证券代码：300990 证券简称：同飞股份 公告编号：2025-055 三河同飞制冷股份有限公司 一、董事会会议召开情况 三河同飞制冷股份有限公司（以下简称"公司"）第三届董事会第二十次会 议于 2025 年 8 月 15 日以电话、邮件等方式通知了公司全体董事。会议于 2025 年 8 月 26 日以现场及通讯会议的方式在公司会议室召开。会议应出席董事 9 名， 实际出席董事 9 名。会议由公司董事长张国山先生主持，公司全体高级管理人员 列席了会议。本次会议的召集和召开程序符合《公司法》及《公司章程》的相关 规定。 二、董事会会议审议情况 1、审议通过《关于公司<2025 年半年度报告>及其摘要的议案》。 董事会认为，公司《2025 年半年度报告》及其摘要的编制符合法律、行政 法规等相关规定，其内容与格式符合中国证监会和深圳证券交易所的各项规定， 报告所披露的信息真实、准确、完整地反映了公司的实际情况，不存在任何虚假 记载、误导性陈述或者重大遗漏。 具体内容详见公司同日刊登于巨潮资讯网（http://www.cninfo.com.cn）的 《2025 年半年度报告》全文及其摘要。 表决结果：同意票 9 票， ...

Financial Performance - The company's operating revenue for the first half of 2025 reached ¥1,263,513,859.70, representing a 58.04% increase compared to ¥799,478,796.00 in the same period last year[16] - Net profit attributable to shareholders of the listed company was ¥124,894,946.94, a significant increase of 466.71% from ¥22,038,578.87 in the previous year[16] - The basic earnings per share rose to ¥0.74, up 469.23% from ¥0.13 in the same period last year[16] - The net profit after deducting non-recurring gains and losses was ¥121,892,235.96, reflecting a 507.59% increase from ¥20,061,741.62 in the same period last year[16] - The diluted earnings per share were ¥0.73, up 461.54% from ¥0.13 in the same period last year[16] - The company's gross margin was 23.65%, an increase of 2.77 percentage points compared to the previous year, mainly due to the growth in the gross margin of temperature control products in the power electronics sector[39] - The company achieved a revenue of 1,263.51 million yuan, representing a year-on-year growth of 58.04%[39] - The net profit attributable to shareholders reached 124.89 million yuan, a significant increase of 466.71% year-on-year[39] - The company reported a significant increase in receivables financing, which rose to ¥311,252,552.01, representing 12.72% of total assets, an increase of 8.27% compared to the previous year[75] Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥100,726,514.71, a decrease of 500.20% compared to ¥25,169,091.62 in the previous year[16] - Total assets at the end of the reporting period were ¥2,447,541,337.62, a decrease of 2.03% from ¥2,498,354,750.59 at the end of the previous year[16] - Cash and cash equivalents at the end of the reporting period amounted to ¥174,974,759.32, representing 7.15% of total assets, an increase of 0.51% compared to the previous year[75] - Accounts receivable stood at ¥816,365,151.46, accounting for 33.35% of total assets, a decrease of 0.54% from the previous year[75] - Inventory decreased to ¥307,782,427.56, making up 12.58% of total assets, a decline of 0.12% year-over-year[75] - The company's total assets decreased from ¥2,498,354,750.59 at the beginning of the period to ¥2,447,541,337.62 at the end, representing a decline of approximately 2.03%[166] Research and Development - The company plans to enhance its R&D investment and market expansion efforts, leading to an increase in sales, management, and R&D expenses by 18.58 million yuan year-on-year[40] - The company invests steadily in R&D, focusing on innovation to meet changing market demands and improve product competitiveness[63] - The company's R&D investment increased by 15.99% to ¥53,240,264.92 from ¥45,901,110.65, reflecting a commitment to innovation and product development[69] - The company has 315 R&D personnel, accounting for 14.02% of the total workforce, highlighting its emphasis on research and development[64] Market Position and Products - The company has established four main product series in the industrial temperature control field: liquid constant temperature equipment, electrical box temperature control devices, pure water cooling units, and special heat exchangers[24] - The company’s temperature control products are essential for the safe and efficient operation of CNC machine tools, laser systems, and industrial robots, ensuring optimal working conditions[27] - The company focuses on industrial temperature control, with significant applications in CNC equipment, power electronics, energy storage, semiconductor manufacturing, data centers, hydrogen energy, and medical devices[41] - The company has established a strong market position in the CNC equipment sector, partnering with renowned firms like EMAG and Nidec, and continuously expanding its product offerings[53] Corporate Governance and Compliance - The company is committed to improving its corporate governance structure and internal control systems to protect shareholders' legal rights[98] - The company has made significant efforts to enhance compliance awareness among management through regular training on relevant regulations[98] - The company received an A-level rating for its information disclosure work for the 2023-2024 period, emphasizing the importance of transparency and timely communication with shareholders[99] - The company has enhanced its investor relations management through various channels, including performance briefings and investor visits, to effectively communicate its development strategy and operational status[99] Future Plans and Strategies - The company plans not to distribute cash dividends or issue bonus shares[4] - The company aims to enhance its core competitiveness by increasing R&D investment and developing new products to address market competition risks[86] - The company is focused on optimizing supply chain management to mitigate risks from raw material price fluctuations[88] - The company plans to establish internship bases with universities and vocational schools to attract specialized talent[90] Shareholder Information - The company has established a three-year dividend return plan (2025-2027) to ensure the sustainability and stability of its profit distribution policy[101] - The company distributed cash dividends of RMB 2.00 per 10 shares, totaling RMB 33,879,776.00 (including tax) for the first three quarters of 2024[114] - The total number of common stock shareholders at the end of the reporting period is 12,631[155] - Major shareholders include Zhang Guoshan with 32.93% (55,890,000 shares) and Zhang Haolei with 29.63% (50,301,000 shares)[155] Risks and Challenges - The company faces risks from macroeconomic fluctuations and market competition, which may impact profitability, and plans to adjust strategies accordingly[86] - The company emphasizes the importance of protecting its intellectual property rights and plans to strengthen its technical team and R&D efforts[89]

