Group 1 - The company has a certain level of technical reserve in microchannel liquid cooling technology, but has not yet achieved industrial application [1]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [4][7]. Core Viewpoints - The company is a leader in ultra-high voltage pure water cooling equipment and is expected to benefit from the long-term prosperity of the domestic power grid and continuous breakthroughs in overseas business, particularly in the data center liquid cooling sector, which is anticipated to open up greater growth potential [4][14]. - The company has a strong order backlog, with orders expected to grow significantly due to the increasing demand for power management solutions in both domestic and international markets [2][50]. Summary by Relevant Sections Company Overview - The company has been focused on thermal management technology for over 20 years and has established itself as a leading provider of industrial thermal management solutions, with products that are recognized as domestically leading or internationally advanced [14][15]. - The company has a diverse client base, including major players in various sectors such as State Grid, Alibaba, Tencent, and GE, which reflects its strong market position [15][20]. Financial Analysis - The company experienced revenue fluctuations due to acquisitions and divestitures but has returned to a growth phase, with a revenue of 4.18 billion yuan in the first half of 2024, representing a year-on-year increase of 47.81% [24][31]. - The company's net profit for the same period was 23 million yuan, showing a remarkable year-on-year growth of 1438.57% [24][31]. Power Electronics Thermal Management - The company is benefiting from the recovery of the domestic power grid investment, with its power electronics thermal management business experiencing a significant revenue increase of 239.39% year-on-year in the first half of 2025 [31][45]. - The company’s focus on high-power density thermal management products, particularly in data centers and energy storage, has led to rapid growth, with revenues expected to reach 3.28 billion yuan in 2024, a 74.66% increase [31][36]. Data Center Liquid Cooling - The global data center liquid cooling market is projected to grow significantly, with a compound annual growth rate (CAGR) of 33.21% from 2025 to 2030, driven by the increasing demand for AI infrastructure and high-density computing [3][57]. - The company has established stable partnerships with leading clients in the data center sector, including ByteDance and Alibaba, which positions it well to capitalize on the growing demand for liquid cooling solutions [62][64]. Overseas Expansion - The establishment of subsidiaries in Singapore and the United States is aimed at enhancing the company's ability to serve overseas markets, particularly in Southeast Asia and North America, thereby opening up new growth opportunities [20][64].

Core Viewpoint - Highlan Co., Ltd. experienced a stock price increase of 5.03% on September 16, reaching 31.33 CNY per share, with a trading volume of 510 million CNY and a turnover rate of 6.19%, resulting in a total market capitalization of 9.563 billion CNY [1] Company Overview - Highlan Co., Ltd. is located in the Science City of Guangzhou, Guangdong Province, and was established on June 29, 2001, with its listing date on February 2, 2016 [1] - The company's main business involves the research, design, production, and sales of pure water cooling equipment and control systems for high-power electronic devices [1] - The revenue composition of the main business includes: 53.54% from high-power electronic thermal management products, 32.78% from high-power density device thermal management products, 10.52% from engineering operation and maintenance services, and 3.15% from other sources [1] Shareholder Information - Among the top ten circulating shareholders of Highlan Co., Ltd., one fund under GF Fund ranks first. The GF Multi-Factor Mixed Fund (002943) held 11.7998 million shares in the second quarter, unchanged from the previous period, accounting for 4.35% of circulating shares [2] - The estimated floating profit for the GF Multi-Factor Mixed Fund today is approximately 17.6997 million CNY [2] - The GF Multi-Factor Mixed Fund was established on December 30, 2016, with a current scale of 12.69 billion CNY. Year-to-date returns are 30.1%, ranking 2643 out of 8174 in its category; the one-year return is 78.88%, ranking 1106 out of 7982; and since inception, the return is 422.39% [2] Fund Manager Information - The fund managers of the GF Multi-Factor Mixed Fund are Tang Xiaobin and Yang Dong [3] - As of the report date, Tang Xiaobin has a cumulative tenure of 10 years and 270 days, with a total fund asset size of 14.774 billion CNY, achieving a best fund return of 372.4% and a worst return of -34.08% during his tenure [3] - Yang Dong has a cumulative tenure of 4 years and 78 days, with a total fund asset size of 16.474 billion CNY, achieving a best fund return of 99.26% and a worst return of 1.15% during his tenure [3]

