广州高澜节能技术股份有限公司 上市公司名称：广州高澜节能技术股份有限公司 股票上市地点：深圳证券交易所 股票简称：高澜股份 股票代码：300499 信息披露义务人 1：黄泽丰 住所或通讯地址：上海市浦东新区浦建路 股份变动性质：股份减少 信息披露义务人 2：程银娥 住所或通讯地址：上海市松江区佘山镇 股份变动性质：股份减少 信息披露义务人 3：黄燕霞 住所或通讯地址：上海市浦东新区芳草路 股份变动性质：股份减少 签署日期：2025 年 5 月 13 日 广州高澜节能技术股份有限公司简式权益变动报告书 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办 法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告 书》及相关法律法规及规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在广州高澜节能技术股份有限公司（以下简称 "高澜股份""公司""上市公司"）中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息 ...

广州高澜节能技术股份有限公司 信息披露义务人 1：黄泽丰 住所或通讯地址：上海市浦东新区浦建路 股份变动性质：股份减少 信息披露义务人 2：程银娥 住所或通讯地址：上海市松江区佘山镇 股份变动性质：股份减少 信息披露义务人 3：黄燕霞 住所或通讯地址：上海市浦东新区芳草路 股份变动性质：股份减少 签署日期：2025 年 5 月 13 日 广州高澜节能技术股份有限公司简式权益变动报告书 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办 法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告 书》及相关法律法规及规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 简式权益变动报告书 上市公司名称：广州高澜节能技术股份有限公司 股票上市地点：深圳证券交易所 股票简称：高澜股份 股票代码：300499 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在广州高澜节能技术股份有限公司（以下简称 "高澜股份""公司""上市公司"）中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告 ...

证券代码：300499 证券简称：高澜股份 公告编号：2025-023 广州高澜节能技术股份有限公司 关于持股 5%以上股东持股比例降至 5%以下的权益变动提示性 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。 重要内容提示： 1.本次权益变动属于公司持股 5%以上非第一大股东减持股份，不触及要约收 购。 2.本次权益变动后，黄泽丰先生、程银娥女士及黄燕霞女士（以下合称"信息 披露义务 人"）合计持有公 司股份 15,262,421 股，占公司总股本的比例为 4.9999%，不再是公司持股 5%以上股东。 3.公司目前无控股股东及实际控制人，本次权益变动不会导致公司控制权及公 司第一大股东发生变更，不会对公司经营活动产生影响。 广州高澜节能技术股份有限公司（以下简称"公司"）于近日收到股东黄泽丰 先生、程银娥女士及黄燕霞女士出具的《广州高澜节能技术股份有限公司简式权益 变动报告书》（以下简称"《简式权益变动报告书》"），其中提及：股东黄泽丰 先生、程银娥女士及黄燕霞女士在 2025 年 5 月 8 日至 2025 年 5 月 12 日期间，通过 二级市场 ...