Summary of Tongfei Co., Ltd. Conference Call Industry Overview - The data center liquid cooling market is rapidly expanding, with projections indicating that by 2027, when NVIDIA's M172 ships 100,000 units, the market size will reach a trillion-level scale [2][3] - The liquid cooling market for data centers is expected to grow from less than 2 billion in 2024 to nearly 5 billion in 2025, and potentially reach 10 billion in 2026 [3] Company Performance and Market Position - Tongfei Co., Ltd. holds a leading position in the energy storage liquid cooling sector, with a market share of 40%-50%, and has established stable partnerships with major companies such as Sungrow, CATL, and BYD [2][5] - The company’s core products, CDU and manifold, account for approximately 30% of the value in liquid cooling systems, with the overall business system value potentially reaching 40% [2][3] - In the semiconductor equipment liquid cooling field, Tongfei is one of the few domestic manufacturers capable of high-precision temperature control, with products already applied in key clients' equipment [2][6] Financial Projections - The expected net profit attributable to the parent company for Tongfei is projected to reach 450 million by 2026, corresponding to a current market value of approximately 11 billion [2][7] - The company anticipates profits of 330 million and 450 million for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 35 and 25 [3][10] - The global market share for Tongfei's products in the data center liquid cooling segment is estimated at 10%, which could correspond to a target market value of around 15 billion [2][7] Competitive Advantages - Tongfei has demonstrated significant improvements in profitability through technological and cost advantages, allowing it to stand out in a competitive environment [5] - The company has expanded its client base to include international customers such as LG and Samsung, with the proportion of orders for overseas end applications increasing to 60%-70% [5] Future Outlook - The company is expected to enter a harvest period starting in 2025, with long-term growth prospects bolstered by the anticipated trillion-level markets for energy storage and data center liquid cooling [3][10] - The company is recommended as a key focus for investors due to its strong market position and growth potential in the liquid cooling sector [11] Technical Insights - The temperature control precision required for semiconductor equipment is significantly higher (±0.02°C) compared to that for data centers (±0.1°C) and energy storage [8] - Tongfei has successfully entered the semiconductor equipment market, with expectations of revenue reaching around 100 million by 2025 [9]

