广东申菱环境系统股份有限公司 简式权益变动报告书 上市公司名称：广东申菱环境系统股份有限公司 股票上市地点：深圳证券交易所 股票简称：申菱环境 股票代码：301018.SZ 信息披露义务人：苏翠霞 住所：广东省佛山市顺德区****** 通讯地址：广东省佛山市顺德区****** 签署日期：二〇二五年十二月十五日 信息披露义务人声明 | 本报告书 | 指 | 广东申菱环境系统股份有限公司简式权益变动报告书 | | --- | --- | --- | | 申菱环境、上市公 | 指 | 广东申菱环境系统股份有限公司 | | 司、公司 | | | | 信息披露义务人 | 指 | 苏翠霞 | | 本次权益变动 | 指 | 信息披露义务人通过集中竞价的方式减持上市公司408,300股 | | | | 股份（占上市公司总股本的0.1535%）的行为 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 证券交易所、深交所 | 指 | 深圳证券交易所 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《收购管理办法》 | 指 | 《上市公司收购 ...

交易所数据显示，12月12日，申菱环境收盘56.47元，上涨4.27%，滚动市盈率PE（当前股价与前四季度 每股收益总和的比值）达到122.36倍，总市值150.24亿元。 最新一期业绩显示，2025年三季报，公司实现营业收入25.08亿元，同比增加26.84%；净利润1.50亿 元，同比增加5.05%，销售毛利率23.16%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13申菱环境122.36130.015.66150.24亿行业平均 77.7692.386.4478.87亿行业中值59.7157.403.5247.95亿1天地科技8.729.270.95242.94亿2广日股份 11.429.350.8875.88亿3润邦股份13.9013.011.4463.12亿4康力电梯14.2715.841.5656.56亿5华荣股份 14.8114.113.1265.21亿6弘亚数控16.6712.932.3366.90亿7青达环保16.8133.152.8830.82亿8北方股份 16.8423.702.4142.40亿9科达制造16.8524.321.95244.72亿10伊之密16.8619.1 ...

现将具体情况公告如下： 1、基本情况 信息披露义务人 广东申菱投资有限公司 住所 佛山市顺德区陈村镇赤花社区居民委员会广隆工业区环镇东路 10 号 之一 权益变动时间 2025 年 12 月 1 日、2025 年 12 月 5 日 股票简称 申菱环境 股票代码 301018 一、股东权益变动比例触及 1%整数倍的情况 | 变动方向 上升□ | 下降√ | | 一致行动人 | 有√ 无□ | | | --- | --- | --- | --- | --- | --- | | 是否为第一大股东或实际控制人 | | | 是□ | 否√ | | | 2、本次权益变动情况 | | | | | | | 股东名称 | 股份种类 | | 减持股数（万股） | 减持比例（％） | | | 申菱投资 | A 股 | | 320 | 1.2028 | | | 合计 | — | | 320 | 1.2028 | | | | 通过证券交易所的集中交易 | | □ | | | | 本次权益变动方式 | 通过证券交易所的大宗交易 | | √ | | | | 其他 | | | □（请注明） | | | | 3、本次变动前后，投资者及其一致行 ...

Investment Rating - The report indicates a positive outlook for the liquid cooling industry, highlighting the entry of domestic supply chains and the expected growth in market value [1]. Core Insights - Liquid cooling technology is deemed essential for addressing the heat dissipation challenges in data centers, offering advantages such as low energy consumption, high cooling efficiency, low noise, and reduced total cost of ownership (TCO) [3][10]. - The value of liquid cooling systems is projected to increase significantly with the upgrade of chips, with estimates suggesting that the market for ASIC liquid cooling systems could reach 35.3 billion yuan and for NVIDIA systems could reach 69.7 billion yuan by 2026 [4]. - The report emphasizes the transition from traditional air cooling to liquid cooling as a necessity due to the rising power density of chips, with liquid cooling becoming a mandatory solution for high-density server environments [21][31]. Summary by Sections Liquid Cooling Technology - Liquid cooling is identified as a critical solution for data center heat dissipation, leveraging the high thermal conductivity and capacity of liquids compared to air [10][14]. - The technology is characterized by its ability to significantly reduce energy consumption and improve cooling efficiency, with liquid cooling systems capable of achieving a PUE (Power Usage Effectiveness) of below 1.2 [14][31]. Liquid Cooling Industry - The report notes that the value of liquid cooling will rise alongside chip upgrades, with a projected growth of over 20% for rack liquid cooling modules as chip power density increases [4]. - Domestic supply chains are expected to accelerate their entry into the market, particularly as NVIDIA opens its supplier list to include multiple vendors, allowing for greater competition and innovation [4]. Rubin Architecture Outlook - The report discusses the limitations of single-phase cold plates for the Rubin architecture, which has a thermal design power (TDP) of 2300W, necessitating the exploration of new liquid cooling solutions such as phase change cold plates and microchannel cold plates [4][21]. - Microchannel cold plates are anticipated to become a preferred solution due to their ability to handle higher power densities and their compatibility with future architectural developments [4]. Related Companies - The report suggests monitoring companies such as Yingweike, Shenling Environment, Gaolan Co., Hongsheng Co., Zhongke Shuguang, and Jieban Technology, as they are positioned to benefit from the increasing demand for efficient and energy-saving heat exchange solutions in data centers [5].

