【财华社讯】东阳光药(06887.HK)公布，董事会接获公司控股股东集团成员张寓帅及郭梅兰告知，鉴于 郭梅兰决定退休并减少参与集团业务，于2025年12月29日，张寓帅与郭梅兰订立股权转让协议，据此郭 梅兰将其分别于乳源寓能电子及乳源新京科技持有的71.75%股权及74.63%股权转让张寓帅，转让之名 义代价各分别为人民币1.00元。郭梅兰为张寓帅的母亲。 完成相关监管备案及股权转让交割后，张寓帅将分别持有乳源寓能电子及乳源新京科技99.2%及75.0% 股权，从而成为控股股东集团的新领导人，而郭梅兰将不再为控股股东集团成员。 董事认为，股权转让对公司整体财务及营运不会产生任何不利影响。 本文源自：财华网 ...

Core Viewpoint - The liquid cooling industry, while part of the computing ecosystem alongside optical modules and PCBs, has a less robust business model and profitability. However, it has significant potential for penetration, particularly in high-density AI clusters, where current overall penetration is low, projected to reach about 20%-25% by 2025 [1]. Group 1: Industry Overview - Optical modules and PCBs are essential components of server and switch infrastructure, with nearly 100% penetration rates, while liquid cooling is only a necessity in high-density AI clusters [1]. - The revenue recognition for optical modules and PCBs is quick and has a short cycle, whereas liquid cooling projects typically have a lag of over six months due to the need for infrastructure setup [1]. - The standardization and mass production of optical modules and PCBs lead to stable and high gross margins, while liquid cooling faces challenges due to customization and project-based sales, resulting in lower gross margins [2]. Group 2: Key Companies - **Inspur**: A leading domestic liquid cooling company with a comprehensive solution covering cold plates, CDU, and system integration, benefiting from partnerships with major players like NVIDIA and Intel. It is positioned to gain from the AI high-density computing cooling market, although its valuation may be stretched with a PB exceeding 30x [2]. - **Tongfei Co., Ltd.**: A specialized enterprise transitioning to data center liquid cooling, with a dual-path approach in cold plate and immersion cooling, aiming for significant growth in AI computing infrastructure and energy storage [3]. - **Yidong Electronics**: Entering the AI server liquid cooling market in 2024, it aims to integrate connectors and liquid cooling solutions, achieving significant revenue milestones in 2025 [4]. - **Dingtong Technology**: Focused on integrated connector and liquid cooling modules, it is set to ramp up production and gross margin potential in the coming years [5]. - **Siquan New Materials**: Specializing in high thermal conductivity materials for AI server cooling, it is expected to enter a critical phase of mass delivery and certification by 2025 [6]. - **Zhongshi Technology**: Engaged in thermal management materials and AI server cooling solutions, it is expanding its production capacity and is expected to see significant order and margin growth [7]. - **Feirongda**: With a focus on electromagnetic shielding and thermal management, it is positioned for significant delivery and expansion in the AI server cooling market [8]. - **Dongyangguang**: Following a comprehensive approach in liquid cooling, it is set to enter a critical phase of delivery and overseas expansion [9]. - **Juhua Co., Ltd.**: Leveraging its fluorochemical expertise, it is positioned as a key player in the liquid cooling market, focusing on domestic replacement and overseas expansion [10]. - **Qiangrui Technology**: Engaged in integrated solutions for testing equipment, it is expected to achieve significant breakthroughs in delivery and ecosystem integration by 2025 [11].

