证券代码：300547 证券简称：川环科技 公告编号：2025-021 四川川环科技股份有限公司 第七届董事会第十次会议决议 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。 四川川环科技股份有限公司（以下称"公司"、"本公司"）第七届董事会第九 次会议于 2025 年 8 月 11 日上午 10 点在公司会议室以现场会议和通讯方式相结 合方式召开，会议通知于 10 日前以电话方式和电子邮件方式送达。本次董事会 应参加董事 9 人，实际参加董事 9 人。会议由公司董事长文琦超先生主持，公司 全体监事、高级管理人员列席了本次会议。会议的召开符合《公司法》、《公司章 程》和《董事会议事规则》的有关规定。经与会董事投票表决，审议通过了如下 议案： 一、审议通过了《关于公司 2025 年半年度报告及摘要的议案》 董事会认为：2025 年半年度报告及摘要的编制和审核程序符合法律、行政 法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 2025 年半 年度经营的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。本议案 已经董事会审计委员会审议通过。《公司 2 ...

四川川环科技股份有限公司 2025 年半年度报告全文 四川川环科技股份有限公司 2025 年半年度报告 公告编号：2025-023 【2025 年 8 月 11 日】 1 四川川环科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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。 公司负责人文琦超、主管会计工作负责人罗英及会计机构负责人(会计主 管人员)刘亚丽声明：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。 公司可能面临宏观环境变化及复杂多变的经济形势、行业竞争加剧、新 业务拓展、原材料价格波动、客户高度集中、应收账款较大等带来的风险， 具体参见本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对 措施"的相关内容，敬请投资者查阅并注意投资风险。 公司可能面临宏观环境变化及复杂多变的经济形势、行业竞争加剧、新 业务拓展、原材料价格波动、客户高度集中、应收账款较大等带来的风险， 敬请广大投资者关注，并注意投资风险。 公司计 ...

Group 1 - The company reported a revenue of 688 million yuan for the first half of 2025, representing a year-on-year growth of 7.65% [1] - The net profit for the same period was 98.63 million yuan, showing a slight increase of 0.27% year-on-year [1] - The company announced that it will not distribute cash dividends, issue bonus shares, or increase capital from reserves [1]

Investment Rating - The industry investment rating is Neutral [8] Core Insights - AI liquid cooling is transitioning from an optional to a necessary solution, with demand expected to drive rapid growth in market space and penetration rates [8] - The acceleration of ASIC layouts and the increase in domestic computing cluster scale will open new growth opportunities for the liquid cooling market [8] - The overseas supply gap in liquid cooling will provide opportunities for domestic suppliers to expand internationally, with expectations of moving from component supply to modular and integrated solutions [8] - The AI liquid cooling sector has high barriers to entry and significant value, suggesting a favorable competitive landscape and profitability in the medium to long term [8] Summary by Sections Liquid Cooling Market Dynamics - The demand for AI computing centers is driving the need for high-density GPU clusters, leading to a shift towards liquid cooling solutions [8] - Major cloud service providers are accelerating the development of customized ASICs and integrating liquid cooling solutions [8] Investment Recommendations - Suggested companies to watch include: - Yinvik (002837, Not Rated) - Yinlun (002126, Buy) - Feilong (002536, Not Rated) - Chuanhuan Technology (300547, Not Rated) - Xiangxin Technology (002965, Not Rated) - Sulian Technology (301397, Not Rated) - Zhongding (000887, Not Rated) [3]

