Core Points - The 2025 Crystal Ball Awards for listed companies were announced, attracting participation from over 100 companies, with awards in four categories: information disclosure, investor relations, shareholder returns, and ESG [1][2] - The awards also recognized individual achievements, with 17 chairpersons, 3 general managers, 4 CFOs, 40 secretaries, 18 representatives, and 7 IR professionals receiving accolades [3] Company Awards - **Information Disclosure Award**: Recognizes companies for their transparency and quality of information shared with investors [3] - **Investor Relations Award**: Acknowledges companies that excel in maintaining effective communication with their investors [3] - **Shareholder Returns Award**: Highlights companies that provide significant returns to their shareholders [3] - **ESG Award**: Focuses on companies that demonstrate strong environmental, social, and governance practices [3] Individual Awards - **Best Chairpersons**: A total of 17 chairpersons received recognition, including individuals from companies like Changzhai Shangs (专云污) and Yanjing Beer (耿超) [4] - **Best General Managers**: 3 general managers were awarded, with notable winners including Xu Yuexiang from Yanjing Beer [5] - **Best CFOs**: 4 CFOs were recognized for their contributions to financial management [5] - **Best Secretaries**: 40 secretaries were awarded for their roles in corporate governance and communication [5] - **Best Representatives**: 18 representatives received accolades for their effectiveness in investor relations [6] - **Best IR Professionals**: 7 IR professionals were recognized for their excellence in investor engagement [6]

Group 1 - The company, Ba Yi Shi Kong, announced a share buyback of 477,000 shares, representing 0.35% of its total share capital of 134,481,546 shares [1]

证券代码：688181 证券简称：八亿时空 公告编号：2025-040 2025 年 9 月，公司未进行股份回购。截至 2025 年 9 月 30 日，公司通过上海 证券交易所交易系统以集中竞价交易方式累计回购公司股份 477,000 股，占公司总 股本 134,481,546 股的比例为 0.35%，回购成交的最高价为 28.20 元/股，最低价为 27.69 元/股，支付的资金总额为人民币 13,367,414.68 元（不含印花税、交易佣金 等交易费用）。 本次回购股份符合相关法律法规及公司回购股份方案的规定。 重要内容提示： | 回购方案首次披露日 | 2025/5/17 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 月 5 | 5 | 16 | 日~2026 | 年 | 月 | 15 | 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | ...

Investment Rating - The industry rating is maintained at Neutral, consistent with the previous rating [3]. Core Insights - The liquid cooling technology is driven by the increasing power density of data center cabinets, which necessitates more efficient heat dissipation methods. Liquid cooling offers advantages such as lower energy consumption, higher cooling efficiency, lower noise, and lower total cost of ownership (TCO) compared to traditional air cooling [4][12]. - The Chinese liquid cooling server market is projected to grow significantly, reaching a market size of $2.37 billion in 2024, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [4][33][57]. - The global data center cooling market is expected to grow from $7.67 billion in 2023 to approximately $16.87 billion by 2028, with liquid cooling technology's market share increasing from 13% to 33% during the same period [33][36]. Summary by Sections Section 1: Development of Liquid Cooling Technology - The shift towards high-density and energy-efficient data centers necessitates the adoption of liquid cooling solutions, especially when cabinet power density exceeds 20KW [11][12]. - The average power density of global data center cabinets has increased from 5.6KW in 2017 to 12.8KW in 2023, with supercomputing centers requiring over 30KW [11][12]. Section 2: Liquid Cooling Efficiency and Cost Advantages - Liquid cooling systems demonstrate superior cooling capabilities compared to air cooling, with a cost of approximately 11,818 RMB per KW, leading to annual savings of about 1.84 million RMB compared to air cooling [17][12]. - NVIDIA's liquid-cooled data centers can achieve a Power Usage Effectiveness (PUE) of 1.15, significantly lower than the 1.6 PUE typical of air-cooled systems [11][12]. Section 3: Types of Liquid Cooling Technologies - Liquid cooling technologies are categorized into contact and non-contact types, with single-phase cold plate liquid cooling being the most mature and widely adopted solution [52][32]. - Immersion cooling, which can be single-phase or two-phase, is gaining traction due to its energy efficiency and compact design, with the market for immersion cooling servers expected to grow from $1.2 million in 2024 to $48.6 million by 2029 [55][57]. Section 4: Market Growth Projections - The Chinese liquid cooling server market is expected to maintain rapid growth, with a projected market size of $2.37 billion in 2024, reflecting a 67% increase from 2023 [36][57]. - The global data center liquid cooling market is anticipated to grow from $1 billion in 2023 to approximately $5.6 billion by 2028, indicating a strong upward trend in adoption [33][36]. Section 5: Key Companies and Products - Companies such as Juhua Co., Yonghe Co., New Zobang, Huayi Group, and others are positioned to benefit from the growing demand for fluorinated liquids used in immersion cooling systems, especially following 3M's exit from the PFAS production market [66][67].