Core Insights - The development of AI has led to significant power consumption issues, making liquid cooling solutions increasingly essential for data centers and high-density computing environments [1] - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, representing a year-on-year growth of 67.0%, and is expected to grow to $3.39 billion in 2025, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [1] - The demand for liquid cooling fluids is also expected to surge alongside the growth of the liquid cooling market [1] Liquid Cooling Fluids - Various options for liquid cooling fluids are available, with glycol, propylene glycol, and water being predominant in cold plate cooling, while oil, silicone, and fluorinated liquids are used in immersion cooling [2] - Fluorinated liquids are becoming a critical component in both immersion and cold plate cooling systems due to their surface tension, insulation properties, and material compatibility, especially in high-power density AI server applications [2] - The exit of 3M from the market presents growth opportunities for domestic companies in the high-performance fluorinated liquid segment [2] Investment Recommendations - The rise of AI has created significant power and cooling challenges, positioning liquid cooling as a vital solution, with liquid cooling fluids expected to grow rapidly [2] - Companies that are early entrants into the liquid cooling supply chain are likely to benefit, with specific recommendations to focus on firms such as Dongyangguang, Xinzhoubang, Runhe Materials, Juhua Co., Yonghe Co., Haohua Technology, Jinshi Resources, Dongyue Group, Yongtai Technology, Huayi Group, Sanmei Co., Unity Co., Bayi Shikong, Changlan Technology, Xin'an Co., and Jitai Co. [2]

Group 1 - The "Million Talents Gathering in Nanyue" autumn recruitment fair was launched in Shenzhen, featuring over 7,000 job positions from Dongguan [1] - Dongguan's recruitment team showcased 332 key enterprises and institutions, including top scientific platforms and leading companies in various fields such as artificial intelligence and integrated circuits [1] - The China Spallation Neutron Source offered over 40 high-paying positions for PhD graduates, with annual salaries ranging from 400,000 to 500,000 yuan, focusing on cutting-edge areas like neutron physics and AI applications [1] Group 2 - Shantou, as a provincial sub-center city, organized 50 quality units with 1,595 job positions, emphasizing its commitment to attracting talent [2] - The Shantou recruitment team included 36 enterprises, covering advanced manufacturing, high-tech, healthcare, education, and cross-border e-commerce sectors [2] - The recruitment fair featured a city exhibition showcasing the characteristics, industrial clusters, technological achievements, and cultural ecology of 21 cities in Guangdong, providing an immersive experience for job seekers [2] Group 3 - The Shantou exhibition area highlighted the city's "three new, two special, and one big" industries, featuring a 4.3-meter tall model of the Long March 5B rocket made from 210,000 building blocks [3] - The exhibition presented six thematic sections, illustrating Shantou's transition from traditional manufacturing to smart innovation [3] - Since the implementation of the "Million Talents Gathering in Nanyue" action plan, Shantou has hosted 153 recruitment fairs, resulting in 39,800 job applications [3]

董事认为，股权转让对本公司整体财务及营运不会产生任何不利影响。 智通财经APP讯，东阳光药(06887)发布公告，本公司董事会接获张寓帅先生(张先生)及郭梅兰女士(郭女 士)(各自作为本公司的控股股东集团成员)(控股股东)告知，鉴于郭女士决定退休并减少参与本集团业 务，于2025年12月29日，张先生与郭女士订立股权转让协议，郭女士将其分别于乳源瑶族自治县寓能电 子实业有限公司(乳源寓能电子)及乳源瑶族自治县新京科技发展有限公司(乳源新京科技)持有的71.75% 股权及74.63%股权转让张先生，转让的名义代价各分别为人民币1.00元(股权转让)。郭女士为张先生的 母亲。 完成相关监管备案及股权转让交割后，张先生将分别持有乳源寓能电子及乳源新京科技99.2%及75.0% 股权，从而成为控股股东集团的新领导人，而郭女士将不再为控股股东集团成员。 ...

董事认为，股权转让对本公司整体财务及营运不会产生任何不利影响。 完成相关监管备案及股权转让交割后，张先生将分别持有乳源寓能电子及乳源新京科技99.2%及75.0% 股权，从而成为控股股东集团的新领导人，而郭女士将不再为控股股东集团成员。 东阳光（600673）药(06887)发布公告，本公司董事会接获张寓帅先生(张先生)及郭梅兰女士(郭女士)(各 自作为本公司的控股股东集团成员)(控股股东)告知，鉴于郭女士决定退休并减少参与本集团业务，于 2025年12月29日，张先生与郭女士订立股权转让协议，郭女士将其分别于乳源瑶族自治县寓能电子实业 有限公司(乳源寓能电子)及乳源瑶族自治县新京科技发展有限公司(乳源新京科技)持有的71.75%股权及 74.63%股权转让张先生，转让的名义代价各分别为人民币1.00元(股权转让)。郭女士为张先生的母亲。 ...

