Company Overview - Guangzhou Highlan Technology Co., Ltd. was established on June 29, 2001, and listed on February 2, 2016. The company specializes in the research, design, production, and sales of pure water cooling equipment and control systems for high-power power electronic devices [2] - The main business revenue composition includes: 53.54% from high-power electronic thermal management products, 32.78% from high-power density device thermal management products, 10.52% from engineering operation and maintenance services, and 3.15% from other sources [2] - As of June 30, 2025, the number of shareholders was 37,000, an increase of 10.25% from the previous period, with an average of 7,343 circulating shares per person, a decrease of 9.30% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 418 million yuan, a year-on-year increase of 47.81%, and a net profit attributable to shareholders of 22.93 million yuan, a year-on-year increase of 1438.57% [2] - Cumulative cash dividends since the A-share listing amount to 92.28 million yuan, with 36.63 million yuan distributed in the past three years [3] Stock Performance - On September 29, the stock price of Highlan increased by 2.08%, reaching 31.42 yuan per share, with a trading volume of 356 million yuan and a turnover rate of 4.24%, resulting in a total market capitalization of 9.591 billion yuan [1] - Year-to-date, the stock price has risen by 55.85%, with a decline of 5.25% over the last five trading days and an increase of 81.20% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 19, where it recorded a net purchase of 98.11 million yuan [1] Shareholder Structure - As of June 30, 2025, the largest circulating shareholder is GF Multi-Factor Mixed Fund, holding 11.80 million shares, unchanged from the previous period [3] - New entrants among the top ten circulating shareholders include Noan Hexin Mixed A and GF New Vitality Flexible Allocation Mixed A, while GF Ruiyu One-Year Holding Period Mixed A and China Ocean Quality Growth Mixed have exited the list [3]

Summary of Gaolan Co., Ltd. Conference Call Company Overview - **Company**: Gaolan Co., Ltd. (高澜股份) - **Industry**: Thermal management and cooling solutions, particularly in high voltage and data center applications - **Market Position**: Leading player in ultra-high voltage pure water cooling with approximately 70% market share [8][20] Key Points and Arguments Business Performance - **Order Growth**: Orders increased from less than 600 million CNY on June 30, 2024, to nearly 1.139 billion CNY by June 30, 2025, representing a doubling in growth [9][22] - **Revenue Forecast**: Expected revenue from data center business to exceed 300 million CNY in 2024, a 50% year-on-year increase [3][10] - **Main Business Recovery**: The main business has shown signs of stabilization and recovery, with a positive outlook for 2026 due to a strong order backlog [5][11] Industry Dynamics - **Market Trends**: The upgrade from GB200 to GB300 standards is anticipated to significantly enhance liquid cooling penetration and improve pricing and volume [2][6] - **Electricity Demand**: Continuous growth in domestic electricity demand, with significant investments planned by State Grid and Southern Grid, expected to benefit Gaolan [5][19] - **Data Center Growth**: The data center liquid cooling segment is essential for temperature control, expected to grow alongside the rapid expansion of data centers and AI servers [10][24] Technological and Competitive Advantages - **Technical Expertise**: Gaolan has over 20 years of experience in thermal management, with advanced technology recognized both domestically and internationally [8][13] - **Product Range**: The company offers high-power electronic thermal management products and high-power density device thermal management products, catering to various sectors including data centers and energy storage [14][27] - **Patents and Standards**: Involvement in drafting numerous national and industry standards, holding over 300 patents, which strengthens its competitive position [13] International Expansion - **Overseas Market Entry**: Established a wholly-owned subsidiary in the U.S. to prepare for future overseas opportunities, although significant breakthroughs are still pending [7][20] - **International Orders**: Secured a 500 million CNY order in Saudi Arabia, with potential for further contracts in emerging markets [20] Future Outlook - **Growth Potential**: The company is positioned as a key player in AI computing, with potential for significant growth in the high-speed data center market [11][29] - **Investment Recommendation**: Analysts recommend focusing on Gaolan due to its recovery in main business and potential for growth, suggesting it is a good time for investors to pay attention [30] Additional Important Information - **Client Base**: Gaolan's clients include major players like State Grid, Southern Grid, CATL, ByteDance, Alibaba, and Tencent, indicating a strong market presence [9][10] - **Financial Performance**: Despite a revenue decline in 2023 due to the divestment of a subsidiary, a recovery is expected in 2025 with a projected profit turnaround [17][30] - **Liquid Cooling Technology**: The company is involved in various liquid cooling technologies, including cold plate and immersion cooling, with a focus on meeting the increasing demands of data centers [26][24]

