Market Overview - The electronic chemicals sector experienced a decline of 1.57% on October 31, with Siquan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Guanggang Gas with a closing price of 13.45, up 3.14% [1] - Guanghua Technology at 21.65, up 2.07% [1] - Qiangli New Materials at 13.56, up 1.42% [1] - Siquan New Materials saw a significant decline, closing at 183.53, down 8.46% [2] - Other notable decliners included: - Zhongshi Technology at 46.16, down 6.48% [2] - Anji Technology at 196.82, down 5.67% [2] Capital Flow - The electronic chemicals sector experienced a net outflow of 874 million yuan from institutional investors, while retail investors saw a net inflow of 631 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing interest despite the institutional outflow [2][3] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Rui Lian New Materials with a net inflow of 18.73 million yuan from institutional investors [3] - Wanrun Shares with a net inflow of 16.53 million yuan from institutional investors [3] - Guoci Materials with a net inflow of 13.02 million yuan from institutional investors [3]

Core Insights - The company reported a total revenue of 670 million yuan for the first three quarters of 2025, representing a year-on-year growth of 57.93% [1] - The total profit reached 69 million yuan, with a year-on-year increase of 52.75%, and the net profit attributable to shareholders was 63 million yuan, up by 52.21% [1] - The gross profit margin was 28.18%, reflecting a year-on-year increase of 2.79 percentage points [1] Industry Analysis - The demand for data center computing power is driving the expansion of the liquid cooling market, as traditional air cooling fails to meet the heat dissipation needs due to increased chip and cabinet power [2] - Stringent policy requirements for PUE metrics make liquid cooling technology a vital solution for energy efficiency in data centers, with a projected global CAGR of 24.53% in North America, 23.74% in Europe, and 26.04% in the Asia-Pacific region from 2024 to 2032 [2] - The liquid cooling market in China is expected to grow at a rate of 26.92%, increasing from 498 million USD in 2024 to 3.35 billion USD by 2032 [2] - The robot market is experiencing diversified growth, with increasing applications in industrial, service, and special robots, leading to heightened thermal management needs in critical components [2] Strategic Development - The company is focusing on emerging markets and accelerating its expansion in thermal management products for AI servers, robots, and optical modules [3] - Investments have been made in liquid cooling product production lines, with the Dongguan factory achieving large-scale production capabilities and preparations underway at the Vietnam factory [3] - The R&D team is expanding and working on liquid cooling technologies ranging from 750W to 3000W, mastering core technologies in various cooling solutions to meet customer needs from R&D to mass production [3] Financial Forecast - Revenue projections for 2025-2027 are 971 million, 1.788 billion, and 2.643 billion yuan, with year-on-year growth rates of 47.99%, 84.15%, and 47.78% respectively [4] - Net profit attributable to shareholders is expected to reach 132 million, 258 million, and 401 million yuan, with growth rates of 150.73%, 96.42%, and 55.05% respectively [4] - Corresponding EPS is projected at 1.6, 3.2, and 5.0 yuan, with P/E ratios of 122, 62, and 40 times [4]

Core Insights - The company reported strong performance growth in Q3 2025, with significant increases in both quarterly and cumulative core financial metrics, supported by a strategic private placement of shares to fuel long-term development [1][3] Financial Performance - In Q3 2025, the company's revenue reached 285 million yuan, a year-on-year increase of 36.79% from 208 million yuan in the same period last year [1] - Cumulative revenue for the first nine months of 2025 rose to 670 million yuan, a substantial year-on-year growth of 57.93% from 425 million yuan [1] - The net profit attributable to shareholders for Q3 2025 was 32.99 million yuan, a remarkable year-on-year surge of 75.37% [2] - Cumulative net profit for the first nine months of 2025 reached 63.49 million yuan, reflecting a year-on-year increase of 52.21% [2] - The company's non-recurring net profit for Q3 2025 was 33.76 million yuan, with a year-on-year growth rate of 87.66% [2] - Cumulative non-recurring net profit for the first nine months of 2025 was 61.83 million yuan, up 56.54% year-on-year [2] - The net cash flow from operating activities improved significantly, turning from -37.16 million yuan in the previous year to 3.88 million yuan in the current year, an improvement of 110.45% [2] Investment and Strategic Initiatives - The company is progressing steadily with its strategic private placement, aiming to raise up to 466 million yuan, which will be allocated to four key areas: a cooling product project in Vietnam (369 million yuan), a liquid cooling R&D center (31.59 million yuan), an information system construction project (3.02 million yuan), and working capital (35 million yuan) [3] - The strategic placement aims to enhance overseas production capabilities, improve service efficiency, and capitalize on the growing demand in data centers and electric vehicles [3] Future Outlook - The company aims to become a global leader in reliable electronic system protection and thermal control technology, focusing on collaborative design in thermal management and waterproof sealing [4] - With the implementation of the private placement projects, the company expects to enhance its production capacity and R&D capabilities, positioning itself as a top-tier provider of cooling solutions in the rapidly growing thermal management materials industry [4]

