Summary of Conference Call Records Industry Overview - The liquid cooling market is expected to reach a scale of over 100 billion, driven by advancements in chip technology and increasing computing power demands [1][2] - Liquid cooling technology is gradually replacing air cooling, expanding its application from GPUs to switches and large-scale overseas data centers [2] Key Points and Arguments - **Demand and Supply Dynamics**: - Profit expectations have been revised upwards, leading to changes in supply dynamics. Taiwanese manufacturers are seeking outsourcing opportunities in mainland China, reflecting an urgent demand shift [3][4] - The liquid cooling technology is projected to see rapid penetration in data centers due to lower operational costs (OPEX) and strict energy consumption policies [3][8] - **Market Performance**: - The liquid crystal sector has shown strong performance, with leading companies reaching new highs and new entrants emerging [5] - Companies providing complete product solutions, such as Invec and Shengjing Environment, are seen as having greater commercial potential compared to those offering only a full range of products [5] - **Key Players in the Domestic Liquid Crystal Industry**: - The largest and most comprehensive supplier in the domestic liquid crystal industry has clear overseas order expectations, indicating significant performance elasticity [6] - Adaptation Environment, while smaller than Invec, has potential for growth through Southeast Asian orders and gradual entry into the North American market [6] - **Future Prospects of Key Companies**: - Keke New Source is expected to enter the AV product field and has a partnership with Dongguan Zhaoke for thermal materials, with projected performance exceeding 200 million after integration [7] Additional Important Insights - **Liquid Cooling in Data Centers**: - The application of liquid cooling technology in data centers is essential due to the increasing thermal power of AI chips and the need for lower PUE values [8][9] - The global trend towards stricter energy efficiency standards is pushing the adoption of liquid cooling solutions [8] - **NVIDIA's Liquid Cooling Supply Chain**: - NVIDIA's supply chain is structured in a pyramid, with NVIDIA at the top, followed by OEM and ODM manufacturers, and specialized cooling module suppliers at the base [12] - **Market Trends in North America**: - Major North American cloud providers are accelerating the adoption of liquid cooling solutions, with companies like Meta and Google leading the way [16] - **Impact of Domestic Chip Clusters**: - The iteration of domestic chip clusters is opening new liquid cooling solutions, significantly impacting the global market [17] - **Liquid Cooling in Energy Storage**: - Liquid cooling temperature control systems are becoming mainstream in the energy storage sector, with market share expected to reach 53% by 2024 [20] - **Potential for Data Center Liquid Cooling**: - Data center liquid cooling technology is expected to see both volume and price increases, with companies like Invec and Shengjing Kecai recommended for significant growth [21]

Group 1: Company Performance - Zhenray Technology reported a net profit of 62.32 million yuan for the first half of 2025, a year-on-year increase of 1006.99% [1] - The company's revenue for the same period reached 205 million yuan, up 73.64% year-on-year [1] - Zhongke Sanhuan achieved a net profit growth of 160.82% in the first half of 2025 [6] - Jinlongyu's net profit increased by 60% year-on-year in the first half of 2025 [6] - Pengding Holdings reported a 57% increase in net profit for the same period [6] Group 2: Corporate Actions - Baiyun Airport signed a 10-year cooperation contract with China Duty Free Group for the operation of duty-free projects at T3 terminal [1] - ST Shengtun announced the removal of other risk warnings and changed its stock name to "Shengtun Mining" [2] - Jin Orange plans to acquire 55% of Samit Optical Technology Co., Ltd. and will resume trading on August 13 [2] - Qizhou Development intends to purchase 95.46% of Xian Dao Electronics Technology Co., Ltd. and will resume trading [5] - Jiangsu Suopu plans to raise no more than 1.5 billion yuan through a private placement [7] Group 3: Stock Performance and Trading - ST Huamei's stock will be suspended from trading starting August 13 due to failure to rectify fund occupation issues [1] - China Shipbuilding announced a dissenting shareholder buyout price of 30.02 yuan per share, with a premium of 28.25% over the closing price [3] - China Heavy Industry set a cash option exercise price of 4.03 yuan per share, with a premium of 26.55% over the closing price [6] - Yuhua Tian's stock experienced abnormal fluctuations with a cumulative increase of over 35% [4]

