Core Viewpoint - The company is focusing on the development and sales of its CDLK/F series immersion multi-stage centrifugal pumps, which are characterized by their long lifespan and resistance to rust and corrosion, meeting the high reliability and durability requirements of industrial pumps [1] Product Development - The CDLK/F series pumps are primarily used for the transportation of cooling liquids in various machine tools [1] - The company has been enhancing its product offerings in the liquid cooling sector, launching products such as the NFXCN-CHM energy storage and liquid cooling dedicated horizontal multi-stage centrifugal pumps [1] - The company aims to achieve significant sales performance in the liquid cooling field in 2024 and plans to deepen its efforts in this area to capture more market share [1] Market Engagement - The company's wholly-owned North American subsidiary, Tiger Flow, has signed contracts with leading data center companies in North America as an electromechanical equipment subcontractor [1] - Tiger Flow is engaged in various business activities related to data centers, indicating a strategic move to leverage opportunities in the growing data center market [1]

Core Insights - The company reported a revenue of 2.27 billion yuan for the first half of 2025, representing a year-on-year growth of 3%, and a net profit attributable to shareholders of 170 million yuan, up 2.9% year-on-year [1] - The company is focusing on its core pump manufacturing business and has completed the absorption merger and renaming of the listed company [1] - The proportion of overseas revenue has increased, with Q2 single-quarter profit showing rapid growth [1] Revenue Breakdown - In H1 2025, overseas revenue reached 440 million yuan, accounting for 19% of total revenue, with a year-on-year increase of 16%, while domestic revenue was 1.84 billion yuan, remaining flat year-on-year [1] - The pump business generated approximately 2.03 billion yuan in revenue in H1 2025, representing 89% of total revenue, with a year-on-year growth of 7% [1] - For Q2 2025, the company achieved revenue of 1.22 billion yuan, a year-on-year increase of 4% and a quarter-on-quarter increase of 15%, with a net profit of 100 million yuan, up 36% year-on-year and 53% quarter-on-quarter [1] Profitability and Cost Control - The gross profit margin for H1 2025 was 36.2%, an increase of 0.75 percentage points year-on-year, while the net profit margin was 8.3%, up 0.4 percentage points year-on-year [2] - The expense ratio was 24.9%, a decrease of 0.6 percentage points year-on-year [2] - In Q2 2025, the gross profit margin was 36.0%, a year-on-year increase of 0.7 percentage points, while the net profit margin was 9.3%, up 2.6 percentage points year-on-year [2] Future Outlook - The company expects revenues for 2025-2027 to be 5.43 billion, 5.95 billion, and 6.67 billion yuan, representing year-on-year growth of 7%, 10%, and 12% respectively [3] - The net profit attributable to shareholders is projected to be 340 million, 450 million, and 520 million yuan for the same period, with growth rates of 54%, 34%, and 15% respectively [3] - The company is optimistic about the acceleration of overseas business expansion and the incremental market space for liquid cooling pumps in data centers, maintaining a "buy" rating [3]

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Group 1 - The company, Southern Pump Industry, reported that as of August 20, 2025, the total number of shareholders is 72,511 [1]

Group 1 - The company currently does not produce magnetic levitation pumps [1] - The company is closely monitoring and developing pump demands for liquid cooling scenarios, aiming to establish a more comprehensive product system to seize market opportunities in liquid cooling [1] - The company's domestic subsidiary is collaborating with Vidi Technology on fire pumps [1]

