Core Insights - The company reported a revenue of 3.609 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 23.93% [1] - The net profit attributable to shareholders for the same period was 446 million yuan, showing a year-on-year growth of 24.93% [1] - In the third quarter alone, the company achieved a revenue of 1.446 billion yuan, which is a year-on-year increase of 41.71% [1] - The net profit attributable to shareholders in the third quarter was 190 million yuan, reflecting a year-on-year growth of 38.36% [1]

深圳科士达科技股份有限公司（以下简称"公司"）第六届监事会 第二十一次会议通知于2025年10月21日以微信、电子邮件等方式发出, 会议于2025年10月24日11:00在深圳市光明区高新园西片区七号路科士 达工业园会议室以现场方式召开，本次会议应出席监事3人，实际出席 监事3人,公司高级管理人员范涛先生列席了本次会议。会议由监事会主 席刘立扬先生召集并主持。本次会议召开程序及出席情况符合《公司法》、 证券代码：002518 证券简称：科士达 公告编号：2025-038 深圳科士达科技股份有限公司 第六届监事会第二十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 表决结果：同意3票，反对0票，弃权0票，审议通过本议案。 三、备查文件 公司第六届监事会第二十一次会议决议。 特此公告。 深圳科士达科技股份有限公司 监事会 《公司章程》及有关法律、行政法规、部门规章、规范性文件要求，会 议决议合法有效。 二、监事会会议审议情况 1、审议《公司 2025 年第三季度报告》 经认真审核，公司监事会成员一致认为：董事会编制和审核《 ...

深圳科士达科技股份有限公司（以下简称"公司"）第六届董事 会第二十五次会议通知于2025年10月21日以微信、电子邮件等方式发 出，会议于2025年10月24日9:30在深圳市光明区高新园西片区七号路 科士达工业园会议室以现场结合通讯方式召开。本次会议应出席董事 7人，实际出席董事7人，公司监事、高管列席了本次会议。会议由董 事长刘程宇先生召集并主持。本次会议召开程序及出席情况符合《公 司法》、《公司章程》及有关法律、行政法规、部门规章、规范性文 件的要求，会议决议合法有效。 二、董事会会议审议情况 证券代码：002518 证券简称：科士达 公告编号：2025-037 深圳科士达科技股份有限公司 第六届董事会第二十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、审议《公司 2025 年第三季度报告》 二○二五年十月二十四日 1、公司第六届董事会第二十五次会议决议； 2、公司第六届审计委员会第二十次会议决议。 特此公告。 深圳科士达科技股份有限公司 董事会 公司全体董事、监事、高级管理人员保证公司2025年第三季度报 ...

深圳科士达科技股份有限公司 2025 年第三季度报告 证券代码：002518 证券简称：科士达 公告编号：2025-039 深圳科士达科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，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。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 深圳科士达科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 增减 | | 上年同期增减 | | 营业收入（元） | 1,445,823,636.54 | 41 ...

Market Overview - The other power equipment sector increased by 2.23% compared to the previous trading day, with Kehua Data leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Key stocks in the other power equipment sector showed significant gains, with Kehua Data (002335) closing at 66.00, up 7.32% with a trading volume of 274,400 shares and a transaction value of 1.781 billion [1] - Other notable performers included: - Oulu Tong (300870) at 199.80, up 6.24% [1] - Leihong Co. (300693) at 37.92, up 4.90% [1] - Zhongheng Electric (002364) at 27.19, up 4.62% [1] - Maigemit (002851) at 74.20, up 4.51% [1] Capital Flow - The other power equipment sector saw a net inflow of 152 million in main funds, while retail funds experienced a net outflow of 25.94 million [2] - The capital flow for key stocks included: - Kehua Data with a net inflow of 2.40 billion, accounting for 13.49% of main funds [3] - Shanghai Electric (601727) with a net inflow of 1.35 billion, representing 4.21% of main funds [3] - Zhongheng Electric with a net inflow of 36.64 million, making up 3.80% of main funds [3]

