Core Viewpoint - Chuanhuan Technology reported a modest revenue growth of 7.65% year-on-year in the first half of 2025, with a focus on expanding its liquid cooling business, which is expected to become a new growth point for the company [1][3]. Financial Performance - The company achieved a revenue of 688 million yuan and a net profit attributable to shareholders of 98.63 million yuan, reflecting a slight increase of 0.27% [1]. - The net profit margin decreased to 14.33% from 15.39% year-on-year, and the gross profit margin also saw a decline from 25.13% to 24.96% [3]. - The net cash flow from operating activities turned negative at -56 million yuan, compared to a positive 63 million yuan in the same period last year [3]. Business Development - Chuanhuan Technology has successfully developed and validated cooling system pipeline products for a liquid cooling server company, with batch supply commencing during the reporting period [1][3]. - The company is actively exploring new markets in energy storage and data centers, aiming to diversify its customer base beyond its top five clients, which account for over 50% of total sales [2]. Liquid Cooling Business - The liquid cooling sector has gained significant attention in the A-share market, with related stocks experiencing substantial price increases [4]. - The company has entered the supply chain of major players such as CoolerMaster, AVC, and Yingwei, and is developing products according to their processes [6]. - The liquid cooling products have achieved UL certification, which is crucial for entering the North American market [5][6].

Core Insights - The company, Chuanhuan Technology (300547.SZ), has received project confirmation letters for two projects from a well-known domestic automotive manufacturer, referred to as Client J, which cannot be disclosed due to confidentiality agreements [1] - The total value of the products supplied for these two projects, which include liquid cooling fluid pipeline systems, is approximately 500 million yuan over a lifecycle of six years, with mass production expected to start in November 2025 [1] - Client J is recognized as a leading domestic independent automotive brand, and the ongoing collaboration reflects the client's continued recognition of the company's product quality and technology [1] Company Development - The company has established a comprehensive product system and has entered the supplier systems of multiple automotive manufacturers, as well as clients in the energy storage and data server sectors [1] - The acquisition of these product orders signifies the client's acknowledgment of the company's technological capabilities and market competitiveness, which is expected to positively impact the growth of the company's fluid pipeline business and enhance its sustainable profitability [1]

Core Insights - Chuanhuan Technology (300547.SZ) has received project confirmation letters for two projects from a well-known domestic automotive manufacturer, referred to as Client J, for the supply of liquid cooling fluid pipeline systems [1] - The total value of the pipeline products for these two projects is approximately 500 million yuan over a lifecycle of six years, with mass production expected to start in November 2025 [1] - Client J is recognized as a leading domestic independent automotive brand, and the ongoing collaboration reflects the client's continued recognition of the company's product quality and technology [1] Company Development - The company has established a comprehensive product system and has entered the supplier systems of multiple automotive manufacturers, energy storage, and data server sectors [1] - The acquisition of these product orders signifies the client's acknowledgment of the company's technological capabilities and market competitiveness [1] - This development is expected to positively impact the growth of the company's fluid pipeline business and enhance its sustained profitability [1]

Core Viewpoint - The company has received project confirmation letters from a well-known domestic automotive manufacturer, indicating a positive development for future revenue streams [1] Group 1: Project Details - The company will supply liquid cooling fluid pipeline systems and other products for two projects [1] - The expected lifecycle of these projects is six years, with a total contract value of approximately 500 million yuan [1] - Mass production is anticipated to begin in November 2025 [1] Group 2: Financial Impact - The successful implementation of these new projects is expected to have a positive impact on the company [1] - However, it is projected that there will be no significant effect on the company's performance for the current fiscal year [1]

人民财讯8月13日电，川环科技(300547)8月13日晚间公告，公司近日收到国内知名汽车制造商J客户的2 个项目定点函，公司为该客户配套液冷流体管路系统等产品，该2个项目预计生命周期6年，生命周期内 公司配套管路产品总金额约5亿元，预计量产时间2025年11月。 转自：证券时报 ...

