登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002975 证券简称：博杰股份公告编号：2026-014 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日。 1、伴随国内外AI模型迭代、算力基础设施扩张与云服务商持续加大投入，推动国内外 AI服务器与数据 云行业实现规模与结构的双重高增长。公司通过紧跟大客户业务拓展需求及与大客户保持紧密沟通、合 作，不断拓展为大客户服务的业务宽度，布局电测、功能测试、老化等全链条测试解决方案等，自主研 发液冷模组，实现风冷到液冷测试设备技术升级，通过大客户认证并开始批量交付相关测试设备及模 组，助力公司AI服务器和数据云服务业务快速增长。 2、在新能源汽车领域，公司控股收购子公司?珠海广浩捷科技股份有限公司，实现业绩并表。公司持续 服务国内外行业头部客户，车载镜头与装配测试自动化线体、车载屏自动化组装测试线等业务销售规模 显著提升。 3、新能源汽车电子、AI服务器等下游领域的强劲拉动，推动MLCC需求激增，生产厂商产能逐步扩 展，M ...

1月30日下午，领益智造发布公告，明确公司对立敏达的收购已完成全部交割程序。2025年12月22日， 公司已与立敏达相关股东签订股权转让协议，以87,500万元现金收购立敏达35%股权，并通过表决权委 托取得额外17.78%股份表决权，合计控制其52.78%表决权、取得控制权。 目前，立敏达已正式成为公司控股子公司，纳入合并报表范围，这标志着公司AI算力散热与电源领域 战略布局落地见效，成功切入高增长赛道，为公司多元发展注入强劲新动能。 业内分析，此次收购是领益智造精准卡位AI算力散热蓝海的关键举措，核心目的在于快速获取海外算 力头部客户液冷业务的技术储备与客户认证资质，降低服务器电源产品开发成本及验证周期，丰富服务 器板块产品矩阵，进而提升AI硬件服务器业务的规模与盈利能力，与公司AI服务器、机器人等新兴赛 道布局形成高效协同，助力公司向高端科技制造转型。 立敏达是国内AI算力热管理领域优质企业，深耕服务器液冷领域，主营液冷快拆连接器、液冷模组等 核心硬件及配套产品。其已拿下英伟达RVL/AVL双认证，是英伟达GB200/300系列核心供应商，批量交 付北美及台湾地区头部客户，同时加入英特尔牵头的相关联盟， ...

南财智讯1月30日电，博杰股份发布2025年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为13,000.00万元—16,000.00万元，同比预增484.16%—618.97%；预计2025年全年归属于上市公司股东 的扣除非经常性损益的净利润为8,000.00万元—11,000.00万元，同比预增794.48%—1,129.92%。报告期 内，公司秉承大客户战略，深度服务海外大客户，匹配客户产品、技术创新需求，拓展产业链需求新增 长点。报告期公司各项经营业务有序开展，主营业务销售收入持续增长，同时由于增长性业务拥有较高 的技术附加值，结合公司精益化的管理，实现盈利大幅提升。1、伴随国内外AI模型迭代、算力基础设 施扩张与云服务商持续加大投入，推动国内外AI服务器与数据云行业实现规模与结构的双重高增长。 公司通过紧跟大客户业务拓展需求及与大客户保持紧密沟通、合作，不断拓展为大客户服务的业务宽 度，布局电测、功能测试、老化等全链条测试解决方案等，自主研发液冷模组，实现风冷到液冷测试设 备技术升级，通过大客户认证并开始批量交付相关测试设备及模组，助力公司AI服务器和数据云服务 业务快速增长。2、在新能 ...

