每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 每经AI快讯，科华数据（SZ 002335，收盘价：53.13元）11月28日晚间发布公告称，公司第十届第一次 董事会临时会议于2025年11月28日在福建省厦门国家火炬高新区火炬园马垄路457号公司会议室以现场 和通讯的方式召开。会议审议了《关于选举公司第十届董事会各专门委员会委员的议案》等文件。 2025年1至6月份，科华数据的营业收入构成为：新能源行业占比49.62%，数据中心行业占比37.44%， 智慧电能行业占比11.77%，其他业务占比1.17%。 截至发稿，科华数据市值为274亿元。 （记者 王晓波） ...

Company Overview - Kehua Data (SZ 002335) announced its 27th meeting of the 9th Board of Directors held on November 11, 2025, to discuss the revision and formulation of certain management systems [1] - As of the report, Kehua Data has a market capitalization of 27.9 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Kehua Data is as follows: - New energy industry: 49.62% - Data center industry: 37.44% - Smart electric power industry: 11.77% - Other businesses: 1.17% [1]

Company Overview - KWH Data (SZ 002335) announced on October 8 that the share reduction plan by key executives has been completed, with a total of approximately 500,000 shares reduced, accounting for 0.0969% of the company's total shares [1] Financial Performance - For the first half of 2025, KWH Data's revenue composition is as follows: 49.62% from the renewable energy sector, 37.44% from the data center sector, 11.77% from the smart electric power sector, and 1.17% from other businesses [1] Market Capitalization - As of the report date, KWH Data's market capitalization stands at 36.9 billion yuan [1]

Core Viewpoint - Multiple A-share companies, including Yushen Co., Kewah Data, *ST Weir, Jinyi Film, and Zhongxing Junye, have announced stock price fluctuations, with some companies indicating normal operational conditions despite the price changes [1][4]. Group 1: Yushen Co. - Yushen Co. experienced a continuous stock price increase over three trading days, with a cumulative price deviation exceeding 20% [2]. - The company confirmed that there were no undisclosed significant information affecting stock prices and that its operational conditions remain normal [2]. - Yushen Co. plans to reduce its repurchased shares by up to 1% of its total share capital, in line with its previously disclosed reduction plan [2]. Group 2: Kewah Data - Kewah Data's stock has also seen significant price movements, with a reported revenue of 3.733 billion yuan in the first half of the year, a slight increase of 0.06% year-on-year [5]. - The net profit for the same period was 244 million yuan, reflecting a year-on-year growth of 7.94% [5]. - The company operates in smart energy solutions, focusing on data centers, high-end power, and clean energy sectors [5][6]. Group 3: Other Companies - *ST Weir, Jinyi Film, and Zhongxing Junye have also reported that their operational conditions and external environments have not changed significantly [6]. - These companies have confirmed that there are no undisclosed major matters that could affect their stock prices [6].

