Core Viewpoint - Sichuan Chuanhuan Technology Co., Ltd. announced a share reduction plan by its major shareholders due to personal funding needs, with a total of up to 2,160,000 shares to be sold over the next three months [1][2][3] Shareholder Information - Major shareholders include: - Wen Qichao: 18,109,571 shares (8.38%) - Wen Jianshu: 24,255,896 shares (11.22%) - Wen Xiulan: 4,239,762 shares (1.96%) - Wen Xiuqiong: 7,695,594 shares (3.56%) - Jiang Qingchun: 609,045 shares (0.28%) - Mao Bohai: 1,252,418 shares (0.58%) [1][2][3] Reduction Plan Details - Each shareholder plans to reduce their holdings as follows: - Wen Qichao, Wen Jianshu, Wen Xiulan, Wen Xiuqiong: up to 540,000 shares each (0.25%) - Total reduction not exceeding 2,160,000 shares (1%) [1][2][3] - Jiang Qingchun plans to reduce up to 152,200 shares (0.07%) [2][3] - Mao Bohai plans to reduce up to 313,000 shares (0.14%) [2][3] Implementation Timeline - The reduction will occur within three months starting from 15 trading days after the announcement, specifically from June 10, 2025, to September 9, 2025 [4][5] Compliance and Commitments - Shareholders have committed to adhere to previous lock-up agreements, ensuring no violations have occurred regarding share transfers [5][6]

2、公司自然人股东，公司董事、总经理蒋青春，持有公司股份 609,045 股（占剔 除公司回购专用证券账户中持股数量的总股本 0.28%），蒋青春计划自本公告披露之日 起 15 个交易日后的三个月内以集中竞价的方式减持公司股份不超过 152,200 股（占剔 除公司回购专用证券账户中持股数量的总股本 0.07%，拟减持股份数量占其持有本公 司股票总数的 24.99%）。 3、公司自然人股东，公司董事、副总经理毛伯海，持有公司股份 1,252,418 股（占 剔除公司回购专用证券账户中持股数量的总股本 0.58%），毛伯海计划自本公告披露之 日起 15 个交易日后的三个月内以集中竞价的方式减持公司股份不超过 313,000 股（占 剔除公司回购专用证券账户中持股数量的总股本 0.14%，拟减持股份数量占其持有本 公司股票总数的 24.99%）。 证券代码：300547 证券简称：川环科技 公告编号：2025-018 四川川环科技股份有限公司 关于股东股份减持计划的预披露公告 公司股东文琦超、文建树、文秀兰、文秀琼、蒋青春、毛伯海保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。本 ...

四川川环科技股份有限公司 2024 年年度股东大会决议 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、本次股东大会无增加、变更议案的情况； 5、本次股东大会审议的全部议案均对中小投资者实行单独计票。中小投资者 是指除上市公司董事、监事、高级管理人员以及单独或者合计持有公司 5%以上 股份的股东以外的其他股东； 6、本公告中占公司股份总数的百分比例均保留 4 位小数，若其各分项数值之 和与合计数值存在尾差，均为四舍五入原因造成。 一、会议召开和出席情况 证券代码：300547 证券简称：川环科技 公告编号：2025-019 （一）会议召开情况 通过互联网投票系统进行网络投票的具体时间为：2025年5月16日上午 9:15 至下午 15:00 的任意时间。 2、会议召开地点：公司会议室 -1- 2、本次股东大会没有出现否决议案的情况； 3、本次股东大会不涉及变更前次股东大会决议的情形； 4、本次股东大会采取现场投票和网络投票相结合的方式召开； 1、会议召开时间： （1）现场会议召开时间：2025 年 5 月 16 日 14 时 00 分 （2）网 ...

北京万商天勤（成都）律师事务所 关于四川川环科技股份有限公司 2024 年年度 股东大会的法律意见书 致：四川川环科技股份有限公司 北京万商天勤（成都）律师事务所（以下简称："本所"）接受四川川环科技 股份有限公司（以下简称："贵公司"或"公司"）的委托，以常年法律顾问的身 份，指派郭勇、张皓森律师（以下简称："本所律师"）出席了贵公司 2024 年年 度股东大会（以下简称："本次股东大会"）。现本所律师依据《中华人民共和国 公司法》（以下简称："《公司法》"）、《中华人民共和国证券法》（以下简称："《证 券法》"）和中国证券监督管理委员会发布的《上市公司股东大会规则》（以下简 称："《股东大会规则》"）等法律、法规、规范性文件以及《四川川环科技股份有 限公司章程》（以下简称："《公司章程》"）的规定，对本次股东大会的召集、召 开程序、出席会议人员的资格、召集人资格、表决程序及表决结果等重要事项发 表法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的事项进行了审查， 查阅了本所律师认为出具法律意见书所必需的文件、资料，并对有关问题进行了 必要的核查和验证。 本所同意将本法律意见书随同本次股东大会决 ...

川环科技（300547）在互动平台表示，公司与成飞的合作正按照对方流程正常有序进行中，鉴于合作项 目涉及客户保密要求，暂无法披露具体细节。 ...

