智通财经APP讯，申菱环境(301018.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 2.05亿元至2.46亿元，同比增长77.39%至112.87%;扣除非经常性损益后的净利润2亿元至2.4亿元，同比 增长77.87%至113.44%。 ...

Group 1 - The core viewpoint of the article is that Shenling Environment has announced its performance forecast for the year 2025, expecting a significant increase in net profit [2] - The company anticipates a net profit attributable to shareholders ranging from 205 million yuan to 246 million yuan, representing a year-on-year growth of 77.39% to 112.87% [2]

申菱环境发布2025年度业绩预告，预计归属于上市公司股东的净利润为2.05亿元至2.46亿元，比上年同 期增长77.39%至112.87%。随着数据中心建设持续加快，公司紧抓产业趋势，实现数据服务业务较快增 长。数据服务板块增长主要得益于公司产品契合市场需求，与头部客户深化合作以及积极拓展海外市场 带来的订单增长。报告期内，工业板块表现出色，电力与能源业务实现了显著的业绩增长，主要集中在 储能温控、锂电池制造、特高压电网、抽水蓄能等细分领域。 ...

Core Viewpoint - The company expects a net profit of 205 million to 246 million yuan for the fiscal year 2025, representing a year-on-year growth of 77.39% to 112.87% [1] Group 1: Performance Growth - The company has achieved significant performance growth during the reporting period, primarily due to the accelerated construction of data centers [1] - The data service segment has experienced rapid growth, driven by the alignment of company products with market demand, deepened cooperation with leading clients, and active expansion into overseas markets [1] Group 2: Industrial Sector Development - The company focuses on product development and business expansion in the industrial sector, in line with national energy development and transformation trends [1] - The traditional power grid, chemical, and integrated circuit sectors have been reinforced and expanded as advantageous businesses [1] Group 3: Energy and Power Business - The industrial segment has performed exceptionally well, with significant growth in the power and energy business [1] - Notable performance increases are concentrated in sub-sectors such as energy storage temperature control, lithium battery manufacturing, ultra-high voltage power grids, and pumped storage [1]

证券代码：301018 证券简称：申菱环境 公告编号：2026-003 广东申菱环境系统股份有限公司 单位：万元 | 项 目 | | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 20,500 | ～ | 24,600 | 11,556.16 | | | 比上年同期增长 | 77.39% | ～ | 112.87% | | | 扣除非经常性损 益后的净利润 | | 20,000 | ～ | 24,000 | 11,244.12 | | | 比上年同期增长 | 77.87% | ～ | 113.44% | | 二、与会计师事务所沟通情况 本次业绩预告的相关财务数据未经过会计师事务所审计。公司已就本次业绩 预告与提供年度审计服务的会计师事务所进行了预沟通，双方在本次业绩预告方 面不存在重大分歧，具体财务数据以公司披露的 2025 年年度报告为准。 2025 年度业绩预告 2、业绩预告情况：预计净利润为正值且属于同向上升50%以上情形 （1）以区间数进行业绩预告的 本公司及董事会全体成员保证信息披露的内容真实 ...

Core Viewpoint - The company, Zhenlan Instrument (301303.SZ), clarified that its products are not directly related to liquid cooling server technology and that it has not engaged in research or business cooperation in this field [1]. Group 1: Company Overview - The company primarily focuses on the research, production, and sales of gas and water metering products and systems [1]. - The company is also expanding into the automotive parts sector [1]. Group 2: Market Engagement - The company has been asked about its involvement with companies like Invec, Feirongda, and Shenling Environment regarding liquid cooling server products [1]. - The company stated it will maintain dynamic attention to the liquid cooling server field in line with its strategic planning [1].

Summary of Conference Call Records Industry Overview - The conference call discusses the **AI domestic chain** and its significant updates, particularly focusing on **multimodal AI applications** such as AI comic dramas and short dramas, which are experiencing rapid growth and have a relatively mature business model since the second half of last year [1][2]. Key Insights - **Market Demand**: There is a strong demand for high-quality comic dramas, with technological advancements significantly reducing production costs, potentially down to **1/10** of original costs, leading to substantial profit margins [1][5]. - **Major Players**: Companies like **ByteDance, Baidu, and Tencent** are actively preparing high-quality short dramas, indicating an impending boom in the comic drama industry chain [1][5]. - **Revenue Generation**: The industry is expected to monetize through advertising and paid viewing, with all levels of the industry chain willing to promote market development [6]. - **Investment Opportunities**: The AI domestic chain is anticipated to see increased activity and sentiment before the Spring Festival, with a notable surge in **Token** usage, particularly in the multimodal AI applications [2][3]. Industry Dynamics - **Growth Trajectory**: The multimodal AI applications have shown explosive growth since last year, with significant increases in ROI and audience engagement, particularly among older male demographics [4][5]. - **Production Cost Reduction**: The production costs for high-quality animations and short dramas are expected to decrease significantly, enhancing profitability [5]. - **Sweet Spot for Comic Dramas**: The market is predicted to experience a "sweet spot" due to early investments by major companies in quality content, which will stimulate market vitality [7]. Company Strategies - **Incentives and Revenue Sharing**: Major companies are offering attractive incentives and revenue-sharing models, with production companies potentially receiving **70% to 90%** of revenue [8]. - **Role of Tool Companies**: Basic model tool companies and cloud vendors play a crucial role in enhancing the quality of comic dramas through improved animation consistency [10]. Future Outlook - **Long-term Potential**: The comic drama industry has vast growth potential, with lower costs and cultural barriers compared to short video products, and opportunities for international market expansion [11]. - **Key Companies to Watch**: Notable companies in the AI application space include **Fengxing Online, Wanjing Kunlun, and Minimax**, which are expected to gain significant market attention [12]. IDC and Domestic Computing Power - **Significant Progress**: The domestic computing power and IDC sectors are projected to see substantial advancements by **2026**, with increased construction volumes and a shift towards AI optimization and green data centers [13][14]. - **Impact of H200 Chip Restrictions**: While the import restrictions on the H200 chip may affect IDC construction, the rapid development of domestic computing power is expected to mitigate severe supply shortages [14][15]. Recommendations - **Investment Focus**: Recommended companies include: - **Liquid Cooling**: Yingweike, Shenling Environment - **Power Systems**: Zhongheng Electric, Keshida - **Chip Sector**: Huawei Chain - **Multimodal Applications**: Zhao Chi Technology, Wanxing Technology [18]. This summary encapsulates the key points from the conference call, highlighting the growth potential and investment opportunities within the AI domestic chain and related sectors.

