Investment Rating - The report assigns a rating of "Buy" for the company [3]. Core Insights - The company has a solid foundation in polymer materials and thermal management, with a strong management team and extensive industry experience. The high-frequency welded liquid cooling plates for new energy thermal management have shown significant growth due to their adoption in Kirin and Shenxing batteries [1][7]. - The company is in the early stages of developing its data center thermal management business, with plans to acquire Dongguan Zhaoke, a leading thermal materials company, which is expected to create synergies with its existing operations [1][7]. - The trend towards liquid cooling in data centers is driven by the increasing power density of servers, making it a preferred solution for high-performance computing environments [1][7]. Financial Performance - The company expects total revenue to grow from 559 million RMB in 2023 to 3,583 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 65% [2]. - The projected net profit for 2025 is 50 million RMB, increasing to 200 million RMB by 2027, reflecting a strong growth trajectory [8]. - The company reported a significant increase in revenue from its thermal management business, which reached 311 million RMB in the first half of 2025, a 95% year-on-year increase [19]. Business Overview - The company specializes in polymer materials and thermal management systems, with products widely used in telecommunications, power, automotive, and data center sectors. Its polymer materials include waterproof sealing materials, fire insulation materials, and automotive sealing strips [7][14]. - The thermal management segment is primarily driven by its subsidiaries, focusing on new energy vehicles, energy storage systems, and data center cooling solutions [16][18]. - The company has established long-term partnerships with major clients in various industries, including Huawei, China Mobile, and major automotive manufacturers [30][32]. Growth Potential - The acquisition of Dongguan Zhaoke is expected to enhance the company's capabilities in the thermal management sector, particularly in data centers, where demand for thermal solutions is rapidly increasing [1][47]. - The company is actively investing in research and development to maintain its competitive edge, with a focus on optimizing material formulations and manufacturing processes [25][27].

证券日报网讯 12月16日，高澜股份（300499）在互动平台回答投资者提问时表示，公司在数据中心热 管理领域具备多年技术积累，可提供以冷板式、浸没式为主的多种液冷解决方案，覆盖散热架构设计、 设备集成至系统运维的一站式服务。目前相关产品已形成量产规模并落地多个实际项目。 ...

每经AI快讯，有投资者在投资者互动平台提问：董秘，你好！请问贵司是否有"算力中心"的热管理技术 储备？如果有，请问贵司是否已有相关订单？ 高澜股份（300499.SZ）12月16日在投资者互动平台表示，尊敬的投资者，您好！公司在数据中心热管 理领域具备多年技术积累，可提供以冷板式、浸没式为主的多种液冷解决方案，覆盖散热架构设计、设 备集成至系统运维的一站式服务。目前相关产品已形成量产规模并落地多个实际项目，谢谢！ （文章来源：每日经济新闻） ...

近日，浪潮通信信息牵头研发的"数据中心热安全保障及精准调控技术研发与应用"成果，顺利通过国家工业信息安全发展研究中心科学技术成果评价，经 权威专家审定，整体技术达到国际先进水平。 当前，数字经济快速发展推动数据中心建设规模持续扩大，高密度运行带来的高能耗问题与冷却系统故障风险，已成为制约数据中心绿色发展的关键痛 点。保障数据中心热安全、提升能效，成为企业数字基础设施稳定运行的重要需求。 为破解这一难题，浪潮通信信息聚焦数据中心热管理核心需求，攻克多项关键技术并构建起"高效传热、精准调控、安全节能"的热安全保障体系。针对非 均匀风场、风机故障等极端工况，通过ε-NTU法热管换热模型与强化型相变蓄冷换热器，形成应急控温系统，提升热可靠性；面对传感器偏差等故障，提 出基于贝叶斯推理与MCMC采样的软修复方法，实现超90%故障修复率，并结合分层控制架构优化参数精度与能效；在全局协同上，搭建覆盖算力负载、 冷却、余热回收的"算—冷—热"全链路协同调控架构，通过混合整数线性规划与多目标优化，实现热安全与能耗、成本的全局平衡。 目前，该技术成果已在北京某运营商信息港、青岛某运营商信息港、广南算力中心等多个数据中心项目中落地 ...

