苏州天脉所属申万行业为：电子-消费电子-消费电子零部件及组装。所属概念板块包括：次新股、安 防、中盘、智能手机、比亚迪概念等。 截至6月30日，苏州天脉股东户数1.02万，较上期减少28.70%；人均流通股2561股，较上期增加 66.00%。2025年1月-6月，苏州天脉实现营业收入5.08亿元，同比增长11.20%；归母净利润9445.40万 元，同比减少2.14%。 9月10日，苏州天脉盘中下跌2.00%，截至11:01，报131.10元/股，成交1.25亿元，换手率3.59%，总市值 151.66亿元。 资金流向方面，主力资金净流出797.71万元，特大单买入1100.78万元，占比8.79%，卖出1632.74万元， 占比13.04%；大单买入2977.45万元，占比23.78%，卖出3243.20万元，占比25.91%。 苏州天脉今年以来股价涨41.00%，近5个交易日涨0.08%，近20日跌9.99%，近60日涨47.70%。 资料显示，苏州天脉导热科技股份有限公司位于苏州市吴中区甪直镇汇凯路68号，成立日期2007年7月 25日，上市日期2024年10月24日，公司主营业务涉及导热散热材料及元 ...

9月9日，苏州天脉跌3.37%，成交额2.22亿元。两融数据显示，当日苏州天脉获融资买入额2377.36万 元，融资偿还4055.51万元，融资净买入-1678.15万元。截至9月9日，苏州天脉融资融券余额合计5.78亿 元。 融资方面，苏州天脉当日融资买入2377.36万元。当前融资余额5.78亿元，占流通市值的16.59%。 截至6月30日，苏州天脉股东户数1.02万，较上期减少28.70%；人均流通股2561股，较上期增加 66.00%。2025年1月-6月，苏州天脉实现营业收入5.08亿元，同比增长11.20%；归母净利润9445.40万 元，同比减少2.14%。 分红方面，苏州天脉A股上市后累计派现6478.08万元。 机构持仓方面，截止2025年6月30日，苏州天脉十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股57.30万股，相比上期增加27.06万股。南方中证1000ETF（512100）位居第十大流通股 东，持股21.65万股，为新进股东。景顺长城研究精选股票A（000688）、易方达供给改革混合 （002910）、富国天瑞强势地区精选混合A（100022）、富国创新趋势股票A ...

编号：2025-004 苏州天脉导热科技股份有限公司 投资者关系活动记录表 | | ☑特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 形式 | ☑现场 □网上 ☑电话会议 | | 参与单位名称及人员姓 名 | 广发证券、中金证券、财通基金、国海证券 | | 时间 | 年 月 日至 年 月 日 2025 9 3 2025 9 9 | | 地点 | 公司会议室 | | 上市公司接待人员姓名 | 董事、财务总监兼董事会秘书：龚才林 | | | 证券事务专员：尹静 | | | 公司与投资者主要交流情况： | | | 1、问：公司的主要产品和应用领域有哪些？主要客户有哪些？ | | | 答：公司主要产品包括热管、均温板、导热界面材料、石墨膜等， | | | 产品广泛应用于智能手机、笔记本电脑等消费电子以及安防监控设备、 | | | 汽车电子、通信设备等领域。公司主要客户包括三星、OPPO、vivo、华 | | | 为、荣耀、联想、华硕、蔚来 ...

