证券日报网讯科华数据9月25日在互动平台回答投资者提问时表示，公司作为行业内第一批进入液冷领 域的先行者，凭借多年的技术沉淀和数据中心建设运维经验，现已推出了液冷数据中心全生命周期服 务，包括自主研发的系列液冷产品，产品系统有风-液抽屉式CDU，液-液抽屉式CDU和液-液机柜式 CDU等；集成系列有WiseCooling板式液冷微模块，液冷集装箱，液冷一体机等产品。同时，公司与沐 曦股份已联合推出高密度液冷算力POD，以超节点作为核心技术切入点来探索相关解决方案，为高性能 算力需求提供稳定、高效、灵活扩展的实时保障。 （文章来源：证券日报） ...

Core Viewpoint - The company has signed a strategic cooperation agreement with Muxi to jointly develop a new computing power ecosystem, focusing on high-density liquid cooling solutions for high-performance GPU server clusters [1] Group 1: Strategic Cooperation - The company and Muxi have launched a high-density liquid cooling computing power POD, specifically designed for high-performance GPU server clusters [1] - This new infrastructure aims to efficiently support AI training, inference, and various general computing scenarios, providing stable, efficient, and flexible real-time guarantees for high-performance computing needs [1] Group 2: Future Development - The company plans to leverage its technological advantages and industry resources to collaborate with high-end GPU manufacturers both domestically and internationally [1] - The focus will be on advancing from air cooling practices and liquid cooling technology to exploring innovations and ecological collaboration in super-node PODs [1] - The goal is to create a closed-loop from computing power foundation to integrated scenario support, facilitating the transition of computing power from "usable" to "well-utilized" with full-link support [1]

科华数据（002335.SZ）9月25日在投资者互动平台表示，公司作为行业内第一批进入液冷领域的先行 者，凭借多年的技术沉淀和数据中心建设运维经验，现已推出了液冷数据中心全生命周期服务，包括自 主研发的系列液冷产品，产品系统有风-液抽屉式CDU，液-液抽屉式CDU和液-液机柜式CDU等；集成 系列有Wise Cooling板式液冷微模块，液冷集装箱，液冷一体机等产品。同时，公司与沐曦股份已联合 推出高密度液冷算力POD，以超节点作为核心技术切入点来探索相关解决方案，为高性能算力需求提供 稳定、高效、灵活扩展的实时保障。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司在液冷方面主要采用什么技术，微通道液 冷技术是否开展布局？ ...

Core Viewpoint - The report highlights the strong performance of Kehua Data in the first half of 2025, driven by its innovative computing power solutions and expansion into international markets, leading to a "buy" rating for the company [1][4]. Financial Performance - Kehua Data reported total revenue of 3.733 billion yuan, a slight increase of 0.06% year-on-year, and a net profit attributable to shareholders of 244 million yuan, up 7.94% [2]. - In Q2 2025, the company achieved revenue of 2.516 billion yuan, a significant quarter-on-quarter increase of 106.88%, and a net profit of 175 million yuan, reflecting a year-on-year increase of 14.81% and a quarter-on-quarter increase of 153.24% [2]. Business Development - The company is focusing on three main business areas: intelligent computing centers, smart energy, and clean energy, with the intelligent computing business generating 1.398 billion yuan in revenue, a growth of 16.77%, and accounting for 37.44% of total revenue [3]. - The smart energy segment saw revenue of 439 million yuan, a decline of 22.56%, while the clean energy segment generated 1.852 billion yuan with a gross margin of 17.51% [3]. Market Expansion - Kehua Data is actively expanding its overseas market presence, having delivered data center products in Southeast Asia, Central Asia, Europe, and North America [4]. - The company has integrated its data center solutions with solar storage, promoting a comprehensive energy system that supports high energy consumption with clean energy [4]. Investment Outlook - The company is expected to benefit from the growing global demand for computing power, with revised net profit forecasts for 2025, 2026, and 2027 set at 722 million yuan, 1.092 billion yuan, and 1.458 billion yuan, respectively [4]. - The estimated earnings per share (EPS) for the same years are projected to be 1.40 yuan, 2.12 yuan, and 2.83 yuan, with corresponding price-to-earnings (PE) ratios of 35.70, 23.61, and 17.68 [4].