Group 1: Personal Consumption Loan Policies - The Ministry of Finance, People's Bank of China, and Financial Regulatory Bureau issued a plan for personal consumption loan interest subsidies from September 1, 2025, to August 31, 2026, applicable to loans used for consumption, excluding credit card transactions [2] - The subsidy covers consumption loans under 50,000 yuan and significant expenditures in key areas such as home appliances, automobiles, education, and healthcare, with a cap of 50,000 yuan for larger purchases [2] - The policy may be extended or expanded based on its effectiveness after the expiration date [2] Group 2: Service Industry Loan Subsidies - Nine departments, including the Ministry of Finance and People's Bank of China, released a loan interest subsidy plan for service industry entities, applicable to loans for sectors like hospitality, healthcare, and tourism [3] - Loans must be signed between March 16, 2025, and December 31, 2025, and funds should be used to improve consumption infrastructure and service capabilities [3] - The policy may also be extended or expanded based on its effectiveness after the expiration date [3] Group 3: Financial Consumer Protection - The Financial Regulatory Bureau, along with the People's Bank of China and China Securities Regulatory Commission, held a meeting to enhance financial consumer and investor protection [4] - The focus is on addressing consumer complaints, improving financial literacy, and fostering a cooperative environment for financial consumer protection [4] - The initiative aims to develop a high-quality financial consumer protection framework through information sharing and collaborative governance [4] Group 4: Lithium Battery Separator Industry Consensus - Key players in the dry lithium battery separator industry convened to address "involution" competition and promote healthy industry development [5] - Eight companies reached agreements on price discipline, capacity management, and enhanced collaboration within the supply chain [5] - The meeting emphasized the importance of social oversight in maintaining industry standards [5] Group 5: Tax Policy for Express Delivery Services - The Ministry of Finance and State Taxation Administration clarified that express delivery service revenues will be taxed as "collection and delivery services" [6] - Taxpayers with network platform road freight transport qualifications can deduct input tax for certain fuel and toll expenses [6] Group 6: National Medical Insurance Drug List - The National Medical Insurance Administration announced that 534 drugs passed the preliminary review for the 2025 National Medical Insurance Drug List [8] - The number of drug applications exceeded that of 2024, with a new commercial insurance innovative drug list introduced alongside the basic medical insurance list [8] - A total of 121 out of 141 drugs in the innovative drug list passed the preliminary review [8] Group 7: Company News Highlights - Guizhou Moutai reported a net profit of 45.403 billion yuan for the first half of the year, an increase of 8.89% year-on-year [10] - Golden Dragon Fish's net profit for the first half of the year reached 1.756 billion yuan, a 60.07% increase year-on-year [10] - China Unicom's revenue surpassed 200 billion yuan in the first half of the year, reflecting a 1.5% year-on-year growth [10]

证券日报网讯英维克（002837）8月12日在互动平台回答投资者提问时表示，公司2025年半年报尚未披 露，预约的披露日为2025年8月19日。 ...

Core Viewpoint - InvenTech (002837) is a leading provider of precision temperature control and energy-saving solutions, focusing on various sectors including cloud computing data centers, computing power devices, communication networks, power grids, energy storage systems, electric vehicle charging stations, industrial equipment, and power conversion [1] Group 1 - The company offers equipment cooling solutions and precision environmental control solutions for multiple industries [1] - InvenTech provides air conditioning and refrigeration products and services for vehicles such as buses, heavy trucks, refrigerated trucks, and subways [1] - The company has launched a series of air environment machines aimed at improving indoor air quality and health [1]

证券日报网讯英维克（002837）8月12日在互动平台回答投资者提问时表示，作为全链条液冷的开创 者，英维克率先推出高可靠Coolinside全链条液冷解决方案。 ...