投资者关系活动类别 特定对象调研 ☐分析师会议 ☐媒体采访 ☐业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 参与单位名称及人员姓名 东吴证券：赵桢宇；中信证券股份有限公司：钟其荣；君义投资： 白璐；富邦华一银行有限公司：杨宜臻；进门财经：丁媛、王璐瑶、 黄天晴 时间 2025年12月4日 14:30-17:00 地点 公司会议室 上市公司接待人员姓名 董事、副总经理、董事会秘书 林敏女士 董事、财务负责人 蒋雪寒女士 证券事务代表 秦慧芸女士 投资者关系活动主要内容 介绍 一、参观公司展厅、实验室 二、公司简单介绍基本情况 三、投资者交流主要内容： 1、近期公司增资上海宇邦逢君云储科技有限公司，请问数据中 心热管理市场的容量空间如何，上海宇邦逢君在这个领域有没有产 品布局？ 答：数据中心热管理市场具有较为广阔的市场空间，根据中国 信通院发布的《智算中心液冷产业全景研究报告(2025年)》显示， 2024年液冷市场达184亿元，同比增长66.1%，预计2029年将突破1300 亿元。上海宇邦逢君云储科技有限公司的产品涵盖风冷、液冷等技 术广泛应用的储能、商用车以及服务器、数 ...

Financial Performance - The company's revenue for the first three quarters of 2025 was 997 million RMB, a decrease of 1.45% year-on-year [1] - The net profit attributable to shareholders was 134 million RMB, down 9.91% year-on-year [1] - The decline in performance was primarily due to macroeconomic fluctuations and the relocation of the "New Energy Automotive Electronics and Intelligent Manufacturing Industrial Base" project [1] Business Outlook - The company anticipates a steady improvement in performance indicators as overall business operations progress [1] - The heat pump business revenue increased year-on-year in the first three quarters of 2025, driven by global energy structure transformation and favorable government policies in Europe [1] R&D Investment - R&D expenses for the first three quarters of 2025 amounted to 98.43 million RMB, an increase of 12.88 million RMB from the previous year, representing 9.87% of revenue [3] - The company focuses on core product upgrades and technological innovation in emerging fields such as data centers, industrial control, and robotics [3] Data Center Business - The company has established a dual-core business layout in the data center sector, focusing on "thermal management + energy saving" [4] - The growth in demand for computing power and continuous upgrades in variable frequency high-efficiency technology are benefiting the thermal management segment [4] Robotics Sector - The company is actively developing its product line in the robotics field, leveraging proprietary control systems and application development capabilities [5] - The goal is to provide customized solutions for clients, aiming for significant growth in this sector [5] Thailand Production Base - The company plans to invest 226 million RMB in a new manufacturing base in Thailand, which is part of its global strategy [6] - The project is progressing as scheduled and aims to enhance local supply capabilities for international clients, boosting overseas revenue [6]

R&D Investment - The company invested approximately 35.08 million yuan in R&D from January to September 2025, representing an increase of 11.22% compared to the same period last year [2] - As of June 30, 2025, the company holds 368 patents, including 74 invention patents, and 147 software copyrights [3] Order Data - As of September 30, 2025, the company has an order backlog amounting to approximately 1.456 billion yuan [3][6] - The revenue from high-power density thermal management solutions for data centers and energy storage in the first half of 2025 was 136,958,047.52 yuan, accounting for 32.78% of total revenue [4][5] Competitive Advantages - The company has been a pioneer in the liquid cooling sector for 20 years, with mature experience in design, engineering, and quality control [3] - The company emphasizes its ability to provide comprehensive solutions, including design, integration, and operational support for immersion cooling systems [4] Market Strategy - The company plans to focus on technological innovation and process improvement to enhance product performance and quality standards [3] - There is a commitment to increasing investment in overseas markets to expand market share [3] Financial Performance and Market Response - The company maintains that its operational status is normal despite stock price fluctuations influenced by various market factors [5] - The company aims to achieve high-quality development and create long-term investment value for shareholders [5]

Group 1: Company Overview and Project Details - The "New Energy Vehicle Electronics and Intelligent Manufacturing Base" project has a total investment of approximately 580 million RMB, covering an area of about 60 acres with a building area of over 80,000 square meters, and officially commenced production in the first half of 2025 [2][3] - The smart factory features fully automated production lines, industrial robots, and smart warehouses, integrating various information systems for intelligent production [2][3] Group 2: Heat Pump Business Insights - The global air source heat pump market is gradually recovering in 2025, with significant revenue growth in the heat pump business segment during the first half of the year [3][4] - The company has developed a series of high-efficiency, energy-saving, and intelligent large-capacity heat pump drivers, benefiting from proactive commercial strategies and deep collaborations with quality clients [3][4] Group 3: New Energy Vehicle Thermal Management - The company has established a comprehensive technology and product platform in the new energy vehicle thermal management sector, focusing on cabin thermal management, battery thermal management, and motor control systems [5] - Continuous investment in R&D for intelligent controllers and multi-functional controllers aims to enhance the product line and meet diverse market demands as global penetration of new energy vehicles increases [5] Group 4: Data Center Applications - The HVAC/R industry is undergoing intelligent upgrades and green transformations, with the company strategically entering the data center thermal management and energy-saving technology sectors [6][7] - The application of variable frequency high-efficiency technology and energy-saving solutions in data centers is expected to expand, covering core infrastructure such as precision air conditioning and cooling systems [6][7]