Group 1 - The core viewpoint of the article highlights the performance and growth potential of various companies in different sectors, emphasizing their financial results and strategic initiatives [5][7][8]. Group 2 - 中油工程 (China Oil Engineering) reported a total revenue of 36.3 billion yuan for H1 2025, a year-on-year increase of 12.2%, but a net profit of 470 million yuan, down 10.9% year-on-year. The company is expected to benefit from the "Belt and Road" initiative and the petrochemical industry's international cooperation [5]. - 许继电气 (XJ Electric) experienced a revenue decline of 5.68% to 6.447 billion yuan in H1 2025, while net profit increased by 0.96% to 634 million yuan. The company is expanding its international market presence amid ongoing ultra-high voltage construction in China [5]. - 同飞股份 (Tongfei Co., Ltd.) is poised for growth due to increasing demand for liquid cooling technology in data centers, driven by the rise of AI and green development [5]. - 东华测试 (Donghua Testing) achieved a revenue of 283 million yuan in H1 2025, a 2.44% increase, with a net profit of 76 million yuan, up 2.80%. The company is focusing on the humanoid robot sector [7]. - 中微公司 (Zhongwei Company) expects H1 2025 revenue to be approximately 4.961 billion yuan, a year-on-year increase of about 43.88%, with net profit projected between 680 million and 730 million yuan, reflecting a growth of 31.61% to 41.28% [7]. - 天融信 (Tianrongxin) reported a revenue of 826 million yuan in H1 2025, down 5.38%, but net loss narrowed to 65 million yuan from 206 million yuan in the previous year. The company showed improvement in Q2 with a revenue of 491 million yuan, up 8.72% [7]. - 泡泡玛特 (Pop Mart) achieved a revenue of 13.88 billion yuan in H1 2025, a significant increase of 204.4%, with a gross profit of 9.76 billion yuan and a gross margin of 70.3%, up 6.3 percentage points. The adjusted net profit reached 4.71 billion yuan, a 362.8% increase [8].

Core Viewpoint - The company is focusing on temperature control solutions in key sectors such as energy storage, semiconductor manufacturing, and data centers, with a strong emphasis on expanding market share and cultivating new growth areas [5][8]. Group 1: Event Overview - The fourth EESA Energy Storage Exhibition will be held in Shanghai from August 13-15, 2025, where the company will showcase various temperature control products [4]. Group 2: Product and Market Focus - The company's product offerings include liquid temperature control equipment, electrical box temperature control devices, pure water cooling units, and special heat exchangers, targeting sectors like CNC equipment, power electronics, energy storage, semiconductors, and data centers [5]. - The company has established a stable and high-quality customer base, including notable clients in various sectors such as CNC equipment (e.g., Haitan Precision, Nuwei CNC), power electronics (e.g., Siyuan Electric, Sifang Co.), energy storage (e.g., CATL, Sungrow), and semiconductor manufacturing (e.g., North Huachuang, Chipone) [5]. Group 3: Financial Performance - In 2024, the company achieved a revenue of 2.16 billion yuan, a year-on-year increase of 17.1%, while the net profit attributable to shareholders was 150 million yuan, a year-on-year decrease of 15.9% [7]. - For Q1 2025, the company reported a revenue of 570 million yuan, a significant year-on-year increase of 109.0%, and a net profit of 60 million yuan, a remarkable year-on-year increase of 1104.9% [7]. - The overall gross margin was 25.4%, showing a year-on-year decrease of 0.9 percentage points but a quarter-on-quarter improvement of 2.4 percentage points from Q4 2024, indicating notable marginal improvement [7]. Group 4: Growth Drivers - The demand for liquid cooling solutions in data centers is expected to drive new growth for the company, with liquid temperature control equipment generating 1.47 billion yuan in revenue, accounting for 67.9% of total revenue [8]. - The rise of AI and the need for efficient cooling solutions in data centers are creating a favorable environment for the company's liquid cooling technology, which offers significant energy-saving and environmental benefits [8].

