每经AI快讯，有投资者在投资者互动平台提问：公司在液冷产品中，已经开始供货给哪些公司？ （文章来源：每日经济新闻） 领益智造（002600.SZ）10月20日在投资者互动平台表示，公司已为部分国际知名客户批量出货散热模 组，也已全面具备CDU、液冷模组、液冷板、空冷散热模组、热管、均热板、石墨片等产品及系统性 散热解决方案的研发、生产能力，应用于人形机器人、服务器、光模块、XR、手机等各类产品。公司 凭借在精密制造领域的深厚积淀，已形成AI服务器核心硬件的全流程服务能力。 ...

每经AI快讯，10月15日，领益智造（002600）在互动平台表示，公司已为部分国际知名客户批量出货 散热模组，也已全面具备CDU、液冷模组、液冷板、空冷散热模组、热管、均热板、石墨片等产品及 系统性散热解决方案的研发、生产能力，应用于人形机器人、服务器、光模块、XR、手机等各类产 品。公司凭借在精密制造领域的深厚积淀，已形成AI服务器核心硬件的全流程服务能力。 ...

Core Viewpoint - The company, Bojie Co., Ltd. (002975), is focusing on liquid cooling components as a key direction for future development, currently in progress [1] Group 1 - The company has announced that its self-developed liquid cooling module products are being applied in its testing equipment [1] - The company is providing liquid cooling solutions to customers and is collaborating with the industry chain and universities for the research and development of various materials needed for its products [1] - The company does not manufacture the materials required for liquid cooling solutions itself [1]

Group 1: Research Basic Information - The research object is Bojie Co., Ltd., belonging to the special equipment industry, with a reception time of October 14, 2025, and the listed company's reception staff is the board secretary Huang Can [16] Group 2: Detailed Research Institutions - The research institutions include Fangzheng Huisheng (investment company, representative: Han Zhenguo), Yuanju Capital (others, representative: Yang Yan), Qianyi Capital (others, representative: Sun Linqi), Yangxiang Investment (others, representative: Dai Xi), Cinda Securities (securities company, representative: Wang Rui), E Fund (fund management company, representative: Yao Huanchen), Grain Investment (others, representative: Guo Yuanrao), Saisuo Investment (others, representative: Huang Qixu), Roadshow Era (others, representatives: Wang Jizhuo, Lin Qian), Hongrui Zhiying (others, representative: Zhang Xianfu) [17] Group 3: Main Content - The company led investors to visit the production line and then returned to the meeting room for communication [22] - In the liquid - cooled server testing field, besides N customer's demand, other customers also want to introduce liquid - cooling and testing solutions, and the company will actively expand the market. The current target is to provide thermal management solutions for customers' high - power products [23] - Liquid - cooled components are the company's future development direction and are still in progress. The self - developed liquid - cooled module products are used in the company's testing equipment. The company cooperates with the industrial chain and universities to research and develop materials needed for liquid - cooling solutions but does not produce the materials itself [23][24] - The company focuses on water - cooling heads, quick connectors, etc. in the liquid - cooling field. It will design, develop, and integrate industrial chain resources based on its competitive advantages and customer needs to achieve the launch and mass production of component products [25] - The core advantage of the company's transformation from the testing field to component supply is its high - quality customer resources. Through in - depth cooperation with customers in the testing field, it can accurately capture customer pain points and provide solutions [25] - The big data and cloud server testing field accounts for about 25% of the company's revenue [26] - Based on the needs of N customer and other customers, the orders for AI server - related testing equipment are expected to be optimistic this year. The orders for automotive electronics are growing rapidly and have been delivered. The orders in the 3C field are relatively stable. The orders for MLCC field equipment are growing rapidly as the MLCC industry has recovered since last year. The revenue of dicing machines in the semiconductor field is growing rapidly but with a small overall proportion [27]

编号：2025-010 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | √现场参观 | | | □其他（电话会议） | | 参与单位名称 | 信达证券 王锐； 易方达 姚欢宸； 口粮投资 郭元饶；赛硕投资 黄七栩； | | 及人员姓名 | 路演时代 王寄卓、林谦；鸿睿智盈 张先富；方正和生 韩振国；源聚资本 杨艳； | | | 千一资本 孙林旗；阳翔投资 戴溪。 | | 时间 | 2025 年 10 月 14 日 15:00-17:00 | | 地点 | 楼会议室 公司产线/12 | | 上市公司接待人员 | 董事会秘书 黄璨 | | | 带领投资者参观产线，然后回会议室交流。 | | | 投资者提出的问题及公司回复情况： | | | 1、公司在液冷服务器测试领域的业务情况目前怎样？公司目前在研发的液冷 | | | 零部件主要对标 N 客户哪些产品？ | | | 答：在液冷服务器测试领域，目前除了 N 客户的需求外，还有其他客户也希望 | | 投资者关系 | 引进液冷及测试解决方案， ...

