Core Insights - The development of AI has led to significant power consumption issues, making liquid cooling solutions increasingly essential for data centers and high-density computing environments [1] - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, representing a year-on-year growth of 67.0%, and is expected to grow to $3.39 billion in 2025, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [1] - The demand for liquid cooling fluids is also expected to surge alongside the growth of the liquid cooling market [1] Liquid Cooling Fluids - Various options for liquid cooling fluids are available, with glycol, propylene glycol, and water being predominant in cold plate cooling, while oil, silicone, and fluorinated liquids are used in immersion cooling [2] - Fluorinated liquids are becoming a critical component in both immersion and cold plate cooling systems due to their surface tension, insulation properties, and material compatibility, especially in high-power density AI server applications [2] - The exit of 3M from the market presents growth opportunities for domestic companies in the high-performance fluorinated liquid segment [2] Investment Recommendations - The rise of AI has created significant power and cooling challenges, positioning liquid cooling as a vital solution, with liquid cooling fluids expected to grow rapidly [2] - Companies that are early entrants into the liquid cooling supply chain are likely to benefit, with specific recommendations to focus on firms such as Dongyangguang, Xinzhoubang, Runhe Materials, Juhua Co., Yonghe Co., Haohua Technology, Jinshi Resources, Dongyue Group, Yongtai Technology, Huayi Group, Sanmei Co., Unity Co., Bayi Shikong, Changlan Technology, Xin'an Co., and Jitai Co. [2]

Group 1 - The company held its 15th meeting of the 4th Board of Directors on December 29, 2025, to discuss key resolutions [2][4] - All 8 directors attended the meeting, and the chairman presided over it [3][4] - The meeting's notifications and procedures complied with relevant laws and regulations [4] Group 2 - The board approved the proposal to permanently supplement working capital with surplus raised funds amounting to 7.4505 million yuan [5][27] - The surplus funds were derived from a previous fundraising project that has been completed, with only a small amount of payments pending [5][27] - The decision to use surplus funds aims to improve efficiency and reduce financial costs [5][27] Group 3 - The board also approved adjustments to the investment scale and timeline of certain fundraising projects, including relocating a sub-project and optimizing processes [9][10] - The adjustments are in response to environmental regulations and aim to ensure compliance with government directives [16][19] - The overall investment structure of the fundraising projects will not change, as the adjustments only affect self-raised funds [19][20] Group 4 - The company has completed the majority of its fundraising projects, with only one sub-project still under construction [18] - The adjustments made will not adversely affect the company's normal operations or shareholder interests [19][20] - The board and the audit committee have confirmed that the adjustments comply with relevant regulations and do not harm shareholder interests [20][22]

（编辑 丛可心） 证券日报网讯 12月29日，集泰股份发布公告称，公司第四届董事会第十五次会议审议通过《关于使用 节余募集资金永久补充流动资金的议案》《关于调整部分募投项目投资规模及募投项目延期的议案》， 同意将745.05万元节余募资永久补流，并对新能源胶及助剂项目调整投资规模与进度。 ...

【财经网讯】12月29日，广州集泰化工股份有限公司（证券代码：002909，证券简称：集泰股份）发布 第四届董事会第十五次会议决议公告，宣布审议通过《关于使用节余募集资金永久补充流动资金的议 案》和《关于调整部分募投项目投资规模及募投项目延期的议案》两项重要议案，涉及资金使用效率提 升及产能布局优化。 公告显示，本次董事会会议于2025年12月29日以现场方式召开，应出席董事8名，实际出席董事8名，会 议由董事长邹榛夫先生主持，会议的通知、召集和召开程序符合《公司法》及《公司章程》相关规定。 05万元节余募集资金永久补充流动资金 根据公告，集泰股份2020年非公开发行A股股票募集资金投资项目"年产中性硅酮密封胶15,000吨和改性 硅酮密封胶15,000吨项目"已于2023年5月26日结项并将部分节余募集资金永久补充流动资金。截至目 前，该募投项目募集资金专户仍节余745.05万元，其中仅余54.06万元尾款待支付。 为提高募集资金使用效率、降低财务成本，董事会同意将剩余全部节余募集资金745.05万元（含利息收 入，具体金额以资金转出当日银行专户实际余额为准）永久补充流动资金。资金转出后，公司将注销该 募集 ...

中航证券有限公司 关于广州集泰化工股份有限公司 调整部分募投项目投资规模及募投项目延期的 核查意见 中航证券有限公司（以下简称"中航证券"或"保荐机构"）作为广州集泰 化工股份有限公司（以下简称"集泰股份"或"公司"）持续督导的保荐机构， 根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《深圳 证券交易所股票上市规则（2025 年修订）》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等有关法律法规和规范性文件的要求， 对集泰股份调整部分募投项目投资规模及募投项目延期的事项进行了核查，核查 情况如下： 一、募集资金及投资项目基本情况 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意广州集泰化工股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2023〕1561 号）同意，公司向特定对象 发行人民币普通股 26,092,671 股，发行价格为 6.50 元/股，实际募集资金总额为 人民币 169,602,361.50 元，扣除不含税发行费用人民币 16,166,125.18 元后，实际 募集资金净额为人民币 153,436,236.32 元。上述资金已于 ...

