Core Insights - The company reported a significant revenue growth of 69.67% year-on-year in Q2, reaching 1.641 billion yuan, driven by strong demand from data centers, energy storage, and AI servers [1][3] - The net profit attributable to the parent company for Q2 was 168 million yuan, reflecting a year-on-year increase of 37.98% [1] - The gross profit margin for Q2 was 25.97%, a decrease of 19 percentage points compared to the previous year [1] Financial Performance - For the first half of 2025, the company achieved a revenue of 2.573 billion yuan, a 50.25% increase from 1.713 billion yuan in the same period last year [3] - The net profit for the first half of 2025 was 216 million yuan, up 17.54% year-on-year [1][3] - The gross profit margin for the first half of 2025 was approximately 26.16%, down from 28.48% in the previous year, indicating increased cost pressures [3] Operational Highlights - The company’s cash flow from operating activities was negative 234 million yuan, with a significant increase in inventory and accounts receivable [4] - Accounts receivable increased to 2.81 billion yuan, with a turnover period extending, indicating potential collection challenges [4] - The company’s inventory rose to 1.239 billion yuan, a 40.1% increase from the beginning of the year, reflecting strong order demand but increased turnover pressure [2][3] Business Development - The data center temperature control equipment remains a key growth driver, benefiting from AI computing power demand [2][3] - The company invested 196 million yuan in R&D, accounting for 7.6% of revenue, focusing on advanced technologies such as liquid cooling and high-density heat dissipation [3] - The company is actively expanding capacity, with construction in progress amounting to 224 million yuan, indicating a commitment to meet market demand [3]

消费电子行业发展前景较为乐观，以下是具体分析： 近年来，中国消费电子行业规模持续扩大，2024 年中国消费电子市场规模已从 2018 年的 16587 亿元增长至 19772 亿元。2024 年国内市场手机出货量 3.14 亿部，同比增长 8.7%，全球折叠屏手机出货量近六成来自中国厂商。 政策支持力度加大 国家实施手机、平板等数码产品购新补贴政策，如 2025 年春节期间，全国手机销售收入同比大幅增长约 182%，数码产品销售量突破 450 万台，销售额 占消费品以旧换新总销售额的 45%。政策的支持有效促进了市场的消费升级和内需释放，推动消费电子市场向高端化、智能化和绿色化加速转型。 技术创新驱动发展 5G、人工智能、物联网等技术的不断成熟和应用，推动消费电子产品的智能化水平不断提升。从折叠屏 "赛道" 走俏到 AI 手机频频上新，从可穿戴设备 跻身世界前列到智能扫地机器人加速推广，消费电子企业紧跟技术前沿，加快新产品探索落地。2024 年下半年以来，AI 终端落地进程提速，各主要手 机、计算机品牌发布新品均搭载 AI 大模型技术，未来，AI 技术还有望在人形机器人、智能家居等领域形成更多应用落地。 消费 ...

2025Q2营业收入为16.41亿，同比增长69.67%。 经营活动产生的现金流量净额为-2.34亿元，同比流出扩大4倍多。 2025年上半年实现营业收入25.73亿元，同比增长50.25%。 归母净利润2.16亿元，同比增长17.54%，主要原因是毛利率下滑及信用与资产减值损失大幅增加。 本期毛利率约为26.16%，而去年同期为28.48%，同比下降2.59个百分点。 归母净利润为1.68亿，同比增长37.98%。 毛利率为25.97%，同比减少19个百分点。 2025年上半年来看： 国内液冷技术龙头英维克Q2营业收入为16.41亿，同比增长69.67%。营收增长主要得益于数据中心、储能及AI服务器等下游需求旺盛，带 动机房温控、机柜温控等核心产品销售。归母净利润为1.68亿，同比增长37.98%。 18日，英维克发布Q2财报： AI需求推动强劲增长，但成本压力显现 英维克2025H1营业收入达到25.73亿元，相较于去年同期的17.13亿元，实现了50.25%同比增长。Q2营业收入为16.41亿，同比增长69.67%。 公司表示，营收增长主要得益于数据中心、储能及AI服务器等下游需求旺盛，带动机房温控、机 ...