Core Viewpoint - The company has shown resilience in its financial performance despite challenges in certain sectors, with a focus on innovation and strategic expansion in the data center and energy management industries [2][3][4]. Financial Performance - In the first half of 2025, the company's revenue reached 3.733 billion yuan, a slight increase of 0.06% year-on-year [2] - The net profit attributable to shareholders was 244 million yuan, reflecting a growth of 7.94% [2] - The data center sector generated 1.398 billion yuan in revenue, up 16.77% year-on-year, while the gross margin was 29.35%, down 1.40% [2][3] - The smart energy sector saw revenue decline by 22.56% to 439 million yuan, but the gross margin increased by 1.93% to 36.39% [2][4] - The renewable energy sector's revenue decreased by 4.22% to 1.852 billion yuan, with a gross margin of 17.51%, up 0.63% [2][4] Business Segments - The intelligent computing center business generated approximately 1.398 billion yuan in revenue, driven by technological innovation and partnerships with leading AI chip manufacturers [3] - The smart energy business is leveraging AI for energy management and has secured contracts in major transportation and industrial projects [4] - The renewable energy sector is focusing on innovative products like the 2000V 450kW string inverter and 460kW liquid-cooled PCS [4] Liquid Cooling Business - The company is a pioneer in the liquid cooling sector, offering a full lifecycle service for liquid-cooled data centers and exporting products internationally [5] - Collaborations with partners like Nuxi Co. aim to meet high-performance computing demands [5] International Expansion - The company is actively pursuing international opportunities, particularly in the overseas computing power market, by focusing on product certification and customer testing [6]

三、公司智慧电能与新能源业务的发展情况如何？ 证券代码：002335 证券简称：科华数据 科华数据股份有限公司投资者关系活动记录表 编号：2025-02 | | 特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | 其他（电话交流） | | | | 天风证券股份有限公司、易方达基金管理有限公司、汇添富基 金管理股份有限公司、平安基金管理有限公司、海富通基金管 | | | | 理有限公司、鹏华基金管理有限公司、万家基金管理有限公司、 | | | | 兴业基金管理有限公司、华安基金管理有限公司、光大保德信 | | | | 基金管理有限公司、汇泉基金管理有限公司、东兴基金管理有 | | | | 限公司、泉果基金管理有限公司、海南恒立私募基金管理有限 | | | | 公司、上海保银私募基金管理有限公司、上海博昱私募基金管 | | | | 理有限公司、上海笃诚私募基金管理有限公司、上海盛宇股权 | | | 参与单位名称 | 投资基金管理有限公司、闻天私募 ...

Group 1 - The company reported Q2 2025 earnings that exceeded expectations, with H1 revenue of 3.733 billion yuan, a year-on-year increase of 0.06%, and a net profit attributable to shareholders of 244 million yuan, a year-on-year increase of 7.94% [1] - In Q2 2025, the company achieved a single-quarter revenue of 2.516 billion yuan, a year-on-year decrease of 1.19% but a quarter-on-quarter increase of 106.88%, with a net profit of 175 million yuan, a year-on-year increase of 14.81% and a quarter-on-quarter increase of 153.24% [1] - The company made asset impairment provisions of 41 million yuan and credit impairment provisions of 47 million yuan in Q2 2025, resulting in a net profit of approximately 263 million yuan after adjusting for impairment impacts, which was above expectations [1] Group 2 - The data center product revenue grew rapidly, with H1 revenue of 1.398 billion yuan, a year-on-year increase of 16.77%, and a gross margin of 29.35%, down 1.4 percentage points year-on-year [2] - Data center product revenue reached 784 million yuan in H1, a year-on-year increase of 34.19%, with a gross margin of 36.06%, up 0.11 percentage points year-on-year [2] - The company’s liquid cooling products made significant progress, with overseas exports of liquid cooling containers and a joint launch of high-density liquid cooling PODs with Muxi Co., indicating continued growth in data center product revenue [2] Group 3 - The overall gross margin improved structurally, with H1 gross margin increasing by 0.52 percentage points to 25.02%, and Q2 gross margin at 22.54%, up 1.65 percentage points year-on-year but down 7.61 percentage points quarter-on-quarter [3] - The company maintained good control over expense ratios, with sales, management, R&D, and financial expense ratios at 6.99%, 3.17%, 5.86%, and 0.07%, respectively, with financial expenses decreasing due to reduced convertible bond interest and increased exchange gains [3] - The net profit margin for H1 decreased by 0.56 percentage points to 4.45%, with Q2 net profit margin at 7.04%, an increase of 0.95 percentage points year-on-year and 1.13 percentage points quarter-on-quarter [3] Group 4 - The company maintains a "buy" rating, with expectations for net profits attributable to shareholders of 706 million yuan, 1.2 billion yuan, and 1.821 billion yuan for 2025-2027, representing year-on-year growth of 124.1%, 70.0%, and 51.7% respectively [3]

