北京中石伟业科技股份有限公司（以下简称"公司"或"中石科技"）于 2025 年 11 月 24 日披露了《关于部分董事减持股份的预披露公告》（公告编号： 2025-074）。公司董事陈曲先生、陈钰先生合计持有公司股份 1,451,574 股，占 公司剔除回购专用账户股份后总股本比例 0.49%，计划自本公告披露之日起 15 个交易日之后的三个月内（即 2025 年 12 月 16 日-2026 年 3 月 15 日）以集中竞 价方式减持公司股份合计不超过 362,894 股，占公司剔除回购专用账户股份后总 股本比例 0.12%。 近日公司收到上述股东出具的《关于股份减持计划实施完成的告知函》。截 至本公告披露日，上述股东通过集中竞价交易累计减持公司股份 362,861 股，占 公司剔除回购专用账户股份后的总股本的 0.12%，减持计划实施完毕。 根据《上市公司股东减持股份管理暂行办法》、《深圳证券交易所上市公司 自律监管指引第 18 号——股东及董事、高级管理人员减持股份》等有关规定， 现将相关情况公告如下： 一、股东减持情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Insights - The company plans to acquire a 51% stake in Zhongshi Xunleng, enhancing its capabilities in liquid cooling solutions for data centers and automotive applications. This acquisition is expected to strengthen the company's design, manufacturing, and testing capabilities in liquid cooling technology [3] - The company has established strong partnerships with major clients across various sectors, including consumer electronics, digital infrastructure, smart transportation, and clean energy, positioning itself as a leader in high-performance polymer materials and thermal management solutions [4] - Revenue projections for the company are optimistic, with expected revenues of 2 billion, 2.6 billion, and 3.3 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 305 million, 413 million, and 551 million yuan for the same years [5][9] Financial Summary - The company is projected to achieve a revenue growth rate of approximately 24.51% in 2024, followed by 28.24% in 2025, and maintaining similar growth rates in subsequent years [9][12] - The expected earnings per share (EPS) are forecasted to increase from 0.67 yuan in 2024 to 1.84 yuan by 2027, indicating strong profitability growth [9][12] - The company's asset-liability ratio is projected to rise from 19.5% in 2024 to 39.1% by 2027, reflecting a potential increase in leverage as it expands operations [12]

国泰海通证券股份有限公司 关于北京中石伟业科技股份有限公司 一、本次持续督导培训的基本情况 （一）保荐机构：国泰海通证券股份有限公司 （二）保荐代表人：周丽涛、嵇坤 （三）培训实施人员：嵇坤 （四）参加培训人员：公司董事、高级管理人员、中层以上管理人员及上市 公司控股股东和实际控制人等相关人员 （五）培训时间：2025 年 12 月 9 日 （六）培训对应期间：2025 年 2025 年度持续督导培训情况报告 深圳证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）根据《证 券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等相关法律法规要求，对 北京中石伟业科技股份有限公司（以下简称"中石科技"、"公司"）有关人员进 行了 2025 年度持续督导培训，现场培训情况报告如下： 中石科技及各培训对象对本次培训给予了积极配合，在培训期间积极进行交 流沟通，保证了本次培训的顺利开展。通过本次培训，相关人员加深了对中国证 券监督管理委员会和深圳 ...