Summary of Conference Call Records Industry Overview - The liquid cooling industry is experiencing increased demand due to the rising need for heat dissipation in data centers, which are critical infrastructures in the information age. The installation of cooling systems is essential to manage the heat generated during data center operations [1][2]. - Immersion cooling technology is highlighted for its superior thermal performance, reliability, and energy efficiency, positioning it as a potentially widely adopted cooling solution in the future. However, it faces challenges such as lower maintainability and higher installation complexity, leading to significant deployment barriers [1][2]. Key Points on Liquid Cooling Industry - The upstream segment of the liquid cooling supply chain includes the production of cooling fluids, connectors, electromagnetic valves, tanks, and manifolds. The midstream consists of core components like cooling towers, CDU (Chilled Water Distribution Unit), and chillers, which have high technical barriers [2]. - The downstream segment comprises a vast array of demand from industries such as internet, telecommunications, and finance, which influences the final application of related technologies. Companies in the liquid cooling supply chain are expected to benefit from the development of AI Data Centers (AIDC) [2]. - Listed companies in the liquid cooling sector include Invec, Gaolan Co., and Tongfei Co. [2]. - Risks include potential underperformance in data center construction, slower-than-expected growth in power demand, significant shifts in cooling technology routes, geopolitical risks, and supply chain issues related to raw materials [2]. Company Overview - Yidian Tianxia is focusing on establishing a core ecological position in the "AI + Marketing" sector by launching a comprehensive digital marketing solution that integrates AI digital creativity, BI decision-making, and intelligent multi-cloud management [3]. - The company is dedicated to overseas marketing and is accelerating the implementation of AI technology, particularly in programmatic advertising [3]. - Yidian Tianxia has partnerships with major companies such as Google, Microsoft, Amazon, Alibaba, Huawei, Tencent, and others, utilizing API integration or private deployment to enhance capabilities in cost control, AI recommendation algorithms, and advertising tools [3]. - The company aims to expand its client base among top-tier advertisers and increase the proportion of programmatic advertising [3]. - Investment recommendations suggest an expected EPS of 0.59, 0.82, and 1.06 CNY for 2025-2027, with a target price of 32.45 CNY based on a 55x PE ratio for 2025 [3]. - Risks include potential policy impacts on overseas marketing and slower-than-expected development in AI marketing [3]. Additional Important Information - The stock performance of related companies shows positive movement, with Invec up by 2.10%, Gaolan Co. by 0.42%, Tongfei Co. by 2.75%, and Yidian Tianxia by 2.22% [4]. - Broader geopolitical and economic discussions are ongoing, including U.S.-China trade relations and agreements between the U.S. and the U.K. [4].

Group 1: Financial Performance - The company's annual revenue for 2024 was approximately 691.26 million CNY, with a net profit attributable to shareholders of -50.32 million CNY [5] - In Q1 2025, the company reported a revenue of 218.00 million CNY, with a net profit attributable to shareholders of 12.99 million CNY, marking a 131.01% increase year-on-year [5] - The company's revenue from high-power thermal management products (including data centers and energy storage) accounted for approximately 47.47% of total revenue in 2024 [3] Group 2: Market and Business Strategy - The company has secured an order for the "±500 kV Flexible DC Transmission Project" in Saudi Arabia, with a backlog of orders amounting to approximately 1.11 billion CNY as of March 31, 2025 [3][4] - The company aims to expand its market share in traditional business and overseas markets, particularly in energy storage and data center sectors [4] - The company reported that overseas direct revenue accounted for about 0.38% of total revenue in 2024, indicating a focus on international market expansion despite uncertainties from trade policies [4] Group 3: Industry Outlook - The company operates in a high-tech sector supported by national policies, with a broad market outlook for industrial thermal management solutions [6] - The company emphasizes its commitment to innovation and resource integration to enhance its competitive position in the industry [3][4]

Group 1 - In 2024, the company reported revenue of 691 million yuan, a year-over-year increase of 21%, but a net loss of 50 million yuan compared to a loss of 32 million yuan in 2023, primarily due to unchanged gross margin, increased operating expenses, asset impairment losses, and higher income tax expenses [1] - In Q1 2025, the company achieved revenue of 218 million yuan, a year-over-year increase of 22%, and a net profit of 13 million yuan, a year-over-year increase of 131%, with a non-recurring net profit of 9 million yuan, a year-over-year increase of 246% [1] Group 2 - The company maintained strong performance in high-voltage direct current, offshore flexible direct current, data centers, and energy storage markets, with revenue from high-power density thermal management products reaching 328 million yuan, a year-over-year increase of 74.66%, although the gross margin decreased by 6.69 percentage points [2] - The company has established long-term stable partnerships with major power grid companies and is expected to benefit from new power transmission projects in countries along the "Belt and Road" initiative, including a recent contract in Saudi Arabia worth 361 million yuan [3] - The company is expanding its market share in the energy storage sector by increasing R&D efforts and collaborating with power grid enterprises and research institutions, focusing on new thermal management systems for energy storage [4] Group 3 - The company is expected to see a turning point in its power grid business, with projected revenues of 1.039 billion yuan, 1.299 billion yuan, and 1.618 billion yuan for 2025-2027, and corresponding net profits of 44 million yuan, 83 million yuan, and 131 million yuan, with PE ratios of 123, 65, and 41 times respectively [5]

