Core Insights - The company reported a significant revenue growth of 69.67% year-on-year in Q2, reaching 1.641 billion yuan, driven by strong demand from data centers, energy storage, and AI servers [1][3] - The net profit attributable to the parent company for Q2 was 168 million yuan, reflecting a year-on-year increase of 37.98% [1] - The gross profit margin for Q2 was 25.97%, a decrease of 19 percentage points compared to the previous year [1] Financial Performance - For the first half of 2025, the company achieved a revenue of 2.573 billion yuan, a 50.25% increase from 1.713 billion yuan in the same period last year [3] - The net profit for the first half of 2025 was 216 million yuan, up 17.54% year-on-year [1][3] - The gross profit margin for the first half of 2025 was approximately 26.16%, down from 28.48% in the previous year, indicating increased cost pressures [3] Operational Highlights - The company’s cash flow from operating activities was negative 234 million yuan, with a significant increase in inventory and accounts receivable [4] - Accounts receivable increased to 2.81 billion yuan, with a turnover period extending, indicating potential collection challenges [4] - The company’s inventory rose to 1.239 billion yuan, a 40.1% increase from the beginning of the year, reflecting strong order demand but increased turnover pressure [2][3] Business Development - The data center temperature control equipment remains a key growth driver, benefiting from AI computing power demand [2][3] - The company invested 196 million yuan in R&D, accounting for 7.6% of revenue, focusing on advanced technologies such as liquid cooling and high-density heat dissipation [3] - The company is actively expanding capacity, with construction in progress amounting to 224 million yuan, indicating a commitment to meet market demand [3]

Core Viewpoint - In the first half of 2025, the company reported significant revenue growth driven by increased sales of energy-efficient temperature control products for data centers and related sectors [1][2]. Financial Performance - The company achieved a revenue of 2.573 billion yuan, representing a year-on-year increase of 50.25% [1]. - The net profit attributable to shareholders was 216 million yuan, reflecting a year-on-year growth of 17.54% [1]. Product and Service Offering - The company specializes in precision temperature control and energy-saving solutions, catering to various sectors including cloud computing data centers, power grids, and electric vehicle charging stations [1]. - The main focus of the company's temperature control products is on providing specialized solutions for data centers, computing equipment, and high-precision laboratories [1]. Liquid Cooling Business - The liquid cooling business has seen accelerated adoption due to the high-density heat trends in computing equipment and data centers, with related revenue exceeding 200 million yuan during the reporting period [2]. - The company emphasizes a "platform-based" approach and a systematic methodology as key competitive advantages in the liquid cooling sector [2]. Market Performance - The company's stock price has shown strong performance, with monthly increases of 35.34% in July and 74.58% in August, driven by market interest in AI computing themes [2]. - The company has issued multiple announcements regarding stock price fluctuations, confirming no undisclosed significant information affecting stock trading [2]. Future Outlook - The company aims to leverage its technological innovations in both air and liquid cooling to expand its customer base in domestic and international data center and computing equipment sectors [3]. - The company has established a comprehensive capability in liquid cooling technology, products, and solutions [3].

2025Q2营业收入为16.41亿，同比增长69.67%。 经营活动产生的现金流量净额为-2.34亿元，同比流出扩大4倍多。 2025年上半年实现营业收入25.73亿元，同比增长50.25%。 归母净利润2.16亿元，同比增长17.54%，主要原因是毛利率下滑及信用与资产减值损失大幅增加。 本期毛利率约为26.16%，而去年同期为28.48%，同比下降2.59个百分点。 归母净利润为1.68亿，同比增长37.98%。 毛利率为25.97%，同比减少19个百分点。 2025年上半年来看： 国内液冷技术龙头英维克Q2营业收入为16.41亿，同比增长69.67%。营收增长主要得益于数据中心、储能及AI服务器等下游需求旺盛，带 动机房温控、机柜温控等核心产品销售。归母净利润为1.68亿，同比增长37.98%。 18日，英维克发布Q2财报： AI需求推动强劲增长，但成本压力显现 英维克2025H1营业收入达到25.73亿元，相较于去年同期的17.13亿元，实现了50.25%同比增长。Q2营业收入为16.41亿，同比增长69.67%。 公司表示，营收增长主要得益于数据中心、储能及AI服务器等下游需求旺盛，带动机房温控、机 ...