Core Insights - The liquid cooling server industry is experiencing significant growth, driven by increased demand for high-density servers and efficient cooling solutions [1][2] - Major companies are actively investing in liquid cooling technologies, with substantial market opportunities projected in the coming years [2][3] Industry Developments - Xiechuang Data plans to invest up to 9 billion yuan to purchase servers from multiple suppliers, indicating accelerated infrastructure development in cloud computing [1] - The 5th International AIDC Liquid Cooling Supply Chain Summit will be held on December 18-19, focusing on technology exchange and market trends [1] Market Projections - UBS forecasts that the global direct liquid cooling market for data centers will grow from $1.138 billion in 2024 to $31.191 billion by 2030, with a compound annual growth rate of 51% [2] - The AI server liquid cooling market is expected to reach $23.746 billion, while the non-AI server liquid cooling market will grow to $7.446 billion [2] Company Highlights - Yingweike (002837) holds over 35% market share in liquid cooling technology and is a designated temperature control supplier for major clients like Tencent and Alibaba [2] - Shenling Environment (301018) is a core supplier for Huawei's data centers, with 63 liquid cooling patents and a PUE as low as 1.15 [2] - Highlan (300499) uniquely supplies both server and energy storage solutions, with a client base including ByteDance and Alibaba [3] Key Component Suppliers - Juhua (600160) is a leading domestic supplier of electronic-grade fluorinated liquids, aiming for a 15% global market share by 2025 [4] - Feirongda (300602) specializes in integrated cooling solutions and is a core supplier for Huawei servers [5] - Zhongshi Technology (300684) provides unique nano-carbon material cooling plates, with over 90% of its business in liquid cooling modules [5] System Integration Leaders - Inspur (000977) is a leading global liquid cooling server provider, with a projected market share of over 45% in 2024 [6] - Zhongke Shuguang (603019) collaborates on liquid cooling server development, introducing a high-density cooling solution for complex computing scenarios [6] - Unisplendour (000938) has a significant market presence with over 35% share in the operator market and expects liquid cooling orders to exceed 5 billion yuan in 2024 [6] Other Relevant Companies - Guangxun Technology (002281) is the only domestic company to achieve mass production of liquid cooling optical modules, holding a 15% global market share [7] - Changfei Optical Fiber (601869) applies optical fiber technology to liquid cooling, enhancing data transmission efficiency [8] - Ruijie Network (301165) offers a full range of liquid cooling products and has launched a new immersion liquid cooling switch [8]

Core Viewpoint - The AI PC concept sector has shown a notable increase of 3.11%, ranking sixth among concept sectors, with significant contributions from stocks like Zhongshi Technology, Sixuan New Materials, and Feirongda, which rose by 11.51%, 8.90%, and 8.36% respectively [1][2] Market Performance - The AI PC concept sector experienced a net inflow of 2.651 billion yuan, with 25 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflows. Shenghong Technology led with a net inflow of 1.162 billion yuan, followed by Lingyi Technology, Changying Precision, and Jiangbolong with net inflows of 536 million yuan, 218 million yuan, and 188 million yuan respectively [2][3] Stock Performance - Top performers in the AI PC concept include: - Shenghong Technology: 5.95% increase, 5.34% turnover rate, net inflow of 1.161 billion yuan [3] - Lingyi Technology: 4.80% increase, 3.19% turnover rate, net inflow of 536 million yuan [3] - Changying Precision: 1.54% increase, 6.10% turnover rate, net inflow of 218 million yuan [3] - Jiangbolong: 4.52% increase, 4.66% turnover rate, net inflow of 188 million yuan [3] Fund Flow Ratios - Leading stocks by net inflow ratio include: - Lingyi Technology: 15.08% - Kesen Technology: 10.70% - Bomin Electronics: 9.42% [3][4]

Group 1 - The electronic chemicals sector increased by 0.54% compared to the previous trading day, with Zhongshi Technology leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up by 1.19%, while the Shenzhen Component Index closed at 13224.51, up by 2.4% [1] Group 2 - In terms of capital flow, the electronic chemicals sector experienced a net outflow of 473 million yuan from main funds, while retail investors contributed a net inflow of 566 million yuan [2] - Speculative funds saw a net outflow of 93.55 million yuan in the electronic chemicals sector [2]

Core Viewpoint - The article discusses whether the current liquid cooling concept stocks are a bubble or the beginning of long-term strategic investments, and it explores the potential market size for liquid cooling in the coming year [1][3][13]. Company Developments - Lens Technology (蓝思科技) announced plans to acquire 100% of PMG International Co., LTD, aiming to quickly gain mature technology and customer certifications in the server cabinet business, along with advanced liquid cooling system integration capabilities [2][4]. - Other companies such as Zhongshi Technology (中石科技), Yidong Electronics (奕东电子), and Chunqiu Electronics (春秋电子) have also made moves to enter the liquid cooling sector, indicating a trend of capital influx into this market [2][8]. Market Performance - The liquid cooling server index has seen a significant increase of 49.66% year-to-date, with several component stocks doubling in price [2][12]. - Notable stock performances include Siquan New Materials (思泉新材) with a 286.21% increase, Yinvike (英维克) at 155.36%, and Kexin New Source (科创新源) at 123.97% [12]. Market Potential - The liquid cooling market is projected to exceed 100 billion yuan, with specific components like cold plates estimated to have a market size of around 30 to 40 billion yuan [13]. - Analysts predict that by 2026, the liquid cooling market for computing power will surpass 100 billion yuan, driven by the increasing demand for high-density computing and the limitations of traditional air cooling [14].

