Group 1 - The core point of the announcement is that Lingyi Zhi Zao has completed the "Precision Parts Process Intelligent Upgrade Project" and will permanently supplement its working capital with the remaining funds of 792,300 yuan [1][2] - The total investment amount for the project was adjusted to 168.24 million yuan, with a cumulative investment of 167.54 million yuan as of the announcement date, resulting in a surplus of 792,300 yuan [1][2] - The surplus funds consist of 699,500 yuan in principal and 92,900 yuan in net interest income after deducting fees, attributed to strict cost control during the project and effective cash management of temporarily idle funds [1][2] Group 2 - The company raised a total of 2.137 billion yuan through the issuance of convertible bonds, with a net amount of 2.116 billion yuan after deducting issuance costs [2] - The successful completion of the project and the reasonable use of surplus funds will help optimize the company's capital allocation and support its daily operational development [2]

证券代码：002600 证券简称：领益智造 公告编号：2025-223 广东领益智造股份有限公司 关于部分募投项目结项并将节余募集资金 永久补充流动资金的公告 张面值为人民币 100 元，募集资金总额不超过人民币 2,137,418,100.00 元（含本 数），扣除各项发行费用（不含增值税）人民币 21,394,999.99 元后，募集资金 净额为人民币 2,116,023,100.01 元，上述募集资金于 2024 年 11 月 22 日到位。容 诚会计师事务所（特殊普通合伙）对本次募集资金到位情况进行了审验，并出具 了《验资报告》（容诚验字[2024]518Z0130 号）。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广东领益智造股份有限公司（以下简称"公司"）2024 年度向不特定对象发 行可转换公司债券募集资金投资项目（以下简称"募投项目"）"精密件制程智 能化升级项目"已实施完毕，达到预定可使用状态。截至本公告披露日，"精密 件制程智能化升级项目"节余募集资金 792,324.34 元（含募集资金专户累计产生 的利息收入、扣减手续费净额等，实 ...

证券代码：002600 证券简称：领益智造 公告编号：2025-224 广东领益智造股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 广东领益智造股份有限公司（以下简称"公司"或"领益智造"）分别于 2025 年 12 月 5 日和 2025 年 12 月 22 日召开第六届董事会第二十二次会议和 2025 年 第六次临时股东会，审议通过了《关于公司及子公司 2026 年度担保事项的议案》。 为保证公司及其子公司的正常生产经营活动，2026 年度公司（含控股子公司） 拟为公司及子公司的融资或其他履约义务提供担保，预计担保总额度合计不超过 人民币 4,000,000 万元。在上述担保额度内，公司管理层可根据实际经营情况对 公司（含控股子公司）对子公司、子公司对公司之间的担保额度进行调配，亦可 对新成立的子公司分配担保额度。具体内容详见公司于 2025 年 12 月 6 日在巨潮 资讯网（www.cninfo.com.cn）上披露的《关于公司及子公司 2026 年度担保事项 的公告》。 二、担保进展情况 ...

领益智造公告称，2026 年度公司（含控股子公司）拟为公司及子公司融资或其他履约义务提供不超 400 亿元的担保。近日，公司与中信银行扬州分行签订《最高额保证合同》，为全资子公司扬州领煌 1 亿元 债权提供连带责任保证，保证期间三年。本次担保在已审议通过的额度内，无需再提交审议。截至公告 披露日，公司实际担保余额 137.28 亿元，占 2024 年末净资产的 69.31%，无逾期等异常担保情况。 ...