Group 1: Company Research - ZhongAn Online continues to lead the domestic internet property insurance sector, with expected profit growth driven by R&D investments, raising net profit forecasts for 2025-2027 to 0.82/0.85/0.97 billion RMB [2] - Jiufeng Energy's net profit forecasts for 2025-2027 have been slightly lowered to 1.732/1.978/2.245 billion RMB due to a decline in the natural gas industry's outlook, maintaining a "buy" rating [3] - Tongfei Co. anticipates a new growth phase driven by increased demand for liquid cooling in data centers, with net profit forecasts for 2025-2027 set at 0.33/0.45/0.60 billion RMB [4] - Fuyao Glass reported better-than-expected performance in 1H25, with net profit forecasts raised to approximately 10.14/11.97/13.94 billion RMB for 2025-2027, maintaining a "buy" rating [5] - Invt's net profit forecasts for 2025-2027 are set at 0.319/0.386/0.445 billion RMB, benefiting from the AIDC industry's growth, maintaining a "hold" rating [6] - Xinlitai's net profit forecasts for 2025-2027 are maintained at 0.708/0.822/0.979 billion RMB, focusing on cardiovascular drugs and innovation [9] - Thinker Education's net profit forecasts for 2025-2027 have been reduced to 0.159/0.209/0.271 billion RMB due to new campus investments impacting short-term profits, maintaining a "hold" rating [10] - China Resources Beer achieved revenue of 23.942 billion RMB in 1H25, with net profit rising by 23% to 5.789 billion RMB, raising profit forecasts for 2025-2027 to 5.887/5.968/6.334 billion RMB [11] - Xilinmen's net profit forecasts for 2025-2027 are raised to 0.46/0.51/0.57 billion RMB, driven by retail transformation and product innovation [12] Group 2: Industry Insights - The natural gas industry is experiencing a downturn, impacting Jiufeng Energy's sales growth expectations [3] - The demand for liquid cooling technology in data centers is increasing, indicating a shift towards greener solutions in high-performance computing [4] - The automotive glass and aluminum trim sectors are benefiting from industry-wide smart technology advancements, enhancing Fuyao Glass's profitability [5] - The beer market is seeing a rise in both volume and price, with high-end products performing particularly well amid adjustments in the liquor sector [11]

Economic Information - According to the China Index Academy, as of August 2025, the debt restructuring and reorganization of 20 distressed real estate companies will exceed 12,000 billion RMB, significantly impacting the real estate sector [2] - As of August 13, the national pig price was 14.25 RMB/kg, down 1.32% from August 6, with the pig-to-grain price ratio at 5.94, a decrease of 1.33% [2] Company Alerts - Jishi Media reported a net loss of 232 million RMB in the first half of the year [5] - Dameng Data had two directors investigated within three days [5] - Kanglong Chemical's net profit for the first half of the year was 701 million RMB, a decrease of 37% year-on-year [5] - Yunmei Energy reported a net loss of 163 million RMB in the first half of the year [5] - Zhuosheng Microelectronics experienced a net loss of 147 million RMB in the first half, marking a transition from profit to loss [5] - Penghui Energy reported a net loss of 88.23 million RMB in the first half, also transitioning from profit to loss [5] - Aoxin Security reported a net loss of 356 million RMB in the first half [5] - Anyuan Coal Industry reported a net loss of 290 million RMB in the first half [5] - Guangsheng Tang reported a net loss of 66.6881 million RMB in the first half [5] - Yiyuan Lithium Energy's net profit decreased by 24.9% year-on-year in the first half [5] - Zhongtian Rocket's net profit decreased by 80.74% year-on-year in the first half [5] - Jianjie Industrial reported a net profit of 48.8658 million RMB in the first half, down 44.90% year-on-year [5] - Nanjing Chemical Fiber reported a net loss of 88.9317 million RMB in the first half [5] - Sanwei Xinan reported a net loss of 29.3858 million RMB in the first half [5] - Taiping Bird reported a net profit of 77.7116 million RMB in the first half, down 54.61% year-on-year [5] - Aerospace Power reported a net loss of 73.1243 million RMB in the first half [5] - Renhe Pharmaceutical's subsidiary product ULook brain-machine interaction smart glasses has not generated sales revenue [5] - Rhein Biotech experienced a safety incident resulting in one death and three serious injuries [5] - Guangfeng Technology's arbitration ruling is expected to reduce the consolidated profit for 2025 by approximately 91 million RMB [5] Overseas Alerts - The three major U.S. stock indices experienced slight declines, with the S&P 500 down 0.4%, marking its fifth consecutive day of decline [4] - The U.S. Department of Justice plans to investigate Federal Reserve Governor Lisa Cook and has urged Fed Chairman Powell to dismiss her [4] - According to the International Copper Study Group, a surplus of 36,000 tons in the global refined copper market is expected by June 2025 [4]

