证券代码：301397 证券简称：溯联股份 重庆溯联塑胶股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 ☑其他（重庆辖区上市公司 2025 年投资者 | | | 网上集体接待日暨半年度业绩说明会活动） | | 参与单位名称 | 参与"重庆辖区上市公司 2025 年投资者网上集体接待日暨半年度业 | | 及人员姓名 | 绩说明会活动"的投资者 | | 时间 2025 | 年 9 月 25 日（星期四） 15:00-17:00 | | 地点 | "全景路演"网站（https://rs.p5w.net） | | 上市公司接待 | 董事、董事会秘书 韩啸先生； | | 人员姓名 | 财务负责人 廖强先生； | | | 证券事务代表 易均平先生。 | | | 公司就投资者在本次网上集体接待日暨半年度业绩说明会活动 | | | 提出的问题进行了回复： | | | 问题 1：公司在液冷业务上面布局以及目前发展进展情况？ | | ...

总部位于深圳的温控龙头，涨势凶猛。 9月23日，英维克开盘再度飙涨，市值越过800亿元大关。过去2个月，大涨超500亿元。 这是一家提供全链路液冷解决方案的隐形小巨头，身处算力产业链，成为资本焦点。 实控人、董事长齐勇正大干快上，已布局全链条液冷+AI应用，拓展高性能计算、新能源汽车等领域。他提供的核心服务，就是帮大厂的算力设 施散热降温。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 2, 573, 139, 460. 90 | 1, 712, 557, 931. 47 | 50. 25% | | 归属于上市公司股东的净利润(元) | 215, 640, 426. 56 | 183, 466, 097. 22 | 17.54% | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 202, 219, 634. 69 | 171, 293, 089. 93 | 18. 05% | | 经营活动产生的现金流量净额(元) | -233, 913, 848. 18 | -45, 657, 141. 22 | - ...

Group 1 - The core viewpoint of the news is that Dapu Asset has conducted research on a listed company, focusing on its stable gross profit and growth in battery-related business [1] - The company, Sulian Co., has seen a stable trend in gross profit for the first half of the year, with expectations for slight growth throughout the year [1] - The concentration of the top five customers has decreased year-on-year, while the battery-related business has outpaced the main business in growth [1] Group 2 - Sulian Co. has established a battery division and has developed multiple products, with some already in mass production [1] - The UQD product has been successfully developed, and a subsidiary, Sulian Zhikong, will be established in November 2024 to independently develop liquid cooling business [1] - The company is also expanding into new products such as hydrogen energy and air suspension, with air suspension already in mass production for certain vehicle models [1] Group 3 - The main business and the technology of Sulian Zhikong have over 70% similarity, indicating a high degree of complementarity between liquid cooling products and the main business [1]

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core View of the Report The report provides insights into the operations and development of Sulian Co., Ltd. The company's gross profit is expected to remain stable and slightly increase, with its battery business growing rapidly and new businesses such as data liquid cooling showing promising progress [23]. 3. Summary by Relevant Sections 3.1. Research Basic Information - Research object: Sulian Co., Ltd. [16] - Industry: Not specified - Reception time: August 29, 2025 [16] - Company reception personnel: Director and Board Secretary Han Xiao, Director and Financial Officer Liao Qiang [16] 3.2. Detailed Research Institutions - Multiple institutions participated in the research, including securities companies (China International Capital Corporation, Zhongtai Securities, Huatai Securities), investment companies (Tianni Investment, Zeming Investment, Hengshi Investment), asset management companies (Xunyuan Asset, Dapu Asset, Shangcheng Asset), and others [17][18]. 3.3. Main Content Information - **Gross profit outlook**: Gross profit is expected to remain stable and slightly increase, benefiting from internal and external efforts such as new product development, material substitution, and cost - reduction measures [23]. - **Top five customers**: The top five customers in the first half of the year remained the same as last year, but the concentration decreased year - on - year [23]. - **Battery business**: The battery business is growing faster than the main business, with a dedicated battery division established. The company has received development tasks for various battery - related products and some products are in the process of production [23][24]. - **Data liquid cooling business**: The company has developed UQD products for data centers and established a subsidiary for related business. It is working on R & D of supporting components and solutions and has established business contacts with major customers [24]. - **Other business expansion**: The company is developing new products such as hydrogen fuel cell pipelines, air suspension products, and independent sales products. Air suspension products have been mass - produced in some models [25]. - **Business similarity**: The similarity between the main business and Sulian Zhikong's business is high, with a process and technology compatibility of over 70% [25].

