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]

Core Viewpoint - The recent financial report of Su Lian Co., Ltd. (301397) indicates a mixed performance with a significant increase in revenue but a decline in net profit, highlighting challenges in profitability and cash flow management [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 668 million yuan, a year-on-year increase of 26.3% [1]. - The net profit attributable to shareholders was 67.76 million yuan, a decrease of 4.43% compared to the previous year [1]. - The gross profit margin was 21.68%, down 11.23% year-on-year, while the net profit margin fell to 10.13%, a decline of 24.45% [1]. - The company's accounts receivable increased by 34.57%, indicating potential cash flow issues [1]. - Operating cash flow per share improved significantly to 0.57 yuan, a year-on-year increase of 931.23% [1]. Business Drivers - The revenue growth was primarily driven by increased sales in the new energy vehicle sector and advancements in customer vehicle technology, particularly in thermal management systems [4][5]. - Key growth areas included battery components and thermal management parts for electric vehicles, as well as a notable increase in fuel tank pipeline business [5]. Cost and Efficiency - Total sales, management, and financial expenses amounted to 42.04 million yuan, representing 6.29% of revenue, which is a significant increase of 94.41% year-on-year [1]. - The company is focusing on stabilizing gross margins through new product development, market expansion, and cost reduction initiatives [6]. Product Development and Market Expansion - The company is actively developing new products aligned with trends in new energy vehicles, including hydrogen fuel cell pipelines and high-pressure air suspension pipelines [8]. - A dedicated battery division has been established to enhance research and market development for battery-related products, which are expected to contribute significantly to future revenue [8]. Strategic Positioning - The company's main products and technologies are closely aligned with those of Su Lian Intelligent Control, indicating a high degree of complementarity and potential for collaborative development [9].

Summary of SuNeng Co., Ltd. Conference Call Company Overview - **Company**: SuNeng Co., Ltd. - **Industry**: New Energy and Automotive Components Key Financial Performance - **Revenue**: Achieved a historical high of 668 million yuan, a year-on-year increase of 26.3% [4] - **Net Profit**: 67.76 million yuan, a decrease of 4% year-on-year [4] - **Net Profit Excluding Non-recurring Items**: 60.49 million yuan, down 11% year-on-year [4] - **Operating Cash Flow**: Increased significantly to 89.23 million yuan compared to the previous year [4] - **Basic Earnings Per Share**: 0.44 yuan, a decrease of 25% [4] - **Total Assets**: 2.658 billion yuan, up 5% year-on-year [4] - **Net Assets**: 1.925 billion yuan, showing a slight decline [4] Revenue Composition and Growth Areas - **New Energy Products**: Significant increase, accounting for over 25% of total revenue, with direct and indirect income from batteries growing over 90% year-on-year [2][5] - **Liquid Cooling Technology**: Positioned in the inference server market, targeting a market size of over $300 billion, with liquid cooling systems expected to account for 2.5% to 3% of this market [5] - **Mailbox Business**: Established partnerships with major players like Yahoo and Shankotex, becoming one of the top five customers [6] - **Air Suspension Products**: Focused on low-cost alternatives to foreign brands, with production already started with clients like Tengshi and Changan [7] Strategic Initiatives - **Battery Division**: Established to enhance product lines and project implementation in the battery sector [5] - **Full Plastic Solutions**: Engaged in certification and sample delivery with various clients, including NVIDIA and Taiwanese manufacturers [9] - **International Market Expansion**: Building a team in Taiwan and establishing subsidiaries in Hong Kong and Huizhou to support talent acquisition and market promotion [12] Future Development Focus - **Expansion in New Energy and Mailbox Business**: Aiming to solidify partnerships with leading global manufacturers [8] - **Air Suspension and Liquid Cooling Systems**: Targeting rapid market penetration through competitive pricing [8] - **Product Line Diversification**: Plans to include a wider range of GPU technologies and high-performance liquid cooling products [10][11] Market Trends and Challenges - **Industry Challenges**: Facing issues such as leakage, instability, and high flow resistance, requiring improvements in product performance [16] - **Global Industry Trends**: Competitors are moving towards composite materials, with significant developments in non-metallic solutions [18][19] Profitability and Margin Outlook - **Gross Margin Trends**: Slight decline from 22.86% in 2024 to 21.63% in Q2 2025, but expected to stabilize and potentially improve in the second half of the year [24] - **Cost Reduction Measures**: Implementing various strategies to enhance efficiency and reduce costs, which are beginning to show results [24] Collaborations and Market Position - **Partnerships**: Collaborating with companies like CATL and CRRC, with expectations of significant revenue contributions from these partnerships [25] - **Business Structure Changes**: Adjustments made to focus on larger components and assembly, with potential for increased product pricing [26][27] Conclusion - **Overall Outlook**: Despite challenges, SuNeng Co., Ltd. is positioned for growth in the new energy sector, with strategic initiatives aimed at enhancing product offerings and market presence, while navigating industry challenges and competition.

