Core Viewpoint - The company is closely monitoring technological innovations in the liquid cooling server sector, which is seen as a key technology for high heat dissipation needs, indicating a broad industry outlook [1] Group 1: Liquid Cooling Technology - Liquid cooling technology encompasses various applications, including cold plate liquid cooling and immersion liquid cooling, with differences in the cooling fluids used [1] - The company has developed multiple liquid cooling products leveraging its extensive R&D experience and technical advantages in fluorinated chemicals [1] Group 2: Industry Collaboration - The company has engaged in product and application development collaborations with several leading industry clients [1] - The company aims to continue developing a range of products suitable for various application scenarios to provide higher quality performance products to users [1]

Core Viewpoint - Haohua Technology (600378) has developed multiple liquid cooling products leveraging its extensive R&D and technological advantages in the fluorine chemical sector, and has initiated product and application development collaborations with several leading industry clients [1] Group 1 - The company has a rich R&D accumulation and technological edge in the fluorine chemical field [1] - Multiple liquid cooling products have been developed by the company [1] - Collaborations with several leading industry clients for product and application development have been established [1]

Core Viewpoint - The company has developed mature and scalable technologies for carbon reduction, which are successfully applied in various large-scale oil refining and coal chemical enterprises [1] Group 1: Carbon Reduction Technologies - The company possesses key technologies for carbon reduction, including complete sets for low, medium, and high concentration carbon dioxide capture [1] - Technologies also include carbon dioxide hydrogenation to methanol, carbon dioxide and methane reforming to synthesis gas, biomass gasification coupled with green hydrogen to produce green methanol and SAF, and carbon dioxide hydrogenation to produce natural gas [1] - These technologies, processes, and specialized catalysts have been successfully implemented and are operating stably in multiple large-scale oil refining and coal chemical facilities [1]

Core Insights - The company has advanced carbon capture technology that can recover and purify CO₂ from various sources such as flue gas, natural gas, and fermentation gas [1] - The company has developed multiple technical routes for CO₂ capture, including chemical absorption, physical absorption, pressure swing adsorption, membrane separation, and low-temperature separation [1] - The company has implemented over 70 sets of carbon capture industrial devices, serving diverse applications including industrial utilization of CO₂, geological storage, and enhanced oil recovery [1] Technology and Applications - The company’s Southwest Institute possesses advanced pressure swing adsorption and chemical absorption technologies, capable of handling CO₂ from high, medium, and low concentration sources [1] - The technologies can produce industrial-grade, food-grade, and electronic-grade liquid CO₂ [1] - The company holds over ten patents related to carbon capture technology, indicating a strong intellectual property position in this field [1] Collaborations and Market Presence - The company has established partnerships with both domestic and international clients for its carbon capture solutions [1] - The applications of the carbon capture technology are diverse, indicating a broad market potential and adaptability to various industrial needs [1]

Core Viewpoint - The company focuses on high-end fluorine materials, electronic chemicals, advanced manufacturing chemicals, and carbon reduction, with a commitment to innovation and technology-driven development [1] Group 1: Business Scope and Product Applications - The company's main business includes high-end fluorine materials, electronic chemicals, advanced manufacturing chemicals, and carbon reduction, categorized as "3+1" core businesses [1] - Products are widely applied in strategic emerging industries such as civil aviation, shipping, electronic information, rail transportation, clean energy, supercomputing, and new energy [1] - Key products include fluorinated chemicals, fluoropolymers, fluorine fine chemicals, lithium battery materials, electronic specialty gases, special rubber and plastics, specialty coatings, specialty tires, and polyurethane new materials, showcasing technological and market share advantages [1] Group 2: Future Development and Strategic Focus - The company emphasizes technology leadership and innovation-driven strategies, aligning with national major strategies and market demands [1] - It aims to industrialize its proprietary technologies and promote deep integration of technological and industrial innovation [1] - The goal is to become a leading domestic and internationally recognized provider of innovative advanced chemical material solutions [1] Group 3: Carbon Reduction and Regional Engagement - The company has significant advantages in carbon capture, carbon resource utilization, and hydrogen production technologies, with engineering service operations in carbon reduction in the western regions [1] - There is an ongoing commitment to addressing market needs and contributing to national infrastructure projects, including potential involvement in regions like Xinjiang and Tibet [1]

