Core Viewpoint - The recent financial report of Shenling Environment (301018) shows significant growth in revenue and net profit for the first half of 2025, indicating a positive performance trend despite some concerns regarding cash flow and accounts receivable [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.682 billion yuan, a year-on-year increase of 28.95% [1] - Net profit attributable to shareholders was 150 million yuan, up 35.95% year-on-year [1] - In Q2 2025, total revenue was 1.054 billion yuan, reflecting a 30.03% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was approximately 96.28 million yuan, a significant rise of 59.92% year-on-year [1] - Gross margin stood at 24.41%, down 2.57% year-on-year, while net margin improved to 9.11%, an increase of 10.38% [1] - Total operating expenses were 186 million yuan, accounting for 11.04% of revenue, a decrease of 12.69% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 502 million yuan, a 31.05% rise from the previous year [1] - Accounts receivable grew to 2.031 billion yuan, a 24.99% increase, with accounts receivable to net profit ratio reaching 1757.54% [1][3] - Interest-bearing debt rose to 1.154 billion yuan, up 26.93% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 3.67%, indicating a relatively low capital return [1] - Historical median ROIC since listing is 9.48%, suggesting potential for improved investment returns [1] - Analysts project 2025 earnings to reach 282 million yuan, with an average earnings per share estimate of 1.06 yuan [3] Fund Holdings - The largest fund holding Shenling Environment is the Baoying Strategy Growth Mixed Fund, which has increased its position [4] - Other funds, such as Baoying Technology 30 Mixed Fund and Baoying Innovation Driven Stock A, have also increased their holdings [4]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 15, 2025, at 15:00 [1] - The meeting will combine on-site voting and online voting through the Shenzhen Stock Exchange trading system [2] Voting Rights - Shareholders registered by the close of trading on September 8, 2025, are entitled to attend the meeting and vote [2] - Shareholders can only choose one voting method: either on-site or online voting [2] Agenda Items - The meeting will review the proposal regarding the completion of fundraising projects and the permanent allocation of surplus funds to working capital [4][11] Registration and Attendance - Shareholders must complete registration procedures by presenting required documents, including identification and authorization letters for proxies [5][6] - Registration must be completed by 17:00 on September 12, 2025 [9] Online Voting Process - Detailed procedures for online voting will be provided, allowing shareholders to express their voting opinions on proposals [7] - Shareholders must authenticate their identity to participate in online voting [7]

广东申菱环境系统股份有限公司 关于第四届监事会第七次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开情况 证券代码：301018 证券简称：申菱环境 公告编号：2025-031 广东申菱环境系统股份有限公司（以下简称"公司"）第四届监事会第七次 会议于 2025 年 8 月 28 日在公司会议室以现场会议的方式召开，本次会议通知于 理人员。会议应出席监事 3 人，实际出席人数 3 人。会议由公司监事会主席欧兆 铭先生主持，公司董事会秘书列席了本次会议。会议的召集、召开符合《公司法》 和《公司章程》的有关规定，会议合法有效。 二、会议审议情况 经出席会议的监事讨论和表决，审议通过如下决议： （一）审议通过了《关于公司 2025 年半年度报告全文及摘要的议案》 公司监事会对《2025 年半年度报告》全文及摘要进行了认真、严格的审核， 并发表书面确认意见及如下审核意见：经审核，监事会认为编制和审核公司《2025 年半年度报告》全文及摘要的程序符合法律、法规和《公司章程》的规定，报告 内容真实、准确、完整地反映了公司的实际情况，不存在任何虚 ...

| 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 29.10 | 1812.93 | 62.30 | -21.38 | 财通证券股份有限公司佛 | 中信建投证券股份有限公司 | | | | | | 山国泰南路证券营业部 | 佛山顺德大良证券营业部 | | 9.00 | 560.70 | 62.30 | -21.38 | 机构专用 | 中信建投证券股份有限公司 | | | | | | | 佛山顺德大良证券营业部 | | 6.50 | 404.95 | 62.30 | -21.38 | 机构专用 | 中信建投证券股份有限公司 | | | | | | | 佛山顺德大良证券营业部 | | 6.50 | 404.95 | 62.30 | -21.38 | 机构专用 | 中信建投证券股份有限公司 | | | | | | | 佛山顺德大良证券营业部 | | 5.00 | 311.50 | 62.30 ...

Core Insights - The establishment of the Shunling Environment's production base in Maoming marks a significant achievement in the collaboration between Foshan and Maoming, with a total investment of 1 billion yuan and a record-setting project completion time of 200 days [1][2] - The Foshan-Maoming collaboration has led to the signing of 127 projects with a total planned investment of 498.68 billion yuan, showcasing a shift from "one-way blood transfusion" to "mutual win-win" regional development [2][9] Industry Collaboration - The Shunling Environment project is the first major initiative introduced by the Foshan-Maoming command post in Maoming, highlighting the effective communication and cooperation between the command post and corporate leaders [2] - The command post has implemented innovative recruitment strategies, including "state-owned enterprise customized development" and "scene-based recruitment," to attract investments and facilitate industrial transfer [3] - The establishment of the "reverse flying land" mechanism has allowed Maoming to set up collaborative projects in Foshan, enhancing cross-regional cooperation [3] Team Efficiency - The Foshan-Maoming command post consists of 44 personnel, equally divided between the two cities, working closely to ensure efficient project execution and investment attraction [5][6] - The command post has achieved a remarkable pace of "signing one project per week and landing one project every two weeks," demonstrating high operational efficiency [6] Social Development - The collaboration has extended to rural and social sectors, with over 1 billion yuan invested in 20 typical villages in Gaozhou for comprehensive quality improvement projects [8] - Educational and healthcare collaborations have been established, with 103 schools and hospitals working together to enhance local services and create job opportunities [8] Recognition and Future Outlook - The Foshan-Maoming collaboration has been recognized as a model case in the provincial "Hundred-Thousand-Ten Thousand Project," providing valuable experience for regional coordinated development [9]