智通财经APP讯，英维克(002837.SZ)发布2025年半年度报告，报告期内，公司实现营业收入25.73亿 元，同比增长50.25%。实现归属于上市公司股东的净利润2.16亿元，同比增长17.54%。实现归属于上市 公司股东的扣除非经常性损益的净利润2.02亿元，同比增长18.05%。基本每股收益0.22元。 报告期内营业收入增长主要原因系报告期机房及机柜温控节能产品收入增加所致。 ...

Investment Rating - The report rates the industry as "Positive" for investment, indicating an optimistic outlook for the sector over the next 12 months [6]. Core Insights - The liquid cooling technology is positioned as a crucial solution for data centers to address heat dissipation challenges, especially with the increasing power consumption driven by AI applications [14][20]. - The report highlights the significant advantages of liquid cooling over traditional air cooling, including higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [13][26]. - The domestic liquid cooling market is projected to reach approximately 4-5 billion yuan by 2025 and 7-8 billion yuan by 2026, driven by the increasing adoption of high-power servers [43]. Summary by Sections Cooling Technology Overview - Data centers require efficient cooling systems due to their high heat generation, with liquid cooling being a key upgrade from traditional air cooling methods [8][13]. - Liquid cooling methods include cold plate, spray, and immersion cooling, with immersion cooling further divided into single-phase and two-phase types [9][13]. Drivers of Liquid Cooling Adoption - **Driver 1: AI Power Consumption** The power consumption of CPUs and GPUs is rapidly increasing, pushing the limits of air cooling solutions [14][19]. - **Driver 2: Policy Control on PUE** The report emphasizes the need for more efficient cooling solutions to meet stringent PUE (Power Usage Effectiveness) targets set by regulations, with liquid cooling achieving lower PUE values compared to air cooling [20][25]. - **Driver 3: Lower Lifecycle Costs** Liquid cooling systems demonstrate lower TCO compared to air cooling, particularly in terms of capital and operational expenditures [26][29]. Market Size and Growth - The report estimates that the domestic liquid cooling market will grow significantly, with projections of 40-50 billion yuan in 2025 and 70-80 billion yuan in 2026 [43][45]. - The market for liquid cooling components, such as CDU and manifolds, is expected to see substantial growth, with specific segments projected to grow by over 200% year-on-year by 2026 [49]. Investment Opportunities - The report identifies key investment opportunities within the liquid cooling supply chain, including liquid cooling plates, CDU, and manifold products, with a focus on domestic manufacturers [54][57]. - The trend towards domestic substitution in the liquid cooling market is highlighted, particularly for components currently dominated by foreign suppliers [58][61]. Key Players and Competitive Landscape - Major players in the liquid cooling market include companies like Invec, Feirongda, and Zhonghang Optoelectronics, which are positioned to benefit from the growing demand for liquid cooling solutions [78][84]. - The competitive landscape is characterized by a mix of established players and emerging domestic manufacturers, with a focus on innovation and cost reduction in liquid cooling technologies [79][82].

股票交易异常波动公告 证券代码：002837 证券简称：英维克 公告编号：2025-047 深圳市英维克科技股份有限公司 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。 4.公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重大事项， 或处于筹划阶段的重大事项。 5.公司控股股东、实际控制人在股价异动期间不存在买卖公司股票的情形。 6.公司不存在违反公平信息披露的情形。 一、股票交易异常波动情况 深圳市英维克科技股份有限公司（以下简称"公司"或"本公司"）股票 2025 年 8 月 14 日、2025 年 8 月 15 日、2025 年 8 月 18 日连续 3 个交易日收盘价格涨幅偏离 值累计达到 20%以上，根据深圳证券交易所的有关规定，属于股票交易异常波动的情 况。 二、公司关注、核实情况说明 针对公司股票交易异常波动情形，公司就相关问题进行了核实，现将有关情况说 明如下： 1.公司前期所披露的信息，不存在需要更正、补充之处。 2.经核查，未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大 影响的未公开重大信息。 3.目前公司生产经营情 ...