Group 1 - The company specializes in specialty gases used in the semiconductor industry, particularly in processes such as etching, cleaning, ion implantation, and chemical vapor deposition [1] - There is a growing demand for electronic specialty gases due to the acceleration of domestic semiconductor localization and the expansion of the domestic and international semiconductor market [1] - The company's electronic specialty gas business is expected to continue benefiting from this increasing demand [1]

投资者提问： 尊敬的投资者您好，感谢您对公司的关心、支持和相关建议！公司现有11家二级全资子公司。公司在海 南省海口市设有控股子公司海南曙光橡胶科技有限公司，为公司三级子公司。根据民用航空轮胎业务市 场发展计划，该控股子公司将依托海南自贸港平台，充分利用海南天然橡胶产地优势和自贸港优惠政 策，努力打造面向国内及东南亚等国际民航胎市场营销终端。查看更多董秘问答>> 请问贵公司有多少子公司？海南岛即将封关。贵公司有计划在海南成立子公司吗，在海南成立子公司更 有助于贵公司做大做强。建议贵公司在海南开展业务。 董秘回答(昊华科技SH600378)： 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Core Viewpoint - Haohua Technology (600378.SH) has successfully launched the first phase of its 6000 tons/year trifluorine nitrogen project, with an initial capacity of 3000 tons, at the Zigong Yantan base in Sichuan [1] Group 1 - The trifluorine nitrogen project is now in production, indicating progress in the company's expansion efforts [1] - Haohua Gas, a subsidiary of the company, is supplying electronic specialty gases in a stable manner based on actual market demand, particularly in the integrated circuit manufacturing sector [1]

Core Viewpoint - The company has successfully launched its high-performance organic fluorine materials project, achieving a total PTFE production capacity of 48,000 tons per year, with a specific focus on applications in high-frequency PCB substrates [2] Group 1 - The company’s subsidiary, Zhonghao Chenguang, has commenced production of qualified PTFE products from its 26,000 tons per year project [2] - The total PTFE production capacity of the company is currently 48,000 tons per year [2] - The PTFE-related products produced by the company can be utilized in PCB substrates [2]

Core Viewpoint - The strong demand for lithium batteries is expected to sustain the price increase of PVDF, with projected demand for lithium-grade PVDF in China reaching approximately 78,700 tons in 2025, a year-on-year increase of 65.4% [1][2]. Industry Status - As of November 20, the mainstream market price of PVDF has risen from 49,000 CNY/ton at the beginning of November to 52,000 CNY/ton [1]. - The average market prices for PVDF used in lithium iron phosphate, ternary batteries, and membrane coating are reported at 60,000 CNY/ton, 119,500 CNY/ton, and 182,000 CNY/ton respectively, showing increases from mid-year lows [1][2]. Supply and Demand Dynamics - The downstream applications of PVDF primarily include lithium batteries, photovoltaics, coatings, and water films. In the first ten months of 2025, the total installed capacity for lithium iron phosphate batteries in China is 1,240 GWh, and for ternary batteries, it is 265 GWh [2]. - Assuming production remains stable in November and December, the estimated demand for lithium-grade PVDF could reach 78,700 tons in 2025, with a potential increase to 110,000 tons in 2026 if the growth rate in battery production continues [2]. Production Capacity Insights - The current effective production capacity of the PVDF industry is approximately 180,000 tons, with nominal new capacity reaching 157,000 tons. However, the actual new capacity may be lower than expected due to high barriers to entry in the supply chain [3]. - The supply chain for lithium-grade PVDF is concentrated among a few key players, including companies like Dongyue Group, Haohua Technology, and Juhua Co., Ltd. The actual supply increase may be significantly lower than anticipated due to the concentration of new effective capacity among existing suppliers [3].