Core Insights - The overseas computing power industry chain has strengthened significantly since July, driven by the intensive release of large models and the concentrated disclosure of earnings reports from US tech companies [1] - The liquid cooling sector, closely tied to the AI wave, has emerged as a new focus for investors due to clear technological trends and accelerated industry advancements [1] - Liquid cooling technology is expected to become a core battlefield for AI industry development by 2025, marking a critical breakthrough year [1] Industry Performance - Key assets in the computing power sector, such as servers, PCBs, and optical modules, have seen significant price increases since July, with Industrial Fulian's server segment rising by 131%, PCB's Pengding Holdings by 66%, and optical module's Xinyisheng by 100% [1] - Vertiv, a leading player in the liquid cooling market, reported Q2 2025 revenue of $2.638 billion, exceeding previous guidance by $288 million, and raised its fiscal year 2025 revenue guidance from $9.325-9.575 billion to $9.925-10.075 billion [2] Technological Advancements - The introduction of liquid cooling technology in core products like switches and GPUs is accelerating, with NVIDIA launching the GB300 NVL72 platform featuring a fully liquid-cooled design [3] - CoreWeave has deployed the first AI server systems based on the GB300 NVL72, indicating the commercial phase of this product line [3] Market Drivers - The increasing power consumption of GPUs, with some models exceeding 700W, necessitates liquid cooling solutions as traditional air cooling becomes inadequate [4] - Stricter Power Usage Effectiveness (PUE) policies globally are pushing for the adoption of liquid cooling technology, with targets set for new data centers to achieve PUE below 1.3 in China and below 1.4 in the US [4] Supply Chain Dynamics - The liquid cooling data center industry chain includes upstream components, midstream servers, and downstream users, with companies capable of providing complete system solutions gaining competitive advantages [5] - Key upstream components include cold plates, UQD, manifolds, CDU, connectors, electromagnetic valves, and tanks, while midstream players include server manufacturers like Inspur and Lenovo [5] Future Outlook - The current bottleneck in AI development is the "power contradiction," where high power consumption leads to significant cooling challenges, which liquid cooling technology can effectively address [6] - The liquid cooling industry is expected to enter a high-growth "golden era" driven by the positive impact of AI development on its applications [6]

智通财经APP讯，申菱环境(301018.SZ)发布2025年半年度报告，该公司营业收入为16.82亿元，同比增 长28.95%。归属于上市公司股东的净利润为1.5亿元，同比增长35.95%。归属于上市公司股东的扣除非 经常性损益的净利润为1.49亿元，同比增长38.45%。基本每股收益为0.57元。 ...

Group 1 - The core point of the article is that Shenling Environment (SZ 301018) held its fourth board meeting on August 28, 2025, to review the company's 2025 semi-annual report and related documents [1] - For the year 2024, the revenue composition of Shenling Environment is as follows: data services industry accounts for 51.31%, special industries for 23.33%, industrial sector for 20.26%, public construction and commercial sector for 4.61%, and other businesses for 0.49% [1] - As of the report date, the market capitalization of Shenling Environment is 20.7 billion yuan [1]

中信建投证券股份有限公司关于 三、公司及股东承诺事项履行情况 2 广东申菱环境系统股份有限公司 2025 年上半年度跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：申菱环境 | | --- | --- | | 保荐代表人姓名：张铁 | 联系电话：021-68801592 | | 保荐代表人姓名：伏江平 | 联系电话：0755-23953872 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止关联 | 公司已建立完善各 | | 方占用公司资源的制度、募集资金管理制度、内控制度、内部 | 项内控制度 | | 审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 次 1 | | （2）公司募集资金 ...

关于广东申菱环境系统股份有限公司募投项目结项并将节 余募集资金永久补充流动资金的核查意见 中信建投证券股份有限公司 中信建投证券股份有限公司（以下简称"中信建投证券""保荐机构"）作 为广东申菱环境系统股份有限公司（简称"申菱环境""公司"）向特定对象发 行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资 金监管规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等有关法律法规规定，对公司募投项目 结项并将节余募集资金永久补充流动资金事项进行了核查，并发表如下意见： 一、募集资金及募投项目基本情况 （一）募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意广东申菱环境系统股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕38 号）同意，公司 向特定对象发行股票 24,570,024.00 股，每股面值人民币 1 元，发行价格为每股 32.56 元，共计募集资金总额人民币 799,999,981.44 元。扣除与本次发行有关的 费用人民币 ...