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。 深圳市飞荣达科技股份有限公司（以下简称"公司"）于2025年8月15日召开第 六届董事会第十次会议和第六届监事会第九次会议，分别审议通过了《关于使用部 分闲置募集资金暂时补充流动资金的议案》，同意公司使用闲置募集资金不超过人民 币40,000万元暂时补充公司日常经营所需的流动资金，使用期限自董事会批准之日 起不超过12个月，到期或募集资金投资项目需要时及时归还至募集资金专户。同时， 同意公司开立相应的募集资金专项账户，用于暂时补充流动资金的闲置募集资金的 管理、存放与使用，并授权公司管理层办理开立募集资金专项账户及签订募集资金 三方监管协议等相关事项。 近日，公司与中国银行股份有限公司前海蛇口分行、保荐机构长城证券股份有 限公司（以下简称"长城证券"）签订了《募集资金三方监管协议》。现将相关事项 公告如下： 深圳市飞荣达科技股份有限公司 关于新增募集资金专项账户并签订募集资金三方监管协议 证券代码：300602 证券简称：飞荣达 公告编号：2025-065 的公告 一、募集资金基本情况 经中国证券监督管理委员会《 ...

Company Overview - Shenzhen Feirongda Technology Co., Ltd. is located in Guangming District, Shenzhen, Guangdong Province, and was established on November 10, 1993. The company was listed on January 26, 2017. Its main business involves the research, design, production, and sales of electromagnetic shielding materials and devices, as well as thermal management materials and devices [1]. Financial Performance - For the first half of 2025, Feirongda achieved operating revenue of 2.883 billion yuan, representing a year-on-year growth of 32.92%. The net profit attributable to shareholders was 166 million yuan, showing a significant year-on-year increase of 193.70% [2]. - Since its A-share listing, Feirongda has distributed a total of 143 million yuan in dividends, with 41.12 million yuan distributed over the past three years [3]. Stock Performance - As of August 26, Feirongda's stock price increased by 2.03%, reaching 34.20 yuan per share, with a total market capitalization of 19.9 billion yuan. The stock has risen by 78.29% year-to-date, but has seen a decline of 2.95% over the past five trading days [1]. - The stock's trading volume on August 26 was 559 million yuan, with a turnover rate of 4.21% [1]. Shareholder Information - As of August 8, the number of shareholders for Feirongda was 39,300, an increase of 18.41% from the previous period. The average number of circulating shares per person decreased by 15.55% to 10,067 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 11.7208 million shares, an increase of 8.8499 million shares from the previous period [3].

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 42.63 CNY per share, based on a PE valuation of 61 times for 2025 [5][8]. Core Insights - The company's revenue for the first half of 2025 reached 2.883 billion CNY, a year-on-year increase of 27.42%, while net profit attributable to shareholders was 166 million CNY, up 118.54% year-on-year [1][2]. - The growth in revenue is primarily driven by increasing demand in downstream application areas, particularly in new energy, consumer electronics, and communication sectors [2][3]. - The company is expected to achieve revenues of 6.36 billion CNY, 7.95 billion CNY, and 9.98 billion CNY for the years 2025 to 2027, with corresponding net profits of 407 million CNY, 573 million CNY, and 748 million CNY [4][16]. Revenue and Profitability - The overall gross margin for the first half of 2025 was 19.58%, reflecting a slight increase of 1.72 percentage points year-on-year, impacted by high initial costs for new projects and rising prices of raw materials like copper and aluminum [2][3]. - The company's net profit margin improved to 6.07%, an increase of 3.86 percentage points year-on-year [2]. Business Segments Performance - Thermal management materials and devices generated 1.085 billion CNY in revenue, a year-on-year increase of 37.53%, with a gross profit of 181 million CNY and a gross margin of 16.70% [3]. - Electromagnetic shielding materials and devices achieved revenue of 783 million CNY, up 13.68% year-on-year, with a gross profit of 233 million CNY and a gross margin of 29.82% [3]. - Lightweight materials and devices reported revenue of 760 million CNY, a year-on-year increase of 35.21%, with a gross profit of 88 million CNY and a gross margin of 11.55% [3]. Future Projections - The company anticipates continued growth in its thermal management business, with projected revenues of 2.517 billion CNY, 3.271 billion CNY, and 4.253 billion CNY from 2025 to 2027, reflecting year-on-year growth rates of 35% [15]. - The electromagnetic shielding segment is expected to generate revenues of 1.506 billion CNY, 1.732 billion CNY, and 1.992 billion CNY over the same period, with a consistent growth rate of 15% [15]. - The lightweight materials segment is projected to achieve revenues of 975 million CNY, 1.316 billion CNY, and 1.777 billion CNY, also with a growth rate of 35% [15].