Core Viewpoint - On August 21, several A-share listed companies disclosed their shareholding changes, with Yinzuo Co. announcing a plan to increase its stake, while ten other companies, including Guomai Technology and Zhen Shitong, revealed plans to reduce their holdings [1][2]. Group 1: Shareholding Increase - Yinzuo Co.'s controlling shareholder intends to increase their stake by 1%-2% [2]. Group 2: Shareholding Decrease - Guomai Technology plans to sell 1.54% of its repurchased shares [2]. - Zhen Shitong's shareholders plan to reduce their holdings by up to 3% [2]. - Jibite's vice chairman Chen Tuolin intends to reduce his stake by no more than 0.347% [2]. - Hongte Technology's shareholder Wu Xiaomin plans to decrease his holdings by up to 1% [2]. - Tongfei Co.'s shareholder Zhonghe Ying plans to reduce holdings by up to 764,400 shares [2]. - Boji Medical's controlling shareholder Gan Qinchun and his concerted parties plan to reduce their holdings by up to 3% [2]. - Lvdiaofeng's shareholder Zhenzhong Investment plans to decrease holdings by up to 1% [2]. - Tanjing's major shareholder Gan Jing plans to reduce his stake by up to 0.5% [2]. - Zhongyin Securities' Jiangxi Copper intends to reduce its holdings by no more than 3% [2]. - Hengbang Co. plans to opportunistically reduce its stake by up to 3.69% of its total share capital [2].

Group 1 - Shandong Commercial Group Co., Ltd., the controlling shareholder of Yinzuo Co., plans to increase its stake in the company by 1%-2% [1] - Hengbang Co. intends to reduce its holdings in Wanguo Gold by no more than 3.69% of its total share capital [1] - The controlling shareholder's concerted action partner of Zhen Shitong, Suzhou Longyue, plans to reduce its stake by no more than 3% [1] Group 2 - Jiang Copper Co., a shareholder of Zhongyin Securities, plans to reduce its stake by no more than 3% [1] - The controlling shareholder and its concerted action partners of Boji Pharmaceutical plan to reduce their holdings by no more than 3% [1] - Zhizhong Investment, a shareholder of Green Island Wind, plans to reduce its stake by no more than 1% [1] Group 3 - Wu Xiaomin, a shareholder of Hongte Technology, plans to reduce his stake by no more than 1% [1] - Wang Jing, the major shareholder of Tanjia, plans to reduce his stake by no more than 0.5% [1] - Zhonghe Ying, a shareholder of Tongfei Co., plans to reduce its stake by no more than 0.4503% [1] Group 4 - Chen Tuolin, the vice chairman of Jibite, plans to reduce his stake by no more than 0.3470% [1]

Core Viewpoint - The shareholder Zhongheying plans to reduce its stake in Tongfei Co., Ltd. by selling up to 764,400 shares, representing 0.4503% of the total share capital within three months after the announcement [1] Group 1 - The shareholder Zhongheying holds 3,888,000 shares, which accounts for 2.2904% of the total share capital of the company [1] - The planned reduction of shares will be executed through centralized bidding [1] - The reduction period starts 15 trading days after the announcement [1]