中新网广州12月4日电 (记者 程景伟)国家建筑绿色低碳技术创新中心粤港澳基地(以下简称"粤港澳基 地")揭牌暨夏热冬暖地区低碳建筑联合研究中心(以下简称"联合研究中心")启动仪式3日在广州举行。 国家建筑绿色低碳技术创新中心粤港澳基地揭牌仪式。广东省建筑科学研究院集团股份有限公司 供图 国家建筑绿色低碳技术创新中心(以下简称"国创中心")是中国"双碳"领域首个国家级技术创新中心。粤 港澳基地由国创中心与广东省建筑科学研究院集团股份有限公司(以下简称"广东建科")共建，旨在打造 高水平科研平台，聚焦关键技术攻关、资源共享以及成果转化，助力粤港澳大湾区建筑领域实现低碳转 型。 联合研究中心由广东建科节能环保科技有限公司牵头，联合华南理工大学、福建省建筑科学研究院有限 责任公司、广西壮族自治区建筑科学研究设计院、深圳华森建筑与工程设计顾问有限公司、科学城(广 州)投资集团有限公司、广东申菱环境系统股份有限公司、香港建筑环保评估协会、澳门土木工程实验 室等九家粤港澳及闽桂地区高校、企业、科研院所组建。 会上，国创中心常务副主任、中国建设科技集团股份有限公司党委委员、副总裁刘志鸿为广东建科副总 工程师、广东建科节能环 ...

Core Insights - The stock of Shenling Environment rose by 0.13% on December 1, closing at 53.58 yuan, with a significant block trade involving 709,000 shares and a total transaction value of 30.35 million yuan [1] Trading Activity - A block trade occurred at a price of 42.81 yuan for 709,000 shares, resulting in a transaction value of 30.35 million yuan, with a premium rate of -20.10% [1] - The buyer was from China International Capital Corporation Wealth Securities Co., Ltd., and the seller was from CITIC Securities Co., Ltd. [1] - Over the past three months, the stock has seen a total of 39 block trades, amounting to 204 million yuan [1] Recent Performance - In the last five trading days, the stock has increased by 3.70%, with a net inflow of main funds totaling 69.87 million yuan [1]

Core Insights - The report highlights strong growth in China's new energy vehicle (NEV) production and sales, with October figures showing a year-on-year increase of 21.1% in production and 20% in sales. Cumulatively, from January to October, production and sales reached 13.015 million and 12.943 million units, reflecting growth of 33.1% and 32.7% respectively [1][2]. Industry Overview - The supply side is characterized by continuous new product launches from battery and main engine manufacturers, while demand feedback remains positive. Government policies are also increasingly supportive [2]. - The industry has experienced significant price declines, but the supply-demand balance is improving, with companies actively optimizing capacity and supply to stabilize prices and protect profitability [2]. - Overall, the industry is at a price bottom, with signs of stabilization and recovery. Certain segments, such as lithium carbonate and lithium hexafluorophosphate, are seeing strong demand and tight supply, leading to price increases [2]. Investment Strategy - The report maintains a "recommended" rating for the NEV industry, emphasizing the continued support from policies and marginal improvements in supply-demand structure. It anticipates a price recovery in the industry chain by 2025 [2]. - The focus is on selecting high-quality companies that are expected to deliver excess returns, particularly in areas such as robotics, solid-state batteries, battery materials, and liquid cooling technologies [2]. Key Companies and Directions - Key materials include companies like CATL, Shangtai Technology, and Hunan Youneng [3]. - New directions for investment include robotics (Zhejiang Rongtai), liquid cooling (Qiangrui Technology, Shenling Environment, Feirongda, Jieban Technology), solid-state batteries (Shenzhen Xinxing, Haopeng Technology, Nakanor, Liyuanheng), and autonomous driving (Ruiming Technology) [3]. Market Performance - The NEV index, lithium battery index, fuel cell index, charging pile index, and energy storage index saw weekly changes of +3.31%, +5.18%, +4.41%, +4.80%, and +4.79% respectively [4]. - Notable company performances include Haike New Energy, Penghui Energy, and Jinyinhai, which saw increases of 48.6%, 23.0%, and 22.1% respectively. Conversely, companies like Shen Zhonghua A and Haimeixing experienced declines of 16.5% and 6.5% [4]. Price Dynamics - Lithium prices have shown upward trends, with lithium carbonate priced at 93,800 CNY/ton (up 1.5%), lithium hydroxide at 82,100 CNY/ton (up 1.0%), and LME nickel at $14,700/ton (up 2.7%) [5]. - Other materials such as lithium iron phosphate and various battery components have also seen price increases, indicating a tightening supply situation [5]. Industry Developments - A significant development includes GAC's establishment of China's first large-capacity all-solid-state battery production line, marking a milestone in the industry [6].

