（编辑 袁冠琳） 证券日报网讯 阿莱德8月27日在互动平台回答投资者提问时表示，公司始终关注与热管理契合的行业动 态与市场发展，积极参与行业盛会，全面收集客户的需求并开展交流与合作洽谈。通过现有客户切入确 实是较为有效的途径。 ...

8月26日晚间，美利信（301307）发布2025年中报，实现营业收入约18.59亿元，同比增长12.41%；受毛 利率降低、资产减值增加的影响，归母净利润-1.05亿元。 今年上半年，公司围绕"质量扎根、降本提效、夯基出海"战略，在传统燃油车市场放缓与新能源车崛起 的变局中，精准施策：稳固传统份额，加速散热、储能、半导体等技术研发与生产协同；以海外基地为 支点深化全球化布局。聚焦通信、汽车、半导体、储能四大领域，构建零部件及结构件的全链研发制造 能力，在变革中夯实根基，蓄力未来增长。 在通信领域，公司与爱立信及国内头部通信设备制造商具有多年的合作历史，在新产品的预研保持同步 开发，具有很强的合作黏性。今年上半年进入了诺基亚等通信客户的供应体系。在储能领域，今年上半 年进入正浩等储能客户的供应体系。在半导体领域，已配套上海、深圳等国内行业头部客户。 目前，公司在重庆、襄阳、东莞、马鞍山建立了生产基地。北美生产基地已获新一代无人驾驶新能源汽 车客户产品及储能客户产品定点，公司生产基地的全球布局能够贴近服务客户，快速响应客户的需求。 为实现探索行业高新技术领域，公司于2025年初布局华东地区，成立美利信(上海)公 ...

Core Viewpoint - The first humanoid robot sports event highlights the advancements in humanoid robotics, showcasing their capabilities in various competitive scenarios, while also emphasizing the critical importance of thermal management technology for their performance and safety [2][6][43]. Group 1: Humanoid Robot Sports Event - The inaugural humanoid robot sports event, featuring 280 teams from 16 countries, will include 487 competitions across 26 events, demonstrating cutting-edge achievements in intelligent decision-making and collaborative movement [2]. - Unlike traditional robot combat or laboratory demonstrations, this event allows humanoid robots to compete in running, weightlifting, and combat, showcasing their strength and speed [2]. - The event serves as a platform for testing thermal management technologies, which are essential for maintaining stable operation during high-intensity activities [6][19]. Group 2: Development and Key Technologies of Humanoid Robots - Humanoid robots, designed to mimic human shape and behavior, have evolved through various stages, from mechanical systems to advanced autonomous intelligent systems, driven by advancements in multiple disciplines [8][9]. - The last decade has seen humanoid robots enter commercialization, with products like Tesla's Optimus and Xiaomi's CyberOne marking a shift from laboratory to industry [12]. - Key technologies in humanoid robotics include mechanical design, sensing technology, control algorithms, and artificial intelligence, enabling complex perception, movement, and interaction capabilities [14]. Group 3: Thermal Management Challenges - Humanoid robots face significant thermal management challenges due to limited internal space, multiple heat sources, weight constraints, and complex environmental conditions [19][20]. - Common thermal management solutions include passive methods like structural optimization and high thermal conductivity materials, as well as active methods such as liquid cooling and bio-inspired cooling systems [20]. Group 4: Thermal Management Suppliers - Companies like Feirongda, Lingyi Zhizao, Sanhua, and Aled are actively involved in providing thermal management solutions for humanoid robots, focusing on materials and systems that enhance performance and safety [22][27][33][42]. - Feirongda has invested in Guoli Intelligent, aiming to advance the development of dexterous robotic hands, while Lingyi Zhizao has accumulated technology in industrial and special robots since 2009 [24][29]. - Sanhua is recognized for its innovative liquid cooling modules that significantly enhance the endurance of humanoid robots, while Aled specializes in thermal interface materials for critical components [33][42].

