Core Viewpoint - The company, Guangdong Shenliang Environmental System Co., Ltd., reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, and engaged in an investor call to discuss these results and future prospects [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1,682.18 million yuan, representing a year-on-year increase of 28.95% [2]. - The net profit attributable to shareholders was 150.41 million yuan, reflecting a year-on-year growth of 35.95% [2]. Business Insights - Gross margin improved significantly in Q2 compared to Q1, primarily due to the scaling of the data center business, which has a high degree of product standardization and lower sales and after-sales costs compared to industrial specialty businesses [3]. - The company has seen a doubling of orders in the first eight months of the year, indicating greater potential for cost savings and efficiency improvements in the future [3]. - The company disclosed over 200 million yuan in overseas orders, with a higher proportion of liquid cooling orders compared to domestic orders, particularly targeting the U.S. and Southeast Asian markets [3]. - The growth in liquid cooling orders is outpacing the overall growth of the data center business, with expectations for increased revenue recognition as projects are implemented [3]. - The company is closely collaborating with clients to meet the rising demand for AI-related products, which is expected to boost the need for liquid cooling solutions due to increased chip delivery and heat density [3]. - The company is focusing on lean manufacturing and material standardization to enhance manufacturing efficiency and reduce costs, which is anticipated to improve gross margins further [3]. - The energy and power-related business segments are contributing significantly to revenue, with the storage business benefiting from the development of pumped storage and the advancement of large client electrochemical storage cooling solutions [3].
调研速递|申菱环境接受汇添富基金等72家机构调研 上半年营收16.82亿元 精彩要点披露