Company Overview - Gaolan Co., Ltd. specializes in the research, production, and sales of pure water cooling equipment and control systems for power electronic devices, widely used in various stages of power generation, transmission, distribution, and consumption [1] - The company operates in the specialized equipment manufacturing industry [1] Financial Performance - As of August 20, 2025, Gaolan's stock price was 32.46 CNY, down 0.54 CNY from the previous trading day's closing price, representing a decline of 1.64% [1] - The opening price for the day was 32.61 CNY, with a highest price of 33.23 CNY and a lowest price of 31.20 CNY, with a trading volume of 744,075 hands and a transaction amount of 2.399 billion CNY [1] Business Operations - On August 20, the company stated on its interactive platform that its production and operational conditions are normal, with all orders being delivered in an orderly manner [1] - The company's server liquid cooling products can maintain a Power Usage Effectiveness (PUE) value below 1.1, which is considered industry-leading [1] - The main products of the thermal management business have reached domestic leading or internationally advanced levels, with some products achieving international leadership [1] - Gaolan has established a wholly-owned subsidiary in Singapore to primarily meet the server liquid cooling business demands in Singapore and Southeast Asia [1] Capital Flow - On August 20, the net outflow of main funds for Gaolan was 114.6239 million CNY, accounting for 1.3% of the circulating market value [1] - Over the past five days, the net outflow of main funds totaled 235.0708 million CNY, representing 2.67% of the circulating market value [1]

Core Insights - Highlan Co., Ltd. has made significant advancements in cutting-edge technology by participating in the Chinese Academy of Sciences' "artificial sun" EAST and the spallation neutron source projects, providing essential thermal management products for these nuclear physics experimental devices [1][2] - The EAST device has set world records, achieving 1 billion degrees Celsius for 1066 seconds, with a target of 3000 seconds, highlighting China's breakthroughs in advanced technology [1] - Highlan Co., Ltd. holds a dominant market share of 60%-70% in the domestic liquid cooling market, serving major companies like NVIDIA and Inspur [2] Company Overview - Highlan Co., Ltd. specializes in the research, development, production, and sales of pure water cooling equipment and control systems for power electronic devices, primarily used in power generation, transmission, distribution, and consumption [2] - The company has developed a liquid metal cooling system to address the thermal conduction challenges posed by high-temperature and high-radiation environments in the EAST and spallation neutron source projects [2] Financial Performance - As of March, Highlan Co., Ltd. reported a total order backlog of approximately 1.11 billion yuan, covering various sectors including ultra-high voltage, liquid cooling, and new energy vehicle thermal management [3] - The liquid cooling business is projected to contribute over 60% of orders in 2024, with an estimated revenue share of around 35% from the data center sector [3] - The company's liquid cooling business faces pressure on profit margins due to reliance on imported core components, with margins 8-12 percentage points below the industry average [3] Strategic Initiatives - Highlan Co., Ltd. has plans for significant investments in developing comprehensive thermal management and high-end manufacturing projects, focusing on emerging fields such as nuclear fusion and energy storage [3] - The company aims to reduce dependency on international suppliers by accelerating the localization of cooling liquids and expanding the application of liquid cooling technology into energy storage and new energy vehicle markets [5]