Company Overview - Ingevic Technology Co., Ltd. is a leading technology company based in Longhua District, Shenzhen, specializing in precision temperature control and energy-saving equipment [1] - The company provides services in various fields including data center temperature control, integration and general contracting, cabinet temperature control, electronic heat dissipation, and liquid cooling temperature control [1] - Ingevic has supplied over 3 million sets of high-efficiency cooling and natural cooling products to well-known domestic and international companies such as Huawei, ZTE, and Eltek [1] Financial Performance - For the period from January to March 2025, Ingevic achieved operating revenue of 933 million yuan, representing a year-on-year increase of 25.07% [1] - The net profit attributable to shareholders was 48.01 million yuan, which reflects a year-on-year decrease of 22.53% [1] Market Activity - On August 14, Ingevic's stock price increased by 6.63%, reaching 60.78 yuan per share, with a trading volume of 4.57 billion yuan and a turnover rate of 9.47% [1] - As of July 31, the number of shareholders for Ingevic was 63,300, with an average of 13,300 circulating shares per person [1] - The total market capitalization of Ingevic is 58.876 billion yuan [1]

Summary of Liquid Cooling Technology and Industry Developments Industry Overview - Liquid cooling technology is becoming the mainstream choice for data center cooling, improving energy efficiency and reducing PUE (Power Usage Effectiveness) values. Despite higher initial installation costs, long-term economic benefits are expected as penetration rates increase and applications scale up [1][5][4]. Key Insights - The blade-type liquid cooling system industry is experiencing rapid penetration growth, benefiting from the launch of GB300 and the introduction of related designs by North American manufacturers. This sector has significant long-term growth potential, with growth rates outpacing data center installation growth [1][6]. - Infinet, as a core supplier to NVIDIA, offers a comprehensive secondary product line and overall solutions, with strong profitability and good medium to long-term investment value. Revenue is expected to exceed $5 billion and net profit to increase by $800 million by 2026 [1][7]. - Domestic companies such as Shenling Environment, Highlan, and Kexin New Source have relatively comprehensive solution capabilities. Feilong Co. and Huagong New Material have competitive advantages in soldering, while Feilong also excels in electronic pumps and valves, indicating significant space for foreign substitution [1][8]. Market Dynamics - Recent developments include Feilong Co. receiving intention orders from Taiwanese companies, marking its entry into NVIDIA's supply chain. Jianghuai Co. has also received small batch orders from Delta and domestic clients, indicating its entry into the NVIDIA supply chain [1][10]. - The trend towards liquid cooling in data centers is driven by the increasing power requirements of cabinets, with liquid cooling becoming necessary for power levels exceeding 50-60 kW, and modular liquid cooling required for over 200 kW [2]. Economic Considerations - The economic comparison between liquid cooling and air cooling is debated. While liquid cooling hardware costs appear lower initially, total lifecycle costs, including installation and operational expenses, are crucial. Long-term, liquid cooling systems may demonstrate superior economics as penetration increases [5][6]. Competitive Landscape - Companies with strong investment potential in the blade-type liquid cooling system sector include Infinet, which is a core supplier to NVIDIA and has a comprehensive product line. This positioning provides a competitive edge in the future market landscape [7]. - Domestic companies like Shenling Environment, Highlan, and Kexin New Source are noted for their comprehensive solution capabilities in the liquid cooling field, with Feilong Co. and Huagong New Material having competitive advantages in specific segments [8][9]. Future Outlook - Feilong Co. is considered undervalued, with potential profits from approximately 100,000 cabinets expected to reach around $300 million. If it captures a 30% market share, revenues could reach $900 million [16][17]. - The liquid cooling market is projected to grow, with GB200 and GB300 liquid cooling cabinets valued at approximately $150,000 and $170,000, respectively. The market share for liquid cooling is currently around 4-5% [14][15]. Conclusion - Liquid cooling technology is positioned for significant growth, driven by increasing power demands in data centers and the need for higher energy efficiency. Companies like Infinet and Feilong Co. are well-placed to capitalize on these trends, making them attractive investment opportunities in the evolving landscape of data center cooling solutions [20].

