Core Viewpoint - The article highlights the dynamic changes in Malaysia's position as a key node in Southeast Asia's electric vehicle supply chain, with companies like Xinzhoubang and KedaLi making strategic decisions based on regional advantages and market conditions [3][8]. Group 1: Company Developments - Xinzhoubang's factory in Malaysia has successfully commenced operations, marking it as the first Chinese electrolyte manufacturer to achieve localized production and delivery in Southeast Asia [3]. - The factory, located in Kedah's Kulim Hi-Tech Park, took approximately seven months from registration to delivery, supported by the Kedah State Investment Development Corporation [3]. - Star Source Materials has also launched its first phase of production in Malaysia, with an annual capacity of 2 billion square meters and an investment close to 5 billion RMB, indicating strong market demand from global battery manufacturers [5]. Group 2: Investment Trends - Several lithium battery material companies are investing in Malaysia, including Shantai Technology, which plans to invest $154 million to build a 50,000-ton annual capacity for anode materials [6]. - Other companies, such as Jinyang Co. and Hunan Youneng, have announced plans to establish production facilities in Malaysia, contributing to a relatively complete battery supply chain in the region [6]. Group 3: Strategic Shifts - KedaLi announced a shift of its planned investment from Malaysia to Thailand, reducing the investment from up to 600 million RMB to 210 million RMB, citing better location conditions, policy support, and industrial chain collaboration in Thailand [7][8]. - This decision reflects a broader trend of companies dynamically assessing and comparing investment environments and benefits across different countries and regions [8].

Core Viewpoint - The demand for AI data centers is increasing, driven by high heat dissipation and high energy consumption, leading to a growing need for liquid cooling solutions [2][3]. Group 1: AI Data Center Capacity and Growth - According to Semianalysis, the global AI computing center installed capacity is expected to reach 7 GW in 2024, with further growth anticipated by 2028 [1][2]. Group 2: Liquid Cooling Solutions - The two main types of liquid cooling solutions for data centers are cold plate cooling and immersion cooling [3][4]. - Cold plate cooling can be further divided into single-phase and phase-change types, with single-phase primarily using deionized water and phase-change using fluorinated fluids [3]. - Immersion cooling liquids are categorized into synthetic oils and fluorinated liquids, with synthetic oils including hydrocarbon and silicone oils, and fluorinated liquids being ideal due to their chemical stability and low dielectric constant [4]. Group 3: Recommended Companies - For cold plate cooling, recommended companies include Haohua Technology (600378.SH), Juhua Co., Ltd. (600160.SH), and Sanmei Co., Ltd. (603379.SH) [3]. - For synthetic oils, Satellite Chemical (002648.SZ) is highlighted, while for silicone oil, the recommended company is Huamao Technology (603181.SH) [4]. - For fluorinated liquids, recommended companies include Sinoma Science & Technology (300037.SZ), Juhua Co., Ltd., Hualu Group (600623.SH), and Yonghe Co., Ltd. (605020.SH) [4].