8月18日，沪深两市股指全线走强，上证指数、深证成指、创业板指、科创50指数早盘震荡上扬，午后 冲高回落，尾盘有所回升，上证指数盘中突破2021年2月18日曾触及的3731.69点的高点，创近十年新 高。截至收盘，上证指数报3728.03点，涨0.85%，成交额11339亿元；深证成指报11835.57点，涨 1.73%，成交额16302.21亿元；创业板指报2606.20点，涨2.84%，成交额8396.81亿元；科创50指数报 1124.82点，涨2.14%，成交额685亿元。沪深两市合计成交27641.21亿元，连续4个交易日突破2万亿 元，成交额较上一交易日增加5195.09亿元。 通信、电子等行业走强大元泵业、*ST华嵘均6连板 盘面上来看，行业板块、概念涨多跌少。其中，通信、电子、计算机、国防军工、传媒、商贸零售、机 械设备、汽车等行业涨幅靠前；液冷、CPO、短剧互动游戏、AI语料、影视、铜缆高速连接、激光雷 达、财税数字化、知识产权等概念走势活跃。仅有房地产、石油石化等少数几个行业下跌；低碳冶金、 煤化工、草甘膦等概念走势较弱。涨停个股主要集中在机械设备、电子、电力设备、国防军工、汽车、 医药生 ...

齐鲁晚报·齐鲁壹点记者 黄寿赓 8月18日，A股再度创下历史。沪指盘中冲高至3745.94点，刷新10年来新高，A股总市值首次突破100万亿元大关。历史新高背后，A股涨势从4月8日延续至 今，大多数行业拥挤度仍在中等区间，因此有机构展望本轮行情为"健康牛"。展望后市，华西证券认为，新一轮牛市已抬升居民风险偏好，但A股总市值/居 民存款、A股流通市值/居民存款均处于历史相对低位。一旦资本市场活力进一步激发，则会产生居民存款搬家现象，从而促进"居民配置资金入市与股市慢 涨"的正反馈效应。 沪指创下近10年来新高 8月18日，沪指持续走强，盘中拉升涨超1%，强势冲高刷新2015年8月21日以来的新高。A股公司市值总和突破100万亿元，创历史新高，这也是A股历史上 首次突破100万亿元大关。 截至午盘，沪指涨1.18%，深成指涨2.25%，创业板指涨3.63%，北证50指数涨4.59%，沪深京三市半日成交额17467亿元，较上日放量4196亿元。全市场超 4400只个股上涨。 午后，三大指数有所震荡，沪指冲高至3745.94点，北证50持续上攻。截至收盘，沪指涨0.85%，报3728.03点，深证成指涨1.73%，报 ...

Market Performance - The A-share market indices collectively opened higher on August 18, with the Shanghai Composite Index surpassing 3700 points, reaching a new ten-year high after breaking the 2021 peak [1] - The Shanghai Composite Index closed up 0.85% at 3728.03 points, the ChiNext Index rose 2.84% to 26062 points, and the Shenzhen Component Index increased by 1.73% to 11835.57 points [1] Sector Performance - Strong gains were observed in sectors such as stock trading software, liquid cooling, rare earths, and CPO concepts, while military and stablecoin concepts gained momentum in the afternoon [1] - Cyclical stocks, including coal and non-ferrous metals, generally underperformed the indices [1] Trading Volume - The total trading volume reached 27,641 billion yuan, an increase of 5,195 billion yuan compared to the previous trading day, marking the third-highest trading volume in history [2]

两市成交27641亿元，较前一交易日的22446亿元增加5195亿元，为历史第三高。 图片来源：新浪财经 至收盘，上证综指涨0.85%，报3728.03点；科创50指数涨2.14%，报1124.82点；深证成指涨1.73%，报11835.57点；创业板指涨2.84%，报26062点。 Wind统计显示，两市及北交所共4034家上涨，1220家下跌，平盘有165家。 A股三大股指8月18日集体跳空高开，沪指更是站上3700点之上。早盘两市继续高歌猛进，沪指更是突破2021年新高后创出十年来新高。午后在获利盘抛压 下，两市出现一波下跌，但尾盘反抽涨幅重新扩大。 从盘面上看，炒股软件、液冷、稀土、CPO概念强势领涨，军工、稳定币概念午后发力；煤炭、有色等周期股普遍跑输指数。 来源：智通财经 ...

