Group 1 - The company, Nanfeng Co., Ltd. (300004.SZ), has received a bid notification from China General Nuclear Power Engineering Co., Ltd. confirming it as the winning bidder for two projects [1] - The awarded projects include "TY Project LOT150Ad air conditioning units and heat exchangers" and "TY Project LOT150Ac, Ah and HVAC system air valves (Section 1)" [1] - The total bid amounts for the projects are 45.7 million yuan and 47.17 million yuan, respectively [1]

证券代码：300004 证券简称：南风股份 公告编号：2025-030 南方风机股份有限公司 关于收到中标通知书的公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 南方风机股份有限公司（以下简称"公司"）于近日收到中广核工程有限公 司发出的中标通知书，公司被确认为"TY 项目 LOT150Ad 空调机组及换热器"、 "TY 项目 LOT150Ac、Ah 及 HVAC 系统风阀（标段 1）"的中标方。现将具体 情况说明如下： 一、中标项目主要内容 （一）TY 项目 LOT150Ad 空调机组及换热器 1、招标方：中广核工程有限公司 2、中标人：南方风机股份有限公司 3、中标金额：人民币 4,570 万元 4、设备名称：空调机组、冷却/加热盘管、直接蒸发式空调器、加湿器及消 声器设备，包括设备的设计、制造、包装运输、文件，以及设备安装调试必要的 消耗品、专用工具和现场服务等。具体招标范围和要求以招标文件规定为准。 5、计划交货日期：首批交货日期为2027年7月31日 （二）TY 项目 LOT150Ac、Ah 及 HVAC 系统风阀（标段 1） 注册资本：408,6 ...

Group 1: Company Overview - Southern Wind Power Co., Ltd. is engaged in 3D printing technology, focusing on high-precision manufacturing and complex geometric structures [2] - The company is currently in the process of expanding its production capabilities, including facility renovations and equipment procurement [3] Group 2: Market Insights - The liquid cooling market in China is projected to reach CNY 184 billion in 2024, with expectations to grow to CNY 1,300 billion by 2029 [3] - 3D printing technology offers significant advantages over traditional manufacturing, including material savings and design flexibility [2] Group 3: Business Development - Southern Additive is primarily providing 3D printing services for various materials, including stainless steel and titanium alloys, targeting sectors like aerospace and military [3] - The company is currently in the negotiation and sample delivery stages for its 3D printing business, which is not expected to significantly impact this year's financial performance [3] Group 4: Talent Development - Southern Additive is enhancing its R&D capabilities through external recruitment and partnerships with universities and research institutions [3]

Group 1 - The core point of the news is that Nanfeng Co., Ltd. experienced a decline of 5.08% in its stock price, reaching 10.64 CNY per share, with a trading volume of 169 million CNY and a turnover rate of 3.24%, resulting in a total market capitalization of 5.107 billion CNY [1] - Nanfeng Co., Ltd. is located in Nanhai District, Foshan City, Guangdong Province, and was established on May 24, 1999. The company was listed on October 30, 2009, and its main business involves the research, production, and sales of ventilation and air treatment systems, as well as heavy metal 3D printing technology. The revenue composition is 99.36% from ventilation and air treatment systems and 0.64% from 3D printing services [1] Group 2 - Among the top ten circulating shareholders of Nanfeng Co., Ltd., one fund from Huaxia Fund ranks as a significant shareholder. Huaxia Stable Growth Mixed Fund (519029) entered the top ten circulating shareholders in the third quarter, holding 2.2179 million shares, which accounts for 0.46% of the circulating shares. The estimated floating loss today is approximately 1.2642 million CNY [2] - Huaxia Stable Growth Mixed Fund (519029) was established on August 9, 2006, with a current scale of 1.2 billion CNY. Year-to-date returns are 40.3%, ranking 1621 out of 8140 in its category; the one-year return is 36.08%, ranking 1826 out of 8057; and since inception, the return is 498.81% [2]

