编号：2025-004 | | 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 | | | | 中银国际证券 苏凌瑶 | | | | 中银国际证券 周世辉 | | | | 华夏基金 马伟恩 | | | | 长盛基金 滕光耀 | | | 参与单位名称及 | 天弘基金 陈祥 | | | 人员姓名 | 红土创新基金 石昌达 | | | | 运舟资本 丁俊枫 | | | | 中银理财 许天衣 | | | | 中银理财 王梦瑶 | | | | 金信基金 谭智汨 | | | 时间 | 2025 年 11 月 7 日 | 10:00—11:00 | | 地点 | 公司接待室 | | | 上市公司接待人 | 副总经理、董事会秘书：张思明 | | | 员姓名 | 证券事务代表：廖梦慧 | | | | 1、公司三季度毛利率较上半年大幅提升的原因？ | | | 投资者关系活动 | 答：主要是公司加强成本管控，优化生产运营效率，通过 | | | | 科学 ...

Core Viewpoint - Hongfuhuan has established partnerships with major players in the server industry and ZTE for its liquid cooling products, while also gaining sample qualification from a major North American client [1] Group 1: Company Developments - Hongfuhuan primarily provides functional structural components for Apple products, with an expected increase in orders due to the launch of foldable smartphones next year [1] - The company's liquid cooling products focus on the network communication and server sectors, with key offerings including liquid cooling plate modules and comprehensive liquid cooling solutions [1] Group 2: Partnerships and Market Expansion - Domestically, Hongfuhuan has formed collaborations with ZTE and leading manufacturers in the server field [1] - Internationally, the company has secured sample qualification from a major North American client and is actively working on the introduction of related liquid cooling products [1]

Core Viewpoint - Hongfuhan (301086) focuses on liquid cooling products for the network communication and server sectors, highlighting its core products such as liquid cooling plate modules and comprehensive liquid cooling solutions [1] Group 1: Product Focus - The company’s liquid cooling products are primarily aimed at the network communication and server industries [1] - Current core products include liquid cooling plate modules and full-chain liquid cooling solutions [1] Group 2: Partnerships and Collaborations - Domestically, the company has established partnerships with ZTE and leading manufacturers in the server field [1] - Internationally, the company has obtained sample qualification from major North American clients and is actively working on the introduction of related liquid cooling products [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 355.41 million yuan, a year-on-year increase of 9.37% [2] - The net profit attributable to shareholders was 22.73 million yuan, a year-on-year decrease of 52.41% [2] - Operating costs increased by 20.64% year-on-year, driven by business scale expansion [6] - Sales expenses rose by 20.42% due to increased sales personnel compensation and market expansion efforts [6] - Management expenses increased by 26.66%, primarily due to higher salaries for new market management personnel and increased service fees [6] - Financial expenses surged by 247.56%, mainly due to reduced interest income and increased interest expenses [6] Group 2: Strategic Focus and Future Plans - The company plans to enhance technology research and market expansion, particularly in liquid cooling technology and new markets like Thailand and Vietnam [3] - Efforts will be made to optimize production efficiency and reduce fixed costs through better production scheduling and coordination [3] - The company aims to deepen refined management and improve resource allocation to enhance input-output efficiency [3] - Future growth will focus on expanding market share in the server cooling product sector and increasing customer acquisition [5] Group 3: Market and Product Development - The company provides functional structural components for Apple products, with expected order increases following the launch of new devices [4] - Liquid cooling products are focused on the network communication and server sectors, with partnerships established with major domestic and international clients [4][7] - The company has obtained sample qualification from major North American clients and is actively working on product integration [7] - New customer acquisitions include partnerships with major firms like Pegatron, Murata Group, Foxconn, Meta, and Amazon [5] Group 4: Operational Challenges - Profit decline is attributed to multiple factors, including market fluctuations and increased resource investments during strategic expansions [3] - The company is currently in a traditional peak season for consumer electronics, with saturated order levels expected to improve operational metrics [6] - The company is committed to addressing rising costs and optimizing its operational structure to enhance profitability [3][5]