Group 1 - The core viewpoint of the news is that Siquan New Materials (301489.SZ) reported a decrease in institutional holdings in its third-quarter report for 2025, with a total of 15 institutional investors holding 11.042 million shares, accounting for 13.67% of the total share capital [1] - The top ten institutional investors collectively hold 13.51% of the shares, which is a decrease of 4.29 percentage points compared to the previous quarter [1] - The report highlights that one public fund, Huaxia Industry Prosperity Mixed A, reduced its holdings by 1.29% compared to the previous quarter [2] Group 2 - Eight new public funds were disclosed this quarter, including Pengyang Digital Economy Pioneer Mixed A and GF Competitive Advantage Mixed A [2] - A total of 93 public funds were not disclosed this quarter, including Huazhong Media Internet Mixed A and Huaxia Vision Growth One-Year Holding Mixed A [2] - There was a lack of disclosure from foreign institutions, specifically from CITIC Securities Asset Management (Hong Kong) Limited [3]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first three quarters of 2025, indicating strong operational performance and financial health [1] Financial Performance - The company's operating revenue for the first three quarters reached 670 million yuan, representing a year-on-year increase of 57.93% [1] - The net profit attributable to shareholders of the listed company was 63.49 million yuan, showing a year-on-year growth of 52.21% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 61.83 million yuan, reflecting a year-on-year increase of 56.54% [1] - The basic earnings per share stood at 0.79 yuan [1]

证券代码：301489 证券简称：思泉新材 公告编号：2025-072 一、本次计提资产减值准备的情况 （一）本次计提资产减值准备的原因 为真实反映广东思泉新材料股份有限公司（以下简称"公司"）的财务状况、 资产价值及经营情况，本着谨慎性原则，根据《企业会计准则》及公司会计政策 的相关规定，公司对截至 2025 年 9 月 30 日合并报表范围内的各类资产进行了全 面清查，对各类资产进行了充分的评估和分析，对可能发生减值损失的资产计提 减值准备。 （二）本次计提资产减值准备的资产范围及金额 截至 2025 年 9 月 30 日，公司对相关资产计提减值准备金额合计 1,197.81 万元，具体情况如下： 单位：万元 | 项 | 目 | 年 月发生额 2025 1-9 | | --- | --- | --- | | 信用减值损失 | | 47.74 | | 资产减值损失 | | 1,150.07 | | 合 | 计 | 1,197.81 | 广东思泉新材料股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 ...

证券代码：301489 证券简称：思泉新材 公告编号：2025-071 广东思泉新材料股份有限公司 关于使用部分暂时闲置募集资金和自有资金 进行现金管理的公告 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。 重要内容提示： （2）闲置自有资金现金管理投资品种：公司将按照相关规定严格控制风险， 对自有资金拟购买的现金管理产品进行严格评估，拟购买安全性高、流动性好的 现金管理产品，购买渠道包括但不限于商业银行、证券公司等金融机构。 2. 现金管理额度 公司拟使用不超过人民币 0.7 亿元（含本数）的暂时闲置募集资金（含超募 资金）和不超过人民币 3 亿元（含本数）的暂时闲置自有资金进行现金管理。在 上述审批额度内，资金可循环滚动使用，期限内任一时点的交易金额（含前述投 资的收益进行再投资的相关金额）不得超过投资额度。 3. 特别风险提示 尽管公司购买的理财产品属于低风险投资品种，但金融市场受宏观经济的影 响较大，不排除该项投资受到市场剧烈波动的影响，短期投资的实际收益不可预 期，公司将根据经济形势以及金融市场的变化适时适量的介入并采取有效的风险 控制措施。 广东思 ...

证券代码：301489 证券简称：思泉新材 公告编号：2025-069 广东思泉新材料股份有限公司 第四届董事会第五次会议决议公告 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、董事会会议召开情况 广东思泉新材料股份有限公司（以下简称"公司"）第四届董事会第五次会 议通知于 2025 年 10 月 24 日以专人送达、邮件和电话等方式发出。会议于 2025 年 10 月 28 日在公司会议室以通讯会议的方式召开。本次会议应出席会议董事 9 人，实际参加董事 9 人，会议由董事长任泽明主持，公司高级管理人员列席了会 议。本次会议的召集、召开和表决程序符合有关法律、法规和《公司章程》的规 定，会议形成的决议合法有效。 二、董事会会议审议情况 1. 审议通过了《关于<2025 年第三季度报告>的议案》 公司《2025 年第三季度报告》的内容真实、准确、完整地反映了公司 2025 年第三季度经营情况，不存在虚假记载、误导性陈述或重大遗漏。 公司董事会审计委员会审议通过了此议案。 具体内容详见公司在巨潮资讯网(www.cninfo.com.cn)上披露的《2025 ...