Core Viewpoint - The company, Beijing Eight Billion Space Liquid Crystal Technology Co., Ltd., has established a high-automation flexible/mass production dual production line for semiconductor KrF photoresist resin in Shaoxing, Zhejiang, which is expected to generate over 100 million yuan in revenue after reaching full production [1]. Group 1: Company Developments - The new production line is capable of producing a significant scale of semiconductor materials, specifically targeting the growing demand in the semiconductor industry [1]. - The company aims to expand its production capacity gradually based on market conditions, with plans to achieve an annual production capacity of 200-300 tons of high-end photoresist resin within the next five years [1]. Group 2: Industry Context - The company is responding to the global technological innovation and iteration in semiconductor materials by extending its focus from display materials to semiconductor materials, particularly through the development of photoresist resin [1]. - The chairman and general manager of the company emphasized that selecting industries aligned with societal and national needs presents both challenges and opportunities for the business [1].

Core Insights - The company has completed the construction of a high-automation dual production line for semiconductor KrF photoresist resin in Shaoxing, Zhejiang, with expected revenue exceeding 100 million yuan after reaching full production [2] - The chairman and general manager of the company emphasized the importance of aligning with industry, societal, and national needs, viewing this as both a challenge and an opportunity [2] - In response to the global innovation in semiconductor materials technology, the company is expanding from display materials to semiconductor materials, focusing on photoresist resin as a key entry point [2] Company Strategy - The company aims to build self-controllable core technologies and develop multiple semiconductor materials [2] - Plans are in place to gradually increase production capacity based on market conditions, with a target of achieving an annual production capacity of 200-300 tons of high-end photoresist resin within the next five years [2]

Core Viewpoint - The company has established a high-automation flexible/production dual production line for semiconductor KrF photoresist resin in Shaoxing, Zhejiang, with expected revenue exceeding 100 million yuan after reaching full production [1] Company Developments - The company has transitioned from display materials to semiconductor materials, focusing on photoresist resin as a key entry point to develop core technologies that are self-controllable [1] - The company plans to gradually expand production capacity based on market conditions, aiming to achieve an annual production capacity of 200-300 tons of high-end photoresist resin within the next five years [1] Industry Context - The establishment of the production line aligns with the global trend of innovation and technological iteration in semiconductor materials, presenting both challenges and opportunities for the company [1]

Core Viewpoint - The company is strategically expanding from liquid crystal display materials to semiconductor materials, aiming for new revenue contributions in the context of domestic substitution trends and policy support [1][6][11]. Company Development and Financial Performance - In the first half of 2025, the company reported revenue of 415 million yuan, a year-on-year increase of 10.63%, but net profit declined due to increased R&D investment and depreciation from new projects [3][6]. - R&D investment increased by approximately 10 million yuan compared to the same period last year, while depreciation rose by about 13 million yuan [3][6]. - The company maintains a healthy cash flow from its liquid crystal business and emphasizes financial management to ensure safety [3][6]. Future Outlook and Strategic Focus - The company plans to continue increasing R&D investment, focusing on core technology breakthroughs to enhance product innovation and market competitiveness [4][6]. - It aims to solidify its domestic panel market presence while expanding its overseas OLED materials business and deepening cooperation with strategic clients like BOE [6][12]. Product Development and Market Expansion - The company has established a high-end semiconductor photoresist resin production line, with plans to achieve a production capacity of 200-300 tons annually within five years [1][7]. - The domestic demand for high-end photoresist is significant, with the resin accounting for about 50% of the cost, indicating potential revenue growth as domestic production increases [7][12]. - The company expects to achieve a revenue scale of over 100 million yuan from photoresist resin once production reaches full capacity [7][12]. Strategic Positioning and Industry Challenges - The company emphasizes the importance of strategic foresight and demand orientation in its development, highlighting the need for deep integration with downstream customers [13]. - It recognizes the challenges of long certification cycles and low customer stickiness in the photoresist resin sector, advocating for a focus on high-demand areas with significant supply chain risks [13][12].

