科士达近日在投资者关系活动中表示，公司数据中心产品品类齐全，覆盖UPS电源、高压直流电源 （HVDC）、温控设备、铅酸/锂电池、微模块、电力模块、动环监控等全系列产品及系统。顺应中大 型高功率数据中心的建设浪潮，设备端正朝着高功率、高密度方向升级。针对AI智算应用场景，公司 已构建完备的核心产品体系，涵盖适配AI服务器集群的PowerFort一体化电力模块、兆瓦级UPS、 YMK3300高频模块化UPS、IDM风液融合微模块数据中心，以及可满足高算力散热需求的LiquiX AI智 算液冷CDU等关键产品。 ...

Core Viewpoint - The company, Keda Technology Co., Ltd., has experienced significant growth in Q3 2025, driven by the dual forces of the data center industry and the recovery of the energy storage market [3]. Group 1: Investor Activity - The investor relations activity involved a specific audience survey with participation from various institutions, including securities firms, funds, and private equity [2]. - The meeting adhered to the information disclosure management system, ensuring that all disclosed information was accurate, complete, and timely [2]. Group 2: Performance Drivers - Q3 performance growth was primarily attributed to the explosive demand for computing power in data centers and the recovery in the energy storage market [3]. - The energy storage segment emerged as the fastest-growing area, with a gradual recovery in European household storage orders and accelerated demand in emerging markets like Southeast Asia and the Middle East [3]. Group 3: Data Center Business - The company has established stable partnerships with leading internet companies in the domestic market, leading to increased contributions from internet clients [4]. - The global market strategy includes deep penetration into traditional markets like Europe and Southeast Asia while actively pursuing breakthroughs in emerging markets such as North America and Australia [4]. - The product portfolio for data centers includes UPS power supplies, high-voltage direct current (HVDC) systems, temperature control equipment, and various battery solutions, with ongoing development of new products tailored to high-power data center needs [4]. Group 4: Core Technology Advantages - The company has a strong foundation in power electronics, ensuring its products remain competitive in the data center and energy storage sectors [5]. - Innovations in power density optimization and energy-saving temperature control technologies position the company as a leader in the industry [5]. - Continuous investment in R&D and a robust supply chain management system support the company's ability to innovate and deliver products effectively [5].

Group 1: Company Performance - The core drivers of the company's Q3 performance growth are the explosive demand for computing power in the data center industry and the recovery of the new energy storage market [2] - The energy storage business has become the fastest-growing segment, with a recovery in European household storage orders and accelerated demand in emerging markets like Southeast Asia and the Middle East [2][3] - The company aims to maintain steady overall performance growth by seizing industry opportunities and actively responding to market demands throughout the year [2] Group 2: Data Center Business - The company has established stable partnerships with leading internet companies such as ByteDance, Alibaba, JD.com, and others in the domestic market [3] - In the overseas market, the company is achieving continuous penetration and coverage through a diversified channel system involving core agents, operators, and EPC contractors [3] - The company is actively advancing its business in emerging markets like North America and Australia while consolidating its advantages in Europe and Southeast Asia [3] Group 3: Product Development and Technology - The company has developed a comprehensive product and system framework for its data center business, including UPS power supplies, high-voltage direct current (HVDC) systems, temperature control equipment, and various battery types [3] - The company is developing new HVDC and SST products tailored for medium to large high-power data centers, ensuring alignment with customer application scenarios [3] - The company maintains a leading position in power density optimization and energy-saving temperature control technologies, with solutions like liquid cooling CDU and fluorine pump cooling achieving large-scale application [3] Group 4: Research and Development - The company invests consistently in R&D to ensure technological iteration and product innovation, maintaining its competitive edge [3] - A robust supply chain management system is in place to guarantee delivery capabilities [3] Group 5: Investor Relations - The company adheres to regulations regarding information disclosure, ensuring that all communications are truthful, accurate, complete, timely, and fair [3] - No significant undisclosed information leaks occurred during the investor communication process [3]

Core Insights - The company Keda announced on October 28 that it has a complete range of data center products, including UPS power supplies, high-voltage direct current (HVDC) power supplies, temperature control equipment, lead-acid/lithium batteries, micro-modules, power modules, and dynamic environment monitoring systems [1] Product Development - The company is focusing on power enhancement and optimization of single-machine power density in response to the growing demand for medium to large high-power data centers [1] - In terms of temperature control, the company has developed multiple solutions, including liquid cooling CDU and natural cooling with fluorine pumps [1] - The company has production lines for both lead-acid and lithium battery systems [1] New Technology Initiatives - The company is actively developing several AIDC-related products, including new HVDC and SST models, while maintaining close communication with customers regarding product needs and scenario adaptations during the development process [1]

