Summary - The core point of the article is that the supervisor of Qingniao Fire, Wang Guoqiang, plans to reduce his shareholding in the company by selling up to 192,000 shares within a specified timeframe [1] Group 1 - Wang Guoqiang holds 950,100 shares, which accounts for 0.11% of the company's total share capital [1] - The planned reduction will occur from October 10, 2025, to January 9, 2026, through centralized bidding [1] - The maximum number of shares to be sold represents 0.02% of the company's total share capital [1]

青鸟消防股份有限公司 青鸟消防股份有限公司（以下简称"公司"）监事王国强先生持有公司股份 950,083 股（占公司总股本的 0.11%），计划在本公告披露之日起十五个交易日后的 三个月内（自 2025 年 10 月 10 日至 2026 年 1 月 9 日，但法律法规禁止减持的期间 除外）以集中竞价交易方式减持本公司股份不超过 192,000 股（占公司总股本的 0.02%）。 公司于近日收到公司监事王国强先生出具的《股份减持计划的告知函》。现将有 关情况公告如下： 证券代码：002960 证券简称：青鸟消防 公告编号：2025-056 青鸟消防股份有限公司 关于公司监事减持股份的预披露公告 公司监事王国强先生保证向本公司提供的信息内容真实、准确、完整、没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 一、股东的基本情况 1、股东名称：王国强 2、股东持股情况：截至本公告日，王国强先生持有公司股份 950,083 股，占公 司总股本的 0.11%。 二、本次减持计划的主要内容 （一）本次减持计划的具体安排 青鸟消防股份有限公司 1、拟减 ...

Core Insights - Qingniao Fire Protection has recently won the bid for the fire alarm system project at Datang International Tokto Power Plant Phase III, excluding coal transportation [1] - The collaboration involves providing a complete set of high-end "Zhuque" alarm systems, including main units, detectors, and modules [1] - This project marks a significant shift as the power plant will replace all imported fire alarm system products with domestically produced ones [1]

Core Viewpoint - Qingniao Fire Protection has won the bid for the fire alarm system of the third phase project of Datang International Tokto Power Plant, marking a significant shift from imported to domestically produced fire safety equipment [1] Group 1: Company Developments - Qingniao Fire Protection will provide a complete set of high-end "Zhuque" alarm systems, including main units, detectors, and modules for the Tokto Power Plant [1] - The project aims to replace all imported fire alarm system products with domestic alternatives, supporting the plant's transition from reliance on imports to domestic substitution [1] Group 2: Industry Impact - This collaboration signifies a broader trend in the industry towards enhancing domestic production capabilities and reducing dependency on foreign technology in fire safety systems [1]

Core Viewpoint - Qingniao Fire Protection (002960.SZ) is a leading company in the domestic fire electronic industry, focusing on providing comprehensive fire safety solutions for building scenarios, covering the entire process from early warning to extinguishing fires [1] Company Focus - The company has not yet developed specialized disaster prevention and mitigation products for natural disasters such as floods, wind disasters, and lightning [1] - In the future, the company will continue to focus on its main business development and deepen its layout in cutting-edge fields such as smart fire protection and fire-fighting robots [1] - The company aims to continuously enhance the intelligence level and reliability of its products in professional fire safety scenarios [1]

Investment Rating - The report indicates a positive outlook for the thermal management materials industry, driven by strong downstream market demand and technological advancements [3][21]. Core Insights - The thermal management materials industry is experiencing sustained growth due to increasing demand from downstream sectors such as consumer electronics, automotive electronics, and data centers. The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from $17.3 billion in 2023 to $26.1 billion by 2028 [3][21]. - The penetration rates of heat pipes and vapor chambers are continuously rising, with local procurement becoming a significant trend as domestic companies mature technologically [3][21]. Summary by Sections 1. Industry Demand and Growth - The global demand for thermal management materials is on the rise, with a forecasted market size growth from $17.3 billion in 2023 to $26.1 billion by 2028, reflecting a CAGR of 8.5% [3][21]. - The shift towards high-performance, miniaturized, and integrated electronic products is intensifying the need for effective thermal management solutions [3][21]. 2. Market Segmentation - Heat pipes and vapor chambers are becoming mainstream solutions in high-end smartphones, with market sizes expected to reach $3.776 billion and $1.197 billion respectively by 2025, with CAGRs of 6.17% and 14.20% [15][18]. - The thermal interface materials market is projected to grow from $5.2 billion in 2019 to $7.6 billion by 2026, with a CAGR of 5.57% [16][19]. 3. Local Procurement Trends - Local procurement is becoming a dominant trend in the thermal management materials industry, driven by supply chain security concerns among domestic electronic brands [35][36]. - Domestic companies like Suzhou Tianmai and Zhongshi Technology are expected to benefit from this trend as they enhance their technological capabilities [35][36]. 4. Key Beneficiaries - Suzhou Tianmai is highlighted as a key player in the industry, having established itself early in the ultra-thin heat pipe and vapor chamber market, achieving significant production scale and client certifications [4][35].