Core Viewpoint - Multiple A-share companies, including Yushen Co., Kewah Data, *ST Weir, Jinyi Film, and Zhongxing Junye, have announced stock price fluctuations, with some companies confirming normal operational conditions and no significant changes in their internal or external business environments [1][4][6]. Group 1: Yushen Co. - Yushen Co. experienced a continuous stock price increase, with a cumulative closing price increase of over 20% over three trading days [2]. - The company confirmed that it has not discovered any undisclosed significant information that could impact stock trading prices and that its operational conditions remain normal [2]. - Yushen Co. plans to reduce its repurchased shares by up to 1% of its total share capital, in line with its previously disclosed reduction plan [2]. Group 2: Kewah Data - Kewah Data reported a slight revenue increase of 0.06% year-on-year, reaching 3.733 billion yuan, and a net profit increase of 7.94%, amounting to 244 million yuan for the first half of the year [5]. - The company operates in the smart energy solutions sector, focusing on data centers, high-end power, and clean energy, with a strategic emphasis on AI and renewable energy services [5][6]. - Kewah Data has confirmed that there are no undisclosed significant matters affecting the company or its major shareholders [5][6]. Group 3: Other Companies - *ST Weir, Jinyi Film, and Zhongxing Junye also announced that their operational conditions and external business environments have not undergone significant changes [4][6]. - These companies, along with Kewah Data and Yushen Co., have experienced notable stock price movements, prompting them to issue announcements regarding their operational stability [1][4][6].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported its 2025 mid-year results, which met expectations, with a revenue of 3.733 billion yuan for H1 2025, essentially flat compared to H1 2024, and a net profit attributable to shareholders of 244 million yuan, reflecting a year-on-year growth of 7.94% [7]. - The data center business is highlighted as the company's core competitive advantage and long-term growth driver, with revenue from data center products reaching 784 million yuan in H1 2025, a year-on-year increase of 34.19% [7]. - The company is actively building a heterogeneous computing power platform in collaboration with domestic AI firms, which is expected to create a second growth curve for its IDC services [7]. - The smart energy and new energy segments are focusing on high-quality development, with smart energy products generating 439 million yuan in revenue for H1 2025, a year-on-year decline of 22.56%, while new energy products generated 1.852 billion yuan, down 4.22% year-on-year [7]. - The company is positioned as a core player in the AI wave, benefiting from its deep understanding of power supply products and long-term partnerships with major firms, which may allow it to capture a unique market position similar to that of Vertiv [7]. - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 682 million yuan, 971 million yuan, and 1.281 billion yuan respectively, reflecting a PE ratio of 42, 29, and 22 for those years [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 9.369 billion yuan, with a year-on-year growth rate of 20.8% [6]. - The company anticipates a significant increase in net profit for 2025, with a forecasted growth rate of 116.5% compared to the previous year [6]. - The gross margin is expected to improve from 25.2% in 2024 to 26.3% in 2025, indicating enhanced profitability [6].

Core Viewpoint - The company has shown resilience in its financial performance despite challenges in certain sectors, with a focus on innovation and strategic expansion in the data center and energy management industries [2][3][4]. Financial Performance - In the first half of 2025, the company's revenue reached 3.733 billion yuan, a slight increase of 0.06% year-on-year [2] - The net profit attributable to shareholders was 244 million yuan, reflecting a growth of 7.94% [2] - The data center sector generated 1.398 billion yuan in revenue, up 16.77% year-on-year, while the gross margin was 29.35%, down 1.40% [2][3] - The smart energy sector saw revenue decline by 22.56% to 439 million yuan, but the gross margin increased by 1.93% to 36.39% [2][4] - The renewable energy sector's revenue decreased by 4.22% to 1.852 billion yuan, with a gross margin of 17.51%, up 0.63% [2][4] Business Segments - The intelligent computing center business generated approximately 1.398 billion yuan in revenue, driven by technological innovation and partnerships with leading AI chip manufacturers [3] - The smart energy business is leveraging AI for energy management and has secured contracts in major transportation and industrial projects [4] - The renewable energy sector is focusing on innovative products like the 2000V 450kW string inverter and 460kW liquid-cooled PCS [4] Liquid Cooling Business - The company is a pioneer in the liquid cooling sector, offering a full lifecycle service for liquid-cooled data centers and exporting products internationally [5] - Collaborations with partners like Nuxi Co. aim to meet high-performance computing demands [5] International Expansion - The company is actively pursuing international opportunities, particularly in the overseas computing power market, by focusing on product certification and customer testing [6]

