Guangzhou Goaland Energy Conservation Technology Co., Ltd. (Goaland) (300499)

Equity Research Report　|　Industry: Industrial Thermal Management and Liquid-Cooling Systems　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; certain moving-average, MACD and RSI indicators mainly correspond to September 10, 2026, shareholder data are as of June 30, 2026, and certain technical indicators are auxiliary calculations based on historical closing prices.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Goaland recorded revenue of RMB 494 million in the first half of 2026, up 18.16% year on year; net profit attributable to shareholders was RMB 25.7326 million, up 12.22%; and non-GAAP net profit attributable to shareholders was RMB 24.5910 million, up 37.86%. However, net cash flow from operating activities turned negative at RMB -26.3646 million. Accounts receivable increased from RMB 404 million at the end of 2025 to RMB 500 million, while inventories rose from RMB 546 million to RMB 667 million, indicating that earnings growth coexisted with working-capital pressure. Investment income during the same period was RMB 20.5412 million, accounting for approximately 68.14% of total profit. Net profit attributable to shareholders therefore remained materially affected by investment income from associate Dongguan Sicon Chat Union Electric Co., Ltd. (“Dongguan Sicon”).

The company principally engages in industrial thermal management and liquid-cooling systems. In 2025, revenue from high-power power-electronics thermal-management products was RMB 573 million, up 161.75% year on year, accounting for 57.94% of revenue, with a gross margin of 35.04%. This was the primary driver of the recovery in overall gross margin to 28.94%. In the first half of 2026, revenue from this business declined 3.69% year on year, although its gross margin increased to 37.72%. Revenue from thermal-management products for high-power-density equipment increased 53.41% year on year in the first half of 2026 and became the main source of revenue growth, but its gross margin was only 11.83%, below that of high-power power-electronics thermal management and engineering operations and maintenance. The expansion of this business has so far provided limited improvement in profitability.

The company recently proposed to transfer its 16.9759% stake in Dongguan Sicon at a transaction value of approximately RMB 373 million. The transaction has been approved by the Merger and Acquisition Review Committee of the Shenzhen Stock Exchange, but still requires registration approval from the China Securities Regulatory Commission (“CSRC”) and completion of closing. The final transaction price, timing and accounting treatment remain uncertain. The company is also waiving its preemptive right to subscribe to the capital increase of Goaland Innovation Technology. Upon completion of the capital increase, its ownership interest will decline from 100% to 60%. This should replenish the subsidiary’s capital and support the expansion of its liquid-cooling business, but the proportion of the subsidiary’s future profits attributable to listed-company shareholders will correspondingly decline.

As of September 11, 2026, the company’s share price was RMB 34.90, with a total market capitalization of approximately RMB 10.653 billion, a TTM P/E ratio of approximately 341.62x and a P/B ratio of approximately 7.70x. The valuation depends heavily on rapid future profit growth. The share price remained above the MA50, MA100 and MA200, and MACD remained positive. However, following a rapid recent rally, the stock experienced a high-volume decline. Turnover was 16.62%, while net selling by major funds was approximately RMB 223 million, indicating a significant increase in short-term volatility and divergence among market participants.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Positioning

• High-power power-electronics thermal-management products: Including pure-water cooling equipment for HVDC converter valves, pure-water cooling equipment for thyristor valves used in flexible AC transmission and distribution, pure-water cooling equipment for high-power electrical-drive inverters and motors, and cooling products related to DC-blocking devices. Revenue in 2025 was RMB 573 million, accounting for 57.94% of revenue, up 161.75% year on year, with a gross margin of 35.04%.
• Thermal-management products for high-power-density equipment: Including data-center liquid-cooling products, cold-plate liquid-cooling systems, immersion liquid-cooling systems, liquid-cooling CDUs, containerized liquid-cooling equipment for computing centers and certain energy-storage liquid-cooling products. Revenue in 2025 was RMB 264 million, accounting for 26.73% of revenue, down 19.44% year on year, with a gross margin of 13.10%.
• Engineering operations and maintenance services: Including after-sales inspections, repairs, technical upgrades, spare parts and engineering services for thermal-management equipment. Revenue in 2025 was RMB 115 million, accounting for 11.58% of revenue, with a gross margin of 39.83%.
• Other businesses: Revenue in 2025 was RMB 37.1389 million, accounting for 3.75% of revenue, with a gross margin of 14.00%.
• Key development directions: As of 2025, the company was primarily focused on two core areas: “power-electronics thermal management” and “data-center thermal management,” while retaining energy storage, engineering operations and maintenance, and other thermal-management businesses.

