Core Viewpoint - Ningbo Jinda's stock price has shown a significant increase of 29.91% year-to-date, with a recent market capitalization of 5.717 billion yuan, indicating strong investor interest despite a slight decline in the last five trading days [1][2]. Financial Performance - For the first half of 2025, Ningbo Jinda reported a revenue of 401 million yuan, reflecting a year-on-year growth of 1.10%. However, the net profit attributable to shareholders decreased by 25.77% to 65.0527 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 645 million yuan, with 350 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 16, Ningbo Jinda's stock price was 11.38 yuan per share, with a trading volume of 34.6081 million yuan and a turnover rate of 0.70% [1]. - The stock experienced a net inflow of main funds amounting to 3.9536 million yuan, with large orders accounting for 25.53% of purchases [1]. Business Overview - Ningbo Jinda, established on August 15, 2002, and listed on November 11, 2014, specializes in the research, production, and sales of heat exchanger equipment and precision pressure machines. The revenue breakdown includes heat exchangers (37.23%), pressure machines (34.17%), microchannels (14.92%), molds (6.65%), and other products [1]. - The company operates within the machinery equipment sector, specifically in general equipment and machine tools, and is involved in various concept sectors such as automotive thermal management, new energy vehicles, industrial mother machines, machinery, and semiconductors [1]. Shareholder Information - As of June 30, the number of shareholders for Ningbo Jinda was 32,600, a decrease of 11.70% from the previous period, while the average circulating shares per person increased by 13.25% to 13,375 shares [2].

Core Viewpoint - Ningbo Jinda's stock price has shown a significant increase of 33.33% year-to-date, despite a recent decline of 1.27% over the last five trading days, indicating volatility in its performance [1][2]. Financial Performance - For the first half of 2025, Ningbo Jinda reported a revenue of 401 million yuan, reflecting a year-on-year growth of 1.10%. However, the net profit attributable to shareholders decreased by 25.77% to 65.05 million yuan [2]. - The company has distributed a total of 645 million yuan in dividends since its A-share listing, with 350 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 10, Ningbo Jinda's stock was trading at 11.68 yuan per share, with a market capitalization of 5.868 billion yuan. The trading volume reached 114 million yuan, with a turnover rate of 2.29% [1]. - The net outflow of main funds was 1.0975 million yuan, while large orders showed a buying volume of 26.0844 million yuan and a selling volume of 23.9736 million yuan [1]. Business Overview - Ningbo Jinda, established on August 15, 2002, and listed on November 11, 2014, specializes in the research, production, and sales of heat exchanger equipment and precision pressure machines. Its revenue composition includes heat exchangers (37.23%), pressure machines (34.17%), microchannels (14.92%), molds (6.65%), and other products [1]. - The company operates within the machinery equipment sector, specifically in general equipment and machine tools, and is involved in various concept sectors such as automotive thermal management, machinery, industrial mother machines, new energy vehicles, and semiconductors [1]. Shareholder Information - As of June 30, the number of shareholders for Ningbo Jinda was 32,600, a decrease of 11.70% from the previous period, while the average circulating shares per person increased by 13.25% to 13,375 shares [2].

Group 1 - Ningbo Jinda announced the release of 24,739,904 shares from pledge by shareholder Zheng Liangcai, which accounts for 4.92% of the total share capital [1] - After the release, Zheng Liangcai's total pledged shares are now 0 [1] Group 2 - The total market value of A-shares has surpassed 116 trillion yuan, marking a significant milestone one year after the "9.24" event [1]

证券代码：603088 证券简称：宁波精达 公告编号：2025-057 宁波精达成形装备股份有限公司 关于股东解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、解除质押情况 （一）公司于近日接到股东郑良才的通知，郑良才将其所持有的公司股份办理 了解除质押业务，并完成股份解除质押登记手续，具体如下： | 股东名称 | 郑良才 | | --- | --- | | 本次解除质押股份 | 股 24,739,904 | | 占其所持股份比例 | 100% | | 占公司总股本比例 | 4.92% | | 解除质押时间 | 年9 月 日 2025 17 | | 持股数量 | 股 24,739,904 | | 持股比例 | 4.92% | | 剩余被质押股份数量 | 0 股 | 1 宁波精达成形装备股份有限公司（以下简称"公司"）股东郑良才持有公司股 份 24,739,904 股，占公司总股本比例为 4.92%，本次解除质押 24,739,904 股， 占其持有公司股份总数的 100%，占公司总股本总数的 4.92% ...

Investment Rating - The report rates the liquid cooling industry as "Overweight," indicating that it is expected to outperform the overall market [3]. Core Insights - The MLCP (Micro-Channel Liquid Cooling Plate) technology is highlighted as an innovative solution to address the cooling challenges posed by ultra-high power chips, with expected power consumption exceeding 2000W [3][5]. - The report emphasizes the importance of micro-channel design, forced convection, and optimized fluid dynamics in achieving high heat exchange efficiency [5]. - Key companies in the industry are recommended for attention, including Jiangshun Technology, Yingweike, and Kangsheng Co., among others, due to their advancements in liquid cooling technology [5]. Summary by Sections Industry Overview - The MLCP technology utilizes micro-scale fluid channels to achieve efficient heat exchange, capable of handling extreme thermal loads [5]. - The manufacturing processes for micro-channels include etching, 3D printing, and stamping, each with its advantages and limitations [5]. Key Companies and Valuations - Jiangshun Technology: Market cap of 48.74 billion, projected net profit of 1.55 billion in 2024 [6]. - Yingweike: Market cap of 756.61 billion, projected net profit of 4.53 billion in 2024 [6]. - Kangsheng Co.: Market cap of 54.89 billion, with a projected net profit of -0.98 billion in 2024 [6]. - Other notable companies include Nanfeng Co., Huazhu High-Tech, and Yinhong Co., with varying market caps and profit projections [6].