广东东阳光科技控股股份有限公司 简式权益变动报告书 上市公司名称：广东东阳光科技控股股份有限公司 股票上市地点：上海证券交易所 股票简称：东阳光 股票代码：600673 信息披露义务人：郭梅兰 住所/通讯地址：广东省深圳市南山区 股份变动性质：减少 签署日期：二〇二五年十二月二十九日 1 信息披露义务人声明 一、本报告书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号 ——权益变动报告书》及其他相关的法律、法规和规范性文件编制； 二、信息披露义务人签署本报告已经获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突； 三、依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权 益变动报告书》的规定，本报告书已全面披露信息披露义务人在东阳光拥有权益 的股份变动情况； 截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人未 通过任何其他方式增加或减少其在东阳光拥有权益的股份； 四、本次权益变动是 ...

| 证券简称：东阳光 | | 公告编号：临 2025-72 号 | | | --- | --- | --- | --- | | 债券简称：25 东科 | 01 | | | | | | | 证券代码：600673 债券代码：242444 | 广东东阳光科技控股股份有限公司 关于公司控股股东上层股权结构内部调整暨实际控制人减少的提示 性公告 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、准确性和完整性承担法律责任。 重要内容提示： 截至本公告日，深圳东阳光实业直接持有公司 619,805,341 股股份，通过其控股 子公司宜昌东阳光药业股份有限公司（以下简称"宜昌药业股份"）间接持有公司 545,023,350 股股份，合计占公司总股本的 38.70%，为公司控股股东。 本次股权比例调整前，张寓帅先生及其母亲郭梅兰女士分别持有乳源寓能电子 27.45%、71.75%股权，分别持有乳源新京科技 0.37%、74.63%股权，乳源寓能电子和 乳源新京科技通过直接和间接方式合计持有深圳东阳光实业 100%股权，乳源寓能电 子和乳源新京科技通过深圳东阳光实业及其控股 ...

北京市嘉源律师事务所 关于广东东阳光科技控股股份有限公司 实际控制人减少之 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：广东东阳光科技控股股份有限公司 北京市嘉源律师事务所 关于广东东阳光科技控股股份有限公司实际控制人减少之 法律意见书 嘉源(2025)-01-646 敬启者： 根据公司与本所签订的《专项法律顾问协议》，本所担任广东东阳光科技控 股股份有限公司（简称公司、上市公司或东阳光）的特聘专项法律顾问，并获授 权为公司实际控制人之间上层股权转让（简称本次转让）导致实际控制人减少事 宜（简称本项目）出具法律意见书。 依据《公司法》《证券法》《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》规范性文件的相关规定，本所按照律师行业公 认的业务标准、道德规范和勤勉尽责精神出具本法律意见书。 本所律师承诺已严格履行法定职责，遵循了勤勉尽责和诚实信用原则，对公 司本项目所涉及的相关材料及有关事项进行了核查验证，保证法律意见书 ...

合同编号： | 第一条 | 前言 | | 3 | | --- | --- | --- | --- | | 第二条 | 释 义 | | 4 | | 第三条 | 产品基本情况 | | 7 | | 第四条 | 产品管理人和托管人 | | 8 | | 第五条 | 声明与承诺 | | 8 | | 第六条 | 各方权利与义务 | | 11 | | 第七条 | 产品份额持有人大会 | | 17 | | 第八条 | 产品资产 | | 21 | | 第九条 | 产品的认购与成立 | | 23 | | 第十条 | 产品的申购与赎回 | | 26 | | 第十一条 | 投资政策 | | 26 | | 第十二条 | 投资经理的指定与变更 | | 31 | | 第十三条 | 指令的发送、确认和执行 | | 32 | | 第十四条 | 越权交易的处理 | | 37 | | 第十五条 | 产品资产的估值 | | 37 | | 第十六条 | 产品资产的会计核算 | | 43 | | 第十七条 | 产品管理人与产品托管人之间的监督 | | 44 | | 第十八条 | 费用与税收 | | 45 | | 第十九条 | 期间收益分配 | | 47 ...