附屬公司2025年前三季度業績預告 東岳集團有限公司（「本公司」）董事會（「董事會」）根據《香港聯合交易所有限公司 證券上市規則》（「《上市規則》」）第13.09 (2) (a)條及香港法例第571章《證券及期貨條 例》第XIVA部的內幕消息條文（ 定義見《上市規則》）發出本公告。 本公司於深圳證券交易所創業板上市的非全資附屬公司山東東岳有機硅材料股份 有限公司（「東岳硅材」，股票代碼：300821.SZ ）已於深圳證券交易所網站發布2025 年前三季度業績預告（「業績預告」）。 業 績預 告稱 東 岳硅 材截 至2025 年9 月 30 日 止九 個月 歸 屬於 其股 東 的淨 利潤 預 計同 比 下 降 大 約 96.27 % 至 97.40 % ； 扣 除 非 經 常 性 損 益 後 的 淨 利 潤 預 計 同 比 下 降 大 約 87.10 %至88.14 %。 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部份內容而產生或因倚賴該等內 ...

Industry and Company Analysis Summary Industry Overview - The data center and AI server liquid cooling industry is experiencing rapid growth due to increasing energy consumption and stringent green requirements. Liquid cooling technology is becoming a necessity as traditional air cooling cannot meet current demands [1][2][3] - The main liquid cooling technologies include cold plate, silent, and spray cooling, with cold plate technology currently dominating the market. However, silent cooling has superior heat dissipation capabilities, making it suitable for high-power density AI data centers [1][4] Key Points and Arguments - **Energy Consumption**: In 2024, China's computing centers are projected to consume 11,601 GWh, accounting for 1.68% of total electricity consumption, surpassing the annual output of the Three Gorges Dam. The government has set strict PUE standards for data centers, which will drop from 1.4 in 2023 to 1.3 by 2025 [2][3] - **Market Opportunity**: 3M plans to exit PFAS production by 2025, creating significant domestic replacement opportunities for companies like Juhua Co., Dongyue Group, and Nantong Zhanding [3][9] - **Liquid Cooling Demand**: The penetration rate of liquid cooling in AI data centers is expected to reach 85% by 2028, with overall cooling demand projected to exceed 100,000 tons [3][11] Liquid Cooling Technologies - **Cold Plate Cooling**: Dominates the market with a 91% application rate in 2022. It is mature and does not require extensive modifications to existing data centers, suitable for single cabinet power scenarios of 50-100 kW [4] - **Silent Cooling**: Although only 8% of the market in 2022, it offers the highest heat dissipation capacity, reaching 150 watts per square centimeter, and is ideal for high-density AI data centers [4] Cooling Media Characteristics - **Water-based**: Cost-effective and suitable for cold plate systems but requires additives to prevent microbial growth [5] - **Oil-based**: Used in silent cooling, with various types like mineral oil and synthetic oil, each having its pros and cons [5] - **Fluorinated**: Includes products like perfluoropolyether and perfluoramine, known for excellent thermal performance but higher costs and environmental risks [6][8] Future Trends - Fluorinated coolants, especially light fluorinated ethers, are expected to become essential in high-performance scenarios due to their material compatibility and environmental properties. New microchannel water-cooling technologies are emerging but are costly and complex [7] - The global cooling liquid demand is projected to grow fivefold in the next four years, with AI data centers contributing significantly to this increase [11] Key Companies and Market Dynamics - **Juhua Co.**: A leader in fluorinated compounds, with plans for 5,000 tons of production capacity [12] - **Dongyue Group**: Offers a comprehensive product line suitable for various liquid cooling solutions [12] - **China Petroleum**: Excels in oil-based cooling liquids with stable production capacity and cost advantages [12] Conclusion The liquid cooling industry is poised for significant growth driven by energy efficiency demands and technological advancements. Companies positioned to capitalize on these trends, particularly in the domestic market, are likely to see substantial opportunities in the coming years [3][9][12]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 東岳集團有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00189 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | 本月底法定/註冊股本總額： HKD 400,000,000 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [5][6][20] Core Insights - The petrochemical