Core Viewpoint - NanFeng Co., Ltd. has experienced significant stock price fluctuations and changes in financial performance, with a notable increase in stock price year-to-date but a decline in revenue and net profit for the first nine months of 2025 [2][3]. Financial Performance - As of September 30, 2025, NanFeng Co., Ltd. reported a revenue of 393 million yuan, a year-on-year decrease of 6.52% [2]. - The net profit attributable to the parent company was approximately 33.45 million yuan, reflecting a year-on-year decline of 20.28% [2]. - The company has cumulatively distributed 107 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - The stock price of NanFeng Co., Ltd. has increased by 85.04% year-to-date, with a recent 5-day increase of 2.15% and a 20-day decrease of 3.80% [2]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on September 15, where it recorded a net buy of 132 million yuan [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 26.34% to 41,200, while the average circulating shares per person decreased by 20.85% to 11,663 shares [2]. - Among the top ten circulating shareholders, Huaxia Stable Growth Mixed Fund is the ninth largest shareholder, holding 2.22 million shares as a new investor [3]. Company Overview - NanFeng Co., Ltd. is located in Foshan, Guangdong Province, and was established on May 24, 1999, with its stock listed on October 30, 2009 [2]. - The company's main business involves the research, production, and sales of ventilation and air treatment systems, as well as heavy metal 3D printing technology, with 99.36% of revenue coming from ventilation systems and 0.64% from 3D printing services [2].

Core Viewpoint - Nanfeng Co., Ltd. (300004) is actively engaging in business discussions and sample deliveries related to its 3D printing operations with clients in various sectors including shoe molds, military aerospace, and heat dissipation [1] Group 1 - The company is focusing on expanding its 3D printing business through negotiations with clients [1] - Key sectors targeted for collaboration include shoe molds, military aerospace, and heat dissipation [1]

Core Viewpoint - Nanfeng Co., Ltd. is actively engaging in business discussions and sample deliveries related to its 3D printing operations with clients in various sectors, including shoe molds, military aerospace, and heat dissipation [1] Group 1 - Nanfeng Co., Ltd. is involved in negotiations for its 3D printing business [1] - The company is targeting multiple industries such as shoe molds, military aerospace, and heat dissipation [1]

Investment Rating - The report suggests that cold plate liquid cooling is expected to become the mainstream cooling solution for data centers, with significant potential in 3D printing for liquid cooling plate manufacturing [5]. Core Insights - Cold plate liquid cooling is anticipated to dominate the data center cooling market due to its higher efficiency compared to traditional air cooling, especially as GPU power design continues to increase [1][12]. - The liquid cooling market in China is projected to grow significantly, reaching 184 billion yuan in 2024 and 1.3 trillion yuan by 2029, with a compound annual growth rate (CAGR) of 48% [20][22]. - 3D printing technology is identified as the optimal manufacturing route for liquid cooling plates, offering advantages such as design freedom and cost-effectiveness compared to traditional machining methods [2][54]. - Microchannel liquid cooling plates are becoming a new trend, with 3D printing further enhancing their performance by allowing for complex designs that improve heat dissipation [3][66]. - The report highlights the challenges and breakthroughs in 3D printing of copper materials, which are crucial for effective heat transfer in liquid cooling applications [4][80]. Summary by Sections 1. Cold Plate Liquid Cooling as a Mainstream Solution - The cooling process in data centers can be categorized into air cooling and liquid cooling, with liquid cooling being more efficient due to its higher heat transfer capabilities [12][18]. - Cold plate liquid cooling, as an indirect cooling method, does not require direct contact with liquids, making it more operationally feasible and widely applicable [28][33]. 2. 3D Printing as the Optimal Manufacturing Technology - 3D printing offers unique advantages over traditional machining, such as the ability to create complex geometries and reduce production costs [2][54]. - The technology allows for continuous optimization of flow channel designs, which significantly impacts the cooling performance of liquid cooling plates [60][64]. 3. Emerging Trends in Microchannel Liquid Cooling - Microchannel liquid cooling plates are defined by their small channel diameters, which enhance heat transfer efficiency, and 3D printing is expected to play a crucial role in their production [3][67]. - The report notes that traditional manufacturing methods face limitations in producing microchannel structures, making 3D printing a more viable option [71][79]. 4. Investment Recommendations - The report recommends focusing on companies with strong technological capabilities in metal 3D printing, particularly those specializing in copper 3D printing [5][97]. - Specific companies highlighted include Nanfeng Co., Ltd., Plitec, and Huazhu High-Tech, which are actively engaged in the development and production of 3D printed liquid cooling plates [97].