Core Viewpoint - The demand for cooling solutions is increasing due to the rising power density of AI chips and servers, with liquid cooling expected to replace air cooling as the mainstream solution by 2026, reaching a market size of $8.6 billion globally [2][3]. Group 1: Liquid Cooling Market Dynamics - The global AI liquid cooling market is projected to grow rapidly, with a forecasted market size of $8.6 billion by 2026, driven by the increasing power density of AI chips and servers [2][3]. - The power density of AI servers is expected to exceed 1MW per cabinet by 2029, highlighting the need for efficient cooling solutions [2][3]. - The liquid cooling market in China is anticipated to grow by 67% year-on-year in 2024, reaching $2.37 billion, with a CAGR of 46.8% from 2024 to 2029 [3][42]. Group 2: Advantages of Liquid Cooling - Liquid cooling systems offer higher cooling efficiency and reduced system power consumption compared to traditional air cooling, making them a preferred choice as power density increases [2][22]. - The cooling efficiency of liquid cooling is significantly higher than that of air cooling, with water's thermal conductivity being over 23 times greater than that of air [22]. - Liquid cooling allows for higher density deployment of computing units, reducing the physical space required and improving overall system performance [22][25]. Group 3: Industry Trends and Developments - Major cloud service providers are significantly increasing their capital expenditures, with the top four North American cloud companies expected to reach $366.1 billion in total capital expenditures by 2025, reflecting strong demand for AI infrastructure [7]. - Companies like Alibaba and ByteDance are ramping up investments in AI and cloud computing infrastructure, with Alibaba planning to invest over $50 billion in these areas over the next three years [8]. - The liquid cooling technology is being rapidly adopted by leading server manufacturers, with companies like Supermicro and HPE launching liquid-cooled server solutions [41][43]. Group 4: Liquid Cooling Technology Types - Liquid cooling can be categorized into indirect contact (cold plate cooling) and direct contact (immersion and spray cooling), with cold plate cooling being the most mature and widely adopted technology [3][30]. - Cold plate cooling systems are expected to lead the market due to their minimal impact on existing infrastructure and superior cooling performance compared to air cooling [3][30]. - Immersion cooling, while offering the best cooling performance, presents higher technical challenges and is still in the exploratory phase [3][30]. Group 5: Energy Efficiency and Cost Savings - Liquid cooling systems can significantly reduce energy costs in data centers, with potential savings in operational costs due to lower energy consumption compared to air cooling systems [25][29]. - The total cost of ownership (TCO) for liquid cooling solutions is expected to be lower than that of air cooling, as they can reduce the need for additional cooling equipment [25][29]. - As data center energy efficiency becomes a regulatory focus, liquid cooling solutions are positioned to meet stringent PUE requirements, enhancing overall energy utilization [17][20].

Group 1 - Huawei is set to launch the Mate80 series with significant upgrades in design, performance, and imaging systems, marking a true iteration of the series [1] - The performance enhancement includes a "dual-track parallel" cooling solution that combines active fans and micro-pump liquid cooling, breaking through the technical boundaries of flagship device cooling and waterproofing [1] - The demand for efficient cooling solutions is increasing due to the rising power consumption of key components like chips, motherboards, and batteries, driven by advancements in AI technology [1] Group 2 - The micro-pump liquid cooling technology, which was introduced during the Mate60 period, utilizes high-performance phase change materials (PCM) to efficiently absorb and distribute heat [1] - The transition from passive to active cooling solutions is expected as mobile terminals face thermal load challenges, with micro-pump liquid cooling poised to revolutionize the cooling landscape in various product categories [1] - According to broker estimates, the market potential for active liquid cooling in mobile phones and laptops alone could exceed 100 billion [1] Group 3 - Nanxin Technology has launched the SC3601 piezoelectric micro-pump liquid cooling driver chip, which has been validated by multiple clients and is set for mass production [2] - Feirongda has introduced cooling devices and module products, including micro-pump liquid cooling modules, to meet customer demands [3]

证券代码：300602 证券简称：飞荣达 公告编号：2025-064 深圳市飞荣达科技股份有限公司 关于控股股东、实际控制人之一致行动人权益变动 触及 1%整数倍的提示性公告 控股股东、实际控制人之一致行动人宁波飞驰荣达股权投资有限公司，董事、 副总经理马军保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、本次权益变动为深圳市飞荣达科技股份有限公司（以下简称"公司"或"飞 荣达"）特定股东宁波飞驰荣达股权投资有限公司（以下简称"飞驰投资"）及董事、 副总经理马军先生按照之前已披露的股份减持计划实施减持导致的变动。 一、本次权益变动的基本情况 公司于 2025 年 7 月 29 日披露了《关于特定股东及部分董事、高级管理人员股 份减持计划的预披露公告》（公告编号：2025-054），特定股东飞驰投资计划自该公 告披露之日起 15 个交易日后的 3 个月内（自 2025 年 8 月 20 日至 2025 年 11 月 19 日）以集中竞价或大宗交易方式减持公司股份不超过 5,230,848 股，占公司目前 ...

