - The company has made significant strides in overseas data center business, with equal contributions from domestic and international markets [1] - Recent product launches include the LiquiX AI intelligent liquid cooling CDU and temperature control solutions, focusing on high-density heat dissipation and system redundancy [1] - The company plans to enhance market expansion for liquid cooling products to scale up its business [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 2.163 billion yuan, a year-on-year increase of 14.35% [2] - The net profit attributable to shareholders was 255 million yuan, reflecting a growth of 16.49% compared to the previous year [2] - In Q2 2025, the revenue reached 1.219 billion yuan, with a net profit of 144 million yuan, both showing a quarter-on-quarter increase of approximately 30% [2] Group 2: Business Segments - The company operates in two main sectors: "Data Center" and "New Energy," both showing growth trends in the first half of 2025 [2] - The Data Center segment is identified as the core business, with significant product offerings including UPS, HVDC, temperature control, micro-modules, and battery solutions [3] - The New Energy sector has seen a recovery, with a year-on-year growth of 26.38% in the first half of 2025, driven by emerging markets in the Middle East, Southeast Asia, and Africa [4] Group 3: Market Expansion - The company has made substantial progress in overseas markets, with data center business evenly split between domestic and international markets [5] - Recent product innovations include the LiquiX AI liquid cooling CDU and temperature control solutions, aimed at enhancing market presence and business scale [5] - The company is actively expanding its market reach in North America, Europe, and Southeast Asia, establishing a solid foundation for sustained performance growth [5] Group 4: Investor Relations - The investor relations activity was conducted in compliance with information disclosure regulations, ensuring the accuracy and timeliness of shared information [6] - The meeting included a comprehensive exchange of ideas between the company representatives and investors, addressing key operational and market-related inquiries [6]

28 August 2025 | 11:24PM HKT Shenzhen Kstar Science & Tech (002518.SZ) 2Q25 largely in line: Smooth customer expansion (domestic & overseas); guides further improvement in 2H25-26; Maintain Buy n Overseas markets contributed to c.55% of segment sales in 1H25 (+8% yoy per GSe), mainly driven by SEA and Europe. The company is recently cooperating with a UPS (uninterruptible power supply) brand on potential ODM (Original Design Manufacturer) business for this new customer's high-power UPS products (likely for ...

Core Viewpoint - Kstar Technology's stock has shown significant growth this year, with a year-to-date increase of 66.55% and a recent surge in trading activity, indicating strong investor interest and market performance [1][2]. Company Overview - Kstar Technology, established on March 17, 1993, and listed on December 7, 2010, is based in Shenzhen, China. The company specializes in the research, production, sales, and service of UPS systems and valve-regulated sealed lead-acid batteries [1]. - The company's revenue composition is as follows: 61.44% from the data center industry, 37.60% from the renewable energy sector, and 0.96% from other sources [1]. Financial Performance - For the first half of 2025, Kstar Technology reported a revenue of 2.163 billion yuan, representing a year-on-year growth of 14.35%. The net profit attributable to shareholders was 255 million yuan, reflecting a 16.49% increase compared to the previous year [2]. - Cumulatively, Kstar has distributed 1.544 billion yuan in dividends since its A-share listing, with 602 million yuan distributed over the last three years [3]. Shareholder Information - As of July 31, 2025, Kstar Technology had 68,000 shareholders, an increase of 3.03% from the previous period. The average number of tradable shares per shareholder decreased by 2.94% to 8,310 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, holding 8.2408 million shares, an increase of 5.1697 million shares from the previous period [3].