证券代码： 300249 证券简称：依米康 依米康科技集团股份有限公司投资者关系活动记录表 取重点跟踪、全力获单的策略，倾斜人力、资源予以支撑，持续 拓展阿里、字节跳动等大厂订单。针对海外市场，自 2023 年启 动海外市场拓展战略后，截至目前，业务布局与订单交付已覆盖 国内全部市场及马来西亚、新加坡、泰国、越南、菲律宾、阿曼 等东南亚和中东"一带一路"沿线国家。 2、2025 年度业绩扭亏为盈，主要来源于哪部分的业务？ 答：主要来源于风冷、液冷、风液同源等精密散热产品的增 长：2025 年，公司坚持践行"聚焦信息数据领域战略规划"。 一方面，公司不断投入资源，夯实精密散热产品为核心，整合智 能工程、软件平台与智慧运维的全栈式算力精密散热能力；另一 方面，公司紧跟下游行业对精密散热产品需求不断扩张的市场行 情，确定了"锚定大客户"的经营策略，紧跟国内大厂建设需求， 公司精密散热产品订单持续增长；其次，公司持续加强海外订单 的拓展，精密散热产品海外订单亦大幅增长。 2024 年，公司实现境外收入 4,889.83 万元，占营业收入比 例为 4.27%；2025 年上半年，公司实现境外收入 6,232.14 万元 ...

Core Viewpoint - The company Yimikang (300249) emphasizes its comprehensive liquid cooling solutions, which include heat dissipation, piping, and backend monitoring systems, highlighting the competitive edge of integrated solutions in the market [1] Group 1: Company Developments - Yimikang has reported ongoing delivery of several liquid cooling intelligent computing projects, with orders being fulfilled this year [1] - The company is committed to providing a complete service guarantee, which enhances the competitiveness of its full-stack solutions in the liquid cooling sector [1] Group 2: Industry Trends - The trend towards liquid cooling solutions is gaining traction, and the company is positioning itself to capitalize on this development by offering integrated solutions [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company has established a strategic plan focusing on the information data field, and the "focus strategy" effect is gradually emerging. The company's business orders in the information data field have continued to grow in 2024 and the first half of 2025 [24][27]. - The company has adopted a business strategy of simultaneous development in domestic and international markets. The overseas market has achieved certain results, with overseas revenue increasing significantly in the first half of 2025 [36]. - The company has a full - stack liquid - cooling solution, which can meet the needs of customers from construction to operation and maintenance in the liquid - cooling field [31]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Yimikang, belonging to the software development industry. The reception time was September 12, 2025. The listed company's reception personnel included the chairman, independent director, board secretary, and financial director [17]. 3.2 Detailed Research Institutions - The reception objects included investors' online questions and others [20]. 3.3 Research Institution Proportion No information provided. 3.4 Main Content Data - **Stock price and market value issues**: The company's stock price is affected by multiple factors. The company focuses on the information data field, and its business situation has continued to improve. In 2024, it achieved an operating income of 1.145 billion yuan, a year - on - year increase of 42.84%. In the first half of 2025, it achieved an operating income of 736.7688 million yuan, a year - on - year increase of 54.82%; the net profit attributable to the listed company was 14.9158 million yuan, a year - on - year increase of 124.13%; the net profit after deducting non - recurring gains and losses attributable to shareholders of the listed company was 16.0061 million yuan, a year - on - year increase of 335.12%. The company started a repurchase in early 2025 and launched an employee stock ownership plan [24]. - **Profitability and market value management**: The company will follow the industry growth period, focus on the information data field, synchronously layout domestic and overseas businesses, adhere to flat management and rapid decision - making, and continue to control costs and build a high - performance organization and high - efficiency operation system [27][28][29]. - **Liquid - cooling business**: The company has a full - stack liquid - cooling solution, covering technologies and products such as fluorine system cold plate systems, water - cooled cold plate systems, etc., and has achieved successful operation in the Middle East [31]. - **Cooperation with Alibaba**: Alibaba is the company's strategic customer. Due to the confidentiality agreement, some business information is not disclosed. The company will continue to deepen cooperation with important customers [31]. - **East - West Computing Project**: The company's relevant business covers all eight computing power hubs. In recent years, it has provided equipment for the project with an order amount of about 400 million yuan, and the energy consumption requirements are all below PUE1.2. In the first half of 2025, it undertook a 12,000P electromechanical general contracting project [33][34]. - **Revenue growth drivers**: In the first half of the year, the company's revenue growth was mainly due to the increase in the income of key equipment and intelligent engineering businesses [34]. - **Market development strategy**: The company implements a strategy of simultaneous development of domestic and international markets. In the domestic market, it focuses on large customers and orders; in the overseas market, it has covered Southeast Asian and Middle Eastern countries, and overseas revenue has increased significantly [36]. - **Issuance progress and R & D direction**: The company is actively promoting the issuance. It has a full - stack liquid - cooling solution and is committed to expanding products and technologies according to market demand [36]. - **Response to high - performance computing demand**: As a service provider of green solutions for the entire life cycle of digital infrastructure, the company will continue to increase investment in innovation and R & D to improve market share and profitability [38]. - **Order scale and delivery measures**: The company's order acquisition meets expectations. It focuses on large customers and orders, conducts R & D and product innovation according to customer needs, and adjusts the production management system to ensure efficient order delivery [38][39].

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]

Group 1 - The core viewpoint of the article highlights that the well-known private equity firm, Capella Asset Management, has conducted research on a listed company, specifically focusing on Yimikang, which offers comprehensive temperature control solutions and is expanding its overseas operations [1] - Yimikang has developed a full-stack liquid cooling solution that includes smart engineering, key equipment, IoT software, and intelligent services, successfully operating liquid cooling containers [1] - The company is experiencing strong order conditions and normal operational activities, with significant clients including Alibaba, ByteDance, and Huawei, and is expected to confirm overseas order revenue of 47.7188 million yuan in 2024 [1]

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]