（文章来源：每日经济新闻） 科华数据（002335.SZ）12月23日在投资者互动平台表示，公司现已推出了液冷数据中心全生命周期服 务，包括自主研发的系列液冷产品，已为中移动等客户打造具有行业标杆性的服务器与液冷系统解耦项 目。同时，已为头部互联网厂商完成液冷数据中心改造。此外，公司与沐曦股份已联合推出高密度液冷 算力POD，在智算场景下已有具体项目落地，双方以超节点作为核心技术切入点来探索相关解决方案， 将为高性能算力需求提供稳定、高效、灵活扩展的实时保障。未来，公司将与更多的合作伙伴共同打造 液冷智算中心生态圈，推动智算中心行业向绿色低碳发展。 每经AI快讯，有投资者在投资者互动平台提问：公司液冷服务器相关产品目前向国内哪些头部公司供 货？ ...

Core Viewpoint - The company, Kehua Data, is a pioneer in the liquid cooling sector, leveraging years of technical expertise and experience in data center construction and operation to offer a full lifecycle service for liquid cooling data centers [1] Group 1: Product Offerings - The company has developed a range of self-researched liquid cooling products, including air-liquid drawer-type CDU, liquid-liquid drawer-type CDU, and liquid-liquid cabinet-type CDU [1] - Integrated products include WiseCooling plate liquid cooling micro-modules, liquid cooling containers, and liquid cooling all-in-one machines [1] Group 2: Strategic Partnerships and Projects - The company has partnered with Muxi Co., Ltd. to launch a high-density liquid cooling computing POD [1] - Specific projects have been implemented in intelligent computing scenarios, focusing on exploring solutions centered around super nodes to provide stable, efficient, and flexible real-time support for high-performance computing needs [1]

Core Viewpoint - The company has made significant advancements in liquid cooling technology, positioning itself as a pioneer in the industry with a comprehensive lifecycle service for liquid-cooled data centers [1] Group 1: Liquid Cooling Innovations - The company has launched a full lifecycle service for liquid-cooled data centers, which includes self-developed liquid cooling products [1] - The product systems include air-liquid drawer-type CDU, liquid-liquid drawer-type CDU, and liquid-liquid cabinet-type CDU [1] - Integrated series products consist of Wise Cooling plate liquid cooling micro-modules, liquid cooling containers, and liquid cooling all-in-one machines [1] Group 2: Strategic Partnerships and Applications - The company has partnered with Muxi Co., Ltd. to introduce high-density liquid cooling computing PODs [1] - Specific projects have been implemented in intelligent computing scenarios, focusing on super nodes as a core technology to explore related solutions [1] - This collaboration aims to provide stable, efficient, and flexible real-time support for high-performance computing needs [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is actively seizing opportunities in artificial intelligence and expanding its overseas market presence, with a focus on three main areas: intelligent computing centers, smart energy solutions, and clean energy [2][4]. - The company reported a revenue of 5.706 billion yuan for the first three quarters of 2025, a year-on-year increase of 5.79%, and a net profit attributable to shareholders of 344 million yuan, up 44.71% [1]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.973 billion yuan, representing an 18.65% year-on-year growth, and a net profit of 101 million yuan, which is a significant increase of 711.41% [1]. - The company’s R&D expenses for the first three quarters reached 348 million yuan, with a year-on-year increase of 102.94% [4]. Market Strategy - The company is focusing on the integration of three key areas: AI, liquid cooling, and energy solutions, to create a robust platform for heterogeneous computing power [2]. - The company is also developing products tailored for overseas markets and has established deep collaborations with leading domestic companies [4]. Product Development - The company has launched a full lifecycle service for liquid cooling data centers and has developed high-density liquid cooling products to address the energy consumption challenges of high-performance GPUs [3]. - The company is preparing for the transition to 800V high voltage direct current (HVDC) as a mainstream power supply solution for future AI data centers [4]. Profit Forecast - The projected net profits for the company from 2025 to 2027 are estimated at 556 million yuan, 913 million yuan, and 1.270 billion yuan, respectively, with corresponding price-to-earnings ratios of 50, 30, and 22 times [5].

Core Insights - The company, Kehua Data, is a pioneer in the liquid cooling sector, leveraging years of technical expertise and experience in data center construction and operation [2] - Kehua Data has launched a full lifecycle service for liquid cooling data centers, including a range of self-developed liquid cooling products [2] - The company has partnered with Muxi Co., Ltd. to introduce a high-density liquid cooling computing POD, focusing on core technology solutions for high-performance computing needs [2] Product Offerings - The company offers a variety of liquid cooling products, including air-liquid drawer CDU, liquid-liquid drawer CDU, and liquid-liquid cabinet CDU [2] - Integrated products include WiseCooling plate liquid cooling micro-modules, liquid cooling containers, and liquid cooling all-in-one machines [2] Strategic Partnerships - The collaboration with Muxi Co., Ltd. aims to explore solutions for high-performance computing demands, providing stable, efficient, and flexible real-time support [2]

Core Viewpoint - The company is a pioneer in the liquid cooling sector, leveraging years of technical expertise and experience in data center construction and operation to offer comprehensive lifecycle services for liquid cooling data centers [2] Group 1: Liquid Cooling Technology - The company has developed a range of proprietary liquid cooling products, including air-liquid drawer-type CDU, liquid-liquid drawer-type CDU, and liquid-liquid cabinet-type CDU [2] - Integrated products include Wise Cooling plate liquid cooling micro-modules, liquid cooling containers, and liquid cooling all-in-one machines [2] Group 2: Strategic Partnerships - The company has partnered with Muxi Co., Ltd. to launch a high-density liquid cooling computing POD, focusing on super-node technology to explore related solutions [2] - This collaboration aims to provide stable, efficient, and flexible real-time support for high-performance computing needs [2]