Group 1 - The actual controller of Lingyi Zhizao plans to reduce holdings by up to 36 million shares, accounting for 0.49% of the total share capital, through block trading within three months after 15 trading days [1] - Lingyi Zhizao is experiencing steady growth in performance, with revenue reaching 37.59 billion yuan, a year-on-year increase of 19.25%, and net profit attributable to shareholders of 1.94 billion yuan, up 37.66% year-on-year [1] - The company is focusing on four key areas: robotics, AI glasses, foldable screens, and servers, to drive new performance growth [1] Group 2 - In the server sector, Lingyi Zhizao has developed comprehensive capabilities in products and systematic cooling solutions, including CDU, liquid cooling modules, and various AI server power solutions [1] - In manufacturing, the company possesses core technologies in reducers, drivers, and motion controllers, offering a wide range of processing and development services [2] - Lingyi Zhizao is deeply engaged in the AI glasses and XR wearable devices sector, focusing on core components and technology development for AR, VR, MR, and AI glasses [2]

Group 1: Customer Collaboration - The company has been collaborating with customer G for several years, transitioning from consumer electronics to server business, with an order amount reaching hundreds of millions in 2025 [2] - For customer N, the company provides testing services for PCBA motherboards, with mass production expected to begin in 2025, and a projected equipment demand in the low four-digit range for 2026 [2][3] Group 2: Product Development and Progress - The company's liquid cooling module is currently used in testing equipment, with small batch shipments to customer N and plans to integrate it into cabinets [3] - The robotics business is addressing customer T's testing needs, with individual units priced over one million [3] Group 3: Revenue Expectations - In the AI server testing sector, the company anticipates significant growth, with a high revenue contribution from customers G and M in Q3 [3] - The automotive electronics business is expected to account for 20% of revenue in 2025, with continued market demand growth in 2026 [3][4] Group 4: Market Opportunities - In the consumer electronics sector, stable revenue is expected from testing equipment for mobile phones and tablets, with potential growth in AI glasses [4] - The company aims to transition to a component supplier, leveraging insights gained from collaboration with customer N to explore new market opportunities [4]

Core Viewpoint - The liquid cooling industry, while part of the computing ecosystem alongside optical modules and PCBs, has a less robust business model and profitability. However, it has significant potential for penetration, particularly in high-density AI clusters, where current overall penetration is low, projected to reach about 20%-25% by 2025 [1]. Group 1: Industry Overview - Optical modules and PCBs are essential components of server and switch infrastructure, with nearly 100% penetration rates, while liquid cooling is only a necessity in high-density AI clusters [1]. - The revenue recognition for optical modules and PCBs is quick and has a short cycle, whereas liquid cooling projects typically have a lag of over six months due to the need for infrastructure setup [1]. - The standardization and mass production of optical modules and PCBs lead to stable and high gross margins, while liquid cooling faces challenges due to customization and project-based sales, resulting in lower gross margins [2]. Group 2: Key Companies - **Inspur**: A leading domestic liquid cooling company with a comprehensive solution covering cold plates, CDU, and system integration, benefiting from partnerships with major players like NVIDIA and Intel. It is positioned to gain from the AI high-density computing cooling market, although its valuation may be stretched with a PB exceeding 30x [2]. - **Tongfei Co., Ltd.**: A specialized enterprise transitioning to data center liquid cooling, with a dual-path approach in cold plate and immersion cooling, aiming for significant growth in AI computing infrastructure and energy storage [3]. - **Yidong Electronics**: Entering the AI server liquid cooling market in 2024, it aims to integrate connectors and liquid cooling solutions, achieving significant revenue milestones in 2025 [4]. - **Dingtong Technology**: Focused on integrated connector and liquid cooling modules, it is set to ramp up production and gross margin potential in the coming years [5]. - **Siquan New Materials**: Specializing in high thermal conductivity materials for AI server cooling, it is expected to enter a critical phase of mass delivery and certification by 2025 [6]. - **Zhongshi Technology**: Engaged in thermal management materials and AI server cooling solutions, it is expanding its production capacity and is expected to see significant order and margin growth [7]. - **Feirongda**: With a focus on electromagnetic shielding and thermal management, it is positioned for significant delivery and expansion in the AI server cooling market [8]. - **Dongyangguang**: Following a comprehensive approach in liquid cooling, it is set to enter a critical phase of delivery and overseas expansion [9]. - **Juhua Co., Ltd.**: Leveraging its fluorochemical expertise, it is positioned as a key player in the liquid cooling market, focusing on domestic replacement and overseas expansion [10]. - **Qiangrui Technology**: Engaged in integrated solutions for testing equipment, it is expected to achieve significant breakthroughs in delivery and ecosystem integration by 2025 [11].

