中信建投证券股份有限公司 一、首次公开发行前已发行股份概况 （一）首次公开发行股票情况 经中国证券监督管理委员会《关于同意捷邦精密科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2022]1228 号）同意注册，公司首次公开发行 人民币普通股（A 股）股票 1,810.00 万股，并于 2022 年 9 月 21 日在深圳证券交 易所创业板上市。首次公开发行股票完成后公司总股本为 72,192,828 股，其中有 流通限制或限售安排的股份数量为 56,225,560 股，占发行后总股本的比例为 77.88%；无流通限制及限售安排的股份数量 15,967,268 股，占发行后总股本的比 例为 22.12%。 （二）公司上市后股份变动情况 1、2023 年 3 月 21 日公司首次公开发行网下配售限售股份上市流通，股份 数量为 889,538 股，占发行后总股本的 1.23%。具体内容详见公司披露于巨潮资 讯网（http://www.cninfo.com.cn）的《关于首次公开发行网下配售限售股份上市 流通提示性公告》（公告编号：2023-002）。 2、2023 年 9 月 21 日公司首次公开发行战 ...

证券代码：301326 证券简称：捷邦科技 公告编号：2026-011 捷邦精密科技股份有限公司 关于首次公开发行前部分已发行股份上市流通 的提示性公告 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。 特别提示： 1、本次解除限售股份为捷邦精密科技股份有限公司（以下简称"公司"或 "发行人"）首次公开发行前部分已发行股份； 2、本次解除限售的股东户数为 3 户，解除限售股份为公司首次公开发行前 部分已发行股份，本次解除限售股份数量为 45,079,365 股，占公司总股本 61.9991%； 3、本次解除限售股份上市流通日期为 2026 年 3 月 23 日（星期一）（因 2026 年 3 月 21 日为非交易日，上市流通日顺延至 2026 年 3 月 23 日）。 一、首次公开发行前已发行股份概况 （一）首次公开发行股票情况 经中国证券监督管理委员会《关于同意捷邦精密科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2022]1228 号）同意注册，公司首次公开发行 人民币普通股（A 股）股票 1,810.00 万股，并于 2022 年 9 月 21 ...

Core Insights - The domestic thermal materials industry in China has formed a clustering effect in fields such as TIM, ceramic substrates, and liquid cooling materials, with significant potential for domestic substitution [1] Group 1: Industry Overview - The thermal materials industry chain consists of upstream raw materials, midstream device manufacturing, and downstream applications, characterized by high barriers in upstream, high value in midstream, and strong demand in downstream [1] - Upstream raw materials include high-purity ceramic powders (AlN/BN/SiC/diamond), carbon-based materials (graphene/CNT/graphite), metal materials (copper/aluminum/copper alloys/tantalum), and liquid cooling working fluids (fluorinated liquids/synthetic esters/water-based liquids) [1] - Major players in the first tier of thermal materials are concentrated in Europe, America, and Japan, while the second tier includes domestic companies like Zhongshi Technology, Feirongda, Zhongci Electronics, Sanhuan Group, and Tianyue Advanced, focusing on TIM, ceramic substrates, and liquid cooling materials [1] Group 2: Key Technologies - VC vapor chamber and graphite film have become the preferred cooling solutions for AI smartphones, with VC vapor chambers offering a heat transfer efficiency that significantly increases the heat dissipation area by 5 to 8 times compared to traditional solid thermal methods [2] - The thermal conductivity of VC vapor chambers ranges from 0.2 to 50 KW/m*K, while that of heat pipes is approximately 10 to 100 KW/m*K, and liquid cooling plates range from 1 to 5 KW/m*K [2] Group 3: Emerging Materials - Diamond alloy materials are expected to be promoted in high-power AI chip cooling, with diamond being an excellent heat sink material when thermal conductivity requirements exceed 500 W/m·K [3] - CVD polycrystalline diamond is highlighted as an ideal cooling solution for the high computing power era, with a thermal conductivity of 2000-2200 W/(m·K) compared to copper's 380-400 W/(m·K) [3] - The global diamond cooling market is projected to reach 17.2 to 48.3 billion yuan by 2028, benefiting related enterprises [3] Group 4: Advanced Cooling Solutions - Thermoelectric cooling offers precise temperature control with no moving parts and rapid response, penetrating applications in AI optical modules, medical devices, lasers, and automotive sectors [4] - Liquid metal cooling, utilizing gallium-based, indium-based, and bismuth-based alloys, provides a thermal conductivity of 15-73 W/(m·K), significantly improving upon traditional silicone grease by 5-10 times, making it crucial for high-power density cooling in AI servers and high-end consumer electronics [4]

Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle industry [2][3]. Core Insights - The supply-demand structure is continuously optimizing, with many product prices on the rise. In February, China's new energy vehicle production and sales reached 694,000 and 765,000 units, respectively, down 21.8% and 14.2% year-on-year. Cumulatively, from January to February, production and sales totaled 1.735 million and 1.71 million units, down 8.8% and 6.9% year-on-year. New energy vehicles accounted for 41.2% of total new car sales. The supply side is seeing new products from battery and main engine manufacturers, with positive feedback from demand, leading to a continuous optimization of the supply-demand structure. Prices are stabilizing and rising, particularly for lithium carbonate and lithium iron phosphate, with strong demand and tight supply [3][4][5]. Summary by Sections 1. Market Tracking - The new energy vehicle index, lithium battery index, fuel cell index, charging pile index, and energy storage index had weekly changes of +0.91%, +5.37%, -0.79%, -2.15%, and +5.55%, respectively. Notable performers included Foshan Technology, Hunan Youneng, and Penghui Energy, with increases of 29.9%, 22.6%, and 22.0% [4][24]. 2. Lithium Battery Industry Chain Price Tracking - Since the beginning of the year, lithium carbonate prices have increased by 33.1%, driving up lithium iron phosphate by 27.3%. This week, lithium carbonate was priced at 159,100 CNY/ton, up 2.5% from last week. Other materials like nickel and cobalt also saw slight increases [29][30][32]. 3. Production and Sales Data Tracking - In February, the production and sales of new energy vehicles were 694,000 and 765,000 units, respectively, with year-on-year declines of 21.8% and 14.2%. Cumulatively, from January to February, production and sales reached 1.735 million and 1.71 million units, with new energy vehicles making up 41.2% of total new car sales [45][49]. 4. Industry Dynamics - The U.S. has decided not to impose tariffs on battery materials imported from China, which is expected to positively impact the industry. Additionally, significant developments in the new energy sector were highlighted, including NIO's record quarterly profit and Li Auto's substantial revenue growth [71][68][69]. 5. Key Company Announcements - Companies like Shenling Environment and Jiebang Technology have made significant announcements regarding investments and shareholder changes, indicating active engagement in the market [73][74][75]. 6. Industry Rating and Investment Strategy - The report suggests focusing on high-potential areas such as data center liquid cooling, solid-state batteries, battery materials, robotics, and autonomous driving, while maintaining a positive outlook on the new energy vehicle industry [3][4].

Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle industry [2][3]. Core Insights - The supply-demand structure is continuously optimizing, with many product prices on the rise. In February, China's new energy vehicle production and sales reached 694,000 and 765,000 units, respectively, down 21.8% and 14.2% year-on-year. Cumulatively, from January to February, production and sales totaled 1.735 million and 1.71 million units, down 8.8% and 6.9% year-on-year. New energy vehicles accounted for 41.2% of total new car sales. The supply side is seeing new products from battery and main engine manufacturers, with positive feedback on demand, leading to a continuous optimization of the supply-demand structure. Prices are stabilizing and rising, particularly for lithium carbonate and lithium iron phosphate, with strong demand and tight supply [3][4][5]. Summary by Sections 1. Market Tracking - The new energy vehicle index, lithium battery index, fuel cell index, charging pile index, and energy storage index had weekly changes of +0.91%, +5.37%, -0.79%, -2.15%, and +5.55%, respectively [4][21]. 2. Lithium Battery Industry Chain Price Tracking - Since the beginning of the year, lithium carbonate prices have increased by 33.1%, driving up lithium iron phosphate by 27.3%. The price of lithium hexafluorophosphate has decreased by 38.3%. This week, lithium carbonate was priced at 159,100 CNY/ton, up 2.5% from last week [29][30][32]. 3. Production and Sales Data Tracking - In February, China's new energy vehicle production and sales were 694,000 and 765,000 units, respectively, with year-on-year declines of 21.8% and 14.2%. Cumulatively, from January to February, production and sales reached 1.735 million and 1.71 million units, with new energy vehicles making up 41.2% of total new car sales [45][49]. 4. Industry Dynamics - The U.S. has decided not to impose tariffs on certain battery materials imported from China, which is expected to positively impact the industry [5][71].