industry is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected to optimize its structure [5][6] - The global GDP growth is projected to remain at 2.8%, with stable oil demand despite some slowdown due to tariff policies [5][6] Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [5][6] - The coal market is anticipated to experience long-term price stabilization, with easing pressures on downstream sectors [5][6] - Natural gas exports from the U.S. are likely to accelerate, potentially lowering import costs [5][6] Chemical Sector Analysis - The report highlights that the viscose filament industry will see a supply-demand tightening, with a projected increase in operating rates from 84% to over 95% [5][6] - The grass herbicide market is set to address issues of low pricing and quality through upcoming industry meetings aimed at regulating competition [5][6] Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [5][6] - Specific companies to watch include Xinxiang Chemical Fiber, Jilin Chemical Fiber, and Lier Chemical, which are expected to benefit from market dynamics [5][6][20] Key Company Valuations - The report provides a valuation table for key companies, indicating various ratings such as "Buy" and "Increase" for companies like Hailir Chemical, Yunnan Chemical, and Wanhu Chemical [20]

Core Viewpoint - The article discusses the growing importance of liquid cooling technology in data centers due to increasing power consumption and heat generation from AI server chips, highlighting the shift from traditional air cooling to liquid cooling solutions. Group 1: Liquid Cooling Technology Types - Liquid cooling technology is categorized into two main types: cold plate and immersion cooling, with cold plate cooling holding a 91% market share in 2022 due to its maturity and compatibility [3][31]. - Immersion cooling, while having the highest heat dissipation capability, accounts for about 8% of the market and is represented by companies like Shuguang Data and Guangdong He Yi [4][31]. - Cold plate cooling primarily uses water-based coolants, offering advantages such as low cost and fast heat dissipation [5]. Group 2: Cooling Liquid Material Systems - The main types of cooling liquids include water-based, oil-based, and fluorinated coolants [7]. - Water-based coolants are mainly used in single-phase cold plate cooling, supplied by companies like Compton and Unification [8]. - Oil-based coolants are used in single-phase immersion cooling, with suppliers like China Petroleum and Unification [8]. - Fluorinated coolants are crucial for high reliability and extreme physical conditions, with companies like Juhua and Dongyue Group achieving large-scale production [8]. Group 3: Microchannel Liquid Cooling Breakthroughs - Microchannel cold plate technology is becoming a focus for AI chip manufacturers, with companies like Nvidia and Microsoft pushing for MLCP standards [9]. - Domestic companies such as Highlan and Feirongda are gaining certifications and expanding their market share in this area [9]. Group 4: Market Size and Price Logic - By 2028, the global AI data center installation capacity is expected to reach 59 GW, corresponding to a cooling liquid demand exceeding 89,000 tons [10]. - The Chinese market for liquid-cooled data centers is projected to grow at a compound annual growth rate (CAGR) of 51.4%, with the industry scale expected to exceed 100 billion yuan by 2027 [10]. Group 5: Leading Projects - Major companies like Alibaba, Shuguang, Huawei, and Lenovo are implementing liquid-cooled data center demonstration projects, with Alibaba achieving a PUE of 1.12 in its 5A green liquid-cooled data center [14][15]. - Shuguang has realized the world's first large-scale commercial application of immersion phase change liquid cooling [15]. - Huawei's cloud data center in Ulanqab utilizes indirect evaporative cooling, achieving a PUE of 1.15 [16]. Group 6: Mainstream Cooling Pathways - The article outlines the mainstream cooling pathways, including water-based, oil-based, and fluorinated cooling liquids, emphasizing the rapid growth of the liquid cooling market [18][21].