Financial Performance - The company reported a revenue of 4.248 billion yuan for the first half of 2025, representing a year-over-year increase of 18.58% [1] - The net profit attributable to shareholders was 484 million yuan, up 16.36% year-over-year, while the net profit excluding non-recurring items was 466 million yuan, reflecting an 8.16% increase [1] - In Q2 2025, the company achieved a revenue of 2.246 billion yuan, which is an 8.65% year-over-year increase and a 12.16% quarter-over-quarter increase [1] Cost and Margin Analysis - The average price of battery-grade lithium carbonate fell to approximately 64,500 yuan per ton in Q2 2025, a decrease of 14.73% quarter-over-quarter, significantly impacting the profitability of the electrolyte business [2] - The gross margin for the electrolyte business was reported at 9.71% for the first half of 2025, down 3.94 percentage points year-over-year [2] - The company's Q2 2025 gross margin for the electrolyte business was 25.5%, showing a year-over-year decline of 2.87 percentage points but a quarter-over-quarter increase of 0.95 percentage points [1] Strategic Developments - The company is enhancing its global layout for electrolyte production, with the launch of a lithium-ion battery electrolyte project in Poland, contributing to a revenue of 2.815 billion yuan in the first half of 2025, a 22.77% increase year-over-year [2] - The acquisition of Shilei Fluorine Materials aims to fill the supply gap for hexafluorophosphate lithium, with planned production capacity expanding to 33,000 tons, aligning with the company's annual demand of 37,500 tons [2] Market Outlook - The liquid cooling technology is identified as a key solution for data center heat dissipation, with a projected global demand for fluorinated liquids reaching approximately 4,000 tons, translating to a market space of around 10 billion yuan based on a price of 250,000 yuan per ton [4] - The company is expected to maintain its profit forecasts for 2025-2027, with projected net profits of 1.178 billion yuan, 1.499 billion yuan, and 1.916 billion yuan, corresponding to PE valuations of 30X, 24X, and 18X respectively [4]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance in the first half of 2025 is in line with expectations, with total revenue reaching 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 [7] - The report highlights the ongoing bottoming out of the electrolyte business and the strengthening trend of liquid cooling technology, indicating a positive long-term growth outlook for the fluorochemical sector [7] - The company is expanding its global layout in the electrolyte business and has made strategic acquisitions to enhance its supply chain stability [7] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 10.009 billion yuan in 2025, with a year-on-year growth rate of 27.6% [5] - The net profit attributable to shareholders is expected to reach 1.178 billion yuan in 2025, reflecting a year-on-year increase of 25.0% [5] - The report forecasts earnings per share of 1.57 yuan for 2025, with a projected PE ratio of 30 [5] Market Data - As of September 12, 2025, the company's closing price is 47.30 yuan, with a market capitalization of 25.554 billion yuan [1] - The company has a price-to-book ratio of 3.7 and a dividend yield of 0.85% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims for about 32.3 million vehicle sales in 2025, a 3% YoY increase, with around 15.5 million new energy vehicle sales, a 20% YoY increase, and a 6% YoY growth in automobile manufacturing added - value. In 2026, the industry is expected to maintain a stable and positive development trend [1][105][116]. - From January to August, China's automobile sales reached 21.128 million, a 12.6% YoY increase, and new energy vehicle sales were 9.62 million, a 36.7% YoY increase, achieving 65.4% and 61.9% of the annual targets respectively [1][106][118]. - In the 36th week (September 1 - 7), new energy passenger vehicle retail sales were 220,000, a 0.5% YoY decrease, and the annual cumulative retail sales were 7.645 million, a 23.4% YoY increase. The single - week penetration rate reached 60.6%, and the annual cumulative penetration rate was 51.9%, showing a slow upward trend [2][109][118]. - In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase. Except for China, Europe and other regions had significant growth, with 29.5% and 53.4% growth respectively from January to July [2][118]. - In August, the US new energy vehicle sales were 177,000, an 18.4% YoY increase, much higher than the overall vehicle growth rate of 2%. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase [2][112][119]. 