Company Overview - Beijing Eight Billion Space Liquid Crystal Technology Co., Ltd. is located at No. 20, Yanshan East Road, Fangshan District, Beijing, and was established on July 9, 2004. The company was listed on January 6, 2020. Its main business involves the research, development, production, and sales of display liquid crystal materials [1][2]. Financial Performance - As of June 30, 2025, the company achieved operating revenue of 415 million yuan, representing a year-on-year growth of 10.63%. However, the net profit attributable to shareholders decreased by 37.90% to 30.87 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 128 million yuan, with 41.30 million yuan distributed over the past three years [3]. Stock Performance - On September 24, the stock price increased by 2.06% to 38.21 yuan per share, with a total market capitalization of 5.139 billion yuan. The trading volume was 76.53 million yuan, with a turnover rate of 1.51% [1]. - Year-to-date, the stock price has risen by 16.14%, but it has seen a decline of 2.43% over the last five trading days and 8.85% over the last 20 days. In contrast, it has increased by 25.44% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 17.18% to 9,597, while the average circulating shares per person decreased by 14.66% to 14,012 shares [2]. - Among the top ten circulating shareholders, the Huatai-PineBridge Technology Innovation Mixed Fund (007355) is the sixth largest, holding 2.126 million shares, a decrease of 129,300 shares from the previous period. The Huatai-PineBridge Private Vitality Mixed Fund (470009) ranks eighth, holding 1.5867 million shares, down by 237,100 shares [3]. Business Segments - The company's main business revenue composition includes mixed liquid crystal at 90.87%, other products at 6.09%, supplementary products at 2.00%, and liquid crystal monomers at 1.04% [1]. - The company is classified under the Shenwan industry as Electronics - Optical Optoelectronics - Panels, and is associated with concepts such as small-cap, specialized and innovative, photoresist, raw materials, and advanced packaging [1].

Market Performance - The semiconductor industry index rose by 1.43% as of September 23, 2025, with notable gains from companies like Changchuan Technology (up 20.00%) and Huafeng Measurement Control (up 8.54%) [1] - The semiconductor industry ETF (159582) increased by 1.42%, reaching a price of 2.07 yuan, and has seen a cumulative increase of 9.79% over the past week [1] - The ChiNext chip index experienced a slight decline of 0.05%, with mixed performance among constituent stocks [3] - The new materials index on the ChiNext fell by 0.58%, with some stocks like Tonglian Precision gaining while others like Debang Technology declined [5] Investment Trends - Nvidia and OpenAI announced a partnership, with Nvidia planning to invest up to $100 billion in data centers, leading to a nearly 4% increase in Nvidia's stock price [6] - Domestic chip companies are making progress, with Moer Thread set to debut on the ChiNext and Muxi Co. entering the second round of inquiries for its IPO, focusing on high-performance GPU development [6] Technology Advancements - DeepSeek announced an upgrade to its model, enhancing language consistency and agent capabilities, while Yushu Technology showcased its humanoid robot's strong anti-interference abilities [7] - The continuous iteration of AI and robotics technology indicates ongoing optimization in AI application capabilities [8] ETF Insights - The semiconductor industry ETF has a recent scale of 255 million yuan, marking a six-month high, despite a net outflow of 602.22 million yuan recently [9] - The ChiNext chip ETF has seen a net outflow of 337.66 million yuan, with a total inflow of 334 million yuan over the past 21 trading days [10] - The new materials ETF has experienced a significant scale increase of 212 million yuan over the past year, ranking first among comparable funds [10]