Core Insights - The company reported a revenue of 1.208 billion yuan for the first half of 2025, representing a year-on-year growth of 48.50% [1] - The net profit attributable to shareholders reached 33.53 million yuan, showing a significant year-on-year increase of 981.11% [1] Business Focus - The company is concentrating on its core business and enhancing collaboration with clients [1] - Key product areas such as antennas, harnesses and connectors, thermal modules, and intelligent sensor modules are experiencing continuous growth [1] Product Development - The 4D millimeter-wave radar waveguide antenna has achieved mass production, contributing to a substantial increase in net profit from automotive antennas [1] - High-value SOC thermal projects have entered mass production and are maintaining stable delivery, with rapid scaling in progress [1]

第一节 重要提示、目录和释义 惠州硕贝德无线科技股份有限公司 2025 年半年度报告全文 惠州硕贝德无线科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 惠州硕贝德无线科技股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人朱坤华、主管会计工作负责人陈忠琪及会计机构负责人(会计 主管人员)周中伟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺。 投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测 与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析——公司面临的风险和应对措施" 部分，描述了公司经营中可能存在的风险与应对措施，敬请投资者关注相关 内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | ...

公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 证券代码：300322 证券简称：硕贝德 公告编号:2025-077 惠州硕贝德无线科技股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项报告 根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》及《深圳证券交易所创业板上市公司自律监管指南第2号——公告格式》 的规定，将惠州硕贝德无线科技股份有限公司（以下简称"公司"、"硕贝德"） 2025年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会出具的《关于同意惠州硕贝德无线科技股份有限 公司向特定对象发行股票注册的批复》（证监许可[2020]1963号）同意，公司向 14名特定对象发行人民币普通股（A股）58,976,577股，发行价格为11.53元/股， 募集资金总额为人民币679,999,932.81元，扣除本次发行费用（不含税）人民币 4,983,123.36元后，实际募集资金净额为人民币675,016,809.45元。容诚会计师事 务所（特殊普通合 ...

证券代码：300322 证券简称：硕贝德 公告编号：2025-078 惠州硕贝德无线科技股份有限公司 关于公司计提资产减值准备的公告 公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 惠州硕贝德无线科技股份有限公司（以下简称"公司"）于2025年8月22日召 开第五届董事会第二十二次会议及第五届监事会第二十二次会议，审议通过了《关 于公司计提资产减值准备的议案》。具体情况如下： 一、本次计提信用减值准备和资产减值准备的概述 为真实反映公司的财务状况、资产价值及经营情况，依据《企业会计准则》及 公司会计政策相关规定，本着谨慎性原则，公司对合并报表范围内截至2025年6月 30日的各类资产进行了减值测试，判断存在可能发生减值的迹象，确定了需计提的 信用减值准备和资产减值准备。2025年半年度公司信用减值损失和资产减值损失具 体情况如下： 单位：元 | 信用减值损失 | | | --- | --- | | 项 目 | 本期发生额 | | 应收票据坏账损失（损失以"-"号填列） | -3,452,785.10 | | 应收账款坏账损失（损失以"-"号填列） | -2,944 ...

| | 深圳硕贝德无线科技有限公司 | 子公司 | | 其他应收款 | 5,480.05 | | | 5,480.05 | - | 往来款 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 苏州硕贝德通讯技术有限公司 | 子公司 | | 其他应收款 | - | 1,000.32 | | 1,000.32 | - | 往来款 | 非经营性往来 | | | SPEED WIRELESS TECHNOLOGY INC. | 子公司 | | 其他应收款 | 21.94 | 332.63 | | 347.52 | 7.05 | 代收货款 | 非经营性往来 | | | 惠州硕贝德汽车智联科技有限公司 | 子公司 | | 其他应收款 | 2,285.72 | 609.76 | | 593.94 | 2,301.54 | 房租、水电费、伙食费 | 经营性往来 | | | 惠州硕贝德汽车智联科技有限公司 | 子公司 | | 其他应收款 | 924.61 | 7,264.18 | 40.00 | 6,0 ...

Core Viewpoint - The demand for cooling solutions is increasing due to the rising power density of AI chips and servers, with liquid cooling expected to replace air cooling as the mainstream solution by 2026, reaching a market size of $8.6 billion globally [2][3]. Group 1: Liquid Cooling Market Dynamics - The global AI liquid cooling market is projected to grow rapidly, with a forecasted market size of $8.6 billion by 2026, driven by the increasing power density of AI chips and servers [2][3]. - The power density of AI servers is expected to exceed 1MW per cabinet by 2029, highlighting the need for efficient cooling solutions [2][3]. - The liquid cooling market in China is anticipated to grow by 67% year-on-year in 2024, reaching $2.37 billion, with a CAGR of 46.8% from 2024 to 2029 [3][42]. Group 2: Advantages of Liquid Cooling - Liquid cooling systems offer higher cooling efficiency and reduced system power consumption compared to traditional air cooling, making them a preferred choice as power density increases [2][22]. - The cooling efficiency of liquid cooling is significantly higher than that of air cooling, with water's thermal conductivity being over 23 times greater than that of air [22]. - Liquid cooling allows for higher density deployment of computing units, reducing the physical space required and improving overall system performance [22][25]. Group 3: Industry Trends and Developments - Major cloud service providers are significantly increasing their capital expenditures, with the top four North American cloud companies expected to reach $366.1 billion in total capital expenditures by 2025, reflecting strong demand for AI infrastructure [7]. - Companies like Alibaba and ByteDance are ramping up investments in AI and cloud computing infrastructure, with Alibaba planning to invest over $50 billion in these areas over the next three years [8]. - The liquid cooling technology is being rapidly adopted by leading server manufacturers, with companies like Supermicro and HPE launching liquid-cooled server solutions [41][43]. Group 4: Liquid Cooling Technology Types - Liquid cooling can be categorized into indirect contact (cold plate cooling) and direct contact (immersion and spray cooling), with cold plate cooling being the most mature and widely adopted technology [3][30]. - Cold plate cooling systems are expected to lead the market due to their minimal impact on existing infrastructure and superior cooling performance compared to air cooling [3][30]. - Immersion cooling, while offering the best cooling performance, presents higher technical challenges and is still in the exploratory phase [3][30]. Group 5: Energy Efficiency and Cost Savings - Liquid cooling systems can significantly reduce energy costs in data centers, with potential savings in operational costs due to lower energy consumption compared to air cooling systems [25][29]. - The total cost of ownership (TCO) for liquid cooling solutions is expected to be lower than that of air cooling, as they can reduce the need for additional cooling equipment [25][29]. - As data center energy efficiency becomes a regulatory focus, liquid cooling solutions are positioned to meet stringent PUE requirements, enhancing overall energy utilization [17][20].

