Group 1 - The core point of the article highlights the recent performance of Yingweike, which saw a 5.07% increase in stock price, reaching 74.21 yuan per share, with a trading volume of 2.86 billion yuan and a market capitalization of 72.47 billion yuan [1] - Yingweike, established on August 15, 2005, and listed on December 29, 2016, specializes in the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning services for rail transit trains and traditional buses [1] - The revenue composition of Yingweike includes: 52.50% from data center temperature control products, 36.00% from cabinet temperature control products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1] Group 2 - From the perspective of major circulating shareholders, a fund under AVIC Fund ranks among the top shareholders of Yingweike, with the AVIC Opportunity Leading Mixed Fund A (018956) newly entering the top ten circulating shareholders, holding 16.13 million shares, which is 1.91% of circulating shares [2] - The AVIC Opportunity Leading Mixed Fund A has achieved a return of 117.51% this year, ranking 8th out of 8154 in its category, and a return of 112.55% over the past year, ranking 22nd out of 8025 [2] - The fund manager of AVIC Opportunity Leading Mixed Fund A is Han Hao, who has been in the position for 7 years and 317 days, with a total asset scale of 1.788 billion yuan [3] Group 3 - The AVIC Opportunity Leading Mixed Fund A reduced its holdings in Yingweike by 285,100 shares in the second quarter, now holding 3.4749 million shares, which constitutes 9.73% of the fund's net value, making it the third-largest holding [4] - The estimated floating profit from the current holdings in Yingweike for the fund is approximately 12.44 million yuan [4]

Core Insights - The company reported a significant revenue growth of 40.19% year-on-year for the first three quarters of 2025, driven primarily by increased sales of cooling products for data centers and cabinets [1][2] - The liquid cooling technology is entering a phase of large-scale application, supported by high customer recognition and the growing demand for efficient cooling solutions in high-density computing environments [2][4] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 40.26 billion, with a net profit attributable to the parent company of 3.99 billion, reflecting a year-on-year increase of 13.13% [1][2] - In Q3 2025, the revenue reached 14.53 billion, marking a 25.34% increase year-on-year, while the net profit was 1.83 billion, up 8.35% year-on-year [1][2] Margin and Cost Structure - The gross margin for Q3 2025 was reported at 29.40%, showing a quarter-on-quarter increase of 3.43 percentage points, although it decreased by 3.43 percentage points year-on-year [3] - The company has increased its sales, management, and R&D expenses by 38.66%, 27.77%, and 31.36% respectively, primarily due to market expansion efforts and increased personnel costs [3] Market Positioning and Strategy - The company is actively advancing its global liquid cooling supply chain and promoting the adoption of liquid cooling solutions, aligning with Google’s data center cooling standards [4] - As a partner in the NVIDIA MGX ecosystem, the company is positioned to enhance its market share in the global liquid cooling solutions market [4] Future Outlook - The demand for GPU and ASIC chips and servers is expected to clarify, with anticipated revenue growth for the company projected at 64.12 billion, 100.71 billion, and 158.53 billion for 2025-2027 [5] - The net profit forecast for the same period is 5.82 billion, 9.05 billion, and 15.07 billion, with corresponding price-to-earnings ratios of 82.55 and 49.59 for 2026-2027 [5]

Core Viewpoint - Invech's stock price increased by 5.14% to 83.90 CNY per share, with a trading volume of 3.648 billion CNY and a market capitalization of 81.326 billion CNY as of September 29 [1] Company Overview - Shenzhen Invech Technology Co., Ltd. was established on August 15, 2005, and listed on December 29, 2016. The company is located in Longhua District, Shenzhen, Guangdong Province [1] - The main business activities include the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1] - Revenue composition: 52.50% from data center temperature control products, 36.00% from cabinet temperature control products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1] Fund Holdings - One fund under Yingda Fund holds a significant position in Invech, specifically Yingda Flexible Allocation A (001270), which held 29,300 shares in the second quarter, accounting for 3.73% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a year-to-date return of 33.54% and a one-year return of 52.6%, with a total return since inception of 96.61% [2] Fund Manager Performance - The fund manager Zhang Dazheng has been in position for 5 years and 269 days, managing assets totaling 22.058 billion CNY, with the best return during his tenure being 84.48% and the worst being 3.82% [3] - Liu Yubin has been managing 76.831 million CNY in assets for 1 year and 158 days, with a best return of 34.41% and a worst return of 25.44% [3] - Huo Da has managed 9.10027 million CNY for 2 years and 235 days, achieving a best return of 39.33% and a worst return of -5.66% [3]

Group 1 - The core point of the news is that Yingweike's stock price increased by 5.05% to 83.00 CNY per share, with a trading volume of 3.051 billion CNY and a turnover rate of 4.42%, resulting in a total market capitalization of 80.454 billion CNY [1] - Yingweike Technology Co., Ltd. is based in Shenzhen, Guangdong, and was established on August 15, 2005, with its listing date on December 29, 2016. The company specializes in the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1] - The revenue composition of Yingweike's main business includes: 52.50% from data center temperature control energy-saving products, 36.00% from cabinet temperature control energy-saving products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1] Group 2 - From the perspective of fund holdings, one fund under Great Wall Fund has a significant position in Yingweike. The Great Wall Industry Rotation Mixed A Fund (002296) held 688,500 shares in the second quarter, accounting for 2.53% of the fund's net value, ranking as the ninth largest holding [2] - The Great Wall Industry Rotation Mixed A Fund was established on January 12, 2016, with a current scale of 774 million CNY. Year-to-date returns are 35.94%, ranking 2469 out of 8173 in its category; the one-year return is 51.46%, ranking 2851 out of 8003; and since inception, the return is 107.99% [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company has shown significant recovery in profit growth in Q2, with a revenue of 1.64 billion yuan, representing a year-on-year increase of 69.67%, and a net profit of 168 million yuan, up 37.98% year-on-year [2] - The company is positioned well in the AI era, with strong growth potential in liquid cooling solutions, driven by increasing demand for data centers and high-power cooling needs [4] - The company has established strong domestic partnerships with major clients like Tencent and Alibaba, and is gradually making inroads into overseas markets, including a recent collaboration with Intel [5] Financial Performance - In the first half of 2025, the company achieved a revenue of 2.573 billion yuan, a 50.25% increase year-on-year, and a net profit of 216 million yuan, up 17.54% year-on-year [1] - The company's gross margin for the first half of 2025 was 26.15%, a decrease of 4.84 percentage points year-on-year, attributed to intense domestic competition and changes in product structure [3] - The company expects improvements in profitability as overseas and liquid cooling products continue to gain traction [3] Business Segmentation - Revenue from data center cooling products reached 1.351 billion yuan, up 57.91% year-on-year, driven by robust demand in data center construction [2] - Revenue from cabinet cooling products was 926 million yuan, a 32.02% increase, largely benefiting from the growth in energy storage applications [2] - The company reported a decline in revenue from bus air conditioning and rail transit air conditioning services, with revenues of 19.36 million yuan and 23.90 million yuan, down 29.81% and 50.09% year-on-year, respectively [2] Future Outlook - The company is expected to benefit from the AI wave and the increasing penetration of liquid cooling solutions, with adjusted net profit forecasts of 610 million yuan and 1.04 billion yuan for 2025 and 2026, respectively [6] - The company has a comprehensive liquid cooling solution that has gained customer trust, with cumulative deliveries reaching 1.2 GW by March 2025 [4]