依米康分析师会议 调研日期：2025年09月12日 调研行业：软件开发 参与调研的机构：投资者网上提问等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集 ...

Group 1: Financial Performance - The company achieved a revenue of 1.145 billion yuan in 2024, representing a year-on-year growth of 42.84% [4] - In the first half of 2025, the company reported a revenue of 736.77 million yuan, with a year-on-year increase of 54.82% [4] - The net profit attributable to the listed company was 14.9158 million yuan in the first half of 2025, showing a year-on-year growth of 124.13% [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached 16.0061 million yuan, reflecting a significant year-on-year increase of 335.12% [3] Group 2: Strategic Focus - The company has established a strategic focus on the information data sector, completing the divestment of unrelated diversified industries in 2023 [4] - The company aims to enhance operational quality and market value management, responding to the growing demand for computing power infrastructure driven by the AI wave [4][3] - The company is committed to a "focus strategy," concentrating resources on the information data field to drive growth [4] Group 3: Market Expansion - The company has initiated overseas market expansion since 2023, achieving overseas revenue of 62.3214 million yuan in the first half of 2025, a year-on-year increase of 60.31% [5][10] - The company has adopted a "follow-up strategy" initially, later transitioning to "independent offensive" to explore cooperation opportunities with overseas IDC and local operators [5] - The company has established a presence in Southeast Asia and the Middle East, covering markets in Malaysia, Singapore, Thailand, Vietnam, the Philippines, and Oman [10] Group 4: Product Development and Innovation - The company offers a comprehensive liquid cooling solution, including various systems and services tailored to meet customer needs [7][11] - The company is actively expanding its product and technology offerings in response to market demands, focusing on liquid cooling technology [11] - The company has developed a complete business ecosystem that includes planning, design, integration, and smart operation services for digital infrastructure [11] Group 5: Customer Engagement and Management - The company employs a flat management structure to ensure quick decision-making and responsiveness to customer needs [5] - The company focuses on major clients and large orders, allocating resources to support these efforts and enhance customer relationships [12] - The company has a robust marketing and customer development system, aiming to strengthen its customer resource advantages [11]

成都凯普乐资产管理有限公司成立于2017年10月，于2018年8月成为私募证券投资基金管理人。公司经 营范围涵盖资产管理、投资管理，主营业务为国内外证券、大宗商品期货及衍生品类资产管理、投资顾 问。 根据市场公开信息及8月12日披露的机构调研信息，知名私募凯普乐资管近期对1家上市公司进行了调 研，相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）依米康 （凯普乐资管参与公司特定对象调研） 机构简介： 调研纪要：公司拥有市场全部温控方案的产品与技术。海外液冷应用节奏更快，欧美领先，中东、日韩 次之；国内以风液同源为主。2023年公司逐步布局海外，跟随阿里、字节等需求出海，2024年确认境外 订单收入4,771.88万元。公司拥有液冷全栈解决方案，涵盖智能工程、关键设备、物联软件和智慧服务 四大板块，已成功投运液冷集装箱等产品。阿里巴巴、字节跳动、华为等是公司的重要客户和战略合作 伙伴，公司订单情况良好，生产经营活动正常运行。 ...

Group 1 - The company Yimikang has a comprehensive range of temperature control solutions and technologies, with a focus on overseas liquid cooling applications, particularly in Europe and the United States [1] - In 2023, the company is gradually expanding its overseas presence, following the demand from major clients like Alibaba and ByteDance, with confirmed overseas order revenue of 47.7188 million yuan for 2024 [1] - Yimikang offers a full-stack liquid cooling solution that includes smart engineering, key equipment, IoT software, and intelligent services, and has successfully launched products like liquid cooling containers [1] Group 2 - Major clients and strategic partners of the company include Alibaba, ByteDance, and Huawei, indicating a strong order situation and normal operational activities [1]

Group 1: Market Trends and Strategies - The company anticipates that overseas adoption of liquid cooling will accelerate, particularly in Europe and the U.S., with AI servers expected to enter the liquid cooling era by next year [1] - The company is focusing on expanding its overseas market presence, with orders already in Southeast Asia and plans to penetrate the Far East Asia-Pacific market [2] - The company has confirmed overseas order revenue of CNY 47.72 million for 2024, covering regions such as Malaysia, Singapore, Thailand, Vietnam, the Philippines, and Oman [3] Group 2: Product Development and Technology - The company offers a comprehensive liquid cooling solution, including various systems such as fluorinated and water-cooled plates, and has successfully deployed these solutions in the Middle East [4] - The company is developing products based on NVIDIA's NV72 architecture, leveraging its existing technology base for domestic market needs [2] - The liquid cooling solutions include features like rapid deployment and integration capabilities, ensuring a seamless transition from construction to operation [4] Group 3: Strategic Partnerships and Clientele - Key strategic clients include Alibaba, ByteDance, Huawei, Qinhuai, Baidu, and Tencent, with the company maintaining a healthy order situation and normal operational activities [5] - The company aims to enhance its ability to provide comprehensive solutions throughout the entire lifecycle of digital infrastructure, responding quickly to client needs [5]

