Core Viewpoint - The company, Inveck, reported a significant increase in revenue and net profit in Q2 2025, driven by strong demand in data centers, energy storage, and AI servers, despite facing challenges such as declining gross margins and increased cash flow pressure [2][3][7]. Financial Performance - Q2 2025 revenue reached 16.41 billion, a year-on-year increase of 69.67% [4][3]. - Net profit attributable to shareholders was 1.68 billion, reflecting a 37.98% increase year-on-year [5][3]. - For the first half of 2025, total revenue was 25.73 billion, up 50.25% from the previous year [7][17]. - Gross margin for Q2 was 25.97%, down 19 percentage points compared to the previous year [6][8]. Operational Insights - The company generated over 2 billion in revenue from liquid cooling related to computing equipment and data centers during the reporting period [7][17]. - R&D expenses amounted to 1.96 billion, representing 7.6% of revenue, focusing on advanced technologies like liquid cooling and high-density heat dissipation [17]. - The company’s construction in progress balance increased to 2.24 billion, indicating capacity expansion to meet market demand [17]. Cash Flow and Working Capital - The net cash flow from operating activities was -2.34 billion, with a significant increase in inventory and accounts receivable [21][19]. - Accounts receivable rose to 28.1 billion, with an increase in turnover days, indicating potential collection challenges [19][18]. - Inventory surged to 12.39 billion, up 40.10% from the beginning of the year, reflecting strong order intake but increased turnover pressure [15][17]. Market Demand and Product Performance - Demand for data center temperature control equipment remains a key growth driver, benefiting from AI computing needs [13][16]. - The cabinet temperature control energy-saving products performed well, with a low bad debt provision ratio of 1.18%, indicating high customer quality [14][20].
收藏液冷龙头英维克Q2营收同比增长69.67%,净利润增长37.98%