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Goaland occupies the midstream thermal-management segment of the high-power electrical-equipment and computing-equipment value chains. It is a specialized equipment supplier driven by technology and engineering services. The company primarily provides thermal-management equipment and operations and maintenance services to power grids, power-equipment manufacturers, data centers, energy-storage and renewable-energy customers through project-based and customized system integration.

• Major upstream categories actually purchased and used include metal structures and heat-exchange materials, such as stainless-steel piping, metal heat exchangers, pumps, valves and related mechanical structural components; plastic and insulated piping materials, such as PVDF fittings, water-distribution piping and related corrosion-resistant components; refrigeration, heat-exchange and fluid-control components, such as pumps, valves, filters, sensors and coolant-circulation components; as well as control-system and electrical components, including PLCs, controllers, instruments, communications modules and electrical components.
• The company is also involved in outsourced processing, transportation, installation and engineering services. The annual report discloses process and product directions including ultrasonic cleaning of stainless-steel piping, injection molding of PVDF fittings, independently controllable PLCs, water-distribution piping and liquid-cooling control systems.
• The company has not disclosed a complete breakdown of procurement categories or the respective cost proportions of copper, aluminum, stainless steel, pumps and valves, or controllers. The above classification is an industry-chain summary based on product and manufacturing-process disclosures and cannot substitute for formal cost details.
• Purchases from the top five suppliers in 2025 totaled RMB 136 million, accounting for 19.80% of total annual purchases. The company has not disclosed the names of its top five suppliers, making it impossible to determine whether key pump-and-valve, controller or heat-exchanger suppliers are subject to technological lock-in or implicit concentration.
• Supplier-concentration data are based on 2025. The research memorandum did not provide comparable data for other years. On this basis, the concentration of the top five suppliers was lower than that of the top five customers, preliminarily indicating relatively dispersed upstream procurement. However, dependence on individual suppliers and concentration in key categories remain uncertain.
• The company is generally closer to a partial price taker in steel, plastics, electronic components and outsourced-processing activities. Its pricing power over standardized metal materials, general-purpose pumps and valves, and electronic components is limited. Cost control mainly depends on design optimization, modular production, supply-chain management and volume procurement.
• Major downstream customers include power-grid and power-engineering customers, such as State Grid, China Southern Power Grid, C-EPRI, XJ Electric, Xi’an XD, TBEA and Sieyuan Electric; domestic and international power-equipment manufacturers, such as Hitachi Energy, GE, Siemens, ABB, Dongfang Electric and Shanghai Electric; renewable-energy and energy-storage customers, such as China Three Gorges Renewables and CATL; and data-center, internet and communications customers, such as ByteDance, Alibaba, Tencent, GDS, Baidu, Inspur, ZTE, H3C, 21Vianet and Vertiv.
• The customer list disclosed by the company is relatively broad, but specific customers have not been matched individually with specific product revenue. The actual revenue contribution of any individual customer therefore cannot be determined.
• Sales to the top five customers in 2025 totaled RMB 597 million, accounting for 60.31% of annual sales. The largest customer accounted for 19.71%, and the second-largest customer accounted for 13.62%. These figures are based on 2025. The company did not disclose customer names, making it impossible to determine whether the top five customers were from the power-grid, data-center or other industries. The concentration data come from the company’s annual report; the research memorandum did not provide data for other years for cross-checking. The latest annual report should prevail.
• Power-grid and UHV-project customers are generally large and have long project cycles. They also possess relatively strong bargaining power in technical and quality certification, commercial terms, payment schedules and project acceptance. However, once a supplier enters the qualified-supplier system and builds an engineering track record, customer switching costs are also relatively high.
• Data-center and energy-storage customers place greater emphasis on delivery efficiency, system energy consumption, reliability and total cost. Liquid-cooling systems are susceptible to customized price comparisons and project-based competition. The company’s technical solutions, project experience and reliability certifications provide some differentiation, but the current gross margin of this business is lower than that of high-power power-electronics thermal management, indicating that it remains in an investment and competitive stage.
• In 2025, high-power power-electronics thermal-management products accounted for 57.94% of revenue and had a gross margin of 35.04%; thermal-management products for high-power-density equipment accounted for 26.73% of revenue and had a gross margin of 13.10%; and engineering operations and maintenance services had a gross margin of 39.83%. The downstream customer structure and product mix jointly affect profitability.
• As of December 31, 2025, the book balance of accounts receivable was RMB 4.044 billion, equivalent to approximately 40.9% of annual revenue and 18.32% of total assets. The book value of inventories was RMB 546 million, equivalent to approximately 55.2% of revenue and 24.73% of total assets. The company stated that the large scale of accounts receivable was related to phased payments, customer credit terms, lengthy customer payment-approval procedures, acceptance and delivery schedules, and warranty deposits. The increase in inventories was mainly attributable to stocking for orders on hand at period-end. Net cash flow from operating activities in 2025 was RMB 111 million, a significant improvement from 2024. These indicators suggest that the company must provide a certain level of credit and capital support to downstream customers, indicating relatively stronger bargaining power among downstream customers in cash settlement. Project delays or delayed acceptance may also create inventory-impairment and cash-flow pressure.
• Sales to the top five customers in 2025 accounted for 60.31% of annual sales, with the largest and second-largest customers accounting for 19.71% and 13.62%, respectively. Purchases from the top five suppliers accounted for 19.80% of total annual purchases. Customer concentration was materially higher than supplier concentration. Both customers and suppliers were disclosed anonymously. The research memorandum did not provide specific names or data for other years for cross-checking, making it impossible to determine the actual industry affiliation or degree of dependence on any individual customer or key supplier. The latest annual report should prevail.