Core Viewpoint - On October 23, Keda experienced a decline of 2.87% with a trading volume of 666 million yuan, indicating a significant movement in its stock performance [1]. Financing Summary - On October 23, Keda had a financing buy-in amount of 57.54 million yuan and a financing repayment of 123 million yuan, resulting in a net financing outflow of 65.61 million yuan [1]. - As of October 23, the total financing and securities lending balance for Keda was 421 million yuan, with the financing balance accounting for 1.92% of its circulating market value, which is above the 60th percentile level over the past year [1]. - Keda's securities lending on October 23 included a repayment of 3,900 shares and a sale of 1,800 shares, with a selling amount of 67,600 yuan calculated at the closing price [1]. Business Performance - For the period from January to June 2025, Keda achieved an operating income of 2.163 billion yuan, representing a year-on-year growth of 14.35%, and a net profit attributable to the parent company of 255 million yuan, reflecting a year-on-year increase of 16.49% [2]. - Keda has cumulatively distributed dividends of 1.544 billion yuan since its A-share listing, with 602 million yuan distributed over the past three years [2]. Shareholder Structure - As of June 30, 2025, Keda had 46,000 shareholders, with an average of 12,285 circulating shares per person, indicating stability in shareholder numbers [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 8.2408 million shares, an increase of 5.1697 million shares from the previous period [3]. - New entrants among the top ten circulating shareholders include Huaxia CSI 1000 ETF, holding 1.2669 million shares, and GF CSI 1000 ETF, holding 1.0255 million shares [3].

Core Insights - The report emphasizes the importance of modernizing industry governance to achieve new industrialization during the "14th Five-Year Plan" period [5] - The report highlights significant growth in Shanghai's leading industries, with a GDP growth contribution from the artificial intelligence manufacturing sector reaching 12.8% year-on-year [5] Industry Dynamics - AI glasses shipments have surged, indicating a potentially hot market, with related stocks including Lingyi Technology (002600) and GoerTek (002241) [6] - Wind power-related equipment has seen explosive growth due to policy support and performance realization, with relevant stocks such as Daikin Heavy Industries (002487) and Shuangyi Technology (300690) [6] - Leju Robotics has completed a 1.5 billion yuan Pre-IPO financing round, with an IPO plan in progress, related stocks include Green Harmony (688017) and Mingzhi Electric (603728) [6] Company Focus - Baili Tianheng (688506) received clinical trial approval for its injectable BL-M24D1 (ADC) for treating hematologic malignancies and advanced solid tumors [7] - Keda Technology (002518) is developing several AIDC-related products, including solid-state transformers, as a new power electronics technology solution [7] - Zhaojin Gold (000506) reported a revenue of 340 million yuan for the first three quarters, a year-on-year increase of 119.51%, with a net profit of 82.16 million yuan, up 191.20% [7] - Tonghuashun (300033) experienced a 145% year-on-year increase in net profit in the third quarter, driven by demand for financial information services and increased R&D investment in AI [7] Market Overview - The market failed to maintain the previous day's rebound, with the Shanghai Composite Index closing down 0.07% at 3913 points, and trading volume in the Shanghai and Shenzhen markets decreased by 206 billion yuan compared to the previous trading day [8] - Sectors such as mining, wind power, real estate, engineering machinery, and oil saw gains, while the precious metals sector declined significantly due to a drop in international gold prices [8] - Overall, the market's performance during the adjustment period was stronger than expected, with trading volume gradually shrinking below 2 trillion yuan, indicating a strong wait-and-see atmosphere [8]

Core Points - The energy storage index experienced a decline, with a daily drop of 2.01% on October 23 [1] - Among the constituent stocks, Haibosi Chuang led the decline with a drop of 5.24%, followed by Shenghong Co., Jinpan Technology, Keda, and Yihuatong-U [1] Company Performance - Haibosi Chuang reported the largest decline among the energy storage stocks, falling by 5.24% [1] - Other companies such as Shenghong Co., Jinpan Technology, Keda, and Yihuatong-U also experienced declines, contributing to the overall negative performance of the sector [1] Industry Trends - The energy storage sector is currently facing downward pressure, as indicated by the overall index decline and the performance of key companies [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].

Core Viewpoint - The company is developing solid-state transformers (SST) as part of its AIDC-related product line, emphasizing the advantages and challenges associated with this new technology [2] Group 1: Technology and Product Development - Solid-state transformers (SST) are highlighted as a new power electronics technology solution that offers integrated functionality, improved efficiency, and flexible adaptation [2] - The development of SST involves significant technical challenges, requiring rigorous testing and validation of product performance, stability, and compatibility [2] - The company is actively engaging with customers to understand product requirements and application scenarios during the development process [2]