9月16日，高澜股份涨5.03%，截至发稿，报31.33元/股，成交5.10亿元，换手率6.19%，总市值95.63亿 元。 资料显示，广州高澜节能技术股份有限公司位于广东省广州市高新技术产业开发区科学城南云五路3 号，成立日期2001年6月29日，上市日期2016年2月2日，公司主营业务涉及大功率电力电子装置用纯水 冷却设备及控制系统的研发、设计、生产和销售。主营业务收入构成为：大功率电力电子热管理产品 53.54%，高功率密度装置热管理产品32.78%，工程运维服务10.52%，其他3.15%。 从高澜股份十大流通股东角度 数据显示，广发基金旗下1只基金位居高澜股份十大流通股东。广发多因子混合（002943）二季度持有 股数1179.98万股，持股数量与上期相比不变，占流通股的比例为4.35%。根据测算，今日浮盈赚取约 1769.97万元。 广发多因子混合（002943）成立日期2016年12月30日，最新规模126.9亿。今年以来收益30.1%，同类排 名2643/8174；近一年收益78.88%，同类排名1106/7982；成立以来收益422.39%。 广发多因子混合（002943）基金经理为唐晓斌、 ...

9月15日，高澜股份盘中上涨2.03%，截至14:24，报30.14元/股，成交9.14亿元，换手率11.47%，总市值 92.00亿元。 资金流向方面，主力资金净流出7776.47万元，特大单买入3441.60万元，占比3.77%，卖出6584.67万 元，占比7.20%；大单买入1.80亿元，占比19.74%，卖出2.27亿元，占比24.81%。 高澜股份今年以来股价涨49.50%，近5个交易日涨5.61%，近20日跌2.59%，近60日涨79.94%。 今年以来高澜股份已经2次登上龙虎榜，最近一次登上龙虎榜为8月19日，当日龙虎榜净买入9810.67万 元；买入总计6.09亿元 ，占总成交额比13.95%；卖出总计5.11亿元 ，占总成交额比11.70%。 责任编辑：小浪快报 高澜股份所属申万行业为：机械设备-专用设备-其他专用设备。所属概念板块包括：汽车热管理、核聚 变、专精特新、特高压、小盘等。 截至6月30日，高澜股份股东户数3.70万，较上期增加10.25%；人均流通股7343股，较上期减少9.30%。 2025年1月-6月，高澜股份实现营业收入4.18亿元，同比增长47.81%；归母净利润22 ...

Core Insights - The company held a semi-annual online performance briefing on August 28, 2025, with participation from various investors and key executives [1] Group 1: Liquid Cooling Business - The company's products include server liquid cooling plates and fluid connection components, but specific market share has not been disclosed [2] - In the first half of 2025, the revenue from high-power density thermal management business, including data center and energy storage thermal management, reached approximately 136.96 million yuan, accounting for 32.78% of total revenue [2] - The company plans to leverage its first-mover advantage in liquid cooling, focusing on technological innovation and process improvement while increasing investment in overseas markets [2] Group 2: Order Status - As of June 30, 2025, the company had an order backlog amounting to approximately 1.139 billion yuan [2] - The company experienced significant growth in ultra-high voltage orders in the first half of 2025, including over 500 million yuan in orders from two high-voltage direct current transmission projects in Saudi Arabia [2] - Revenue from high-power electronic thermal management products increased by 239.39% year-on-year, primarily driven by the delivery of ultra-high voltage direct current transmission projects [2] Group 3: Collaboration and Profit Expectations - The company has collaborations with foreign partners in energy storage and data center sectors, involving product supply and technical cooperation [2] - The company did not provide profit forecasts for the current year [2] Group 4: Project Progress - The Saudi direct current transmission project is progressing according to the overall construction plan, customer project timelines, and contractual agreements [2] - The company has signed long-term framework agreements with some key clients, adjusting product supply strategies based on the varying proportions of liquid cooling product procurement in their total cooling needs [2]