Core Insights - The company, Kehua Data, is a pioneer in the liquid cooling sector, having launched a full lifecycle service for liquid cooling data centers [1] - The company has developed cold plate and immersion liquid cooling products, with liquid cooling containers already exported overseas [1] - Kehua Data has implemented a decoupled liquid cooling pilot project for China Mobile's data center in Suzhou and is constructing a highly decoupled system architecture for the Nanjing Intelligent Computing Center [1] - The company is enhancing its liquid cooling technology R&D, collaborating with Muxi Co. to introduce a high-density liquid cooling POD specifically designed for high-performance GPU server clusters [1] - Kehua Data is actively integrating industry resources and collaborating with ecosystem partners to promote the development of a liquid cooling intelligent computing center ecosystem, aiming for a green and low-carbon industry transition [1]

Core Viewpoint - The company aims to become a leading global provider of smart energy solutions, focusing on the mission of "driving a low-carbon digital future through smart energy" [1] Group 1: Strategic Focus - The company is leveraging national strategies such as "Artificial Intelligence+", "Digital Economy", and "Carbon Neutrality" to capitalize on global energy transition trends [1] - The core technology of the company is based on power electronics, with continuous innovation in three main areas: "Intelligent Computing Centers", "Smart Energy", and "Clean Energy" [1] Group 2: Market Development - In the Intelligent Computing Center sector, the company is actively entering emerging markets such as AI, computing power, liquid cooling, and autonomous driving, launching key products like high-density liquid cooling PODs, cloud power prefabricated power modules, and S³ intelligent backup lithium battery systems [1] - The company aims to build a robust heterogeneous computing power platform to provide high-quality computing services to various industries [1] Group 3: Industry Solutions - In the Smart Energy sector, the company offers comprehensive and reliable smart energy solutions and project services across multiple industries, including transportation, electronics, petrochemicals, electricity, telecommunications, finance, healthcare, and education [1] - In the Clean Energy sector, the company focuses on energy storage, photovoltaics, microgrids, and wind power support businesses, enhancing its capabilities in providing diversified low-carbon solutions [1]

Core Insights - The company has launched a full lifecycle service for liquid-cooled data centers, indicating a strategic move towards advanced cooling solutions in the data center industry [1] - The company has developed both cold plate and immersion liquid cooling products, with liquid-cooled computing containers already exported overseas, showcasing its international market reach [1] - A pilot project for a decoupled liquid cooling system has been established for China Mobile's Yangtze River Delta (Suzhou) data center, highlighting the company's innovative approach to infrastructure [1] - The company has created a highly decoupled system architecture for China Mobile's Intelligent Computing Center (Nanjing), which aligns with leading domestic liquid cooling servers, further establishing industry benchmarks [1] - In collaboration with Muxi Co., the company has introduced a high-density liquid-cooled computing POD, specifically designed for high-performance GPU server clusters, demonstrating its commitment to R&D in next-generation infrastructure [1]