Group 1: Company Performance and Market Position - The company's third-quarter performance declined year-on-year due to project construction delays, affecting revenue recognition [3] - The nuclear ventilation sector is experiencing a positive development phase, with the company holding a high market share [3] - The supply of ventilation products for subways and tunnels is linked to national urbanization and major infrastructure planning [3] Group 2: Product Applications and Innovations - Ventilation equipment is crucial for safety and comfort, with potential applications in controlled nuclear fusion projects [4] - 3D printing technology offers advantages over traditional manufacturing, including high precision, material savings, and design flexibility [5] - The company focuses on providing customized solutions based on client needs, engaging in discussions with clients in various sectors [5][6] Group 3: Future Plans and Financing - Currently, there are no stock incentive plans, but the company will consider them based on strategic needs and market conditions [5] - South Wind Additive is executing expansion plans and has no immediate financing needs, with future financing options to be considered based on market and order conditions [6]

Key Highlights - Cambridge Technology currently does not produce chips containing CPO technology [1] - TCL Technology plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Huakang Clean has won the bid for a "medical service construction project" [1] - Aotewei intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Shanghai Yizhong plans to repurchase shares worth 30 million to 35 million yuan [1] - Huaton Co. reported a pig sales revenue of 338 million yuan in August [1] - Tianma Technology has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [1] - Mars Man's controlling shareholder plans to reduce holdings by no more than 2.94% [1] - Zhiwei Intelligent's actual controller plans to reduce holdings by no more than 2.9749% [1] - Donglin Investment plans to reduce holdings in Jin'an Guoji by no more than 2.878% [1] - Zhonglun New Materials intends to issue convertible bonds not exceeding 1.068 billion yuan [1] - Tuojing Technology plans to raise no more than 4.6 billion yuan through a private placement [1] Investment Projects - TCL Technology (000100.SZ) plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Guangdong Jianke (301632.SZ) intends to invest in the implementation of the second phase of the Guangdong Jianke·Zhongshan Smart Gathering Project [1] - Nanfeng Co. (300004.SZ) plans to invest 50 million yuan in fixed assets for a 3D printing service project [1] Contracts and Acquisitions - Huakang Clean (301235.SZ) has won the bid for a "medical service construction project" [1] - Aotewei (688516.SH) intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Tianhua New Energy (300390.SZ) plans to acquire a 75% stake in Suzhou Tianhua Times [1] Share Buybacks - Chuangyuan Co. (300703.SZ) plans to repurchase 1.55% to 2.05% of its shares [2] - Yishitong (688733.SH) intends to repurchase shares worth 30 million to 55 million yuan [2] - Shanghai Yizhong (688091.SH) plans to repurchase shares worth 30 million to 35 million yuan [2] Operational Data - Huaton Co. (002840.SZ) reported a pig sales revenue of 338 million yuan in August [2] - Tianma Technology (603668.SH) has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [2] Shareholding Changes - Sudda Co. (001277.SZ) plans to reduce holdings by no more than 3% [2] - Mars Man (300894.SZ) plans to reduce holdings by no more than 2.94% [2] - Zhiwei Intelligent (001339.SZ) plans to reduce holdings by no more than 2.9749% [2] - Jin'an Guoji (002636.SZ) plans to reduce holdings by no more than 2.878% [2] Other Financial Activities - China Merchants Shekou (001979.SZ) plans to issue preferred shares to raise no more than 8.2 billion yuan for real estate project construction [2] - Zhonglun New Materials (301565.SZ) intends to issue convertible bonds not exceeding 1.068 billion yuan [2] - Keli'er (002892.SZ) plans to raise no more than 1.006 billion yuan through a private placement [2] - Tuojing Technology (688072.SH) plans to raise no more than 4.6 billion yuan through a private placement [2]