证券代码：301397 证券简称：溯联股份 重庆溯联塑胶股份有限公司投资者关系活动记录表 问题 5：在拓展新市场方面，有没有具体的区域或客户群体目标， 以及相应的市场推广策略？ 答：在拓展新市场方面，公司有着明确的区域和客户群体目标， 以及相应的市场推广策略。首先，在区域目标上，公司业务重心东 移，特别是在江苏、安徽等地投资建厂，积极推进华东地区的市场 拓展，以实现收入和定点的快速增长。此外，公司也积极布局海外 市场，加速全球化项目的定点数量。 其次，在客户群体目标上，公 司依托于强大的研发平台和自主创新能力，与 30 余家整车厂商建立 了长期稳定的合作关系，并在过去三年中不断优化客户结构，积极 拓展优质整车客户，以及主要电池业务客户。 在市场推广策略上， 公司将继续提升整车客户市场占有率，加速华东地区客户项目落地， 推动与主要电池客户的全面业务合作。同时，公司也在积极拓展智 能算力硬件市场，开发针对智能算力中心、液冷服务器及个人电脑 等应用的相关产品，为公司开辟新的业务增长曲线。 问题 6：公司有什么降本措施？ 编号：2025-005 | | □特定对象调研 □分析师会议 | | --- | --- | | ...

Group 1 - The company, Sulian Co., Ltd. (301397.SZ), primarily focuses on products used in the thermal management systems of power battery packs [1] - The design of solid-state battery packs is similar to existing products, but pure solid-state batteries require higher temperature control due to their operational temperature [1] - The company has initiated preliminary technical research to address the temperature control requirements for solid-state batteries [1]

Core Insights - The company achieved a revenue of 670 million yuan in the first half of 2025, representing a year-on-year increase of 26.3%, while the net profit attributable to shareholders was 70 million yuan, a decrease of 4.4% [1] - The decline in profit is attributed to increased sales and management expenses, as well as higher R&D investments in new materials and products [1] Revenue Analysis - In Q2 2025, the company reported a revenue of 330 million yuan, a year-on-year growth of 10.1%, with a net profit of 30 million yuan, down 10.8% compared to the previous year [1] - The revenue growth is driven by the high demand in the new energy vehicle sector, increased customer orders, and upgrades in thermal management systems [1] Cost and Margin Analysis - Sales expenses increased by 61.0% and management expenses rose by 29.6% year-on-year, contributing to the profit decline [1] - R&D expenses reached 40 million yuan, up 34.8% year-on-year, reflecting the company's commitment to innovation [1] - The gross margin for core products, specifically automotive fluid pipeline assemblies, decreased by 1.2 percentage points year-on-year, with overall gross margins at historical lows of 21.7% and 21.6% for Q1 and Q2 respectively [1] Business Segments - The new energy vehicle fluid pipeline business is identified as a growth engine, with products including battery cooling pipelines and thermal management integrated pipelines, benefiting from industry trends and partnerships with major automotive clients [2] - The traditional fuel vehicle fluid pipeline business is stable, supported by the implementation of the National VI emission standards and ongoing technical upgrades [2] - The control components and precision injection molding business saw a revenue increase of 38.2% in the first half of 2025, driven by high-margin products and demand in liquid cooling and energy storage sectors [3] Future Outlook - The company forecasts EPS of 1.08, 1.40, and 1.76 yuan for 2025 to 2027, indicating strong growth potential driven by new energy vehicle customer expansion and high-value product development [3] - The company is strategically positioned to explore new growth avenues in liquid cooling and energy storage, enhancing its long-term growth prospects [3]

Group 1 - The automotive parts sector increased by 0.85% on September 2, with Sunny Optical Technology leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Notable gainers in the automotive parts sector included Sunny Optical Technology, which rose by 21.14% to a closing price of 40.00, and other companies like Tsinghua Tongfang and Yisheng Precision, which saw increases of 17.62% and 15.01% respectively [1] Group 2 - The automotive parts sector experienced a net outflow of 1.81 billion yuan from institutional investors, while retail investors saw a net inflow of 1.977 billion yuan [2] - Major decliners included Sulian Co., which fell by 8.30% to a closing price of 42.99, and Hailian Jinhui, which dropped by 8.24% to 9.80 [2] - The trading volume for the automotive parts sector was significant, with Sunny Optical Technology achieving a transaction amount of 604 million yuan [1]

