Core Viewpoint - The company is experiencing rapid growth in its marine segment due to the commencement of the Jiangsu Dafeng offshore wind project, with expected marine segment revenue exceeding 7 billion by the end of the year, doubling from the previous year [1][4][8] Financial Performance - In the first half of 2025, the company reported revenue of 23.6 billion, a year-on-year increase of 10.19%, and a net profit attributable to shareholders of 1.568 billion, up 7.38% year-on-year [2][3] - The second quarter of 2025 saw revenue of 13.844 billion, a 5.09% year-on-year increase and a 41.90% quarter-on-quarter increase, with net profit of 940 million, reflecting a 14.14% year-on-year growth [3] Marine Business Growth - The company has secured marine orders totaling approximately 13.3 billion, laying a solid foundation for future growth, with marine segment revenue in the first half of 2025 reaching 2.896 billion, a 37.19% increase year-on-year [4] - The company has successfully won multiple international submarine cable projects, including significant contracts in the Middle East and Southeast Asia [4] New Product Development - The company is actively developing anti-resonant hollow core fibers and other products, which are expected to create a second growth curve [1][6] - The company has established a comprehensive R&D system for hollow core fiber technology, aiming to enhance its capabilities in various applications [6][7] Future Outlook - The company anticipates that the marine segment will continue to grow, with confirmed projects in the second half of 2025, including offshore wind projects and oil and gas projects [1][4][8] - Profit forecasts for the company indicate net profits of 3.584 billion, 4.118 billion, and 4.724 billion for 2025 to 2027, with corresponding price-to-earnings ratios of 15X, 13X, and 12X [8]

尊敬的各位投资者，大家下午好，我是润泽科技董磊。感谢 天风团队为我们组织这场会议，欢迎大家参加今天下午的业绩交 流会。 证券代码：300442 证券简称：润泽科技 润泽智算科技集团股份有限公司 投资者关系活动记录表 编号：2025-002 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | 类别 | 新闻发布会 路演活动 | | | 现场参观 | | 其他 | | | 参与单位名称及 | 天风证券、安信基金、长江证券、长城财富保险、大家资产、德 | | | 邦证券、东方资产、D.E. Shaw Investment Management、蜂巢基 | | | 金、高盛证券、国金证券、国金基金、国联民生证券、国盛证券、 | | | 国泰海通证券、国投证券、国信证券、国泰投信、海富通基金、 | | | 杭州银行、恒泰证券、红杉资本、华泰证券、华泰资管、华夏基 | | | 金、汇丰银行、汇丰晋信基金、汇添富基金、开源证券、美银证 | | 人员姓名 | 券、摩根大通、瑞银证券、申万宏源证券、生命保险、上海证券、 | | Torito | ...

润泽科技 20250829.docx 近年来 A 股市场的科技板块表现如何？ 从 2024 年下半年开始，我们一直强调 2025 年至 2027 年将是 A 股市场迎来 三年科技风格行情的时期。这段时间不仅是科技牛市，同时也碰上了整体牛市。 背后的核心逻辑主要有两个方面：首先，经过 2013 年至 2015 年的牛市后， 整个科技股经历了十年的消化，目前估值相对较低且合理。其次，与 2013 年 至 2015 年的变革相比，当前的变革更大，行业比较优势更加明显。传统产业 面临更大的压力，而科技行业的优势更加突出。因此，我们坚定看好这三年的 科技行情，并且这一观点逐步达成共识。 国内算力需求和发展前景如何？ 国内算力需求空间非常大。从训练角度来看，中国的大模型目前与美国大约差 距一代到 1.5 代，为了追赶美国，我们至少需要增加 10 倍的算力。在推理方 面，中国拥有全球数一数二的人口和产业规模，因此推理产业空间也是全球领 AceCamp AI 2025-08-30 摘要 科技股估值修复与行业优势：经历十年消化后，科技股估值趋于合理， 相较于传统产业，科技行业比较优势显著，驱动市场对科技行情形成共 识。 国内算 ...

Core Viewpoint - Runze Technology (300442) reported a revenue of 2.496 billion yuan for the first half of 2025, marking a year-on-year growth of 15.31%, with a net profit attributable to shareholders of 882 million yuan [1] Group 1: Business Overview - The company's main businesses include IDC (Internet Data Center) and AIDC (Artificial Intelligence Data Center) services [1] - In the IDC sector, Runze collaborates with telecom operators to provide hosting and management services to major clients in the internet and cloud sectors [1] - The AIDC business focuses on building a comprehensive ecosystem for AI training and applications, transitioning from customer acquisition to high-quality operations, emphasizing stable profitability and long-term partnerships [1] Group 2: Delivery and Operations - The company has efficiently completed the delivery of new data centers, adding approximately 220 MW of capacity in the first half of 2025, with a total of 18 data centers delivered by June 30, 2025 [2] - Runze successfully delivered a new generation of AI data centers in the Yangtze River Delta, featuring high-density computing clusters and advanced cooling systems, achieving record deployment speeds [2] - The company has expanded its liquid cooling solutions, which are now essential for high-power computing, and has implemented self-developed cooling technologies across multiple new data center projects [2] Group 3: Market Position and Future Outlook - On August 8, 2023, Runze's data center REIT was officially listed on the Shenzhen Stock Exchange, enhancing the company's asset management and capital structure [3] - The REIT listing represents an innovative practice in the company's strategy of combining heavy asset infrastructure with light asset operational services [3] - Runze aims to leverage its expertise in the intelligent computing sector to explore market potential and strengthen its leading position in the industry [3]

