Core Viewpoint - The liquid cooling concept stocks in the A-share market have shown strong performance, driven by a report from Morgan Stanley indicating an increase in the total value of cooling components for the next-generation Vera Rubin NVL144 platform, which is expected to rise by 17% to approximately $55,710 (around 400,000 RMB) per cabinet [1] Summary by Category Stock Performance - Xinjubang (新宙邦) surged over 16%, with a year-to-date increase of 73.09% and a total market value of 47.8 billion RMB [2] - Tongfei Co., Ltd. (同飞股份) rose over 12%, with a year-to-date increase of 97.19% and a total market value of 13.7 billion RMB [2] - Xin'an Co., Ltd. (新安股份) increased by 10.04%, with a year-to-date increase of 42.89% and a total market value of 16.7 billion RMB [2] - Yingweike (英维克) reached a 10% increase, with a year-to-date increase of 138.65% and a total market value of 72 billion RMB [2] - Six other companies, including Siquan New Materials (思泉新材) and Yongtai Technology (永太科技), also reported significant gains ranging from 6% to 9% [1][2] Market Insights - The report from Morgan Stanley highlights a growing trend in the liquid cooling sector, indicating a robust demand for advanced cooling solutions in data centers [1] - The anticipated increase in cooling component value reflects the industry's shift towards more efficient thermal management technologies [1]

Core Viewpoint - Hongsheng Co., Ltd. (603090.SH) reported its Q3 2025 results, highlighting an increase in institutional investor holdings, which indicates growing confidence in the company's stock [1] Institutional Holdings - As of October 30, 2025, five institutional investors disclosed holdings in Hongsheng Co., Ltd., totaling 6.53 million shares, which represents 6.53% of the company's total share capital [1] - The institutional investor group includes Beijing Kunkai Private Fund Management Co., Ltd., Zhongke Investment Management Group Co., Ltd., and Jiangyin Milidu Private Fund Management Partnership, among others [1] - Compared to the previous quarter, the total institutional holding percentage increased by 1.55 percentage points [1] Public Fund Holdings - In this reporting period, 34 public funds were disclosed, with notable funds including Nuoan Multi-Strategy Mixed A, Huian Multi-Strategy Mixed A, and China Asset Flexible Allocation Mixed A [1]

Core Insights - Hongsheng Co., Ltd. (603090.SH) reported a total operating revenue of 554 million yuan for Q3 2025, ranking 139th among disclosed peers [1] - The net profit attributable to shareholders was 64.38 million yuan, with net cash inflow from operating activities at 77.53 million yuan, a decrease of 10.07 million yuan or 11.50% year-on-year [1][3] Financial Performance - The latest debt-to-asset ratio stands at 30.85%, an increase of 1.74 percentage points compared to the same period last year [3] - The gross profit margin is 25.50%, ranking 134th among disclosed peers, down 1.26 percentage points from the previous quarter and 1.76 percentage points year-on-year [3] - Return on equity (ROE) is reported at 10.50% [3] - The diluted earnings per share (EPS) is 0.64 yuan [3] - Total asset turnover ratio is 0.62 times, a decrease of 0.01 times year-on-year, reflecting a decline of 1.13% [3] - Inventory turnover ratio is recorded at 3.12 times [3] Shareholder Structure - The number of shareholders is 13,300, with the top ten shareholders holding a total of 60.01% of the total share capital, amounting to 60.01 million shares [3] - The largest shareholder is Niu Yuxia, holding 47.6% of the shares [3]

Group 1 - The company Hongsheng Co., Ltd. (SH 603090) announced on October 31 that its fifth board meeting was held on October 30, 2025, where it reviewed the proposal regarding the transfer of equity in Hongsheng North America Co., Ltd. [1] - For the first half of 2025, the revenue composition of Hongsheng Co., Ltd. was as follows: General machinery manufacturing accounted for 92.49%, electrical machinery and equipment manufacturing accounted for 4.64%, and other businesses accounted for 2.88% [1]

Core Viewpoint - Hongsheng Co., Ltd. is a leading enterprise in the field of aluminum plate fin heat exchangers, with strong R&D and manufacturing capabilities [1] Group 1: Business Performance - In Q3 2025, Hongsheng achieved a revenue of 554 million yuan, ranking 35th out of 51 in the industry, with the industry leader, Juxing Technology, generating 11.156 billion yuan [2] - The main business composition includes heat exchangers at 324 million yuan (90.46%), lithium battery PACK at 16.59 million yuan (4.64%), and other segments [2] - The net profit for the same period was 64.36 million yuan, ranking 24th in the industry, with the industry leader's net profit at 2.211 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hongsheng's debt-to-asset ratio was 30.85%, lower than the industry average of 38.24% [3] - The gross profit margin for the period was 25.50%, which is below the industry average of 26.36% [3] Group 3: Management and Shareholder Information - Chairman Niu Faqing's salary for 2024 is 620,500 yuan, a slight increase from 618,700 yuan in 2023 [4] - The number of A-share shareholders increased by 32.42% to 13,300 as of September 30, 2025, while the average number of shares held per shareholder decreased by 24.48% [5] Group 4: Market Opportunities - Hongsheng is entering the liquid cooling equipment industry through a joint venture with Suzhou Hexin, indicating growth potential in this new market [5] - The company has identified market opportunities in traditional fields such as engineering machinery, wind power, and data centers, leveraging its partnerships and product advantages [5]

Core Viewpoint - Hongsheng Co., Ltd. (603090) announced on the evening of October 30 that it has no overdue guarantees [1] Company Summary - Hongsheng Co., Ltd. confirmed the absence of any overdue guarantees in its recent announcement [1]

