Core Viewpoint - The stock of Southern Pump Industry experienced a decline of 1.64% on September 24, with a trading volume of 350 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On September 24, Southern Pump Industry had a financing buy-in amount of 46.14 million yuan and a financing repayment of 41.10 million yuan, resulting in a net financing buy of 5.04 million yuan [1] - The total financing and securities balance for Southern Pump Industry reached 598 million yuan, accounting for 6.53% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1] - The company repaid 500 shares of securities on the same day, with a securities sell amount of 0.179 million shares, totaling 86,100 yuan at the closing price, while the securities balance was 99,100 yuan, below the 20th percentile level over the past year, indicating a low securities level [1] Company Profile - Southern Pump Industry Co., Ltd. is located in Yuhang District, Hangzhou, Zhejiang Province, and was established on August 31, 1991, with its listing date on December 9, 2010 [2] - The company's main business includes general equipment manufacturing, environmental engineering and equipment, and environmental consulting and design, with revenue composition as follows: 77.58% from general equipment manufacturing (water pumps), 11.67% from complete variable frequency water supply equipment, and smaller contributions from design, hazardous waste treatment, and other environmental services [2] - As of August 20, the number of shareholders for Southern Pump Industry was 72,500, an increase of 18.29% from the previous period, while the average circulating shares per person decreased by 15.46% [2] Financial Performance - For the first half of 2025, Southern Pump Industry achieved an operating income of 2.271 billion yuan, representing a year-on-year growth of 3.00%, and a net profit attributable to the parent company of 169 million yuan, with a year-on-year increase of 2.89% [2] Dividend Information - Since its A-share listing, Southern Pump Industry has distributed a total of 309 million yuan in dividends, with no dividends paid in the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder of Southern Pump Industry, holding 14.33 million shares, a decrease of 2.67 million shares from the previous period [3]

Group 1 - In 2023, Yuhang Economic Development Zone signed 45 projects with a total investment exceeding 9 billion yuan [1][2] - The zone is home to key enterprises such as Xynova Future, which launched the world's first fully self-developed high-freedom tendon-driven dexterous hand [1] - The area has attracted over 300 key industrial projects since 2019, including notable companies like Geely and Kallai Technology, and has nurtured 381 national high-tech enterprises [2] Group 2 - The industrial output value of Yuhang Economic Development Zone is projected to grow by 4.5% in 2024, with a new product output rate of 45.5%, ranking among the top in Hangzhou [3] - From 2019 to 2024, the industrial output value increased from 12.792 billion yuan to 20.776 billion yuan, with an average annual growth rate of 10.2% [3] - Fixed asset investment rose from 1.309 billion yuan to 6.003 billion yuan during the same period, achieving an average annual growth rate of 35.6% [3]

2022 年 9 月 8 日，公司发行了 2022 年度第一期中期票据（科创票据）（债 券简称：22 南方中金 MTN001（科创票据），债券代码：102282073），发行总额为 人民币 5 亿元，票面利率为 3.37%，期限为 3 年。具体内容详见公司在中国证监 会指定信息披露网站巨潮资讯网披露的相关公告（公告编号：2022-071）。 南方泵业股份有限公司 关于 2022 年度第一期中期票据兑付完成的公告 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。 南方泵业股份有限公司（以下简称"公司"）分别于 2021 年 7 月 9 日召开的 第四届董事会第二十五次会议及 2021 年 8 月 11 日召开的 2021 年第四次临时股 东大会审议通过了《关于公司拟注册发行中期票据的议案》，同意公司向交易商 协会申请注册发行总额不超过（含）人民币 10 亿元的中期票据。2022 年 3 月 29 日，公司收到中国银行间市场交易商协会出具的《接受注册通知书》（中市协注 [2022]MTN236 号），注册金额为 10 亿元，注册额度自该通知书落款之日起 2 年 内有效 ...

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].