Group 1 - The company responded to an investor inquiry regarding the application of its pressure sensors in the liquid cooling sector, stating that its developed refrigerant pressure sensors are not used in this field [1] - The company clarified that its downstream applications for the refrigerant pressure sensors do not pertain to liquid cooling [1] - There was a specific inquiry about the company's expansion in the data center construction business, which was addressed in the response [1]

Group 1 - The company, Baida Precision, primarily engages in the research, development, manufacturing, and sales of various compressor components and automotive parts [2] - Currently, the company has not ventured into the liquid cooling sector [2]

Group 1 - The company, Baida Precision (603331.SH), primarily engages in the research, development, manufacturing, and sales of various compressor components and automotive parts [1] - Currently, the company has not ventured into the liquid cooling sector [1]

Group 1 - The company, Baida Precision (603331.SH), primarily engages in the research, development, manufacturing, and sales of various compressor components and automotive parts [1] - As of January 6, the company has not yet ventured into the liquid cooling sector [1]

Core Viewpoint - The company is focused on the research and application of gas low-temperature liquefaction and separation technology, particularly in natural gas liquefaction and air separation [1] Group 1: Business Focus - The main business of the company is to provide natural gas liquefaction and air separation process packages and processing equipment [1] - The company has developed core technology packages for helium purification and liquefaction, which can be applied in dilution refrigerators for quantum computing cooling [1] Group 2: Current Operations - Currently, the company has no applications in the liquid cooling field, and any related operational dynamics and technical layouts should be based on publicly disclosed information [1]

Group 1 - The core viewpoint of the article is that Yonghe Co., Ltd. (605020.SH) has indicated that its hexafluoropropylene dimer and trimer can be applied in the liquid cooling field [1] Group 2 - Yonghe Co., Ltd. is actively engaging with investors through its interactive platform [1] - The company's products are positioned to meet the growing demand in the liquid cooling sector [1]

Core Viewpoint - The company has confirmed its involvement in the liquid cooling sector through its products, specifically hexafluoropropylene dimer and trimer [2] Company Summary - Yonghe Co., Ltd. (605020.SH) has indicated that its hexafluoropropylene dimer and trimer can be utilized in the liquid cooling field [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company achieved a revenue of 20.93 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 8.2%, while the net profit attributable to shareholders decreased by 12.0% to 1.97 billion yuan [1][8]. - In Q3 2025, the company reported a revenue of 7.99 billion yuan, up 12.1% year-on-year and 11.5% quarter-on-quarter, but the net profit fell by 13.7% year-on-year to 670 million yuan [1][8]. - The company is expected to see a rebound in performance in Q4 and next year, driven by increasing sales from key clients and growth in various business segments such as thermal management and automotive electronics [2][12]. Summary by Sections Financial Performance - For Q3 2025, the company’s gross margin was 18.6%, down 2.3 percentage points year-on-year, attributed to changes in product structure and narrowing scale effects [2][12]. - The company’s R&D expenses increased due to ongoing investments in new products related to robotics and automotive electronics [2][12]. Business Outlook - The company is entering the liquid cooling market, having secured initial orders worth 1.5 billion yuan, leveraging its thermal management capabilities [2][20]. - The company is deepening collaborations with major automotive clients, which is expected to provide stable growth momentum [3][21]. Profit Forecast - The net profit forecasts for 2025, 2026, and 2027 are adjusted to 3.17 billion, 3.67 billion, and 4.65 billion yuan respectively, with corresponding EPS of 1.82, 2.11, and 2.67 yuan [3][21].

Group 1: Company Overview and Business Operations - Southern Wind Power Co., Ltd. focuses on nuclear ventilation equipment, which has high technical requirements due to safety regulations and international standards [2][3] - The company has seen an upward trend in gross profit margins, attributed to the recovery of nuclear power station construction approvals and increased project activity [2][3] Group 2: Product Supply and Market Dynamics - The supply cycle for nuclear ventilation equipment typically spans 3-4 years, while for subway and tunnel ventilation, it is 2-3 years, and for large industrial and civil construction, it is under 1 year [3] - Variations in product structure and quantity during different periods affect the company's revenue and profit [3] Group 3: 3D Printing Business Development - In December 2024, the company acquired minority shareholder rights in Southern Additive, transitioning to 3D printing services, with ongoing normal business progress [4] - An investment of 50 million yuan was approved in September 2025 for fixed asset investments in 3D printing services, with plans for expansion currently in execution [4] Group 4: Competitive Advantages and Market Potential - The demand for high-performance electronic devices and cooling solutions is increasing, with 3D metal printing technology offering innovative design and integration capabilities [6] - Southern Additive's competitive edge lies in its ability to provide customized solutions based on client needs, with ongoing discussions and sample submissions to potential clients [6]

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of history, established in 1952, focusing on thermal management system solutions [1] - The company has two development phases: - Before 2017: Focused on automotive thermal management components like mechanical water pumps and turbocharger housings [1] - Since 2017: Expanded into non-automotive sectors while continuing to develop automotive thermal management products [1][2] Product Development and Market Reach - The company has established four R&D centers in Shanghai, Wuhu, Nianxiang, and Xixia, focusing on new energy thermal management components [1][2] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] Investment and Product Strategy - The company is integrating thermal management technology with various sectors, including AI, 5G, and renewable energy [3] - No additional investments in domestic automotive engine thermal management products are planned, aside from the existing subsidiary in Thailand [3] New Energy Vehicle Products - Supplies electronic pumps, temperature control valves, and integrated modules for pure electric vehicles, and exhaust manifolds for hybrid vehicles [4] Manufacturing and Supply Chain - The self-manufacturing rate of electronic pump products exceeds 90%, with key components produced in-house [5] - Major clients for new energy thermal management integrated modules include Chery, Nanjing Automobile, and Geely, with increasing orders year-on-year [5] Competitive Advantages and Market Position - The company holds a unique market position in the liquid cooling sector due to its first-mover advantage and customer-centric platform design [6] - Focuses on customized development to meet diverse client needs, offering high-performance, lightweight, and cost-effective products [6] Global Strategy and Risk Management - The company is enhancing its global strategy by establishing a production base in Thailand to mitigate risks from U.S. tariff policies [7] - The first overseas smart factory in Thailand was completed on June 26, 2025, aimed at expanding into Southeast Asia and North America [7]