The company operates in the midstream specialized-equipment and system-integration segment. It is neither an upstream resource company nor a downstream company with end-market brand premiums. Traditional UHV, flexible-DC and high-power power-electronics thermal-management products have relatively high technical, certification and engineering-experience barriers and relatively high gross margins. Data-center and energy-storage liquid cooling are in a stage of growth and intensifying competition, with relatively lower gross margins. Further profit improvement will mainly depend on increasing the share of high-margin high-power power-electronics thermal-management products, expanding overseas UHV and offshore flexible-DC projects, reducing costs through the scale-up of data-center liquid cooling and CDU products, standardizing energy-storage liquid cooling, expanding engineering operations and maintenance and spare-parts revenue, and improving collection cycles from major customers and project working-capital utilization.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest disclosed financial report is Goaland’s 2026 interim report, covering the period ended June 30, 2026 and disclosed in August 2026. Non-GAAP net profit attributable to shareholders in the first half of 2026 was RMB 24.5910 million, up 37.86% year on year; non-GAAP net profit attributable to shareholders in 2025 was RMB 55.7818 million, up 194.43% year on year.

Revenue and profit both increased year on year in the first half of 2026, with the growth rate of non-GAAP net profit attributable to shareholders exceeding that of revenue. By business, revenue from high-power power-electronics thermal-management products was RMB 215.41 million, down 3.69% year on year, with a gross margin of 37.72%; revenue from thermal-management products for high-power-density equipment was RMB 210.11 million, up 53.41%, with a gross margin of 11.83%; and revenue from engineering operations and maintenance services was RMB 60.1503 million, up 36.84%, with a gross margin of 36.75%. High-power-density thermal management was the main source of revenue growth, but its gross margin was materially below that of the other two businesses. Investment income in the first half of 2026 was RMB 20.5412 million, accounting for approximately 68.14% of total profit, mainly from associate Dongguan Sicon. Net profit attributable to shareholders was therefore not derived entirely from core operating activities. Accounts receivable at period-end was RMB 500.14 million, up from RMB 404.44 million at the end of 2025. Inventories were RMB 667.41 million, up from RMB 546.04 million at the end of 2025. Net cash flow from operating activities was RMB -26.3646 million, compared with RMB 76.3643 million in the same period of the previous year, turning negative and requiring attention to collection efficiency and working-capital utilization. Net operating cash flow in 2025 was RMB 110.86 million, an improvement from RMB -68.2373 million in 2024.

3.2 Earnings Forecasts

The forecasts above come from individual brokerage reports or historical research reports and do not constitute a stable multi-broker consensus. The Guosen Securities report was dated September 16, 2025; Northeast Securities, March 3, 2026; Guohai Securities, August 20, 2025; and Zheshang Securities, September 4, 2025. Public channels indicate that the earnings-forecast page of 10jqka currently states that “no institution has made an earnings forecast for the current year,” while the rating statistics for the past six months show no valid samples for Buy, Accumulate or other ratings. Publicly verifiable data for 2028 revenue, net profit and EPS are unavailable.

