证券日报网讯 12月16日，高澜股份（300499）在互动平台回答投资者提问时表示，公司在数据中心热 管理领域具备多年技术积累，可提供以冷板式、浸没式为主的多种液冷解决方案，覆盖散热架构设计、 设备集成至系统运维的一站式服务。目前相关产品已形成量产规模并落地多个实际项目。 ...

R&D Investment - The company invested approximately 35.08 million yuan in R&D from January to September 2025, representing an increase of 11.22% compared to the same period last year [2] - As of June 30, 2025, the company holds 368 patents, including 74 invention patents, and 147 software copyrights [3] Order Data - As of September 30, 2025, the company has an order backlog amounting to approximately 1.456 billion yuan [3][6] - The revenue from high-power density thermal management solutions for data centers and energy storage in the first half of 2025 was 136,958,047.52 yuan, accounting for 32.78% of total revenue [4][5] Competitive Advantages - The company has been a pioneer in the liquid cooling sector for 20 years, with mature experience in design, engineering, and quality control [3] - The company emphasizes its ability to provide comprehensive solutions, including design, integration, and operational support for immersion cooling systems [4] Market Strategy - The company plans to focus on technological innovation and process improvement to enhance product performance and quality standards [3] - There is a commitment to increasing investment in overseas markets to expand market share [3] Financial Performance and Market Response - The company maintains that its operational status is normal despite stock price fluctuations influenced by various market factors [5] - The company aims to achieve high-quality development and create long-term investment value for shareholders [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved steady revenue growth in Q2 2025, with improvements in both year-on-year and quarter-on-quarter expenses. The deep-sea economic policy benefits are becoming evident, leading to a renewal of undersea cables, and the company has a substantial order backlog in its marine business. Breakthroughs have been made in high-end specialty optical fibers, including ultra-low loss, multi-mode, and hollow-core fibers. Continuous share buybacks and shareholder increases reflect long-term confidence [3][9][10]. Summary by Relevant Sections Financial Performance - In H1 2025, the company reported revenue of 32.05 billion yuan, a year-on-year increase of 20.4%. The net profit attributable to shareholders was 1.61 billion yuan, up 0.2% year-on-year. In Q1 2025, revenue reached 18.78 billion yuan, a year-on-year increase of 26.6% and a quarter-on-quarter increase of 41.5% [3][9]. Business Opportunities - The government has prioritized "deep-sea technology" in its future industry focus, benefiting the company as a key player. The company is one of the top four global providers of comprehensive solutions for transoceanic submarine cable systems, with over 108,000 kilometers of submarine cable delivered. In the marine energy sector, the company continues to win bids for offshore wind and oil and gas projects, with an order backlog of approximately 20 billion yuan in energy interconnection and about 7.5 billion yuan in marine communication [9][10]. Technological Advancements - The company is seizing opportunities in AI development, achieving key breakthroughs in high-end optical fiber products. The G.654.E fiber has industry-leading attenuation levels, and self-developed OM4/OM5 multi-mode fibers are widely used in medium and large data centers. The hollow-core anti-resonance fiber has achieved internationally advanced loss values (≤0.2 dB/km) and has mass delivery capabilities [9][10]. Shareholder Confidence - The company completed a new round of share buybacks in January 2025, repurchasing 14.17 million shares for 156 million yuan, which will be used for an employee stock ownership plan. Additionally, the controlling shareholder announced a plan to increase its stake in the company by no less than 150 million yuan and no more than 300 million yuan over the next 12 months, demonstrating long-term confidence in the company's development [9][10]. Profit Forecast and Investment Suggestion - The company is expected to maintain steady revenue growth, with net profits projected at 3.343 billion yuan, 3.824 billion yuan, and 4.266 billion yuan for 2025-2027, corresponding to year-on-year growth rates of 21%, 14%, and 12%. The corresponding price-to-earnings ratios are 15x, 13x, and 12x, respectively, with a strong recommendation to "Buy" [9][10].

Summary of the Conference Call on Immersion Liquid Cooling Technology by TIER Technology Industry Overview - The conference focuses on the immersion liquid cooling technology industry, specifically TIER Technology, which specializes in integrated intelligent computing center solutions, including chip design, server manufacturing, cabinets, and cooling liquids [1][2]. Key Points and Arguments Immersion Liquid Cooling Technology - TIER Technology has developed a unique immersion liquid cooling solution that addresses the high power consumption and heat dissipation needs in the artificial intelligence sector, achieving more efficient and uniform heat dissipation while reducing overall energy consumption and carbon emissions [1][5]. - The technology utilizes a synthetic oil-based material that is non-toxic and environmentally friendly, with a power efficiency ratio (POE) below 1.1, which is lower than existing solutions [1][14]. Market Position and Growth - TIER Technology has established the first commercial immersion liquid cooling intelligent computing center in China, located in Gansu Qinyang, which demonstrates the practical application of their technology [2]. - The company reported a revenue of 125.7 million RMB and a net profit of 10 million RMB in 2024, with a projected compound annual growth rate (CAGR) of 100% from 2025 to 2027, targeting the AI scene and expanding into liquid cooling charging stations and energy storage scenarios [1][32][33]. Competitive Advantages - TIER Technology's immersion cooling solution is cost-competitive with traditional air cooling systems, offering flexibility for retrofitting existing data centers and reducing total cost of ownership (TCO) by approximately 30% while decreasing CO2 emissions by over 40% [4][23]. - The company holds over 30 patents, including 8 invention patents, and collaborates with Tianjin University of Commerce for R&D, ensuring technological leadership and clear intellectual property rights [4][20]. Challenges in the Data Center Industry - Current data centers face challenges such as increasing data processing demands, high power consumption, and energy consumption pressures. Traditional air cooling technologies are inadequate for modern high-density computing tasks, necessitating innovative solutions like TIER's immersion cooling technology [7][8]. Future Developments and Market Strategy - TIER Technology plans to focus on the reasoning-level market, which is seen as more valuable than the training-level market due to its stability and growth potential. The company aims to expand its presence in key urban areas with high internet infrastructure and population density [29][49]. - The company is also adapting its solutions for domestic chip manufacturers and exploring international markets, particularly with NVIDIA RTX series products [26][27]. Additional Important Information - TIER Technology's management team has extensive experience in the industry, with backgrounds in IT project management and thermal control, which enhances the company's operational efficiency and market competitiveness [19]. - The company has established partnerships with major firms like Inspur and Alibaba, focusing on ODM cooperation rather than competition, which allows for broader market penetration [24][47]. - TIER Technology's solutions are designed to be environmentally friendly, with a focus on reducing carbon footprints and energy costs, aligning with global sustainability trends [1][5][21]. This summary encapsulates the key insights from the conference call, highlighting TIER Technology's innovative approach to immersion liquid cooling, its market positioning, competitive advantages, and future growth strategies.

Core Viewpoint - The collaboration between Bohui Co., Ltd. and Fast Cool aims to develop efficient and cost-effective immersion liquid cooling solutions for various applications, including computing power and energy storage [1] Group 1: Company Collaboration - The chairman of Fast Cool, Chen Jinde, and his core team recently engaged in discussions with Bohui Co., Ltd. to explore potential synergies [1] - Both companies plan to leverage their respective strengths and resources for joint research and development, technology cooperation, and market expansion [1] Group 2: Technology Development - The focus of the discussions was on creating safe, stable, and high-efficiency immersion liquid cooling solutions [1] - The collaboration aims to promote the widespread application of immersion liquid cooling technology in sectors such as computing power and energy storage [1]