天眼查显示，安腾创新由徐刚总持股58.36%，控制72.86表决权。 安腾创新于2015年成立于深圳市，集研发、制造、销售和服务于一体，打造了完整的微模块数据机房产 品、数据中心及储能系统热管理的研发平台。公司法定代表人为徐刚，注册资本为1372.42万元。 公司创始人徐刚曾就职于有数字能源行业"黄埔军校"之称的艾默生网络能源公司（现维谛技术 Vertiv），拥有领导全球化产品平台研发的深厚履历，并曾在国内上市公司成功从零到一打造过亿元级 营收的产品线。目前，公司的精密温控和模块化数据中心产品已遍布全球70余个国家和地区。 瑞财经 刘治颖 据青松基金消息，深圳安腾创新科技有限公司（Attom Technology，下称"安腾创新"）近 日宣布完成数千万元人民币A轮融资。本轮融资由青松基金独家投资。 所募资金将主要用于加速海外市场的深度拓展、数据中心液冷温控等核心产品的创新研发与迭代升级， 以及全球化高端人才的引进。 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 1H25, primarily due to disruptions in orders and impairment losses, but new order growth and improved cash flow are promising for future performance [1][2]. Financial Performance - 1H25 revenue was 2.687 billion yuan, down 23% year-over-year, with a net profit of 338 million yuan, down 10.1% year-over-year [1]. - New orders in 1H25 reached 6 billion yuan, an increase of 89.5% year-over-year, with backlog orders at 10.6 billion yuan, up 20.4% year-over-year, marking a historical high [1]. Sector Performance - The biopharmaceutical sector saw revenue of 797 million yuan in 1H25, up 20% year-over-year, driven by successful project completions in North Africa [1]. - The green energy sector is expected to become a new growth driver, with 1H25 revenue from other fields at 288 million yuan, up 18% year-over-year [2]. Future Outlook - For 2H25, the company anticipates strong revenue growth, supported by a significant backlog of orders and a recovery in overseas CAPEX demand [2]. - The modular data center technology is expected to enhance collaboration with downstream operators, potentially driving mid-term growth [3]. Capacity Expansion - The company is expanding its international production capacity, with ongoing projects in Nantong, Malaysia, and potential new facilities in Thailand, which will support long-term growth [3]. Earnings Forecast - The company projects EPS of 0.61, 0.76, and 0.97 yuan for 2025-2027, with a target price of 13.41 HKD for 2025, reflecting an increase in the valuation due to the recovery in the pharmaceutical sector [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 13.41, up from a previous target of HKD 8.13 [6][5][7] Core Views - The company reported a revenue of RMB 2.687 billion in 1H25, a decrease of 23% year-over-year, and a net profit of RMB 338 million, down 10.1% year-over-year, primarily due to order disruptions at the end of 2024 and confirmed impairment losses on trade receivables, although other income related to subsidies increased [1][6] - New orders signed in 1H25 reached RMB 6 billion, representing a significant increase of 89.5% year-over-year, with a backlog of RMB 10.6 billion, up 20.4% year-over-year, marking a historical high [1][6] - The report anticipates a slight increase in net profit for 2025, driven by a reduction in impairment losses and a potential significant increase in new orders [1][5] Summary by Sections Medical Device Sector - The medical device sector achieved a revenue of RMB 2.687 billion in 1H25, down 23% year-over-year, with a net profit of RMB 338 million, down 10.1% year-over-year [1] - New orders in this sector were RMB 6 billion, up 89.5% year-over-year, with a backlog of RMB 10.6 billion, up 20.4% year-over-year [1] Pharmaceutical Sector - The biopharmaceutical sector generated revenue of RMB 797 million in 1H25, an increase of 20% year-over-year, mainly due to the successful completion of orders related to the first modular factory in North Africa [2] - The report expects strong revenue growth in the second half of 2025, supported by a robust order backlog and the recovery of overseas CAPEX demand [2] Chemical and Battery Materials Sector - The battery materials sector reported revenue of RMB 404 million in 1H25, down 38% year-over-year, with a backlog of RMB 760 million and new orders of RMB 290 million [3] - The chemical sector's revenue was RMB 581 million, down 17.5% year-over-year, with a backlog of RMB 1.03 billion and new orders of RMB 130 million [3] International Expansion - The report highlights the company's ongoing international capacity expansion, including the ramp-up of production at the Nantong factory and the expansion of the Malaysian factory [4] - Plans for a new production base in Thailand are also in progress to enhance the company's global supply chain [4] Profit Forecast and Valuation - The report projects EPS of RMB 0.61, 0.76, and 0.97 for 2025-2027, respectively, with a target price set at 20 times PE for 2025 [5][10] - The target price reflects an adjustment based on the recovery of the pharmaceutical sector's order capacity [5]

Core Viewpoint - SenSong International (02155) experienced a significant stock price increase of over 14% following the release of its interim results, indicating market confidence despite a decline in revenue and profit [1] Financial Performance - The company reported revenue of 2.687 billion RMB, a year-on-year decrease of 22.71% [1] - Shareholder profit was 338 million RMB, down 10.15% year-on-year [1] - The performance was in line with market expectations, attributed to a 9-14 month order confirmation cycle and a 23% decline in new orders last year, along with a 10% decrease in backlog orders [1] Order and Market Dynamics - New orders in the pharmaceutical sector reached 4.372 billion RMB, showing a remarkable year-on-year growth of 642%, exceeding expectations [1] - The backlog of orders stood at 10.566 billion RMB, reflecting a year-on-year increase of 20.4%, marking a historical high [1] Industry Trends - The company is advancing in high-tech industries such as AI, semiconductors, and pharmaceuticals [1] - In the pharmaceutical sector, there is a rapid increase in global capacity demand from MNCs and CXOs [1] - The AI sector is expected to see a new growth cycle in modular data centers [1] - The demand for high-end products in the wet electronic chemicals sector is driven by advancements in processes and growth in new energy requirements [1]

Group 1 - The company, Wanma Technology, has a diverse range of data center products in the communication equipment industry, including modular data centers, integrated data centers, and box-type data centers [2] - Fiber optics are widely used in the company's data center products within the communication equipment sector [2] - The company is currently delivering air-cooled equipment to customers and is developing liquid-cooled server cabinets [2]