Core Viewpoint - Feilong Automotive Parts Co., Ltd. is expanding its liquid cooling technology applications beyond the automotive sector into various advanced fields, establishing partnerships with over 80 clients and managing more than 120 ongoing projects, some of which have already achieved mass production [1] Group 1: Business Development - The company has established collaborations with over 40 leading enterprises in the server liquid cooling sector, including HP and Lenovo [1] - In the charging pile sector, clients include Xiaomi Automotive and Teld [1] - The company has entered the supply chain systems of major firms such as State Power Investment Corporation and Sany Heavy Industry [1] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 2.162 billion yuan and a net profit of 210 million yuan, marking a year-on-year growth of 14.49% and 24.65% respectively [2] - The management attributes the revenue growth to stable raw material prices, optimized product structure, and enhanced internal and external management [2] - The company anticipates improved revenue in the second half of 2025, driven by new overseas projects, increased orders for new energy vehicle integrated modules, and growing sales of liquid cooling products [2] Group 3: Global Strategy - The company’s first overseas smart factory in Thailand commenced trial production on June 26, 2025, serving as a strategic hub for global expansion [3] - The establishment of the Thai production base aims to mitigate international trade risks and enhance supply chain resilience against geopolitical fluctuations [3] - The company plans to accelerate the construction of the Thai facility to adapt to U.S. tariff adjustments and diversify its international market strategy [3] Group 4: Robotics Strategy - The company has outlined its strategic planning for the robotics sector, focusing on two complementary paths: extending core components and developing liquid cooling solutions for robotics [4] - It aims to leverage its expertise in thermal management to provide key components for the robotics industry [4] - Collaborations with certain vehicle manufacturers for product co-development in the robotics field have already begun [5] Group 5: Production Capacity - The subsidiary Zhengzhou Feilong specializes in new energy thermal management components, with over 20 assembly lines and production capabilities for various thermal management products [5] - The ongoing project to produce 5.6 million new energy thermal management components is under construction, focusing on thermal control valves and integrated modules [5] Group 6: New Subsidiary - The newly established subsidiary Hangyi Technology focuses on non-automotive liquid cooling pump research and production, targeting data centers and charging piles [6] - The company aims to become a leader in IDC liquid cooling pump technology and a core supplier in the global market [6] - Future plans include solidifying automotive thermal management business while integrating thermal management technology with emerging industries like robotics [6]

Core Viewpoint - The company, Invec (002837), has noted increased market attention on AI, computing equipment, and data center industries, particularly regarding its liquid cooling business, but has confirmed no undisclosed significant information affecting stock prices [1] Company Operations - The company's production and operational status remains normal, with no significant changes in its main business activities [1] - There have been no major changes in the internal and external operating environment [1]

Core Viewpoint - The company, Yingweike, announced on August 12 that its stock price had deviated significantly, with a cumulative increase of over 20% in the last three trading days, which is classified as abnormal stock trading activity according to Shenzhen Stock Exchange regulations [1] Group 1: Company Operations - The company has noted increased market interest in AI, computing power equipment, and data centers, leading to heightened attention on its liquid cooling business [1] - After investigation, the company found no undisclosed significant information in public media that could have impacted its stock price [1] - The company aims to leverage its technological innovation in air cooling and liquid cooling to expand its customer base in domestic and international data centers and computing power equipment sectors [1] Group 2: Business Stability - The company has established a relatively complete liquid cooling technology, product, and solution capability [1] - Current production and operational conditions are normal, with no significant changes in the main business or external operating environment [1] - The company, its controlling shareholders, and actual controllers have no undisclosed significant matters or major matters under planning related to the company [1]

证券代码：002837 证券简称：英维克 公告编号：2025-038 深圳市英维克科技股份有限公司 深圳市英维克科技股份有限公司（以下简称"公司"或"本公司"）股票 2025 年 8 月 8 日、2025 年 8 月 11 日、2025 年 8 月 12 日连续 3 个交易日收盘价格涨幅偏离 值累计达到 20%以上，根据深圳证券交易所的有关规定，属于股票交易异常波动的情 况。 二、公司关注、核实情况说明 针对公司股票交易异常波动情形，公司就相关问题进行了核实，现将有关情况说 明如下： 1.公司前期所披露的信息，不存在需要更正、补充之处。 2.公司发现近期市场对 AI、算力设备、数据中心等行业动态较为关注，对公司的 液冷相关业务有较多关注和讨论，经核查，未发现近期公共传媒报道了可能或已经对 公司股票交易价格产生较大影响的未公开重大信息。 3.随着 AI 算力的持续发展，公司希望凭借在风冷和液冷的技术创新优势，持续 展开国内外的数据中心及算力设备等行业客户的拓展，并已构建相对完整的液冷全链 条技术、产品和解决方案的能力。目前公司生产经营情况正常，主营业务未发生重大 变化，内外部经营环境未发生重大变化。 4.公司、 ...