Core Viewpoint - The liquid cooling server index experienced a decline of 2.01%, with major constituent stocks under pressure [1]. Group 1: Stock Performance - Siquan New Materials saw the largest drop, falling by 6.42% [1]. - Kexin New Source decreased by 5.52% [1]. - Zhongshi Technology declined by 3.85% [1]. - Feirongda dropped by 3.76% [1]. - Chaoping San fell by 3.13% [1].

Market Overview - The rubber sector increased by 1.99% on November 13, with Kexin Innovation leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Key Stocks Performance - Kexin Innovation (300731) closed at 44.20, up 5.94% with a trading volume of 102,700 shares and a turnover of 448 million yuan [1] - Quancheng Co. (605183) closed at 20.72, up 5.55% with a trading volume of 68,900 shares and a turnover of 140 million yuan [1] - Heimao Co. (002068) closed at 10.45, up 4.81% with a trading volume of 376,800 shares and a turnover of 390 million yuan [1] - Other notable performers include Sanwei Equipment (920834) and Yuanxiang New Materials (301300), with increases of 4.13% and 3.89% respectively [1] Capital Flow Analysis - The rubber sector saw a net inflow of 4.0468 million yuan from main funds, while retail funds experienced a net inflow of 35.5246 million yuan [2][3] - Speculative funds had a net outflow of 39.5714 million yuan, indicating a shift in investment strategies among different types of investors [2][3] Individual Stock Capital Flow - Sanqiang Co. (002068) had a main fund net inflow of 28.2787 million yuan, while speculative funds saw a net outflow of 18.2234 million yuan [3] - Kexin Innovation (300731) experienced a main fund net inflow of 10.3333 million yuan, with a significant outflow from speculative funds [3] - Other stocks like Haida Co. (300320) and Lian Ke Technology (001207) also showed varying capital flows, reflecting investor sentiment [3]

Market Overview - The rubber sector experienced a decline of 0.53% on November 11, with Kexin New Source leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the rubber sector included: - Litong Technology (code: 920225) with a closing price of 45.03, up 6.30% and a trading volume of 71,000 shares, totaling 312 million yuan [1] - Sanwei Equipment (code: 920834) with a closing price of 18.48, up 2.55% and a trading volume of 81,000 shares, totaling 146 million yuan [1] - Other stocks with minor gains included Yongdong Co., Ltd. (code: 002753) up 1.61% and Yuanchuang New Materials (code: 301300) up 0.64% [1] Fund Flow Analysis - The rubber sector saw a net outflow of 110 million yuan from main funds, while retail investors contributed a net inflow of 78.99 million yuan [2][3] - Key stocks with significant fund flow included: - Zhen'an Technology (code: 300767) with a main fund net inflow of 7.19 million yuan and a retail net outflow of 24.56 million yuan [3] - Haida Co., Ltd. (code: 300320) with a main fund net inflow of 6.71 million yuan and a retail net inflow of 1.74 million yuan [3] Individual Stock Highlights - Kexin New Source (code: 300731) closed at 42.57, down 3.25%, with a trading volume of 62,800 shares and a total transaction value of 271 million yuan [2] - Other notable decliners included Liangmao Co., Ltd. (code: 002068) down 1.85% and Yanggu Huatai (code: 300121) down 1.72% [2]

Market Overview - The rubber sector increased by 1.05% on November 6, with Zhen'an Technology leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Zhen'an Technology (300767) closed at 21.39, with a rise of 2.84% and a trading volume of 104,400 shares, amounting to a transaction value of 220 million yuan [1] - Other notable performers include: - Sanwei Co. (603033) at 11.44, up 1.96% [1] - Quecheng Co. (605183) at 19.41, up 1.94% [1] - Litong Technology (920225) at 39.18, up 1.90% [1] - Tiantie Technology (300587) at 7.41, up 1.65% [1] Capital Flow - The rubber sector experienced a net outflow of 68.88 million yuan from institutional investors, while retail investors saw a net inflow of 51.99 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Zhen'an Technology had a net inflow of 24.94 million yuan from institutional investors, but a net outflow of 18.53 million yuan from retail investors [3] - Tongcheng New Materials (603650) saw a net inflow of 17.44 million yuan from institutional investors and a net outflow of 45.17 million yuan from retail investors [3] - Sanwei Co. (603033) had a net inflow of 6.71 million yuan from institutional investors, while retail investors withdrew 5.34 million yuan [3]

