9月17日，皇马科技大宗交易成交160万股，成交额2489.6万元，占当日总成交额的9.12%，成交价15.56 元，较市场收盘价16.47元折价5.53%。 | 交易日期 | 证券商称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 类出管业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-17 | 皇马科技 | 603181 | 15.56 | 778 | 50 | 兴业证券股份有限 | 国泰海通证券股份 | 能 | | | | | | | | 公司上海分公司 | 有限公司上虞市民 | | | | | | | | | | 大道证券营业部 | | | 2025-09-17 | 皇马科技 | 603181 | 15.56 | 575.72 | 37 | 长江证券股份有限 公司深圳福华路证 | 国泰海通证券股份 有限公司上虞市民 | Ka | | | | | | | | 势管补箱 | 大道证券营业部 | | | 2025-09-17 | 是马科技 | 603181 ...

Core Viewpoint - The demand for AI data centers is increasing, driven by high heat dissipation and high energy consumption, leading to a growing need for liquid cooling solutions [2][3]. Group 1: AI Data Center Capacity and Growth - According to Semianalysis, the global AI computing center installed capacity is expected to reach 7 GW in 2024, with further growth anticipated by 2028 [1][2]. Group 2: Liquid Cooling Solutions - The two main types of liquid cooling solutions for data centers are cold plate cooling and immersion cooling [3][4]. - Cold plate cooling can be further divided into single-phase and phase-change types, with single-phase primarily using deionized water and phase-change using fluorinated fluids [3]. - Immersion cooling liquids are categorized into synthetic oils and fluorinated liquids, with synthetic oils including hydrocarbon and silicone oils, and fluorinated liquids being ideal due to their chemical stability and low dielectric constant [4]. Group 3: Recommended Companies - For cold plate cooling, recommended companies include Haohua Technology (600378.SH), Juhua Co., Ltd. (600160.SH), and Sanmei Co., Ltd. (603379.SH) [3]. - For synthetic oils, Satellite Chemical (002648.SZ) is highlighted, while for silicone oil, the recommended company is Huamao Technology (603181.SH) [4]. - For fluorinated liquids, recommended companies include Sinoma Science & Technology (300037.SZ), Juhua Co., Ltd., Hualu Group (600623.SH), and Yonghe Co., Ltd. (605020.SH) [4].

2025年第一次临时股东大会 会 议 资 料 浙江皇马科技股份有限公司 二〇二五年九月 | | | | 股东大会会议须知 2 | | --- | | 会议议程 3 | | 会议议案 5 | | 议案一：关于修改公司章程的议案…………….……………………………..……..5 | | 议案二：关于修改一揽子公司内控制度的议案………………………….….72 | | 议案三：关于调整新一届董事会独立董事薪酬的议案….….…………..74 | | 议案四：关于公司董事会换届选举非独立董事候选人的议案…..….75 | | 议案五：关于公司董事会换届选举独立董事候选人的议案……..…..78 | | 授权委托书 80 | | 采用累积投票制投票方式说明 81 | 2025 年第一次临时股东大会会议资料 浙江皇马科技股份有限公司 2025 年第一次临时股东大会会议资料 2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保本次股东大会公开、公正、合法有效， 保证会议顺利进行，根据《上市公司股东大会规范意见》等相关法律法规和规定， 特制订本须知。 一、董事会以维护股东的合法权益、确保大会正常秩序和议事效率为 ...

