长江商报消息 ●长江商报记者 徐阳 科创新源主要业务为高分子材料产品及热管理系统产品的研发、生产及销售，产品可广泛应用于通信、 电力、传统家电及汽车、新能源汽车、储能和数据中心等领域。其中高分子材料业务以公司、公司控股 子公司无锡昆成及芜湖祥路为主要实施主体，热管理系统业务以公司控股子公司瑞泰克和全资子公司创 源智热为主要实施主体。 2025年上半年，科创新源实现营业收入5.41亿元，较上年同期增长43.90%；营业利润2367.15万元，较 上年同期增长405.78%；归母净利润1760.40万元，较上年同期增长520.71%；扣非净利润1445.39万元， 较上年同期增长262.25%。 科创新源表示，2025年上半年，公司营业收入较上年同期大幅增长，主要系本报告期内麒麟电池、神行 电池等一批新型电池不断推广应用，带动公司新能源汽车动力电池散热液冷板业务快速增长；归母净利 润较上年同期大幅增长，主要系本报告期内新能源汽车动力电池散热液冷板业务及海外通信业务快速增 长，带动公司盈利能力大幅改善。 得益于公司业务的快速增长，科创新源（300731.SZ）取得了亮眼的成绩。 根据半年报，2025年上半年，科创新 ...

8月24日晚间，科创新源（300731）公布2025年半年报，公司上半年实现营业收入5.41亿元，同比增长 43.9%；归母净利润为1760.4万元，同比增长520.71%。半年报指出，业绩大幅增长的核心驱动力，是公 司在液冷散热领域的快速突破，尤其是新能源汽车动力电池液冷板的规模化应用。 瑞泰克生产的高频焊液冷板，正是适配麒麟电池与神行电池的关键散热组件。报告期内，瑞泰克加速新 产线建设与既有产线升级，引入自动化设备优化流程，提升生产效率并降低不良率。截至期末，规划的 高频焊液冷板产线已基本建成并陆续量产，相关收入同比增长303.61%。不过，钎焊液冷板业务仍面临 挑战，受市场波动与竞争加剧影响，产能利用率未达预期，固定成本分摊较高，导致该业务盈利能力较 弱。 在数据中心领域，AI技术的爆发推动算力设备与数据中心热度显著提升，液冷技术加速导入。冷板式 液冷因成熟度高，已获服务器制造商规模化布局，通信运营商与头部互联网公司也积极试点。科创新源 通过子公司创源智热布局数据中心散热结构件，产品涵盖虹吸式特种散热模组、液冷板等。由于目前其 仍处于客户开拓与产品认证阶段，收入规模较小，未能摊薄费用与研发成本，报告期内 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [8] Core Views - The company achieved a revenue of 958 million yuan in 2024, representing a year-on-year growth of 71.53%. However, the net profit attributable to the parent company decreased by 32.12% to 17 million yuan. The non-recurring net profit increased by 63.81% to 13 million yuan [3] - In Q1 2025, the company reported a revenue of 252 million yuan, a year-on-year increase of 86.39%, and a net profit of 10 million yuan, up 839.66% year-on-year. The non-recurring net profit surged by 1371.38% to 8 million yuan [3] - The company's gross profit margins for 2024 and Q1 2025 were 20.94% and 17.69%, respectively, showing a decline of 4.5 percentage points and 7.54 percentage points year-on-year, primarily due to significant growth in new energy and other businesses, which led to a substantial increase in corresponding costs [3] Summary by Sections Business Performance - The high polymer materials business maintained steady growth, achieving a revenue of 493 million yuan in 2024, up 28.82% year-on-year. However, domestic communication business revenue declined due to shifts in capital expenditure towards digital transformation [4] - The company expanded its overseas market presence, which helped alleviate profit pressure despite domestic challenges. The power sector saw a revenue increase of 33.18% to 167 million yuan in 2024, supported by collaborations with major clients like Southern Power Grid and State Grid [4] - The automotive sealing strip business, primarily through Wuhu Xianglu, benefited from major clients such as Chery and Geely, resulting in a revenue growth of 62.17% in 2024 [4] Growth Drivers - The thermal management solutions segment showed robust development, with significant investments in fixed assets and supply chain optimization. The company plans to invest 90 million yuan in a new liquid cooling plate project to meet the demands of major clients like CATL [5] - The report anticipates that the company's polymer materials business in the communication and power sectors will maintain high gross margins, while the liquid cooling plate business is expected to see performance improvements starting in 2025 [5] Financial Forecast - The company is projected to achieve revenues of 1.14 billion yuan in 2025, 1.57 billion yuan in 2026, and 1.99 billion yuan in 2027, with corresponding net profits of 53 million yuan, 70 million yuan, and 92 million yuan [7] - The expected P/E ratios for 2025, 2026, and 2027 are 55x, 41x, and 32x, respectively, indicating a positive outlook for the company's financial performance [5][7]