Summary of Conference Call Notes Company Overview - The company is one of the early players in the domestic NB chain liquid cooling plate OEM market and is in the process of acquiring Zhaoke to establish a comprehensive solution for materials and components, transitioning from OEM to direct supply to enhance core competitiveness [2][4][7]. Industry Insights - The liquid cooling plate is a critical component of liquid cooling systems, responsible for 95% of energy-saving tasks, requiring high thermal conductivity and reliability [2][9]. - The company has entered the supply chains of major clients such as ZTE and Huawei for polymer materials, and CATL and Hive Energy for thermal management products [5][16]. Financial Projections - Expected revenue for 2025, 2026, and 2027 is projected to be 1.29 billion, 2.51 billion, and 3.9 billion yuan, respectively, with year-on-year growth rates of 34.7%, 44.4%, and 55.5% [2][8]. - Net profit attributable to the parent company is expected to be 44 million, 150 million, and 250 million yuan for the same years, not considering the consolidation of Zhaoke [2][8]. Competitive Advantages - The company possesses unique competitive advantages in the liquid cooling plate OEM sector, including proprietary welding technology that ensures long-term stable operation of liquid cooling plates [4]. - The acquisition of Zhaoke will enhance the company's overall competitiveness by integrating thermal interface materials (TIM) with cooling plate solutions, leveraging Zhaoke's customer resources [7]. Product Development and Technology - The company has developed high-frequency welded liquid cooling plates compatible with CATL's Kirin and Shenxing batteries, which are key cooling components [3][16]. - The thermal management business includes products such as liquid cooling plates for new energy vehicles, with a focus on aluminum alloy materials and various manufacturing processes [14]. Market Trends and Future Outlook - The company anticipates rapid growth in its new energy liquid cooling plate business due to increased vehicle deliveries, which is expected to enhance capacity utilization and gross margin [3][16]. - The data center cooling module OEM business is projected to achieve revenues of 910 million and 2 billion yuan in 2026 and 2027, respectively, with a gross margin expected to remain around 20% [18]. Investment Recommendations - Despite market expectations of a tech stock adjustment in Q4, the company’s business is expected to continue progressing, with strong growth potential in the liquid cooling sector [20]. - Investors are advised to focus on high-growth, high-certainty sectors with continuous technological advantages, particularly in the liquid cooling segment [20].

证券代码：300731 证券简称：科创新源 公告编号：2025-069 深圳科创新源新材料股份有限公司 关于签署股权收购意向协议的进展公告 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。 一、交易概述 为进一步深化深圳科创新源新材料股份有限公司（以下简称"公司"、"科 创新源"或"甲方"）在高分子材料产业的业务布局，扩大公司在散热产品领域 的应用场景，为公司培育新的营业收入和利润增长点，2024年12月1日，科创新 源与Thermazig Limited（中文名称：斯摩格有限公司，以下简称"乙方1"）、 东莞市兆科电子材料科技有限公司（以下简称"东莞兆科"或"丙方1"，与甲 方、乙方1合称"原意向协议各方"）签署了《股权收购意向协议》（全文简称 "《意向协议》"或"原意向协议"），公司拟以现金方式收购Thermazig Limited 持有的东莞兆科51%的股权，最终收购比例由原意向协议各方协商确定并在正式 交易协议中明确。本次交易的标的公司为东莞兆科，并包含其计划重组后100% 直接或间接持有的子公司昆山兆科电子材料有限公司（以下简称"丙方2"）、 兆科科技 ...

Group 1 - The core point of the news is that Shenzhen Kexin New Materials Co., Ltd. experienced a stock decline of 5.18%, with a current share price of 41.00 CNY and a total market capitalization of 5.184 billion CNY [1] - The company specializes in the research, production, and sales of high-performance special rubber sealing materials, providing comprehensive solutions for waterproofing, insulation, fireproofing, and sealing [1] - The revenue composition of the company includes: 56.03% from heat dissipation metal structural parts, 16.51% from automotive sealing strips, 13.65% from insulation and fireproof materials, 10.82% from waterproof sealing materials, and 2.98% from other products [1] Group 2 - Dongwu Fund has one fund heavily invested in Kexin New Materials, specifically the Dongwu Double Triangle Stock A (005209), which holds 79,000 shares, accounting for 3.74% of the fund's net value [2] - The fund has reported a floating loss of approximately 177,000 CNY as of the current date [2] - The fund has achieved a year-to-date return of 44.82% and a one-year return of 39.65%, ranking 884 out of 4216 and 1158 out of 3896 respectively [2]

