证券日报网讯 1月5日，申菱环境（301018）在互动平台回答投资者提问时表示，公司液冷业务情况良 好，具体业务情况请详见定期报告。 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [4][8]. Core Insights - The humanoid robot industry is expected to accelerate production in 2026, benefiting the company's actuator business, with global production projected to reach nearly 20,000 units in 2025. The company has established a leading position in technology and capacity, collaborating with top domestic and international humanoid robot manufacturers [5]. - The company's revenue for the first three quarters of 2025 is reported at RMB 20.93 billion, reflecting an 8.1% year-over-year increase, while net profit decreased by 12.0% to RMB 1.97 billion due to lower sales from overseas automotive clients and increased management and R&D expenses [5]. - The company is transitioning towards a platform-based enterprise, with stable fundamentals in interior components, chassis, and thermal management, while its automotive electronics business is experiencing rapid growth, achieving RMB 1.07 billion in revenue in the first half of 2025, a 52.1% year-over-year increase [5]. Financial Summary - The company is projected to achieve net profits of RMB 2.74 billion, RMB 3.23 billion, and RMB 4.16 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of -8.7%, +18.0%, and +28.6% [7]. - Earnings per share (EPS) are expected to be RMB 1.58, RMB 1.86, and RMB 2.39 for the same years, with corresponding price-to-earnings (P/E) ratios of 43.87, 37.19, and 28.92 [7]. - The company has secured initial orders worth RMB 1.5 billion for its liquid cooling business, which is anticipated to generate revenue in 2026 [5].

（文章来源：证券日报） 证券日报网讯 12月24日，川润股份在互动平台回答投资者提问时表示，公司液冷业务开展顺利，目前 产线能满足当前订单需求。公司始终以市场需求为导向，实时根据战略规划、经营计划和市场客户需求 动态调配产能，公司与客户的合作情况请关注公司在指定信息披露媒体披露的公告等具体内容。 ...

Core Viewpoint - The company plans to acquire 51% of the shares of Zhongshi Xun Cold Heat Technology (Dongguan) Co., Ltd. for 35.7 million yuan, enhancing its position in the cooling module sector and optimizing its liquid cooling business ecosystem [1] Group 1: Acquisition Details - The acquisition will be funded using the company's own funds amounting to 35.7 million yuan [1] - After the acquisition, Yixing Zhongshi will hold 51% of Zhongshi Xun Cold, making it a controlled subsidiary and included in the company's consolidated financial statements [1] Group 2: Strategic Implications - This acquisition will deepen the company's industry layout in the cooling module field [1] - It aims to extend the liquid cooling expertise of Zhongshi Xun Cold to the company's existing major customer channels, facilitating effective resource synergy and optimization [1]

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].

Core Viewpoint - The company Southern Pump Industry's wholly-owned subsidiary TIGERFLOW is engaged in liquid cooling business in North America, but customer information is considered a trade secret and cannot be disclosed [1] Group 1 - The company has a subsidiary named TIGERFLOW that operates in the North American market [1] - TIGERFLOW is involved in the liquid cooling sector, indicating a focus on advanced cooling technologies [1] - Customer information related to TIGERFLOW's operations is confidential and not available for public disclosure [1]

Core Viewpoint - The company Southern Pump Industry's wholly-owned subsidiary TIGERFLOW is engaged in liquid cooling business in North America, but customer information is considered a trade secret and cannot be disclosed [1] Group 1 - The company has a subsidiary named TIGERFLOW that operates in the North American market [1] - TIGERFLOW is involved in the liquid cooling sector [1] - Customer information related to TIGERFLOW's business is confidential and not available for public disclosure [1]

Core Viewpoint - Minglida (301268) reported a significant year-on-year growth in business volume from electric vehicle customers in the European and American markets, although the implementation of global tariff policies in the U.S. introduces some uncertainty regarding final business volume, which will depend on customer production schedules and market demand [1] Group 1 - The liquid cooling business has experienced rapid growth in business volume starting from July, following internal relocations, new facilities and equipment, and increased R&D investment during the first half of the year [1] - New markets and customers are gradually being introduced into the liquid cooling business [1]