Core Viewpoint - The company plans to utilize part of its idle raised funds and self-owned funds for cash management, pending shareholder approval [1] Group 1: Fund Utilization - The company intends to use up to 350 million yuan of idle raised funds (including over-raised funds) and up to 290 million yuan of self-owned funds for investment [1] - The investment period is set for 12 months from the date of shareholder meeting approval, with funds available for rolling use within the approved limit [1] Group 2: Financial Status - As of September 30, 2025, the company has an unused balance of 355 million yuan in raised funds, which includes 39 million yuan of over-raised funds [1]

（编辑 楚丽君） 证券日报网讯 12月8日晚间，捷邦科技发布公告称，近日，赛诺高德完成了剩余 1.10%股权转让事项的 工商变更登记手续，并取得了东莞市市场监督管理局颁发的《营业执照》。本次变更完成后，公司持有 赛诺高德 51.00%的股权（对应的注册资本为 1，852.0341 万元）。 ...

证券代码：301326 证券简称：捷邦科技 公告编号：2025-090 捷邦精密科技股份有限公司 关于收购东莞赛诺高德蚀刻科技有限公司 51%股权 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。 近日，赛诺高德完成了剩余 1.10%股权转让事项的工商变更登记手续，并取 得了东莞市市场监督管理局颁发的《营业执照》。本次变更完成后，公司持有赛 诺高德 51.00%的股权（对应的注册资本为 1,852.0341 万元）。 赛诺高德变更后的营业执照具体登记信息如下： 名称：东莞赛诺高德蚀刻科技有限公司 经营范围：一般项目：金属表面处理及热处理加工，电子元器件制造；真空 镀膜加工；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 汽车零部件及配件制造；汽车零部件研发；汽车零配件批发；汽车零配件零售； 金属制品研发；金属制品销售；第二类医疗器械销售；货物进出口；技术进出口。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 三、备查文件 一、交易概述 捷邦精密科技股份有限公司（以下简称"公司"）于 2024 年 12 月 9 日召开 第二 ...

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].

Group 1 - The core point of the news is that Jieban Technology experienced a decline in stock price and significant net financing outflow on December 1, with a trading volume of 116 million yuan and a net financing buy of -11.15 million yuan [1] - As of December 1, Jieban Technology's total margin trading balance reached 136 million yuan, accounting for 4.77% of its market capitalization, indicating a high level of financing compared to the past year [1] - The company specializes in customized precision functional and structural components, with its main business revenue composition being 92.70% from precision manufacturing products, 5.79% from new materials, and 1.51% from other sources [1] Group 2 - As of September 30, Jieban Technology reported a total of 7,464 shareholders, an increase of 12.82% from the previous period, while the average circulating shares per person decreased by 10.24% [2] - For the period from January to September 2025, Jieban Technology achieved operating revenue of 962 million yuan, representing a year-on-year growth of 62.04%, but reported a net profit attributable to shareholders of -12.58 million yuan, a significant decrease of 1,762.51% [2] - The company has distributed a total of 43.24 million yuan in dividends since its A-share listing, and several new institutional shareholders have entered the top ten circulating shareholders list [3]

捷邦精密科技股份有限公司 证券代码：301326 证券简称：捷邦科技 公告编号：2025-089 二、财务资助进展情况 近日，公司收到扬州赛诺归还的上述财务资助本金人民币 9,000.00 万元及利 息 792,231.11 元。截至本公告披露之日，扬州赛诺已将本次财务资助的全部本金 及利息归还公司，未出现逾期情况。 特此公告。 关于收到控股孙公司归还财务资助款项的公告 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、误导性陈述或重大遗漏。 一、财务资助情况概述 2025 年 6 月 16 日，捷邦精密科技股份有限公司（以下简称"公司"）召开 第二届董事会第二十次会议、第二届监事会第十七次会议审议通过了《关于向控 股孙公司提供财务资助的议案》，同意公司为控股孙公司扬州赛诺高德电子科技 有限公司（以下简称"扬州赛诺"）提供总额不超过人民币 6,000.00 万元（含） 的借款，上述额度在财务资助期限范围内可循环滚动使用。财务资助额度的期限 为自董事会审议批准之日起 12 个月，单笔借款期限不超过 12 个月，借款利率为 年化利率 3.2%。具体内容详见公司于 2025 年 6 月 16 ...

