Group 1 - The company emphasizes the importance of research and innovation in cooling liquid technology and has developed multiple technical routes for cooling liquid products [2] - The company has a strong technical foundation and quality management system in the fluorinated liquid field, participating in the formulation of several standards and specifications in the liquid cooling sector [2] - The company is actively promoting certification processes with major domestic and international manufacturers and is also working on new types of cooling liquids [2] Group 2 - The company is optimistic about the market potential for data liquid cooling and plans to increase R&D investment to enhance product competitiveness, production capacity, and customer service levels [2] - The company aims to improve its market position and influence in the liquid cooling field while ensuring compliance with relevant disclosure regulations and enhancing communication with the market [2]

Core Viewpoint - The company emphasizes its commitment to the research and innovation of cooling liquid technology, highlighting its established product offerings and ongoing certification efforts with major domestic and international manufacturers [2]. Group 1: Product Development and Market Position - The company has developed various cooling liquid products and has a strong technical foundation in the fluorinated liquid sector [2]. - The company is actively participating in the formulation of multiple standards and specifications in the liquid cooling field [2]. - The products are mature and applicable in different scenarios within IDC data centers [2]. Group 2: Future Strategy and Investor Communication - The company is focused on enhancing its core competitiveness and aims to deliver solid operating performance to reward investor trust [2]. - The management encourages investors to analyze the company’s public information rationally and to be aware of investment risks [2]. - Future product deployment details will be available in the company's periodic reports published on the Giant Tide Information Network [2].

Group 1: Guangdong Hongda (002683.SZ) - The company is a leader in the civil explosives industry, with growth rates exceeding the industry average, and military business is poised for expansion [7][8] - Expected net profits for 2025-2027 are projected at 1.196 billion, 1.415 billion, and 1.772 billion yuan, respectively, with a target price of 47.2 yuan based on a 30x PE for 2025, rated as "Accumulate" [7][8] - Revenue from the domestic regions of Northwest, Southwest, and North China for 2024 is expected to be 2.69 billion, 1.14 billion, and 2.34 billion yuan, respectively, with significant year-on-year growth [8] Group 2: Yangnong Chemical (600486.SH) - The company is positioned as a leader in the pesticide industry, benefiting from an upward trend in industry conditions and a recovery in the market [11][12] - Projected revenues for 2025-2027 are 11.484 billion, 12.325 billion, and 13.536 billion yuan, with net profits of 1.443 billion, 1.654 billion, and 1.884 billion yuan, respectively, rated as "Accumulate" [11][12] - The company is expected to transition from a generic pesticide manufacturer to a CDMO for innovative drugs, enhancing its growth potential [12] Group 3: China Communications Construction Company (601800.SH) - The company holds a leading position in transportation infrastructure and is expected to benefit from increased domestic infrastructure projects and international expansion [14][15] - The company is the largest international engineering contractor in China, with a strong historical presence in overseas markets, contributing to growth [14][15] - A dividend plan has been announced, ensuring stable returns for investors, with a target price of 11.78 yuan based on an 8x PE for 2025, rated as "Buy" [14][15] Group 4: Xinzhou Bang (300037.SZ) - The company is focused on a comprehensive layout in the lithium battery and fluorochemical sectors, with clear growth in demand for fluorochemicals [18][19] - Expected net profits for 2025-2027 are projected at 1.130 billion, 1.501 billion, and 1.859 billion yuan, with significant year-on-year growth rates [18][19] - The company is enhancing its vertical integration and global layout, with ongoing projects in Malaysia and the US expected to boost profitability [18][19] Group 5: Haian Home (600398.SH) - The main brand has shown improvement, with revenue for the first half of 2025 reaching 11.566 billion yuan, a year-on-year increase of 1.73% [21][22] - The company is expanding its direct sales while reducing franchise operations, with a focus on new retail formats [21][22] - Projected net profits for 2025-2027 are 2.421 billion, 2.700 billion, and 2.947 billion yuan, with a growth rate of 12.2%, 11.5%, and 9.1% respectively, rated as "Buy" [24] Group 6: Xtep International (01368.HK) - The main brand has shown steady growth, with revenue for the first half of 2025 reaching 6.838 billion yuan, a year-on-year increase of 7.1% [26][27] - The company is focusing on the running segment, with strong performance in its professional sports line [26][27] - Projected net profits for 2025-2027 are 1.379 billion, 1.516 billion, and 1.664 billion yuan, with growth rates of 11.3%, 9.9%, and 9.8% respectively, rated as "Buy" [28] Group 7: Mindray Medical (300760.SZ) - The company reported total revenue of 16.743 billion yuan for the first half of 2025, a year-on-year decrease of 18.45% [30][31] - International business showed resilience with revenue of 8.332 billion yuan, a year-on-year increase of 5.39%, while domestic revenue declined significantly [30][31] - The company plans to distribute a total of 3.298 billion yuan in cash dividends for 2025, representing 65.06% of its net profit for the first half of the year [31]

Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Accumulate" [5] Core Views - The company maintains stable growth in its main business and is building an integrated lithium battery industry layout, with battery chemical business revenue reaching 2.815 billion yuan in H1 2025, a year-on-year increase of 22.77% [1][5] - The demand for fluorochemical products is expected to grow due to the development of new energy, data centers, and digital infrastructure, creating a window for domestic substitution [1] - The company is advancing its projects in Malaysia and the United States, which are expected to enhance profitability as overseas customer volumes increase and the self-supply ratio of hexafluoride rises [1] Summary by Sections Battery Chemicals - In H1 2025, the battery chemicals business achieved revenue of 2.815 billion yuan, with a significant increase in sales volume despite a competitive market and declining prices [1] - The company anticipates an annual shipment volume of over 280,000 tons for the year [1] Fluorochemical Demand - The growth in downstream industries is driving the demand for fluorochemical products, with the company completing customer certifications for its fluorinated liquid products [1] - Key projects such as the annual production of 30,000 tons of high-end fluorinated fine chemicals and 5,000 tons of high-performance fluorinated materials are progressing steadily [1] Electronic Fine Chemicals - The electronic fine chemicals business generated revenue of 679 million yuan in H1 2025, reflecting a year-on-year growth of 25.18% [2] - The semiconductor industry is driving demand, with the company focusing on developing new products for data centers and semiconductor applications [2] Financial Projections - The company is projected to achieve net profits of 1.13 billion yuan, 1.50 billion yuan, and 1.86 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.51 yuan, 2.01 yuan, and 2.49 yuan [2][3]

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].

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：123158 | 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 3、除息日：2025 年 9 月 26 日 4、付息日：2025 年 9 月 26 日 5、本次付息期间及票面利率：计息期间为 2024 年 9 月 26 日至 2025 年 9 月 25 日，票面利率为 1.00% 6、"宙邦转债"本次付息的债权登记日为 2025 年 9 月 25 日，凡在 2025 年 9 月 25 日（含）前买入并持有本期债券的投资者享有本次派发的利息，2025 年 9 月 25 日卖出本期债券的投资者不享有本次派发的利息 7、下一付息起息日：2025 年 9 月 26 日 8、下一年度票面利率：1.50% 关于宙邦转债2025年付息的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、"宙邦转债"将于 2025 年 9 月 26 日按面值支付第三年利息，每 10 张"宙 邦转债"（面值 1,000.00 元 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Chemical Sector, specifically focusing on fluorochemicals and refrigerants - **Key Trends**: Significant price increases in refrigerants, driven by supply constraints and robust demand from the air conditioning (AC) industry and emerging liquid cooling technologies for data centers Core Insights - **Refrigerant Price Increases**: - Average Selling Prices (ASPs) for refrigerants R32 and R134a have increased by 43% and 22% respectively year-to-date as of September 12, 2025, with R32 reaching Rmb61.5k/t and R134a at Rmb52.0k/t [2][8] - ASPs for R22 have also risen, reflecting a 5% increase [8] - **Market Dynamics**: - Strong supplier pricing power due to quota constraints and a favorable competitive landscape [3][8] - Anticipated continued demand growth for R32, particularly as it is used in most new household ACs, replacing R410a [3][17] - **Liquid Cooling Demand**: - AI-driven demand for liquid cooling solutions in data centers is expected to create new growth opportunities for fluorochemical companies [4][25] - Two-phase cold plate liquid cooling and immersion cooling are highlighted as key technologies, with R134a being a suitable coolant for these applications [4][26] Company-Specific Insights - **Price Target Adjustments**: - Price targets for Dongyue, Sanmei, Capchem, and Tinci have been raised due to improved earnings forecasts and favorable pricing outlooks for refrigerants [5][42] - Sanmei's price target increased from Rmb62.60 to Rmb85.60, reflecting a 37% change [5][50] - Dongyue's price target raised from HKD12.00 to HKD18.00, indicating a 50% increase [5][51] - **Earnings Forecasts**: - 2025-27E earnings for companies in the sector have been lifted, with specific increases for Dongyue (3-19%) and Sanmei (1-20%) [5][50][51] - **Valuation Metrics**: - Dongyue and Sanmei are trading at lower PE ratios compared to peers, suggesting potential for valuation upside as refrigerant prices continue to rise [39][68] Potential Risks - **Regulatory Changes**: Possible changes to the refrigerant quota policy in 2026 could impact supply dynamics [53] - **Market Competition**: The introduction of fourth-generation refrigerants may disrupt the pricing of third-generation refrigerants [53] - **Demand Fluctuations**: A potential decline in AC production in 2026 could negatively affect refrigerant demand [53] Additional Insights - **Long-term Outlook**: The refrigerant industry is expected to maintain elevated prices due to stable supply conditions and strong demand, particularly for R32 and R134a [54][66] - **Investment Opportunities**: Companies like Capchem are positioned to benefit from the exit of 3M from PFAS production, potentially capturing market share in fluorinated liquids [29][30] This summary encapsulates the key points discussed in the conference call, highlighting the dynamics of the chemical sector, particularly in the refrigerant market, and the implications for specific companies within the industry.