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rapid growth of data centers and the increasing power demands necessitate efficient cooling technologies, with liquid cooling addressing high energy consumption and heat generation issues. By 2024, China's computing centers are expected to consume 166 billion kWh, accounting for 1.68% of the total electricity consumption [2][2] - The main liquid cooling technologies include cold plate and immersion cooling, with cold plate cooling being the most widely used due to its mature technology. Liquid cooling offers multiple advantages such as high heat transfer efficiency, energy savings, and reduced noise [2][2] - The market for cooling liquids is projected to grow significantly, with an estimated demand of approximately 89,000 tons for AI data centers by 2028, alongside 19,000 tons from traditional server installations [2][2] Summary by Sections 1. Main Cooling Paths - Liquid cooling technology is categorized into indirect cooling (mainly cold plate) and direct cooling (including immersion and spray cooling). Cold plate cooling is the most prevalent, while immersion cooling offers higher heat dissipation capabilities but comes with higher operational costs [2][2][2] 2. Water-Based Cooling Liquids - Water-based cooling liquids are primarily used in single-phase cold plate cooling, offering good thermal conductivity and low cost. However, they may pose risks of microbial growth [50][50] 3. Oil-Based Cooling Liquids - Oil-based cooling liquids, including mineral oil and synthetic oil, are mainly applied in single-phase immersion cooling. They are cost-effective and environmentally friendly but have lower thermal conductivity compared to synthetic alternatives [56][56] 4. Market Space Estimation - The liquid cooling market in China is expected to exceed 100 billion yuan by 2027, with a compound annual growth rate of 51.4% from 2019 to 2027 [17][17] 5. Commercialization of Liquid Cooling Technology - The commercialization of liquid cooling technology is increasing, with major IT companies like Alibaba, Baidu, and Tencent implementing successful liquid cooling applications [27][27]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rapid growth of data centers and the increasing power demands necessitate efficient cooling technologies, with liquid cooling addressing high energy consumption and heat generation issues. By 2024, China's computing centers are expected to consume 166 billion kWh, accounting for 1.68% of the total electricity consumption [2][2] - The main liquid cooling technologies are cold plate and immersion cooling, with cold plate cooling being the most widely used due to its mature technology. Liquid cooling offers multiple advantages, including high heat exchange efficiency, energy savings, and reduced noise [2][2] - The market for cooling liquids is projected to grow significantly, with an estimated demand of approximately 89,000 tons for AI data centers by 2028 and an additional 19,000 tons from traditional server installations [2][2] Summary by Sections 1. Main Cooling Pathways - Liquid cooling technology is categorized into indirect cooling (mainly cold plate) and direct cooling (including immersion and spray cooling). Cold plate cooling is the most common, while immersion cooling offers higher heat dissipation capabilities but at a higher operational cost [2][2][2] 2. Water-Based Cooling Liquids - Water-based cooling liquids are primarily used in single-phase cold plate cooling, offering good thermal conductivity and low cost. However, they may pose risks of algae and bacteria growth [48][50] 3. Oil-Based Cooling Liquids - Oil-based cooling liquids, including mineral oil and synthetic oil, are mainly used in single-phase immersion cooling. They are cost-effective and environmentally friendly but have lower thermal conductivity compared to other options [53][56] 4. Market Space Estimation - The liquid cooling market in China is expected to exceed 100 billion yuan by 2027, with a compound annual growth rate of 51.4% from 2019 to 2027 [17][17] 5. Commercialization of Liquid Cooling Technology - The commercialization of liquid cooling technology is increasing, with major IT companies like Alibaba, Baidu, and Tencent implementing successful liquid cooling applications [27][27]

Core Viewpoint - First Shanghai maintains a "Buy" rating for Dongyue Group (00189), predicting revenue for 2025-2027 to be RMB 16.09 billion, RMB 17.47 billion, and RMB 18.15 billion respectively, with net profits of RMB 1.90 billion, RMB 2.58 billion, and RMB 2.81 billion. A target price of HKD 18.9 is set for 2025, indicating a potential upside of 57.5% from the current price [1] Financial Performance - In the first half of 2025, the company achieved revenue of RMB 7.46 billion, a year-on-year increase of 2.8%. The gross margin was 29.1%, up nearly 9.3 percentage points, and the net profit attributable to shareholders was RMB 780 million, a significant year-on-year growth of 153.3%, slightly exceeding the company's profit forecast [2] Refrigerant Business - The refrigerant segment showed rapid growth, contributing significantly to the company's performance. In the first half of 