Core Viewpoint - Qingniao Fire announced the replacement of its continuous supervision sponsor representative due to a personnel change at the sponsoring institution, Century Securities [1] Group 1 - Qingniao Fire received a letter from Century Securities regarding the change of its continuous supervision sponsor representative [1] - Century Securities was the sponsor for Qingniao Fire's non-public stock issuance project in 2022 [1] - The legal duration for continuous supervision is until December 31, 2023 [1] Group 2 - Zhang Hanpu has been appointed to replace Li Yujing as the continuous supervision sponsor representative [1] - The change is a result of Li Yujing's job relocation [1] - Zhang Hanpu will continue to fulfill the continuous supervision responsibilities for the 2022 non-public stock issuance project [1]

青鸟消防股份有限公司 证券代码：002960 证券简称：青鸟消防 公告编号：2025-055 青鸟消防股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有虚 假记载、误导性陈述或重大遗漏。 青鸟消防股份有限公司（以下简称"公司"）于近日收到保荐机构世纪证券 有限责任公司（以下简称"世纪证券"）出具的《关于更换持续督导保荐代表人 的函》。世纪证券为公司 2022 年非公开发行股票项目的保荐机构，王晋先生和李 宇婧女士为公司持续督导保荐代表人，法定持续督导期限至 2023 年 12 月 31 日。 鉴于李宇婧女士工作变动，世纪证券决定委派张汉璞先生接替李宇婧女士的工作， 继续履行对公司 2022 年非公开发行股票项目的持续督导保荐责任。 本次保荐代表人变更后，公司持续督导的保荐代表人为王晋先生和张汉璞先 生，继续履行相关的职责和义务，直至相关工作全部结束。本次变更不影响世纪 证券对公司的持续督导工作。 公司董事会对李宇婧女士在公司 2022 年非公开发行股票项目及担任公司持 续督导保荐代表人期间所做的工作表示衷心感谢！ 青鸟消防股份有限公司 附件：张汉璞先 ...

Group 1 - The core point of the article is that Qingniao Fire Protection (002960) has won a bid for the procurement of fire safety equipment for the Shanxi Xilongchi Pumped Storage Power Station project, with a contract value exceeding 160 million yuan [1] Group 2 - The project is associated with the State Grid Xinyuan Group, indicating a significant collaboration with a major state-owned enterprise in the energy sector [1] - The contract amount of over 160 million yuan highlights the financial scale and potential revenue impact for Qingniao Fire Protection [1]

Core Insights - The company has shown improvement in profitability across multiple business segments, with a notable increase in gross margin in Q2 2025, reaching 34.18%, marking an end to the continuous decline since Q2 2020 [1] - The growth in gross margin is primarily driven by an increase in the proportion of high-margin overseas and industrial firefighting revenues, as well as recovery in domestic alarm margins [1][2] Group 1: Financial Performance - In H1 2025, overseas business achieved a gross margin of 48.12%, with revenue of 392 million, a year-on-year increase of 4.83%, accounting for 18.22% of total revenue [1] - The industrial firefighting segment generated revenue of 133 million in H1 2025, up 3.37% year-on-year, contributing 6.18% to total revenue [1] - The overall gross margin for the domestic alarm segment has stabilized, with a year-on-year increase of 2.15% in H1 2025 [1] Group 2: Industrial Firefighting Growth - The company has focused on the industrial firefighting sector, achieving revenue of 133 million in H1 2025, with significant contributions from data centers and related projects, which saw over 90 million in revenue, a growth of over 50% [2] - The company has secured contracts for major projects, including the national tunnel monitoring system renovation and the Beijing Daxing International Airport express line, indicating strong future growth potential in industrial firefighting [2] Group 3: Technological Advancements - The company is exploring the integration of firefighting and communication through its "Zhu Huan" series chips, aiming to transform traditional firefighting into a more intelligent, robotic approach [3] - The upcoming launch of robotic products is expected to enhance operational efficiency in firefighting scenarios, addressing both repetitive and hazardous tasks [3] Group 4: Profit Forecast and Investment Recommendation - The company forecasts revenues of 4.992 billion, 5.572 billion, and 6.678 billion for 2025-2027, with year-on-year growth rates of 1.41%, 11.61%, and 19.86% respectively [4] - Projected net profits for the same period are 418 million, 495 million, and 632 million, with growth rates of 18.34%, 18.44%, and 27.8% respectively [4] - The current stock price corresponds to a PE ratio of 22.62, 19.1, and 14.94 for 2025-2027, maintaining a "strong buy" recommendation [4]