证券代码：301326 证券简称：捷邦科技 公告编号：2026-010 捷邦精密科技股份有限公司 关于合计持股 5%以上股东权益变动触及 1%整数倍 的公告 公司合计持股 5%以上股东安义泽成投资发展有限公司及其一致行动人安义 致远新程股权投资合伙企业（有限合伙）和公司副董事长、副总经理林琼珊女士 保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 捷邦精密科技股份有限公司（以下简称"公司"）于 2026 年 1 月 27 日在巨 潮资讯网披露了《关于合计持股 5%以上股东及部分高级管理人员减持股份的预 披露公告》（公告编号：2026-007）。合计持有公司 5%以上股份股东安义泽成 投资发展有限公司（曾用名：广州君成投资发展有限公司，以下简称"泽成投资"） 及其一致行动人安义致远新程股权投资合伙企业（有限合伙）（曾用名：共青城 捷邦投资合伙企业(有限合伙)，以下简称"致远新程"）和公司副董事长、副总 经理林琼珊女士计划自减持公告披露之日起 15 个交易日后的三个月内（即 2026 年 2 月 26 日至 20 ...

Summary of Conference Call Notes Industry and Company Overview - The conference call focused on the AIDC (Artificial Intelligence Data Center) hardware investment opportunities, with discussions on related sectors such as liquid cooling and power supply systems [1][2] - The call included insights from analysts Xu Qiang and Sun Xuanhao from Guotai Junan Securities, emphasizing the growth potential in AI-related hardware and services [1][12] Key Points and Arguments AIDC Market Dynamics - There is a growing concern regarding the sustainability of investments in IPC (Intelligent Process Control) and the potential bubble in North American computing power [1][2] - The demand for tokens in AI models is increasing, with prices per million tokens rising, indicating a robust market for AI services [2][12] - North America, the Middle East, and Southeast Asia are experiencing high order volumes, suggesting a strong demand for AIDC solutions [2][4] Liquid Cooling Investment Opportunities - The estimated demand for liquid cooling systems is projected to increase significantly, with a forecast of 500,000 to 700,000 units needed by 2026, marking a tenfold increase from previous years [4][6] - Major suppliers in Taiwan are facing capacity shortages, leading to increased procurement from Chinese suppliers [4][7] - The transition to next-generation cooling technologies, such as microchannel solutions, is expected to enhance the value and demand for liquid cooling systems [5][6] Power Supply Systems - The power supply market is anticipated to see significant growth, driven by the increasing demand for AI hardware and the need for efficient power solutions [12][17] - The global IT installation market is projected to grow, with North America expected to account for 50-60% of installations [16] - Companies like Megmeet and Sungrow are highlighted as key players in the power supply sector, with expected performance improvements in the upcoming quarters [19][21] Investment Recommendations - Analysts recommend focusing on Tier 1 suppliers like Infinera and emerging Tier 2 suppliers for liquid cooling and power supply solutions, as they are likely to benefit from increased demand and supply chain shifts [9][10] - Specific companies such as Megmeet and Sungrow are identified as having strong potential for growth due to their technological advancements and market positioning [19][21] - The call emphasized the importance of identifying companies with high earnings visibility and the ability to meet market demands effectively [19][24] Other Important Insights - The call noted the competitive landscape in the power supply market, with increasing pressure from both domestic and international players [20][21] - The potential for overseas expansion and collaboration with major tech companies is seen as a significant opportunity for domestic suppliers [22][23] - The analysts expressed optimism about the overall growth trajectory of the AIDC sector, driven by technological advancements and increasing demand for AI capabilities [12][16] This summary encapsulates the key discussions and insights from the conference call, highlighting the investment opportunities and market dynamics within the AIDC industry.

