Group 1 - The stock price of Cheng Tian Wei Ye has shown a downward trend, closing at 48.90 yuan on February 11, 2026, down 15.47% from 55.40 yuan on February 5, 2026 [1] - On February 6, the stock price was 54.40 yuan, with a daily decline of 1.81% and a net inflow of 13.30 million yuan from main funds; however, on February 11, there was a net outflow of 7.56 million yuan, indicating a bearish market trend [1] - The stock price fluctuations may be influenced by overall market adjustments and sentiment in the liquid cooling sector [1] Group 2 - Recent developments in the liquid cooling business are a core focus, with Cheng Tian Wei Ye entering the supply chain of leading U.S. semiconductor companies through a Taiwanese partner, providing key components such as liquid cooling plates and pipes [2] - The company is also advancing sample testing with domestic server manufacturers and internet companies, driven by AI computing power demand accelerating the commercialization of liquid cooling [2] - A fundraising plan was disclosed on January 16, 2026, aiming to raise no more than 800 million yuan for the industrialization of liquid cooling heat dissipation systems to expand production capacity [2] - Policy support is evident, with the Ministry of Housing and Urban-Rural Development seeking opinions on data center design standards, which now include requirements for liquid cooling systems [2] Group 3 - Institutional research indicates that Cheng Tian Wei Ye's liquid cooling business is receiving significant attention, with the next-generation microchannel packaging cover plate (MLCP) technology in the joint R&D stage with clients, expected to enhance cooling efficiency [2] - Valuation analysis by Securities Star suggests a relative valuation range of 44.03-48.66 yuan, with a C rating for valuation accuracy, indicating that the stock price may be high, but future revenue growth prospects are favorable [2] - Overall, institutional ratings remain neutral, with no significant positive or negative changes observed [2]

Core Viewpoint - The company, Chengtian Weiye, is currently in a transitional phase from sample/small batch production to large-scale implementation of its liquid cooling products, with varying yield rates influenced by product form, process routes, validation stages, and customer specifications [1] Group 1 - The yield rates of the company's liquid cooling products differ across various categories and projects due to several influencing factors [1] - The company is enhancing process capabilities through key operations and continuous improvement in full-process testing [1] - The collaboration model with clients is flexible, allowing the company to provide a range of services from component supply to welding and assembly, tailored to customer needs [1]

Group 1 - The core components with high value are primarily concentrated in liquid cooling plates, water distributors, and quick connectors (including connector bases) which are key thermal management and connection parts [1] - The next generation R&D focus will be on MLCP microchannel packaging cover plates, which are expected to further enhance the unit value and technical barriers [1]

Core Viewpoint - The company has successfully transitioned from smart card business to liquid cooling technology, driven by technological accumulation and industry trends [1] Group 1: Business Development - In 2018, the company invested in a specialized chip packaging project in Ningbo, entering the power semiconductor packaging materials sector [1] - The company has a long-term technical foundation in high thermal conductivity metal materials, etching, electroplating, and brazing processes, which facilitated the extension into liquid cooling [1] Group 2: Talent and Team - The company has established a professional team with capabilities in process development and customer service, led by individuals with extensive industry experience [1] - A research and initial production line has been set up in Huizhou to support steady business advancement [1] Group 3: Customer Collaboration - The liquid cooling business has successfully entered the supply chain of leading US semiconductor companies through partnerships in Taiwan, providing core components such as liquid cooling plates and pipes [1] - The company is actively expanding its domestic market by collaborating with major server manufacturers and internet companies to offer system-level liquid cooling solutions, with sample testing and mass production integration progressing smoothly [1]

Core Viewpoint - The company, Chengtian Weiye, has established a liquid cooling business production base in Huizhou, which is currently operational and capable of meeting existing customer delivery demands [1] Group 1: Company Developments - The initial phase of the production base has been completed using the company's own funds [1] - The company plans to use funds from a proposed capital increase in 2026 primarily for expanding the production capacity of this base [1] - The expansion aims to meet future market and customer growth demands [1]

Group 1: Company Overview and Business Development - The company has transitioned from smart card business to liquid cooling technology due to technological accumulation and industry trends, starting with the investment in a specialized chip packaging project in 2018 [1] - The liquid cooling business has successfully entered the supply chain of major US semiconductor companies through partnerships in Taiwan [1][2] - The company has established a professional team with expertise in process development and customer service, supporting steady business growth [1] Group 2: Product Offerings and Production Capacity - The company provides core components for liquid cooling, including liquid cooling plates, stainless steel corrugated pipes, and connectors, with full-process manufacturing capabilities [2] - The production base for liquid cooling is located in Huizhou, with initial construction completed using self-funding, and plans for capacity expansion in 2026 [2][5] - The next generation of products focuses on microchannel technology (MLCP), aimed at enhancing heat dissipation efficiency in high heat flux scenarios [3] Group 3: Market Strategy and Customer Engagement - The company is actively expanding its domestic market presence, collaborating with leading server manufacturers and internet companies [4][5] - The liquid cooling capacity planning is based on the high growth trend of the liquid cooling industry and careful predictions of downstream customer demand [5] - Customers prefer to collaborate with the company due to its mature core processes and stable capacity, which offer efficiency and cost advantages over self-expansion [5] Group 4: Financial Outlook and Risk Management - The semiconductor packaging materials business has shown continuous growth since mass production began in 2023, with optimistic projections for 2024 and 2025 despite rising raw material costs [6] - The company is considering a new equity incentive plan to attract core technical talent, with 1,005,100 shares remaining in the repurchase account [6] - The company acknowledges potential risks in new business and product development, including technical, market, and application validation risks [6]