3.3 Valuation and Institutional Ratings

At the September 11, 2026 close, the company’s share price was RMB 34.90. The stock declined 4.46% that day, and total shares outstanding were approximately 305.25 million, implying a total market capitalization of approximately RMB 10.66 billion based on the closing price. Public market data differ by methodology: Zhongcai.com reported a P/E of approximately 341.62x and a non-GAAP P/E of approximately 170.36x; Xiaole Financial Reports reported a P/E of approximately 317.44x and a P/B of approximately 7.16x, with the page dated September 2, 2026; and 10jqka showed a dynamic P/E of approximately 216.67x and a static P/E of approximately 392.87x. Based on Guosen Securities’ 2026 EPS forecast of RMB 0.45, forward P/E was approximately 77.6x. Based on Northeast Securities’ 2026 net profit attributable to shareholders of RMB 111 million, rough EPS was approximately RMB 0.36, implying forward P/E of approximately 96x. Based on Zheshang Securities’ 2026 net profit attributable to shareholders of RMB 83 million, rough EPS was approximately RMB 0.27, implying forward P/E of approximately 128x. Even using the relatively optimistic 2026 net profit attributable to shareholders forecast of RMB 137 million, the current share price still corresponds to forward P/E of approximately 78x. Net assets attributable to shareholders in the 2026 interim report were RMB 1.38283 billion. Based on approximately 305.25 million shares, net assets per share were approximately RMB 4.53, implying a P/B of approximately 7.7x at RMB 34.90, broadly consistent with public market data. Public research-report target prices were mainly concentrated in the RMB 31.39–44 range. The current share price was above Guosen Securities’ historical target range and below Northeast Securities’ target price, but the report dates differ and these should not simply be regarded as currently valid target prices. Overall, the company’s valuation is high, and valuation digestion depends on rapid future profit growth. Institutional forecasts for 2026 net profit attributable to shareholders range from RMB 83 million to RMB 137 million, indicating substantial divergence. Key factors to monitor include the pace of liquid-cooling volume growth, gross margin, order execution, increases in accounts receivable and inventories, the high proportion of investment income and the impact of negative operating cash flow on earnings quality.

4. Recent News and Announcements

4.1 Dongguan Sicon Stake Sale Approved by the Shenzhen Stock Exchange’s M&A Review Committee but Not Yet Closed

On September 8, 2026, Goaland disclosed that the M&A Review Committee of the Shenzhen Stock Exchange had approved Aike’s issuance of shares and payment of cash to acquire assets. Goaland proposed to transfer its 16.9759% stake in Dongguan Sicon to Aike. On September 9, 2026, the company further disclosed that the matter remained in the regulatory-approval and transaction-closing process. As of the announcement date, the final transfer and registration of the equity interest had not been completed. The transaction still requires CSRC registration approval, and there is uncertainty regarding whether and when it will ultimately be approved and completed.

4.2 Dongguan Sicon Transaction Value of Approximately RMB 370 Million Intended to Optimize Asset Structure

Goaland proposed to transfer a RMB 5,128,400 capital contribution in Dongguan Sicon, representing 16.9759% of its current registered capital. Under the previous transaction arrangements, 100% of Dongguan Sicon was valued at approximately RMB 2.2 billion, implying a transaction value of approximately RMB 373.47 million for Goaland’s stake. The transaction was initiated in December 2025, with supplemental agreements signed in March and August 2026, respectively. If completed, the company is expected to recover approximately RMB 370 million in cash and further concentrate resources on its core areas of power-electronics thermal management, data-center liquid cooling and energy-storage thermal management. The final transaction price, closing date and accounting treatment will be subject to regulatory approval, transaction implementation and audit confirmation.

4.3 2026 Third Extraordinary General Meeting Approved the Reappointment of the Auditor

Goaland’s third extraordinary general meeting of 2026 was held on September 7, 2026, and the resolution announcement was disclosed on September 8, 2026. The meeting approved the proposal on reappointing the auditor for 2026. Votes in favor totaled 46,260,016 shares, representing 99.7060% of the valid voting shares held by attending shareholders; votes against totaled 90,000 shares, or 0.1940%; and abstentions totaled 46,400 shares, or 0.1000%. The approval rate among minority shareholders was 92.0798%. No proposal was rejected. The proposal related to the Dongguan Sicon stake transaction had previously been approved at the company’s second extraordinary general meeting held on August 20, 2026.

4.4 Capital Increase by Wholly Owned Subsidiary, Reducing Goaland’s Ownership to 60%

On August 22, 2026, Goaland disclosed an announcement concerning the capital increase and shareholding expansion of Guangzhou Goaland Innovation Technology Co., Ltd., the company’s waiver of its preemptive subscription right and the related-party transaction. Li Qi, Wang Yangyang and an employee shareholding platform proposed to contribute a total of RMB 90 million and subscribe for RMB 10 million of newly increased registered capital. Goaland waived its preemptive right to subscribe in the capital increase. Upon completion, the company’s ownership interest will decline from 100% to 60%, and Goaland Innovation Technology will change from a wholly owned subsidiary to a controlled subsidiary while remaining included in consolidated financial statements. Because directors and senior officers of the company participated in the capital increase, the transaction constitutes a related-party transaction. The transaction can replenish the subsidiary’s capital and support the expansion of data-center liquid cooling and other businesses, but the proportion of future incremental profits attributable to listed-company shareholders will correspondingly decline.