（文章来源：证券日报） 证券日报网讯领益智造10月10日在互动平台回答投资者提问时表示，公司已为AMD等国际客户批量出 货散热模组，也已全面具备CDU、液冷模组、液冷板、空冷散热模组、热管、均热板、石墨片等产品 及系统性散热解决方案的研发、生产能力，应用于人形机器人、服务器、光模块、XR、手机等各类产 品。近期，公司正积极推动具身机器人硬件制造业务落地，在softgoods，无线充电等环节取得新进展。 ...

Core Viewpoint - The company is deeply engaged in the consumer electronics component sector and is expected to benefit from the AI-driven new cycle of smart device upgrades, with significant revenue growth projected in the coming years [1][4]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 820 million yuan, representing a year-on-year growth of 22%, with a CAGR of 13.0% from 2019 to 2024 [1]. - The net profit attributable to shareholders for 2024 was 110 million yuan, up 3.7% year-on-year, with a CAGR of 5.5% from 2019 to 2024 [1]. - In the first half of 2025, the company reported a revenue of 360 million yuan, a year-on-year increase of 9.4%, but the net profit dropped by 52.4% to 20 million yuan due to increased resource investments [1]. Group 2: Market Position and Client Relationships - The company has established a strong position in the supply chains of major manufacturers such as Foxconn, BOE, and Amphenol, enhancing its brand recognition and market share [2]. - The company is a supplier for major clients like Meta and Amazon, providing functional components and automation equipment, which is expected to increase with the launch of foldable smartphones [2]. Group 3: Product Development and Innovation - The company's cooling products are categorized into three main types: liquid cooling modules for data centers, air cooling modules for data centers, and air cooling modules for consumer electronics [3]. - The company has secured sample qualification from major North American clients and is collaborating with leading domestic manufacturers in the cooling sector, indicating a strong potential for market expansion [3]. Group 4: Future Projections - The company is projected to achieve revenues of 1.065 billion yuan, 1.391 billion yuan, and 1.746 billion yuan from 2025 to 2027, with respective year-on-year growth rates of 30.0%, 30.6%, and 25.5% [4]. - The net profit attributable to shareholders is expected to reach 145 million yuan, 253 million yuan, and 355 million yuan during the same period, with growth rates of 32.56%, 73.74%, and 40.32% respectively [4].

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]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Zhanbo Investment on a listed company, Lingyi iTech, which is expected to achieve significant revenue and profit growth in the first half of 2025 [1] - Lingyi iTech is projected to generate revenue of 23.35% year-on-year growth, reaching 23.625 billion yuan, and a net profit increase of 35.94%, amounting to 930 million yuan [1] - The company has established itself as a key player in humanoid robotics, with core technologies in servo motors and reducers, and has received orders both domestically and internationally, positioning itself among the top three intelligent hardware manufacturers globally [1] Group 2 - In the AI server sector, Lingyi iTech is expanding its capabilities in cooling and power supply, collaborating with partners to form a joint venture [1] - The company is also involved in the production of ultra-thin titanium alloy support components for Samsung's Z Fold7 and is participating in the assembly services for AI glasses [1] - Lingyi iTech has repurchased shares worth 320 million yuan and plans to distribute a cash dividend of 139 million yuan, totaling a return of 459 million yuan to investors [1]

Group 1 - The core viewpoint of the news is that Dongfang Gangwan, a well-known private equity firm, recently conducted research on a listed company, Lingyi iTech, highlighting its strong financial performance and technological capabilities [1] - In the first half of 2025, Lingyi iTech is projected to achieve revenue of 23.625 billion yuan, representing a year-on-year growth of 23.35%, and a net profit of 930 million yuan, with a year-on-year increase of 35.94% [1] - The company's terminal business revenue is expected to be 20.865 billion yuan, while its automotive and low-altitude economy business is projected to generate 1.183 billion yuan, and other business revenues are estimated at 1.577 billion yuan [1] Group 2 - Lingyi iTech possesses core technologies in humanoid robotics, including servo motors and reducers, and has secured domestic and international orders, positioning itself as one of the top three manufacturers of embodied intelligent hardware globally [1] - The company is expanding into the AI server sector, focusing on cooling and power supply capabilities, and has established a joint venture with Bohua Xinda and Boke Electronics [1] - Lingyi iTech has also engaged in the production of ultra-thin titanium alloy support components for Samsung's Z Fold7 and is involved in the structural components and assembly services for AI glasses [1] Group 3 - The company has repurchased shares worth 320 million yuan and plans to distribute a cash dividend of 139 million yuan, totaling a return of 459 million yuan to investors [1]