会 议 资 料 浙江皇马科技股份有限公司 二〇二五年九月 | A | 1 | | | --- | --- | --- | | 1 | | | | 议案一：关于修改公司章程的议 | | --- | | 案…………….……………………………..……..5 | | 案………………………….….72 | | 案….….…………..74 | | 案…..….75 | | 案……..…..78 | 2025 年第一次临时股东大会会议资料 2025年第一次临时股东大会 三、与会股东请按时进入会场，听从工作人员安排入座，请将移动电话调至 振动档或静音，并保持会场安静和整洁。大会正式开始后，未经公司董事会同意， 除公司工作人员外的任何人不得以任何方式进行摄像、录音和拍照。 四、大会正式开始后，迟到股东人数、股权额不计入现场表决数，建议其通 过网络投票方式投票。特殊情况，应经董事会同意并向董秘办处申报。 五、股东参加股东大会依法享有发言权、质询权、表决权等权利。 六、股东要求在股东大会上发言，应举手示意，并在主持人许可后进行。主 持人可以要求发言股东履行登记手续后按举手先后顺序发言。每位股东发言限在 3 分钟内，以使其他股东有发 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Insights - The company's performance is driven by the growth in strategic emerging sectors, with a notable increase in sales contributing to steady revenue growth. The strategic new product segment generated revenue of 344 million yuan, up 20.46% year-on-year, accounting for 28.81% of total revenue [2][8]. - The construction of the Kaimeike factory is progressing smoothly, with expectations for capacity release to create a second growth curve for the company [8]. Financial Performance Summary - **Revenue and Profitability**: The company reported a revenue of 1,894 million yuan for 2023, with projected revenues of 2,333 million yuan in 2024 and 2,741 million yuan in 2025, reflecting growth rates of -13.2%, 23.2%, and 17.5% respectively. The net profit attributable to the parent company is expected to grow from 325 million yuan in 2023 to 484 million yuan in 2025, with year-on-year growth rates of -31.9%, 22.5%, and 21.8% respectively [1][10]. - **Earnings Per Share (EPS)**: The latest diluted EPS is projected to increase from 0.55 yuan in 2023 to 0.82 yuan in 2025, with corresponding P/E ratios decreasing from 29.5 to 19.8 over the same period [1][10]. - **Cash Flow**: The net cash flow from operating activities for the first half of 2025 was 172 million yuan, a significant increase of 323.04% year-on-year [3]. Production and Sales Summary - The company produced 93,300 tons of specialty functional and polymer material surfactants in the first half of 2025, representing a year-on-year increase of 10.25%. Sales volume reached 94,300 tons, up 11.96% year-on-year, with strategic emerging product sales growing by 28.28% [2][3]. Cost and Expense Analysis - Sales expenses increased by 22.13% year-on-year, with a sales expense ratio of 0.47%. Financial expenses rose by 45.50%, while management and R&D expenses also saw increases of 16.16% and 8.20% respectively [3].

Company Overview - Zhejiang Huama Technology Co., Ltd. is located in Shaoxing, Zhejiang Province, established on May 30, 2003, and listed on August 24, 2017. The company specializes in the research, production, and sales of specialty surfactants, with 99.97% of its revenue coming from this segment [1][2]. Financial Performance - As of June 30, 2025, Huama Technology achieved a revenue of 1.194 billion yuan, representing a year-on-year growth of 7.67%. The net profit attributable to the parent company was 219 million yuan, reflecting a year-on-year increase of 14.67% [2]. - The company has distributed a total of 452 million yuan in dividends since its A-share listing, with 205 million yuan distributed over the past three years [3]. Stock Performance - On September 8, Huama Technology's stock price increased by 2.09%, reaching 16.59 yuan per share, with a total market capitalization of 9.767 billion yuan. The stock has risen by 46.49% year-to-date, with a 1.19% decline over the last five trading days [1]. - The stock has seen a net inflow of 2.5163 million yuan from main funds, with significant buying and selling activity noted [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.65% to 17,800, with an average of 33,082 circulating shares per shareholder, an increase of 3.79% [2][3]. - Among the top ten circulating shareholders, the Noan Pioneer Mixed A fund holds 19.042 million shares, unchanged from the previous period [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1][6]. Core Views - The company has demonstrated steady growth in its performance, with a focus on the surfactant sector, and the report expresses confidence in its ongoing development in this area [1][9]. - The company reported a revenue of 1.194 billion RMB for the first half of 2025, representing a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 219 million RMB, up 14.67% year-on-year [9][10]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.194 billion RMB, with a gross margin of 27.10% and a net margin of 18.31% [9][10]. - The second quarter of 2025 saw a revenue of 590.65 million RMB, reflecting a 2.32% year-on-year growth, while the net profit for the same period was 116.89 million RMB, up 13.72% year-on-year [11]. - The company’s main products, including specialty functional and polymer material surfactants, saw production increase by 10.25% and sales increase by 11.96% year-on-year in the first half of 2025 [9][10]. Market Position and Industry Outlook - The company is positioned as a leading player in the domestic surfactant industry, with a significant production capacity and a diverse product range [6][9]. - The global surfactant market is projected to grow from approximately 26 billion USD in 2021 to 34 billion USD by 2026, indicating a stable growth trajectory for the industry [9]. - The report highlights a trend of market consolidation within the surfactant industry, with smaller companies facing challenges due to regulatory pressures and competition, which may benefit larger, more established firms like the company in focus [9][10]. Valuation Metrics - The report maintains profit forecasts for the company, estimating net profits of 497 million RMB, 577 million RMB, and 672 million RMB for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.84 RMB, 0.98 RMB, and 1.14 RMB [6][8]. - The price-to-earnings ratios are projected to be 19.5, 16.8, and 14.4 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [6][8].