4.5 Subsidiary Completed Changes to Legal Representative and Business Scope

On August 26, 2026, Goaland disclosed an announcement concerning changes to the legal representative and business scope of a wholly owned subsidiary and the completion of the relevant industrial and commercial registration. Based on the information currently identified, this was an organizational and registration-level adjustment and did not indicate a major asset restructuring or a change in control.

4.6 First-Half 2026 Results Continued to Grow, but Operating Cash Flow Turned Negative

Goaland disclosed its 2026 interim report on August 22, 2026. In the first half of 2026, revenue was RMB 493.61 million, up 18.16% year on year; net profit attributable to shareholders of the listed company was RMB 25.7326 million, up 12.22%; non-GAAP net profit was RMB 24.5910 million, up 37.86%; and net cash flow from operating activities was RMB -26.3646 million, compared with RMB 76.4363 million in the same period of the previous year. At the time of the report, the sale of the Dongguan Sicon stake had not yet completed regulatory approval or equity closing. As of September 13, 2026, no newly issued annual, interim or third-quarter earnings forecast or earnings flash report for September had been identified.

4.7 No New Repurchase, Major Shareholder Selling or Buying Announcements Identified as of September 13

As of September 13, 2026, no new share-repurchase plan, repurchase-progress announcement or repurchase-cancellation announcement by Goaland in September 2026 had been identified. The 2026 interim report disclosed that no share repurchase was being implemented during the reporting period. No new block-trading reduction plan, shareholding-increase plan or statement of changes in equity by the controlling shareholder, actual controller, directors or senior officers had been identified during the same period. The structure of the top ten tradable shareholders had changed as of the interim report, but this information was not a real-time September reduction announcement.

4.8 No New Regulatory Penalties or Investigations Identified as of September 13

As of September 13, 2026, no regulatory warning letter, disciplinary action, inquiry letter or investigation announcement involving Goaland in September had been identified. The regulatory matter most closely related to the company recently was Aike’s acquisition of 100% of Dongguan Sicon, which was approved by the M&A Review Committee of the Shenzhen Stock Exchange. The transaction still requires CSRC registration approval and represents progress in the M&A review process, rather than a regulatory penalty or adverse regulatory measure against Goaland.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of the September 11, 2026 close, Goaland closed at RMB 34.90, down 4.46% from the previous trading day, with trading value of approximately RMB 1.565 billion and turnover of 16.62%. The share price remained above MA50, MA100 and MA200, while MACD (12,26) remained positive on September 10. The medium-term trend had not yet fully weakened. However, the stock formed a relatively large bearish candle on September 11, accompanied by net selling of approximately RMB 223 million by major funds. The share price was below or close to the short-term MA5, and short-term adjustment pressure increased materially. Bollinger Bands calculated using historical closing prices showed that the share price was above the middle band and close to the upper-band area. Recent price and trading volume were both characterized by high volatility and strong divergence. In valuation terms, third-party platforms reported a TTM P/E of approximately 341.62x, while 10jqka reported a static P/E of approximately 392.87x. The methodologies differ and should not be mixed. The high valuation also means that technical performance may be more sensitive to changes in sentiment, fund flows and sector conditions.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is only a subjective scenario analysis based on data as of the September 11, 2026 close and publicly available technical indicators. It does not constitute investment advice or a guarantee of future prices.

1) Key Technical Levels

2) Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Consolidation (relatively high subjective weight, approximately 60%; a subjective heuristic weight based on the current technical pattern, fund flows and trading volume, not a statistical probability): Reference price range of RMB 33.40–37.00. Trigger conditions include support forming in the RMB 33.40–34.00 area, trading value declining from September 11, narrowing net selling by major funds and no further deterioration in sector sentiment. Technically, this may represent turnover after the previous rapid rally, with repeated oscillation between around the MA10 and the previous high
• Weak decline (medium subjective weight; a subjective heuristic judgment, not a statistical probability): Reference price range of RMB 31.00–33.40. Trigger conditions include a break below around RMB 33.40, daily trading value remaining above RMB 1.5 billion, continued high volume on down days, or simultaneous weakness in liquid cooling, computing-power and ChiNext-related sectors. If the strong support zone of RMB 31.00–32.00 is also broken effectively, the stock may retreat toward around RMB 29
• Rebound and strengthening (low subjective weight; a subjective heuristic judgment, not a statistical probability): Reference price range of RMB 36.50–39.00. Trigger conditions include the share price reclaiming RMB 36.50 with clear volume confirmation, daily trading value remaining above the recent normal range and major funds shifting from net outflows to consecutive net inflows. A further break above RMB 38.60 would provide more complete confirmation of short-term strength. A single-day rally accompanied by declining volume would not constitute an effective breakout

