Market Overview - A-shares indices experienced an overall increase from August 11 to August 15, with the Shanghai Composite Index rising by 1.7% to close at 3696.77 points, the Shenzhen Component Index increasing by 4.55% to 11634.67 points, and the ChiNext Index surging by 8.58% to 2534.22 points [2] - Approximately 55% of stocks saw gains during the week, with 263 stocks rising over 15% and 10 stocks declining over 15% [2] Top Performing Stocks - The top-performing stock, Oulutong (300870.SZ), surged by 82.52% during the week, reaching a price of 249.88 yuan per share, marking a new high since its listing [3] - Other notable gainers included Zhongyou Technology (688648.SH) with a 74.05% increase, and Sainuo Medical (688108.SH) and Dayuan Pump Industry (603757.SH), both achieving over 60% growth [2][3] Liquid Cooling Server Sector - The liquid cooling server concept has been active, with the related index rising by 19.77% from August 1 to August 15 [5] - The demand for liquid cooling technology is expected to grow significantly due to increasing heat dissipation challenges in data centers and computing equipment [6] - IDC forecasts a compound annual growth rate of approximately 48% for China's liquid cooling server market from 2025 to 2029, with the market size projected to reach about $16.2 billion by 2028 [6] Company Performance - Oulutong reported a revenue of 888 million yuan in Q1 2025, reflecting a year-on-year growth of 27.65%, and a net profit of approximately 49.57 million yuan, up 59.06% year-on-year [7] - The company has fully utilized the funds raised from its initial public offering as of the announcement date [7] Underperforming Stocks - Jinhui Electric (300069.SZ) was the worst-performing stock, with a decline of 28.31% during the week, primarily due to the termination of a significant asset restructuring plan [9][12] - The company specializes in the research, production, and sales of glass insulators and has stated that the termination of the restructuring will not significantly impact its existing operations [12][13]

Market Performance - A-shares indices experienced an overall increase from August 11 to August 15, with the Shanghai Composite Index rising by 1.7% to close at 3696.77 points, the Shenzhen Component Index increasing by 4.55% to 11634.67 points, and the ChiNext Index gaining 8.58% to 2534.22 points [2] - Approximately 55% of stocks saw gains during the week, with 263 stocks rising over 15%, while 10 stocks fell more than 15% [2] Leading Stocks - The top-performing stock, Oulutong (300870.SZ), surged by 82.52% during the week, followed by Zhongyou Technology (688648.SH) with a 74.05% increase, and both Sainuo Medical (688108.SH) and Dayuan Pump Industry (603757.SH) achieving over 60% gains [3][4] Liquid Cooling Server Concept - The liquid cooling server concept has been notably active, with Oulutong being a key player in this sector, focusing on the development, production, and sales of power supply products [4][5] - The liquid cooling server concept index rose by 19.77% from August 1 to August 15, indicating a growing market interest [8] Market Growth Projections - According to IDC, the liquid cooling server market in China is expected to grow at a compound annual growth rate (CAGR) of approximately 48% from 2025 to 2029, reaching a market size of about $16.2 billion by 2028 [9] - Tianfeng Securities estimates that the market size for liquid cooling will reach approximately 35.4 billion, 71.6 billion, and 108.2 billion yuan in 2025, 2026, and 2027 respectively, with a potential to exceed 100 billion yuan by 2027 [9] Company Performance - Oulutong reported a revenue of 888 million yuan for Q1 2025, reflecting a year-on-year growth of 27.65%, and a net profit attributable to shareholders of 49.57 million yuan, up 59.06% year-on-year [10]

Core Viewpoint - Jinlihua Electric's stock price fell by 5.11% to 22.66 yuan, with a trading volume of 879 million yuan, following the termination of a major asset restructuring plan [1] Company Overview - Jinlihua Electric's main business is glass insulators, and it also operates in the fields of power grid equipment and commercial aerospace [1] - The company recently terminated a plan to acquire 100% of Beijing Haideli Sen Technology Co., Ltd. due to disagreements on transaction terms [1] Future Strategy - The company stated that the termination of the restructuring will not significantly impact its existing business and will continue to pursue a strategy of developing its main business alongside strategic mergers and acquisitions [1] - Jinlihua Electric aims to actively seek high-quality targets that align with its strategic direction [1] Market Activity - On August 12, the net outflow of main funds was 74.41 million yuan, with a cumulative net outflow of 111 million yuan over the past five days [1]

本次重组终止不会对公司现有生产经营和玻璃绝缘子主业发展 产生重大影响。公司将继续聚焦主业发展，同时保持对优质并购 机会的关注，积极寻求符合公司战略发展方向的投资标的，持续 为股东创造价值。感谢您对公司的理解与支持。 证券代码：300069 证券简称：金利华电 3、这次终止的原因是什么？ 金利华电气股份有限公司投资者关系活动记录表 尊敬的投资者，您好。关于本次重大资产重组终止事项，公 司已在 2025 年 8 月 8 日发布的《关于终止筹划重大资产重组的 公告》（公告编号：2025-052）中进行了详细披露。终止原因主 要为"交易各方未能在规定时限内就全部关键条款达成一致意见 "。 | 投资者关系活动 | □特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访√业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 8 月 12 日 (周二) 下午 15:00~16:00 | | 地点 | 公司通过全景网"投资者关系互动平台 ...