Core Insights - Company reported strong growth in Q3 2025, with revenue of 1.446 billion and net profit of 190 million, representing year-on-year increases of 41.71% and 38.36% respectively [1][5] - Cumulative revenue for the first three quarters reached 3.609 billion, up 23.93%, while net profit increased by 24.93% to 446 million [1][5] - The company is focusing on the dual sectors of "data center + new energy," both of which are experiencing growth [1][4] Data Center Business - The growth in the data center segment is driven by the increasing demand for computing power, particularly from the internet and telecommunications sectors [2] - The company has established partnerships with major internet firms such as ByteDance, Alibaba, and JD.com, and is also expanding its presence in overseas markets [2] - The company is actively preparing for product development in IDC and global market expansion [2] AIDC Product Layout - The company offers a comprehensive range of data center products, including UPS power supplies, high-voltage direct current power supplies, temperature control equipment, and batteries [3] - There is a focus on enhancing power capacity and optimizing power density in power supply products, alongside the development of new technologies [3] New Energy Storage Business - The new energy storage segment is identified as a key growth area, with increasing demand in Europe and emerging markets [4] - The company is optimistic about the long-term growth of the global energy storage market and is prioritizing this sector for development [4] Financial Performance - The company reported a gross profit margin of 28.57% and a debt ratio of 35.05% [5] - The net profit for Q3 2025 was 190 million, with a non-recurring net profit of 183 million, reflecting increases of 38.36% and 50.45% respectively [5] - Recent institutional ratings indicate a positive outlook, with 6 buy ratings and 1 hold rating over the past 90 days [5]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.446 billion CNY, a year-on-year increase of 41.71% [2] - The net profit attributable to shareholders in Q3 was 190 million CNY, up 38.36% year-on-year [2] - Cumulatively, for the first three quarters, the company reported a revenue of 3.609 billion CNY, a growth of 23.93% [2] - The net profit attributable to shareholders for the first three quarters was 446 million CNY, reflecting a year-on-year increase of 24.93% [2] Business Growth Areas - The company's data center and renewable energy sectors are both experiencing growth [2] - The data center business is driven by increased demand from the internet and communication sectors, with collaborations established with major clients like ByteDance, Alibaba, and JD [3] - The company is actively preparing for advancements in AIDC product development and global market expansion [3] AIDC Product Development - The company offers a comprehensive range of data center products, including UPS power supplies, HVDC, temperature control equipment, and batteries [3] - There is a focus on enhancing power capacity and optimizing single-machine power density in power products [3] - The company is developing new AIDC-related products, including new HVDC and SST models, while maintaining close communication with clients regarding product needs [3] Renewable Energy Storage - The renewable energy storage business is identified as a key growth area, with significant demand recovery in the European market since 2025 [4] - The company has seen a surge in orders from major clients in the household storage segment and is experiencing rapid growth in emerging markets [4] - The renewable energy storage sector is expected to remain a primary focus for the company in the coming years [4]

Core Viewpoint - The company, Keda (002518.SZ), has clarified its current involvement in data center infrastructure and its capabilities in liquid cooling solutions, indicating no engagement in platinum-level data center certification [2] Group 1: Company Operations - Keda provides core products for data center infrastructure construction, including UPS, high voltage direct current power (HVDC), temperature control, and batteries [2] - The company does not currently engage in platinum-level certification for data centers [2] Group 2: Liquid Cooling Solutions - In the temperature control sector, Keda has developed diverse solutions such as liquid cooling CDU and systems, as well as natural cooling with fluorine pumps [2] - These solutions are designed to meet the application needs of various data center scenarios [2]

Group 1 - The company hosted a specific investor research event from August 28 to 29, 2025, attended by 17 institutions including E Fund, GF Fund, and Taikang Asset [1] - In the first half of 2025, the company reported a steady operational performance with revenue of 2.163 billion and a year-on-year growth of 14.35%, while net profit attributable to shareholders was 255 million, up 16.49% [1] - The second quarter saw revenue of 1.219 billion and net profit of 144 million, both increasing approximately 30% compared to the first quarter [1] Group 2 - The company's dual business segments of "Data Center + New Energy" achieved growth in the first half of 2025 [1] - In the data center sector, the company has established a comprehensive product lineup including UPS, HVDC, temperature control, micro-modules, power modules, and battery solutions, serving major clients like ByteDance, Alibaba, and JD [1] - The new energy storage business is recovering, with a 26.38% year-on-year growth in the first half of 2025, driven by emerging markets in the Middle East, Southeast Asia, and Africa [1] Group 3 - The company has made significant strides in overseas data center business, with equal contributions from domestic and international markets [1] - Recent product launches include the LiquiX AI intelligent liquid cooling CDU and temperature control solutions, focusing on high-density heat dissipation and system redundancy [1] - The company plans to enhance market expansion for liquid cooling products to scale up its business [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 2.163 billion yuan, a year-on-year increase of 14.35% [2] - The net profit attributable to shareholders was 255 million yuan, reflecting a growth of 16.49% compared to the previous year [2] - In Q2 2025, the revenue reached 1.219 billion yuan, with a net profit of 144 million yuan, both showing a quarter-on-quarter increase of approximately 30% [2] Group 2: Business Segments - The company operates in two main sectors: "Data Center" and "New Energy," both showing growth trends in the first half of 2025 [2] - The Data Center segment is identified as the core business, with significant product offerings including UPS, HVDC, temperature control, micro-modules, and battery solutions [3] - The New Energy sector has seen a recovery, with a year-on-year growth of 26.38% in the first half of 2025, driven by emerging markets in the Middle East, Southeast Asia, and Africa [4] Group 3: Market Expansion - The company has made substantial progress in overseas markets, with data center business evenly split between domestic and international markets [5] - Recent product innovations include the LiquiX AI liquid cooling CDU and temperature control solutions, aimed at enhancing market presence and business scale [5] - The company is actively expanding its market reach in North America, Europe, and Southeast Asia, establishing a solid foundation for sustained performance growth [5] Group 4: Investor Relations - The investor relations activity was conducted in compliance with information disclosure regulations, ensuring the accuracy and timeliness of shared information [6] - The meeting included a comprehensive exchange of ideas between the company representatives and investors, addressing key operational and market-related inquiries [6]