Market Overview - The Shanghai Composite Index closed at 3844.84 points, with a decline of 0.79% [1] - The total trading volume of A-shares reached 1,930.44 billion yuan [1] Stocks with Death Cross - A total of 43 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Zhongma Transmission (603767) with a distance of -3.93% [1] - Jifeng Technology (300022) with a distance of -1.30% [1] - Canqin Technology (688182) with a distance of -1.28% [1] Individual Stock Performance - Zhongma Transmission (603767) saw a decrease of 0.82% with a latest price of 29.01 yuan, which is 8.91% below the 10-day moving average [1] - Jifeng Technology (300022) decreased by 2.12%, latest price at 8.30 yuan, 4.39% below the 10-day moving average [1] - Canqin Technology (688182) dropped by 6.45%, latest price at 25.68 yuan, 7.56% below the 10-day moving average [1] - Other notable declines include: - Meiai Technology (688376) down 4.72% [1] - Jingxin Pharmaceutical (002020) down 2.82% [1] - Zhongyuan Media (000719) down 1.36% [1] Additional Stocks with Death Cross - Other stocks showing a death cross include: - Guomai Technology (002093) down 5.22% [2] - Nanfang Pump Industry (300145) down 5.30% [2] - ST Diweixun (300167) down 1.59% [2] - Aerospace Development (000547) down 3.00% [2] - The performance of these stocks indicates a broader trend of declining prices among companies experiencing a death cross [2]

Core Viewpoint - The company, Southern Pump Industry Co., Ltd., has approved the issuance of short-term financing bonds totaling up to RMB 1 billion to support its operations and innovation initiatives [1]. Group 1: Bond Issuance Details - The company plans to register and issue short-term financing bonds with a total amount not exceeding RMB 1 billion [1]. - The registration for the bonds is valid for one year from the date of the notice [1]. - The bonds will be issued under the name "Southern Pump Industry Co., Ltd." with a specific code for the technology innovation bonds [1]. Group 2: Financial Terms - The bonds will have a term of 265 days, with an interest rate of 1.88% per hundred yuan face value [1]. - The issuance date is set for August 27, 2025, and the maturity date is May 19, 2026 [1]. - The lead underwriter for the bond issuance is Industrial Bank Co., Ltd., with Jiangsu Bank Co., Ltd. as a co-underwriter [1]. Group 3: Fund Utilization - The funds raised from the bond issuance are intended to support the company's technological innovation efforts [1]. - The company has confirmed that the relevant funds have been received as of the issuance date [1].

Group 1 - The company, Southern Pump Industry, announced the issuance of its second phase of technology innovation bonds for the year 2025 on August 26, 2025 [2]

Company Overview - Southern Pump Industry (SZ 300145) announced its sixth board meeting on August 28, 2025, in Wuxi, Jiangsu Province, to discuss the reappointment of the accounting firm and other documents [1] - As of the report, the market capitalization of Southern Pump Industry is 9.9 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Southern Pump Industry is as follows: - Pump manufacturing industry: 89.25% - Survey and design sector: 4.35% - Hazardous waste disposal and resource recovery: 3.25% - Environmental evaluation and design services: 2.13% - Environmental protection industry: 1.02% [1]

证券代码：300145 证券简称：南方泵业 公告编号：2025-049 南方泵业股份有限公司 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗漏。 二、备查文件 1、第六届监事会第四次会议决议。 特此公告。 南方泵业股份有限公司（以下简称"公司"）第六届监事会第四次会议于 2025 年 8 月 28 日以通讯表决的方式召开。会议应出席监事 3 人，实际出席监事 3 人，符合《中华人民共和国公司法》（以下简称"《公司法》"）和《公司章 程》的有关规定。本次监事会会议通知已于 2025 年 8 月 22 日以专人、邮件、电 话方式通知全体监事。监事会主席邹倩女士主持了本次会议。 经与会监事认真讨论，审议并表决通过了以下议案： 一、《关于续聘会计师事务所的议案》 经审核，监事会认为：中兴华会计师事务所（特殊普通合伙）长期从事证券、 期货相关业务，具备为上市公司提供审计服务的经验和能力，能为公司提供公正、 公允的审计服务，满足公司 2025 年度审计工作要求。监事会同意续聘中兴华会 计师事务所（特殊普通合伙）为公司 2025 年度财务及内控审计机构。具体内容 详见公司同日在中 ...