证券代码： 300017 证券简称：网宿科技 网宿科技股份有限公司投资者关系活动记录表 编号：2025-004 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | 新闻发布会 路演活动 □ □ | | | 现场参观 □ | | | √ 其他 （投资者走进上市公司活动） | | 参与单位名称及 | 东方证券、中金财富证券等以及个人投资者 | | 人员姓名 | | | 时间 | 2025 年 12 月 5 日 (周五) | | 地点 | 汇发路 号，公司云计算园区 369 | | 上市公司接待人 | 1、董事长 李伯洋 | | 员姓名 | 2、董事、董事会秘书、副总经理 周丽萍 | | | 投资者参观了公司位于上海市嘉定区的数据中心园区，随后 | | | 进行了交流，公司就投资者提出的问题进行了回复： | | | 1、 公司液冷方案用的是氟化液还是合成油？ | | | 两种方式都有，但都是单向浸没式解决方案。客户可以根据 | | | 需求，比如设备的情况、散热的要求、成本的考量选择适合的方 | | | 案。 | | | 2 ...

Summary of Conference Call on AI Acceleration and Related Technologies Industry Overview - The conference call focused on the AI industry, particularly the advancements in optical modules, liquid cooling technology, and domestic computing power in China. The discussion highlighted the increasing demand for AI-related hardware and the implications for various companies involved in the supply chain. Key Points and Arguments AI Industry Acceleration - The global AI industry chain is experiencing rapid acceleration, with all segments speeding up deliveries and increasing orders. Google has raised its 2026 TPU demand for the fifth time from 4 million to 4.9 million units, indicating a significant increase in demand for 1.6T optical modules, with estimates ranging from 16 million to 30 million units for 2026 [2][3]. Demand for Optical Modules - Google’s increased TPU demand directly correlates with a rise in the need for 1.6T optical modules. Leading companies in the optical module sector, such as Zhongji Xuchuang and Xinyi Technology, are expected to benefit from this trend [3]. Liquid Cooling Technology - Liquid cooling technology is being rapidly adopted in AI computing. Google’s V7 will fully utilize liquid cooling, while previous versions (V5 and V6) still used air cooling. The collaboration between Invec and Google on a universal CDO liquid cooling solution is noteworthy, as is the push from Meta and OpenAI to implement liquid cooling [4]. Developments in Optical Communication - The optical communication sector is focusing on four main areas: 1. 1.6T optical modules (Zhongji Xuchuang, Xinyi Technology) 2. Optical devices (Changxin Bochuang, Taichen Optics, Changfei Fiber) 3. Optical chips (Yuanjie Technology, Shijia Optics) 4. OCS switches (Tengjing Technology, Guangku Technology) These components are crucial to Google's supply chain [5]. Domestic Computing Power in China - Positive signals are emerging in China's computing power sector, with a major company initiating a large tender project. Additionally, favorable outcomes from US-China trade negotiations may further promote domestic computing power development, presenting opportunities for related companies [6][8]. Server Power Supply Market - The server power supply market is experiencing rapid growth, with Eulantong being a key player in Google's supply chain. Concerns over rising storage prices and potential shortages may lead to supply-demand imbalances, highlighting market opportunities [7]. Trends in Domestic AI Investment - Domestic AI investment is expected to accelerate significantly in 2026, with companies like Cambricon and Haiguang gradually shipping domestic computing cards. The anticipated increase in domestic AI investment may surpass overseas levels, positively impacting the domestic AI supply chain [8][10]. Supernode Technology - Supernode technology is projected to see explosive growth in 2026, with companies like Cambricon and ZTE accelerating their efforts in this area. Opportunities include 51.2T switching chips, machine manufacturing, 800G optical module upgrades, liquid cooling technology, copper connections, and high-power server power supplies [11]. AIDC Sector Development - The AIDC (Artificial Intelligence Data Center) sector's growth is contingent on improved chip supply. Although tender progress is accelerating, the overall pace remains slow. Positive developments in US-China trade negotiations are expected to enhance the AIDC sector's fundamentals, including data center construction and power supply equipment [12]. Investment Opportunities - Current market conditions favor investments in three main areas: upgrading optical modules to 800G, liquid cooling technology, and domestic computing power. The acceleration of capital expenditures by major players globally presents significant investment opportunities. Any stock price corrections may provide favorable entry points for investors [13]. Additional Important Insights - The conference highlighted the interconnectedness of various technologies and companies within the AI ecosystem, emphasizing the importance of collaboration and innovation in driving growth across the industry. The focus on domestic capabilities in China reflects a strategic shift towards self-sufficiency in AI technologies.

