关于广东思泉新材料股份有限公司 申请向特定对象发行股票第二轮审核问 询函的回复 保荐人（主承销商） （深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层） 深圳证券交易所： 根据贵所 2025 年 11 月 14 日下发的《关于广东思泉新材料股份有限公司申 请向特定对象发行股票的第二轮审核问询函（审核函（2025）020070 号）》的 要求，长城证券股份有限公司（以下简称"长城证券"、"保荐人"或"保荐机 构"）作为广东思泉新材料股份有限公司（以下简称"思泉新材"、"发行人"、 "公司"或"股份公司"）向特定对象发行股票的保荐机构（主承销商），已会 同发行人、发行人申报会计师致同会计师事务所（特殊普通合伙）（以下简称"申 报会计师"）、发行人律师北京中银律师事务所（以下简称"发行人律师"）， 本着勤勉尽责、诚实守信的原则，就审核问询函所提问题逐条进行了认真核查及 讨论，现回复如下，请予审核。 本回复中简称与《广东思泉新材料股份有限公司 2025 年度向特定对象发行 股票募集说明书》中的简称具有相同含义。 本问询函回复的字体说明如下： 证券代码：301489 证券简称：思泉新材 | 问询函 ...

北京中银律师事务所 补充法律意见书（三） 北京中银律师事务所 关于 广东思泉新材料股份有限公司 北京市朝阳区金和东路 20 号院正大中心 2 号楼 11-12 层 邮编：100022 电话 010-65876666 传真：010-65876666-6 二〇二六年三月 北京中银律师事务所 补充法律意见书（三） 北京中银律师事务所 关于广东思泉新材料股份有限公司 2025 年度向特定对象发行股票的 补充法律意见书（三） 2025 年度向特定对象发行股票的 补充法律意见书（三） 致：广东思泉新材料股份有限公司 北京中银律师事务所（以下简称"中银"或"本所"）接受广东思泉新材料股份 有限公司（以下简称"发行人"）委托，担任发行人 2025 年度向特定对象发行股 票（以下简称"本次发行"）的特聘专项法律顾问。中银律师已根据《证券法》《公 司法》《注册管理办法》《律师事务所从事证券法律业务管理办法》《律师事务 所证券法律业务执业规则（试行）》和《公开发行证券公司信息披露的编报规则 第 12 号—公开发行证券的法律意见书和律师工作报告》等法律、法规、规范性 文件及中国证监会的有关规定，并按照律师行业公认的业务标准、道德规范 ...

关于广东思泉新材料股份有限公司 申请向特定对象发行股票的第二轮审核 问询函中有关财务会计问题的专项说明 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于广东思泉新材料股份有限公司 申请向特定对象发行股票的第二轮审核问询函中 有关财务会计问题的专项说明 致同函字（2026）第 441A000525 号 深圳证券交易所： 贵所关于《关于广东思泉新材料股份有限公司申请向特定对象发行股票的 第二轮审核问询函》（以下简称反馈意见）收悉。对反馈意见所提财务会计问 题，致同会计师事务所（特殊普通合伙）（以下简称"我们"）对广东思泉新材 料股份有限公司（以下简称"思泉新材""发行人""申请人"或"公司"）相关资料进 行了核查。 本专项说明中 2025 年 1-9 月及 2025 年度的财务数据未经审计，以下所述的 核查程序不构成审计或审阅。按照问询函的要求，基于发行人对问询函相关问 题的说明以及我们对问询函中 ...

证券代码：301489 证券简称：思泉新材 公告编号：2026-004 广东思泉新材料股份有限公司 关于申请向特定对象发行股票的第二轮审核问询函 公司本次向特定对象发行股票的事宜尚需通过深交所审核，并获得中国证券 监督管理委员会同意注册后方可实施，最终能否通过深交所审核，并获得中国证 券监督管理委员会同意注册的决定及时间尚存在不确定性。公司将根据该事项进 展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 广东思泉新材料股份有限公司董事会 2025 年 9 月 15 日，广东思泉新材料股份有限公司（以下简称"公司"）收 到深圳证券交易所（以下简称"深交所"）出具的《关于广东思泉新材料股份有 限公司申请向特定对象发行股票的审核问询函》（审核函〔2025〕020048 号） （以下简称"第一轮问询函"）。公司会同相关中介机构按照第一轮问询函的要 求，对第一轮问询函所列问题进行了逐项落实并作出回复，并结合已公开披露的 《2025 年半年度报告》，对募集说明书等申请文件进行了相应的更新。具体内 容详见公司于 2025 年 10 月 10 日在巨潮资讯网（www.cninfo.com.cn）披露的相 ...