公司基本情况：公司成立于 2002 年，自设立以来一直专注于车用胶管系 列产品，主营业务包括传统燃油汽车、新能源汽车、摩托车用橡塑软管及 总成，产品涵盖燃油系统胶管、冷却系统胶管、制动系统胶管、动力转向 胶管等，目前已和国内 50 多家主机厂、50 多家摩托车厂商、200 多家二 次配套厂商建立稳定供配关系，并已开始批量供货储能冷却系统管路产品。 公司业绩方面：受益于新能源汽车行业需求增长，公司 2022-2024 年分别 实现收入 9.07/11.09/13.63 亿元，yoy+16.81%/+22.31%/+22.88%；分别实现 净利润 1.22/1.62/2.03 亿元，yoy+16.60%/+32.32%/+25.15%。 主业方面：下游汽车需求带动管路行业增长，公司产品及客户覆盖齐全 行业方面，2024 年国内新能源汽车销量为 1285.8 万辆，同比增长 35.42%。 我们预计未来汽车行业持续向节能、环保、轻量化、总成化、智能化、网 联化方向发展，行业整体发展趋势良好。 目前公司对橡胶和尼龙两种类型的产品均可设计、开发和生产，技术路线 覆盖全面；客户方面，公司拥有 50 多家汽车主机厂、50 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 45.07 CNY, based on a current price of 33.36 CNY [6]. Core Viewpoints - The company is positioned as a leading supplier in the automotive hose industry, focusing on both traditional fuel vehicles and new energy vehicles, with a strong customer base and stable supply relationships [1][25]. - The growth in the new energy vehicle sector is expected to drive significant revenue increases, with projected revenues of 9.07 billion CNY in 2022, 11.09 billion CNY in 2023, and 13.63 billion CNY in 2024, reflecting year-on-year growth rates of 16.81%, 22.31%, and 22.88% respectively [1][44]. - The company is actively expanding into the AIDC (Artificial Intelligence Data Center) industry, particularly in liquid cooling systems, which is anticipated to become a new growth area [3][26]. Summary by Sections Company Overview - Established in 2002, the company specializes in automotive hose products, including those for fuel systems, cooling systems, and braking systems, and has established relationships with over 50 automotive manufacturers and 200 secondary suppliers [1][15][62]. Main Business Situation - The automotive industry is experiencing a resurgence, with a projected 35.42% year-on-year growth in new energy vehicle sales in 2024, reaching 12.858 million units [2][53][59]. - The company has a comprehensive product range and technical capabilities, covering both rubber and nylon products, and has a strong customer base across various automotive manufacturers [2][60]. Incremental Business - The company has begun to penetrate the AIDC market, with its liquid cooling products receiving UL certification and entering multiple supplier systems, indicating a positive outlook for future growth in this segment [3][26]. Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 17.80 billion CNY, 22.88 billion CNY, and 29.23 billion CNY respectively, with corresponding net profits of 2.60 billion CNY, 3.71 billion CNY, and 4.60 billion CNY [4][44]. - The company is compared to peers in the automotive parts sector, with an average PE ratio of 37.55X, leading to a target price of 45.07 CNY for 2025 [4].

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

明确三大新业务拓展方向，重点产品已实现批量供应。公司积极拓展管路产品的新市场，目前明确包括 储能电气、超算数据中心以及军品三大新业务拓展方向，其中储能领域产品已批量供应国轩高科、弗迪 电池、时代星云与奇点科技等客户，数据中心液冷服务器管路产品已经达到V0 标准并通过了美国UL 认证，目前已进入CoolerMaster、AVC、英维克、中航光电、飞荣达等客户供应体系，同时与某大客户 的合作持续推进，于24 年底所获6 万套服务器液冷管路系统订单在报告期已有批量供货，新开发Y 客户 目前正在开展技术标准沟通中。低空飞行器领域，公司与中航西飞民机开发的管路系统已应用至商用无 人运输机，目前已经成功完成首次试飞，后续将按此客户的流程推进。我们认为，公司对各新业务领域 的持续拓展，有望不断挖掘其业绩增长势能，同时公司在如液冷服务器领域与重点客户的深入合作，亦 将填补过去该领域国产化率不足的空白，推动行业国产化替代进程的同时，有望充分受益我国产业链自 主可控大势，实现业务的快速增长。 盈利预测及投资评级：我们维持看好管路行业发展前景以及公司液冷服务器与储能等新业务的拓展进 程，公司有望持续获得超额增长。预计公司2025~ ...

Core Viewpoint - Sichuan Chuanhuan Technology Co., Ltd. has reported rapid growth in its operating performance for both the 2024 annual report and the 2025 first-quarter report, driven by the increasing demand in the automotive and new energy vehicle sectors [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1.363 billion yuan, a year-on-year increase of 22.88% - The net profit attributable to shareholders reached 203 million yuan, up 25.15% - The net profit excluding non-recurring gains and losses was 193 million yuan, reflecting a growth of 26.31% - For the first quarter of 2025, the company reported operating revenue of 316 million yuan, a 5.6% increase year-on-year, and a net profit of approximately 46.44 million yuan, up 5.06% [1]. Market Position and Strategy - The company's growth is attributed to its ability to accurately grasp market trends and convert business advantages into market competitiveness - Chuanhuan Technology has maintained steady development in traditional business areas while actively researching cooling pipelines suitable for emerging fields such as energy storage and big data supercomputing [2]. - The company has successfully developed cooling system pipeline products for a liquid-cooled server company, filling a domestic gap and potentially replacing imports [2]. R&D and Innovation - The company adheres to the principle of "technology revitalizing enterprises," continuously investing in R&D and technological innovation - R&D expenditures for 2023, 2024, and the first quarter of 2025 were 42.78 million yuan, 52.34 million yuan, and 12.18 million yuan, respectively, with year-on-year growth rates of 24.08%, 22.35%, and 21.01% [3]. - The company has established multiple innovation platforms, including provincial technology centers and key laboratories, to foster new technologies and business models [3]. Industry Outlook - The demand for high-performance rubber and plastic hoses is expected to continue increasing with the expansion of the new energy vehicle market and the rapid development of energy storage and big data supercomputing sectors - Chuanhuan Technology is well-positioned to maintain its market leadership due to its advantages in technology R&D, production, and customer resources [3].