Company Overview - Zhejiang Huamao Technology Co., Ltd. is located in Shaoxing, Zhejiang Province, and was established on May 30, 2003. The company was listed on August 24, 2017. Its main business involves the research, production, and sales of specialty surfactants, with 99.97% of its revenue coming from this segment [1][2]. Financial Performance - As of June 30, 2025, Huamao Technology achieved operating revenue of 1.194 billion yuan, representing a year-on-year growth of 7.67%. The net profit attributable to the parent company was 219 million yuan, reflecting a year-on-year increase of 14.67% [2]. - The company has distributed a total of 452 million yuan in dividends since its A-share listing, with 205 million yuan distributed over the past three years [3]. Stock Performance - On September 4, Huamao Technology's stock price decreased by 2.07%, closing at 16.11 yuan per share, with a trading volume of 242 million yuan and a turnover rate of 2.52%. The total market capitalization is 9.484 billion yuan [1]. - Year-to-date, the stock price has increased by 42.25%, but it has seen a decline of 8.57% over the last five trading days. Over the past 20 days, the stock has risen by 6.13%, and over the last 60 days, it has increased by 31.51% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders is 17,800, a decrease of 3.65% from the previous period. The average number of circulating shares per person is 33,082, which is an increase of 3.79% [2]. - Among the top ten circulating shareholders, the Noan Pioneer Mixed A fund holds 19.042 million shares, with no change in the number of shares held compared to the previous period [3]. Market Activity - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 27 [1]. - In terms of capital flow, there was a net outflow of 8.8272 million yuan from main funds, with large orders accounting for 19.97% of purchases and 21.30% of sales [1]. Industry Classification - Huamao Technology is classified under the Shenwan industry as part of the basic chemicals sector, specifically in other chemical products. The company is also associated with concepts such as industrial internet, pension concepts, margin financing, new materials, and small-cap stocks [1].

Company Overview - Zhejiang Huamao Technology Co., Ltd. is located in Shaoxing, Zhejiang Province, established on May 30, 2003, and listed on August 24, 2017. The company specializes in the research, production, and sales of specialty surfactants, with 99.97% of its revenue coming from this segment [1][2]. Stock Performance - As of September 3, Huamao Technology's stock price increased by 2.03% to 16.60 CNY per share, with a trading volume of 168 million CNY and a turnover rate of 1.75%, resulting in a total market capitalization of 9.772 billion CNY [1]. - Year-to-date, the stock price has risen by 46.58%, but it has seen a decline of 12.40% over the last five trading days. In the last 20 days, the stock increased by 10.30%, and over the last 60 days, it rose by 34.41% [1]. Financial Performance - For the first half of 2025, Huamao Technology reported a revenue of 1.194 billion CNY, representing a year-on-year growth of 7.67%. The net profit attributable to the parent company was 219 million CNY, reflecting a year-on-year increase of 14.67% [2]. - The company has distributed a total of 452 million CNY in dividends since its A-share listing, with 205 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.65% to 17,800, with an average of 33,082 circulating shares per shareholder, which is an increase of 3.79% [2]. - Among the top ten circulating shareholders, Noan Pioneer Mixed A (320003) holds 19.042 million shares, with no change in the number of shares held compared to the previous period [3].

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 18 at 14:30 in Shaoxing, Zhejiang Province [1][2] - The voting method for the meeting will combine on-site voting and online voting through the Shanghai Stock Exchange's system [1][2] - The online voting period will be on the same day as the meeting, from 9:15 to 15:00, with specific trading time slots for the voting [1][2] Group 2 - The meeting will review several proposals that have been disclosed on August 23, 2025, through the official website of the Shanghai Stock Exchange [2] - There will be special resolutions and separate voting for small investors on certain proposals [4] - No related party shareholders are required to abstain from voting on any proposals [4] Group 3 - Shareholders must complete voting for all proposals before submission [7] - The company allows shareholders with multiple accounts to aggregate their voting rights across all accounts [4][6] - Invalid votes will occur if shareholders exceed their voting rights or the number of candidates in a differential election [5] Group 4 - Registration for the meeting will take place on September 12, 2025, with specific times and locations provided for both corporate and individual shareholders [11] - Shareholders can authorize representatives to attend and vote on their behalf, with specific documentation required for registration [11][12] - The company will not cover travel and accommodation expenses for attendees [12] Group 5 - The meeting will utilize a cumulative voting system for the election of directors and independent directors, allowing shareholders to allocate their votes as they see fit [18] - Each shareholder's voting power will be proportional to the number of shares held, with examples provided for clarity [18]