Tricolor(SH:603516) Jing Ji Guan Cha Wang·2026-02-14 01:59Core Viewpoint - The company is expected to see a significant increase in net profit for 2025, driven by investment gains, despite a decline in traditional business revenue and delayed income recognition from liquid cooling testing equipment [2][3]. Financial Performance - The forecasted net profit for 2025 is estimated to be between 265 million to 290 million yuan, representing a year-on-year increase of 208.86% to 238.00%, primarily due to a fair value change gain from investment in Muxi Co., contributing approximately 303 million yuan [2]. - However, the expected operating revenue is projected to be between 350 million to 370 million yuan, reflecting a year-on-year decline of 25.25% to 29.29%. The non-recurring net profit is anticipated to show a loss of 29 million to 36 million yuan, indicating pressure on traditional business and delays in liquid cooling testing equipment shipments [2]. Business Development - The revenue recognition for liquid cooling testing equipment is set to be staggered due to acceptance cycle impacts. Approximately 1,200 to 1,800 units customized for NVIDIA were shipped in Q4 2025, with about 70% of the revenue expected to be recognized in the Q1 2026 report and 30% in the semi-annual report [3]. Stock Performance - As of February 10, 2026, the company's stock price has decreased by 27.68% year-to-date, with a net outflow of main funds. The financing balance stands at 2.767 billion yuan, accounting for 8.10% of the circulating market value. Recent fluctuations may be influenced by the earnings forecast and market sentiment, necessitating attention to actual data in subsequent financial reports [4].