Group 1 - The core viewpoint is that the increasing power density of AI chips and servers is driving the transition from air cooling to liquid cooling systems, which are expected to become the dominant solution in the AI era [2][4] - Vertiv predicts that by 2029, the power of a single AIGPU cabinet will exceed 1MW and a single AIPOD will exceed 500kW, posing challenges for cooling systems [2][4] - As rack density rises to 20kW, the advantages of liquid cooling become more pronounced, particularly in terms of energy efficiency and reduced system power consumption [2][4] Group 2 - The liquid cooling market in China is projected to grow by 67.0% year-on-year in 2024, reaching a market size of $2.37 billion, with a CAGR of 46.8% expected from 2024 to 2029 [4][5] - The global AI server liquid cooling market is estimated to reach $3.07 billion in 2025 and $8.58 billion in 2026 [4][5] - The liquid cooling industry is characterized by various technologies, with cold plate liquid cooling leading the way, while immersion and spray cooling are still in the early stages of technological exploration [3][4] Group 3 - The industry chain is rapidly evolving, with upstream components (cold plates, CDU, quick connectors) and midstream players (server manufacturers, solution providers) accelerating their layouts, while downstream cloud providers are adopting liquid cooling at scale [4][5] - Companies such as Vertiv (VRT.US), and others in the supply chain, are recommended for attention due to their technological leadership and active engagement in liquid cooling technology [5]

Core Insights - Shenzhen Feirongda Technology Co., Ltd. reported a revenue of 2.883 billion yuan for the first half of 2025, representing a year-on-year growth of 27.42% [1] - The net profit attributable to shareholders reached 166 million yuan, an increase of 118.54% compared to the same period last year [1] Group 1: Financial Performance - The significant growth in performance is attributed to the company's continuous improvement and diversification of its product structure, active exploration of emerging market sectors, and deepening of the industrial chain, which enhanced its market share in mobile phones, computers, communication devices, and new energy sectors [1] - The company implemented refined operational management and comprehensive cost reduction measures, leading to a steady improvement in profitability [1] Group 2: Market Dynamics - In the consumer electronics sector, Feirongda saw an increase in market share and profitability for terminal products such as mobile phones and laptops, driven by a recovery in demand from the consumer electronics market and the return of significant customer-related business [1] - The growth of AI terminals becoming mainstream, ongoing consumer stimulus from national subsidies, and rising demand in emerging markets are expected to contribute to the recovery of consumer electronics, providing a broad market space for electromagnetic shielding and thermal management products [1] Group 3: Technological Advancements - In the telecommunications sector, sales revenue and profitability also experienced strong growth, largely due to the company securing bulk orders and commencing mass production for AI server-related businesses [2] - Feirongda has made significant technological advancements in cooling technologies, including single-phase and two-phase liquid cooling modules, 3D-VC cooling modules, and axial fans, to meet the evolving market demands [2] - The company successfully entered the humanoid robotics field through its acquisition of Shenzhen Guoli Intelligent Technology Co., Ltd., which specializes in dexterous hands and embodied intelligent robots, leveraging its core technologies in cooling and electromagnetic shielding for robotics applications [2]

Core Viewpoint - The recent financial report of Feirongda (300602) shows significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and potential investment opportunities [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 2.883 billion yuan, a year-on-year increase of 27.42% compared to 2.263 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 166 million yuan, up 118.54% from 75.9995 million yuan in the previous year [1]. - In Q2 2025, revenue was 1.702 billion yuan, reflecting a 38.01% increase year-on-year, while net profit for the quarter was 108 million yuan, up 141.41% [1]. Key Financial Metrics - Gross margin improved to 19.58%, an increase of 2.53% year-on-year, while net margin rose to 6.07%, up 75.28% [1]. - Total expenses (selling, administrative, and financial) amounted to 180 million yuan, accounting for 6.24% of revenue, a decrease of 24.96% [1]. - Earnings per share (EPS) increased to 0.29 yuan, a rise of 117.96% from 0.13 yuan [1]. Changes in Financial Items - Cash and cash equivalents decreased by 35.36% due to increased investment in infrastructure projects [3]. - Accounts receivable rose by 61.35% as sales volume continued to increase [3]. - Inventory increased by 15.83% due to sustained growth in sales orders [3]. Investment and Capital Expenditure - Long-term equity investments surged by 868.23% due to increased payments for investments in Shenzhen Guoli Intelligent Technology Co., Ltd [3]. - Capital expenditures are driven by projects related to communication module industrialization and new energy manufacturing [3]. Cash Flow Analysis - Net cash flow from operating activities increased by 729.93%, attributed to higher sales revenue and improved collection from customers [3]. - Cash flow from investing activities decreased significantly by 412.92% due to acquisitions and infrastructure investments [3]. Market Position and Analyst Insights - The company’s return on invested capital (ROIC) was 3.64%, indicating a relatively low capital return rate [4]. - Analysts expect the company's performance in 2025 to reach 421 million yuan, with an average EPS forecast of 0.72 yuan [5]. Fund Holdings - The most significant fund holding Feirongda shares is the Xin'ao Transformation Innovation Stock A fund, which recently increased its position [6]. - The fund manager, Zhu Ran, has a notable track record, ranking in the top fifty among public fund managers in 2024 [5][6].