Group 1 - The core viewpoint is that the increasing power density of AI chips and servers is driving the transition from air cooling to liquid cooling systems, which are expected to become the dominant solution in the AI era [2][4] - Vertiv predicts that by 2029, the power of a single AIGPU cabinet will exceed 1MW and a single AIPOD will exceed 500kW, posing challenges for cooling systems [2][4] - As rack density rises to 20kW, the advantages of liquid cooling become more pronounced, particularly in terms of energy efficiency and reduced system power consumption [2][4] Group 2 - The liquid cooling market in China is projected to grow by 67.0% year-on-year in 2024, reaching a market size of $2.37 billion, with a CAGR of 46.8% expected from 2024 to 2029 [4][5] - The global AI server liquid cooling market is estimated to reach $3.07 billion in 2025 and $8.58 billion in 2026 [4][5] - The liquid cooling industry is characterized by various technologies, with cold plate liquid cooling leading the way, while immersion and spray cooling are still in the early stages of technological exploration [3][4] Group 3 - The industry chain is rapidly evolving, with upstream components (cold plates, CDU, quick connectors) and midstream players (server manufacturers, solution providers) accelerating their layouts, while downstream cloud providers are adopting liquid cooling at scale [4][5] - Companies such as Vertiv (VRT.US), and others in the supply chain, are recommended for attention due to their technological leadership and active engagement in liquid cooling technology [5]

Core Insights - A total of 541 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of August 19 [1] - China Nuclear Power has seen the longest net outflow period at 26 days, followed by Anjie Technology at 21 days [1] - The largest total net outflow amount is from Shobead, with a cumulative outflow of 2.205 billion yuan over 8 days, closely followed by China Nuclear Power with 2.159 billion yuan over 26 days [1] Summary by Category Stocks with Longest Net Outflow - China Nuclear Power: 26 days, 2.159 billion yuan, 9.36% of trading volume, -2.77% cumulative change [1] - Anjie Technology: 21 days, details not specified [1] - Shobead: 8 days, 2.205 billion yuan, 7.97% of trading volume, -0.77% cumulative change [1] Stocks with Significant Net Outflow Amounts - Shobead: 2.205 billion yuan over 8 days [1] - China Nuclear Power: 2.159 billion yuan over 26 days [1] - Tianqi Lithium: 1.930 billion yuan over 6 days [1] Stocks with High Net Outflow Proportions - Guanghui Energy: 21.78% of trading volume over 7 days, with a 3.08% decline [1] - China Nuclear Power: 9.36% of trading volume over 26 days [1] - Tianqi Lithium: 8.50% of trading volume over 6 days [1]

Group 1 - Liquid cooling server concept stocks experienced a rapid decline on August 19, with Dayuan Pump Industry hitting the daily limit down [1] - Several stocks, including Shuo Beid, Chunzong Technology, Kexin Innovation Source, Shenglan Co., Shenli Environment, and Yingweike, fell over 5% [1]

Market Performance - The ChiNext Index rose by 2.61%, closing at 2534.22 points, with a total trading volume of 660.17 billion yuan, an increase of 8.84 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 1247 stocks closed higher, with 35 stocks rising over 10%, including Henghe Precision, Yidong Electronics, and Zhongfu Circuit, which hit the daily limit [1] Trading Activity - The average turnover rate for the ChiNext today was 5.45%, with 60 stocks having a turnover rate exceeding 20% [1] - C Guangjian Technology, a new stock listed for 5 days, had the highest turnover rate at 55.24%, closing down by 1.41% [1][2] Institutional Participation - Nine high turnover rate stocks appeared on the Dragon and Tiger List, indicating institutional involvement, with significant net purchases in stocks like Shuangyi Technology and Yihua New Materials [3] - The top net purchases were led by Chuanhuan Technology, with a net inflow of 136 million yuan from the Shenzhen Stock Connect [3] Financial Performance - Among high turnover stocks, Shuangyi Technology, Yangfan New Materials, and Taicheng Technology reported significant net profit growth of 324.50%, 208.94%, and 118.02% respectively [4] - The highest projected net profit growth was for Hanyu Pharmaceutical, with an expected increase of 1567.36% [4] Stock Highlights - Key stocks with notable performance included: - C Guangjian Technology: closed at 37.00 yuan, down 1.41%, turnover rate 55.24%, net outflow of 28.78 million yuan [4] - Zhejiang Huaye: closed at 64.83 yuan, up 13.92%, turnover rate 54.35%, net inflow of 51.36 million yuan [4] - Shuangyi Technology: closed at 38.68 yuan, up 15.39%, turnover rate 40.64%, net inflow of 21.80 million yuan [4]