Core Viewpoint - The report highlights the significant growth and performance of Runze Technology in the intelligent computing industry, showcasing its financial results and strategic advancements in technology and operations [1][2]. Financial Performance - In the first half of 2025, Runze Technology achieved an operating income of 2.496 billion yuan and a net profit attributable to shareholders of 880 million yuan [1]. - The company plans to distribute a cash dividend of 3.995 yuan per 10 shares (including tax) to all shareholders [1]. Industry Growth and Company Strategy - The intelligent computing industry continues to experience explosive growth, with expanding market size and technological iterations creating a strong resonance effect [1]. - Runze Technology has actively captured industry opportunities through various dimensions, including delivery and operations, business structure adjustments, liquid cooling technology upgrades, and asset securitization [1][2]. Delivery and Operations - The company has ensured efficient delivery schedules, completing large-scale deliveries and significantly shortening the overall delivery and commissioning cycle [1]. - In the first half of 2025, Runze Technology added one computing power center in each of its Langfang, Pinghu, Foshan, and Huizhou parks, totaling approximately 220 MW of new computing power centers delivered [1]. - As of the end of the reporting period, the company has delivered a total of 18 computing power centers, with a commissioning rate of over 90% for mature centers [1]. Business Structure Adjustment - The AIDC business structure has undergone a key upgrade, shifting focus from "customer expansion" to "high-quality operations," transitioning revenue from one-time inflows to stable profitability and long-term cooperation [2]. - This strategic shift provides more support for profitability [2]. Liquid Cooling Technology - With rapid advancements in chip and cabinet power, liquid cooling has transitioned from an optional solution to a necessary one for supporting high-power computing [2]. - Runze Technology has expanded the scale of liquid-cooled cabinets and improved the operational stability of liquid-cooled computing power centers [2]. - The company has applied its self-developed liquid cooling technology across multiple parks nationwide, creating a multi-faceted infrastructure design for high-complexity, high-computation demand applications [2]. Asset Securitization - On August 8, 2025, Runze Technology's Southern Data Center REIT was officially listed on the Shenzhen Stock Exchange, marking a significant milestone in asset securitization [2]. - This achievement activates quality existing assets and optimizes the capital structure, representing an innovative practice in the company's business architecture [2]. Future Outlook - Runze Technology aims to leverage its deep accumulation and innovative capabilities in the intelligent computing field to explore market potential and continuously strengthen its leading position in the industry [2].

8月28日，润泽科技（300442）2025年半年度报告显示，2025上半年公司实现营业收入24.96亿元，同比 增长15.31%；归属于上市公司股东的净利润8.82亿元，同比下降8.73%。经营活动产生的现金流量净额 22.62亿元，同比增长1501.56%。 IDC业务方面，2025年上半年，润泽科技高效完成规模交付并迅速上架，整体交付上架周期有效缩短。 公司廊坊、平湖、佛山、惠州园区各新增交付1栋算力中心，合计新增交付约220MW算力中心，交付规 模达历史较高水平。截至报告期末，公司累计交付18栋算力中心，成熟的算力中心上架率超过90%。 液冷方面，2025年度公司交付上架的液冷机柜规模进一步扩张。公司持续提高绿电消纳能力，2025年上 半年已完成绿电交易总量近5.3亿千瓦时，全力实现"绿色实践促进低碳发展"的战略目标。 在AIDC业务方面，2023年起，公司通过"引流策略"吸引头部AI客户入驻，2025年该策略阶段性目标达 成，业务重心从"客户拓展"升级为"高质量运营"，收入结构从早期一次性"引流"业务为主升级为"稳盈 利、长合作、强粘性"智算服务为主，盈利能力与稳定性显著提升。此外，公司成功交付完成 ...