Core Viewpoint - The company Shunling Environment has gained significant attention in the institutional investment community, with a projected upside of 62.16%, despite a recent stock price decline of over 35% from its peak [1][3]. Valuation Screening - As of October 22, Shunling Environment's stock price is 63.64 yuan, with a total market capitalization of approximately 16.9 billion yuan and a rolling P/E ratio of 109, which is significantly higher than the industry average [3]. - The company is expected to achieve a compound annual growth rate (CAGR) of over 50% in net profit from 2025 to 2027, with projected net profit reaching 670 million yuan by 2027, indicating that high valuation may be justified by strong earnings growth [3][4]. Fundamental Screening - Shunling Environment's revenue for the first half of 2025 is 1.682 billion yuan, a year-on-year increase of 28.95%, with net profit rising by 35.95% to 150 million yuan [4]. - The company's core data service segment accounts for over 50% of its revenue, with new orders increasing by 200% year-on-year from January to August, providing strong future earnings support [4]. - The company is recognized for its leading liquid cooling technology, with a strong market position in China's liquid cooling data center sector, and its technology is deemed internationally advanced by the Ministry of Industry and Information Technology [4][6]. Trend Screening - Shunling Environment is positioned to benefit from the growing demand for liquid cooling technology driven by AI computing needs, with predictions that AI-driven data center demand will exceed 40% by 2026 [6]. - The company's liquid cooling solutions align with national energy-saving policies, significantly reducing energy consumption compared to traditional methods [6]. - The industrial temperature control market, including power and nuclear sectors, is projected to reach 23.6 billion USD by 2025, providing additional growth opportunities for the company [6]. Capital Screening - Recent data indicates a net outflow of 667 million yuan from major funds over the past 22 days, reflecting a cautious sentiment among short-term investors [7]. - Despite short-term outflows, institutional holdings remain strong, with 56.93% of the float held by institutions as of the second quarter of 2025, indicating long-term confidence in the company's value [7][8].

Core Insights - The report from Guosen Securities highlights the increasing power of data centers and the role of liquid cooling solutions in addressing high energy consumption and heat dissipation challenges [1][2] Group 1: Industry Overview - The liquid cooling sector is in its early development stage, with various solutions having distinct advantages and disadvantages, and no established optimal solution yet [1] - According to SemiAnalysis, the global installed capacity of AI data centers is expected to reach 59 GW by 2028, potentially generating a demand for approximately 89,000 tons of cooling liquid [1] - Traditional server installations are projected to contribute an additional demand of 19,000 tons of cooling liquid [1] Group 2: Energy Consumption and Efficiency - By 2024, the total electricity consumption of computing centers in China is expected to reach 166 billion kWh, accounting for 1.68% of the total electricity consumption in society [2] - The average Power Usage Effectiveness (PUE) for ultra-large data centers in China is currently 1.46, while for large data centers, it is 1.55 [2] - New standards set by the Ministry of Finance, Ministry of Ecology and Environment, and Ministry of Industry and Information Technology require that the energy ratio of data centers not exceed 1.4 starting June 2023, and 1.3 by 2025 [2] Group 3: Liquid Cooling Technologies - The main liquid cooling technologies include cold plate and immersion cooling, with cold plate cooling being the most widely used due to its mature technology [3] - Liquid cooling offers multiple advantages such as high heat exchange efficiency, energy savings, and reduced noise [3] - Cold plate cooling is categorized into indirect and direct cooling, with indirect cooling typically being cold plate and direct cooling including immersion and spray cooling [3] Group 4: Cooling Liquid Types and Applications - Different types of cooling liquids are suited for various applications, with water-based cooling liquids used in single-phase cold plate cooling and refrigerants used in dual-phase systems [3] - Oil-based and fluorinated cooling liquids can be used in both single-phase and multi-phase immersion cooling [3] - Water-based cooling liquids are cost-effective but may promote algae and bacteria growth, while oil-based liquids have good insulation but higher viscosity [3] - Fluorinated cooling liquids, including perfluoropolyether and perfluoroamines, offer good flow properties and low toxicity but are relatively expensive [3]

