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].

转自：新华财经 新华财经北京9月28日电（记者刘玉龙、郝菁、王钊）今年下半年，八亿时空在浙江上虞的百吨级半导 体KrF光刻胶树脂高自动化柔性/量产双产线建成，项目达产后预计营收规模超亿元。 "选择布局产业需要、社会需要、国家需要的领域，对企业而言既是挑战也是机遇。"北京八亿时空液晶 科技股份有限公司董事长、总经理赵雷接受记者专访时说，在全球半导体材料技术迭代创新发展背景 下，公司从显示材料向半导体材料延伸，以光刻胶树脂为切入口，构建自主可控的核心技术，开发多款 半导体材料。公司将依据市场情况逐步扩产能，计划未来五年具备年产200-300吨高端光刻胶树脂的生 产能力。 编辑：罗浩 中国经济信息社出品 策划：郝菁 制作：王钊 ...

（文章来源：新华财经） "选择布局产业需要、社会需要、国家需要的领域，对企业而言既是挑战也是机遇。"北京八亿时空液晶 科技股份有限公司董事长、总经理赵雷接受记者专访时说，在全球半导体材料技术迭代创新发展背景 下，公司从显示材料向半导体材料延伸，以光刻胶树脂为切入口，构建自主可控的核心技术，开发多款 半导体材料。公司将依据市场情况逐步扩产能，计划未来五年具备年产200-300吨高端光刻胶树脂的生 产能力。 新华财经北京9月28日电 今年下半年，八亿时空在浙江上虞的百吨级半导体KrF光刻胶树脂高自动化柔 性/量产双产线建成，项目达产后预计营收规模超亿元。 ...

"选择布局产业需要、社会需要、国家需要的领域，对企业而言既是挑战也是机遇。"北京八亿时空液晶 科技股份有限公司董事长、总经理赵雷接受记者专访时说，在全球半导体材料技术迭代创新发展背景 下，公司从显示材料向半导体材料延伸，以光刻胶树脂为切入口，构建自主可控的核心技术，开发多款 半导体材料。公司将依据市场情况逐步扩产能，计划未来五年具备年产200-300吨高端光刻胶树脂的生 产能力。 新华社北京9月28日电（记者刘玉龙、郝菁、王钊）今年下半年，八亿时空在浙江上虞的百吨级半导体 KrF光刻胶树脂高自动化柔性/量产双产线建成，项目达产后预计营收规模超亿元。 ...

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]

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].