3) Fund and Liquidity Background

Turnover was approximately 16.62% and trading value was approximately RMB 1.565 billion on September 11. From September 7 to September 11, daily volume was approximately 44.77–58.12 million shares and trading value was approximately RMB 1.530–2.014 billion, materially higher than the low-level trading value of approximately RMB 280 million in mid-to-late August. Shareholder data as of June 30, 2026 show that the top ten shareholders held approximately 54.0987 million shares in total, or approximately 17.71% of total shares. The top ten tradable shareholders held approximately 20.9882 million shares, or approximately 6.88% of tradable shares, indicating relatively low concentration. The top ten shareholders included the E Fund CSI New Energy Battery ETF, Hong Kong Securities Clearing Company Limited and Goldman Sachs International—Own Funds, but their individual ownership interests were approximately 0.59%, 0.50% and 0.25%, respectively. This does not support an inference of high institutional control. The shareholder structure lags the September 11 market date by at least approximately one quarter, and changes may have occurred after June 30. Combined with the recent high turnover, chip exchange has been relatively substantial in actual trading, and intraday price volatility and slippage risks may be higher than for low-turnover stocks. However, these data alone cannot determine current institutional holdings or trading direction.

Observable volume-confirmation signals: If trading value exceeds RMB 1.8 billion on two consecutive trading days during the coming week, while the closing price reclaims RMB 36.50 and major funds no longer show substantial net selling, this could be regarded as confirmation of improved short-term fund support. If volume rises while the share price continues to close below RMB 33.40, the pattern would be more consistent with distribution at elevated levels or weakening market positions.

4) Points to Monitor (Observational Ideas Only, Not Trading Instructions)

• Observational idea, not a trading instruction: Monitor whether the RMB 33.40–34.00 area forms support and whether the stock moves toward the strong support zone of RMB 31.00–32.00 after breaking below it.
• Observational idea, not a trading instruction: Monitor whether the RMB 36.50–38.60 resistance band can be effectively broken with volume support.
• Observational idea, not a trading instruction: Monitor whether trading value remains above RMB 1.5 billion during declines and whether net selling by major funds narrows.
• Observational idea, not a trading instruction: Monitor whether there is a combination of trading value above RMB 1.8 billion for two consecutive trading days, a close above RMB 36.50 and no further substantial net selling by major funds.

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share-price performance will also be affected by news, liquidity, broader market conditions and other factors. Technical indicators themselves have lagging effects and limitations. The analysis does not guarantee actual future performance and does not constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Landscape and Competitor Analysis

6.1 Industry Overview

Goaland operates in industrial thermal-management equipment and liquid-cooling systems, spanning the subsegments of electrical machinery and equipment manufacturing, specialized equipment, data-center infrastructure and energy-storage temperature control. The industry requires solution, piping, heat-exchange and control-system design, as well as on-site commissioning, based on voltage level, power density, ambient temperature, altitude, salt spray, humidity and equipment structure. Key entry barriers include technology, brand, capital, engineering experience and customer certification.

6.2 Competitive Landscape

• Liquid-cooling equipment is used in critical equipment such as converter valves, energy-storage plants and data centers. Cooling-system failures may affect the operation of primary equipment, so downstream customers generally prioritize suppliers with long-term engineering track records and reliability records.
• China’s liquid-cooling equipment industry remains in a growth stage and no absolute monopolist has emerged. However, technological research and development, system integration, customer certification, long-term operating verification, and the ability to design, manufacture, install, commission and provide after-sales service collectively create high barriers. Industry concentration is relatively high.
• Future competition will focus on technical certification and global delivery capabilities for UHV and flexible-DC projects; standardization and scaling of data-center cold-plate, immersion liquid-cooling and CDU products; cost efficiency and safety of energy-storage liquid-cooling systems; localized overseas services; major-customer relationships; and long-term operations and maintenance services.
• As domestic substitution progresses and the industry matures, competition may intensify and industry margins may face pressure to revert toward average levels. Companies with first-mover advantages, extensive engineering experience, complete product lines and scaled manufacturing capabilities are likely to retain relatively strong competitiveness.
• The company describes itself as “a domestic leader” and an “industry leader,” but the research memorandum did not provide a unified domestic market-share figure. Its industry position should therefore be understood as a qualitative assessment based on technology, customer certification, engineering track record and product lines, rather than a market-share ranking independently verified by a third party.
• Data-center and energy-storage liquid-cooling markets remain fast-changing. Invicool, Shuangliang Environment, Tongfei, Chuanrun and certain power-equipment and server-infrastructure companies may compete in different projects. Comparable companies represent relatively high business overlap and do not have completely identical products.