Core Viewpoint - The acquisition of PMG International Co., LTD. by Lens Technology aims to enhance its capabilities in the liquid cooling sector, which is gaining traction in the AI server market, reflecting a strategic move to secure advanced technology and customer certifications [2][4]. Company Developments - Lens Technology plans to acquire 100% of PMG International Co., LTD. to quickly gain access to mature technology and customer certifications in the server cabinet business, as well as advanced liquid cooling system integration capabilities [2][4]. - The company has been actively recruiting key technical positions to focus on liquid cooling and AI server cabinets, indicating a strong commitment to this market segment [3]. - The acquisition is expected to significantly enhance Lens Technology's core competitiveness in AI computing hardware solutions, leveraging its existing manufacturing capabilities [5]. Industry Trends - The liquid cooling sector has seen increased interest from various companies, including Zhongshi Technology, Yidong Electronics, and Chunqiu Electronics, all of which are making moves to establish a presence in this field [6][8]. - The liquid cooling technology is recognized as essential for addressing the heat dissipation challenges in data centers, with advantages over traditional air cooling methods [6][9]. - The liquid cooling server index has risen by 49.66% this year, with several stocks doubling in value, indicating strong market interest and investment potential [9]. Market Potential - The liquid cooling market is projected to exceed 100 billion yuan, with significant growth expected in the coming years, particularly in the AI data center segment [9][10]. - By 2026, the liquid cooling market for ASIC systems is expected to reach 35.3 billion yuan, while NVIDIA's liquid cooling systems could reach 69.7 billion yuan, highlighting the substantial market opportunity [9][10]. - The penetration rate of liquid cooling in AI data centers is anticipated to reach 40% by 2025, marking a critical turning point for infrastructure technology [10].

Core Viewpoint - China Stone Technology is accelerating its liquid cooling business ecosystem layout through the acquisition of a 51% stake in Dongguan Zhongshi Xun Cold Technology for 35.7 million yuan, enhancing its heat dissipation business [1][2]. Group 1: Acquisition Details - The acquisition will allow Zhongshi Xun Cold to become a controlled subsidiary of China Stone Technology, contributing to its heat dissipation business [1]. - The original shareholders of Zhongshi Xun Cold have committed to ensuring that the company's audited net profit after deducting non-recurring gains and losses will not be less than 11 million yuan, 14.5 million yuan, and 17.5 million yuan for the years 2026 to 2028, providing stability for performance [2]. Group 2: Financial Performance - In the first three quarters, China Stone Technology achieved a revenue of 1.298 billion yuan, a year-on-year increase of 18.45%, and a net profit attributable to shareholders of 252 million yuan, a significant increase of 90.59% [3]. - The third quarter alone saw revenue reach 550 million yuan, up 21.79% year-on-year, with a net profit of 130 million yuan, reflecting an increase of 87.74% [3]. Group 3: Growth Drivers - The company's growth is driven by two main factors: the launch of new products by major North American clients and the expansion into emerging fields such as AI terminal devices and infrastructure, leading to increased sales of heat dissipation materials and components [3]. - The optimization of product structure and cost reduction measures have also contributed to the significant improvement in overall profitability [3]. Group 4: Technological and Global Expansion - China Stone Technology has successfully obtained global patent certification for its foldable flexible graphite uniform heat components, with over 200 patents applied, strengthening its technological research and development capabilities [4]. - The company's operations now cover multiple sectors, including consumer electronics and digital infrastructure, serving major clients such as Apple, Huawei, and XPeng, with liquid cooling modules being rapidly deployed in high-speed optical modules and new energy vehicle lidar applications [4]. - The Thailand factory has passed audits from major North American clients and Samsung, achieving mass production and delivery, further enhancing global production and service capabilities [4].

Core Insights - The electronic chemicals sector experienced a 2.17% increase on December 8, with Weiteou leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - Weiteou (6ISTOR) closed at 47.34, up 9.13% with a trading volume of 71,100 shares and a transaction value of 327 million yuan [1] - Zhongshi Technology (300684) closed at 45.20, up 7.93% with a trading volume of 297,200 shares and a transaction value of 1.332 billion yuan [1] - Guanghua Technology (002741) closed at 22.50, up 6.03% with a trading volume of 283,200 shares and a transaction value of 628 million yuan [1] - Six other companies in the sector also reported gains, with varying percentages and trading volumes [1] Capital Flow - The electronic chemicals sector saw a net inflow of 183 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 26.96 million yuan [3]