Group 1: Liquid Cooling Solutions - The company offers a comprehensive liquid cooling solution that includes intelligent engineering, key equipment, IoT software, and smart services, addressing the demand for liquid cooling deployment [1] - Key products include fluorine system cold plate systems, water-cooled cold plate systems, and liquid cooling containers, which have been successfully deployed in the Middle East [1] - The company emphasizes the importance of liquid cooling technology applications and market opportunities, aiming to convert orders quickly [1] Group 2: Overseas Expansion - In 2023, the company began its overseas expansion, initially following the lead of major players like Alibaba and ByteDance, and later shifting to a more proactive approach [2] - The company confirmed overseas order revenue of 47.72 million yuan in 2024, with established subsidiaries in Malaysia and coverage in Southeast Asia and the Middle East [2] - The strategy includes setting up local subsidiaries to meet the demands of expanding overseas markets [2] Group 3: Financial Performance and Strategy - The company has focused on the information data sector, resulting in a revenue increase of 42.84% to 1.145 billion yuan in 2024 and 26.44% to 318 million yuan in Q1 2025 [3] - The company ranks third in the Chinese data center air conditioning market as of 2024, reflecting the effectiveness of its focused strategy [3] - The management emphasizes a flat decision-making structure to quickly respond to key customer needs [4] Group 4: Key Clients and Future Goals - Major strategic clients include Alibaba, ByteDance, Huawei, and Tencent, with ongoing positive order conditions [5] - The company aims to enhance its professional capabilities and expand its strategic customer base and overseas markets in 2025 [5] - Key operational goals for 2025 include promoting refinancing projects, advancing R&D, and optimizing performance management systems [5]

Group 1: Liquid Cooling Solutions - The company offers a comprehensive liquid cooling solution that includes intelligent engineering, key equipment, IoT software, and smart services, addressing the needs for liquid cooling deployment [1] - Key products include fluorinated system cold plates, water-cooled cold plates, and liquid-cooled containers, which have been successfully deployed in the Middle East [1] - The liquid cooling solutions are designed to provide end-to-end services from construction to operation, ensuring seamless integration and management [1] Group 2: Overseas Expansion - In 2023, the company began its overseas expansion, initially following major players like Alibaba and ByteDance, and later shifting to a more proactive approach [2] - The company confirmed overseas order revenue of 47.72 million yuan in 2024, with operations covering Southeast Asia and the Middle East [2] - Plans to establish subsidiaries in key locations to meet the growing demand for digital infrastructure in international markets are underway [2] Group 3: Financial Performance - The company has focused on the information data sector, resulting in a revenue increase of 42.84% to 1.145 billion yuan in 2024 [3] - In the first quarter of 2025, revenue reached 318 million yuan, marking a 26.44% year-on-year growth [3] - The company ranks third in the Chinese data center air conditioning market as of 2024, reflecting the effectiveness of its focused strategy [3] Group 4: Strategic Partnerships - Major clients include Alibaba, ByteDance, Huawei, and Tencent, indicating strong partnerships in the digital infrastructure sector [6] - The company aims to enhance its ability to provide comprehensive lifecycle solutions for digital infrastructure, deepening relationships with key clients [6] Group 5: Research and Development - The company emphasizes technological innovation and customer-driven product design, leading to the development of highly customized and energy-efficient products [7] - Recent innovations include large prefabricated indirect evaporative cooling systems and integrated fluorine pump technology, which have been successfully delivered domestically [7] - The company is also developing various outdoor cooling solutions, including liquid cooling systems and control systems, to meet diverse customer needs [7] Group 6: Industry Outlook - The demand for computing power in AI, cloud computing, and other emerging technologies is driving the need for advanced data centers [8] - The company is positioned to adapt to these changes by providing intelligent, efficient, and green digital infrastructure solutions [9] - Continuous innovation and development are essential for meeting future challenges and delivering exceptional products and services [9]