Core Viewpoint - The glass insulator market in China is experiencing rapid growth driven by the continuous development of the power infrastructure and the rise of smart grids and renewable energy, with the market size expected to reach 2.641 billion yuan in 2024, a 2.56% increase from 2023 [1][15]. Industry Overview - Insulators are essential components of power systems, providing electrical insulation and mechanical support, typically made from solid insulating materials like ceramics, glass, and composite materials [3]. - Glass insulators, made from tempered glass, are crucial for supporting wires and preventing current leakage, exhibiting excellent resistance to harsh conditions [5]. Market Demand and Supply - The total electricity consumption in China is projected to grow from 7,511 billion kWh in 2020 to 9,852 billion kWh in 2024, leading to increased demand for glass insulators due to accelerated grid construction [9]. - The production of glass insulators is expected to reach 282,500 tons in 2024, reflecting a 1.22% year-on-year increase, driven by significant energy projects [17]. Investment Trends - China's investment in power grid construction is projected to rise from 469.9 billion yuan in 2020 to 608.3 billion yuan in 2024, with a 19.80% increase in the first five months of 2025, indicating a growing demand for glass insulators [13]. Competitive Landscape - The glass insulator market is fragmented, with major players including well-known domestic power equipment manufacturers and specialized insulator manufacturers, leading to intense competition [19]. - Key companies in the industry include Jinlihua Electric, Nanjing Electric Group, Sediver Glass Insulators, and Shandong Ruitai Glass Insulators, among others [20]. Future Development Trends - The glass insulator market is expected to expand due to increasing global energy demands and the need for reliable and efficient power transmission systems, particularly in emerging markets [24]. - The industry's future will focus on green and low-carbon transformations, aligning with national carbon reduction goals, while enhancing international competitiveness through expanded global trade [24].

Market Performance - The market share of the company's glass insulator products reached 13.18% in 2024, a significant increase from 4.39% in the previous year, with a total bidding amount of 2.312 billion CNY from State Grid and Southern Grid [1] - The total bidding amount for glass insulators in 2024 was 2.368 billion CNY, with the company winning contracts worth 312 million CNY [1] Financial Performance - In 2024, the company achieved a total revenue of 272.78 million CNY, representing a year-on-year growth of 48.89% [4] - The net profit attributable to shareholders reached 32.0688 million CNY, a substantial increase of 318.60% compared to the previous year [4] - The cultural media business saw a revenue decline of 38.10%, resulting in a loss, while the glass insulator business drove overall revenue growth [4] Future Growth Strategies - The company plans to enhance market competitiveness through technological innovation, capacity expansion, cost optimization, and market development [2] - A new production line with an annual capacity of 3 million glass insulators is expected to be operational in 2025, addressing previous capacity constraints [5] - The focus for 2025 will be on the glass insulator business, leveraging a favorable market environment to secure more quality orders and improve delivery efficiency [5] Research and Development - In 2024, the company improved the manufacturing process of high-voltage glass insulators, increasing the average product qualification rate by 5% [6] - The company submitted 11 patent applications in 2024, including 4 invention patents, reinforcing its technological advantage in the industry [6] Shareholder Returns - As of December 31, 2024, the company reported an undistributed profit of -121.706 million CNY and a capital reserve of 260.5348 million CNY, indicating it currently does not have the conditions for cash dividends [2]

Group 1: Financial Performance - In Q4 2024, the company's revenue was approximately ¥109,084,449.91, with a net profit of ¥15,970,159.72 attributed to shareholders [1] - The company experienced a significant improvement in performance compared to the same period last year, although quarterly results may not fully reflect annual performance due to seasonal factors [1] Group 2: Production and Orders - The company operates on a "sales-driven production" model, with current orders amounting to approximately ¥190 million [3] - In 2024, the company shipped 2.58 million glass insulators, with expectations for future shipments dependent on production schedules and customer requirements [3] Group 3: Strategic Developments - A new smart manufacturing company is being established as part of the company's strategic development, focusing on innovative business areas and transformation [3] - The ongoing major asset restructuring project is progressing, with audits and evaluations still underway, and the outcome remains uncertain [4][5] Group 4: Market Conditions and Future Outlook - The current market remains at a high level, and the company plans to seize market opportunities to enhance order acquisition and accelerate product delivery [2] - The company maintains a stable gross profit margin compared to the previous year, with no plans to divest from its performing arts business [6][7]