KSTAR(SZ:002518) Dong Jian Yan Bao·2025-09-15 13:50Group 1: Report Overview - The report is about a research on KSTAR, a company in the power equipment industry, conducted on September 15, 2025 [1][2][16] Group 2: Research Participants - Participating institutions include Kaiyuan Securities, Minfeng Capital, Hua'an Securities, Daqi Capital, Fuya Investment, Kabir Fund, Guokelonghui, Donghong Capital, and Zhuoyin Investment [2][17] Group 3: Core Views - The company uses a "brand direct sales + ODM" dual - track operation model in overseas new energy markets, achieving good results in Europe, Asia - Pacific, and Africa. In 2025, the European market's energy storage demand has recovered, and the company's new energy business is growing [22] - In the data center temperature control field, the company offers multiple solutions including liquid - cooled CDU and systems, and recently launched the LiquiX AI intelligent computing liquid - cooled CDU [24] - The Vietnam factory is an important overseas production layout, mainly for European and North American markets. The first - phase data center production line was put into operation this year, and new energy production lines will be arranged according to market demand [25] Group 4: Content Summary by Section 01. Research Basic Situation - The research object is KSTAR in the power equipment industry. The reception time was on September 15, 2025, and the reception staff included Deputy General Manager and Board Secretary Fan Tao, Securities Affairs Representative Zhang Lizhi, and Securities Affairs Specialist Jin Yulin [16] 02. Detailed Research Institutions - The institutions include Kaiyuan Securities (securities company), Minfeng Capital (others), Hua'an Securities (securities company), Daqi Capital (others), Fuya Investment (investment company), Kabir Fund (others), Guokelonghui (others), Donghong Capital (others), and Zhuoyin Investment (others) [17] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - The company introduced its situation and held an investor communication session. It responded to questions about overseas new energy business, data center temperature - control products, and the Vietnam factory [21][22][24]