Group 1: Overall Business Performance - In the first half of 2025, the company's total revenue reached CNY 3.733 billion, a slight increase of 0.06% year-on-year [3] - The data center sector generated CNY 1.398 billion in revenue, marking a growth of 16.77% compared to the previous year, with a gross margin of 29.35%, down 1.40% [3] - The smart energy sector reported revenue of CNY 439 million, a decline of 22.56%, but with a gross margin of 36.39%, up 1.93% [3] - The renewable energy sector's revenue was CNY 1.852 billion, down 4.22%, with a gross margin of 17.51%, an increase of 0.63% [3] - The net profit attributable to shareholders was CNY 244 million, a growth of 7.94% year-on-year, despite credit and asset impairment losses totaling CNY 98.0054 million [3] Group 2: Development of Smart Computing Center - The smart computing center's revenue was approximately CNY 1.398 billion, reflecting a 16.77% increase year-on-year [3] - The company focuses on "technological innovation" and "computing power layout" to drive high-quality development [3] - New products and technologies, including liquid cooling solutions, are being developed to enhance performance and efficiency [3][4] Group 3: Smart Energy and Renewable Energy Business - The smart energy and renewable energy sectors experienced revenue declines, but gross margins improved [5][6] - The smart energy business has supported over 200 urban rail lines and 300 highway segments, ensuring reliable power supply and monitoring systems [5] - In the renewable energy sector, the company has developed a comprehensive product matrix, including a 2000V 450kW string inverter and a new generation 460kW liquid-cooled PCS [6] Group 4: Liquid Cooling Technology - The company is a pioneer in the liquid cooling sector, offering full lifecycle services for liquid-cooled data centers [8] - Recent projects include a decoupled liquid cooling system for China Mobile's data center, showcasing industry-leading solutions [8] - The company is enhancing its liquid cooling technology to meet the growing demands for high-density AI computing [8] Group 5: International Expansion - The company is actively pursuing international markets as a key development strategy, focusing on core products like UPS, HVDC, and liquid cooling systems [8] - Efforts include organizational restructuring, talent acquisition, market development, and establishing overseas factories [8]

Company Summary - KWH Data announced a provision for asset impairment totaling 98.05 million yuan, which will reduce the company's profit for the first half of 2025 by the same amount [1] - The revenue composition for KWH Data in the first half of 2025 is as follows: 49.62% from the new energy sector, 37.44% from the data center sector, 11.77% from the smart electric power sector, and 1.17% from other businesses [1] - As of the report date, KWH Data has a market capitalization of 29.8 billion yuan [1] Industry Summary - The announcement of the first A-level car exhibition in the domestic market for the second half of the year indicates a competitive landscape with nearly 120 brands and 1,600 vehicles participating, suggesting a significant shift in the automotive market dynamics, particularly in the new energy sector [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 7.757 billion yuan for 2024, a year-on-year decrease of 4.71%, with a net profit attributable to shareholders of 315 million yuan, down 37.90% year-on-year [4][10]. - In Q4 2024, the company achieved a revenue of 2.364 billion yuan, with a net profit of 77 million yuan [4]. - For Q1 2025, the company reported a revenue of 1.216 billion yuan, an increase of 2.73% year-on-year, with a net profit of 69 million yuan, down 6.26% year-on-year [4][10]. Summary by Sections Financial Performance - In 2024, the company's data center revenue was 3.152 billion yuan, up 14.07% year-on-year, while IDC revenue was 1.231 billion yuan, down 4.53% year-on-year due to declining rents [10]. - Product revenue reached 1.921 billion yuan, a year-on-year increase of 30.33%, benefiting from domestic data center capital expenditure expansion and equipment localization [10]. - New energy revenue was 3.608 billion yuan, down 15.98% year-on-year, primarily due to a significant drop in storage product prices [10]. - The gross margin for IDC was 23.32%, down 2.91 percentage points year-on-year, while the gross margin for data center products was 32.25%, down 1.07 percentage points year-on-year [10]. Future Outlook - The company is expected to benefit from the growing demand for data center infrastructure driven by AI applications, with a projected revenue growth of over 50% for data center products in 2025 [10]. - The IDC business is anticipated to grow by 10-20% year-on-year, supported by improved profitability as the product listing rate increases [10]. - The new energy business is expected to continue reducing losses, aided by market expansion and limited price declines for storage products [10]. - Overall, the company aims for a net profit of approximately 700 million yuan in 2025, corresponding to a PE ratio of 28 times [10].