（文章来源：证券日报） 证券日报网讯 2月25日，克莱特发布公告称，为规范公司募集资金管理，保护投资者权益，根据相关法 律、法规和规范性文件的规定，公司开设了募集资金专项账户存放本次发行的募集资金，公司已与保荐 机构、募集资金存储银行签订《募集资金专户三方监管协议》。 ...

（文章来源：证券日报） 证券日报网讯 2月25日，克莱特发布公告称，近日，公司收到了由国家知识产权局颁发的1项《发明专 利证书》，发明名称：具有承载吸声多功能轻量化的卷纸结构及制备方法。 ...

证券日报网讯 2月25日，克莱特发布2025年年度业绩快报公告称，公司2025年实现营业收入 587099273.34元，同比增长11.04%；归属于上市公司股东的净利润54943176.80元，同比增长0.53%。 （文章来源：证券日报） ...

Core Viewpoint - Klate has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, aiming to raise up to 200 million yuan to invest in intelligent high-efficiency fan projects and supplement working capital, aligning with the dual carbon strategy and industry upgrades [1][3] Group 1: Company Overview - Klate is recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology and a national manufacturing single champion, with a strong foundation in ventilation and cooling equipment [1] - The company focuses on core areas such as rail transit, new energy equipment (nuclear power, wind power, gas turbines), and marine engineering, with its main business covering R&D, production, sales, and maintenance services of ventilation and cooling systems [1][2] Group 2: Technological Innovation - Technological innovation is a core competitive advantage for Klate, with multiple research platforms and a strong patent portfolio of 110 patents, including 26 invention patents [2] - Klate has established significant technical barriers in the fan industry and has a strong voice in the market, particularly in the offshore wind power sector, where its products account for 70% of its offerings [2] Group 3: Market Potential - The intelligent high-efficiency fan project aligns with national dual carbon strategies, with the global high-speed blower market projected to grow from 4.741 billion yuan in 2024 to 6.393 billion yuan by 2030, at a CAGR of 5.11% [3] - The intelligent variable frequency (EC) fan market is expected to grow from 15.626 billion yuan to over 22.675 billion yuan by 2030, with a CAGR of 6.37% [3] Group 4: Investment Opportunity - The issuance of convertible bonds provides unique advantages under the improving policy framework of the North Exchange, offering investors a dual investment tool with growth potential and stable returns [3] - Klate aims to leverage the bond issuance to enhance technological innovation and capacity building, further solidifying its leading position in the high-end ventilation equipment sector [3]

Summary of Key Points from the Conference Call Company Overview - **Company**: 克莱特 (Kleit) - **Industry**: Gas Turbine Manufacturing, Data Center Cooling Solutions, Wind Power, Nuclear Power, Rail Transportation Core Business Insights - **Gas Turbine Market**: - Services major manufacturers like GE, Siemens, and Mitsubishi, with a focus on heavy-duty and aeroderivative gas turbines. Heavy-duty turbines are valued at approximately 1.5 million yuan per unit, while aeroderivative turbines use one unit [2][4]. - The gas turbine business is a significant revenue source, with a gross margin of around 33% and a net profit margin of 10% [3][16]. - **Order Backlog**: - Current orders are primarily scheduled for delivery in 2026, totaling nearly 20 million yuan. Future orders are expected to grow exponentially, particularly in overseas markets, with a delivery cycle of 6-8 months [2][5]. - **Overseas Business Growth**: - Anticipated to double, with higher profit margins compared to domestic markets [6]. Data Center Business - **Market Position**: - Focuses on precision air conditioning and cooling solutions, with a market share of 10%-20% among North American data center cooling suppliers. Collaborates with major clients like Meta and Google [9][11]. - Cost advantages of approximately 10% lower than competitors like EBM, with customized service offerings [11]. - **Future Prospects**: - Positive outlook for growth, with ongoing product development and competitive research [9][10]. Industry Dynamics - **Wind Power**: - Experienced a surge in installations but faces intense competition, leading to profit pressure. A recovery is expected by 2026 [14]. - **Rail Transportation**: - Currently performing well, with existing orders covering expectations for 2026. New models and battery assurance are areas of focus [17]. - **Nuclear Power**: - Steady approvals of about 10 units per year, indicating a sustainable market. Expected revenue from nuclear power to exceed 10 million yuan in 2025 [18]. Financial and Operational Insights - **Fixed Assets and Capacity**: - No ongoing construction projects; existing capacity utilization is high. New projects are expected to gradually release capacity over the next three years [16]. - **Convertible Bond Project**: - Progressing well, with funds expected to be in place before the Lunar New Year, leading to revenue generation starting in 2027 [22][27]. Market Expansion Strategies - **International Strategy**: - Plans to establish overseas assembly bases, including a factory in Vietnam, to enhance service and cost control [24]. - **Self-Manufacturing Plans**: - Gradual implementation of self-manufactured components, such as high-speed motors, to improve asset ratios and customer satisfaction [25]. Future Growth Areas - **Projected Growth Segments**: - Significant growth expected in nuclear power, shipping, and transformer industries, with selective engagement in wind power [26]. This summary encapsulates the key insights and projections from the conference call, highlighting the company's strategic direction and market positioning across various sectors.

