公司作为全球算力芯片供应链的供应商，报告期内，核心产品FT测试探针紧跟客户的技术标准升级， 有效匹配了新一代高性能芯片在成品测试环节对物理精度及电学性能等方面的要求。由于高性能芯片测 试位点及单次测试周期的变化，FT测试探针作为关键耗材的单位消耗量及周转频率有所提升，公司在 既有供应体系内的订单规模稳步释放。此外，公司通过保障高规格产品的持续供应与技术响应，支撑了 下游客户高性能芯片在量产阶段的测试效率，整体业务结构得到进一步的优化，从而带动了本年度公司 经营业绩的增长。 报告期内，全球半导体行业高性能算力领域的技术迭代持续推进，相关芯片产品的量产规模逐步增长。 随着芯片制程工艺与封装集成度的不断演进，成品测试(FT)环节的测试复杂度随之提升，对测试信号的 传输质量及测试环境的稳定性提出了更高层级的技术要求。受此影响，产业链后端测试环节对高规格精 密测试探针等耗材的需求结构发生变化，技术规格的升级成为驱动相关精微零部件需求增长的主要因 素。 和林微纳(688661.SH)发布2025年年度业绩预告，预计2025年年度实现归属于母公司所有者的净利润为 2600万元到3300万元，将实现扭亏为盈。 ...

Core Viewpoint - The company clarified that its automotive electronics projects do not involve high-performance computing chips, despite trends in the industry towards high-performance computing units replacing multiple ECUs [1] Group 1: Automotive Electronics Development - The company is focusing on developing automotive electronics around five major domain controllers, including OTA-supported sunroof controllers, seat controllers, and BLDC electronic controls [1] - The company acknowledges the trend of high-performance computing units providing the computational foundation for increasingly complex automotive electronic applications [1] Group 2: Investor Interaction - An investor inquired about the involvement of high-performance computing chips in the company's automotive electronics projects [1] - The company responded to the investor's question, confirming that its automotive electronics projects do not include high-performance computing chips [1]

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The penetration rate of liquid cooling in data centers is expected to increase significantly due to the accelerated shipment of new generation high-performance computing chips, leading to a surge in orders for liquid cooling infrastructure suppliers and entering a phase of rapid performance growth [3][12] - The liquid cooling infrastructure market is projected to grow rapidly, with the domestic market expected to expand from approximately 1.63 billion yuan in 2024 to 13.22 billion yuan by 2027 [39][41] Summary by Sections 1. Liquid Cooling as an Important Industry Trend - Traditional air cooling is inadequate for high power density data centers, making liquid cooling a crucial trend due to its high specific heat capacity, thermal conductivity, low noise, and compact size [8][15] - The current penetration rate of liquid cooling in data centers is low, estimated at around 5% in China, but is expected to rise to 30-40% in the next 3-5 years [10][27] 2. Market Growth Potential - The domestic data center total power is projected to grow from 35.5 GW in 2024 to 68.8 GW by 2027, with a compound annual growth rate (CAGR) of 37% for new data center power [36][38] - The global liquid cooling infrastructure market is expected to grow from approximately 11.08 billion yuan in 2024 to 26.34 billion yuan by 2027, driven by the increasing demand for high-performance GPUs [49][51] 3. Investment Recommendations - Focus on leading domestic companies with comprehensive product lines and rich customer resources, such as Yingweike, Shunling Environment, and Tongfei Co., which are well-positioned to benefit from the growth in liquid cooling technology [12][52]