Company Overview - Suzhou Tianmai Thermal Technology Co., Ltd. was established on July 25, 2007, and is located at 68 Huikai Road, Luzhi Town, Wuzhong District, Suzhou [1] - The company specializes in the research, production, and sales of thermal management materials and components, with 98.37% of its revenue coming from thermal management materials and devices [1] Financial Performance - For the first half of 2025, Suzhou Tianmai achieved operating revenue of 508 million yuan, representing a year-on-year growth of 11.20% [1] - The net profit attributable to the parent company for the same period was 94.45 million yuan, showing a year-on-year decrease of 2.14% [1] Stock Market Activity - On September 2, Suzhou Tianmai's stock price fell by 8.49%, with a trading volume of 510 million yuan [1] - The financing buy-in amount on that day was 51.21 million yuan, while the financing repayment was 151 million yuan, resulting in a net financing buy-in of -99.69 million yuan [1] - As of September 2, the total balance of margin trading for Suzhou Tianmai was 591 million yuan, accounting for 17.00% of its market capitalization [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Suzhou Tianmai was 10,200, a decrease of 28.70% from the previous period [2] - The average circulating shares per person increased by 66.00% to 2,561 shares [1][2] - Cumulative cash dividends distributed by Suzhou Tianmai after its A-share listing amounted to 64.78 million yuan [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 573,000 shares, an increase of 270,600 shares from the previous period [2] - The Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders with a holding of 216,500 shares [2] - Several funds, including Invesco Great Wall Research Selected Stock A and E Fund Supply-side Reform Mixed Fund, exited the top ten circulating shareholders list [2]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 170.39 CNY per share based on a 19x PS valuation for 2025 [4][15][7]. Core Insights - The company achieved a revenue of 508 million CNY in H1 2025, representing an 11.20% year-on-year increase, while the net profit attributable to shareholders decreased by 2.14% to 94 million CNY [1]. - The gross margin for H1 2025 was stable at 41.64%, with an increase of 1.26 percentage points year-on-year, despite rising expenses due to market expansion and increased R&D efforts [2]. - A new production base for thermal management products is expected to commence operations in June 2026, which will significantly enhance production capacity and is projected to generate annual sales revenue of 644 million CNY once fully operational [3]. Financial Performance Summary - Revenue projections for the company from 2025 to 2027 are 1.037 billion CNY, 1.329 billion CNY, and 1.664 billion CNY, respectively, with corresponding net profits of 223 million CNY, 287 million CNY, and 371 million CNY [4][12]. - The company’s revenue growth rates are expected to be 10.02% in 2025, 28.06% in 2026, and 25.22% in 2027, with gross margins projected at 43.69%, 43.60%, and 44.17% for the same years [14][13]. - The company has shown a compound annual growth rate (CAGR) of 26.69% in revenue from 2019 to 2024, indicating strong growth potential in the thermal management materials sector [13]. Market Position and Competitive Landscape - The company is positioned to benefit from the growing demand in the consumer electronics sector, particularly for thermal management solutions, as the market for lightweight and high-end products expands [3][15]. - Comparisons with peer companies in the thermal management sector suggest that the company is well-placed to leverage its technological advancements and customer relationships to capture market share [15][16].

Core Insights - The company reported a revenue of 508 million yuan for the first half of 2025, an increase of 11.20% year-on-year, while the net profit attributable to shareholders decreased by 2.14% to 94 million yuan [1] - In Q2 2025, the company achieved a revenue of 258 million yuan, reflecting a year-on-year increase of 17.10%, with a slight increase in net profit attributable to shareholders by 0.04% to 40 million yuan [1] - The company is expanding its production capacity in response to growing demand for thermal management products, with a new production base expected to be operational by June 2026, which will significantly enhance its production capabilities [2] Financial Performance - For H1 2025, the company's gross margin was 41.64%, an increase of 1.26 percentage points year-on-year, indicating stable overall business performance [1] - The company's operating expenses increased due to higher consulting service fees, employee compensation, and an increase in the number of R&D personnel, with sales, management, and R&D expense ratios rising to 3.39%, 8.58%, and 8.86% respectively [1] Future Growth Prospects - The new production base will add 1,000 tons of thermal interface materials, 12 million sets of thermal modules, and 60 million thermal plates, with an expected annual sales revenue of 644 million yuan and a profit of 67.33 million yuan once fully operational [2] - The company plans to invest up to 2 billion yuan in land acquisition for the construction of an intelligent manufacturing base, further expanding its production capacity to meet the growing demand in the consumer electronics and electric vehicle markets [2] Investment Outlook - Revenue projections for the company from 2025 to 2027 are estimated at 1.037 billion yuan, 1.329 billion yuan, and 1.664 billion yuan, with net profits of 223 million yuan, 287 million yuan, and 371 million yuan respectively [3] - A price-to-sales (PS) valuation method suggests a target price of 170.39 yuan per share, with an initial investment rating of "Buy-A" based on the anticipated capacity expansion and growing downstream demand [3]

据证券之星公开数据整理，近期苏州天脉（301626）发布2025年中报。截至本报告期末，公司营业总收 入5.08亿元，同比上升11.2%，归母净利润9445.4万元，同比下降2.14%。按单季度数据看，第二季度营 业总收入2.58亿元，同比上升17.1%，第二季度归母净利润4005.52万元，同比上升0.04%。本报告期苏 州天脉公司应收账款体量较大，当期应收账款占最新年报归母净利润比达150.16%。 本次财报公布的各项数据指标表现一般。其中，毛利率41.64%，同比增3.13%，净利率18.59%，同比减 11.99%，销售费用、管理费用、财务费用总计5960.64万元，三费占营收比11.73%，同比增21.81%，每 股净资产13.19元，同比增32.46%，每股经营性现金流0.91元，同比减26.53%，每股收益0.82元，同比减 26.13% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.57亿 | 5.08亿 | 11.20% | | 归母净利润(元) | 9651.49万 | 9445.4万 ...