3. Summary by Related Catalogs 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. For example, BYD's closing price on September 12 was 105.91 yuan, with a - 1.26% weekly change; CATL's closing price was 325 yuan, with a - 0.03% weekly change [13][15][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: In August, new energy vehicle production and sales were 1.391 million and 1.395 million respectively, with YoY growth of 27.4% and 26.8%. From January to August, production and sales were 9.625 million and 9.62 million respectively, with YoY growth of 37.3% and 36.7%. In August, new energy vehicle exports were 224,000, a 100% YoY increase. From January to August, exports were 1.532 million, an 87.3% YoY increase [106][107][108]. - **Inventory Changes**: Data on monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory are provided [25][26]. - **Delivery Volumes of Chinese New Energy Vehicle Manufacturers**: Monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal are presented [28][29][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase [2][118]. - **European Market**: Relevant data on new energy vehicle sales and penetration rates in Europe, including the UK, Germany, and France, are provided [44][45][49]. - **North American Market**: In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase. Data on North American new energy vehicle sales and penetration rates are also presented [2][112][119]. - **Other Regions**: Data on new energy vehicle sales and penetration rates in other regions, such as Japan, South Korea, and Thailand, are provided [60][61][65]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of power battery cells, and material costs are presented. Information on the operating rates and prices of ternary materials, precursors, lithium iron phosphate, negative electrode materials, electrolytes, and other related materials is also provided [76][78][82]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are provided [97][98][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The eight - department joint issuance of the "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve specific sales and growth targets for 2025 and 2026 [1][105][116]. - The six - department joint launch of a three - month special rectification action for online chaos in the automobile industry aims to improve the handling efficiency of online chaos and regulate marketing and publicity behaviors [105]. - The two - department release of the "Implementation Opinions on Promoting High - Quality Development of 'Artificial Intelligence +' Energy" promotes the application of artificial intelligence in energy - related fields [106]. 3.3.2 China: Industry Dynamics - In August, new energy vehicle production and sales data are as stated above. From January to August, the production and sales of new energy vehicles also showed significant growth [106][107][108]. - From September 1 - 7, new energy retail sales decreased by 3% YoY, and the cumulative retail sales increased by 25% [109]. - In August, China's power battery installation volume was 62.5GWh, a 32.4% YoY increase. From January to August, the cumulative installation volume was 417.9GWh, a 43.1% YoY increase [110][111]. - The China Association of Automobile Manufacturers is preparing to establish a new energy vehicle battery branch [111]. 3.3.3 Overseas: Policy Dynamics - Mexico plans to raise import tariffs on products from Asian countries such as China, South Korea, and India to 50%, which requires congressional approval [112]. - The US has exempted a variety of products, including gold, graphite, and nickel, from tariffs [112]. 3.3.4 Overseas: Industry Dynamics - In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase [112][113][119]. 3.3.5 Overseas: Enterprise Dynamics - Construction of South Korean battery factories in the US has been interrupted due to immigration enforcement. LG Energy Solution has taken corresponding measures [113][114]. - VinFast delivered 72,167 vehicles globally in the first half of 2025, with significant growth in vehicle and motorcycle sales. In the second quarter, revenue increased by 91.6% YoY, and the net loss was approximately 812 million US dollars [115]. - InoBat, a Slovakian electric vehicle battery manufacturer, received 54 million euros in subsidies and 456,000 euros in loans from the Spanish government to support the construction of a battery super - factory [116][117]. 3.4 Industry Views The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" sets clear goals for 2025 and 2026, and current market data shows the development status of the new energy vehicle industry [1][116][118]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a relatively high level. In 2025, high - competitiveness new models are continuously launched, and price wars are gradually ending. - Due to severe trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market shares continue to expand. Attention should be paid to enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120][121].