Core Insights - Klete has evolved from selling fans to providing comprehensive cooling solutions, focusing on customer needs and technical challenges [2][5][9] - The company emphasizes a deep understanding of customer equipment conditions to offer customized cooling solutions, positioning itself as a key player in high-end industrial sectors [5][7] Company History and Development - Klete was founded in 1993, initially supplying cold chain fans to a local leader, establishing a strategy of close market proximity and collaboration with major clients [3][4] - The company has transitioned from a focus on individual products to integrated thermal management solutions across various industries, including rail transportation and offshore wind power [5][9] Innovation and Talent Management - Klete's management philosophy centers on understanding and respecting talent, with a unique employee structure that prioritizes engineers over sales personnel [6][7] - The company has successfully attracted top-tier talent, including a national-level expert, by providing a conducive environment for innovation and research [6][7] Financial Performance and Market Position - As of mid-2025, Klete holds a total order value of 577 million yuan, with significant contributions from ship engineering (40%) and nuclear power (24%) sectors [8] - The company faces production capacity challenges due to its reliance on skilled labor and the complexity of its custom orders, which may hinder delivery efficiency [8][9] Future Strategies - Klete plans to issue convertible bonds to raise approximately 200 million yuan for smart and efficient fan projects, aiming to enhance production flexibility and reduce labor dependency [9] - The company is also expanding into upstream manufacturing and comprehensive thermal management solutions, transitioning from a device manufacturer to an industrial service provider [9]

Core Insights - The company, Klate, exemplifies the dialectical unity of "cold" and "hot" in its operations, focusing on cooling technologies for industries like high-speed rail and nuclear power while fostering innovation and commitment to customer service [1][2] - Klate represents many "specialized and innovative" enterprises that thrive in less glamorous, upstream segments of the industrial chain, achieving excellence through decades of focused effort [1] - The company's approach aligns with China's "14th Five-Year Plan," emphasizing the integration of technological and industrial innovation, which is being actively pursued by numerous companies like Klate [1] Company Strategy - Klate's chairman, Sheng Junling, highlighted a long-term strategy where initial losses may occur, but the focus remains on technological accumulation and customer value, reflecting a commitment to "long-termism" [2] - The company’s strategy of maintaining a calm focus on its core business while embracing change with enthusiasm is seen as a microcosm of China's industrial upgrade [2]

Core Viewpoint - The company, Klate, has responded to the Beijing Stock Exchange regarding its issuance of convertible bonds, highlighting the successful outcomes of previous fundraising projects and the strategic focus of the new fundraising efforts on the intelligent and efficient wind turbine sector [1] Group 1: Previous Fundraising Projects - The previous fundraising project achieved a return of 124.45% on the committed benefits, with a total fundraising amount of 108 million yuan [2] - The original projects were adjusted due to strong market demand and space limitations, leading to the establishment of the "Industrial Thermal Management Equipment Industrialization Project (Phase I)" [2] - The project is expected to reach production by April 2025, with projected revenues of 228 million yuan and net profits of 12.51 million yuan for the first nine months of 2025 [2] Group 2: R&D Center Achievements - The "New Energy Equipment R&D Center Project" has also shown significant results, with a total investment of 43.41 million yuan and a completion rate of 101.37% [3] - The project has established several specialized laboratories, enhancing the company's technical research capabilities [3] - The R&D team has expanded from 108 to 188 members, with 27 new patent applications filed since 2024, including 15 granted patents [3] Group 3: New Fundraising Focus - The new fundraising plan aims to raise 200 million yuan, with 140 million yuan allocated for the "Intelligent High-Efficiency Wind Turbine Construction Project" and 60 million yuan for working capital [4] - The project will focus on high-end products such as high-speed centrifugal blowers and intelligent variable frequency high-efficiency fans, complementing previous projects without redundancy [4] - Upon reaching full production, the project is expected to generate annual revenues of 259 million yuan and achieve a post-tax internal rate of return of 16.60% [4] Group 4: Performance Metrics - From 2022 to 2024, the company is projected to have an average annual revenue growth rate of 11.95%, with revenues of 435 million yuan and net profits of 45.84 million yuan for the first nine months of 2025 [5] - The revenue structure is improving, with significant growth in sectors such as rail transportation (33.90% of revenue) and marine engineering (22.60%), while the new energy equipment sector is recovering steadily [5] - Management and R&D expenses are increasing in line with personnel expansion and project investments, consistent with the pace of business development [5]

Core Viewpoint - Shenzhen Zhongguang Nuclear Huilian No. 2 New Energy Equity Investment Partnership plans to reduce its stake in Klate (920689.BJ) by up to 880,800 shares, representing 1.20% of the total share capital, due to operational planning needs [2][5]. Group 1: Shareholder Information - Shenzhen Zhongguang Nuclear Huilian holds 4,404,000 shares, accounting for 6.00% of Klate's total shares, acquired before the listing on the Beijing Stock Exchange [4]. Group 2: Company Performance - Klate's main business includes the R&D, production, sales, and related maintenance services of ventilation and cooling equipment for rail transit, energy, nuclear power, marine engineering, and other high-end industrial ventilation products [5]. - For the first three quarters of 2025, Klate achieved revenue of 435 million yuan, a year-on-year increase of 9.56%; net profit attributable to shareholders was 48.318 million yuan, up 0.56%; and net profit excluding non-recurring items was 45.837 million yuan, an increase of 1.18% [5]. - The planned share reduction will not lead to changes in the controlling shareholder or actual controller and will not adversely affect the company's production and operations [5].

Group 1 - The core viewpoint of the news is that Krait (920689.BJ) has reported its Q3 2025 results, highlighting the significant presence of institutional investors in its A-shares, which collectively hold 64.81% of the total share capital [1] - As of October 28, 2025, a total of 8 institutional investors disclosed their holdings in Krait, amounting to 47.5673 million shares [1] - The proportion of institutional holdings has decreased by 0.68 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, specifically the Southern North Exchange Selected Two-Year Open Mixed Fund, which saw a slight rise in its holding percentage [2] - A total of 10 public funds did not disclose their holdings in this period, including notable funds such as Dacheng North Exchange Two-Year Open Mixed A and Jiashi North Exchange Selected Two-Year Fixed Mixed A [2] Group 3 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]