Group 1 - The demand for liquid cooling technology in data centers is rapidly increasing, transitioning from an optional to a necessary solution due to the explosive growth of AI computing power requirements [1] - Liquid cooling technology offers significant advantages such as efficient heat dissipation, energy savings, and noise reduction, making it suitable for high-density computing scenarios [1] - Trend Force predicts that the global adoption rate of liquid cooling in data centers will rise from 14% in 2024 to 26% in 2025, with the liquid cooling market in China expected to exceed 100 billion yuan by 2027 [1] Group 2 - The liquid cooling data center industry chain includes upstream components, midstream servers and infrastructure, and downstream data centers [2] - Several listed companies are actively investing in and promoting liquid cooling technology, with some offering comprehensive liquid cooling solutions across the entire value chain [2] - Companies like Kehua Data Co., Ltd. and Guangzhou High Cloud Energy Saving Technology Co., Ltd. are developing and providing various liquid cooling solutions, emphasizing their commitment to capturing market opportunities and driving growth in liquid cooling business [2]

Market Overview - A total of 75 stocks in the A-share market hit the daily limit, with 67 stocks hitting the limit after excluding 8 ST stocks, resulting in an overall limit-up rate of 74.26% [1] Stock Performance - Chip Original Co. (芯原股份) had the highest limit-up order volume, exceeding 9 billion yuan, followed by Dongzhu Ecology, Rongsheng Development, and Qingshan Paper with order volumes of 5.26 billion yuan, 5.04 billion yuan, and 5.01 billion yuan respectively [2] - *ST Asia Pacific (维权) achieved a five-day limit-up streak, while Suning Universal and Chunzong Technology had four consecutive limit-ups [2] Company Announcements - Chip Original Co. announced plans to acquire 97.0070% of Chip Technology through a combination of share issuance and cash payment, which will make Chip Technology a wholly-owned subsidiary [2][3] - The transaction aims to leverage Chip Original's semiconductor IP and chip customization platform to enhance its market influence and technical barriers in the RISC-V field [3] Industry Highlights Non-ferrous Metals - Notable limit-up stocks include Northern Copper, Shengda Resources, Hunan Silver, and others, with Northern Copper producing 21,700 tons of copper concentrate and 137,000 tons of electrolytic copper in the first half of the year [4] Computing Power - Key limit-up stocks in this sector include Kehua Data, TeFa Information (维权), and Runjian Co. Kehua Data is a pioneer in the liquid cooling field, offering full lifecycle services for liquid cooling data centers [5][6] Film and Entertainment - Limit-up stocks include Golden Screen Cinemas and China Film. Golden Screen Cinemas plans to upgrade older cinema projects to enhance customer experience [7] - China Film is involved in producing several films, including "Nanjing Photo Studio" and "The Cat and the Mouse: Starry Adventure" [8] Institutional Activity - The net purchase by deep stock connect exceeded 1 billion yuan for Yinghe Technology (维权), with significant net buying also seen in other stocks like Jin Xin Nuo and Fangzheng Technology [9]

Market Overview - On September 12, the A-share market closed with a total of 75 stocks hitting the daily limit, with 67 stocks after excluding 8 ST stocks, and an overall limit-up rate of 74.26% [1] Stock Performance - Chipyuan Co. saw a significant limit-up with a closing order volume exceeding 9 billion yuan, leading the market [2] - Other notable stocks with high limit-up order volumes include Shanghai Construction with 1.01 million hands, Dongzhu Ecology with 526,300 hands, and Rongsheng Development with 504,500 hands [2] - Chipyuan Co. announced plans to acquire 97.0070% of Chip Technology through a combination of stock issuance and cash payment, which will make Chip Technology a wholly-owned subsidiary [2][3] Industry Insights Semiconductor Industry - Chipyuan Co. aims to leverage its semiconductor IP and chip customization platform to enhance its market influence and technical barriers, particularly in the RISC-V field [3] Non-Ferrous Metals - Notable limit-up stocks in the non-ferrous metals sector include Beifang Copper Industry, Shengda Resources, Hunan Silver, and others [4] - Beifang Copper Industry produced 21,700 tons of copper concentrate and 137,000 tons of electrolytic copper in the first half of the year [4] Computing Power - Companies like Kehua Data, TeFa Information, and Runjian Co. experienced limit-ups, with Kehua Data being a pioneer in the liquid cooling sector [5][6] - TeFa Information is involved in significant projects like the construction of the Atlas900 AI computing cluster [5] Film and Entertainment - Goldstone Film and China Film both saw limit-ups, with Goldstone focusing on upgrading older cinema facilities [7][8] Institutional Activity - The net buying by deep stock connect exceeded 100 million yuan for Yinghe Technology, with other stocks like Jinxin Nuo and Fangzheng Technology also seeing significant institutional interest [9]

Core Insights - The company, Kehua Data, is a pioneer in the liquid cooling sector, having launched a full lifecycle service for liquid cooling data centers [1] - The company has developed cold plate and immersion liquid cooling products, with liquid cooling containers already exported overseas [1] - Kehua Data has implemented a decoupled liquid cooling pilot project for China Mobile's data center in Suzhou and is constructing a highly decoupled system architecture for the Nanjing Intelligent Computing Center [1] - The company is enhancing its liquid cooling technology R&D, collaborating with Muxi Co. to introduce a high-density liquid cooling POD specifically designed for high-performance GPU server clusters [1] - Kehua Data is actively integrating industry resources and collaborating with ecosystem partners to promote the development of a liquid cooling intelligent computing center ecosystem, aiming for a green and low-carbon industry transition [1]