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 Insights - The company has a supplier code with Google and its products are currently used in Google's smart home devices [2] - The contribution of Google's smart home business to the company's overall revenue is relatively small at this time [2] - The company plans to monitor AI development trends and explore opportunities for new technologies in the smart home sector while focusing on its core business [2]

Core Viewpoint - The company, Jieban Technology, is experiencing a decline in stock price and has a significant reliance on major clients like Foxconn and Apple, while also benefiting from the depreciation of the RMB and its involvement in the lithium battery sector [1][2][3]. Company Overview - Jieban Technology, established on June 28, 2007, is located in Dongguan, Guangdong Province, and specializes in customized precision components and structural parts, providing a range of services from product design to mass production [7]. - The company's main revenue sources are precision manufacturing products (92.70%), new materials (5.79%), and other services (1.51%) [7]. - As of September 30, 2025, Jieban Technology reported a revenue of 962 million yuan, a year-on-year increase of 62.04%, but a net profit loss of 12.58 million yuan, a significant decrease of 1762.51% compared to the previous year [7]. Client and Market Dependency - The company’s liquid cooling server business is progressing as planned, but specific project details are confidential due to non-disclosure agreements with clients [2]. - Major clients include Foxconn, Quanta Computer, Compal Electronics, and BYD, with sales to Foxconn accounting for 35.58% to 39.52% of total revenue over recent periods [2]. - A significant portion of the company's products is used in Apple’s laptops and tablets, with sales to Apple products constituting 77.95% to 85.22% of total revenue [2]. Product and Industry Insights - Jieban Technology's carbon nanotube products are primarily used in power lithium batteries and consumer energy storage batteries, with supply agreements in place with major new energy manufacturers like CATL and BYD [2]. - The company benefits from a high overseas revenue ratio of 67.79%, largely due to the depreciation of the RMB [3]. Financial and Market Analysis - The stock experienced a slight decline of 0.41% on November 26, with a trading volume of 77.98 million yuan and a market capitalization of 7.444 billion yuan [1]. - The average trading cost of the stock is 119.53 yuan, with current prices near a resistance level of 102.54 yuan, indicating potential for upward movement if this level is surpassed [6]. - The stock shows a net outflow of 3.0861 million yuan from major investors, with no clear trend in major holdings [4][5].

Core Insights - The article highlights the strategic transformation of Jieban Technology (301326.SZ) from a leader in precision manufacturing to a diversified technology innovation enterprise, capitalizing on the AI-driven evolution in consumer electronics and the high-quality development of the new energy industry [1] Group 1: Business Strategy and Growth - Jieban Technology has established a dual-driven model focusing on "precision manufacturing in consumer electronics + new energy materials," which is crucial for its sustained growth [2] - The company has gained a significant foothold in the consumer electronics sector through the acquisition of Sainuo Gaode, enabling breakthroughs in VC heat sink etching technology and entry into the supply chain of major clients [2] - In Q3 of this year, Jieban Technology reported revenue of 524 million yuan, a year-on-year increase of 109.33%, and a net profit attributable to shareholders of 25.45 million yuan, up 297.06% year-on-year [2] Group 2: Product Development and Innovation - Jieban Technology's product offerings in the new energy materials sector include carbon nanotubes and high specific surface area carbon black, catering to the technical demands of the downstream new energy battery market [3] - The company is actively involved in the R&D of next-generation battery connection systems (CCS modules) in collaboration with key domestic clients in the lithium battery and new energy vehicle sectors [3] - Carbon nanotube technology significantly enhances battery energy density to 570 Wh/kg, a 60% improvement over traditional batteries, and offers advantages in solid-state battery applications [3] Group 3: Market Potential and Industry Trends - The demand for Jieban Technology's products, such as carbon nanotube conductive pastes and CCS systems, is expected to surge in the context of rapid growth in global electric vehicle sales and increasing battery installation volumes [4] - CITIC Securities forecasts that the market size for carbon nanotube and carbon black conductive agents will exceed 40 billion yuan by 2030, positioning Jieban Technology to benefit from industry growth [4] Group 4: R&D and Competitive Advantage - Jieban Technology prioritizes technological innovation, with R&D expenses reaching 67.67 million yuan in the first three quarters of 2025, a year-on-year increase of 63.57%, showcasing industry-leading R&D investment intensity [5] - The company has developed advanced processing technologies in precision manufacturing, creating high technical barriers and enhancing customer loyalty through deep involvement in product design processes [5] - In the new energy materials sector, Jieban Technology has established a comprehensive core technology for carbon nanotube conductive pastes, successfully integrating into the supply chains of leading battery manufacturers [5] Group 5: Future Growth Prospects - The growth of Jieban Technology is driven not only by its core competitive advantages but also by the expansion of downstream industries, particularly in consumer electronics and new energy [6] - The company is well-positioned to leverage the recovery in consumer electronics and the commercialization of solid-state batteries, with a clear growth path and strong development momentum [6] - CITIC Securities believes that Jieban Technology's deep engagement in high-growth sectors such as server liquid cooling, consumer electronics, and new energy will unlock new growth opportunities and drive rapid performance increases [6]