Core Viewpoint - The stock of Plater Technology has experienced fluctuations, with a year-to-date increase of 74.70% but a recent decline in the last five and twenty trading days [1] Company Overview - Plater Technology, established on July 6, 2011, and listed on July 22, 2019, is located in Xi'an, Shaanxi Province. The company specializes in providing comprehensive solutions for metal additive manufacturing (3D printing) and remanufacturing technology [1] - The revenue composition of Plater Technology includes 63.33% from customized 3D printing products and technical services, 27.89% from 3D printing equipment, accessories, and technical services, and 8.78% from 3D printing raw materials [1] Financial Performance - For the first half of 2025, Plater Technology achieved an operating income of 667 million yuan, representing a year-on-year growth of 17.22%. The net profit attributable to the parent company was 76.31 million yuan, up 9.98% year-on-year [2] - Since its A-share listing, Plater Technology has distributed a total of 82.67 million yuan in dividends, with 66.51 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders of Plater Technology was 13,100, an increase of 27.74% from the previous period. The average number of circulating shares per person decreased by 21.72% to 20,671 shares [2] - Among the top ten circulating shareholders, Invesco Great Wall Research Select Stock A (000688) is the fourth largest, holding 6.39 million shares, a decrease of 1.82 million shares compared to the previous period [3]

Group 1 - The company, Plater, participated in the development of "Gravity No. 1" and provided customers with the printing of main bundled components [2]

Group 1 - The company, Plutotech, has confirmed that its products are being utilized in the consumer electronics industry [1]

Core Insights - The company has successfully assisted multiple commercial aerospace clients, including Blue Arrow Aerospace, Oriental Space, Jiuzhou Cloud Arrow, Star Glory, and Star Space, in completing launch and flight missions [1] - Several commercial aerospace projects the company is involved in have entered mass production stages [1] - The company aims to continuously assess the needs of commercial aerospace clients while enhancing market competitiveness through optimized design, technical and R&D support, equipment capability and stability, product delivery quality, cycle time, and final cost [1] Summary by Categories - **Client Engagement** - The company has collaborated with various commercial aerospace clients to achieve successful launch and flight missions [1] - **Production Status** - Multiple commercial aerospace projects have progressed to mass production [1] - **Strategic Focus** - The company is committed to evaluating client needs and improving its offerings in design, technology, and production efficiency to strengthen market position [1]

Core Viewpoint - The company, Plater (688333.SH), is involved in the development of the "Gravity One" rocket by providing components, specifically printing main bundle-related parts for the client [1]. Group 1 - The company confirmed its participation in the "Gravity One" rocket's research and development [1]. - The company has printed relevant components for the main bundle of the rocket [1]. - Further information will be released on January 12, 2024, via the company's official WeChat account "Metal 3D Printing Expert Plater" [1].

Core Viewpoint - The stock of Plater Technology has shown significant volatility, with a year-to-date increase of 80.24%, but a recent decline over the past five days of 7.15% [1] Company Overview - Plater Technology, established on July 6, 2011, and listed on July 22, 2019, is located in Xi'an, Shaanxi Province. The company specializes in providing comprehensive solutions for metal additive manufacturing (3D printing) and remanufacturing technology [1] - The revenue composition of Plater Technology includes 63.33% from customized 3D printing products and technical services, 27.89% from 3D printing equipment, parts, and technical services, and 8.78% from 3D printing raw materials [1] Financial Performance - For the first half of 2025, Plater Technology achieved a revenue of 667 million yuan, representing a year-on-year growth of 17.22%. The net profit attributable to the parent company was 76.31 million yuan, with a growth of 9.98% [2] - Since its A-share listing, Plater Technology has distributed a total of 82.67 million yuan in dividends, with 66.51 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders of Plater Technology increased to 13,100, up by 27.74% from the previous period. The average number of tradable shares per shareholder decreased by 21.72% to 20,671 shares [2] - Among the top ten circulating shareholders, Invesco Great Wall Research Select Stock A (000688) is the fourth largest, holding 6.39 million shares, a decrease of 1.82 million shares compared to the previous period [3] Market Activity - On October 15, the stock price of Plater Technology rose by 2.16% to 70.87 yuan per share, with a trading volume of 190 million yuan and a turnover rate of 0.99%. The total market capitalization reached 19.441 billion yuan [1] - The net inflow of main funds was 1.0418 million yuan, with significant buying and selling activities recorded [1]

