Institutional Research | Ultra High Voltage + Liquid Cooling Concept + Energy Storage This company remains at the forefront of the industry and has undertaken multiple high-standard supercomputing liquid cooling projects

On March 4th, multiple listed companies released investor relations activity record announcements, disclosing their business communication content with institutions, revealing many developments and highlights in their business layouts.

GaoLan Co.: The company’s clients cover leading domestic internet companies and IDC builders

GaoLan Co. was surveyed yesterday by institutions including Southern Fund, CITIC Securities, and Invesco Great Wall Fund.

During the exchange, GaoLan Co. stated that the company currently ranks among the leaders in China’s liquid cooling industry and is one of the earliest companies to enter liquid cooling from the water side. In the domestic market, the company’s clients include top domestic internet companies and IDC builders. It has undertaken several high-standard supercomputing liquid cooling projects and holds an important position in the supply chain of core clients; overseas, the company focuses on connecting with leading international clients, replicating mature global services and design capabilities from the power industry to its computing power business.

According to GaoLan Co., the gross profit margin of its power system business exceeds that of its computing power segment. As the liquid cooling market expands and overseas operations gradually take shape, the scale effects of the segments will become more apparent, operational efficiency and production line utilization will continue to optimize, potentially driving gross profit margins higher.

Regarding orders on hand, as of September 30, 2025, GaoLan Co. had approximately 1.456 billion yuan in orders, with a large proportion in the DC and data center segments. The delivery cycle for UHV projects is generally 1 to 1.5 years; for conventional data center liquid cooling systems, the delivery cycle is 3 to 6 months, with some large-scale data center projects taking longer.

“The company has been deeply engaged in thermal management for many years, building a layout covering various technical routes such as cold plate and immersion cooling, and will provide targeted technical solutions based on different customer power needs and cost considerations.” Regarding mainstream technical solutions in the liquid cooling industry, GaoLan Co. stated that it is currently focusing on high-tech barrier fields, such as high-power liquid cooling for new AI generations, two-phase cold plates, and two-phase immersion cooling.

GaoLan Co. is a provider of overall industrial thermal management solutions, with product applications expanding from traditional high-voltage direct current transmission, flexible AC transmission and electrical drives to emerging fields such as information and communication, energy storage stations, and large scientific projects. Its performance forecast shows that the company expects a net profit attributable to the parent of 23.5 to 30.5 million yuan in 2025, turning from loss to profit year-over-year.

Earlier research reports from Guoxin Securities pointed out that the company is a leader in UHV pure water cooling equipment, covering top clients across various application fields, benefiting from the upward trend of the domestic UHV sector and breakthroughs in overseas orders; liquid cooling, as an essential temperature control option for data centers, will continue to grow rapidly. The company’s coverage of top clients and active overseas expansion are expected to increase sales simultaneously. Northeast Securities also believes that the power business is steadily growing, and AIDC is opening a second growth curve.

Today, the UHV concept sector performed countertrend, with multiple stocks such as AnKao Smart Electric and Shama Power hitting the daily limit. GaoLan Co. closed up 1.25%. Regarding ETF products, the Power Grid Equipment ETF (159326) is the only ETF tracking the CSI Power Grid Equipment Index in the market, with the highest weights in smart grids and UHV. By the close, the Power Grid Equipment ETF surged 3.33%, with a trading volume of 3.268 billion yuan.

Yuehai Feed: Strong growth in regional businesses in the first two months, overseas sales increased by over 180%

Yuehai Feed recently received surveys from 11 institutions including Tianfeng Securities and Harvest Fund.

In the survey, Yuehai Feed stated that as of 2026, its regional business growth momentum is strong, with some regions growing over 100% and others nearly 200%, laying a solid foundation for achieving the annual strategic goals.

According to their data, by the end of February 2026, Yuehai Feed’s feed sales reached 106,000 tons, with shrimp and crab feed sales at 32,000 tons, up 61% year-over-year; marine fish feed sales reached 56,000 tons, up 40%; common freshwater fish feed sales reached 18,000 tons, up 45%.

Among specific products, sales of large categories such as sea bass and golden pomfret feed increased significantly, with growth rates of 30%-50%, and grass carp feed increased by 83%. Overall sales exceeded the company’s monthly operational target breakdown.

“Based on industry forecasts and considering current pond structures, seedling planting rhythms, weather impacts, and raw material costs, 2026 is likely to be a year of bottoming out and rebound for the aquaculture feed market. Stock support remains the most certain positive factor, and the demand for specialized water-based feeds is expected to grow year-over-year,” Yuehai Feed said. Since its establishment, the company has focused on the specialized water-based feed sector, with over 70% of sales in this area, maintaining a prominent industry position.

Regarding overseas markets, Yuehai Feed reported that in January-February 2026, overseas sales performed remarkably, with an increase of over 180%. The current strategy is to use Vietnam as a pivot, gradually expanding to Thailand, India, Malaysia, and other neighboring countries. “In the future, the company will steadily advance its global network through new construction, acquisitions, and partnerships.”

Notably, in January-February 2026, the company’s seedling sales increased by as much as 290%. Yuehai Feed stated that through facility upgrades, the launch of new breeds, and deepening nationwide deployment, the seedling business has become a new profit growth point.

Yuehai Feed is a national innovative pilot enterprise and high-tech enterprise mainly engaged in the research, production, and sales of aquatic feed. It is one of China’s large-scale, high-quality, group-oriented aquatic feed companies.

Guolian Minsheng Securities previously reported that Yuehai Feed’s deep cultivation in the specialized aquatic feed industry, combined with capacity release, product quality, supporting services, and other advantages, further highlight its strengths. The company’s performance is expected to recover and grow as bad debt impacts gradually improve.

(Source: Eastmoney Research Center)