Group 1 - The core point of the article is that Jinfu Technology's subsidiary, Maizhi Technology, is providing testing equipment to Google, but this business accounts for a small portion of the company's total revenue and has minimal impact on its performance [2][3] Group 2 - Jinfu Technology confirmed the relationship with Google through an investor interaction platform [2] - The revenue contribution from the business with Google is described as minor, indicating limited financial significance [2]

（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：公司是否在福建省有分公司？ 锦富技术（300128.SZ）1月5日在投资者互动平台表示，目前公司未在福建省设立分公司，公司于厦门 有设立子公司厦门力富电子有限公司。 ...

每经AI快讯，锦富技术（SZ 300128，收盘价：7.28元）12月29日晚间发布公告称，为满足经营发展需 要，公司全资子公司厦门力富拟向交通银行股份有限公司厦门分行（以下简称"交通银行厦门分行"）申 请不超过人民币900万元流动资金贷款，由公司为其上述借款提供担保，并与银行签订担保相关协议。 2025年1至6月份，锦富技术的营业收入构成为：消费电子占比64.15%，新能源占比30.29%，化工材料 占比2.75%，其他业务占比2.27%，其他行业占比0.53%。 截至发稿，锦富技术市值为95亿元。 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 公司控股子公司江苏嘉视因经营发展需要，拟向江苏泰兴农村商业银行股份有限公司城东支行（以下简 称"泰兴农商行"）申请不超过1000万元人民币的流动资金循环贷款，公司拟对江苏嘉视的上述借款提供 全额连带责任保证担保，公司关联方江苏智光融资担保有限公司（以下简称"江苏智光"）同步为江苏嘉 视的上述借款提供保证担保，同时公司向江苏智光提供反担保,江苏嘉视按借款本金的1%向江 ...

证券代码：300128 证券简称：锦富技术 公告编号：2025-081 苏州锦富技术股份有限公司 关于公司及子公司为子公司提供担保的公告 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。 为满足经营发展需要，公司控股子公司苏州奥英创智科技有限公司（以下简 称"奥英创智"）向浙商银行股份有限公司苏州分行（以下简称"浙商银行苏州 分行"）申请不超过人民币 1,000 万元流动资金贷款，公司全资子公司奥英光电 （苏州）有限公司（以下简称"奥英光电"）为奥英创智上述借款提供抵押担保， 并与银行签订担保相关协议。 本次子公司奥英光电为子公司奥英创智提供担保属于上市公司控股子公司 为上市公司合并报表范围内的法人提供担保，奥英光电已履行了内部审批程序， 无需提交公司董事会及股东会审议。 一、担保情况概述 苏州锦富技术股份有限公司（以下简称"公司"）于 2025 年 3 月 12 日召开 第六届董事会第十八次（临时）会议，审议通过了《关于公司 2025 年度对外担 保预计的议案》，并于 2025 年 6 月 24 日召开 2024 年度股东大会审议通过了上 述议案，同意公司 2 ...

Group 1 - The core viewpoint of the news is that Jinfu Technology's stock experienced a decline of 1.28% on December 19, with a trading volume of 538 million yuan, indicating a negative sentiment in the market [1] - On December 19, Jinfu Technology had a financing buy-in amount of 48.75 million yuan and a financing repayment of 51.78 million yuan, resulting in a net financing buy of -3.03 million yuan [1] - As of December 19, the total margin balance for Jinfu Technology was 444 million yuan, with the financing balance accounting for 4.43% of the circulating market value, indicating a relatively high level compared to the past year [1] Group 2 - Jinfu Technology, established on March 29, 2004, and listed on October 13, 2010, is located in Suzhou Industrial Park, Jiangsu Province, and its main business includes liquid crystal display modules, lithium battery components, and precision cutting equipment [2] - For the period from January to September 2025, Jinfu Technology achieved an operating income of 1.594 billion yuan, representing a year-on-year growth of 27.78%, while the net profit attributable to the parent company was -165 million yuan, a decrease of 4.31% year-on-year [2] - As of September 30, 2025, the number of shareholders of Jinfu Technology was 40,100, an increase of 33.46% compared to the previous period, while the average circulating shares per person decreased by 25.09% [2] Group 3 - Jinfu Technology has distributed a total of 188 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth largest circulating shareholder of Jinfu Technology, holding 13.175 million shares as a new shareholder [3]

Core Viewpoint - The article discusses the legal actions being taken against Jinfu Technology for alleged financial misconduct, specifically false reporting of revenues in their financial statements from 2021, and the ongoing efforts for investor compensation [1][4]. Group 1: Legal Proceedings - Some cases related to Jinfu Technology have already been filed in court, with the company's violations traceable back to 2021 [1][4]. - The law firm representing the affected investors has initiated legal proceedings, and investors who purchased shares between April 24, 2021, and August 2, 2024, and suffered losses can register for compensation [1][4]. Group 2: Financial Misconduct - Jinfu Technology and its subsidiary, Shanghai Zhifu High Polymer Materials Co., Ltd., engaged in metal trading with suppliers and customers, but only fulfilled funding obligations while collecting fixed interest, which should not have been recognized as revenue according to accounting standards [2][5]. - This misconduct resulted in inflated reported revenues of CNY 52.9388 million in Q1, CNY 111 million in the first half, and CNY 172 million in Q3 of 2021, representing 20.02%, 21.14%, and 20.74% of the reported revenues for those periods, respectively [2][5]. - The company only corrected these financial discrepancies in a public announcement on March 19, 2022, after the false reporting was identified [2][5].

