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 ...

Core Viewpoint - The company Shunling Environment has shown significant growth in revenue and net profit, with a high PE ratio compared to industry averages, indicating strong market interest and potential for future growth [1][2]. Company Overview - Shunling Environment specializes in providing environmental control solutions for various applications, including data service industries and public buildings [1]. - The company offers a range of products, including liquid cooling, air cooling, phase change, and mainframe series [1]. - Recognized as a "National Technology Innovation Demonstration Enterprise" by the Ministry of Industry and Information Technology and the Ministry of Finance [1]. Financial Performance - For the third quarter of 2025, the company reported a revenue of 2.508 billion yuan, a year-on-year increase of 26.84% [2]. - The net profit for the same period was 150 million yuan, reflecting a year-on-year growth of 5.05% [2]. - The gross profit margin stood at 23.16% [2]. Market Position - As of December 12, the company's stock closed at 56.47 yuan, with a PE ratio of 122.36, significantly higher than the industry average of 77.76 [1][2]. - The total market capitalization of Shunling Environment is 15.024 billion yuan [1]. - The company ranks 227th in terms of PE ratio within its industry [1]. Institutional Holdings - By the end of the third quarter of 2025, 12 institutions held shares in Shunling Environment, including 9 funds, with a total holding of 79.6911 million shares valued at 5.683 billion yuan [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].

Core Points - The establishment of the Guangdong-Hong Kong-Macao Base of the National Green Low-Carbon Technology Innovation Center marks a significant step in promoting low-carbon transformation in the construction sector within the Guangdong-Hong Kong-Macao Greater Bay Area [3][4] - The center aims to create a high-level research platform focusing on key technological breakthroughs, resource sharing, and achievement transformation to support the low-carbon transition in the construction industry [3][4] Group 1 - The Guangdong-Hong Kong-Macao Base is the first national-level technology innovation center in China's "dual carbon" field [3] - The base is co-established by the National Innovation Center and the Guangdong Provincial Academy of Building Sciences, emphasizing collaboration in research and development [3][4] - The launch of the Joint Research Center is a crucial step in connecting national strategies with regional practices and industrial implementation in green low-carbon construction [4] Group 2 - The Joint Research Center is led by Guangdong JianKe Energy Conservation and Environmental Protection Technology Co., Ltd., in collaboration with nine other institutions from the Guangdong-Hong Kong-Macao and Fujian-Guangxi regions [4] - The initiative aims to build a national green low-carbon technology innovation network characterized by national platform leadership, regional platform collaboration, and industrial platform transformation [4] - The two platforms are expected to foster a competitive advantage in the Greater Bay Area's green low-carbon construction sector, focusing on technological leadership, unified standards, and industrial clustering [4]

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]