高澜股份投资者关系活动记录表（2026 年度） A：公司电力系统业务毛利率高于算力业务板块。算力液冷毛利 率相对偏低，主要系行业市场化竞争较为激烈，行业整体注重极 致性价比，在当前技术与产业阶段下，毛利率与传统电力系统存 在差距。未来随着算力液冷市场规模扩大、海外业务逐步落地， 板块规模效应将逐步显现，运营效率与产线利用率持续优化，有 望推动毛利率提升。 Q3.公司在数据中心板块的营收占比情况如何？ 证券代码：300499 证券简称：高澜股份 编号：2026-001 广州高澜节能技术股份有限公司 投资者关系活动记录表 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 参与单位名称 南方基金、中信建投、景顺长城基金共 10 位投资者 时间 2026 年 3 月 3 日 10:00-11:30 地点 广州市高新技术产业开发区科学城南云五路 3 号 上市公司接待人 员姓名 董事、总经理、财务总监：关胜利先生 董事会秘书：王杨阳女士 投资者关系活动 主要内容介绍 一、公司基本情况介绍 公司董事会秘书王杨阳女士向投资者介绍了公司的基本业务及 2025 年 ...

Core Viewpoint - The company is focusing on its second growth curve in the fields of data center and energy storage thermal management, with controlled nuclear fusion thermal management as a significant technological exploration direction [1] Group 1: Second Growth Curve - The second growth curve of the company targets thermal management in data centers and energy storage [1] - Controlled nuclear fusion thermal management is identified as an important technological exploration direction [1] Group 2: Future Growth Opportunities - The company plans to continuously expand application scenarios and layout growth opportunities across multiple fields [1] Group 3: Cost Reduction and Profit Margin Improvement - The company aims to achieve cost reduction and efficiency improvement, as well as enhance gross profit margins through technology research and development upgrades, supply chain integration, and management of period expenses [1]

Core Viewpoint - The company, Aotega (002239), expresses confidence in the recovery of its energy storage business, driven by the increasing deployment of renewable energy and ongoing technological advancements [1] Group 1: Business Development - The energy storage business is entering a recovery phase, indicating positive market trends [1] - The company is focused on enhancing its technological capabilities and gradually expanding its business scale [1] Group 2: Client Base - The company's energy storage thermal management clients are continuously expanding, with a primary focus on major clients in the energy storage battery sector and leading electric heavy vehicle manufacturers [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 46.63 [1]. Core Views - The company has shown steady revenue growth driven by multiple factors, including strong performance in the new energy vehicle thermal management business and the gradual ramp-up of products in energy storage thermal management and liquid cooling modules [6][7]. - The company is actively expanding into data center thermal management, leveraging its technology and process advantages from automotive thermal management, with a clear development strategy [8]. - The humanoid robot business is progressing steadily, with a focus on expanding the product line through self-research and collaboration with leading domestic and international clients [9]. Financial Performance - For Q3 2025, the company achieved revenue of RMB 3.89 billion, representing a year-on-year increase of 27.38% and a quarter-on-quarter increase of 3.69%. The net profit attributable to the parent company was RMB 230 million, up 14.48% year-on-year [6]. - The company reported a total revenue of RMB 11.06 billion for the first three quarters of 2025, reflecting a year-on-year growth of 20.12%, with a net profit of RMB 672 million, an increase of 11.18% year-on-year [6]. - The company’s gross margin for Q3 2025 was 19.4%, with a net margin of 6.9%, showing slight fluctuations due to changes in business structure [7]. Earnings Forecast and Valuation - The company’s revenue is projected to grow from RMB 12.70 billion in 2024 to RMB 22.30 billion in 2027, with compound annual growth rates of 15.28%, 23.99%, 19.10%, and 18.86% respectively [5]. - The net profit attributable to the parent company is expected to increase from RMB 783.53 million in 2024 to RMB 1.65 billion in 2027, with growth rates of 28.00%, 28.16%, 31.50%, and 24.94% respectively [5]. - The estimated EPS for 2025 is RMB 1.19, with a PE ratio of 32.79x, and the target price corresponds to a PE of 34.1x for 2025 [10].

Group 1: Company Insights - Shenzhou Taiyue reported stable revenue from its long-standing games, with revenue of 1.502 billion yuan and 465 million yuan for "Age of Origins" and "War and Order" respectively, both exceeding 1 billion USD in cumulative revenue [1] - Morninglight Bio achieved a revenue of 3.658 billion yuan and a net profit of 215 million yuan in the first half of 2025, marking a year-on-year growth of 115.33% [2] - Haon Electric's revenue reached 805 million yuan in the first half of 2025, a year-on-year increase of 35.79%, with a net profit of 41.29 million yuan [3] - Weixing Co. reported a revenue of 2.338 billion yuan in the first half of 2025, a growth of 1.80% year-on-year, with international business growing by 13.72% [4] - Yongyi Co. noted that China is the largest producer and exporter of office chairs, with exports expected to account for 58% of the global total in 2024 [6] - Xinjubang achieved a revenue of 4.248 billion yuan in the first half of 2025, with a year-on-year growth of 18.58% [7] - Yilian Network maintained stable gross margins, with an optimistic outlook for the second half of the year [8] - Yinlun Co. established a product system focusing on data centers, energy storage, and low-altitude flying vehicles, with positive progress in customer collaborations [9] - Huafeng Technology reported good sales growth in high-speed line modules and an increase in sales revenue from the new energy vehicle business [10] Group 2: Market Trends and Strategies - The SLG market's top products have a monthly revenue ceiling of 200 million USD, indicating an expanding market space [1] - Morninglight Bio's core products are experiencing varied gross margins, with a focus on maintaining reasonable profit margins through strategic measures [2] - Haon Electric's R&D investment reached 103 million yuan, accounting for 12.85% of revenue, indicating a strong commitment to innovation [3] - Weixing Co. is cautious about the winter clothing consumption trend, with a need to observe future market conditions [4] - Yongyi Co. is expanding its non-U.S. market presence, with rapid growth in Europe, Southeast Asia, and Australia [6] - Xinjubang is capitalizing on market opportunities due to the shutdown of international competitors, particularly in the fluorinated liquid business [7] - Yilian Network's overseas capacity construction is not significantly impacting gross margins, with cost optimization through process upgrades [8] - Yinlun Co. is focusing on developing a product system around customer needs in the humanoid robot sector, enhancing collaboration with educational institutions [9] - Huafeng Technology is promoting high-voltage connector applications to expand market scale in the new energy vehicle sector [10]