国盛证券指出，当下整个算力行业投资进入白热化阶段，海内外CSP巨头厂商资本开支向AI算力的倾斜 已十分明显，市场中光通信以及近期液冷等算力基础设施的行情均说明算力板块正迎来真正的成长春 天。目前整个AI算力行业"算力基建投入→应用变现→垂类领域扩张→再投资"的逻辑闭环再次得到强 化，同时"算力优势→AI应用优势→市场优势"强调巨头算力军备竞赛紧迫性，两条逻辑链交叉印证，产 业景气度已清晰明确，算力将成为未来重要资源之一。 该机构观点认为，行业格局稳定，上游寡头格局已成。从国内海外算力链看，算力上游光模块市场已形 成高度稳固的寡头竞争格局，国内相关企业在全球优势明显。如中际旭创、新易盛、天孚通信等通过深 耕专业领域，且与海外客户保持多年深度合作形成"技术+客户结构领先"的卡位优势；光模块上游细分 领域如仕佳光子、长芯博创、源杰科技等在垂直细分领域构筑技术护城河。未来，相关企业的股价驱动 因素将由业务驱动转向业绩+估值的双击，在增量资金入市的背景下，算力龙头个股有望成为新的抱团 方向。 北美云厂商资本开支持续扩张，显示AI算力需求强劲，国产算力产业链有望深度受益于海外映射逻 辑。公开信息显示，云计算50ETF（5 ...

Market Performance - A-shares continued to rise significantly on August 18, with major indices strengthening, as the Shanghai Composite Index reached 3731.69 points, up nearly 1%, marking the highest level since August 21, 2015, and a nearly ten-year high [1][1][1] - The ChiNext Index surged over 3%, while the Shanghai Composite Index rose by 0.82% and the Shenzhen Component Index increased by 1.84% [1][1][1] Sector Performance - Sectors such as cultural media, consumer electronics, liquid cooling, and gaming saw the largest gains [1][1][1] - Concepts including liquid cooling, CPO, Huawei HiSilicon, AI corpus, film and television, consumer electronics, Kirin batteries, and rare earth permanent magnets performed strongly [1][1][1] Market Capitalization - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time in history, reaching a new record high [1][1][1] - As of 10:34 AM, nearly 4200 stocks rose while 1000 stocks declined, with a net outflow of approximately 6 billion yuan from major funds [1][1][1] Company Highlights - Agricultural Bank of China ranked first in A-share market capitalization at 2.19 trillion yuan, followed by Industrial and Commercial Bank of China at 2.02 trillion yuan [1][1][1] - Other companies with market capitalizations exceeding 1 trillion yuan include Kweichow Moutai, China Petroleum, Bank of China, and CATL [1][1][1]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [10]. Core Insights - The company is expected to benefit from the AI industry wave, with a focus on liquid cooling technology, which is anticipated to become a significant growth area [6][10]. - The company has a strong customer base, including leading global firms, and has made substantial investments in research and development for liquid cooling solutions [7]. - Despite a projected decline in net profit for the first half of 2025, the company is expected to recover and grow significantly in the coming years, with forecasts indicating a rise in net profit from 1.3 billion to 3.0 billion yuan from 2025 to 2027 [9][12]. Summary by Sections Market Performance - The company has faced challenges in the first half of 2025, with net profit expected to decline by 50% to 60% year-on-year, primarily due to intense industry competition and rising labor costs [6]. Investment Highlights - The company has a rich reserve of liquid cooling technology and has been deeply involved in the heat dissipation sector for years, with significant revenue generated from early projects [7]. - The chairman's extensive experience and the company's role as a core supplier to major clients like Foxconn position it well for future growth [8]. Profit Forecast - The company is projected to achieve a net profit of 1.3 billion yuan in 2025, increasing to 3.0 billion yuan by 2027, with corresponding price-to-earnings ratios of 39, 22, and 17 times [9][12].