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

Core Insights - The first "National Green Computing Power Facility" promotion event was held in Shanghai, announcing the list of facilities for 2025, with over 12 million standard racks expected in use, positioning China as the second-largest in global computing power scale [1][2] - The demand for computing power is growing exponentially, driven by applications such as AI model training and industrial internet empowerment, leading to a significant increase in energy consumption [1] - The International Energy Agency reported that global data center electricity consumption has been growing at an annual rate of approximately 12% since 2017, more than four times the global total electricity consumption growth rate [1] Group 1: National Green Computing Power Facilities - A total of 60 data centers were included in the 2025 National Green Computing Power Facility list, covering various sectors such as industrial, information communication, energy, internet, finance, and public institutions [2] - The Ministry of Industry and Information Technology has cultivated over 300 national green computing power facilities, achieving positive results in energy efficiency and collaborative development [2] Group 2: Technological Advancements and Innovations - Shanghai is supporting the implementation of key green low-carbon technologies in computing power centers, with advanced technologies like liquid cooling and AI intelligent operation being scaled up [3] - The city has established a public computing power service platform and a diverse supply structure involving major telecom operators and market participants [3] Group 3: Industry Performance and Market Outlook - Companies in the green computing power supply chain are experiencing robust production and sales, with some firms reporting high capacity utilization and a strong order backlog [4] - The company Shunling Environment has developed a modular liquid cooling system to meet the growing demand for high-density cooling in data centers, serving major clients like Huawei and ByteDance [4] - Kstar, a leading UPS manufacturer, is benefiting from the global data center infrastructure boom, with increasing orders and exports to over 180 countries [5]

Group 1 - The first "National Green Computing Power Facility" promotion and exchange event was held in Shanghai, announcing the list of national green computing power facilities for 2025, with over 12 million standard racks expected to be in use in China, making it the second-largest globally in terms of computing power scale [1] - The demand for computing power driven by AI model training and industrial internet applications is growing exponentially, leading to a significant increase in energy demand, with global data center electricity consumption growing at an average annual rate of about 12% since 2017, more than four times the global total electricity consumption growth rate [1] - The event featured 60 data centers selected for the national green computing power facility list, including facilities from various sectors such as industrial, information communication, energy, internet, finance, and public institutions [1] Group 2 - The Ministry of Industry and Information Technology emphasizes the importance of green and low-carbon development of computing power facilities, having cultivated over 300 national green computing power facilities across various sectors, achieving positive results in energy efficiency and collaborative computing power [2] - Shanghai currently has over 160 data centers with approximately 250,000 operational racks, accounting for nearly 3% of the city's total electricity consumption, and supports the implementation of green low-carbon technologies in various centers [2] - Shanghai's intelligent computing power deployment has reached 120,000 P (FP16), forming a diverse supply structure with a public computing power service platform and collaboration among major operators and market entities [2] Group 3 - The core goal of "green computing power" is to reduce the energy consumption of computing infrastructure, with PUE (Power Usage Effectiveness) being a key metric for measuring this goal, where a lower PUE indicates higher operational efficiency and reduced carbon emissions [3] - Several companies in the green computing power supply chain showcased new products and systems at the event, with some expressing optimism about industry growth, highlighting high capacity utilization and sufficient orders [3] - Companies like Shenling Environment are expanding their production capabilities for liquid cooling systems, which are essential for high-density heat dissipation in data centers, and have established partnerships with major clients such as Huawei and ByteDance [4] Group 4 - UPS (Uninterruptible Power Supply) systems are essential for data center construction, significantly impacting computing power output, with companies like Kstar showcasing their latest integrated system models at the event [4] - Kstar's data center business is benefiting from a global infrastructure boom, with increasing orders and shipments contributing to rapid overall performance growth, and their products meeting national green energy efficiency standards [4] - The company serves major internet, finance, and communication clients while expanding its overseas business, exporting products to over 180 countries and regions [4]