格隆汇8月13日丨川环科技(300547.SZ)公布，公司近日收到了国内知名汽车制造商J客户(限于保密协 议，无法披露名称，简称客户)的2个项目定点函，公司为该客户配套液冷流体管路系统等产品，该2个 项目预计生命周期6年，生命周期内公司配套管路产品总金额约为5亿元，预计量产时间2025年11月。 ...

Core Viewpoint - The company has received project confirmation letters from a well-known domestic automotive manufacturer, referred to as Client J, for two projects involving the supply of liquid cooling fluid pipeline systems, indicating recognition of the company's technical capabilities and market competitiveness [1] Group 1 - The projects are expected to have a lifecycle of 6 years, with a total contract value of approximately 500 million yuan [1] - The expected mass production date for the products is November 2025 [1] - This new project confirmation is likely to enhance the company's growth in fluid pipeline business and improve its sustained profitability [1]

证券代码：300547 证券简称：川环科技 公告编号：2025-025 四川川环科技股份有限公司 关于获得客户项目定点的公告 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。 一、基本情况 四川川环科技股份有限公司（以下简称"公司"）近日收到了国内知名汽车制 造商 J 客户（限于保密协议，无法披露名称，以下简称客户）的 2 个项目定点函， 公司为该客户配套液冷流体管路系统等产品，该 2 个项目预计生命周期 6 年，生 命周期内公司配套管路产品总金额约为 5 亿元，预计量产时间 2025 年 11 月。 二、对公司的影响 J 客户是国内领先的自主汽车品牌，该客户多年来和公司保持稳定的合作关系。 本次公司再次获得该客户的 2 个新项目定点，是 J 客户对公司产品在技术、质量等 方面的持续认可。公司目前已经形成了较完整的产品体系，进入了多家汽车主机 厂、储能和数据服务器领域客户的供应商体系。公司获得此类产品订单，是客户 对公司技术能力和市场竞争力的认可，有利于推动公司相关产品的进一步拓展， 对公司流体管路业务的增长及持续盈利能力提升产生积极影响。 三、风险提示 1、项 ...

Core Viewpoint - Sichuan Chuanhuan Technology Co., Ltd. reported a revenue increase of 7.65% year-on-year for the first half of 2025, demonstrating resilience in a challenging automotive market [1][2] Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 688 million yuan, with a second-quarter revenue of 372 million yuan, up 9.4% year-on-year [1] - The net profit attributable to shareholders was 98.63 million yuan, a slight increase of 0.27% year-on-year, while the net profit excluding non-recurring gains and losses was 95.24 million yuan, up 1.49% [1] Group 2: Market Position and Strategy - The company has established a strong market presence in the automotive sector, including traditional fuel vehicles and new energy vehicles, by focusing on technological innovation and maintaining stable partnerships with major vehicle manufacturers [1] - The company is actively expanding into new fields such as energy storage and big data, successfully launching liquid cooling pipeline products for data centers, which are currently dominated by imported products [2] Group 3: Future Outlook - The liquid cooling pipeline is seen as a significant growth opportunity for the company, with potential revenue contributions expected from the energy storage and data center markets due to increasing demand for high-performance cooling solutions [2] - The company has already secured small batch orders from leading energy storage and server manufacturers, indicating a promising future for this new business segment [2]

据证券之星公开数据整理，近期川环科技（300547）发布2025年中报。截至本报告期末，公司营业总收 入6.88亿元，同比上升7.65%，归母净利润9863.01万元，同比上升0.27%。按单季度数据看，第二季度 营业总收入3.72亿元，同比上升9.45%，第二季度归母净利润5219.45万元，同比下降3.64%。本报告期 川环科技应收账款上升，应收账款同比增幅达68.62%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率24.96%，同比增0.46%，净利率14.33%，同比减 6.85%，销售费用、管理费用、财务费用总计3664.4万元，三费占营收比5.33%，同比增15.86%，每股净 资产5.71元，同比增10.01%，每股经营性现金流-0.26元，同比减189.78%，每股收益0.45元，同比增 0.26% 财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为-56.14%,原因:本报告期销售商品、提供劳务收到的现金减少。 应收款项变动幅度为18.52%,原因:本报告期末持有客户支付融单重分类至应收账款，期末23594万元， 年初8508万元，增加15086万元。 存货变动幅度为 ...