Group 1 - The core point of the article is that Cheng Tian Wei Ye (300689), a stock that has increased sixfold, has announced a plan to raise 800 million yuan through a private placement, while its actual controller and related parties have reduced their holdings by nearly 6% in the past six months [1] - The company plans to invest the raised funds into popular technology sectors such as liquid cooling and semiconductors [1] - Cheng Tian Wei Ye was listed on the ChiNext board in 2017, and its main business includes the production, sales, and services of smart cards and specialized chips [1] Group 2 - The actual controller of the company is Feng Xueyu, and the company is involved in trending concepts like liquid cooling servers, chips, and semiconductors [1]

Core Viewpoint - The company is currently in the small-batch order delivery phase for its liquid cooling business, and the current gross margin is constrained by initial production scale, which does not accurately reflect its potential profitability at scale [1] Group 1: Business Performance - The liquid cooling market is large, and although the company's revenue from this segment is currently low, it is expected to grow rapidly as customer mass production is introduced, potentially becoming a significant source of income [1] - The company anticipates substantial optimization of gross margins as order volumes increase and scale is achieved [1] Group 2: Industry Trends - The demand for liquid cooling solutions is expected to rise due to the increasing power consumption of chips [1] - The company is actively aligning with customer needs for technological iterations and is making strategic investments in next-generation liquid cooling technologies such as MLCP [1]

Core Viewpoint - The company, Cheng Tian Wei Ye, announced the establishment of a joint venture with AI infrastructure solution provider SuperX, aimed at developing and marketing liquid cooling products for AIDC cabinets globally [1] Group 1: Joint Venture Details - The joint venture is set to be established in October 2025 [1] - Cheng Tian Wei Ye will hold a 25% stake in the joint venture through its wholly-owned subsidiary, Hong Kong Cheng Tian [1] - The joint venture will focus on integrating resources to expand into the global market for AIDC cabinet liquid cooling products [1] Group 2: Product and Market Focus - The company will provide self-developed liquid cooling modules and key components to the joint venture [1] - SuperX will handle system integration for the products before they are marketed [1] - The current phase of the joint venture is focused on business development [1]

南财智讯1月22日电，澄天伟业在投资者关系活动中表示，公司液冷散热业务基于在半导体封装材料领 域长期积累的工艺基础，实现了从底层技术到系统解决方案的自然延伸，具备较强的工艺理解、制造稳 定性与成本控制能力。公司已通过合作伙伴进入美系头部半导体公司供应链，在技术迭代节奏上保持与 全球前沿同步，并具备从材料、零部件到系统设计的全链条能力及敏捷服务能力，形成持续竞争力。 ...

Group 1: Company Overview and Shareholder Actions - The actual controller and concerted actors disclosed a share reduction plan on September 10, 2025, and completed the reduction on January 6, 2026, maintaining a 51.71% shareholding post-reduction, ensuring absolute control [1] - The share reduction was primarily due to personal funding needs and is considered a normal market behavior, which may help optimize the company's equity structure in the long run [1] - The company is currently in the early stages of a specific object stock issuance plan, aimed at financing the industrialization of liquid cooling systems and expansion of semiconductor packaging materials [2] Group 2: Market Position and Competitive Landscape - The domestic liquid cooling market includes system integrators and core component manufacturers, evolving from project-based delivery to standardized products and platform capabilities [3] - The company adopts a differentiated strategy in the liquid cooling business, targeting both domestic and overseas markets, with a focus on core components for international clients and system-level solutions for domestic customers [3] - The industry has high barriers to entry, including long customer validation cycles and stringent supply chain collaboration requirements [3] Group 3: Financial Performance and Profitability - The current gross margin for the liquid cooling business is constrained by initial production scale and does not reflect the potential for profitability at scale [5] - The company anticipates that as order volumes increase, gross margins will significantly improve due to lower manufacturing costs and higher production efficiency [6] Group 4: Business Development and Future Plans - The company has transitioned from smart card business to the liquid cooling sector, leveraging its expertise in semiconductor packaging materials and establishing a professional team for development and customer service [7] - Current funding for new projects is based on careful planning to support R&D and capacity building, with initial capacity meeting early order demands [7] - The company aims to enhance its traditional smart card business while focusing R&D resources on semiconductor packaging and liquid cooling [8] Group 5: Risk Management and Market Outlook - Rising raw material prices, including copper, gold, and silver, pose cost pressures, but the company has established price linkage mechanisms with clients to mitigate these impacts [9] - The liquid cooling market is expected to grow rapidly, becoming a significant revenue source as customer mass production is introduced [10] - The company has entered the overseas supply chain through partnerships and is actively expanding its market presence [11] Group 6: Investment Appeal and Future Valuation - The current high price-to-earnings ratio reflects historical revenue from the smart card business and does not fully capture the growth potential of the liquid cooling and semiconductor packaging sectors [15] - The upcoming capital increase aims to enhance key capabilities and production capacity, improve customer onboarding efficiency, and optimize the business structure for long-term stability [16] - The company acknowledges potential risks in new product development and market validation, emphasizing the importance of rational investment and risk awareness for investors [16]