Core Insights - The report highlights the significant growth in the server market driven by the expansion of global data centers, increased AI applications, and the rising demand for high-performance computing [2][3] Market Demand and Trends - The shipment of general servers is projected to increase from 3.669 million units in 2021 to 4.22 million units by 2025, representing a growth rate of 15.1% [3] - Accelerated computing servers, such as AI and GPU training servers, are expected to see a dramatic increase in shipments from 231,000 units in 2021 to 945,000 units in 2025, a total increase of 309.1% [3] - The demand for cooling modules is expected to rise due to the increased power consumption of AI servers compared to traditional servers, with a focus on enhancing cooling efficiency [3][4] Cooling Module Market Analysis - The market for cooling modules in the server sector is anticipated to grow from 7.07 billion yuan in 2021 to 18.62 billion yuan by 2025, with a compound annual growth rate (CAGR) of 27.39% [4] - By 2025, the penetration rate of liquid cooling modules in general servers is expected to reach 15%, while for accelerated servers, it is projected to reach 50% [4] Cost and Pricing Trends - The unit costs for cooling modules in 2025 are projected to be 2,430 yuan/kW for air cooling, 4,000 yuan/kW for cold plate liquid cooling, and 8,000 yuan/kW for immersion liquid cooling [4] - The average power consumption for general servers is expected to rise to 250W by 2025, while accelerated servers are projected to reach 500W [4][6] Future Projections - The total power consumption for general servers is expected to increase significantly, reaching approximately 2.11 million kW by 2025 [5] - The market for air cooling modules is projected to decline in share from 100% in 2021 to 85% in 2025, while the share of cold plate liquid cooling is expected to rise from 1% to 14% during the same period [5][6]

Core Viewpoint - The company is focused on providing one-stop services for thermal simulation, design, manufacturing, and testing, aiming to create customized thermal solutions and reliable thermal products [1] Group 1: Company Products and Services - The main products of the company include liquid cooling modules, liquid cooling plates, and air cooling modules, as well as self-manufactured components like heat pipes and vapor chambers [1] - These products have been applied in fields such as edge computing servers and energy storage [1] Group 2: Revenue and Market Position - The revenue from the thermal segment currently accounts for a relatively small proportion of the company's total revenue [1]

Core Viewpoint - The company focuses on providing one-stop services for thermal simulation, design, manufacturing, and testing, aiming to create customized thermal solutions and reliable thermal products [1] Group 1: Company Overview - The company’s main products include liquid cooling modules, liquid cooling plates, and air cooling modules, along with self-manufactured components such as heat pipes and vapor chambers [1] - The thermal segment's revenue currently constitutes a relatively small proportion of the company's total revenue [1] Group 2: Industry Application - The company's thermal products have been applied in edge computing servers and energy storage sectors [1]

Core Viewpoint - The company is focused on providing comprehensive thermal management solutions, including simulation, design, manufacturing, and testing services, with a current emphasis on customized thermal products [1] Group 1: Business Overview - The company offers a range of thermal products such as liquid cooling modules, liquid cooling plates, and air cooling modules, along with self-manufactured components like heat pipes and vapor chambers [1] - These thermal solutions are being applied in sectors such as edge computing servers and energy storage [1] Group 2: Revenue Insights - The revenue generated from the thermal management segment currently constitutes a relatively small proportion of the company's total revenue [1]