Market Performance - On December 25, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.47% to 3959.62 points, the Shenzhen Component Index rising by 0.33% to 13531.41 points, and the ChiNext Index up by 0.3% to 3239.34 points [1] Fund Manager Changes - On December 25, 24 fund managers experienced changes in their positions, with 675 fund products having manager changes in the past 30 days [3] - The reasons for the changes included 4 managers leaving due to job changes, 1 due to personal reasons, and 3 due to product expiration [3] - Wang Liang from Minsheng Jianyin Fund managed assets totaling 3.205 billion yuan, with the highest return product being Minsheng Jianyin Prosperity Industry Mixed A, achieving an 86.63% return over 7 years and 56 days [3] New Fund Managers - On December 25, 29 fund products announced new fund managers, involving 16 managers [4] - Yang Zhenshao from E Fund currently manages assets of 9.842 billion yuan, with the highest return product being E Fund Medical Care Industry Mixed A, which achieved a 199.09% return over 9 years and 129 days [4] Fund Research Activity - In the past month (November 25 to December 25), Bosera Fund conducted the most company research, engaging with 39 listed companies, followed by Huaxia Fund, Southern Fund, and Huitianfu Fund with 38, 37, and 34 companies respectively [6] - The most researched industry was specialized equipment with 178 instances, followed by chemical products with 130 instances [6] Recent Company Focus - In the last month, the most focused company by public funds was Zhongke Shuguang, with 117 fund management companies participating in its research [6] - In the past week (December 18 to December 25), Lingyi Zhi Zao was the most researched company, receiving attention from 40 fund institutions [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to acquire 35% equity in Limin Da for 875 million yuan, gaining control over 52.78% of voting rights, which will enhance its position in the AI server market, particularly in cooling and power supply [1][2] - The acquisition is expected to create synergies between the company's existing businesses in consumer electronics, robotics, and AI servers, potentially unlocking long-term growth opportunities [1][3] - The profit forecast for the company has been revised upwards, with expected net profits of 2.516 billion, 3.575 billion, and 4.765 billion yuan for the years 2025, 2026, and 2027 respectively [1] Financial Summary - Revenue projections for the company are as follows: 34.124 billion yuan in 2023, 44.211 billion yuan in 2024, 54.127 billion yuan in 2025, 63.373 billion yuan in 2026, and 73.550 billion yuan in 2027, reflecting a year-on-year growth of 29.6% in 2024 and 22.4% in 2025 [4] - The expected net profit margins are projected to be 6.0% in 2023, increasing to 6.5% by 2027, with a net profit of 2.051 billion yuan in 2023 and 4.765 billion yuan in 2027 [4] - The company's P/E ratios are forecasted to decrease from 57.0 in 2023 to 24.5 in 2027, indicating an improving valuation over time [4] Business Overview - Limin Da, established in 2009, specializes in thermal management for enterprise-level servers and is a core supplier for NVIDIA, providing critical components for liquid cooling systems [2] - The company has a comprehensive product matrix in server thermal management, covering both liquid and air cooling solutions, and has established significant customer relationships with industry leaders [2] - The strategic acquisition is expected to enhance the company's capabilities in high-power AI server power supply and cooling systems, aligning with the increasing performance demands in the AI server sector [2][3]

Group 1 - The company signed a share transfer agreement to acquire 35% equity in Limin Da for 875 million yuan, aiming to enhance its AI hardware server business and overall competitiveness in the enterprise server sector [1] - After the acquisition, the company will control 52.78% of the voting rights in Limin Da, allowing it to consolidate Limin Da into its financial statements [1] - The transaction does not constitute a related party transaction or a major asset restructuring as defined by regulations, and it was decided by the company's general manager without board or shareholder approval [1] Group 2 - The acquisition of Limin Da comes at a high premium, with a valuation of 2.51 billion yuan against a net asset of only 71.27 million yuan, resulting in a premium rate exceeding 34 times [2] - The company's revenue has been growing, from 34.50 billion yuan in 2022 to a projected 44.26 billion yuan in 2024, with a year-on-year growth of 19.3% [2] - However, the company's gross margin has declined from 19.8% to 14.4%, with a slight recovery to 15.7% in the first three quarters of 2025 [2] - Short-term borrowings have increased significantly to 7.33 billion yuan by September 2025, up 129% from the beginning of the year, indicating a notable rise in debt obligations [2]