Group 1: Financial Performance - The company's total revenue for the first half of the year increased by 26.30% year-on-year, primarily driven by the growth in new energy vehicle sales and rapid iteration of customer vehicle technologies [2] - The oil tank pipeline business showed significant growth, positively impacting overall revenue [2] Group 2: Gross Margin and Cost Management - The gross margin is expected to stabilize and slightly recover throughout the year, aided by efforts in new product development, market expansion, and cost reduction initiatives [3] Group 3: Product Development and Market Expansion - The company has completed major performance testing for its UQD product and is developing supporting liquid cooling components and independent system solutions [4] - New products are being developed in line with trends in new energy smart vehicles, including hydrogen fuel cell pipelines and high-pressure air suspension pipelines [5] - The company has established a dedicated battery division to enhance research and market development for battery-related technologies, with significant growth in battery-related business [5] Group 4: Technical Similarity and Synergy - The main business products, including fluid and temperature control systems, share over 70% technical similarity with the company's smart control business, indicating strong potential for synergy [6][7] - The revenue from liquid thermal management products covers nearly half of the company's main business, highlighting the complementary nature of the two business areas [7]

Core Insights - The company reported a revenue of 668 million yuan for the first half of 2025, representing a year-on-year growth of 26.30% [1] - The net profit attributable to shareholders was 67.76 million yuan, remaining stable compared to the previous year [1] - The basic earnings per share stood at 0.44 yuan, with a significant increase in net cash flow from operating activities, which rose by 1178.78% to 89.23 million yuan [1] Revenue Growth Drivers - The notable revenue growth is primarily attributed to the increase in the electric vehicle sector and rapid technological iterations in customer vehicle models [1] - The company has expanded its new energy business and gained recognition from leading clients such as BYD and CATL, deepening collaborations with over 30 vehicle manufacturers and more than 100 auto parts suppliers [1][2] Product Development and Innovation - The company is focusing on the trend of new energy smart vehicles and has increased its R&D investment [1] - It has successfully developed advanced products such as hydrogen fuel cell pipelines, high-pressure pipelines for air suspension, and cooling systems for heavy-duty vehicle battery swapping [1] - The company is also expanding into lightweight fasteners and fluid control components, covering various fields including chassis, battery packs, and motors [1] New Projects and Capacity Expansion - The company has received development orders for various products, including square battery cooling components and aircraft battery accessories, and is advancing towards mass production [2] - A new large-scale injection molding factory has been established, producing battery and motor housings, significantly expanding the automotive parts business [2] - An investment agreement was signed to invest 250 million yuan in building an intelligent factory for new energy vehicle pipeline integration systems, which will enhance customer response capabilities and production capacity [2]

Core Viewpoint - The report indicates that institutional investors have increased their holdings in Su Lian Co., Ltd. (301397.SZ), reflecting growing confidence in the company’s performance and prospects [1] Group 1: Institutional Holdings - As of August 26, 2025, three institutional investors disclosed holding a total of 5.4654 million shares of Su Lian Co., Ltd., representing 4.56% of the total share capital [1] - The institutional investors include Guangdong Wens Investment Co., Ltd., Chongqing Shengzhong Investment Management Co., Ltd., and Guangdong Tongmao Fumin Investment Management Partnership [1] - The total proportion of shares held by institutional investors increased by 0.90 percentage points compared to the previous quarter [1]

Group 1 - The core viewpoint of the article highlights the financial performance and business composition of Su Lian Co., Ltd. for the first half of 2025, as well as the upcoming board meeting to discuss the semi-annual report [1] - For the period from January to June 2025, the revenue composition of Su Lian Co., Ltd. is as follows: automotive fluid pipelines and assemblies account for 85.99%, automotive fluid control components and precision injection parts account for 12.36%, and other businesses account for 1.66% [1]

合作双方情况柳州溯联塑胶有限公司：为溯联股份全资子公司，注册资本500万元，法定代表人为韩宗 俊，经营范围包括汽车用各种塑料管路及配件的研发、生产、销售等。柳州市阳和工业新区管理委员 会：住所位于柳州市杨柳路7号，负责人为王德霞，属于政府机关。双方不存在关联关系。 项目基本情况项目名称：新能源汽车管路集成系统智能工厂项目投资金额及资金来源：计划投资2.5亿 元，资金来源为自有资金及自筹资金，具体金额以实际发生额为准。建设内容：建设新能源汽车管路集 成系统智能工厂（华南基地），生产新能源汽车用流体管路以及电池储能等非车用流体管路。项目用 地：拟定阳和工业新区东片区果山变电站北侧部分地块，总规划面积约50亩，土地性质为工业用地，通 过招标、拍卖、挂牌程序取得。建设周期：8个月，自场地交付项目土地之日起计算，因管委会原因或 不可抗力导致的延迟，建设周期顺延。 《投资协议》主要内容投资主体要求：柳州溯联需配合经济数据统计，且承诺项目建成投产10年内不迁 离辖区，否则退还项目用地。项目土地相关规定：严格按约定用途使用土地，变更和转让需经管委会书 面同意；未通过招拍挂取得土地使用权，协议自动终止。双方权利义务：管委会协助 ...