Group 1 - The A-share market experienced a collective pullback in liquid cooling concept stocks, with notable declines in several companies [1] - Feilong Co. and Jintian Co. hit the daily limit down, while Cambridge Technology, Hongfuhang, Tongfei Co., Kexin Innovation Source, and Debang Technology fell over 7% [1] - Other companies such as Fangsheng Co., Binglun Environment, Chuanrun Co., and Dingtong Technology dropped more than 6%, while Gaolan Co., Chuanhuan Technology, Shenling Environment, Liou Co., Yimikang, and Zhongshi Technology saw declines exceeding 5% [1]

Company Overview - Gaolan Co., Ltd. specializes in the research, production, and sales of pure water cooling equipment and control systems for power electronic devices, widely used in various stages of power generation, transmission, distribution, and consumption [1] - The company operates in the specialized equipment manufacturing industry [1] Financial Performance - As of August 20, 2025, Gaolan's stock price was 32.46 CNY, down 0.54 CNY from the previous trading day's closing price, representing a decline of 1.64% [1] - The opening price for the day was 32.61 CNY, with a highest price of 33.23 CNY and a lowest price of 31.20 CNY, with a trading volume of 744,075 hands and a transaction amount of 2.399 billion CNY [1] Business Operations - On August 20, the company stated on its interactive platform that its production and operational conditions are normal, with all orders being delivered in an orderly manner [1] - The company's server liquid cooling products can maintain a Power Usage Effectiveness (PUE) value below 1.1, which is considered industry-leading [1] - The main products of the thermal management business have reached domestic leading or internationally advanced levels, with some products achieving international leadership [1] - Gaolan has established a wholly-owned subsidiary in Singapore to primarily meet the server liquid cooling business demands in Singapore and Southeast Asia [1] Capital Flow - On August 20, the net outflow of main funds for Gaolan was 114.6239 million CNY, accounting for 1.3% of the circulating market value [1] - Over the past five days, the net outflow of main funds totaled 235.0708 million CNY, representing 2.67% of the circulating market value [1]

Group 1 - The company has established a wholly-owned subsidiary in Singapore to cater to the liquid cooling business needs in Singapore and Southeast Asia [1] - This move is aimed at expanding the company's presence in Southeast Asia and the global market [1] - The establishment of the subsidiary will enhance the company's service support for overseas projects [1]

Core Viewpoint - The company has established a wholly-owned subsidiary in Singapore to cater to the liquid cooling server business, which is expected to enhance its service capabilities in Southeast Asia and globally [1]. Group 1 - The company confirmed its establishment of a new subsidiary in Singapore aimed at addressing the liquid cooling business needs in the region [1]. - The subsidiary is intended to support the company's expansion into Southeast Asia and global markets [1]. - The company emphasized the importance of this move in improving service support for overseas projects [1].

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 Viewpoint - The stock price of Gaolan Co., Ltd. has experienced an abnormal fluctuation, with a cumulative increase of over 30% in the closing price over three consecutive trading days [2]. Summary by Relevant Sections - **Stock Price Movement** - The stock price of Gaolan Co., Ltd. has shown a significant increase, with a cumulative closing price rise of over 30% during the trading days of August 15, August 18, and August 19, 2025 [2]. - **Company's Response** - The company confirmed that there are no corrections or supplements needed for previously disclosed information and has not identified any recent media reports that could have significantly impacted the stock price [2]. - **Operational Status** - The company stated that its current operational situation and the internal and external business environment have not undergone any significant changes [2].

（文章来源：证券日报） 证券日报网讯高澜股份8月19日在互动平台回答投资者提问时表示，关于公司订单及经营情况请关注公 司公告。 ...

Core Viewpoint - The company, Gaolan Co., has confirmed its business scope includes the research, design, production, and sales of server liquid cooling systems and related products [2] Group 1 - The company engages in the development of server liquid cooling systems [2] - The company is involved in the design of related products [2] - The company handles the production and sales of its offerings [2]

证券日报网讯高澜股份（300499）8月19日在互动平台回答投资者提问时表示，截至2025年3月31日，公 司在手订单约为11.1亿元。 ...

证券日报网讯 高澜股份8月19日在互动平台回答投资者提问时表示，公司目前生产经营情况正常，各项 订单交付有序推进。公司在手订单的执行会结合产品生产周期、客户需求节点等因素分批完成，并将严 格按照会计准则的要求，在满足收入确认条件时及时确认收入。 （编辑 王雪儿） ...