长城证券股份有限公司 关于广东思泉新材料股份有限公司 使用部分闲置募集资金和闲置自有资金进行现金管理 截至 2025 年 9 月 30 日募投项目投资进度如下： 的核查意见 长城证券股份有限公司（以下简称"保荐机构"或"长城证券"）作为广东思 泉新材料股份有限公司（以下简称"公司"或"思泉新材"）首次公开发行股票并 在创业板上市及持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》、 《上市公司募集资金监管规则》、《深圳证券交易所创业板股票上市规则》、《深 圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等相关 法律、法规的规定，在持续督导期内，对思泉新材使用闲置募集资金（含超募资金） 进行现金管理的事项进行了审慎核查，并发表如下意见： 单位：万元 | 序号 | 项目名称 | 项目总投资 | 募集资金承 | 已投入募集 | 尚未投入募 | | --- | --- | --- | --- | --- | --- | | | | 额 | 诺投资额 | 资金金额 | 集资金金额 | | 1 | 招股说明书项目 | 70,297.81 | 47,297.81 | 42,956.14 | 4,34 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥284,562,317.11, representing a 36.79% increase compared to the same period last year[5] - Net profit attributable to shareholders was ¥32,985,185.79, a significant increase of 75.37% year-on-year[5] - The basic earnings per share rose to ¥0.41, reflecting a growth of 78.26% compared to the previous year[5] - The total operating revenue for the current period reached ¥670,436,833.53, a significant increase of 58.0% compared to ¥424,516,409.63 in the previous period[21] - The net profit for the current period is CNY 62,070,867.31, an increase from CNY 39,407,596.65 in the previous period, representing a growth of approximately 57.3%[22] - The total comprehensive income for the current period is CNY 59,437,628.39, compared to CNY 39,407,582.08 in the previous period, marking an increase of approximately 50.9%[23] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥1,616,948,080.81, marking a 6.34% increase from the beginning of the year[5] - The total assets of the company reached ¥1,616,948,080.81, an increase from ¥1,520,592,679.96, reflecting a growth of 6.4%[18] - Total liabilities increased to ¥513,634,301.37 from ¥481,402,036.21, representing a rise of 6.7%[19] - The company's equity attributable to shareholders rose to ¥1,083,641,214.32 from ¥1,034,124,683.50, an increase of 4.8%[19] Cash Flow - The company reported a net cash flow from operating activities of ¥3,882,481.57, a turnaround from a negative cash flow in the previous period[5] - Cash flow from operating activities turned positive at ¥3,882,481.57, a significant improvement from a negative cash flow of ¥37,157,917.90 in the previous period, due to increased revenue and collections[9] - The cash flow from investing activities resulted in a net outflow of CNY -74,133,794.87, an improvement from the previous period's outflow of CNY -171,465,271.48[25] - The financing activities generated a net cash inflow of CNY 78,444,328.31, compared to CNY 14,302,662.37 in the previous period, reflecting a significant increase in financing activities[25] Expenses - The gross profit margin improved, with operating costs increasing by 52.02% to ¥481,488,372.33, driven by market expansion efforts[8] - Sales expenses increased by 78.91% to ¥24,159,758.01, primarily due to higher employee compensation and service fees related to market expansion[9] - Management expenses surged by 167.30% to ¥41,785,684.86, mainly driven by increased employee compensation, depreciation, and business entertainment costs[9] - R&D expenses rose by 62.58% to ¥41,718,046.21, reflecting the company's commitment to ongoing development and increased investment in R&D projects[9] - Financial expenses increased by 182.32% to ¥2,189,354.15, attributed to reduced interest income and increased interest expenses and exchange losses[9] Inventory and Receivables - Inventory levels rose by 37.91% to ¥249,838,543.29, attributed to increased stocking[8] - The company experienced a 231.87% increase in receivables financing, totaling ¥35,548,956.61, due to holding more bank acceptance bills[8] - Accounts receivable increased to ¥312,160,255.62, up from ¥302,792,042.08, indicating a growth of 3.0%[17] Other Financial Metrics - The weighted average return on equity improved to 3.14%, up from 1.86% in the previous year[5] - The company reported a 90.87% reduction in credit impairment losses, amounting to -¥477,425.14, due to decreased bad debt losses on accounts receivable[9] - Other income surged by 266.99% to ¥3,220,045.84, mainly due to input tax deductions[9] - The company incurred an asset impairment loss of CNY -11,500,721.70, which is higher than the previous period's loss of CNY -7,479,411.25, indicating a deterioration in asset quality[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,347[11] - The company plans to raise a total of ¥46,591.39 million through a specific stock issuance, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission[15] Product Development - The company has released a new product line, contributing to the overall revenue growth and market expansion strategy[21]