6.3 Major Competitors

Goaland overlaps to varying degrees with Invicool, Shuangliang Environment, Tongfei and Chuanrun in data-center liquid cooling, energy-storage temperature control and industrial temperature control. However, Goaland is more focused on pure-water cooling for high-power power-electronics equipment, UHV DC, flexible DC and offshore flexible-DC liquid-cooling systems, and has accumulated substantial historical experience in power-electronics thermal management. Comparability with Sifang is mainly concentrated in power electronics, transmission and distribution equipment and certain cooling-system projects. Product structures and application scenarios are not fully identical, so simple like-for-like comparisons are inappropriate.

7. Risk Factors

• Core-business profitability is sensitive to product mix. In 2025, the increased share of high-margin high-power power-electronics thermal-management products drove a recovery in overall gross margin, but revenue from this business declined 3.69% year on year in the first half of 2026. If orders or project progress for power-electronics thermal management slows, the foundation for revenue and profit growth could weaken.
• Revenue from thermal management for high-power-density equipment is growing rapidly, but its gross margin is low. Gross margin was 13.10% in 2025 and declined further to 11.83% in the first half of 2026. If data-center liquid cooling, CDUs and energy-storage liquid cooling continue to face customized price competition or intensifying competition, revenue growth may not translate into corresponding profit growth.
• Working-capital utilization and collection pressure are significant. As of June 30, 2026, accounts receivable stood at RMB 500.14 million and inventories at RMB 667.41 million, both higher than at the end of 2025. Net cash flow from operating activities was RMB -26.3646 million. Continued delays in customer payment approval, project acceptance or warranty-deposit settlement could create cash-flow pressure, inventory impairment or accounts-receivable collection risks.
• Customer concentration is high. Sales to the top five customers in 2025 accounted for 60.31% of annual sales, with the largest and second-largest customers accounting for 19.71% and 13.62%, respectively. Major customers have relatively strong bargaining power. Changes in key customers’ investment plans, purchasing schedules or acceptance progress could materially affect revenue recognition, gross margin and collections.
• Net profit attributable to shareholders is materially affected by investment income. Investment income in the first half of 2026 was RMB 20.5412 million, accounting for approximately 68.14% of total profit. If the operating performance or investment income of associate Dongguan Sicon changes, net profit attributable to shareholders may diverge materially from the performance of the core business.
• The sale of the Dongguan Sicon stake remains subject to execution uncertainty. Although the transaction has been approved by the M&A Review Committee of the Shenzhen Stock Exchange, it still requires CSRC registration approval and completion of the final equity transfer. The transaction price, closing date and accounting treatment may change, and the planned recovery of approximately RMB 370 million cannot yet be regarded as realized.
• Changes in the ownership of a controlled subsidiary may affect earnings attributable to shareholders. After the capital increase of Goaland Innovation Technology, the company’s ownership interest will decline from 100% to 60%. Although the subsidiary will remain consolidated, the proportion of future incremental profits attributable to listed-company shareholders will correspondingly decline.
• The current valuation requires substantial earnings delivery. As of September 11, 2026, the RMB 34.90 share price corresponded to a TTM P/E of approximately 341.62x and a P/B of approximately 7.70x. If liquid-cooling volume growth, gross-margin improvement or profit growth falls short of market expectations, valuation volatility may be amplified.

8. Conclusion and Outlook

The company’s growth drivers mainly comprise order growth and product-mix improvement in power-electronics thermal management, as well as expansion in high-power-density businesses such as data-center liquid cooling, CDUs and energy-storage thermal management. In the first half of 2026, revenue from thermal management for high-power-density equipment grew rapidly, while revenue from engineering operations and maintenance services also increased 36.84% year on year. If liquid-cooling products can achieve standardized, scaled cost reductions and generate recurring orders through customer certification and engineering experience, the company may still have room to expand revenue and improve its business mix. If the Dongguan Sicon stake transaction closes successfully, approximately RMB 370 million of cash is expected to be recovered, potentially further adjusting the asset structure and focus on core businesses.

However, earnings quality and the sustainability of growth still need to be assessed alongside core-business performance. In the first half of 2026, revenue from high-power power-electronics thermal management declined year on year. Although high-power-density thermal management contributed to revenue growth, its gross margin was only 11.83%. At the same time, investment income accounted for a relatively high proportion of total profit, operating cash flow turned negative, and accounts receivable and inventories continued to rise, indicating that order execution, project acceptance and customer collections have a significant impact on results. Whether the company can improve liquid-cooling margins and reduce working-capital utilization while maintaining revenue growth will be an important test of future earnings elasticity.

From a market perspective, the company’s current valuation is high. Different institutions forecast 2026 net profit attributable to shareholders of RMB 83 million to RMB 137 million, indicating substantial divergence. Valuation digestion requires continued rapid profit growth. Technically, medium-term moving averages and MACD remain relatively positive, but the stock is experiencing high turnover and high volatility. Future performance will be jointly affected by earnings delivery, progress on the Dongguan Sicon transaction, liquid-cooling gross margins and market liquidity and sentiment.