证券代码：002837 证券简称：英维克 公告编号：2025-042 深圳市英维克科技股份有限公司 关于 2022 年股票期权激励计划第三个行权期行权条件 达成的公告 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。 特别提示： 1、深圳市英维克科技股份有限公司（以下简称"公司"）《2022 年股票期权激 励计划（草案）》（以下简称"《2022 年激励计划》"或"本激励计划"）第三个行 权期规定的各项行权条件已经成就，符合行权条件的激励对象共 226 名，可行权 的股票期权数量为 860.9400 万份（调整后），占公司目前总股本的比例为 0.89%， 行权价格为 6.323 元/份（调整后）。 2、本次股票期权行权采用自主行权模式，本次行权事宜需在有关机构的手续 办理结束后方可行权，届时将另行公告，敬请投资者注意。 3、公司第三个行权期可行权股票期权若全部行权，公司股权分布仍具备上市 条件。 公司于 2025 年 8 月 18 日召开第四届董事会第十九次会议和第四届监事会第 十九次会议，审议通过了《关于 2022 年股票期权激励计划第三个行权期行权条件 达成的 ...

一、总体情况 2022 年股票期权激励计划第三个行权期激励对象名单 | 激励对象 | 获授的股票期权 数量（万份） | 本次可行权期 权数量（万份） | 可行权数量 占本次获授 | 本次可行权数量占 目前总股本的比例 | | --- | --- | --- | --- | --- | | | | | 期权的比例 | | | 核心管理人员、核 | | | | | | 心技术（业务）人 | 2152.3508 | 860.9400 | 40.00% | 0.89% | | 员（226 人） | | | | | | 合计 | 2152.3508 | 860.9400 | 40.00% | 0.89% | 注： 1、本次激励计划中部分合计数与各明细数相加之和在尾数上如有差异，系四舍五入所致，下同。 2、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票均未超过本次激励计 划草案公告日公司股本总额的 1%。公司全部在有效期内的激励计划所涉及的标的股票总数累计不超过本次 激励计划草案公告日以及股东大会批准最近一次股权激励计划时公司已发行的股本总额的 10%。 3、上表中已剔除了个人层面年度考核不合格的激 ...

关于注销部分股票期权的公告 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。 证券代码：002837 证券简称：英维克 公告编号：2025-043 深圳市英维克科技股份有限公司 深圳市英维克科技股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日召开 第四届董事会第十九次会议和第四届监事会第十九次会议，审议通过了《关于注 销部分股票期权的议案》，现将有关事项说明如下： 一、已履行的决策程序和信息披露情况 1、2022 年 5 月 17 日，公司召开第三届董事会第十九次会议，会议审议通过 《关于公司<2022 年股票期权激励计划（草案）>（以下简称"《2022 年激励计划》"） 及其摘要的议案》《关于公司<2022 年股票期权激励计划实施考核管理办法>的议 案》《关于提请股东大会授权董事会办理公司 2022 年股票期权激励计划相关事项 的议案》。公司独立董事对此发表了明确同意的独立意见。广东信达律师事务所、 上海荣正投资咨询股份有限公司出具了相应的法律意见书、独立财务顾问报告。 同日，公司召开第三届监事会第十七次会议，对本次激励计划的激励对象名 单进 ...

深圳市英维克科技股份有限公司 关于 2022年股票期权激励计划行权及注销事项 的 法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11-12楼 邮政编码：518038 11-12F., TAIPING FINANCE TOWER,6001 YITIAN ROAD, FUTIAN, SHENZHEN, CHINA 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755) 88265537 网址（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 法律意见书 广东信达律师事务所 关于深圳市英维克科技股份有限公司 2022 年股票期权激励计划行权及注销事项 的法律意见书 信达励字[2025]第 112 号 致：深圳市英维克科技股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳市英维克科技股份有限 公司（以下简称"英维克"或"公司"）的委托，以特聘专项法律顾问的身份参 与英维克 2022 年股票期权激励计划项目。现信达根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股权激励管理办法》《深圳证券交易所上 市公司 ...