CRUN(SZ:002272)2025-09-12 13:29Group 1: Business Outlook and Strategy - The company expects a significant recovery in its operating performance in the second half of 2025, following a notable reduction in losses in the first half [1] - The operational strategy focuses on "optimizing the fundamentals, innovating for growth, and strengthening competitiveness" [1] - The company aims to enhance its market share in the wind power sector as demand recovers, alongside growth in offshore wind [1] Group 2: Liquid Cooling Business - The company has over 30 years of experience in liquid cooling technology, providing comprehensive solutions that are efficient and reliable [3] - As of June 2025, the liquid cooling production line has been operational, enabling better fulfillment of overseas orders [3] - The majority of current orders are from international clients, indicating a strong overseas market presence [3] Group 3: Research and Development Investment - In 2024, the company plans to invest over 62 million yuan in R&D, with an additional 23 million yuan allocated for the first half of 2025 [5] - The company is focused on standardizing and scaling liquid cooling technology, aiming to become a cornerstone for efficient heat dissipation in digital infrastructure [5] Group 4: Financial Management and Risk Control - The company maintains a manageable level of accounts receivable, with over 80% of receivables expected to be collected within one year [8] - A comprehensive risk management system is in place to assess credit risks and monitor contract compliance [9] - Legal measures will be taken against clients who delay payments, including litigation and asset preservation [9]