Summary of Key Points from Conference Call Industry Overview - The strongest sector in the market is the oil and gas industry, with multiple companies showing significant performance [1] - Key players in the oil and gas sector include: - Water Development Oil and Gas (3 boards) - Intercontinental Oil and Gas (2 boards) - Zhun Oil Co. (2 boards) - Sinopec Oilfield Services (2 boards) - China National Petroleum Corporation (2 boards) [1][1][1] Sector Analysis - **Oil and Gas**: - Major companies include Tongyuan Petroleum, Intercontinental Oil and Gas, Water Development Gas, Zhongman Petroleum, Zhun Oil Co., Sinopec Oilfield Services, Beiken Energy, Blue Flame Holdings, and China National Petroleum [1] - **Shipping**: - Key players are COSCO Shipping Energy Transportation, China Merchants Jinling Shipyard, Ningbo Shipping, China Merchants Industry, and Nanjing Port [1] - **Photovoltaic Energy Storage**: - Notable companies include Airo Energy, Deyue Co., Shouhang New Energy, GCL-Poly Energy, Oujing Technology, Goodwe, and Guosheng Technology [1] - **Optical Communication**: - Companies mentioned include Huasheng Chang, Huilv Ecology, Tongding Interconnection, Jufei Optoelectronics, Robotech, Tengjing Technology, Huagong Technology, and Yuanjie Technology [2] - **Coal Chemical**: - Key players are Jinniu Chemical, Luohua Technology, Chitianhua, Baofeng Energy, China Coal Energy, and Lutianhua [2] - **Gold**: - Companies include Xiaocheng Technology, Western Gold, and Mankalon [2] - **Agriculture**: - Notable companies are Yasheng Group, Qiule Seed Industry, Kangnong Seed Industry, Shennong Seed Industry, and Quanyin High-Tech [2] - **Electric Power**: - Specific companies were not detailed in the provided content [2] Additional Insights - The market shows a diverse range of sectors with significant activity, particularly in oil and gas, which is currently the strongest sector [1] - The presence of multiple companies across various sectors indicates a robust market environment with potential investment opportunities [1][2]

Investment Rating - The report indicates a positive investment outlook for the household energy storage industry, driven by various factors including government subsidies and increasing demand in key markets such as Australia and Europe [5]. Core Insights - The report highlights that the global household energy storage market is experiencing significant growth due to three main drivers: the decline in solar storage prices, rising electricity prices or power shortages, and government policy incentives [5][6]. - Australia, Europe, and the United States are identified as key markets with substantial growth potential, with specific forecasts for installed capacity in the coming years [5][12]. - The trend towards integrated systems and increased self-sufficiency in energy storage solutions is emphasized, with leading companies in the sector expected to benefit from this shift [5]. Summary by Sections Part 1: Review of Household Storage Drivers - The report outlines that the main drivers for the household storage market include achieving price parity for solar storage, electricity shortages, and supportive government policies [7][12]. Part 2: Australia Market - Australia has a high penetration rate of rooftop solar at 39% but a low storage installation rate of only 10%, indicating significant growth potential [30]. - The Australian government has introduced substantial subsidies, with a total of AUD 72 billion allocated to support household storage development, which is expected to drive demand significantly [5][39]. - Forecasts suggest that household storage installations in Australia could reach 8 GWh by 2026, doubling from previous years [40]. Part 3: European Market - Europe is identified as a critical growth area, with countries like Ukraine, the UK, and the Netherlands expected to contribute significantly to market expansion [51]. - The report notes that Germany is likely to see a revival in demand for household storage due to various policy incentives and the need for energy independence [5][62]. - The increasing share of renewable energy sources in Europe is leading to a greater need for energy storage solutions to manage grid stability and electricity prices [63][68].

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]

Core Viewpoint - Wu Pan, a major shareholder and executive of Siquan New Materials, reduced his stake in the company by selling 390,000 shares, representing 0.4829% of the total share capital, decreasing his ownership from 7.1552% to 6.6723% [1] Summary by Relevant Sections - **Shareholder Activity** - Wu Pan has announced a reduction of his shareholding through a centralized bidding process, selling 390,000 shares [1] - This transaction has brought his total shareholding below the 7% threshold, marking a significant change in his ownership status [1] - **Future Plans** - Prior to this reduction, Wu Pan had disclosed plans to sell up to 1,444,500 shares (1.7888%) between January 29, 2026, and April 28, 2026, through centralized bidding or block trading [1] - As of the date of this announcement, this planned reduction has not yet been fully executed [1]

证券代码：301489 证券简称：思泉新材 公告编号：2026-003 广东思泉新材料股份有限公司 关于持股 5%以上股东、董事、高级管理人员吴攀 | 1.基本情况 | | | --- | --- | | 信息披露义务人 | 吴攀 | | 住所 | 广东省东莞市南城街道 | 一、本次权益变动情况 | 年 月 权益变动时间 2026 2 | 日 11 | | | | | --- | --- | --- | --- | --- | | 吴攀因自身资金需求，于 | 年 月 2026 2 11 | | 日以集中竞价交易方式累计减持公司 | | | 股份 390,000 | 股，占公司股份总数的 | | 0.4829%。本次权益变动后，吴攀的持股 | | | 比例由 | 7.1552%变动为 6.6723%，变动触及 | 1%的整数倍。 | | | | 权益变动过程 | 本次减持事项已按照规定进行了预披露，本次减持与已披露的减持意向、减持 | | | | | | 计划一致。本次减持计划的实施不会导致公司控制权发生变更，不会对公司的 | | | | | 持续性经营产生影响。 | | | | | | 思泉新材 股票简称 | ...

Group 1 - The company has a global business layout covering over 100 countries and regions, with a focus on various markets including Europe, Asia-Pacific, Latin America, Australia, the Middle East, and Africa [1] - In the North American market, the company has not yet formed significant revenue on a large scale [1] - The company has accumulated numerous high-quality customer resources in its operational regions [1]