Summary of Conference Call on Su Lian Co., Ltd. and UQD Market Company and Industry Overview - The conference call discusses Su Lian Co., Ltd. and the server liquid cooling UQD (Quick Connect Disconnector) market, which is projected to reach a market size of 20 billion RMB, with potential for even higher growth [2][4]. Core Insights and Arguments - The UQD market is expected to account for approximately 10% of the total server liquid cooling market value, translating to around 20 billion RMB by 2030 [4]. - Compared to the automotive thermal management market, the UQD market could potentially reach half the size of the global automotive thermal management piping and connector market [2][4]. - UQD technology has high barriers to entry, requiring strict no-leak technology, optimized flow rates, pressure drop management, and intuitive visual identification and automatic connection features [5]. - Domestic companies are rapidly developing in the server liquid cooling UQD sector, but the competitive landscape is still forming, with no long-established players like Parker Hannifin or Stäubli [6]. Su Lian Co., Ltd. Advantages - Su Lian Co., Ltd. has a strong foundation in the nylon piping market and extensive customer relationships, particularly in the new energy vehicle thermal management sector [2][7]. - The company has developed capabilities in injection mold design and product testing, which are crucial for entering the server liquid cooling UQD market [7]. - Su Lian Co., Ltd. has a comprehensive customer base in the new energy vehicle sector, including major players like Changan, BYD, and CATL, providing solutions across battery packs, chassis, motors, and air conditioning [8]. Upstream Industry Chain Development - The company has enhanced its precision mold processing and equipment design capabilities, which significantly benefit high-end new energy vehicles and complex server liquid cooling systems [9]. Recent Developments - Su Lian Co., Ltd. has established a subsidiary, Su Lian Intelligent Control, to expand into the intelligent computing market, aiming for multiple growth trajectories beyond the UQD market [3][10]. Market Outlook and Risks - The liquid cooling industry presents numerous opportunities, especially for companies transitioning from new energy vehicle thermal management systems [11]. - Risks include the potential underperformance of UQD development and significant increases in raw material prices [11].

Group 1 - The core viewpoint of the news is that Dapu Asset has conducted research on a listed company, focusing on its stable gross profit and growth in battery-related business [1] - The company, Sulian Co., has seen a stable trend in gross profit for the first half of the year, with expectations for slight growth throughout the year [1] - The concentration of the top five customers has decreased year-on-year, while the battery-related business has outpaced the main business in growth [1] Group 2 - Sulian Co. has established a battery division and has developed multiple products, with some already in mass production [1] - The UQD product has been successfully developed, and a subsidiary, Sulian Zhikong, will be established in November 2024 to independently develop liquid cooling business [1] - The company is also expanding into new products such as hydrogen energy and air suspension, with air suspension already in mass production for certain vehicle models [1] Group 3 - The main business and the technology of Sulian Zhikong have over 70% similarity, indicating a high degree of complementarity between liquid cooling products and the main business [1]

Summary of the Conference Call for SuLian Co., Ltd. Company Overview - **Company**: SuLian Co., Ltd. - **Industry**: Liquid Cooling Solutions and Battery Components Key Financial Performance - **Revenue**: Achieved a record high of 668 million yuan in H1 2025, a year-on-year increase of 26.30% [2] - **Net Profit**: Net profit attributable to shareholders was 67.76 million yuan, down 4.43% year-on-year; non-recurring net profit was 60.49 million yuan, down 11% [2] - **Earnings Per Share**: Basic earnings per share decreased by 2.25% to 0.44 yuan [1] - **Total Assets**: Increased by 5% year-on-year to 2.658 billion yuan [3] Operational Strategies - **Cost Management**: The company is actively communicating with clients to mitigate price pressure and is promoting new technologies and domestic materials to reduce costs [1][4] - **R&D Investment**: Future R&D expenses will continue to rise, focusing on new materials, products, and computing power [5] - **Customer Concentration**: The top five customers' share decreased from 67.47% to 55.8%, indicating reduced customer concentration [6] Business Segments Battery Business - **Collaboration**: Deep cooperation with leading battery manufacturers like CATL, with expected revenue of 280 million yuan in 2024, a year-on-year growth of over 90% [6] - **Market Share**: The battery-related revenue is expected to account for over 25% of total revenue in H1 2025 [9] Liquid Cooling Products - **Market Potential**: The liquid cooling plate market is projected to have significant growth potential, with a vehicle value exceeding current main business [7] - **Data Center Products**: Focused on inference server markets, providing components like liquid cooling plates, CDU, UQD, and manifolds [10] - **Client Expansion**: Targeting overseas cloud service providers and core technology equipment manufacturers for partnerships [10] Competitive Landscape - **Market Position**: The company has no direct competitors in the plastic connection component market, but other companies are developing similar solutions [15][16] - **Domestic Competitors**: No significant domestic competitors in the plastic connection field, but many competitors in the stainless steel UQD sector [16] Future Outlook - **OCP Certification**: Aiming for OCP certification by the end of the year to facilitate overseas market expansion [20] - **Production Capacity**: Investment in a new processing plant in Chongqing to ensure sufficient capacity to meet demand [14] - **Product Development**: Plans to launch new liquid cooling products in Q4 this year or early next year, with a focus on North American market expansion [11] Challenges and Innovations - **Technical Challenges**: Facing challenges in product design and optimization, particularly in improving the reliability and consistency of plastic materials [25][26] - **Innovation Strategy**: Developing new products based on standardized connections to meet diverse customer needs while avoiding patent infringement [27] Conclusion SuLian Co., Ltd. is strategically positioned in the liquid cooling and battery component markets, with a focus on innovation, cost management, and expanding its customer base. The company is navigating challenges while aiming for significant growth in revenue and market share in the coming years.