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。 广州高澜节能技术股份有限公司 关于全资子公司变更法定代表人及经营范围并完成工商变更登 记的公告 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 法定代表人 | 唐洪 | 关胜利 | | 经营范围 | 许可项目：发电业务、输电业务、 | 许可项目：发电业务、输电业务、 | | | 供（配）电业务；供电业务；劳务 | 供（配）电业务；供电业务。（依 | | | 派遣服务。（依法须经批准的项目， | 法须经批准的项目，经相关部门批 | | | 经相关部门批准后方可开展经营活 | 准后方可开展经营活动，具体经营 | | | 动，具体经营项目以相关部门批准 | 项目以相关部门批准文件或许可 | | | 文件或许可证件为准）一般项目： | 证件为准）一般项目：新材料技术 | | | 新材料技术研发；工程和技术研究 | 研发；工程和技术研究和试验发展 | | | 和试验发展（除人体干细胞基因诊 | （除人体干细胞基因诊断与治疗 | | | 断与治疗技术开发和应用，中国稀 | 技术开发和应用 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company reported a revenue of 690 million yuan in 2024, a year-on-year increase of 20.6%, but faced a net loss of 50 million yuan, which is an increase in loss by 18.9 million yuan. In Q1 2025, revenue reached 220 million yuan, up 22.0% year-on-year, with a net profit of 10 million yuan, a significant increase of 131.0% [3]. - The decline in gross margin in 2024 was attributed to rising prices of upstream coolant, while Q1 2025 saw a gross margin of 25.1%, an increase of 0.8 percentage points year-on-year, indicating a recovery trend [3]. - The company secured a significant order for a ±500 kV flexible DC transmission project in Saudi Arabia, valued at no less than 500 million yuan, which aligns with Saudi Arabia's 2030 development plan to invest approximately 100 to 150 billion USD in energy infrastructure [4]. - The company has established deep ties with major clients, including Tencent and ByteDance, and is positioned as a key supplier for AI infrastructure projects in the Middle East, which is expected to drive rapid business growth [5]. Financial Forecasts - The company is projected to achieve revenues of 923 million yuan, 1.281 billion yuan, and 1.825 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 26 million yuan, 65 million yuan, and 124 million yuan [6][7]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.09 yuan, 0.21 yuan, and 0.41 yuan, respectively [6][7]. - The revenue growth rates are forecasted at 33.5%, 38.8%, and 42.4% for the years 2025, 2026, and 2027, respectively [7][12].

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company achieved a revenue of 690 million yuan in 2024, representing a year-on-year growth of 20.6%, while the net profit attributable to shareholders was a loss of 50 million yuan, an increase in loss of 18.9 million yuan [3]. - In Q1 2025, the company reported a revenue of 220 million yuan, a year-on-year increase of 22.0%, and a net profit attributable to shareholders of 10 million yuan, a significant year-on-year growth of 131.0% [3]. - The decline in gross margin in 2024 was primarily due to rising prices of upstream cooling liquids, but the gross margin improved to 25.1% in Q1 2025, indicating a positive trend [3]. - The company secured a significant order for a ±500 kV flexible DC transmission project in Saudi Arabia, valued at no less than 500 million yuan, which aligns with Saudi Arabia's investment plans in energy infrastructure [4]. - The company is deepening its ties with major clients and expanding its liquid cooling solutions both domestically and internationally, positioning itself as a key supplier for leading internet companies and telecom operators [5]. Financial Forecasts - The company is expected to achieve revenues of 923 million yuan, 1.281 billion yuan, and 1.825 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 26 million yuan, 65 million yuan, and 124 million yuan [6][7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.09 yuan, 0.21 yuan, and 0.41 yuan respectively, with price-to-sales (P/S) ratios decreasing from 6x in 2025 to 3x in 2027 [6][7].

广州高澜节能技术股份有限公司 内部控制审计报告 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了广州高澜节能技术股份有限公司（以下简称"高 澜股份"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、 《企业内部控制评价指引》的规定，建立健全和有效实施内部控制， 并评价其有效性是高澜股份董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 二〇二四年度 内部控制审计报告 信会师报字[2025]第 ZC10328 号 广州高澜节能技术股份有限公司全体股东： 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 信会师报字[2025]第 ZC10328 号广州高澜节能技术股份有限公司内控审计报告 第 1 页 ...