Group 1: Industry Developments - Hainan Free Trade Port officially launched full island closure operations on December 18 [1] - The Ministry of Commerce will hold a press conference on December 18 to introduce key recent work in the business sector [2] - The 2025 Communication Industry Conference and the 20th Communication Technology Annual Meeting will be held on December 18 [3] Group 2: Mergers and Acquisitions - China International Capital Corporation (CICC) announced a share swap merger with Dongxing Securities and Xinda Securities, with share prices set at 36.91 yuan, 16.14 yuan, and 19.15 yuan respectively [5] - The swap ratio for Dongxing Securities to CICC is 1:0.4373, and for Xinda Securities to CICC is 1:0.5188 [5] - The current operating environment for securities firms in China has significantly improved, with expectations for enhanced performance due to ongoing capital market reforms [5] Group 3: Market Trends - Guotai Junan Securities noted that the current PB valuation of the securities sector is only 1.36 times, indicating potential for valuation recovery [5] - Zhonghang Securities emphasized that regulatory encouragement for industry consolidation is a positive trend for enhancing overall competitiveness and resource optimization in the securities industry [6] Group 4: Company News - Puluotong plans to issue shares and pay cash to acquire control of e-commerce service company Leqee Group Limited [3] - Jinfu Technology is planning a change in control, leading to a suspension of its stock [13] - Fengxing Co. intends to purchase 75% of Baiyin Huaxin, which is expected to constitute a major asset restructuring [13] Group 5: Financial Performance - Juguang Technology received a net buy of 291 million yuan from institutional investors, accounting for 14.38% of total trading volume [15] - ShenNan Circuit also saw a net buy of 173 million yuan from institutional investors, representing 4.74% of total trading volume [16] - The performance of the AI and storage sectors is expected to continue improving, with companies like ShenNan Circuit capitalizing on structural growth opportunities [16]

Core Insights - The company, Jinfu Technology, has successfully entered the AI server liquid cooling market and has achieved stable shipments, leveraging its strong technical foundation [1] - The liquid cooling core components have reached a scale of supply, with significant growth expected in the market due to the increasing power consumption of AI servers [2] - The company is focusing on external cold plate liquid cooling modules, which are well-suited for high-power AI chips [2][3] - Jinfu Technology has established deep integration with the high-end semiconductor and server industry chain in Taiwan, providing it with a competitive edge [4] Liquid Cooling Business Development - The liquid cooling business is primarily centered around the subsidiary Changshu Minglijia Metal Products Co., Ltd., which manufactures core components for external cold plate liquid cooling modules [2] - The company has fully booked its liquid cooling production capacity and is set to increase output before the Spring Festival, with current shipments reaching tens of millions [2] - The company is enhancing customer dependency by undertaking multiple components simultaneously in various projects, increasing the value per unit [2] Technical Advantages - Jinfu Technology employs a compact, GPU-adjacent external cold plate design that offers advantages in space utilization, system compatibility, and deployment flexibility [3] - The product features a copper upper and lower plate with fins, creating a sealed channel that significantly improves heat exchange efficiency [3] Strategic Positioning - The company has a long-term partnership with a Taiwanese client, allowing it to participate early in new technology validation and gain a first-mover advantage [4] - Jinfu Technology is proactively developing microchannel liquid cooling technology, which has shown promising progress and is currently in the sample testing phase [4] - The company aims to maintain stability in its traditional business while advancing innovative materials and structures to enhance future growth potential [4]

Core Insights - The company, Jinfu Technology, has announced that its production capacity is fully utilized and has completed a new round of expansion, with production expected to commence before the Spring Festival [1] - The company has achieved a shipment scale of tens of millions in cold plates and related products, and anticipates an increase in order volume after the new production line is operational by the end of the year [1] Company Developments - Jinfu Technology's production capacity is currently at full capacity, indicating strong demand for its products [1] - The company has successfully completed its expansion efforts, which will enhance its production capabilities [1] - The expected increase in order volume post-expansion suggests positive growth prospects for the company [1]

Core Viewpoint - Jinfu Technology is focusing on the development and manufacturing of external cold plate liquid cooling modules, primarily for high-power AI chips, with stable shipments in high-density computing cabinet deployments [1][3]. Group 1: Liquid Cooling Business Overview - The liquid cooling business is mainly conducted by the subsidiary Changshu Minglijia, with core products being external cold plate modules that achieve direct cooling of GPUs/CPUs through liquid circulation [1][3]. - The company does not participate in system integration but focuses on high-precision machining and welding, enhancing the value of individual projects and customer dependency [1][3]. Group 2: Technical Advantages - The company's liquid cooling solution features a compact design that is more space-efficient and adaptable compared to larger cooling solutions, enhancing deployment flexibility [2][4]. - The cold plates are constructed from copper and feature a sealed flow channel that improves heat exchange efficiency, suitable for mainstream B-series chip power levels [2][4]. Group 3: Market Position and Competitiveness - The company has established a strong competitive edge by deeply integrating into the Taiwanese high-end semiconductor and server supply chain, collaborating with key clients on advanced AI server cooling projects [2][6]. - The traditional metal processing business provides stability, while innovative material and structural projects offer flexibility, with liquid cooling being the primary growth focus [6]. Group 4: Production and Capacity - Current production capacity is fully utilized, with recent expansions completed and expected to commence operations before the Spring Festival, anticipating an increase in order volume [1][3]. - The company has achieved millions in scale shipments for cold plates and related products, with further growth expected post-expansion [1][3]. Group 5: Future Developments - The company is advancing microchannel liquid cooling technology to enhance heat exchange efficiency for next-generation chips, currently in the validation and sampling phase [5]. - Participation in the testing and sampling for the next-generation high-end AI platform, Rubin Ultra, has resulted in small trial production orders, with mass production dependent on upstream progress [5].