Company Overview - Company Name: Suzhou Tianmai Thermal Conductive Technology Co., Ltd [1] - Stock Code: 301626.SZ [1] - IPO Application Date: June 16, 2022 [1] - Listing Date: October 24, 2024 [1] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [1] - Underwriter: Guotou Securities [1] Disclosure and Evaluation - Disclosure Quality: Required to improve the quality of information disclosure and provide details on major clients under the VMI model [1] - Regulatory Penalties: No penalties imposed [2] - Public Supervision: No deductions for public supervision [2] - Listing Cycle: Listed in 861 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [3] Financial Metrics - Underwriting Fees: Total underwriting and sponsorship fees amounted to 46.05 million yuan, with a commission rate of 7.50%, lower than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 455.68% on the first day of listing [4] - Three-Month Performance: Stock price rose by 314.60% within three months post-listing [5] - Issuance Price-Earnings Ratio: Issuance P/E ratio of 16.31, significantly lower than the industry average of 31.49, representing 51.79% of the industry average [6] - Fundraising: Expected to raise 464 million yuan, actual fundraising reached 614 million yuan, with an oversubscription rate of 32.33% [7] Short-term Performance - Revenue Growth: Company revenue increased by 1.62% year-on-year [8] - Net Profit Growth: Net profit attributable to shareholders grew by 20.26% year-on-year [8] - Non-recurring Net Profit Growth: Non-recurring net profit increased by 18.79% year-on-year [8] - Subscription Rate: Abandonment rate of 0.21% [9] Overall Evaluation - Total Score: Suzhou Tianmai's IPO project scored 83.5 points, classified as B-level [9] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, and abandonment rate of 0.21% [9]

Core Viewpoint - Suzhou Tianmai, a leading thermal management technology company, demonstrates strong revenue growth driven by the consumer electronics and new energy sectors, showcasing its robust R&D capabilities and market competitiveness [1] Financial Performance - In the first half of 2025, Suzhou Tianmai achieved operating revenue of 508 million yuan, a year-on-year increase of 11.20% [1] - The net profit attributable to shareholders was 94.454 million yuan, a slight decrease of 2.14% year-on-year [1] - The company reported a healthy cash flow, with a net cash flow from operating activities of 105 million yuan and cash received from sales and services amounting to 548 million yuan [2] - Total assets reached 1.74 billion yuan by the end of the reporting period [2] Technological Advantages - Suzhou Tianmai focuses on the research and application of thermal conductive and heat dissipation products, aiming to be a leading provider of comprehensive thermal management solutions [3] - The company holds 98 patents, including 17 invention patents, with several more pending [3] - R&D investment in the first half of 2025 reached 45.0065 million yuan, reflecting a year-on-year increase of 32.91%, with an R&D expense ratio of 8.86% [3] Customer Resources and Market Diversification - With over a decade of experience in the thermal management field, Suzhou Tianmai has established a strong customer base, supplying products to renowned brands such as Samsung, OPPO, vivo, Huawei, and NIO [4] - The company maintains good relationships with various domestic and international consumer electronics manufacturers, including BYD, Foxconn, and others [4][5] - This diversified customer structure reduces operational risks and provides more opportunities for sustained growth [5] Future Outlook - The company plans to closely monitor industry technologies, customer needs, market trends, and policy changes to optimize production processes [6] - With the rapid development of technologies such as 5G, artificial intelligence, and the Internet of Things, the demand for efficient heat dissipation solutions is expected to grow [6][7] - Suzhou Tianmai is well-positioned to seize market opportunities arising from this technological innovation wave [6][7]

每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ 每经AI快讯，苏州天脉8月27日晚间发布公告称，公司第三届第十次董事会会议于2025年8月26日在公 司会议室以现场和通讯相结合的方式召开。会议审议了《关于公司2025年半年度报告全文及其摘要的议 案》等文件。 （记者 张喜威） ...