Core Viewpoint - The company Shunling Environment (申菱环境) plans to raise up to 1 billion yuan through a convertible bond issuance to expand its capacity in the liquid cooling temperature control equipment sector, driven by the increasing demand for computing power infrastructure [2][3][4] Group 1: Fundraising and Investment Plans - Shunling Environment intends to issue no more than 10 million convertible bonds, with the total fundraising amount not exceeding 1 billion yuan, to be used for a new liquid cooling intelligent manufacturing base project and to supplement working capital [3][4] - The total investment for the liquid cooling intelligent manufacturing base project is 800 million yuan, with the raised funds fully allocated to this project [3] - This marks the second fundraising attempt since the company's IPO in July 2021, where it raised a net amount of 443 million yuan [5] Group 2: Financial Performance - In the first three quarters of 2025, Shunling Environment reported a revenue of 2.508 billion yuan, a year-on-year increase of 26.84%, while the net profit attributable to shareholders was 150 million yuan, reflecting a growth of 5.05% [8] - In Q3 2025, the company achieved a revenue of 825 million yuan, up 22.74% year-on-year, but reported a net loss of 32,500 yuan, indicating a shift from profit to loss [8] - The gross profit margin for Q3 2025 was 20.61%, down 5.25 percentage points year-on-year, attributed to changes in the revenue structure of the company's products [8] Group 3: Shareholder Actions - The actual controller of Shunling Environment is currently in a share reduction plan, with significant shareholders planning to reduce their holdings by a total of 3.25% of the company's shares [9][10] - The estimated market value of the shares to be reduced is approximately 466 million yuan based on the closing price on November 27 [10]

Core Viewpoint - The company Shunling Environment (301018.SZ) plans to raise up to 1 billion yuan through a convertible bond issuance to expand its capacity in the liquid cooling temperature control equipment sector, driven by the increasing demand for computing power infrastructure [2][4]. Group 1: Fundraising and Investment Plans - Shunling Environment intends to issue no more than 10 million convertible bonds, with the net proceeds after issuance costs allocated to a new liquid cooling intelligent manufacturing base project and to supplement working capital [4]. - The total investment for the liquid cooling intelligent manufacturing base project is 800 million yuan, with the entire amount expected to be funded from the raised capital [4]. - This marks the second fundraising attempt since the company's IPO in July 2021, where it raised 443 million yuan, with part of the funds allocated to a specialized environmental system R&D and manufacturing base [5]. Group 2: Financial Performance - For the first three quarters of 2025, Shunling Environment reported revenues of 2.508 billion yuan, a year-on-year increase of 26.84%, while the net profit attributable to shareholders was 15 million yuan, reflecting a growth of 5.05% [8]. - In the third quarter of 2025, the company achieved revenues of 825 million yuan, a 22.74% increase year-on-year, but reported a net loss of 32,500 yuan, indicating a shift from profit to loss [3][8]. - The gross profit margin for the third quarter was 20.61%, down 5.25 and 5.59 percentage points year-on-year and quarter-on-quarter, respectively, attributed to changes in the product revenue structure [9]. Group 3: Shareholder Actions - The actual controller of Shunling Environment is currently in a share reduction plan, with significant shareholders planning to collectively reduce their holdings by 3.25% [2][9]. - As of November 27, 2025, the market value of the shares to be reduced is approximately 466 million yuan, based on the closing price of 53.75 yuan per share [10].

Market Overview - The general equipment sector experienced a decline of 0.21% on November 26, with smart control leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Notable gainers in the general equipment sector included: - Wald (688028) with a closing price of 74.90, up 12.72% and a trading volume of 141,800 shares, totaling 1.024 billion yuan [1] - Zhongshun Group (000039) closed at 9.35, up 10.00% with a trading volume of 1,947,400 shares, totaling 1.764 billion yuan [1] - Huashu High-Tech (688433) closed at 62.18, up 7.21% with a trading volume of 74,100 shares, totaling 447 million yuan [1] Decliners - Key decliners included: - Smart Control (002877) with a closing price of 9.45, down 9.91% and a trading volume of 681,500 shares, totaling 657 million yuan [2] - Rongyi Precision (920223) closed at 21.50, down 6.52% with a trading volume of 89,600 shares, totaling 195 million yuan [2] - Huafeng Co. (605100) closed at 43.91, down 5.39% with a trading volume of 84,600 shares, totaling 377 million yuan [2] Capital Flow - The general equipment sector saw a net outflow of 614 million yuan from institutional investors and a net outflow of 119 million yuan from retail investors, while retail investors had a net inflow of 733 million yuan [2] - Specific stock capital flows indicated: - Zhongshun Group (000039) had a net inflow of 47.416 million yuan from institutional investors, while retail investors experienced a net outflow of 18.000 million yuan [3] - Wald (688028) had a net inflow of 96.345 million yuan from institutional investors, with retail investors seeing a net outflow of 78.723 million yuan [3] - Sifangda (300179) had a net inflow of 81.558 million yuan from institutional investors, while retail investors faced a net outflow of 85.899 million yuan [3]