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core View of the Report The report provides insights into the operations and development of Sulian Co., Ltd. The company's gross profit is expected to remain stable and slightly increase, with its battery business growing rapidly and new businesses such as data liquid cooling showing promising progress [23]. 3. Summary by Relevant Sections 3.1. Research Basic Information - Research object: Sulian Co., Ltd. [16] - Industry: Not specified - Reception time: August 29, 2025 [16] - Company reception personnel: Director and Board Secretary Han Xiao, Director and Financial Officer Liao Qiang [16] 3.2. Detailed Research Institutions - Multiple institutions participated in the research, including securities companies (China International Capital Corporation, Zhongtai Securities, Huatai Securities), investment companies (Tianni Investment, Zeming Investment, Hengshi Investment), asset management companies (Xunyuan Asset, Dapu Asset, Shangcheng Asset), and others [17][18]. 3.3. Main Content Information - **Gross profit outlook**: Gross profit is expected to remain stable and slightly increase, benefiting from internal and external efforts such as new product development, material substitution, and cost - reduction measures [23]. - **Top five customers**: The top five customers in the first half of the year remained the same as last year, but the concentration decreased year - on - year [23]. - **Battery business**: The battery business is growing faster than the main business, with a dedicated battery division established. The company has received development tasks for various battery - related products and some products are in the process of production [23][24]. - **Data liquid cooling business**: The company has developed UQD products for data centers and established a subsidiary for related business. It is working on R & D of supporting components and solutions and has established business contacts with major customers [24]. - **Other business expansion**: The company is developing new products such as hydrogen fuel cell pipelines, air suspension products, and independent sales products. Air suspension products have been mass - produced in some models [25]. - **Business similarity**: The similarity between the main business and Sulian Zhikong's business is high, with a process and technology compatibility of over 70% [25].

Group 1: Financial Performance - The gross profit margin is expected to remain stable and slightly increase for the full year, supported by new product development, market expansion, and cost reduction efforts [2] - The concentration of the top five customers has decreased compared to last year, although the customer structure remains unchanged [3] Group 2: Business Development - The battery-related business has been growing faster than the main business revenue, with a dedicated battery division established to manage R&D and market expansion [4] - The company has developed key components for battery thermal management and is on track for sample delivery and mass production [4] Group 3: Data Liquid Cooling Business - The company has successfully developed products for data centers, including the UQD quick disconnect couplings, and has established a subsidiary for energy storage and thermal management solutions [5] - Performance testing for the UQD product has been completed, and the company is working on related liquid cooling components and systems [5] Group 4: Expansion into New Areas - The company is actively developing products in line with trends in new energy vehicles, including hydrogen fuel cell pipelines and air suspension systems [6] - The air suspension products have begun mass production for certain customers, with ongoing efforts to gain certification from additional clients [6] Group 5: Product and Technology Similarity - The main business focuses on thermal management systems for electric vehicles, with over 70% technological similarity to the new subsidiary's operations [7] - The company has strong capabilities in producing fluid control components and large injection-molded parts, which complement the new business initiatives [7]

Group 1: Company Insights - Sanyou Medical achieved revenue of 249.76 million yuan in the first half of 2025, a year-on-year increase of 17.77%, with a net profit of 36.60 million yuan, up 2083.64% [1] - The company saw significant growth in various segments, including a 64.80% increase in revenue from Waterwood Tianpeng and a 41.10% increase in overseas revenue from Implanet [1] - The company is expanding its focus on sports medicine, AI, and surgical robotics, and has implemented its first equity incentive plan targeting key personnel in sales, R&D, and management [1] Group 2: Industry Trends - Far East Holdings has successfully supplied multiple products to a leading global AI chip company, with ongoing growth in sales [2] - The company is developing new liquid cooling technologies and has begun mass production of high-rate cylindrical batteries in the BBU sector [2] - The solid-state batteries produced by the company have an energy density exceeding 300 Wh/kg and have been delivered to international clients [2] Group 3: Financial Performance - Hengda New Materials reported revenue of 520 million yuan in the first half of 2025, a year-on-year increase of 2.55%, with net profit declining by 12.68% due to rising sales, management, and R&D expenses [3] - The company has increased its cash reserves to 260 million yuan and maintains a healthy financial status with a debt-to-asset ratio of 18% [3] - The company anticipates a growth rate of over 10% for medical packaging paper, driven by the trend of "paper replacing plastic" and domestic substitution [3] Group 4: Market Dynamics - Sulian Co. experienced a 26.30% year-on-year increase in total revenue in the first half of the year, primarily driven by growth in electric vehicle sales and rapid technological iterations in client models [4] - The company is actively developing new products in line with trends in new energy smart vehicles, including hydrogen fuel cell pipelines and high-pressure pipelines for air suspension [4] - The main business focuses on power systems for vehicles and thermal management systems for new energy vehicles, with over 70% of the processes and technologies being interconnected [4]