Core Viewpoint - The recent financial report of Su Lian Co., Ltd. (301397) indicates a mixed performance with a significant increase in revenue but a decline in net profit, highlighting challenges in profitability and cash flow management [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 668 million yuan, a year-on-year increase of 26.3% [1]. - The net profit attributable to shareholders was 67.76 million yuan, a decrease of 4.43% compared to the previous year [1]. - The gross profit margin was 21.68%, down 11.23% year-on-year, while the net profit margin fell to 10.13%, a decline of 24.45% [1]. - The company's accounts receivable increased by 34.57%, indicating potential cash flow issues [1]. - Operating cash flow per share improved significantly to 0.57 yuan, a year-on-year increase of 931.23% [1]. Business Drivers - The revenue growth was primarily driven by increased sales in the new energy vehicle sector and advancements in customer vehicle technology, particularly in thermal management systems [4][5]. - Key growth areas included battery components and thermal management parts for electric vehicles, as well as a notable increase in fuel tank pipeline business [5]. Cost and Efficiency - Total sales, management, and financial expenses amounted to 42.04 million yuan, representing 6.29% of revenue, which is a significant increase of 94.41% year-on-year [1]. - The company is focusing on stabilizing gross margins through new product development, market expansion, and cost reduction initiatives [6]. Product Development and Market Expansion - The company is actively developing new products aligned with trends in new energy vehicles, including hydrogen fuel cell pipelines and high-pressure air suspension pipelines [8]. - A dedicated battery division has been established to enhance research and market development for battery-related products, which are expected to contribute significantly to future revenue [8]. Strategic Positioning - The company's main products and technologies are closely aligned with those of Su Lian Intelligent Control, indicating a high degree of complementarity and potential for collaborative development [9].

Group 1: Financial Performance - The company's total revenue for the first half of the year increased by 26.30% year-on-year, primarily driven by the growth in new energy vehicle sales and rapid iteration of customer vehicle technologies [2] - The oil tank pipeline business showed significant growth, positively impacting overall revenue [2] Group 2: Gross Margin and Cost Management - The gross margin is expected to stabilize and slightly recover throughout the year, aided by efforts in new product development, market expansion, and cost reduction initiatives [3] Group 3: Product Development and Market Expansion - The company has completed major performance testing for its UQD product and is developing supporting liquid cooling components and independent system solutions [4] - New products are being developed in line with trends in new energy smart vehicles, including hydrogen fuel cell pipelines and high-pressure air suspension pipelines [5] - The company has established a dedicated battery division to enhance research and market development for battery-related technologies, with significant growth in battery-related business [5] Group 4: Technical Similarity and Synergy - The main business products, including fluid and temperature control systems, share over 70% technical similarity with the company's smart control business, indicating strong potential for synergy [6][7] - The revenue from liquid thermal management products covers nearly half of the company's main business, highlighting the complementary nature of the two business areas [7]

Core Insights - The company reported a total operating revenue of 2.573 billion yuan for the first half of 2025, representing a year-on-year increase of 50.25% [1] - The net profit attributable to shareholders was 216 million yuan, up 17.54% year-on-year, while the net profit excluding non-recurring items was 202 million yuan, an increase of 18.05% [1] - The company's return on equity (ROE) for the first half of 2025 was 7.16% [1] Revenue Growth - The company's revenue for Q2 2025 was 1.641 billion yuan, showing a year-on-year increase of 69.67% [1] - The rapid growth in the data center cooling business was highlighted, with room cooling and cabinet cooling revenues increasing by 57.9% and 32.0%, respectively, reaching 1.35 billion yuan and 930 million yuan [2] - The company has introduced a high-reliability liquid cooling solution, benefiting from the growth in data centers, with liquid cooling-related revenue exceeding 200 million yuan in H1 2025 [2] Cost and Profitability - The gross profit margin for H1 2025 was 26.15%, a decrease of 4.84 percentage points year-on-year [3] - The sales, management, and R&D expense ratios for 2024 were 3.91%, 4.01%, and 7.61%, respectively, showing a decline compared to the previous year [3] - The operating cash flow for H1 2025 was -234 million yuan, a significant decrease of 412.33% year-on-year, primarily due to increased sales scale and inventory buildup [3] Market Position and Strategy - The company has established strong relationships with major clients such as NVIDIA, ByteDance, Tencent, Alibaba, telecom operators, Huawei, and BYD [3] - The company is actively expanding its overseas market presence and enhancing cooperation in the liquid cooling sector [3]

