Market Overview - On September 15, the consumer electronics sector declined by 1.09%, with Suzhou Tianmai leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Derun Electronics (002055) with a closing price of 8.69, up 10.00% and a trading volume of 1.02 million shares, totaling 8.62 billion yuan [1] - Guangfeng Technology (688007) closed at 23.73, up 8.70% with a trading volume of 327,400 shares, totaling 7.60 billion yuan [1] - Zhidong Technology (300686) closed at 13.34, up 5.54% with a trading volume of 269,800 shares, totaling 3.55 billion yuan [1] - Conversely, significant decliners included: - Shiwai Dapai (301626) closed at 124.00, down 5.83% with a trading volume of 39,500 shares, totaling 4.95 billion yuan [2] - Huqin Technology (603296) closed at 89.85, down 5.00% with a trading volume of 252,300 shares, totaling 22.82 billion yuan [2] - Xinye Electronics (605277) closed at 24.81, down 4.54% with a trading volume of 213,400 shares, totaling 5.34 billion yuan [2] Capital Flow - The consumer electronics sector experienced a net outflow of 1.673 billion yuan from institutional investors, while retail investors saw a net inflow of 1.55 billion yuan [2] - Key stocks in terms of capital flow included: - Goer Technology (002241) with a net inflow of 674 million yuan from institutional investors, but a net outflow of 274 million yuan from retail investors [3] - Lansi Technology (300433) had a net inflow of 268 million yuan from institutional investors, with a net outflow of 172 million yuan from retail investors [3] - Derun Electronics (002055) saw a net inflow of 264 million yuan from institutional investors, but a significant net outflow of 1.18 billion yuan from retail investors [3]

一、会议召开和出席情况 证券代码：301626 证券简称：苏州天脉 公告编号：2025-030 苏州天脉导热科技股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过决议的情况。 （一） 会议召开情况 1、会议召开时间： （1）现场会议时间：2025 年 9 月 12 日（星期五）下午 14:00 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 9 月 12 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 9 月 12 日 9:15-15:00 的任意时间。 2、会议召开地点：江苏省苏州市吴中区甪直镇汇凯路 68 号苏州天脉导热科 技股份有限公司 5 号楼 1 号会议室 3、会议召开方式：本次会议采取现场表决与网络投票相结合的方式召开 4、会议召集人：公司第三届董事会 5、会议主 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于苏州天脉导热科技股份有限公司 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 2025 年第一次临时股东大会的 法律意见书 国枫律股字[2025]A0442 号 致：苏州天脉导热科技股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《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）》（以下简 称"《证券法律业务执业 ...

Core Viewpoint - A new microfluidic structure called "manifold-microjet-serrated microchannel" has been developed, achieving a super high heat flux density of 3000 W/cm² for chip cooling, while reducing cooling power consumption to 0.9 W/cm², providing a significant advancement for next-generation high-performance chip thermal management [1] Company and Industry Summary - Over 30 liquid cooling concept stocks in the A-share market, with 7 stocks doubling in price this year, including Siquan New Materials (301489) with a price increase of over 365%, primarily focusing on liquid cooling modules [1] - Other notable stocks that have doubled in price include Dayuan Pump Industry (603757), Yingweik (002837), Feilong Co., Ltd. (002536), and Rongyi Precision [1] - Since the second half of the year, multiple liquid cooling concept stocks have attracted institutional research, including Feilong Co., Ltd., Yimikang (300249), Yinlun Co., Ltd. (002126), Lingyi Zhizao (002600), Suzhou Tianmai (301626), and Huafeng Aluminum (601702) [1] - From the perspective of institutional interest, 15 liquid cooling concept stocks have received attention from 3 or more institutions, with Yinlun Co., Ltd., Inspur Information (000977), and Yingweik receiving attention from over 20 institutions [1]

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]