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Views - The basic chemical industry saw a weekly increase of 2.36% from September 8 to September 12, 2025, ranking 12th among all Shenwan first-level industries [6][12] - The report highlights the significant potential of liquid cooling solutions in data centers, with multiple domestic companies actively investing in this area [10][29] Summary by Sections Industry Overview - The basic chemical industry has shown a relative return of -3.0%, 1.2%, and 8.5% over the past month, three months, and twelve months respectively [4] - Absolute returns for the same periods are 6.2%, 17.4%, and 51.0% [5] Sub-industry - Liquid Cooling Fluids - Liquid cooling technology includes cold plate liquid cooling, immersion liquid cooling, and spray liquid cooling [14] - Cold plate liquid cooling transfers heat from high-heat components to a liquid, while immersion liquid cooling involves fully submerging servers in cooling liquid [15][16] - Fluorinated liquids are preferred in immersion cooling due to their non-flammable and stable properties [16] Company Insights - **Juhua Co., Ltd.**: Produces electronic fluorinated liquids with a capacity of 4,000 tons/year for hydrogen fluoride ether D series and 5,000 tons/year planned for perfluoropolyether [8][19] - **New Chemical Co.**: Completed capacity construction for hydrogen fluoride ether at 3,000 tons/year and perfluoropolyether at 2,500 tons/year, focusing on data center cooling applications [20] - **Dongyang Sunshine**: Integrates liquid cooling components and materials, forming strategic partnerships for global market promotion [21][22] - **Runhe Materials**: Develops low-cost, high-performance cooling solutions for energy storage and data centers [23][24] - **Changlu Chemical New Materials**: Established production facilities for perfluoropolyether and hydrogen fluoride ether, with plans for further capacity expansion [25] - **Zhejiang Noah Fluorine Chemical**: Developed multiple immersion fluorinated cooling liquid products for various cooling technologies [25] Investment Recommendations - The report suggests focusing on Juhua Co., Ltd. due to its strong positioning in the liquid cooling market [10][29]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

Core Viewpoint - The article emphasizes the significant growth and global expansion of China's lithium battery industry, highlighting the need for companies to adopt a more rational and cautious approach to overseas ventures, balancing policy, market, and cost considerations [4][42]. Group 1: Lithium Battery Segment - CATL's overseas revenue reached 61.208 billion yuan in the first half of the year, accounting for 34.22% of total revenue, with a year-on-year increase of 21.14% [8]. - BYD exported 89.9 GWh of power batteries and energy storage systems in the first half of the year, a year-on-year increase of 58.4%, capturing a global market share of 17.8% [9][10]. - EVE Energy's overseas revenue for the first half of 2025 was 6.969 billion yuan, a year-on-year increase of 28.05%, with a gross margin of 21.71% [11]. - Guoxuan High-Tech's overseas revenue was 6.4 billion yuan, accounting for 33% of total revenue, with a focus on expanding production capacity in Thailand, Vietnam, and Morocco [13][14]. - A new trend in the industry is the shift from simple product exports to comprehensive overseas strategies, including technology, capital, and project investments [43]. Group 2: Positive Developments in the Industry - The article notes that many leading lithium battery companies have overcome previous overcapacity issues and are now experiencing full order books for overseas factories, such as CATL's German factory and EVE Energy's Indonesian project [44]. - The article highlights the supportive policies from Chinese customs to facilitate the export of lithium batteries, which are classified as hazardous goods [45]. - Southeast Asia is identified as a key market for lithium battery companies, with favorable policies and abundant resources, making it an attractive base for expansion [46]. Group 3: Emerging Markets and Strategic Considerations - The article discusses the complexities of entering European and North American markets, where Chinese companies face high barriers but also opportunities due to the lack of established local supply chains [46]. - Emerging markets in Africa, the Middle East, and South America are seen as important areas for energy storage and solar power projects, requiring companies to understand local regulations and policies [47].

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-069 | | --- | --- | --- | | 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 2025年第二次临时股东大会决议公告 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、本次股东大会不存在增加、变更、否决议案的情况； 2、本次股东大会不涉及变更前次股东大会决议的情况； 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 9 月 11 日 9：15—9：25，9：30—11:30 和 13：00—15：00 通过深圳证券交易所互联网投票系统投票的具体时间为2025年 9月 11日 9： 15 至 15：00 任意时间 3、现场会议召开地点：深圳市坪山区昌业路深圳新宙邦科技大厦 16 层会议 室 4、会议召集人：公司第六届董事会 5、会议主持人：公司董事长覃九三先生、公司副董事长郑仲天先生因工作 安排无法现场参会采取腾讯视频方式参会，公司第六届董事会决定同意推举公司 董事、总裁周达文先生为本次会议主持人 3 ...

北京市中伦（深圳）律师事务所 关于深圳新宙邦科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 二〇二五年九月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 法律意见书 北京市中伦（深圳）律师事务所 关于深圳新宙邦科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：深圳新宙邦科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东大 会规则》（下称"《股东大会规则》"）和《深圳新宙邦科技股份有限公司章程》 （下称"《公司章程》"）的规定，北京市 ...