Data Sources

• Goaland (300499)_Company Announcements_Goaland: 2025 Annual Report_Sina Finance_Sina.com
• Goaland (300499)_Company Announcements_Goaland: 2024 Annual Report_Sina Finance_Sina.com
• Company Announcements_Goaland: 2022 Annual Report_Sina Finance_Sina.com
• Goaland (300499)_Company Announcements_Goaland: 2023 Annual Report_Sina Finance_Sina.com
• Goaland (300499)_Company Announcements_Goaland: 2023 ChiNext Offering of Shares to Specific Investors—Offering Memorandum (Updated Registration Draft)_Sina Finance_Sina.com
• Shenzhen Envicool Technology Co., Ltd. Prospectus (Listing Review Draft)
• Company Announcements_Tongfei: Prospectus for the Initial Public Offering and ChiNext Listing of Shares_Sina Finance_Sina.com
• Chuanrun 2026 Private Placement of A Shares—Offering Memorandum (Application Draft)
• Goaland (300499)_Company Announcements_Goaland: 2026 Interim Report_Sina Finance_Sina.com
• Goaland (300499)_Company Announcements_Goaland: 2025 Annual Report_Sina Finance_Sina.com
• Goaland (300499) Earnings Forecast_F10_10jqka Financial Services
• Guosen Securities—Goaland (300499): Leader in UHV Pure-Water Cooling Equipment; Data-Center Liquid Cooling Creates a Second Growth Curve—250916.pdf
• Northeast Securities—Goaland (300499): Power Business Growing Steadily; AIDC Opens a Second Growth Curve—260303
• Earnings Forecast
• Goaland (300499) Historical Stock Data: Historical Quotes, Prices and Charts_Investing.com
• Goaland (300499) Individual Stock Analysis_10jqka
• Goaland: Sale of Dongguan Sicon Stake Approved by Shenzhen Stock Exchange_Sina Finance_Sina.com
• Goaland (300499)_Company Announcements_Goaland: Progress Announcement on Sale of Equity Interest in an Investee Company_Sina Finance_Sina.com
• Goaland (300499)_Company Announcements_Goaland: 2026 Interim Report_Sina Finance_Sina.com
• Stock Code: 300499　　Stock Abbreviation: Goaland　　Announcement No.: 2026-004
• Goaland (300499)_Company Announcements_Goaland: Resolution Announcement of the Third Extraordinary General Meeting of 2026_Sina Finance_Sina.com
• Goaland (300499)_Company Announcements_Goaland: Announcement on Capital Increase and Shareholding Expansion of Wholly Owned Subsidiary and the Company’s Waiver of Preemptive Subscription Right and Related-Party Transaction_Sina Finance_Sina.com
• Goaland (300499) All Announcements—Lixinger
• Goaland (300499)_Company Announcements_Goaland: Summary of 2026 Interim Report_Sina Finance_Sina.com
• Goaland (300499)_Company Announcements_Goaland: 2026 Interim Report_Sina Finance_Sina.com
• Changes in Goaland’s Top Ten Tradable Shareholders: Luo Bin and Others Newly Enter; UBS Group and Others Exit; E Fund CSI New Energy Battery ETF and Others Reduce Holdings_Sina Finance_Sina.com
• Aike: Restructuring Transaction Approved_Sina Finance_Sina.com
• ChiNext-Listed Companies of the Shenzhen Stock Exchange
• Goaland (300499)—Stock Quotes | Benyuan Quant
• Goaland (300499) Latest Developments_F10_10jqka Financial Services
• Goaland (300499) Latest Share Price, Real-Time Chart, Share-Price Analysis and Forecast_Investing.com
• Nanyang Commercial Bank
• Goaland (300499) Historical Stock Data: Historical Quotes, Prices and Charts_Investing.com
• Goaland (300499) Technical Analysis, Forecast and Trading Recommendations_Investing.com
• Goaland Closed at RMB 31.5; RSI6 at 68.34
• Goaland (300499) Stock News_Sina Finance_Sina.com
• Goaland (300499) Shareholder Research_F10_10jqka Financial Services

This report was automatically retrieved, compiled and generated by AI based on publicly available information. The information is current as of the September 11, 2026 close; certain moving-average, MACD and RSI indicators mainly correspond to September 10, 2026, shareholder data are as of June 30, 2026, and certain technical indicators are auxiliary calculations based on historical closing prices. Timing differences may exist. Specific data should be based on the company’s formal announcements and authoritative data terminals. This report is for information compilation and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.