Core Insights - Shenzhen Feirongda Technology Co., Ltd. reported a revenue of 2.883 billion yuan for the first half of 2025, representing a year-on-year growth of 27.42% [1] - The company's net profit attributable to shareholders reached 166 million yuan, marking a significant increase of 118.54% year-on-year [1] - Basic earnings per share stood at 0.29 yuan, reflecting a growth of 117.96% compared to the previous year [1] Business Overview - The company specializes in the research, design, production, and sales of electromagnetic shielding materials and devices, thermal management materials and devices, base station antennas and related devices, protective function devices, lightweight materials and devices, and functional components [1] - Feirongda aims to become a leading enterprise in new materials and intelligent manufacturing within the ICT sector [1] - The market share and profitability of terminal products such as mobile phones and laptops continue to improve [1] - The communication sector is progressing smoothly, with significant revenue growth from AI server cooling-related business in collaboration with key clients [1] - The new energy vehicle business has ongoing project orders being released, leading to gradual increases in sales revenue, although the gross margin remains relatively low [1]

Investment Rating - The report rates the industry as "Positive" for investment, indicating an optimistic outlook for the sector over the next 12 months [6]. Core Insights - The liquid cooling technology is positioned as a crucial solution for data centers to address heat dissipation challenges, especially with the increasing power consumption driven by AI applications [14][20]. - The report highlights the significant advantages of liquid cooling over traditional air cooling, including higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [13][26]. - The domestic liquid cooling market is projected to reach approximately 4-5 billion yuan by 2025 and 7-8 billion yuan by 2026, driven by the increasing adoption of high-power servers [43]. Summary by Sections Cooling Technology Overview - Data centers require efficient cooling systems due to their high heat generation, with liquid cooling being a key upgrade from traditional air cooling methods [8][13]. - Liquid cooling methods include cold plate, spray, and immersion cooling, with immersion cooling further divided into single-phase and two-phase types [9][13]. Drivers of Liquid Cooling Adoption - **Driver 1: AI Power Consumption** The power consumption of CPUs and GPUs is rapidly increasing, pushing the limits of air cooling solutions [14][19]. - **Driver 2: Policy Control on PUE** The report emphasizes the need for more efficient cooling solutions to meet stringent PUE (Power Usage Effectiveness) targets set by regulations, with liquid cooling achieving lower PUE values compared to air cooling [20][25]. - **Driver 3: Lower Lifecycle Costs** Liquid cooling systems demonstrate lower TCO compared to air cooling, particularly in terms of capital and operational expenditures [26][29]. Market Size and Growth - The report estimates that the domestic liquid cooling market will grow significantly, with projections of 40-50 billion yuan in 2025 and 70-80 billion yuan in 2026 [43][45]. - The market for liquid cooling components, such as CDU and manifolds, is expected to see substantial growth, with specific segments projected to grow by over 200% year-on-year by 2026 [49]. Investment Opportunities - The report identifies key investment opportunities within the liquid cooling supply chain, including liquid cooling plates, CDU, and manifold products, with a focus on domestic manufacturers [54][57]. - The trend towards domestic substitution in the liquid cooling market is highlighted, particularly for components currently dominated by foreign suppliers [58][61]. Key Players and Competitive Landscape - Major players in the liquid cooling market include companies like Invec, Feirongda, and Zhonghang Optoelectronics, which are positioned to benefit from the growing demand for liquid cooling solutions [78][84]. - The competitive landscape is characterized by a mix of established players and emerging domestic manufacturers, with a focus on innovation and cost reduction in liquid cooling technologies [79][82].

（文章来源：证券日报） 证券日报网讯 8月18日晚间，飞荣达发布2025年半年度报告摘要称，2025年半年度公司实现营业收入为 2，883，148，595.67元，同比增长27.42%；实现归属于上市公司股东的净利润为166，088，911.89 元，同比增长118.54%。 ...

（文章来源：证券日报） 证券日报网讯 8月18日晚间，飞荣达发布公告称，公司于2025年8月15日召开第六届董事会第十次会议 和第六届监事会第九次会议，分别审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议 案》，并同意公司使用闲置募集资金不超过人民币40，000万元暂时补充公司日常经营所需的流动资 金，使用期限自董事会批准之日起不超过12个月，到期或募集资金投资项目需要时及时归还至募集资金 专户。 ...

（文章来源：证券日报） 证券日报网讯 8月18日晚间，飞荣达发布公告称，公司第六届监事会第九次会议审议通过了《关于公司 及其摘要的议案》等多项议案。 ...

（文章来源：证券日报） 证券日报网讯 8月18日晚间，飞荣达发布公告称，公司第六届董事会第十次会议审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》等多项议案。 ...

格隆汇8月18日丨飞荣达(300602.SZ)公布2025年半年度报告，上半年公司实现营业收入28.83亿元，同比 增长27.42%；归属于上市公司股东的净利润1.66亿元，同比增长118.54%；归属于上市公司股东的扣除 非经常性损益的净利润1.36亿元，同比增长98.36%；基本每股收益0.2864元。 ...

人民财讯8月18日电，飞荣达(300602)8月18日晚间披露2025年半年报，公司上半年实现营业收入28.83亿 元，同比增长27.42%；归母净利润1.66亿元，同比增长118.54%；基本每股收益0.2864元。报告期内， 公司手机及笔记本电脑等终端产品的市场份额及盈利能力持续得到提升，主要由于下游消费类电子市场 需求回暖以及市场需求的增加，公司重要客户相关业务的回归，进一步推动了公司市场份额的稳健增 长。 转自：证券时报 ...

飞荣达8月18日晚间发布半年度业绩报告称，2025年上半年营业收入约28.83亿元，同比增加27.42%；归 属于上市公司股东的净利润约1.66亿元，同比增加118.54%；基本每股收益0.2864元，同比增加 117.96%。 （文章来源：每日经济新闻） ...

飞荣达8月18日晚间发布公告称，2025年半年度公司计提信用减值损失约1491万元，计提资产减值损失 约5443万元，对报告期内利润总额影响金额约为6934万元，并相应减少公司报告期期末的资产净值，对 公司报告期内的经营现金流没有影响。 （文章来源：每日经济新闻） ...