Core Viewpoint - The company Alade (301419) has confirmed that its liquid cooling heat exchanger products, including heat pipes, temperature equalization plates, water cooling plates, and finned heat exchangers, are already in mass production and supply [1] Group 1 - The company's product range includes heat pipes, temperature equalization plates, water cooling plates, and finned heat exchangers [1] - Some of the products have already entered mass supply [1]

（文章来源：证券日报） 证券日报网讯阿莱德9月2日在互动平台回答投资者提问时表示，公司导热散热产品的应用场景广泛，公 司会根据客户需求提供定制化解决方案。 ...

Core Viewpoint - The company is committed to providing comprehensive thermal management solutions and actively promotes the application of its products across various industries [2]. Group 1 - The company emphasizes strict compliance with legal and regulatory requirements [2]. - The company will share information with investors through announcements or regular reports [2]. - Investors are advised to refer to the official information disclosed by the company in designated media [2].

Group 1 - The company Alede responded to investor inquiries on September 2, indicating that the application scenarios of its existing products can be referenced in the product introduction section of its periodic reports [2]

Group 1 - The company currently does not have any products directly applicable to CPO (Chip-on-Plate) technology [2] - Huagong Technology is a customer of the company, but specific details about the cooperation cannot be disclosed without permission [2]

Core Viewpoint - The company, Shanghai Alade Industrial Group Co., Ltd., is experiencing growth in revenue and profit, driven by its focus on 5G technology and humanoid robotics, while benefiting from the depreciation of the RMB [2][3][7]. Group 1: Company Performance - For the first half of 2025, the company achieved revenue of 204 million yuan, representing a year-on-year growth of 30.51% [7]. - The net profit attributable to the parent company was 33.49 million yuan, showing a significant year-on-year increase of 97.24% [7]. - The company has a total market capitalization of 4.123 billion yuan, with a trading volume of 147 million yuan and a turnover rate of 10.10% on September 1 [1]. Group 2: Business Segments - The main business revenue composition includes: RF and protective devices (48.65%), electronic thermal management devices (23.89%), EMI and IP protection devices (17.50%), and others (9.96%) [7]. - The company’s 5G phased array antenna cover has a high transmission rate exceeding 98% in high-frequency bands [2]. Group 3: Market Position and Strategy - The company has optimized its organizational structure in the automotive sector and is actively pursuing new projects with both domestic and international clients [2]. - The overseas revenue accounted for 52.41% of total revenue, benefiting from the depreciation of the RMB [3]. Group 4: Shareholder Information - As of June 30, the number of shareholders increased to 11,700, a rise of 2.30%, with an average of 3,623 circulating shares per person, up by 17.30% [7]. - The company has distributed a total of 150 million yuan in dividends since its A-share listing [8].

Financial Performance - The company reported a total revenue of 204 million yuan for the first half of 2025, representing a year-on-year increase of 30.51% [1] - The net profit attributable to shareholders reached 33.49 million yuan, up 97.24% year-on-year [1] - In Q2 2025, total revenue was 125 million yuan, with a year-on-year growth of 35.8%, and net profit was 23.17 million yuan, increasing by 84.24% [1] - The gross margin was 37.45%, a slight decrease of 0.47% compared to the previous year, while the net margin improved significantly to 16.16%, up 55.68% [1] - Total expenses (selling, administrative, and financial) amounted to 18.38 million yuan, accounting for 9.03% of revenue, a decrease of 34.77% year-on-year [1] Balance Sheet and Cash Flow - Accounts receivable increased by 39.33% year-on-year, reaching 142 million yuan [1] - The company reported a decrease in cash and cash equivalents, totaling 462 million yuan, down 1.17% [1] - The company’s debt levels decreased significantly, with interest-bearing liabilities at 1.65 million yuan, down 54.85% [1] - Earnings per share (EPS) increased to 0.28 yuan, a rise of 97.24% year-on-year, while operating cash flow per share decreased to 0.20 yuan, down 27.76% [1] Business Model and Market Position - The company’s return on invested capital (ROIC) was 3.15% last year, indicating a relatively weak capital return, but the net profit margin was 12.67%, suggesting high added value in products or services [3] - The company’s historical median ROIC since its listing is 16.03%, indicating good investment returns over time [3] - The company’s business model is primarily driven by research and development, which requires careful analysis of the underlying drivers [3] Industry Outlook and Strategic Focus - The company is closely monitoring developments in the artificial intelligence sector, recognizing its potential to transform productivity and create new business models [3] - The company’s thermal interface materials (TIM) and related solutions are applicable in the AI field, with high thermal conductivity (>12 W/mK) to effectively reduce the temperature of core heating components [3] - The company aims to adapt its product line in response to market changes and customer needs, leveraging its technological capabilities and R&D strength [3]

Group 1 - The company did not distribute cash dividends or issue bonus shares during the reporting period [2] - The company did not have any changes in its controlling shareholder or actual controller during the reporting period [3] - The company held meetings to approve changes to its name and articles of association, changing its name from "Shanghai Alade Industrial Co., Ltd." to "Shanghai Alade Industrial Group Co., Ltd." [3] Group 2 - The company approved a profit distribution plan for 2024, increasing its total share capital from 100 million shares to 120 million shares by issuing 2 new shares for every 10 shares held [4] - The registered capital increased from RMB 100 million to RMB 120 million following the capital increase [4]

Group 1 - The company announced the approval of multiple proposals during the 18th meeting of its third supervisory board, including the proposal to reappoint the auditing firm for the year 2025 [2]

Core Viewpoint - Aled announced the approval of multiple proposals during the 21st meeting of its third board of directors held on August 28 [2] Group 1 - The board meeting included the review of the proposal regarding the company and its summary [2]