Core Insights - The article highlights the critical role of energy efficiency in the expansion of AI data centers, with Super X (SUPX.US) emerging as a key player through a strategic partnership aimed at addressing energy supply challenges [1][2][9] - Super X's collaboration with Zhongheng Electric aims to establish a joint venture, "SuperX Digital Power," to tackle urgent power supply issues in AI data centers globally, excluding mainland China, Hong Kong, and Macau [2][3] Energy Efficiency and Technology - The partnership focuses on HVDC technology, which significantly improves energy efficiency by reducing energy loss and total cost of ownership (TCO) compared to traditional AC systems [3][4] - HVDC technology has been validated through extensive deployment in major Chinese telecom and internet companies, achieving over 96% energy efficiency and reducing TCO by more than 20% [3][4] Market Positioning and Growth Potential - Super X is positioned to capitalize on the growing demand for AI computing power, with projections indicating that power consumption in data centers will exceed 100kW per cabinet, necessitating HVDC as a critical solution [4][8] - The company aims to provide a comprehensive solution that integrates power supply, cooling, and computing capabilities, enhancing customer value and operational efficiency [5][6] Competitive Advantage - The integration of HVDC technology with Super X's AI infrastructure solutions creates a unique, non-replicable competitive barrier, allowing for optimized energy management and system stability [6][7] - Super X's global reach and established channels enable it to quickly respond to the surging demand for AI data centers, particularly in North America, Europe, and Southeast Asia [7][9] Strategic Vision - Super X is not just a service provider but aims to set new standards for AI infrastructure, focusing on the vertical integration of computing and energy solutions [8][9] - The company's approach aligns with global trends towards green energy solutions, enhancing its appeal to investors and clients focused on sustainability [7][8]

Summary of the Conference Call on Dongyangguang's Acquisition of Qinhuai Data Company and Industry Involved - **Company**: Dongyangguang - **Acquired Company**: Qinhuai Data - **Industry**: Internet Data Center (IDC) and Computing Power Services Key Points and Arguments 1. **Acquisition Structure**: Dongyangguang has implemented a three-tier structure to integrate Qinhuai Data, which simplifies regulatory reviews and may attract strategic investors and acquisition loans, accelerating delivery and business expansion [2][3][4] 2. **Market Position of Qinhuai Data**: Qinhuai Data is a leading player in the IDC market, primarily serving ByteDance. Its pure IDC scale is 1.5 to 2 times that of Runze, with a single regional data center reserve exceeding a gigawatt, positioning it as a top ITC supplier in China [2][6] 3. **Profit Potential from Computing Power Services**: Currently, Qinhuai Data reports zero revenue from computing power services. However, as it transitions to this service, profit elasticity is significant, with projected profits of 1.8 to 2 billion RMB in 2025, potentially increasing to 3 to 4 billion RMB post-transition [2][7] 4. **Importance of Liquid Cooling Technology**: Liquid cooling technology is a critical component of the acquisition. Dongyangguang has partnered with Zhongji Xuchuang to establish a liquid cooling joint venture, which is expected to replace traditional cooling methods and enhance service quality for clients [2][8] 5. **Revenue Projections Post-Acquisition**: Following the acquisition, Dongyangguang's overall business value is expected to increase significantly, with projected revenues of approximately 1.4 billion RMB in 2025 and 1.8 billion RMB in 2026 [2][9] 6. **Impact on A-share Computing Power Industry**: The acquisition is significant for the A-share computing power industry, as it enhances Dongyangguang's capabilities in intelligent computing cloud services, computing power cloud services, AIDC, and liquid cooling solutions [3][9] 7. **Valuation of Traditional Business**: Dongyangguang's traditional business includes refrigerants and aluminum capacitors, with an estimated overall valuation of 40 to 50 billion RMB. The refrigerant business has a quota of approximately 59,000 tons, valued at around 40 billion RMB, while the aluminum capacitor business has a bottom-line profit of about 400 million RMB, valued at 6 billion RMB [4][12] 8. **Long-term Investment Opportunities**: The market may experience short-term fluctuations, but sectors such as cloud services, computing power services, and AIDC are identified as having high growth potential, presenting excellent investment opportunities [10] Other Important but Possibly Overlooked Content 1. **Strategic Resource Integration**: The acquisition allows Dongyangguang to revitalize its core business by extending solutions downstream through fluorochemical products and enhancing its competitive edge in the liquid cooling technology sector [4][13] 2. **Future Trends in Global Computing Power Investment**: The company has been analyzing global computing power investment trends, indicating a shift towards cloud services and AIDC, aligning with recent news and market developments [11]

