联德股份的下游客户已全面深度参与AIDC产业链的温控与能源供给核心环节。这些客户通过技术迭代 与场景落地，已成为AIDC产业链不可或缺的核心力量，为联德股份打开了广阔市场空间。 在温控领域，作为业绩"基本盘"的压缩机零部件业务，联德股份核心产品磁悬浮压缩机零部件凭借高精 度、低能耗优势，持续抢占高端市场份额。公司长期合作的江森自控、特灵科技、开利空调等全球顶尖 温控龙头企业，为AIDC场景提供关键制冷设备解决方案。 本报讯 （记者李春莲）10月27日晚间，杭州联德精密机械股份有限公司（以下简称"联德股份"）披露 的2025年三季报显示，公司前三季度收入9.30亿元，同比增长9.27%，归母净利1.78亿元，同比增长 21.56%。其中第三季度实现收入3.44亿元，同比增长25.62%，创单季历史新高；归母净利润0.69亿元， 同比增长41.47%，在行业波动背景下展现出强劲经营韧性，连续两个季度实现大幅提升。这一业绩表 现，恰是公司产品在AI终端应用领域战略布局与行业主线同频共振的缩影。 联德股份深耕精密机械制造领域，其主营产品为高精度机械零部件以及精密型腔模产品，公司完整布局 温控系统、液冷服务器、柴油发动 ...

Core Viewpoint - LianDe Co., Ltd. reported a slight decline in stock price while showing stable financial performance in its recent half-year report, indicating resilience in its operations despite market fluctuations [1] Financial Performance - For the first half of 2025, LianDe Co., Ltd. achieved operating revenue of 587 million yuan, representing a year-on-year growth of 1.53% [1] - The net profit attributable to shareholders was 109 million yuan, reflecting an increase of 11.66% year-on-year [1] - The net cash flow from operating activities grew by 26.70% year-on-year, indicating robust operational health [1] Stock Market Activity - As of August 21, 2025, LianDe's stock price was 25.26 yuan, down by 0.74 yuan or 2.85% from the previous trading day [1] - The stock opened at 25.71 yuan, reached a high of 26.32 yuan, and a low of 25.20 yuan during the trading session [1] - On the same day, the net inflow of main funds was 4.44 million yuan, accounting for 0.07% of the circulating market value, while the cumulative net outflow over the past five days was 22.84 million yuan, representing 0.38% of the circulating market value [1] Industry Overview - LianDe Co., Ltd. operates in the general equipment industry, focusing on the research, design, production, and sales of high-precision mechanical components and precision cavity mold products [1] - The company's business spans multiple sectors, including wind energy and data centers, highlighting its diversified market presence [1]

Summary of Key Points Core Viewpoint - The report details the fundraising and usage status of Hangzhou Lande Precision Machinery Co., Ltd. for the first half of 2025, highlighting the total amount raised, expenditures, and management of the funds [1]. Fundraising Basic Situation - The company raised a total of RMB 935.4 million by issuing 60 million shares at RMB 15.59 per share, with a net amount of RMB 861.23 million after deducting issuance costs of RMB 74.17 million [1]. - As of June 30, 2025, the detailed usage of the raised funds includes RMB 625.23 million for project investments, RMB 27.35 million for working capital, and RMB 3.82 million for fees, with a remaining balance of RMB 5.78 million in the special account [1][2]. Fundraising Management Situation - The company has established a fundraising management system to ensure the effective use of funds, including a tripartite supervision agreement with the sponsor and bank [1]. - As of June 30, 2025, the balance in the fundraising special account was RMB 65.12 million at CITIC Bank and RMB 29.48 million at Hangzhou Bank [2]. Actual Usage of Fundraising - The company did not use idle funds for temporary working capital or for cash management during the reporting period [2][3]. - The high-precision mechanical component production project was completed, with a remaining balance of RMB 54.86 million, of which RMB 49.08 million has been used to supplement working capital [2][3]. Changes in Fundraising Investment Projects - The company has made changes to its fundraising investment projects, including the transformation of the "annual production of 65,000 sets of high-precision mechanical components" project to the "high-precision mechanical component production construction project" [2][5]. - The company has not transferred or replaced any fundraising investment projects during the reporting period [2][5]. Issues in Fundraising Usage and Disclosure - There were no significant issues in the usage and disclosure of fundraising during the reporting period [2].