1. 审议通过《关于2025年第三季度报告的议案》； 公司严格按照各项财务规章制度规范运作，公司2025年第三季度报告真实、 准确、完整地反映了公司的实际情况。 本议案已经公司第五届董事会审计委员会第八次会议审议通过，并同意将此 项议案提交公司董事会审议。 证券代码：603090 证券简称：宏盛股份 公告编号：2025-029 无锡宏盛换热器制造股份有限公司 第五届董事会第十次会议决议公告 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、董事会会议召开情况 无锡宏盛换热器制造股份有限公司（以下简称"公司"）第五届董事会第十 次会议于 2025 年 10 月 30 日在公司会议室以现场表决的方式召开。会议通知已 于 2025 年 10 月 20 日通过直接送达、电子邮件或者其他方式向全体董事发出并 得到全体董事的确认。应出席会议的董事共 5 名，实际出席会议董事 5 名。会议 由公司董事长钮法清先生主持，公司高级管理人员列席会议。会议的召集和召开 程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 ...

Financial Performance - The company's operating revenue for the third quarter was ¥196,394,175.46, a decrease of 1.81% compared to the same period last year[4] - The total profit for the quarter was ¥20,613,229.27, reflecting a slight decrease of 0.19% year-on-year[4] - The net profit attributable to shareholders was ¥18,586,977.66, an increase of 9.15% compared to the same quarter last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥18,358,818.56, up 28.76% year-on-year[4] - The basic earnings per share for the quarter was ¥0.18, with a year-to-date increase of 33.33%[5] - Total operating revenue for the first three quarters of 2025 reached CNY 554,275,040.65, an increase of 6.4% compared to CNY 519,338,433.76 in the same period of 2024[16] - Net profit for the first three quarters of 2025 was CNY 64,358,147.64, up 32.2% from CNY 48,659,037.30 in the first three quarters of 2024[17] - Basic earnings per share for the first three quarters of 2025 were CNY 0.64, compared to CNY 0.48 in the first three quarters of 2024, representing a growth of 33.3%[18] - The total comprehensive income for the first three quarters of 2025 was CNY 64,598,674.37, an increase from CNY 48,346,402.98 in the same period of 2024[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥910,600,778.32, representing a 3.54% increase from the end of the previous year[5] - The total current assets as of September 30, 2025, amounted to ¥599,960,006.38, an increase from ¥577,790,184.51 as of December 31, 2024, reflecting a growth of approximately 3%[13] - Total assets reached ¥910,600,778.32, compared to ¥879,505,893.87 at the end of 2024, marking an increase of about 3.5%[14] - Total liabilities decreased slightly to ¥280,914,469.61 from ¥284,418,259.53, a reduction of approximately 1.6%[15] - The company's total equity remained stable at ¥629,686,308.71, unchanged from the previous period[15] - The company's total liabilities and equity amounted to CNY 910,600,778.32 in 2025, reflecting a 3.5% increase from CNY 879,505,893.87 in 2024[16] Cash Flow - The cash flow from operating activities for the year-to-date was ¥77,525,515.17, showing a decrease of 11.50%[5] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 77,525,515.17, down 11.5% from CNY 87,595,074.64 in the first three quarters of 2024[22] - Net cash flow from financing activities was -$25.59 million, an improvement from -$59.42 million in the previous period[24] - The net increase in cash and cash equivalents was $37.83 million, significantly higher than $9.95 million in the prior period[24] - The ending balance of cash and cash equivalents reached $193.10 million, up from $165.16 million at the end of the previous period[24] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,323[10] - The company has not reported any significant changes in shareholder relationships or actions among the top shareholders[12] Investments and Expenses - Research and development expenses for the first three quarters of 2025 were CNY 24,157,548.41, compared to CNY 22,852,329.61 in the same period of 2024, indicating an increase of 5.7%[16] - The company reported an investment income of CNY 648,200.71 for the first three quarters of 2025, significantly higher than CNY 92,264.32 in the same period of 2024[17] Market Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[23]

证券代码：603090 证券简称：宏盛股份 公告编号：2025-032 无锡宏盛换热器制造股份有限公司 关于全资子公司对参股公司增资暨关联交易的公告 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法律责任。 重要内容提示： 投资标的名称：无锡和宏智散热科技有限公司（以下简称"无锡和宏智"）。 投资金额：无锡宏盛换热器制造股份有限公司全资子公司无锡宏盛换热系统有 限公司与苏州和信精密科技股份有限公司拟以现金方式向无锡和宏智同比例增资，本 次增资总额为 3000 万元，无锡宏盛换热系统有限公司出资 1470 万元，苏州和信精密 科技股份有限公司出资 1530 万元，增资后各方持股比例不变。 本次交易构成关联交易：公司董事兼高管王立新先生担任无锡和宏智的董 事。公司全资子公司持有无锡和宏智 49%的股权，根据《企业会计准则第 36 号 ——关联方披露》的相关规定，无锡和宏智为公司的联营企业，为公司的关联法人， 公司本次对无锡和宏智增资事项构成关联交易。 本次交易未构成重大资产重组。 至本次关联交易为止，过去 12 个月公司未向无锡和宏智增资。 ...

累计担保情况 证券代码：603090 证券简称：宏盛股份 公告编号：2025-033 无锡宏盛换热器制造股份有限公司 关于为全资子公司向银行申请长期贷款提供担保的 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法律责任。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 本次担保金额 | 5,000.00 | 无锡宏盛换热系统有限公司 万元 | | | --- | --- | --- | --- | --- | --- | | 担 | 保 对 | | | | | | 象 | | 实际为其提供的担保余额 | 7,700.00 | 万元 | | | | | 是否在前期预计额度内 | □是 | √否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | √否 | □不适用：_________ | | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 11,536.63 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市 ...