Summary of the Conference Call Company and Industry Overview - **Company**: Lianyi Manufacturing (联益制造) - **Acquisition**: Acquired 35% stake in Limin Da Electronics Technology Co., Ltd. for 875 million RMB, gaining 52.78% voting rights [2][3] - **Industry**: Liquid cooling technology and server power solutions, with a focus on AI infrastructure and data centers [2][3] Key Points and Arguments - **Market Expansion**: The liquid cooling market is expected to expand rapidly, with projections indicating significant growth by 2026 [2][3] - **Financial Performance of Limin Da**: - 2024 revenue expected to exceed 200 million RMB, with a loss of 20 million RMB - 2025 revenue projected at 800 million RMB with a net profit margin of 10% - 2026 revenue anticipated to surpass 2 billion RMB, with a net profit margin of 12%-15% [2][5] - **Long-term Goals**: Lianyi aims for 10 billion RMB in revenue within three years and 50-60 billion RMB in five years [2][3][5] Strategic Importance of the Acquisition - **Competitive Advantage**: The acquisition enhances Lianyi's competitiveness in server cooling and power sectors, forming a closed loop for AI cooling solutions [2][6] - **Key Partnerships**: Collaboration with major clients including NVIDIA, Intel, AMD, Meta, Google, and Microsoft [2][6][10] - **Unique Positioning**: Limin Da is one of the few suppliers certified by NVIDIA, making it a rare asset in the supply chain [3][8] Production and Capacity Expansion - **New Facilities**: Plans to establish production bases in Thailand, the Philippines, and the USA to meet overseas demand [3][12][13] - **Production Goals**: Targeting 10 billion RMB in revenue within three years, with aspirations for 100 billion RMB in various sectors by 2030 [3][12][13] Insights on Market Trends - **Data Center Hardware**: The acquisition aligns with trends indicating that energy storage and liquid cooling are significant growth areas in data center hardware [9] - **Future Demand**: Anticipated shipment of G300 units to exceed 55,000 by 2026, indicating strong market demand [9] Financial Projections and Performance Goals - **Limin Da's Future Revenue**: Conservative estimates suggest over 2 billion RMB in 2026, with potential for rapid growth based on order volume [19] - **Long-term Revenue Aspirations**: Aiming for 100 billion RMB in three years and potentially over 600 billion RMB in five years, including power business contributions [19] Additional Considerations - **Technological Development**: Lianyi is developing high-power power modules in collaboration with its partners, enhancing its product offerings [15][16] - **Market Positioning**: The company is positioned to leverage its unique capabilities and partnerships to capture a larger market share in the AI and server infrastructure sectors [8][10][19]

Core Viewpoint - The liquid cooling concept in the A-share market is gaining significant attention due to industry demand and long-term trends, with a forecasted global market space of $21.8 billion by 2027 driven by technological advancements and policy support [1] Industry Overview - The liquid cooling industry is entering a phase of "triple resonance" involving technology, policy, and demand, which is expected to trigger a "cooling revolution" in data centers [1] - The increasing power consumption of AI servers and chips necessitates more efficient cooling solutions, making liquid cooling a mainstream technology for energy savings in data centers [1] Company Developments - Tianjin Ruixinchang Technology Co., Ltd. is actively developing liquid cooling products for data centers [2] - Shenzhen Chaoping San Technology Co., Ltd. is testing liquid cooling boards for servers, although there is uncertainty regarding mass production [2] - Guangdong Linyi Intelligent Manufacturing Co., Ltd. plans to acquire a 35% stake in Dongguan Liminda Electronics Technology Co., Ltd. for $875 million, enhancing its server product offerings [3] - Lens Technology Co., Ltd. intends to acquire 100% of PMG International Co., Ltd. to gain access to advanced liquid cooling system integration capabilities [3] - Beijing Zhongshi Weiye Technology Co., Ltd. is investing $35.7 million to acquire a 51% stake in Dongguan Zhongshi Xunli Cold Technology Co., Ltd., focusing on liquid cooling solutions [4] Market Dynamics - The push for liquid cooling technology is driven by the explosive growth in AI chip power consumption and stringent energy efficiency policies [4] - The strict regulatory environment regarding PUE (Power Usage Effectiveness) further solidifies the necessity for liquid cooling solutions [5] - Companies entering the liquid cooling sector are strategically positioning themselves to capitalize on both immediate opportunities and future trends in cooling technology [5]

证券日报网讯12月24日，领益智造（002600）在互动平台回答投资者提问时表示，公司凭借精准的战略 布局、高效的管理体系以及敏锐的市场洞察力，营运能力和业务能力积极向好。公司坚持多品类、多地 区协同发展的国际化发展战略。随着全球AI技术在各领域快速落地，公司精准卡位硬件关键节点， 在"人"-人形机器人、"眼"-AI眼镜及XR设备、"折"-折叠屏设备、"服"-服务器等战略聚焦的四大新兴应 用领域形成多赛道协同优势，构建起多场景的增长格局。公司相信自身在以上几大领域的管理理念和制 造能力相通，可实现跨产品、跨应用的模组化、可复用性与可扩展性，通过深度融合材料创新应用、工 艺前沿开发与多元化应用场景，公司形成了全面的体系，充分调动资源，提供前瞻及在多场景复制的解 决方案能力。 ...