科创新源：液冷散热业务带动业绩大增，上半年营收增长43.9%

Core Insights - Company reported significant growth in H1 2025, with revenue reaching 541 million yuan, a year-on-year increase of 43.9%, and net profit attributable to shareholders at 17.604 million yuan, up 520.71% [1] - The main driver of this growth is the rapid advancement in liquid cooling technology, particularly in the application of liquid cooling plates for electric vehicle batteries [1] Revenue Breakdown - The polymer materials segment achieved steady growth, generating revenue of 229 million yuan, a 6.04% increase year-on-year, with overseas communication business expanding and profit margins improving [1] - The automotive sealing strip business deepened strategic partnerships with major clients like Chery, resulting in revenue of 89.251 million yuan, a 9.79% increase compared to the same period last year [1] Thermal Management System Growth - The thermal management system segment emerged as a major growth driver, with revenue reaching 311 million yuan, a staggering increase of 95.31% year-on-year, primarily driven by subsidiaries like Ruitai Technology and Chuangyuan Zhihuo [2] - The demand for new energy vehicles is rising, fueled by the rapid promotion of new battery technologies such as Kirin and Shenhung batteries, leading to significant orders for popular models [2] - Ruitai Technology's high-frequency welded liquid cooling plates are key components for the new battery technologies, and the company has accelerated production line construction and upgrades to enhance efficiency [2] Data Center Developments - The explosion of AI technology has significantly increased the demand for computing power and data center cooling solutions, with liquid cooling technology being rapidly adopted [3] - Company is actively developing data center cooling components through its subsidiary, focusing on specialized cooling modules and liquid cooling plates, although it remains in the customer development and product certification phase, resulting in small revenue and losses during the reporting period [3] - Company is pursuing a cross-border acquisition of Dongguan Zhaoke, which has faced delays due to complexity, and has signed a memorandum of cooperation with Honeywell for the development of various cooling technologies [3]