Core Viewpoint - Nanfeng Co., Ltd. (300004) indicated on October 21 that shareholders should refer to the company's periodic reports for information regarding the number of shareholders [1] Group 1 - The company responded to investor inquiries on an interactive platform [1] - The company emphasized the importance of periodic reports for shareholder information [1]

Group 1: Company Overview and Business Operations - Southern Wind Power Co., Ltd. focuses on nuclear ventilation equipment, which has high technical requirements due to safety regulations and international standards [2][3] - The company has seen an upward trend in gross profit margins, attributed to the recovery of nuclear power station construction approvals and increased project activity [2][3] Group 2: Product Supply and Market Dynamics - The supply cycle for nuclear ventilation equipment typically spans 3-4 years, while for subway and tunnel ventilation, it is 2-3 years, and for large industrial and civil construction, it is under 1 year [3] - Variations in product structure and quantity during different periods affect the company's revenue and profit [3] Group 3: 3D Printing Business Development - In December 2024, the company acquired minority shareholder rights in Southern Additive, transitioning to 3D printing services, with ongoing normal business progress [4] - An investment of 50 million yuan was approved in September 2025 for fixed asset investments in 3D printing services, with plans for expansion currently in execution [4] Group 4: Competitive Advantages and Market Potential - The demand for high-performance electronic devices and cooling solutions is increasing, with 3D metal printing technology offering innovative design and integration capabilities [6] - Southern Additive's competitive edge lies in its ability to provide customized solutions based on client needs, with ongoing discussions and sample submissions to potential clients [6]

Core Viewpoint - Nanfeng Co., Ltd. (300004.SZ) is actively engaging in business discussions and sample deliveries with relevant clients for its 3D printing products, including liquid cooling plates [1] Company Summary - Nanfeng Co., Ltd. is involved in the production of 3D printing products, specifically highlighting its capability to manufacture liquid cooling plates [1]

南风股份（300004.SZ）10月15日在投资者互动平台表示，南方增材可以生产包括液冷板在内的3D打印 产品，目前正与相关客户进行业务洽谈、送样等。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问现在南方增材有3d打印液冷板产品吗？客户验证 顺利吗？ ...

Core Viewpoint - The company is progressing normally with its subsidiary, Southern Additive's 3D printing liquid cooling plate project, and is in discussions with potential customers for future collaborations [1] Group 1 - The company announced that it has approved an investment of 50 million yuan for the 3D printing service project, which is set to be executed by September 2025 [1] - The expansion plan for the 3D printing services is currently being implemented as per the company's strategy [1] - The company is actively engaging in business negotiations with relevant customers [1]

Core Viewpoint - The company is actively advancing its 3D printing business, with a significant investment planned for fixed asset development in this area [1] Group 1 - The company has received approval for an investment of 50 million yuan in its 3D printing service project, which is set to be executed by September 2025 [1] - The company is currently in discussions with relevant clients regarding business opportunities related to its 3D printing services [1]

Core Viewpoint - The company is currently experiencing good operational conditions, with its 3D printing business progressing normally and no unusual situations reported [1] Company Operations - The company confirmed that its overall business operations are stable and functioning well [1] - The 3D printing segment is advancing as planned, indicating a positive outlook for this new business area [1]

Market Overview - The specialized equipment sector declined by 0.67% on October 10, with Nanfeng Co. leading the losses [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable gainers included: - N Aomisen (code: 920080) with a closing price of 37.11, up 349.82% [1] - ST Xinyuan (code: 300472) with a closing price of 5.77, up 19.96% [1] - Lihexing (code: 301013) with a closing price of 31.58, up 11.67% [1] - Significant losers included: - Nanfeng Co. (code: 300004) with a closing price of 11.83, down 11.45% [2] - Rilian Technology (code: 688531) with a closing price of 66.06, down 7.47% [2] - Zhonglang Technology (code: 688648) with a closing price of 63.32, down 6.83% [2] Capital Flow - The specialized equipment sector experienced a net outflow of 1.226 billion yuan from institutional investors, while retail investors saw a net inflow of 1.036 billion yuan [2] - The capital flow for specific stocks showed: - Zhongjian Technology (code: 002779) had a net inflow of 1.38 billion yuan from institutional investors [3] - Zhuolang Intelligent (code: 600545) had a net inflow of 137 million yuan from institutional investors [3] - Lihexing (code: 301013) had a net inflow of 1.16 billion yuan from institutional investors [3]

Industry Insights - The National Energy Administration and other departments released guidelines to promote high-quality development of energy equipment, focusing on nuclear equipment, emphasizing the need to enhance testing and verification capabilities and improve equipment reliability and stability [1] - The nuclear equipment market is expected to grow significantly, with an estimated annual market size of approximately 100 billion during the 14th Five-Year Plan period, and a compound annual growth rate (CAGR) of about 7% from 2023 to 2035 [1] - The domestic nuclear equipment sector is accelerating the process of localization, with the domestic production rate of third and fourth-generation nuclear technologies exceeding 90% in certain areas [1] Company Developments - Rongfa Nuclear Power is identified as a supplier of nuclear-grade equipment and critical castings, with its main products in the nuclear power sector including primary circuit main equipment, primary pump fluid mechanical components, pressure vessels, and castings [1] - Nanfeng Co., Ltd. is advancing the application of safety-grade pneumatic quick isolation valves in the nuclear power sector [2]

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].