液冷服务器概念牛股上半年增收不增利 大元泵业：新厂房折旧等因素所致

Core Viewpoint - The company, Dayuan Pump Industry, reported a mixed financial performance for the first half of 2025, with revenue growth but a significant decline in net profit, attributed to the absence of prior asset disposal gains and increased depreciation costs [1][2]. Financial Performance - The company achieved revenue of 9.65 billion yuan, a year-on-year increase of 14.55% [1] - The net profit attributable to shareholders was 1.01 billion yuan, a decrease of 27.99% year-on-year [1] - The non-recurring net profit was 930.09 million yuan, down 10.67% year-on-year [1] - The increase in depreciation expenses was 32.88 million yuan, nearly a 10 million yuan increase compared to the previous year [1] Business Segments - The liquid cooling temperature control business grew by 105% year-on-year, with revenue of 0.7 billion yuan in the first half of 2025 [2] - The sales revenue from products used in the new energy vehicle sector reached approximately 0.33 billion yuan, a year-on-year increase of 58.6% [2] - The traditional civil series products remain the main revenue source, with the agricultural pump segment recovering to achieve revenue of about 3.4 billion yuan, a year-on-year increase of 17.6% [4] - The household shield pump segment generated revenue of 3.6 billion yuan, a year-on-year increase of 5.8% [4] Market Dynamics - The company has made breakthroughs in liquid cooling projects for mining machines, marking a new application scenario [3] - The household shield pump segment showed a mixed performance, with domestic sales slightly declining due to external market pressures, while exports recovered after a prolonged adjustment period [4] - The total accounts receivable amounted to 4.79 billion yuan, indicating potential risks related to customer payment capabilities [4]