记者丨见习记者李益文 编辑丨叶映橙 8月26日，领益智造（002600.SZ）开盘后震荡上升，随后强势涨停，截至收盘报14.92元/股。 针对上述招聘信息及英伟达合作传闻，21财经・南财快讯记者以投资者身份致电领益智造求证。接线工 作人员回应称，不清楚公司是否有相关招聘；同时提到，公司与部分客户签有保密协议，客户信息无法 对外透露，关于与英伟达是否存在合作，建议投资者关注公司官方公告。 据公司官网介绍，领益智造成立于2006年，2018年登陆A股市场，是AI终端硬件核心供应商，主营业务 是为客户提供精密功能件、结构件、模组等一站式智能制造服务及解决方案。未来，公司将聚焦主业并 向上游延伸，全面发力机器人、服务器散热等第N增长曲线；拓展海外市场，提升海外盈利能力。 财务数据方面，领益智造2024年营收442.11亿元，同比增长29.56%，但归母净利润却同比下滑14.5%至 17.53亿元；不过2025年一季度业绩回暖，当季公司营收114.94亿元同比增长17.11%，归母净利润5.65亿 元同比增长23.52%。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 股价异动背后，一则招聘信 ...

记者丨 见习记者李益文 编辑丨叶映橙 针对上述招聘信息及英伟达合作传闻，21财经・南财快讯记者以投资者身份致电领益智造求 证。接线工作人员回应称， 不清楚公司是否有相关招聘；同时提到，公司与部分客户签有保 密协议，客户信息无法对外透露，关于与英伟达是否存在合作，建议投资者关注公司官方公 告。 据公司官网介绍，领益智造成立于2006年，2018年登陆A股市场，是AI终端硬件核心供应商， 主营业务是为客户提供精密功能件、结构件、模组等一站式智能制造服务及解决方案。未来， 公司将聚焦主业并向上游延伸，全面发力机器人、服务器散热等第N增长曲线；拓展海外市 场，提升海外盈利能力。 财务数据方面，领益智造2024年营收442.11亿元，同比增长29.56%，但归母净利润却同比下 滑14.5%至17.53亿元；不过2025年一季度业绩回暖，当季公司营收114.94亿元同比增长 17.11%，归母净利润5.65亿元同比增长23.52%。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 出品丨21财经客户端 21世纪经济报道 编辑丨黎雨桐 实习生郑莹莹 多家银行悄然降息，定存利率进入1时代 SFC 21 ...

Core Viewpoint - The stock price of Lingyi iTech (002600.SZ) surged to a closing price of 14.92 CNY per share, driven by a recruitment announcement indicating potential collaboration with NVIDIA in liquid cooling technology [2]. Group 1: Company Overview - Lingyi iTech was established in 2006 and went public in 2018, specializing in AI terminal hardware and providing precision components, structural parts, and module manufacturing services [5]. - The company aims to focus on its core business while expanding into upstream markets, including robotics and server cooling solutions, and enhancing its overseas market presence [5]. Group 2: Financial Performance - In 2024, Lingyi iTech reported a revenue of 44.211 billion CNY, reflecting a year-on-year growth of 29.56%, but the net profit attributable to shareholders decreased by 14.5% to 1.753 billion CNY [5]. - The first quarter of 2025 showed signs of recovery, with revenue reaching 11.494 billion CNY, a year-on-year increase of 17.11%, and a net profit of 565 million CNY, up 23.52% year-on-year [5]. Group 3: Market Reaction and Recruitment Information - The recruitment of a senior engineer for NVIDIA liquid cooling systems, with a salary range of 35,000 to 50,000 CNY, has raised market speculation about Lingyi iTech's role as a significant supplier for NVIDIA [2]. - The job responsibilities include leading the lifecycle delivery of next-generation liquid cooling cabinets and collaborating with NVIDIA's R&D team to establish cooling interface standards [2]. - Lingyi iTech's subsidiary, Suzhou Lingyu Electronics Technology Co., Ltd., is fully owned by Lingyi Technology (Shenzhen) Co., Ltd., which is in turn fully owned by Lingyi iTech, linking the recruitment directly to the parent company [2].

Group 1: Business Strategy and Market Position - The company is focusing on enhancing customer engagement, improving management efficiency, and elevating operational quality in 2023 [2] - The company acknowledges the impact of macroeconomic conditions, industry policies, and market sentiment on stock prices, which are not solely tied to performance [2] - The company aims to optimize its market value management through improved operational quality and performance [2] Group 2: Product Development and Innovation - The company has a complete liquid cooling solution, including cabinets and distribution units, but has not yet achieved large-scale orders [2] - The company is actively pursuing product development in industrial automation, network energy, new energy vehicles, and photovoltaic storage [3] - The company has not yet received certification from mainstream computing power manufacturers for its liquid cooling products [2] Group 3: Challenges and Strategic Changes - The company is addressing internal challenges such as growth stagnation, management efficiency loss, and weakened development drivers [4] - The company recognizes the need for both internal growth and external mergers and acquisitions, emphasizing a cautious approach to the latter [4] - The company has initiated systematic reforms to enhance business focus, product quality, and management efficiency [4] Group 4: Market Performance - The industrial automation business has shown year-on-year growth in both domestic and overseas markets, with overseas growth outpacing domestic [4] - The company is currently experiencing a decline in performance for 2024, prompting a focus on management reforms to solidify operational foundations [4]