中航证券有限公司 关于广州集泰化工股份有限公司 使用节余募集资金永久补充流动资金的核查意见 中航证券有限公司（以下简称"中航证券"或"保荐机构"）作为广州集泰 化工股份有限公司（以下简称"集泰股份"或"公司"）持续督导的保荐机构， 根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《深圳 证券交易所股票上市规则（2025 年修订）》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等有关法律法规和规范性文件的要求， 对集泰股份使用节余募集资金永久补充流动资金事项进行了核查，核查情况如下： 一、募集资金及投资项目基本情况 经中国证券监督管理委员会证监许可[2020]2581 号《关于核准广州集泰化工 股份有限公司非公开发行股票的批复》核准，公司已于 2020 年 12 月非公开发行 32,715,375 股人民币普通股（A 股），每股发行价格为人民币 9.17 元，募集资金 总额为人民币 299,999,988.75 元，扣除保荐承销费用人民币 20,754,716.98 元（不 含增值税），以及其他发行费用人民币 1,870,486.20 元（不含增值税）后的实际 募集资 ...

证券代码：002909 证券简称：集泰股份 公告编号：2025-090 广州集泰化工股份有限公司 关于调整部分募投项目投资规模及募投项目延期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 广州集泰化工股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日召 开第四届董事会第十五次会议，审议通过了《关于调整部分募投项目投资规模及 募投项目延期的议案》，同意对公司 2022 年向特定对象发行 A 股股票募投项目 "年产 1.7 万吨高性能聚氨酯新能源胶、1.484 万吨有机硅新能源密封胶、0.2 万吨核心助剂建设项目"的部分子项目调整投资规模及投资进度，包括：（1） 对子项目"年产 0.2 万吨核心助剂建设项目"进行搬迁；（2）对子项目"年产 1.7 万吨高性能聚氨酯新能源胶项目"优化工艺、原料选型，调整项目投资规模 及投资进度。本次调整仅涉及募投项目自有或自筹资金投资部分，不涉及募集资 金投入变更。同时，由于子项目投资进度调整，募投项目的投资进度亦相应调整。 现将相关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广 ...

证券代码：002909 证券简称：集泰股份 公告编号：2025-089 广州集泰化工股份有限公司 关于使用节余募集资金永久补充流动资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 广州集泰化工股份有限公司（以下简称 "公司"）于 2025 年 12 月 29 日召 开第四届董事会第十五次会议，审议通过了《关于使用节余募集资金永久补充流 动资金的议案》，鉴于公司 2020 年非公开发行 A 股股票募投项目"年产中性硅 酮密封胶 15,000 吨和改性硅酮密封胶 15,000 吨项目"（以下简称"本次募集资 金投资项目"）已于 2023 年 5 月 26 日经第三届董事会第二十四次会议、第三届 监事会第二十次会议审议结项并将部分节余募集资金永久补充流动资金，截至目 前，公司募集资金专户仍节余募集资金 745.05 万元，其中，仅有少量尾款 54.06 万元待支付。为进一步提高募集资金使用效率，降低财务成本，同意公司将剩余 全部节余募集资金 745.05 万元（含利息收入，具体金额以资金转出当日银行专 户实际余额为准）永久补充流动资金；待节余募集资金转出后 ...

证券代码：002909 证券简称：集泰股份 公告编号：2025-088 广州集泰化工股份有限公司 第四届董事会第十五次会议决议公告 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、董事会会议召开情况 1、广州集泰化工股份有限公司（以下简称"公司"）第四届董事会第十五 次会议（以下简称"本次会议"）于 2025 年 12 月 26 日以邮件、电话方式发出 通知，会议于 2025 年 12 月 29 日 14:30 在广州开发区南翔一路 62 号 C 座三楼会 议室以现场方式召开。 2、本次会议应出席董事 8 名，实际出席董事 8 名。 3、公司董事长邹榛夫先生主持了会议，公司高级管理人员列席了会议。 与会董事经过认真讨论，形成如下决议： 1、审议通过《关于使用节余募集资金永久补充流动资金的议案》 鉴于公司 2020 年非公开发行 A 股股票募集资金投资项目"年产中性硅酮密 封胶 15,000 吨和改性硅酮密封胶 15,000 吨项目"（以下简称"本次募投项目"） 已于 2023 年 5 月 26 日经第三届董事会第二十四次会议、第三届监事会第二十次 会议审议 ...

Core Viewpoint - The article discusses the phenomenon of "flash crashes" in the A-share market, exemplified by the dramatic price drop of Jitai Co., which experienced a rapid decline after a strong opening, highlighting the risks associated with stocks driven by speculative concepts rather than solid fundamentals [1][3]. Group 1: Stock Performance - Jitai Co. opened with a third consecutive limit-up but plummeted by 4.42% by the end of the day, resulting in significant losses for late buyers [1]. - The stock's performance reflects a broader trend in the market where nearly 3,800 stocks rose, yet Jitai Co. faced a stark reversal [1]. - The concept-driven rise of Jitai Co. is indicative of a pattern where stocks can experience extreme volatility, often leading to substantial losses for investors [3]. Group 2: Causes of Flash Crashes - Flash crashes can occur for various reasons, including unexpected poor performance or a sudden loss of interest in a speculative concept [2][3]. - Stocks that experience flash crashes often lack solid performance backing, making them vulnerable to rapid declines [6]. - The reliance on single concepts for stock price surges, as seen with Jitai Co.'s "liquid cooling concept," is a common trait among stocks that face sudden crashes [3][5]. Group 3: Market Dynamics - The article highlights the role of major market players or "whales" who manipulate stock prices by creating hype around certain concepts, leading to inflated prices before offloading their shares [8][12]. - These players often maintain an illusion of strength in the stock to attract more retail investors, which ultimately facilitates their exit at high prices [8][12]. - The phenomenon of flash crashes is exacerbated in stocks with high volatility and speculative trading, particularly in the ST (Special Treatment) sector, which is prone to dramatic price swings [10][12]. Group 4: Investor Behavior - Investors are cautioned against blindly following market trends and should focus on the underlying fundamentals of companies rather than speculative hype [12]. - The article emphasizes the importance of thorough research and analysis of a company's financial health and business model to avoid the pitfalls of speculative trading [12].