| 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 | ...

Summary of Liquid Cooling Materials Industry Report Industry Overview - The report focuses on the liquid cooling materials industry, particularly in the context of increasing power consumption in AI chips and the demand for hybrid liquid cooling solutions [1][2]. Key Points and Arguments - **Server Cooling Demand Upgrade**: The power consumption of GPUs has increased from 1.2 kW to 1.8 kW, leading to total cabinet power consumption reaching 250-300 kW. Traditional single-phase cold plates are inadequate, necessitating an upgrade to liquid cooling solutions, with hybrid liquid cooling likely becoming mainstream, especially for high-power products like Rubin Ultra [1][2]. - **Advantages of Hybrid Liquid Cooling**: Compared to silent liquid cooling, hybrid solutions retain cold plates covering CPUs/GPUs, removing 60%-70% of heat, reducing the requirements for silent loops, enhancing system stability, allowing for single-point maintenance, and significantly lowering the amount of fluorinated fluids used, thus reducing costs [1][4]. - **Market Potential for Fluorinated Materials**: If hybrid liquid cooling solutions can be scaled, they could significantly drive demand for fluorinated materials, with a potential market size reaching 20 billion yuan, compared to the current demand of around 1,000 tons and a market capacity of 3 billion yuan [1][5]. - **NVIDIA Cooling Architecture Optimization**: The GB200 architecture uses one liquid cooling plate for two GPUs and one CPU, while the GB300 architecture provides individual cooling plates for each GPU and CPU, achieving more precise cooling and controlling total cabinet power consumption to approximately 132 kW. Higher power products like the Shadow series will require upgrades to bidirectional or phase change medium solutions [1][6]. Additional Important Insights - **Liquid Medium Choices**: Different cooling solutions utilize various liquid mediums. Single-phase cold plates typically use ethylene glycol, while bidirectional systems require low-boiling-point fluorinated fluids like R134A, hydrofluoroethers, and hexapropylene dimer [2][10]. - **New Zobon’s Liquid Cooling Strategy**: New Zobon is actively expanding in the liquid cooling sector, planning to add nearly 12,000 tons of capacity, including about 5,000 tons of perfluoropolyether capacity. The company aims to capture 50% of the semiconductor etching and temperature control market share [2][18]. - **Future Prospects for New Zobon**: The company expects its main business revenue to reach around 1.4 billion yuan by 2025-2026 and potentially 1.8-1.9 billion yuan by 2027. If the liquid cooling business materializes, the long-term market potential could reach 20 billion yuan, positioning the company for a valuation exceeding 20 billion yuan, with a short-term target market cap close to 50 billion yuan [2][20]. - **Challenges in Silent vs. Hybrid Solutions**: Silent solutions face high costs and reliability issues, while hybrid solutions enhance reliability and maintainability, significantly reducing the amount of medium required and overall costs [2][7]. - **Market Potential for Liquid Cooling Solutions**: The liquid cooling market has substantial potential, with estimates suggesting that if 100,000 cabinets are sold, the market space could approach 20 billion yuan, indicating significant growth elasticity compared to the current demand and market capacity [2][17]. This summary encapsulates the critical insights and projections regarding the liquid cooling materials industry, highlighting the evolving technology landscape and market opportunities.

Core Viewpoint - The liquid cooling sector is gaining traction due to the increasing demand for cooling solutions in AI and high-performance computing, with significant growth expected in the market over the next few years [6][7][9]. Group 1: Market Trends - The global AI liquid cooling market is projected to reach $8.6 billion by 2026, indicating rapid market growth [7]. - In China, the liquid cooling market for intelligent computing centers is expected to reach 18.4 billion yuan in 2024, a 66.1% increase from 2023, and could grow to approximately 130 billion yuan by 2029 [7]. Group 2: Company Performance - Silver Wheel Co. (银轮股份) has the highest institutional ratings at 29, with a stock price increase of over 114% this year. The company is expected to see net profit growth of 35.29% in 2025 and 26.16% in 2026 [9]. - Other companies like Inspur Information (浪潮信息) and Invech (英维克) are also projected to have net profit growth rates exceeding 20% in the coming years [9]. Group 3: Technological Developments - NVIDIA is pushing suppliers to develop microchannel liquid cooling plates (MLCP) to address the rising heat from AI GPU chips, with prices 3 to 5 times higher than traditional cooling solutions [6]. - Liquid cooling is becoming the mainstream solution due to its efficiency and ability to handle the increasing power density of chips, as traditional air cooling methods are no longer sufficient [6][7]. Group 4: Company Initiatives - New Zobang (新宙邦) is actively participating in setting standards for liquid cooling and has developed mature products for various data center applications [8]. - High Lan Co. (高澜股份) offers a range of liquid cooling solutions and aims to maintain a Power Usage Effectiveness (PUE) of below 1.1 [8].

Core Viewpoint - The company, Xinzhou Bang, emphasizes its battery chemicals business as one of its three core operations, showcasing significant growth and a diverse application range in various industries [1] Group 1: Business Overview - The battery chemicals business includes products such as lithium-ion battery electrolytes, additives, new lithium salts, carbonate solvents, supercapacitor chemicals, primary lithium battery chemicals, sodium-ion battery chemicals, and solid-state battery materials [1] - The downstream markets for these products encompass power batteries, energy storage batteries, and consumer batteries, with applications in electric vehicles, power systems, data centers, rail transportation, wind and solar energy, laptops, tablets, smartphones, smart wearable devices, consumer drones, robots, smart appliances, electric tools, and various portable electronic products [1] Group 2: Financial Performance - In the first half of 2025, the battery chemicals business achieved operating revenue of 2.815 billion yuan, representing a year-on-year growth of 22.77%, accounting for 66.27% of the total operating revenue during the reporting period [1] Group 3: Competitive Advantages - The company possesses significant advantages in research and development innovation, quality control, integrated supply chain, customer structure, international layout, and brand value, positioning it as one of the major suppliers in the industry [1]

Group 1 - The company emphasizes the importance of research and innovation in coolant technology and has developed multiple technical routes for composite coolant products [2] - The company has a strong technical foundation in fluorinated liquids and has established a mature quality management system, participating in the formulation of several standards and specifications in the liquid cooling field [2] - The company has successfully mass-produced products for various scenarios in IDC data centers and is actively promoting certification work with major domestic and international manufacturers [2] Group 2 - The company is currently validating and testing new types of coolants with domestic and international clients, although specific details about client certification stages are confidential [2] - The company plans to continuously enhance the competitiveness of its liquid cooling products, capacity assurance, and customer service levels in the future [2]

Core Insights - The article highlights the successful delivery of orders by Nolite Technology (Malaysia) Co., Ltd., marking it as the first electrolyte manufacturer from China to achieve order delivery in Southeast Asia [1] Group 1: Company Milestones - Nolite Technology (Malaysia) was officially registered in February 2025, initiating the expansion of Xinluo Bang into the Southeast Asian market [1] - The company signed a memorandum of understanding with Invest Kedah in April 2025, which significantly supported the internationalization strategy of Xinluo Bang [1] - The successful delivery from the first factory coincides with the upcoming full-scale construction of the second factory, laying a solid foundation for future capacity release [1] Group 2: Strategic Developments - The establishment of the first factory in Kulim Hi-Tech Park has accelerated the integration of technology, production capacity, and localized operations [1] - The support from Invest Kedah has played a crucial role in expediting the project’s implementation [1]