Core Viewpoint - Liquid cooling technology is expanding beyond GPU servers to network devices and ASIC chips, driven by the scaling of AI clusters and a shift in market perception towards a revaluation of the liquid cooling industry [1][2][3] Group 1: Reasons for the Surge in Liquid Cooling - Liquid cooling technology is gaining traction as it is no longer limited to GPU servers, with potential applications in network devices and ASIC chips [2] - Recent developments include Broadcom introducing liquid cooling in switch devices, AMD emphasizing liquid cooling in its MI350 series, and Taiwanese cooling leaders predicting a rapid increase in water cooling adoption over the next two years [2] - The industry is transitioning from conceptual discussions to tangible implementations, with changes in revenue structures, customer bases, and production expansions expected [2] Group 2: Market Dynamics and Future Prospects - The market is at a tipping point where the recognition of liquid cooling trends is leading to significant market reactions, driven by increasing power consumption and the diversification of AI clusters [3] - The power consumption of systems like NVL72 has reached 120kW, surpassing the limits of air cooling systems, prompting a shift towards liquid cooling [3] - Major companies such as Meta, Google, and Amazon are advancing their AI architectures, which will likely include liquid cooling systems in the future [3] Group 3: Competitive Landscape and Strategic Considerations - The core competitive issue in the liquid cooling industry revolves around the ability to avoid "internal competition" and maintain a strong competitive edge [4] - Chip manufacturers may prefer decoupled solutions to reduce costs and improve installation efficiency, while cloud providers favor integrated delivery models for stability and operational efficiency [4] - Companies with robust system integration capabilities, including cold plates, CDU, UQD, cooling liquids, redundancy control, and engineering implementation, are likely to become preferred partners for major cloud service providers [4] Group 4: Investment Recommendations - Core recommendation includes Invec (002837) for its system capabilities and international expansion potential [5] - Other companies to watch include Dongyangguang (600673), Shuguang Shuchuang (872808), Shenling Environment (301018), and Gaolan Co. (300499) [5][6]

Group 1 - The liquid cooling concept stocks are experiencing significant activity, with companies like Eurocontinental approaching the daily limit increase [1] - Other companies in the sector, such as Aikesaibo, Fangsheng Co., Invec, Chuanhuan Technology, and Sixuan New Materials, have seen their stock prices rise by over 7% [1]

Group 1 - The core stock price of Sichuan Chuanhuan Technology Co., Ltd. (300547) closed at 38.0 yuan, with a slight increase of 0.26% as of August 8, 2025 [1] - The trading volume was 282,400 hands, with a total transaction amount of 1.093 billion yuan [1] - The net outflow of main funds was 26.7462 million yuan, accounting for 2.45% of the transaction amount [1] Group 2 - The latest quarterly report shows total operating revenue of 316 million yuan, a year-on-year increase of 5.60% [1] - The net profit attributable to shareholders was 46.4356 million yuan, up 5.06% year-on-year [1] - The company has a current ratio of 3.942, a quick ratio of 2.781, and a debt-to-asset ratio of 19.78% [1] Group 3 - Sichuan Chuanhuan Technology was established in 2002 and is primarily engaged in the rubber and plastic products industry [2] - The company has invested in 2 enterprises and participated in 15 bidding projects [2] - It holds 52 trademark registrations and 111 patents, along with 84 administrative licenses [2]

液冷概念板块领涨，上涨1.94%，其中科创新源上涨19.99%，澄天伟业上涨12.09%，川环科技上涨 10.54%，飞龙股份、日海智能、英维克涨超9%。（第一财经AI快讯） ...

Market Overview - The automotive parts sector increased by 1.59% on August 5, with Huami New Materials leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Top Gainers in Automotive Parts Sector - Huami New Materials (Code: 836247) closed at 23.73, up 12.41% with a trading volume of 192,200 shares and a transaction value of 450 million yuan [1] - Jiezhong Technology (Code: 873690) closed at 28.89, up 11.12% with a trading volume of 97,300 shares and a transaction value of 292 million yuan [1] - Shenda Co., Ltd. (Code: 600626) closed at 4.46, up 10.12% with a trading volume of 290,600 shares and a transaction value of 127 million yuan [1] Fund Flow Analysis - The automotive parts sector saw a net inflow of 884 million yuan from institutional investors, while retail investors experienced a net inflow of 28.08 million yuan [2][3] - Major stocks like Hunan Tianyan (Code: 600698) had a net inflow of 404 million yuan from institutional investors, but a net outflow of 210 million yuan from retail investors [3] Notable Decliners - Redik (Code: 300652) closed at 61.42, down 3.97% with a trading volume of 64,700 shares and a transaction value of 402 million yuan [2] - Fosa Technology (Code: 301529) closed at 68.88, down 2.03% with a trading volume of 61,600 shares and a transaction value of 428 million yuan [2]

Core Insights - The company focuses on technological research and quality improvement of its core products, particularly in liquid cooling pipeline products [1] - The company is expanding its presence in automotive fluid pipelines, data center liquid cooling, and energy storage liquid cooling sectors [1] - The liquid cooling server pipeline products have achieved V0 level standards and obtained UL certification in the United States [1] - The company aims to leverage its innovation advantages to optimize product performance and service systems, enhancing technical collaboration with existing clients to boost market competitiveness in the liquid cooling pipeline sector [1]