Group 1 - The company, Huangma Technology, announced that Mr. Wang Xinrong and Mr. Ma Xiakun each reduced their holdings by 800,000 shares through block trading, representing approximately 0.1359% of the total share capital [1] - The revenue composition for Huangma Technology in 2024 is as follows: chemical raw materials and chemical products manufacturing accounted for 99.94%, other businesses accounted for 0.05%, and other categories accounted for 0.01% [1] - As of the report date, Huangma Technology has a market capitalization of 9.7 billion yuan [1]

格隆汇9月17日丨皇马科技(603181.SH)公布，王新荣先生于2025年9月17日通过大宗交易的方式累计减 持公司股份80万股，约占公司总股本的0.1359%，马夏坤先生分别于2025年9月17日通过大宗交易的方 式累计减持公司股份80万股，约占公司总股本的0.1359%。上述二人减持计划已实施完毕。 ...

Group 1 - The core point of the announcement is that the controlling shareholder and director Ma Rongfen plans to reduce his holdings in the company due to personal funding needs [1] - Ma Rongfen currently holds 20.6045 million shares, which accounts for 3.50% of the company's total share capital [1] - The planned reduction will not exceed 5 million shares, representing a maximum reduction of 0.85% [1]

南财智讯9月17日电，皇马科技公告，公司股东、董事王新荣先生和股东、董事兼副总经理马夏坤先 生，分别持有公司股份1650.55万股，占公司总股本的2.80%。两人于2025年9月17日通过大宗交易的方 式各减持了80万股，分别占公司总股本的0.14%，减持价格区间为15.56元/股，减持总金额均为1244.8万 元。此次减持计划已实施完毕，减持后两人各持有公司股份1570.55万股，占公司总股本的2.67%。 ...

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].