Core Viewpoint - The company reported significant revenue growth in its 2025 semi-annual report, with a 50.25% year-on-year increase to 2.573 billion yuan, primarily driven by the rapid expansion of its data center cooling and liquid cooling businesses. However, profitability is under pressure, with net profit growth lagging at 17.54% to 216 million yuan, indicating challenges in maintaining margins amid increasing competition in the market [1][3][16]. Revenue and Profitability - The company's revenue for the first half of the year reached 2.573 billion yuan, a 50.25% increase from 1.713 billion yuan in the same period last year [6][9]. - The net profit attributable to shareholders was 216 million yuan, reflecting a 17.54% increase compared to 183 million yuan in the previous year [9][10]. - The overall gross margin decreased from 28.48% to 26.15%, with core businesses experiencing declines in gross margins due to increased competition and rising material costs [16]. Liquid Cooling Business - The liquid cooling segment is highlighted as the company's brightest growth point, contributing over 200 million yuan in revenue during the reporting period, marking its first clear disclosure in financial statements [2][3][7]. - The company emphasizes its leadership in providing a full-chain liquid cooling solution, which has gained recognition from major chip manufacturers and is being scaled in data centers [7][3]. - Despite the growth, the liquid cooling business accounts for less than 8% of total revenue, indicating it is still in the early stages of development and has not yet become a core revenue driver [5][16]. Cash Flow and Financial Health - The company faced a significant cash flow crisis, with net cash flow from operating activities at -233 million yuan, a drastic decline of 412.33% year-on-year [10][12]. - Accounts receivable increased to 2.628 billion yuan, and inventory rose to 1.239 billion yuan, indicating a high proportion of current assets tied up in receivables and inventory [10][12]. - Short-term borrowings surged from 312 million yuan to 772 million yuan, a 147% increase, reflecting reliance on external financing to support operations and expansion [12][10]. Market Competition - The semi-annual report reveals a decline in profitability, with the company facing increased competition in the liquid cooling market, leading to a potential price war [13][16]. - The competitive landscape includes new entrants, which may pressure pricing strategies, particularly in the domestic market and energy storage sectors [16][13]. - The company’s aggressive expansion strategy has resulted in deteriorating cash flow and declining profitability, posing significant financial challenges [16].

近期，英维克（002837.SZ）发布2025年上半年业绩。财报显示，2025年上半年，公司实现营收25.73亿 元，同比增长50.25%；实现归母净利润2.16亿元，同比增长17.54%。 在上半年实现营收利润双增长的同时，今年以来英维克在二级市场同样表现亮眼。Wind数据显示，今 年内公司累计涨幅高达109.16%，若从年内低点至今算起，该股已经上涨超230%。 这或许与今年以来AI带来的算力浪潮，掀起的液冷行情暴涨有关。随着AI大模型更新迭代以及应用落 地驱动算力需求提升，液冷凭借散热效率优势正成为主流方案。 21世纪经济报道记者 吴佳楠 深圳报道 在这两大业务板块中，英维克正加速导入液冷技术。在机房温控节能产品，报告期内英维克在算力的设 备及机房的液冷相关营业收入超过2亿元，主要供给大型数据中心、IDC运营商、大型互联网公司和通 信运营商等。 在机柜温控节能产品，今年上半年英维克来自储能应用的营业收入约8亿元，同比增长约35%，其中在 受贸易政策影响较大的第二季度公司直接出口的储能相关业务仍实现同比增长。 另外，叠加下游厂商英伟达、英特尔等对液冷渗透率的持续提升，英维克还坐拥英伟达产业链公司身 份，也 ...

Core Viewpoint - In the first half of 2025, the company reported significant revenue growth driven by increased sales of energy-efficient temperature control products for data centers and related sectors [1][2]. Financial Performance - The company achieved a revenue of 2.573 billion yuan, representing a year-on-year increase of 50.25% [1]. - The net profit attributable to shareholders was 216 million yuan, reflecting a year-on-year growth of 17.54% [1]. Product and Service Offering - The company specializes in precision temperature control and energy-saving solutions, catering to various sectors including cloud computing data centers, power grids, and electric vehicle charging stations [1]. - The main focus of the company's temperature control products is on providing specialized solutions for data centers, computing equipment, and high-precision laboratories [1]. Liquid Cooling Business - The liquid cooling business has seen accelerated adoption due to the high-density heat trends in computing equipment and data centers, with related revenue exceeding 200 million yuan during the reporting period [2]. - The company emphasizes a "platform-based" approach and a systematic methodology as key competitive advantages in the liquid cooling sector [2]. Market Performance - The company's stock price has shown strong performance, with monthly increases of 35.34% in July and 74.58% in August, driven by market interest in AI computing themes [2]. - The company has issued multiple announcements regarding stock price fluctuations, confirming no undisclosed significant information affecting stock trading [2]. Future Outlook - The company aims to leverage its technological innovations in both air and liquid cooling to expand its customer base in domestic and international data center and computing equipment sectors [3]. - The company has established a comprehensive capability in liquid cooling technology, products, and solutions [3].