Core Viewpoint - The article discusses the rapid growth and potential of liquid cooling technology in the AI computing sector, highlighting its transition from a niche market to a standard requirement for next-generation computing products [4][11][36]. Group 1: Market Dynamics - In August, the AI market expanded from optical modules and PCBs to include server power supplies and liquid cooling systems [2]. - Companies like Invec, Oulu Tong, and Megmeet have seen their stock prices reach historical highs, indicating a shift in market sentiment towards liquid cooling as a viable investment opportunity [3][16]. - The liquid cooling sector, previously viewed as a laggard in AI trends, is now expected to become a leading investment focus due to its essential role in AI computing [4][16]. Group 2: Technological Advancements - Liquid cooling technology has evolved significantly over the past two years, with increasing expectations following the AI boom in 2023 [6][7]. - The introduction of high-power chips, such as NVIDIA's B200 and B300, necessitates liquid cooling solutions due to their high thermal output [7][8]. - The expected penetration rate of liquid cooling in AI data centers is projected to rise from 14% in 2024 to 33% in 2025, driven by the adoption of new server architectures [11][12]. Group 3: Investment Opportunities - The liquid cooling market is anticipated to reach a valuation of 100 billion RMB by 2026, driven by the increasing demand for AI servers and the corresponding rise in liquid cooling adoption [14][29]. - Companies within the liquid cooling supply chain, such as Invec and others, have experienced significant stock price increases, reflecting investor confidence in the sector's growth potential [16][19]. - The article suggests that the liquid cooling industry could replicate the success seen in the optical module and PCB markets, with potential new leaders emerging in the coming years [25][38]. Group 4: Competitive Landscape - The liquid cooling industry is characterized by two main types of companies: those with system design integration capabilities (e.g., Invec, Highlan) and those focused on manufacturing individual components [30][31]. - The article emphasizes the importance of system integration design capabilities as a high barrier to entry, which could limit competition from companies lacking experience in data center and server applications [34][35]. - As the market matures, the competitive landscape is expected to evolve, with a few key players dominating the supply chain, similar to trends observed in the PCB industry [29][36].

Group 1: Pet Food Industry - The pet food industry in China is entering a golden era, driven by product innovation, brand matrix, and channel iteration [1] - On the product side, general grain innovation is stimulating demand, with popular categories strengthening the deep binding between categories and brands [1] - Functional pet food, such as prescription diets, represents high price, high profitability, and high customer loyalty, with a projected global CR3 of 97% in 2024 [1] - The brand matrix is essential, with a projected global CR5 of 52% for pet food companies/brands in 2024, indicating a shift from single large brands to multiple brands in China [1] - Capital investment is crucial, with Mars and Nestle's cumulative acquisitions reaching $8.3 billion and $16 billion respectively [1] - Local specialty channels are key for the rise of brands in various countries, with a shift from efficiency-driven to a balance of efficiency and experience in domestic channel evolution [1] Group 2: Liquid Cooling Chain - The AIDC liquid cooling sector is expected to see upward investment opportunities due to continuous enhancements in overseas computing power and the iteration of cooling solutions [2] - Domestic liquid cooling chains are poised to leverage new technology windows and decentralized decision-making to penetrate overseas markets [2] - The breakthrough in domestic computing chips is anticipated to create replacement opportunities for domestic liquid cooling chains [2] Group 3: Motorcycle Export - Chinese motorcycle companies are actively expanding overseas, with rapid increases in market share, emphasizing the importance of international expansion [3] - The high cost-performance ratio of certain models, such as scooters and ADV models, has proven effective in capturing market share, while other models have yet to initiate price competition strategies [3] - In the medium to long term, as the product matrix of Chinese companies improves, single Chinese brands could achieve annual sales of 150,000 to 200,000 units in the European and American markets, and approximately 700,000 and 600,000 units in Latin America and ASEAN markets respectively [3]

Group 1 - The core viewpoint is that the AIDC liquid cooling sector is expected to see upward investment opportunities due to continuous improvements in overseas computing power and ongoing upgrades in computing chips and liquid cooling solutions [1] - Domestic liquid cooling chains are anticipated to penetrate overseas markets by leveraging new technological windows and the decentralization of decision-making chains [1] - With breakthroughs in domestic computing chips, there is optimism regarding the substitution opportunities for domestic liquid cooling chains [1]