Core Viewpoint - Ningbo Jingda is actively expanding its strategic layout in emerging fields such as data center liquid cooling and lightweight robotics, leveraging technology integration, mergers, and overseas market expansion to create new growth engines and address investor concerns [2] Group 1: Order Growth and Market Expansion - The company has seen a positive growth in overall orders in the first half of the year, with steady increases in orders from the heat exchanger, pressure machine, and microchannel divisions, indicating a more balanced customer expansion [3] - Following the acquisition of Wuxi Weiyan, over 50% of new orders for molds are export orders, reflecting a year-on-year growth of approximately 70%, with North American orders reaching last year's total in just the first half [3] Group 2: Strategic Collaboration and Mergers - After acquiring Wuxi Weiyan in 2025, the company is actively promoting business collaboration to share market and customer resources, aiming to enhance business scale, profitability, and risk resistance, ultimately increasing earnings per share for shareholders [4] - The controlling shareholder, Ningbo Tongshang Group, supports the company in building a benchmark manufacturing equipment platform through a "merger + integration + empowerment" model, enhancing influence in the high-end equipment manufacturing sector [4] Group 3: New Field Development - The company is accelerating its entry into the data center liquid cooling market by leveraging its expertise in microchannel technology, integrating advanced techniques from the UK and Germany to improve precision manufacturing capabilities [5] - Wuxi Weiyan has developed specialized thermal management products for AI data centers, laying the groundwork for capturing the high-end air conditioning market in international AI data centers [5] Group 4: Technology Research and Development - The company is focusing on lightweight forming, non-metal forming, and hydrogen equipment research in sectors such as new energy vehicles, robotics, and eVTOL, while also conducting research on the automotive new energy thermal management [6] - In the first half of 2025, the company is implementing a differentiated product strategy and exploring new products and applications, aiming for continuous growth and value enhancement through technological innovation and strategic collaboration in data center liquid cooling and lightweight robotics [6]

外销业务的波动性也体现在毛利率上。2023年，奥美森换热器生产智能装备的外销毛利率达51.28%，较内销毛利率高出10.27个百分点，较2022年外销毛 利率提升3.61个百分点。公司解释称，外销收入增长使该产品毛利率提升2个百分点。但这种增长模式是否可持续，成为监管关注的焦点。 近日，申报北交所IPO的奥美森智能装备股份有限公司（以下简称"奥美森"）获得注册批准，目前处于等待发行阶段。招股书显示，该公司专注于非标 准、定制化智能生产设备及生产线的研发、设计、生产与销售，业务覆盖热交换和管路加工技术领域，主要产品包括换热器生产智能装备、管路加工智能 装备及其他智能装备及零部件。其中，换热器生产智能装备是其核心业务。 在国内换热器生产装备市场中，宁波精达（603088.SH）是奥美森的主要竞争对手，且业务规模更大。根据招股书及审核问询函回复文件，过去三年，宁 波精达的换热器自动化装备平均售价超过100万元/台，而奥美森同类产品平均售价不足50万元/台。按市场逻辑，产品售价通常反映市场竞争力与议价能 力，宁波精达的产品似乎更受市场青睐。 然而，2023年奥美森的业绩表现却与这一逻辑形成反差。数据显示，该年度奥美森 ...

Group 1 - The company Ningbo Jingda announced the convening of its first extraordinary general meeting of shareholders in 2025 on September 4, 2025 [2] - The meeting approved the proposal regarding the change of registered capital, the cancellation of the supervisory board, and the amendment of relevant articles [2]

Core Viewpoint - Ningbo Jingda (603088) announced that its 2025 semi-annual performance briefing will be held on September 12, 2025 [1] Company Information - The company is scheduled to hold a performance briefing to discuss its financial results for the first half of 2025 [1]

Group 1 - The law firm Grandall Law Firm (Ningbo) was commissioned by Ningbo Jinda Forming Equipment Co., Ltd. to provide legal opinions regarding the legality of the procedures for the 2025 First Extraordinary General Meeting of Shareholders [1][2] - The meeting was convened by the board of directors on August 18, 2025, and the notice was published on August 19, 2025, in designated media [2][3] - The meeting took place on September 4, 2025, at a specified location, with the chairman presiding over the session [3][4] Group 2 - A total of 234 shareholders and their proxies attended the meeting, representing 260,850,582 shares, which accounted for 51.9221% of the total voting shares [4][5] - The meeting's agenda included various proposals that were consistent with the previously announced items, and no last-minute changes were made [5][6] - The voting process combined on-site and online methods, with specific time frames for each voting method [3][7] Group 3 - The proposals included changes to the company's registered capital, cancellation of the supervisory board, and amendments to the company’s articles of association, among others [5][6] - The voting results showed that all proposals were approved by a majority of the attending shareholders, with the first proposal being a special resolution [7][8] - The legal opinion concluded that the meeting's procedures, participant qualifications, and voting processes were all in compliance with relevant laws and the company's articles of association [8]