2025, this segment generated revenue of RMB 2.29 billion, a year-on-year increase of 47.7%. Profit reached RMB 1.03 billion, up 209.8%, with a segment profit margin of 44.9%, an increase of 23.5 percentage points. The price of major products like R32, R22, and R410a has risen significantly, with R22 priced at RMB 34,500 per ton, up RMB 2,500 per ton since the beginning of the year [3] Fluoropolymer and Silicone Business - The fluoropolymer materials segment continues to face pressure due to weak downstream demand, leading to a further decline in product prices compared to last year. Despite this, the company maintains a competitive advantage with superior product quality and higher prices than market peers. In the first half of 2025, this segment reported revenue of RMB 1.94 billion, a year-on-year decrease of 4.6%, with a segment profit of RMB 260 million and a profit margin of 13.4% [4] - The silicone segment is impacted by the release of new production capacity, weak downstream demand, and international trade conditions, resulting in a serious supply-demand imbalance and declining product prices. In the first half of 2025, revenue was RMB 2.76 billion, down 15.9%, with a profit of RMB 875,000, a decrease of 83.7%, and a profit margin of 0.38% [4]

Core Viewpoint - First Shanghai maintains a "buy" rating for Dongyue Group (00189), predicting revenue and net profit growth from 2025 to 2027, with a target price of HKD 18.9, indicating a potential upside of 57.5% from the current price [1] Group 1: Financial Performance - In the first half of 2025, Dongyue Group achieved revenue of RMB 74.6 billion, a year-on-year increase of 2.8%, with a gross margin of 29.1%, up nearly 9.3 percentage points; net profit attributable to shareholders was RMB 7.8 billion, a year-on-year increase of 153.3%, slightly exceeding the company's profit forecast [1] Group 2: Refrigerant Business - The refrigerant business experienced rapid growth, contributing significantly to the company's performance, with revenue of RMB 22.9 billion in the first half of 2025, a year-on-year increase of 47.7%; profit reached RMB 10.3 billion, a year-on-year increase of 209.8%, with a segment profit margin of 44.9%, up 23.5 percentage points, driven by significant price increases in key products [2] - As of September 12, 2025, the price of second-generation refrigerant R22 was RMB 34,500 per ton, up RMB 2,500 per ton since the beginning of the year; third-generation refrigerants R134a and R32 also saw price increases [2] Group 3: Fluoropolymer and Silicone Business - The fluoropolymer materials segment faced weak downstream demand, leading to a further decline in product prices; however, the company maintained a competitive advantage with superior product quality, achieving revenue of RMB 19.4 billion, a year-on-year decrease of 4.6%, and a segment profit margin of 13.4% [3] - The silicone segment experienced a significant decline in revenue and profit due to oversupply and weak downstream demand, with revenue of RMB 27.6 billion, a year-on-year decrease of 15.9%, and a segment profit margin of 0.38% [3]

Core Viewpoint - The refrigerant industry is experiencing a continuous upward trend in prosperity due to supply reductions and steady recovery in demand, leading to significant profit growth for leading companies in the sector [3]. Group 1: Supply and Demand Dynamics - In 2025, the production quotas for second-generation fluorinated refrigerants will be further reduced, and third-generation refrigerants will implement production quotas, tightening the supply side of the industry [3]. - The steady recovery in downstream demand is optimizing the supply-demand landscape for refrigerants, resulting in continuous price increases for refrigerant products [3]. Group 2: Profit Growth of Leading Companies - In the first half of 2025, leading domestic refrigerant companies reported substantial year-on-year net profit growth: Juhua Co. +146.97%, Sanmei Co. +159.22%, Yonghe Co. +140.80%, and Dongyue Group +153.28% [3]. Group 3: AI Computing Power and Liquid Cooling Demand - The rapid growth in AI computing power demand is driving the need for liquid cooling solutions, prompting fluorochemical companies to accelerate their layout in the liquid cooling industry [4]. - Juhua Co. is advancing the "Juxin Cooling Liquid" project with a planned capacity of 5,000 tons/year, while Sanmei Co. is enhancing its integrated fluorochemical project in Chongqing [4]. Group 4: Liquid Cooling Technology Overview - Liquid cooling technology is an efficient heat dissipation solution using liquid as a cooling medium, offering advantages such as energy savings (PUE 1.1-1.25) and high-density cooling (supporting 30kW/rack) compared to air cooling [5]. - The main forms of liquid cooling technology are cold plate and immersion cooling, which are expected to see rapid growth as computing power continues to increase [6]. Group 5: Market Growth Projections - The global liquid cooling market is projected to grow significantly, with expected market sizes of $2.9 billion in 2023 and $3.6 billion in 2024, reaching $4.5 billion by 2025 and $19.4 billion by 2032, indicating a CAGR of 23% from 2025 to 2032 [6].