Group 1 - The liquid cooling server sector continues to rise, with companies such as Runhe Materials, Cambridge Technology, and Zhongshi Technology reaching new highs during trading [1] - Longpan Technology, Yinlun Co., Chunzhi Technology hit the daily limit up, indicating strong market interest and investor confidence [1] - Other companies like Dayuan Pump Industry, Keda, Jieban Technology, Gaolan Co., and Shuguang Digital Innovation also experienced gains, reflecting a broader positive trend in the industry [1]

证券代码：300499 证券简称：高澜股份 公告编号：2025-038 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net）参与本次互动交流，活动时间为2025年9月19日（星期五） 15:30-17:00。届时公司董事长李琦先生、总经理兼财务总监关胜利先生、董事会 秘书王杨阳女士将通过网络互动形式就2025年半年度业绩、公司治理、发展战略、 经营状况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与。 特此公告。 广州高澜节能技术股份有限公司董事会 2025 年 9 月 16 日 关于参加2025年广东辖区上市公司投资者网上集体接待日活动 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，广州高澜节能技术股份有限公司（以下 简称"公司"）将参加由广东证监局、广东上市公司协会联合举办的"向新提质 价 值领航——2025年广东辖区投资者集体接待日暨辖区上市公司中报业绩说明会" 活动，现将相关事项公告如下： 广州高澜节能技术股份有限公司 ...

Group 1 - The company, Gaolan Co., Ltd. (300499.SZ), offers a variety of liquid cooling solutions for data centers, showcasing its capability in providing a comprehensive one-stop solution from thermal architecture design to equipment integration and system debugging and operation [1] - The company plans to increase its investment and actively seize market opportunities to drive the growth of its liquid cooling business [1]

Core Viewpoint - High Lant Technology Co., Ltd. has shown significant stock performance and financial growth, with a notable increase in revenue and net profit in the first half of 2025, indicating strong market positioning and investor interest [1][2]. Financial Performance - As of June 30, 2025, High Lant achieved a revenue of 418 million yuan, representing a year-on-year growth of 47.81% [2]. - The net profit attributable to shareholders reached 22.93 million yuan, marking a substantial increase of 1438.57% compared to the previous year [2]. - The stock price has increased by 49.50% year-to-date, with a recent 5-day increase of 5.61% and a 60-day increase of 79.94% [1]. Shareholder Information - The number of shareholders increased by 10.25% to 37,000 as of June 30, 2025, with an average of 7,343 circulating shares per person, a decrease of 9.30% [2]. - The company has distributed a total of 92.28 million yuan in dividends since its A-share listing, with 36.63 million yuan distributed over the past three years [3]. Stock Market Activity - High Lant's stock experienced a trading volume of 914 million yuan on September 15, 2023, with a turnover rate of 11.47% [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the latest instance on August 19, 2023, where it recorded a net purchase of 98.11 million yuan [1]. Institutional Holdings - As of June 30, 2025, the largest circulating shareholder is Guangfa Multi-Factor Mixed Fund, holding 11.80 million shares, unchanged from the previous period [3]. - New institutional shareholders include Nuon Anhe Xin Mixed A and Fu Guo New Vitality Flexible Allocation Mixed A, indicating growing institutional interest [3].

Group 1 - The company is currently providing various liquid cooling solutions for data centers, primarily focusing on cold plate and immersion cooling technologies [2] - The company has the capability to offer a comprehensive one-stop solution that includes thermal architecture design, equipment integration, system debugging, and operation maintenance [2] - The company aims to control the Power Usage Effectiveness (PUE) value to below 1.1 [2]

Core Viewpoint - The company, Gaolan Co., Ltd. (stock code: 300499), reported that as of June 30, 2025, the number of shareholders is 36,957 [1] Summary by Category - **Company Information** - Gaolan Co., Ltd. disclosed the latest number of shareholders, which stands at 36,957 as of June 30, 2025 [1]

Group 1 - The core viewpoint of the article is that the company, Gaolan Co., is actively focusing on and expanding its overseas business while maintaining steady domestic operations [1] - Gaolan's products are currently operating stably in over 30 countries and regions across six continents [1] - The company plans to further increase its efforts in exploring new opportunities in the global market and expanding its overseas market share [1]