Core Viewpoint - The company, Xinzhou Bang, emphasizes its strong reputation in the electrolyte field due to over 20 years of technological innovation, stable supply assurance, and rigorous quality systems [1] Group 1: Company Strategy - The company is actively implementing a global and integrated industrial chain layout, with the Poland lithium-ion battery electrolyte project being a key initiative for its overseas strategic expansion [1] - Since its successful production start in 2023, the Poland facility has achieved localized supply of electrolytes in Europe and established long-term stable partnerships with many high-quality overseas customers [1] Group 2: Future Outlook - The company plans to continue deepening its international layout and actively expand its global market presence, aiming to provide high-quality products and services to its customers [1]

Core Insights - The company Xinzhou Bang experienced a decline of 0.68% in stock price on September 17, with a trading volume of 1.18 billion yuan [1] - The financing data indicates a net financing outflow of 62.26 million yuan on the same day, with a total financing and securities balance of 777 million yuan [1] Financing Overview - On September 17, Xinzhou Bang had a financing buy-in of 128 million yuan, while the current financing balance stands at 767 million yuan, accounting for 2.14% of the circulating market value, which is above the 90th percentile level over the past year [1] - The company repaid 16,400 shares of securities on the same day, with a securities selling amount of 575,800 yuan, and a remaining securities balance of 1.00763 million yuan, also above the 80th percentile level over the past year [1] Company Profile - Xinzhou Bang Technology Co., Ltd. was established on February 19, 2002, and listed on January 8, 2010, located in Shenzhen, Guangdong Province [1] - The company's main business involves the research, production, sales, and service of new electronic chemicals and functional materials, with revenue composition as follows: battery chemicals 66.43%, organic fluorine chemicals 17.03%, electronic information chemicals 16.03%, and others 0.50% [1] Financial Performance - As of June 30, the number of shareholders for Xinzhou Bang was 38,200, a decrease of 18.69% from the previous period, while the average circulating shares per person increased by 21.66% to 14,141 shares [2] - For the first half of 2025, Xinzhou Bang achieved operating revenue of 4.248 billion yuan, a year-on-year increase of 18.58%, and a net profit attributable to shareholders of 484 million yuan, up 16.36% year-on-year [2] Dividend Information - Since its A-share listing, Xinzhou Bang has distributed a total of 2.149 billion yuan in dividends, with 1.121 billion yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Dongfang New Energy Theme Mixed Fund, which increased its holdings by 278,400 shares to 13.4071 million shares, while the E Fund Growth ETF reduced its holdings by 469,300 shares to 11.9368 million shares [2]

融券方面，当日融券卖出1.66万股，融券偿还1.7万股，融券净买入400.0股，融券余量21.44万股。 | 交易日 | 融券冷卖用(股) | | 融券余重(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-09-16 | | -400.0 | 21.44万 | 1035.82万 | | 2025-09-15 | | -3.18万 | 21.48万 | 1012.19万 | | 2025-09-12 | | -2.33万 | 24.66万 | 1166.28万 | | 2025-09-11 | | -1.34万 | 26.99万 | 1315.08万 | | 2025-09-10 | | -6600.0 | 28.33万 | 1339.02万 | 证券之星消息，9月16日，新宙邦（300037）融资买入1.35亿元，融资偿还1.3亿元，融资净买入535.77 万元，融资余额8.29亿元，近3个交易日已连续净买入累计1.19亿元，近20个交易日中有13个交易日出现 融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | ...