证券代码：301018 证券简称：申菱环境 广东申菱环境系统股份有限公司 （佛山市顺德区陈村镇机械装备园兴隆十路 8 号） 向不特定对象发行可转换公司债券 方案论证分析报告 二〇二五年十一月 广东申菱环境系统股份有限公司 向不特定对象发行可转换公司债券方案论证分析报告 第一节 本次发行证券及其品种选择的必要性 广东申菱环境系统股份有限公司（以下简称"公司"或"发行人"）系深圳 证券交易所创业板上市公司。为满足公司发展的资金需求，扩大公司经营规模， 增强公司的综合竞争力，提升盈利能力，公司结合自身实际状况，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》"）以及《上市公司证券发行注册管理办法》（以下简称"《注册管 理办法》"）等相关规定，拟通过向不特定对象发行可转换公司债券（以下简称"本 次发行"；可转换公司债券以下简称"可转债"）的方式募集资金。 一、本次发行证券种类 二、本次发行选择可转换公司债券的必要性 本次向不特定对象发行可转债募集资金投资项目均经过公司谨慎论证，项目 的实施有利于进一步提升公司的核心竞争力，增强公司的可持续发展能力，具体 分析详 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：301018 证券简称：申菱环境 公告编号：2025-046 广东申菱环境系统股份有限公司 关于向不特定对象发行可转换公司债券预案披露的 提示性公告 广东申菱环境系统股份有限公司（以下简称"公司"）于 2025 年 11 月 25 日 召开了第四届董事会第十次会议，会议审议通过了关于向不特定对象发行可转换 公司债券的相关议案。《广东申菱环境系统股份有限公司向不特定对象发行可转 换公司债券预案》及相关文件于 2025 年 11 月 25 日在巨潮资讯网 （www.cninfo.com.cn）披露，敬请广大投资者注意查阅。 向不特定对象发行可转换公司债券预案披露事项不代表审核、注册部门对于 本次发行相关事项的实质性判断、确认或批准，向不特定对象发行可转换公司债 券预案所述本次发行相关事项的生效和完成尚待公司股东会审议及深圳证券交 易所发行上市审核并报经中国证券监督管理委员会注册，敬请广大投资者注意投 资风险。 特此公告 广东申菱环境系统股份有限公司董事会 2025 年 ...

证券代码：301018 证券简称：申菱环境 广东申菱环境系统股份有限公司 （佛山市顺德区陈村镇机械装备园兴隆十路 8 号） 向不特定对象发行可转换公司债券预案 二〇二五年十一月 广东申菱环境系统股份有限公司 向不特定对象发行可转换公司债券预案 声明 1、本公司及全体董事会成员承诺本预案内容真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律责 任。 2、本次向不特定对象发行可转换公司债券完成后，公司经营与收益的变化 由公司自行负责；因本次向不特定对象发行可转换公司债券引致的投资风险由投 资者自行负责。 3、本次向不特定对象发行可转换公司债券预案（以下简称"本预案"）是 公司董事会对本次向不特定对象发行可转换公司债券的说明，任何与之相反的声 明均属不实陈述。 4、投资者如有任何疑问，应咨询自己的经纪人、律师、专业会计师或其他 专业顾问。 5、本预案所述事项并不代表审核、注册机关对于本次向不特定对象发行可 转换公司债券相关事项的实质性判断、确认、批准或注册。本预案所述本次向不 特定对象发行可转换公司债券相关事项的生效和完成尚待公司股东会审议、深圳 证券交易所发行上市审核 ...

Core Insights - The article discusses the significant energy demands of AI data centers, which can consume as much electricity as a small city, and highlights the need for advanced energy storage systems to manage power fluctuations effectively [2][4] - NVIDIA's recent release of the 800V DC architecture white paper indicates a shift towards integrating rapid-response energy storage systems in AI data centers, suggesting a potential explosive growth opportunity for the energy storage industry driven by AI [4][10] Group 1: Energy Architecture Evolution - The industry leaders, led by NVIDIA, have outlined a clear three-step evolution plan towards the 800V DC architecture for AI data centers [6] - The first step involves a transitional solution using "side-mounted power cabinets" to physically separate power modules from core computing areas [6] - The second step focuses on transitioning from a "distributed" to a "centralized" architecture [7] - The final step aims for a direct conversion from 10kV medium voltage AC to 800V DC using Solid State Transformers (SST) [9] Group 2: Hybrid Energy Storage Systems - To effectively manage power fluctuations, "hybrid energy storage" is identified as a necessary technological core, combining supercapacitors, high-rate batteries, and large-scale energy storage systems [10] - The new architecture requires advanced semiconductor technologies, such as silicon carbide (SiC) and gallium nitride (GaN), to meet the stringent demands of 800V high voltage [11] Group 3: Market Dynamics and Key Players - The surge in energy demand from AI and data centers has led to strategic competition among energy storage companies, including UPS suppliers and thermal management solution providers [16] - Major players in the energy storage market include: - **Sungrow Power Supply**: Actively developing power solutions for AI data centers, with plans to launch products by 2026 [19] - **Huawei**: Emphasizing energy digitalization for AI data centers, aiming for a secure, reliable, and low-carbon future [20] - **Kehua Data**: Focused on building data centers and HVDC solutions, with significant market presence [21][23] - **DuanDeng Co.**: Recognized as a "hidden champion" in data center energy storage, leading in battery shipments [24] - **Zhongtian Technology**: Engaged in lithium battery storage systems, with a strong production capacity [25] Group 4: Technological Innovations - The introduction of Solid State Transformers (SST) is highlighted as a revolutionary product that efficiently converts medium voltage AC to 800V DC, significantly reducing energy loss and saving substantial electricity annually for large data centers [11][12] - SSTs improve power quality and reduce the footprint of power systems, allowing for better space utilization in data centers [15] Group 5: Future Trends and Strategic Directions - The competition in the energy storage sector is shifting from hardware specifications to the intelligence of energy management systems, emphasizing the need for predictive capabilities and smart coordination among different energy storage units [15] - The article anticipates a transformation in business models, where the winners will be those who can provide integrated smart energy solutions rather than just hardware [15]

Core Insights - The "NEXT" full-stack solution for computing centers was launched to address the challenges posed by the AI era, including increased scale, power density, resource demand, and load fluctuations [1][2] - The solution aims to optimize key systems such as power access, supply and distribution, cooling, and operation and maintenance for next-generation large-scale AI computing centers [1][2] Group 1: Industry Trends - The AI-driven evolution is pushing data centers from traditional architectures to new-generation AI architectures [2] - The "NEXT" solution features six core capabilities: high computing power, high elasticity, high efficiency, modularity, scalability, and intelligence, catering to various stages and levels of AI computing deployment [2] Group 2: Technological Innovations - The solution emphasizes resource self-sufficiency through green power, IT-level energy storage, and wastewater recycling, reducing external dependencies and site limitations for GW-level computing factories [2] - Architectural upgrades across the entire process, including building design, power supply, and cooling, focus on modular, standardized, and prefabricated product development to optimize operational and cost efficiency [2] Group 3: Future Directions - The company aims to continue systematic innovation and collaborative breakthroughs with ecosystem partners, exploring advanced technologies such as new power systems, high-density liquid cooling, and fully intelligent operations [3]

Core Viewpoint - On November 21, 2023, Shenling Environment experienced a decline of 4.54% in stock price, with a trading volume of 257 million yuan, indicating a significant market reaction to recent financial activities [1] Financing Summary - On the same day, Shenling Environment had a financing purchase amount of 21.32 million yuan and a financing repayment of 39.11 million yuan, resulting in a net financing outflow of 17.79 million yuan [1] - As of November 21, the total financing and securities lending balance for Shenling Environment was 456 million yuan, with the financing balance accounting for 3.39% of the circulating market value, which is above the 70th percentile of the past year [1] - In terms of securities lending, there were no shares sold or repaid on November 21, with the securities lending balance also at zero, indicating a high level of inactivity in this area [1] Company Overview - Shenling Environment, established on July 3, 2000, and listed on July 7, 2021, is based in Shunde District, Foshan City, Guangdong Province, specializing in air environment regulation equipment, particularly focusing on specialized air conditioning systems [2] - The company's revenue composition includes 82.94% from equipment sales, 16.68% from solutions and services, and 0.38% from other sources [2] - For the period from January to September 2025, Shenling Environment reported a revenue of 2.508 billion yuan, reflecting a year-on-year growth of 26.84%, and a net profit attributable to shareholders of 150 million yuan, up 5.05% year-on-year [2] Dividend and Shareholder Information - Since its A-share listing, Shenling Environment has distributed a total of 217 million yuan in dividends, with 138 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 25.41% to 27,800, while the average circulating shares per person decreased by 20.76% to 7,107 shares [2][3] - Notable new institutional shareholders include China Aviation Opportunity Leading Mixed Fund and Yongying Digital Economy Selected Mixed Fund, while Hong Kong Central Clearing Limited and Baoying Strategy Growth Mixed Fund have exited the top ten circulating shareholders list [3]

T 锂电池智能制造解决方案提供商 总冠名 年会特别赞助 主办单位 协办单位 《》》 G高T锂印 > G高T产研 \族锂申 HAN'S SLE 卡洛维德 激荡十五载 喷望新征程 2025第十五届高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 2025.11.18-20 深圳前海华侨城JW万豪酒店 新电池创新与产业 摘要 新电池创新与产业化核心观点集结，趋势与路径集中释放 专场四 11月19日 (会场一) 中科固能 董事长 吴凡博士 降本提量是产业化的第一道门槛。业界 对硫化物材料的要求很高，我们致力于 不断优化现有材料，为客户提供更多的 材料选择。 博路威 董事长 沈宏伟 干法电极与固态电解质要从实验级走向 GWh 级量产，关键不在单机突破，而在能否同时实 现宽幅、高速与厚度、面密度一致性的辊压能 力。X-Roll负责多级连续成膜，S-Roll通过自 动补偿维持线压力稳定，而 BENDCON 则在大 幅宽下实现分区压力精控，使极片压实密度和 厚度均匀性在高速作业中仍可维持。这组能力 共同构成干法与固态制造的真正工程门槛，也 是当前能够替代等静压、支撑规模化固态电解 质成膜的核心基础。 申菱环境 新能源总经理 ...

Core Points - The 2025 National Refrigeration and Air Conditioning Industry Conference was held in Sanya, Hainan from November 18 to 21 [1] - The second batch of the "Energy-saving and Carbon-reduction Technology and Product Recommendation Directory for Refrigeration and Air Conditioning Applications" was officially released during the conference [1] - Following the inclusion of two products in the first batch, multiple technologies and products from Shenling Environment were recognized in this second batch, including the "Fully Prefabricated Assembly Smart Energy Station" technology and five other products [1] Company Summary - Shenling Environment's technologies and products received recognition in the second batch of the directory, indicating strong performance and innovation in the refrigeration and air conditioning sector [1] - The five products recognized include: 1. DC Inverter Heat Pump Unit 2. Integrated Evaporative Cooling (Heat Pump) Chiller 3. Air-cooled Screw Heat Pump Chiller 4. Air-cooled Heat Pump (Cooling/Heating) Chiller 5. Low Ambient Temperature Air Source Heat Pump Unit [1]

Group 1 - Guangdong Province aims to maintain the leading position in digital economy development by 2027, with the core industry value-added accounting for over 16% of GDP [1] - The plan includes the establishment of three trillion-level digital industry clusters and the cultivation of several high-value new digital industry tracks [1] - The average annual compound growth rate of the data industry is expected to exceed 15%, with the scale of the artificial intelligence core industry surpassing 440 billion yuan [1] Group 2 - The number of large-scale industrial enterprises undergoing digital transformation is projected to exceed 60,000, with computing power scale reaching over 60 EFLOPS [1] - The semiconductor and integrated circuit industry is set to become a significant area of international influence, establishing a "third pole" for integrated circuits in China [1] - Companies in the core supply chain, such as optical modules and liquid cooling, are expected to benefit continuously from the strong demand for computing power [1] Group 3 - Shenliang Environment offers a wide range of liquid cooling products for data centers, including end-to-end solutions and core CDU equipment [2] - Magmi Tech is currently the only company in mainland China collaborating with NVIDIA on power supply, with AI power expected to become a new growth point for the company [2]

Core Insights - The 2025 (15th) High-Performance Lithium Battery Annual Conference highlighted the importance of new battery technology commercialization as a key factor in determining the industry's upward expectations [2] - Industry leaders emphasized the need to bridge the gap between laboratory innovations and mass production capabilities, focusing on practical breakthroughs in battery structure, process compatibility, environmental constraints, cost control, and safety compliance [2] Group 1: New Battery Technologies - Sulfide all-solid-state batteries have shown potential in military and aviation applications, but face challenges in market demand and application scenarios [3] - Zhongke Gonen has developed a new boron-catalyzed synthesis method for sulfide electrolytes, achieving high ionic conductivity and improved air stability [5] - The company has also designed a novel sulfide electrolyte structure with excellent water and oxygen stability, significantly reducing harmful gas emissions [5] Group 2: Manufacturing Innovations - Bolewei has established a comprehensive equipment system for dry electrode production, emphasizing the importance of consistent density and thickness in large-scale manufacturing [9][10] - The company has developed multiple roller pressing technologies to enhance the efficiency and quality of solid-state electrolyte film production [8][10] Group 3: Environmental Control in Battery Production - The energy consumption of environmental control in battery manufacturing is significant, accounting for 43% of total energy use, prompting the need for energy-efficient solutions [11] - Industrial high-temperature heat pump technology is being explored as a viable path to achieve zero-carbon heating in industrial processes [11][12] Group 4: Safety and Compliance - The production of sulfide solid-state batteries requires stringent environmental controls to manage H₂S emissions, with new solutions being developed to ensure compliance with safety standards [16][17] - The industry is moving towards verifiable processes and monitoring systems to replace traditional management practices in dust and gas safety [17] Group 5: Material Innovations - Keleiming has improved the shear strength and thermal stability of its HSI insulation materials, meeting new national standards and enhancing battery safety [20] - The company has successfully implemented a printing technology that significantly improves the performance and production efficiency of battery components [21]