Business Progress - Company has entered the core segment of VC heat spreaders through the acquisition of Sainogao, with Sainogao obtaining a North American customer supplier code in 2024, and the next-generation smartphone VC heat spreaders have entered mass production [1] - In the liquid cooling module segment, the company has obtained a temporary supplier code from a North American customer and is advancing sample submissions, entering a high-growth track [1] - Huaxin Securities indicates that the cooling business has transitioned from the "introduction phase" to the "expansion phase," becoming a core growth driver [1] Performance and Operations - In Q3 2025, the company reported revenue of 524 million yuan, a year-on-year increase of 109.33%, with net profit attributable to shareholders reaching 25.45 million yuan, a staggering increase of 297.06%, and non-recurring net profit growth of 801.37%, reversing previous losses [2] - Forecasts for 2026 predict revenue of 2.31 billion yuan, an 81.2% year-on-year growth, with gross margin expected to rise from 24.8% to 31.7% [2] Company Status - Company’s carbon nanotube conductive paste and high specific surface area carbon black products have been supplied to leading battery manufacturers such as CATL, BYD, and EVE Energy, with high specific surface area carbon black products achieving mass production and delivery [3] - Revenue contribution from new energy materials business is gradually increasing [3] Financial and Technical Aspects - On February 13, net inflow of main funds was 2.77 million yuan, with a net inflow of 60.48 million yuan over the past five days, indicating high participation from funds [4] - The stock price has broken through the upper Bollinger Band (148.45 yuan), with MACD indicators showing a bullish arrangement, and KDJ's J value reaching 86.47, indicating a strong short-term technical outlook [4] Industry Policy and Environment - The consumer electronics industry is recovering, with increased penetration of innovative terminals such as AI phones and foldable screens; the demand for power batteries driven by new energy vehicles is expected to push the carbon nanotube conductive agent market size to exceed 40 billion yuan by 2030 [5] - The company is deeply bound to North American customers, fully benefiting from the growth of downstream industries [5] Summary of Stock Performance - The stock price reaching a new high is a result of the expansion of the cooling business, improved performance, funding support, and favorable industry conditions [6]

Core Insights - The report identifies liquid cooling as a strategic investment opportunity, potentially replicating the success of optical modules and PCBs, with strong growth prospects driven by AI computing needs and stringent energy efficiency standards [2][3] - Liquid cooling is characterized by three main features: strong growth, complete narrative, and favorable odds, indicating a favorable market environment for investment [2] - The industry is transitioning from speculative hype to a high-growth phase with confirmed orders, as evidenced by significant order increases from key suppliers like Vidi Technology [3] Industry Trends - The liquid cooling industry is entering a high-growth phase with a 252% year-over-year increase in organic orders reported by Vidi Technology, highlighting strong market demand [3] - Major tech companies like NVIDIA and Google are adopting liquid cooling as a mandatory standard for their next-generation platforms, indicating a shift from optional to essential technology in AI computing [3] - The industry is witnessing a wave of mergers and acquisitions, with companies like Liying Intelligent Manufacturing acquiring liquid cooling suppliers to secure positions in the AI server supply chain [3] Liquid Cooling Industry Chain - The liquid cooling industry chain consists of three main segments: upstream components, midstream system integration and manufacturing, and downstream applications [4] - Upstream includes key technologies and components such as cooling fluids and CDU, which have high technical barriers and value [4] - Midstream integrates upstream components to provide complete liquid cooling server solutions, with technical integration capabilities as a core barrier [4] - Downstream focuses on high-performance data center operators and industry users driving the large-scale adoption of liquid cooling [4]

证券代码：301326 证券简称：捷邦科技 公告编号：2026-009 捷邦精密科技股份有限公司 经中国证券监督管理委员会《关于同意捷邦精密科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2022]1228号）同意注册，捷邦精密科技股份 有限公司（以下简称"公司"）首次公开发行人民币普通股（A股）股票1,810.00 万股，每股面值人民币1.00元，发行价格为人民币51.72元/股，募集资金总额 936,132,000.00 元 ， 扣 除 相 关 发 行 费 用 后 实 际 募 集 资 金 净 额 为 人 民 币 836,950,333.22元。募集资金已于2022年9月14日划至公司指定账户，由天职国际 会计师事务所（特殊普通合伙）于2022年9月14日对公司首次公开发行股票的资 金到位情况进行了审验，并出具了《捷邦精密科技股份有限公司验资报告》（天 职业字[2022]41117号）。公司已对募集资金采取了专户存储，并与专户银行、保 荐机构签订了《募集资金三方监管协议》。 关于签订募集资金三方监管协议的公告 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 ...