因:汇兑收益增加影响。所得税费用变动幅度为79.88%,原因:递延所得税费用增加影响。研发投入变动幅 度为16.03%,原因:研发直接投入、人员人工增加影响。经营活动产生的现金流量净额变动幅度为 213.58%,原因:销售商品、提供劳务收到的现金增加影响。投资活动产生的现金流量净额变动幅度为 72.52%,原因:投资支付的现金减少影响。筹资活动产生的现金流量净额变动幅度为119.55%,原因:偿还债 务支付的现金减少影响。投资收益变动幅度为231.56%,原因:来源于联营企业东莞硅翔投资所得增加影 响。信用减值损失变动幅度为106.77%,原因:报告期末应收账款余额下降，相应计提的信用减值损失减 少。资产减值损失变动幅度为-260.37%,原因:合同资产减值损失影响。资产处置收益变动幅度为 128.35%,原因:非流动资产处置收益增加影响。营业外收入变动幅度为532.41%,原因:往年应付款项经确 认无需支付，转入营业外收入影响。营业外支出变动幅度为-83.57%,原因:对外捐赠减少影响。 证券之星价投圈财报分析工具显示：业务评价：去年的净利率为-7.18%，算上全部成本后，公司产品或 服务的附加值不高。从历 ...

人民财讯8月22日电，高澜股份（300499）8月22日晚间披露2025年半年报，公司上半年实现营业收入 4.18亿元，同比增长47.81%；归母净利润2293.15万元，上年同期亏损171.31万元；基本每股收益0.08 元。报告期内，电力行业整体景气度向好，高压直流输电工程建设持续推进，带动相关水冷产品交付量 稳步提升；公司精准把握市场机遇，推动大功率电力电子热管理产品收入实现显著增长，对本期公司营 业收入及净利润产生了积极影响。 ...

Group 1 - In 2024, the company reported revenue of 691 million yuan, a year-over-year increase of 21%, but a net loss of 50 million yuan compared to a loss of 32 million yuan in 2023, primarily due to unchanged gross margin, increased operating expenses, asset impairment losses, and higher income tax expenses [1] - In Q1 2025, the company achieved revenue of 218 million yuan, a year-over-year increase of 22%, and a net profit of 13 million yuan, a year-over-year increase of 131%, with a non-recurring net profit of 9 million yuan, a year-over-year increase of 246% [1] Group 2 - The company maintained strong performance in high-voltage direct current, offshore flexible direct current, data centers, and energy storage markets, with revenue from high-power density thermal management products reaching 328 million yuan, a year-over-year increase of 74.66%, although the gross margin decreased by 6.69 percentage points [2] - The company has established long-term stable partnerships with major power grid companies and is expected to benefit from new power transmission projects in countries along the "Belt and Road" initiative, including a recent contract in Saudi Arabia worth 361 million yuan [3] - The company is expanding its market share in the energy storage sector by increasing R&D efforts and collaborating with power grid enterprises and research institutions, focusing on new thermal management systems for energy storage [4] Group 3 - The company is expected to see a turning point in its power grid business, with projected revenues of 1.039 billion yuan, 1.299 billion yuan, and 1.618 billion yuan for 2025-2027, and corresponding net profits of 44 million yuan, 83 million yuan, and 131 million yuan, with PE ratios of 123, 65, and 41 times respectively [5]