关键词：循环泵、液冷循环泵、CDU、循环泵行业产业链、循环泵发展现状、循环泵市场规模、循环 泵细分市场、循环泵企业格局、循环泵发展趋势 一、循环泵行业相关概述 循环泵是基于叶片式或容积式原理，将机械能转化为流体动能与压力能，驱动流体在闭合管路系统中持 续循环的通用设备。其核心功能是"维持流体循环"，而非"长距离/高扬程输送"，需适配不同场景的流 量、压力及介质特性，是工业、民用、能源等领域的"基础动力组件"。 内容概要：循环泵作为驱动流体在闭合管路内持续循环的核心动力设备，已成为工业、建筑及能源等领 域不可或缺的基础组件。当前，中国泵行业处于结构分化与质量升级并行阶段，整体呈现高端增长、低 端承压特征，2024年市场规模达2360亿元，预计2025年升至2480亿元。其中，专注流体循环的循环泵细 分市场表现稳健，2024年规模约313亿元，占比超13%，受益于节能改造与新兴需求释放，预计2025年 突破330亿元，年均增速约8%。从需求结构看，工业、建筑与市政领域形成稳定支撑，分别占据60%、 27%和13%的市场份额。其中工业领域在节能改造推动下持续替换低效泵，建筑领域受益绿色建筑推 广，市政领域则随管网扩 ...

Core Insights - The article highlights the strategic layout of Guoguang Electric in the field of fusion energy, showcasing its advancements from key technology breakthroughs to industrialization efforts [1] Company Overview - Guoguang Electric has over 60 years of experience in the research and manufacturing of microwave devices [1] - The company has achieved breakthroughs in the design and manufacturing of wideband, high-power, miniaturized, and efficient traveling wave tubes, mastering core processes such as magnetrons and switch tubes [1] Technological Advancements - At the International Fusion Energy Conference, Guoguang Electric showcased the Z-constricted fusion-fission hybrid reactor model for the first time [1] - The company presented a series of key products including valves, circulation pumps, helium blowers, filters, and thermal helium leak detection equipment, demonstrating its technical accumulation and strength in fusion device engineering and key subsystem solutions [1] Future Outlook - The chairman of Guoguang Electric expressed confidence in overcoming key technological bottlenecks and enhancing R&D and production efficiency, driven by strong policy support, comprehensive AI empowerment, and the continuous gathering of industrial wisdom [1]

Core Viewpoint - The company has demonstrated significant growth in revenue and cash flow, driven by strategic partnerships and product innovation in the pump industry, while also exploring new growth avenues through acquisitions in the capacitor film sector [1][2][3][4] Financial Performance - In the first half of 2025, the company achieved operating revenue of 425 million yuan, representing a year-on-year increase of 10.95% - The net cash flow from operating activities reached 71.97 million yuan, showing a substantial year-on-year growth of 218.11% - Domestic revenue saw a remarkable increase of 247.26%, attributed to collaborations with strategic platform clients [1][2] Operational Strategy - The company has implemented a large-scale order acquisition strategy, effectively distributing fixed costs and enhancing production efficiency - The focus on "order acquisition" as a core operational metric has led to improved cost control and operational effectiveness [2] - The product matrix has shown differentiated growth, particularly in energy-saving pumps, which have maintained high gross margins while expanding revenue [2] Strategic Expansion - The company is actively pursuing external growth opportunities, including a strategic acquisition in the capacitor film industry to create a second growth curve - The acquisition aims to enhance the quality and performance of existing pump products while opening a new business growth avenue in capacitor films [3][4] - The capacitor film is crucial for pump motor performance, and controlling this upstream component is expected to strengthen the company's competitive edge [3][4]