证券代码：300689 证券简称：澄天伟业 公告编号：2026-009 深圳市澄天伟业科技股份有限公司 2026 年第一次临时股东会决议公告 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、 误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会未出现变更以往股东会已通过的决议的情形。 一、会议召开情况 （一）会议召开时间 1、现场会议：2026年2月2日下午15:00。 2、网络投票：2026年2月2日，其中通过深圳证券交易所交易系统进行网络 投票的时间为2026年2月2日上午9:15-9:25，9:30-11:30，下午13:00-15:00；通 过深圳证券交易所互联网投票系统投票时间为2026年2月2日9:15-15:00。 （二）现场会议召开地点：深圳市南山区粤海街道高新区社区高新南九道10 号深圳湾科技生态园10栋B座34层公司会议室。 （三）会议召集人：公司董事会 （四）召开方式：本次会议采取现场投票与网络投票相结合的方式召开。 本次股东会通过深圳证券交易所交易系统和互联网投票系统向全体股东提 供网络形式的投票平台。 （五）会议主持人：董事 ...

北京市金杜（深圳）律师事务所 关于深圳市澄天伟业科技股份有限公司 2026 年第一次临时股东会的法律意见书 致：深圳市澄天伟业科技股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受深圳市澄天伟业科技 股份有限公司（以下简称公司）的委托，根据《中华人民共和国证券法（2019 修订）》（以下简称《证券法》）、《中华人民共和国公司法》（以下简称《公 司法》）、中国证券监督管理委员会《上市公司股东会规则》（以下简称《股东 会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的， 不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法 律、行政法规、规章、规范性文件和现行有效的《深圳市澄天伟业科技股份有限 公司章程》（以下简称《公司章程》）的规定，指派律师出席了公司于 2026 年 2 月 2 日召开的 2026 年第一次临时股东会（以下简称本次股东会），并就本次 股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1．经公司 2025 年 12 月 19 日召开的 2025 年第二次临时股东会审议通过 的《公司章程》； 2 ...

Company and Industry Summary Company: 澄天伟业 (Chengtian Weiye) Key Points - **Liquid Cooling Progress Exceeds Expectations**: The company has made significant advancements in liquid cooling technology, showcasing both "order certainty and flexibility" [1] - **Channel Breakthrough**: The company has established a partnership with Taiwan's Jian Ce (健策), securing exclusive binding for NVmlcp, which has facilitated the smooth introduction of liquid cooling products to NVIDIA [2] - **Product Positioning**: The initial batch of products is bound to the Rubin/Ultra series, covering essential components such as corrugated pipes, liquid cooling plate welding, and annular pipes. The company has also initiated preliminary research on MLCP and has concurrently secured orders for B200 and B300 [3] - **Clear Shipment Schedule**: Short-term expectations include the shipment of B300 and the factory audit by Jian Ce, with the delivery of structural components for Rubin expected in Q2 [4] - **Capacity Assurance**: The company anticipates a liquid cooling capacity of 800-1,000 million (8-10 billion) for 2026. Following the completion of a capital increase, there is potential for a significant acceleration in capacity, which is expected to drive both profit and market value elasticity [5] Additional Important Information - **Focus on Order Scale and Customer Share**: The company encourages inquiries regarding the scale of related orders, customer shares, forecasts, and product value assessments [6]

Market Performance - The communication equipment sector rose by 2.77% on January 27, with Cheng Tian Wei Ye leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Top Gainers - Cheng Tian Wei Ye (300689) closed at 53.30, up 19.99% with a trading volume of 83,600 shares and a transaction value of 420 million yuan [1] - Zhong Ci Electronics (003031) closed at 84.79, up 10.00% with a trading volume of 110,900 shares and a transaction value of 908 million yuan [1] - Shi Jia Technology (002796) closed at 50.39, up 10.00% with a trading volume of 279,800 shares and a transaction value of 1.363 billion yuan [1] Notable Decliners - ST Jing Lun (600355) closed at 2.18, down 4.80% with a trading volume of 172,700 shares and a transaction value of 38.19 million yuan [2] - Tong Yu Communications (002792) closed at 52.70, down 4.62% with a trading volume of 957,800 shares and a transaction value of 5.113 billion yuan [2] - Te Fa Information (000070) closed at 11.77, down 3.52% with a trading volume of 520,200 shares and a transaction value of 608 million yuan [2] Capital Flow - The communication equipment sector saw a net inflow of 3.867 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.05 billion yuan [2][3] - Major stocks like Zhong Ji Xu Chuang (300308) had a net inflow of 1.776 billion yuan from institutional investors, while experiencing a net outflow of 177.6 million yuan from retail investors [3] Individual Stock Performance - Tian Fu Communication (300394) had a net inflow of 1.103 billion yuan from institutional investors, with a net outflow of 798 million yuan from retail investors [3] - New Yi Sheng (300502) recorded a net inflow of 1.002 billion yuan from institutional investors, while retail investors saw a net outflow of 164 million yuan [3]