Core Insights - The rise of additive manufacturing (3D printing) in advanced thermal management is driven by the increasing thermal flow density in core chips and system modules due to advancements in AI, HPC, electric vehicles, aerospace, and high-power lasers [2] - Traditional cooling solutions are becoming inadequate, necessitating the development of high-performance liquid cooling plates and microchannel heat exchangers [2][5] Group 1: Technological Advantages and Value Chain - Additive manufacturing enables the creation of complex internal geometries that significantly enhance heat transfer efficiency, overcoming limitations of traditional manufacturing methods [5][6] - The shift from "linear cooling" to "contour cooling" allows for more efficient heat dissipation, reducing cooling time and improving product quality [6][7] - The design freedom offered by 3D printing optimizes the entire production process, leading to reduced internal stress and warping risks, thus improving yield rates [7] Group 2: Quantified Value - Performance improvements include a tenfold reduction in pressure drop for cooling systems, leading to lower energy consumption and reduced need for large pumps [8] - Studies indicate that heat sinks produced via direct metal laser sintering (DMLS) can achieve performance enhancements of 20% to 50% compared to traditional machining [8] - Despite high initial investment costs for metal 3D printing equipment, long-term lifecycle cost advantages become evident in mass production due to higher material utilization rates and reduced cooling medium requirements [8] Group 3: Core Technology Overview - Various mainstream technologies in additive manufacturing for thermal management components cater to different application scenarios and precision requirements [9] Group 4: Company Profiles - Xihe Additive (China) specializes in green laser metal additive manufacturing, providing high-performance 3D printing services for various metals [10] - Platinum is a global leader in metal additive manufacturing, with innovative liquid cooling plates that significantly enhance heat exchange efficiency [13] - Eos Group's subsidiary in Asia focuses on industrial-grade 3D printing, offering solutions that improve heat transfer efficiency through complex internal flow structures [15] - Alloy Enterprises utilizes a unique stack forging process to manufacture direct liquid cooling components, achieving significant thermal performance breakthroughs [24] - 3D Systems provides high-precision 3D printing solutions widely used in liquid cooling designs, demonstrating substantial reductions in thermal resistance [26] Group 5: Future Outlook - The application of additive manufacturing in liquid cooling is expanding from prototype manufacturing to broader industrial applications, showcasing diverse development trends among companies [35] - The upcoming Sixth Thermal Management Industry Conference will feature key players in liquid cooling and related components, highlighting the industry's commitment to advancing 3D printing technology in thermal management [36]

Group 1 - The company approved the use of idle raised funds for cash management, with a maximum amount of RMB 150 million, ensuring it does not affect project construction and normal business operations [1] - The company plans to use the idle funds for safe and liquid investment products, including structured deposits and time deposits, with a rolling usage period of 12 months [3][4] - As of the announcement date, the total planned usage of idle raised funds for cash management by the company and its subsidiaries is not exceeding RMB 1.08 billion [4][10] Group 2 - The company aims to improve the efficiency of idle raised funds and create more value for shareholders through cash management [7] - The cash management products will be strictly controlled for risk and will not be used for pledging or securities investment purposes [8] - The cash management income will be prioritized for supplementing project investment shortfalls and daily operational liquidity needs [12] Group 3 - The decision to use idle funds for cash management was made in compliance with relevant regulations and does not affect the normal operation of the company's fundraising projects [14][18] - The board of directors authorized the chairman to make decisions and sign contracts related to cash management within the approved limits [10][16] - The independent directors and audit committee have reviewed and approved the cash management plan, confirming it aligns with the company's interests and does not harm shareholder rights [18][31]

Core Points - The company approved the use of idle raised funds for cash management, with a maximum amount of 180 million yuan, ensuring it does not affect project construction or normal business operations [1][3] - The cash management decision is aimed at improving the efficiency of fund usage while ensuring safety and increasing returns for the company and its shareholders [3][4] Fund Usage and Management - In September 2024, the company established a new wholly-owned subsidiary, Xi'an Bodian Material Technology Co., Ltd., as one of the implementation entities for a large-scale intelligent production base project [2] - A special account for raised funds was set up to manage the funds raised from the issuance of A-shares in 2022 [2] - The company plans to use up to 1.08 billion yuan of idle raised funds for cash management, with 900 million yuan maturing by December 26, 2025, allowing for rolling use of funds [3] Investment Strategy - The investment products will include high-security, liquid products with capital protection agreements, such as structured deposits and agreement deposits, and will not be used for pledging or securities investment [3] - The decision is valid from September 26, 2025, to September 25, 2026 [3] Operational Impact and Risk Management - The cash management will not affect the operation of fundraising projects or the development of the main business, and it is expected to generate certain investment returns [4] - The company will strictly follow regulations, with the chairman making decisions and financial personnel tracking the process, while the audit committee and independent directors will supervise [4]

中信建投证券股份有限公司 关于西安铂力特增材技术股份有限公司 全资子公司使用部分闲置募集资金进行现金管理 的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为西 安铂力特增材技术股份有限公司（以下简称"铂力特"或"公司"）2022年度向 特定对象发行A股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管 指引第1号——规范运作》和《科创板上市公司持续监管办法（试行）》等有关规 定，对铂力特全资子公司使用部分暂时闲置募集资金进行现金管理进行了审慎核 查，核查情况及核查意见如下： 一、全资子公司实施募投项目及使用募集资金的基本情况 2024 年 9 月 23 日，公司召开了第三届董事会第十三次会议和第三届监事会 第十次会议，审议通过了《关于公司部分募投项目新增实施主体及实施地点的议 案》、《关于投资金属增材制造专用粉末材料产线建设项目的议案》。为了满足 募投项目的实际开展需要，提高募集资金的使用效率，保障募投项目的实施进度， 公司拟新增全资子公司，西安铂点材料技术有限公司，作为募投项目"金属增材 制造大规模智能生产 ...