Group 1 - The liquid cooling technology is gaining traction due to the increasing demand for efficient heat dissipation in high-density computing environments, with significant stock price increases observed in companies like Southern Pump Industry and Yonggui Electric [1] - Liquid cooling, which utilizes liquid as a heat transfer medium, offers higher thermal conductivity and lower energy consumption compared to traditional air cooling methods, and is categorized into direct and indirect liquid cooling types [1] - Major tech companies such as NVIDIA, Microsoft, Google, and Meta are accelerating the adoption of liquid cooling technology, with NVIDIA's GB300 system featuring a fully liquid-cooled design [1] Group 2 - Liquid cooling technology is expanding beyond GPU servers, with companies like Broadcom integrating it into switch devices, and AMD emphasizing liquid cooling in its MI350 series products [2] - The Chinese liquid cooling server market is projected to grow rapidly, reaching a market size of $2.37 billion in 2024, representing a 67% increase from 2023, with a compound annual growth rate of 46.8% expected from 2024 to 2029 [2] - The demand for liquid cooling solutions is driven by the growth of AI computing needs, leading to a transformation in cooling technologies towards modular and intelligent solutions [3] Group 3 - Companies such as Yingweike, Gaolan Co., and Zhongke Shuguang are recognized as key players in the liquid cooling sector, providing various solutions and components for data centers [3][4] - Yingweike is a leading supplier of liquid cooling solutions for major tech companies, while Gaolan Co. specializes in critical components for energy storage liquid cooling [4] - Other notable companies include Feilong Co., which supplies electronic pumps and temperature control valves, and Oulutong, which showcased a new generation of immersion liquid cooling solutions at a major tech conference [4]

（文章来源：证券日报） 证券日报网讯 8月12日晚间，英维克发布公告称，公司股票2025年8月8日、11日、12日连续3个交易日 收盘价格涨幅偏离值累计达到20%以上，属于股票交易异常波动。经核实，公司前期披露的信息不存在 需要更正、补充之处；公司经查询，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；公司近期经营情况及内外部经营环境未发生重大变化。 ...

Group 1: Market Trends - The demand for liquid cooling technology is experiencing explosive growth due to increasing heat dissipation issues in data centers and computing equipment [1][2] - The liquid cooling server concept index rose by 13.64% since August, indicating strong market interest [1] - IDC projects that the Chinese liquid cooling server market will reach $2.37 billion in 2024, a 67% increase from 2023, with a compound annual growth rate of 46.8% from 2024 to 2029 [3] Group 2: Company Performance - Feirongda expects a revenue of approximately 2.886 billion yuan for the first half of 2025, with a net profit increase of 103.95% to 123.69% year-on-year, driven by AI server cooling business [4] - Zhongshi Technology anticipates a net profit of 116 million to 129 million yuan for the first half of 2025, reflecting an 85.01% to 105.75% increase year-on-year due to rising demand for cooling materials [4] - Huazheng New Materials forecasts a net profit of 37 million to 47 million yuan for the first half of 2025, representing a year-on-year increase of 271.02% to 371.30% [5] Group 3: Industry Opportunities - The liquid cooling industry is expected to benefit from the increasing adoption of AI chips and the need for efficient cooling solutions, particularly in the AIDC sector [6][8] - Analysts suggest that domestic liquid cooling companies have the opportunity to reshape the global industry landscape, with a clear trend of increasing market share for domestic manufacturers [5][7] - The market for liquid cooling technology is anticipated to expand significantly as the penetration rate of liquid cooling in AI chip solutions increases, particularly in the ASIC market [7][8]

证券代码：002837 证券简称：英维克 公告编号：2025-038 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： 液冷相关业务有较多关注和讨论，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。 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。 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 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 展开国内外的数据中心及算力设备等行业客户的拓展，并已构建相对完整的液冷全链 条技术、产品和解决方案的能力。目前公司生产经营情况正常，主营业务未发生重大 变化，内外部经营环境未发生重大变化。 或处于筹划阶段的重大事项。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有根据《深圳证券交易所股票上市规则》等有关规 定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事 ...

证券日报网讯英维克（002837）8月12日在互动平台回答投资者提问时表示，公司2025年半年报尚未披 露，预约的披露日为2025年8月19日。 ...

证券日报网讯英维克（002837）8月12日在互动平台回答投资者提问时表示，英维克是业内领先的精密 温控节能解决方案和产品提供商，致力于为云计算数据中心、算力设备、通信网络、电力电网、储能系 统、电动汽车充电桩、工业装备、电源转换等领域提供设备散热解决方案及精密环境控制解决方案，为 客车、重卡、冷藏车、地铁等车辆提供相关车用的空调、冷机等产品及服务，并为人居健康空气环境推 出系列的空气环境机等产品。 ...

证券日报网讯英维克（002837）8月12日在互动平台回答投资者提问时表示，作为全链条液冷的开创 者，英维克率先推出高可靠Coolinside全链条液冷解决方案。 ...

Core Viewpoint - The company, Invec (002837), has noted increased market attention on AI, computing equipment, and data center industries, particularly regarding its liquid cooling business, but has confirmed no undisclosed significant information affecting stock prices [1] Company Operations - The company's production and operational status remains normal, with no significant changes in its main business activities [1] - There have been no major changes in the internal and external operating environment [1]