经济观察网淳中科技（603516）2025年业绩预告显示净利润大幅预增，但传统业务收入下滑，液冷测试 设备收入确认将影响2026年财报。 业绩经营情况 2025年年度业绩预告已发布：公司于2026年1月26日公告，预计2025年度归属于上市公司股东的净利润 为2.65亿元至2.90亿元，同比增幅208.86%至238.00%，主要因投资沐曦股份产生的公允价值变动收益贡 献约3.03亿元；但营业收入预计为3.5亿元至3.7亿元，同比下降25.25%至29.29%，扣非净利润亏损2900 万元至3600万元，反映传统业务承压及液冷测试设备发货延迟。 业务进展情况 液冷测试设备收入确认节点：根据2026年2月1日分析，公司2025年第四季度为英伟达定制的液冷检测设 备已发货(约1200-1800台)，但因验收周期影响，收入将分批计入2026年财报。预计70%左右在2026年一 季报(4月发布)确认，30%在半年报(7-8月发布)确认，这或成为评估新业务进展的关键。 股票近期走势 股价波动与资金动向：截至2026年2月10日，公司股价年内下跌27.68%，主力资金呈净流出趋势；融资 余额为27.67亿元(占流通市值8 ...

格隆汇1月29日丨博杰股份(002975.SZ)在投资者互动平台表示，公司液冷测试设备有供货给N客户等， 2025年底已实现小批量供货，今年会有比较大的供给安排。对于该业务今年预期比较乐观。 ...

（记者 王晓波） 博杰股份（002975.SZ）1月29日在投资者互动平台表示，公司液冷测试设备有供货给N客户等，2025年 底已实现小批量供货，今年会有比较大的供给安排。对于该业务今年预期比较乐观。 每经AI快讯，有投资者在投资者互动平台提问：请问公司液冷测试设备的主要客户有哪些？是否已经 开始批量供货？对该业务2026年预期如何？ ...

Group 1: Company Transformation and Growth - The company has transitioned from traditional 3C testing equipment to intelligent manufacturing, expanding into server and automotive electronics, achieving recognition from high-profile overseas clients for its technological capabilities and operational management [2][3]. - The automotive electronics business has seen significant growth, with revenue share increasing from approximately 5% to 20% over the past two to three years, indicating a strong upward trend [3][4]. Group 2: AI Server Testing Solutions - The company has updated its AI server testing solutions, incorporating liquid cooling technology in response to client demands for enhanced thermal management, which is crucial as product power requirements increase [3][4]. - Anticipated revenue from AI server testing equipment is expected to remain optimistic, with significant capital expenditure forecasts from North American clients [4][5]. Group 3: Research and Development Investment - The company has completed high R&D investments in previous years and is now entering a harvest phase, maintaining stable future R&D expenditures [5][6]. - The gross margin for server-related equipment is favorable, and as production scales, the cost structure is expected to improve, contributing to overall margin enhancement [5][6]. Group 4: Liquid Cooling Technology - The company has developed proprietary liquid cooling modules using microchannel technology to meet high-power application needs, which are now successfully integrated into testing equipment [5][6]. - The shift towards liquid cooling solutions is driven by increasing power demands from client products, positioning the company favorably within the industry [5][6]. Group 5: Robotics and Precision Manufacturing - The company is exploring opportunities in robotics, having invested in a robotics company and is actively engaging in the development of robotic components [6][7]. - The company possesses technical expertise in precision machining, which aligns with its strategic direction in the robotics sector [7].

Core Viewpoint - The company has been actively engaging with customers regarding liquid cooling testing equipment, indicating a growing demand in the market for such solutions [2]. Group 1: Company Developments - The company confirmed that it began forming orders and shipping liquid cooling testing equipment two years ago [2]. - The company is currently addressing the needs of various customers in the liquid cooling server testing field, not limited to a specific client [2]. Group 2: Market Opportunities - There is an increasing interest from multiple customers in adopting liquid cooling and testing solutions, suggesting a potential expansion in market demand [2].