Group 1 - A total of 87 stocks were newly covered by institutions this week, with 14 stocks receiving target prices [1] - Naxin Micro was rated "Accumulate" by Guoyuan Securities with a target price of 207 CNY, while its latest closing price was 172.06 CNY [1] - Tengjing Technology received a "Buy" rating from Guojin Securities with a target price of 146.9 CNY, compared to its latest closing price of 109.63 CNY [1] Group 2 - Other notable stocks include Kingsoft Office, Desay SV, Dazhu CNC, and Northern Rare Earth, which were also mentioned in the report [1] - The report includes a detailed table of stocks with their respective institutions, research dates, latest ratings, target prices, and latest closing prices [2] - For instance, Kexin New Source was rated "Buy" by Guotai Junan Securities with a target price of 66.86 CNY, while its latest closing price was 42.73 CNY [2]

Market Overview - The rubber sector experienced a decline of 0.23% on October 31, with Tongcheng New Materials leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the rubber sector included: - Fengwu Co., Ltd. (301459) with a closing price of 43.79, up 8.39% and a trading volume of 46,700 shares, totaling 201 million yuan [1] - Sanwei Equipment (920834) closed at 17.72, up 5.73% with a trading volume of 90,700 shares, totaling 156 million yuan [1] - Yuanxiang New Materials (301300) closed at 42.60, up 4.72% with a trading volume of 26,400 shares, totaling 111 million yuan [1] Capital Flow - The rubber sector saw a net outflow of 188 million yuan from main funds, while retail investors contributed a net inflow of 198 million yuan [2] - The capital flow for specific stocks indicated: - Sanwen Co., Ltd. (002068) had a main fund net inflow of 23.82 million yuan, while retail saw a net outflow of 2.17 million yuan [3] - Longxing Technology (002442) experienced a main fund net inflow of 1.27 million yuan, with retail investors seeing a net outflow of 3.63 million yuan [3]

Core Viewpoint - 科创新源 is a leading player in the high-performance special rubber sealing materials sector in China, providing comprehensive solutions with certain technological advantages [1] Group 1: Business Overview - Founded on January 10, 2008, and listed on December 8, 2017,科创新源 specializes in the R&D, production, and sales of high-performance special rubber sealing materials [1] - The company operates in the basic chemical industry, specifically in rubber and other rubber products, and is involved in sectors such as 5G, data centers, nuclear fusion, superconductivity, and nuclear power [1] Group 2: Financial Performance - For Q3 2025,科创新源 reported revenue of 839 million yuan, ranking 5th among 13 companies in the industry, with the industry leader 三维股份 generating 3.391 billion yuan [2] - The revenue breakdown includes: 303 million yuan from heat dissipation metal structural parts (56.03%), 89.25 million yuan from automotive sealing strips (16.51%), 73.79 million yuan from insulation and fireproof materials (13.65%), and 58.49 million yuan from waterproof sealing materials (10.82%) [2] - The net profit for the same period was 32.96 million yuan, ranking 8th in the industry, with the top performer, 海达股份, achieving a net profit of 170 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 45.32%, higher than the previous year's 42.25% and above the industry average of 33.87% [3] - The gross profit margin for Q3 2025 was 19.12%, down from 21.90% year-on-year and below the industry average of 27.25% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 75.52% to 23,400, while the average number of circulating A-shares held per shareholder decreased by 43.03% to 5,131.48 [5] - Notable changes in the top ten circulating shareholders include the exit of 信澳新能源产业股票A and 信澳智远三年持有期混合A [5] Group 5: Future Outlook - 国金证券 forecasts that科创新源 will become a leading supplier of liquid cooling components for servers, with expected revenue from data center heat management reaching 3 million yuan in 2025, 900 million yuan in 2026, and 2 billion yuan in 2027 [5] - The company is expected to achieve total revenues of 1.29 billion yuan in 2025, 2.51 billion yuan in 2026, and 3.90 billion yuan in 2027, with net profits of 40 million yuan, 150 million yuan, and 250 million yuan respectively [5] -浙商证券 highlights a rapid growth in the company's heat management business, with revenue of 311 million yuan in H1 2025, a year-on-year increase of 95% [6]