Group 1: Financial Performance - The company reported a revenue of 9.846 billion yuan for the first half of 2025, a year-on-year increase of 1.83% [1] - The net profit attributable to shareholders reached 817 million yuan, up 14.11% year-on-year, while the net profit excluding non-recurring items was 780 million yuan, reflecting a 21.53% increase [1] - In Q2 2025, the company achieved a revenue of 4.992 billion yuan, with quarter-on-quarter and year-on-year growth of 0.31% and 2.84% respectively [1] - The gross margin for the first half of the year was 23.58%, an increase of 1.35 percentage points year-on-year, while the net margin was 8.26%, up 0.82 percentage points year-on-year [1] Group 2: Business Development - The company is focusing on the development of both traditional and incremental businesses, optimizing customer structure and enhancing product competitiveness [2] - It aims to maintain steady growth in traditional businesses while promoting the growth of new areas such as air suspension systems, lightweight chassis systems, and thermal management systems [2] - The company plans to advance its business towards intelligence in the automotive sector, centered around smart chassis system strategic goals [2] Group 3: New Ventures and Collaborations - The company is actively pursuing new fields such as humanoid robots, low-altitude economy, AI, and data center thermal management [3] - Strategic cooperation agreements have been signed with various companies to accelerate the production of robotic harmonic reducers and components [3] - The company is expected to see accelerated progress in its robotics business due to its strong manufacturing capabilities and leading position in the supply chain [3] - In the AIDC liquid cooling sector, the company has laid out plans for CDU and immersion cooling units, anticipating growth in orders as the market expands [3] Group 4: Profit Forecast - The company is projected to achieve a compound annual growth rate (CAGR) of 18.5% in net profit attributable to shareholders from 2025 to 2027 [3] - The performance is expected to continue growing as various business segments ramp up production and orders [3]

Core Insights - The article discusses the recent research conducted by QuanGuo Fund on the listed company YinLun Co., highlighting its growth prospects and strategic initiatives in various sectors, particularly in digital energy and robotics. Group 1: Fund Overview - QuanGuo Fund was established on February 8, 2022, with a total asset management scale of 16.396 billion yuan and manages six funds with five fund managers [1] - The best-performing fund in the past year is QuanGuo XuYuan Three-Year Holding Period Mixed A (016709), achieving a return of 48.96% [2] Group 2: Company Growth Prospects - The company anticipates high growth in its digital energy business over the next 2-3 years, focusing on data centers, energy storage, charging and swapping, and low-altitude flying vehicles [2] - The humanoid robotics sector is currently in the technology and product incubation phase, with potential for additional growth if mass production occurs earlier than expected [2] Group 3: Data Center Liquid Cooling Strategy - The company has a clear development strategy for data center liquid cooling, which includes a system, primary and secondary cooling sources, and various component capabilities [2] - The company leverages its previous experience in automotive thermal management to enhance its position in data center thermal management, emphasizing strategic, technical, and customer advantages [3] Group 4: Long-term Strategic Positioning - The company projects that data center thermal management will exceed 50% of the overall scale of its digital and energy division in the long term, identifying it as the largest growth area [3] - Strategic deployment includes focusing on customer relationships, product development, and global expansion [3] Group 5: Robotics Business Development - The company is developing integrated joint modules and thermal management solutions, with the first generation of products already developed [3] - Customer expansion efforts are primarily targeting leading domestic and international clients, with partnerships established to create an ecosystem for drive control and reducer products [3] Group 6: Global Procurement and Supply Chain - The company has established a global procurement and supply chain management framework covering North America, Europe, and Southeast Asia, based on its "Overseas Development Five-Year Plan" [5] - The company has developed a global supplier resource pool to ensure localized solutions for key raw materials and components, with ongoing efforts to enhance international talent and supply chain competitiveness [5]