Core Viewpoint - Cheng Tian Wei Ye is accelerating its strategic transformation and industrial upgrade in response to the dual opportunities presented by the explosion in AI computing power demand and the wave of semiconductor localization [1] Group 1: Investment and Strategic Focus - The company has officially disclosed an 800 million yuan private placement plan, focusing on two cutting-edge areas: liquid cooling systems and semiconductor packaging materials [1] - The strategic focus and resource allocation are significantly shifting towards high-growth sectors, with the 800 million yuan private placement being a key implementation of this strategy [1][2] Group 2: Project Investments - The liquid cooling system industrialization project plans to invest 362 million yuan, addressing the rising power density of AI servers where liquid cooling has become essential [2] - The semiconductor packaging materials expansion project aims to invest 262 million yuan, targeting strong demand from the new energy vehicle and photovoltaic storage markets [2] Group 3: Technological Development and Market Position - The liquid cooling R&D center and group information technology construction project plans to invest 114 million yuan to enhance technological reserves and upgrade the group's information systems [3] - The company emphasizes its long-term accumulation of core processes in semiconductor packaging, which allows for rapid entry into the liquid cooling sector and deep integration of cooling structures [3] Group 4: Alignment with National Strategy - The private placement aligns closely with national development strategies, citing policies on high-quality capital market development and the need for self-reliance in the semiconductor industry [4] - The company's development direction supports the construction of a modern industrial system and the cultivation of new productive forces in critical areas of AI infrastructure and semiconductor material localization [4]

Group 1 - The company plans to raise 800 million yuan through a private placement to invest in popular technology sectors such as liquid cooling and semiconductors [1][2] - The funds will be allocated to four main projects: 355 million yuan for liquid cooling system industrialization, 258 million yuan for semiconductor packaging material expansion, 107 million yuan for liquid cooling R&D center and group information technology construction, and 80 million yuan for working capital [1][2] - The private placement requires approval from the shareholders' meeting and must be reviewed by the Shenzhen Stock Exchange and registered with the China Securities Regulatory Commission before implementation [2] Group 2 - The company's stock price has shown strong performance, increasing from a low of 8.57 yuan in February 2024 to a high of 67.6 yuan in August 2025, representing a maximum increase of 688.8% [3] - Despite the stock price surge, the company's net profit remains low, with revenues of 535 million yuan, 394 million yuan, and 360 million yuan from 2022 to 2024, and non-recurring net profits of 34.1 million yuan, -2.2 million yuan, and -645,500 yuan respectively [3] - In the first three quarters of 2025, the company achieved revenues of 310 million yuan, a year-on-year increase of 24.48%, and a non-recurring net profit of 6.2 million yuan, a year-on-year increase of 204.03% [3] Group 3 - The actual controller and their concerted actors have reduced their holdings by nearly 6% in the past six months, raising concerns about the timing of the private placement announcement [3][5] - Two significant reduction events occurred in 2025, with the first involving a 2.9573% reduction by two concerted actors and the second involving a similar reduction by the actual controller and another concerted actor [4][5] - The timing of the large-scale reduction before the private placement announcement has drawn attention to the potential implications for transparency and information disclosure [6][7]

Group 1 - Cheng Tian Wei Ye announced that on January 19, 2026, it will accept a research visit from CITIC Securities, with company director Song Jiabin and others participating in the reception and answering investor questions [1] Group 2 - A new AI programming tool has gained significant popularity among Silicon Valley programmers, with reports indicating that it allows them to accomplish a year's worth of work in just one week, leading to mixed feelings of excitement and fear among tech company CEOs [1]

Group 1: Liquid Cooling Business - The company has developed a series of liquid cooling products, including stainless steel corrugated pipes and related components, and is assisting Taiwanese clients with liquid cooling plate components and process validation [1] - A total investment of CNY 362 million is planned for the industrialization of liquid cooling systems, with CNY 114 million allocated for the liquid cooling R&D center and group information technology projects [1] - The liquid cooling business is in an active market expansion phase, with current revenue scale being small but ongoing sample testing and mass production with major clients [1] Group 2: Semiconductor Packaging Materials - The semiconductor packaging materials business is involved in supplying materials for MOSFET, IGBT, and SiC power modules, with projected revenue from this segment accounting for nearly 10% of total revenue in 2024 [4] - The business is expected to maintain strong growth in 2025, with major clients including well-known domestic power semiconductor packaging companies [4] - The company aims to enhance its production capacity for lead frames and high thermal conductivity copper heat dissipation bases to capitalize on the domestic market's demand and the trend of localization [4] Group 3: Smart Card Business - The smart card business is stable, with a significant portion of revenue coming from international markets, driven by the demand for identity authentication and financial security [5] - The company is focusing on upgrading this business towards service-oriented models to improve profit margins, while maintaining its current scale [5] - Future investments will be more concentrated on semiconductor packaging materials and liquid cooling businesses, reflecting a strategic shift [5] Group 4: Risks and Compliance - The company acknowledges potential technical, market, and application validation risks associated with new business and product development [6] - It emphasizes adherence to legal and regulatory requirements for information disclosure, urging investors to make rational investment decisions and be aware of risks [6]

中国经济网北京1月19日讯 澄天伟业(300689.SZ)16日晚披露2026年度向特定对象发行A股股票预 案，本次向特定对象发行股票的发行对象为不超过35名（含本数）特定投资者。本次发行对象为符合中 国证监会规定条件的法人、自然人或其他合法投资组织；证券投资基金管理公司、证券公司、理财公 司、保险公司、合格境外机构投资者、人民币合格境外机构投资者以其管理的二只以上产品认购的，视 为一个发行对象；信托公司作为发行对象，只能以自有资金认购。若发行时法律、法规或规范性文件对 发行对象另有规定的，从其规定。所有发行对象均以现金方式、以相同价格认购本次向特定对象发行股 票的股份。 本次募集资金总额不超过80,000.00万元（含本数）。募集资金扣除发行费用后，净额拟全部用于液 冷散热系统产业化项目、半导体封装材料扩产项目、液冷研发中心及集团信息化建设项目、补充流动资 金。 | | | | | 甲V: 门儿 | | --- | --- | --- | --- | --- | | 居 号 | 项目名称 | 实施主体 | 总投资金额 | 募集资金拟投 入金额 | | 1 | 液冷散热系统产业化项目 | 澄天科泰(惠州) | ...