液冷龙头英维克Q2营收同比增长69.67%，净利润增长37.98%

Core Insights - The company reported a significant revenue growth of 69.67% year-on-year in Q2, reaching 1.641 billion yuan, driven by strong demand from data centers, energy storage, and AI servers [1][3] - The net profit attributable to the parent company for Q2 was 168 million yuan, reflecting a year-on-year increase of 37.98% [1] - The gross profit margin for Q2 was 25.97%, a decrease of 19 percentage points compared to the previous year [1] Financial Performance - For the first half of 2025, the company achieved a revenue of 2.573 billion yuan, a 50.25% increase from 1.713 billion yuan in the same period last year [3] - The net profit for the first half of 2025 was 216 million yuan, up 17.54% year-on-year [1][3] - The gross profit margin for the first half of 2025 was approximately 26.16%, down from 28.48% in the previous year, indicating increased cost pressures [3] Operational Highlights - The company’s cash flow from operating activities was negative 234 million yuan, with a significant increase in inventory and accounts receivable [4] - Accounts receivable increased to 2.81 billion yuan, with a turnover period extending, indicating potential collection challenges [4] - The company’s inventory rose to 1.239 billion yuan, a 40.1% increase from the beginning of the year, reflecting strong order demand but increased turnover pressure [2][3] Business Development - The data center temperature control equipment remains a key growth driver, benefiting from AI computing power demand [2][3] - The company invested 196 million yuan in R&D, accounting for 7.6% of revenue, focusing on advanced technologies such as liquid cooling and high-density heat dissipation [3] - The company is actively expanding capacity, with construction in progress amounting to 224 million yuan, indicating a commitment to meet market demand [3]