Core Viewpoint - In the context of the booming artificial intelligence sector, Invec has transformed from a previously overlooked entity into a capital darling, with its stock price surging significantly and its market capitalization reaching 63.6 billion yuan, reflecting a year-to-date increase of over 112% [1][11]. Company Performance - Invec's stock price rose by 1.64% on August 22, 2023, marking a substantial increase in its total market value [1]. - The company reported a 50.25% increase in revenue for the first half of the year, reaching 2.573 billion yuan, while net profit grew by 17.54% to 216 million yuan [3]. - Despite revenue growth, the company's gross margin decreased to 26.15%, down over 2 percentage points from the previous year [4]. Industry Context - Invec is a leader in the liquid cooling industry and has been included in NVIDIA's MGX ecosystem as a partner, benefiting from the rising demand for liquid cooling solutions driven by high-performance computing and AI applications [3][15]. - The global data center liquid cooling market is projected to reach approximately 68.8 billion yuan by 2026, with the domestic market expected to be around 17.9 billion yuan [14][15]. Competitive Landscape - Domestic competitors, including Inspur and Huawei, are developing their own liquid cooling technologies, which poses a threat to Invec's market position [4][19]. - International competitors like Vertiv and CPC continue to dominate the liquid cooling market, and new technologies from companies like Amazon could disrupt existing solutions [19]. Future Outlook - Invec plans to invest over 1 billion yuan in a new R&D and production facility in Shenzhen to meet the growing demand for precision temperature control equipment [15]. - The company aims to strengthen its partnerships with major internet companies and expand its global presence, with a focus on integrating new and existing business lines [20].

Core Viewpoint - The stock price of Invec has surged nearly 300% since September 2024, with its market capitalization rising from under 20 billion to 63.6 billion yuan, driven by the booming demand for liquid cooling technology in the AI sector [1][2][3]. Company Performance - Invec's revenue for the first half of 2024 increased by 50.25% to 2.573 billion yuan, while net profit grew by 17.54% to 216 million yuan [3][11]. - The company's gross margin for the same period was 26.15%, down over 2 percentage points year-on-year, with inventory balance increasing by 40.1% to 1.239 billion yuan [3][11]. Market Dynamics - The liquid cooling technology is transitioning from an optional solution to a necessity, with global data center liquid cooling market expected to reach approximately 68.8 billion yuan by 2026, with the domestic market around 17.9 billion yuan [9][10]. - Major cloud service providers, including Google, Microsoft, and Alibaba, are adopting liquid cooling solutions, indicating a significant market opportunity for Invec [9][10]. Competitive Landscape - Domestic server manufacturers like Inspur and Huawei are developing their own liquid cooling technologies, increasing competition for Invec [13]. - International competitors such as Vertiv and CPC dominate the liquid cooling market, posing additional challenges [13]. Strategic Initiatives - Invec has launched the Coolinside full-chain liquid cooling solution and has secured partnerships with major clients like ByteDance and Tencent [10]. - The company plans to invest over 1 billion yuan in a new R&D and production base in Shenzhen to meet the growing demand for precision temperature control equipment [10]. Future Outlook - The company aims to leverage the increasing demand for high-density cooling solutions driven by information technology and energy storage needs [14]. - Invec's leadership expresses confidence in achieving a leading position in the global precision environment control sector by its 30th anniversary [15].

Core Viewpoint - In the first half of 2025, Yingweike (002837.SZ) reported significant revenue and profit growth, driven by the rising demand for liquid cooling solutions amid the AI boom [2][4][6]. Financial Performance - For the first half of 2025, Yingweike achieved revenue of 2.573 billion yuan, a year-on-year increase of 50.25%, and a net profit attributable to shareholders of 216 million yuan, up 17.54% year-on-year [2]. - The company's stock has seen a remarkable increase of over 110% this year, with a market capitalization exceeding 60 billion yuan [2][7]. Market Trends - The demand for liquid cooling technology is surging due to the increasing power consumption and density of AI chips, positioning liquid cooling as a key infrastructure for data centers and AI servers [6][10]. - The domestic liquid cooling market is rapidly developing, with internet companies becoming significant demand drivers, alongside telecom operators and government sectors [4][12]. Business Segments - Yingweike's revenue from data center cooling products accounted for 52.5% of total revenue, while cabinet cooling products contributed 36% [6]. - The revenue from data center cooling equipment reached 1.351 billion yuan, growing by 57.91%, and cabinet cooling equipment revenue was 926 million yuan, up 32.02% [6]. Competitive Landscape - Despite being a leading domestic supplier, Yingweike faces competition from both domestic and international players in the liquid cooling sector [4][12]. - The company's gross margin for data center cooling was 25.83%, a decrease of 2.63% year-on-year, attributed to sales mix and increased market competition [7]. Future Outlook - Yingweike aims to become a leading international provider of precision temperature control solutions, focusing on expanding market share and revenue [8]. - The liquid cooling market is projected to grow at a compound annual growth rate of 59% from 2022 to 2027, with expectations to exceed 100 billion yuan by 2027 [12].