随着电子技术的快速更迭进步，芯片、器件及电子设备等向微型化、高性能化、集成化及多功能方向发展，功率密度和发热量急剧攀升。消费电子、 5G、 XR、人工智能、 电力电子、高性能计算、 数据中心、物联网、动力电池、储能 /热 、 节能环保、 工业 4.0等领域的技术创新应用， 对 高效的热管理材料技 术和创新的解决方案 提出了高标准要求和起到积极推动作用 ，以保证终端产品的效率、可靠性、安全性、耐用性和持续稳定性。 01 主办单位 中国生产力促进中心协会新材料专业委员会 DT新材料 iTherM洞见热管理 大会顾问 李保文， 欧洲科学院院士、南方科技大学讲席教授, Thermo-X 主编 封 伟，天津大学教授、中国复合材料学会导热复合材料专业委员会主任（拟） 执行主席 林正得，中国科学院宁波材料技术与工程研究所研究员 虞锦洪，中国科学院宁波材料技术与工程研究所研究员 蔡金明，昆明理工大学教授 /广东墨睿科技有限公司董事长 陈 林，中国科学院工程热物理研究所研究员 曾小亮，中国科学院深圳先进技术研究院研究员 邹得球，宁波大学教授 大会信息 大会时间： 2025年12月3-5日 大会地点： 中国 · 深圳国际会展中心 ...

Core Viewpoint - The company focuses on research and development to address the reliability issues of electronic products, providing solutions in thermal management, electromagnetic shielding, bonding, and sealing [1] Product Offerings - The main products include high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, thermal modules, EMI shielding materials, adhesive materials, and sealing materials [1] - These products are versatile and can be applied in the robotics sector [1]

Core Viewpoint - The article discusses the importance of thermal conductivity measurement, its principles, methods, and applications in various industries, emphasizing its critical role in material selection and thermal management solutions [3][4]. Group 1: Definition and Importance of Thermal Conductivity - Thermal conductivity (λ or k) is a key physical parameter that measures a material's ability to transfer heat, defined by Fourier's law [3][4]. - Accurate measurement of thermal conductivity is essential for evaluating materials in modern electronics, energy systems, and building insulation, ensuring performance stability and safety [4]. Group 2: Common Measurement Methods - Thermal conductivity measurement methods are categorized into steady-state and transient methods, suitable for different material types and temperature ranges [5][6]. - Steady-state methods include: - Guarded hot plate method: High precision, suitable for insulation materials, but time-consuming [7][8]. - Heat flow meter method: Simple and cost-effective, but requires good contact interface [9][10]. - Pipe method: Suitable for cylindrical materials, but complex equipment is needed [11][12]. - Transient methods include: - Laser flash method: Fast measurement, suitable for solid materials, but requires surface treatment [13][15]. - Hot wire method: Quick and flexible for various samples, but sensitive to environmental noise [16][18]. - Thermal probe method: Non-destructive and quick, but requires careful contact management [19][20]. - Transient plane source method: Fast and versatile, but accuracy depends on contact conditions [21][22]. Group 3: Recommended Instrument Suppliers - Notable suppliers of thermal conductivity measurement instruments include: - Netzsch: Specializes in laser flash and transient plane source methods, serving metals and ceramics [24]. - Hot Disk: Focuses on heat flow meter and laser flash methods, applicable in electronics and construction [25]. - Linseis: Offers heat flow meter and transient plane source methods for polymers and ceramics [26]. - TA Instruments: Known for heat flow meter and laser flash methods, focusing on polymers and composites [28]. - Xi'an Xiaxi Electronics: Develops thermal property instruments for various industries [30]. - Xiangtan Instrument: Provides guarded hot plate and heat flow meter systems for insulation and soil research [32]. Group 4: Upcoming Industry Event - The Sixth Thermal Management Industry Conference and Exposition will take place from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, featuring leading suppliers and the latest thermal management solutions [32][38].

Core Viewpoint - The 2025 Fourth China Advanced Thermal Management Technology Conference will focus on thermal management technologies in the automotive electronics and AI server/data center industries, addressing challenges related to high-performance chips and high-power devices [2][3]. Group 1: Conference Overview - The conference will be held on August 28-29, 2025, in Shanghai, organized by Cheqian Information & Thermal Design Network, with support from various industry organizations [2]. - The event will feature over 60 presentations and more than 600 industry experts in attendance [2]. Group 2: Key Topics and Sessions - The morning of August 28 will cover opportunities and challenges in thermal management driven by AI and smart vehicles, with presentations from companies like Dawning Information Industry and ZTE Corporation [3][28]. - The afternoon sessions will focus on liquid cooling in data centers, featuring discussions on innovative solutions from companies such as Sichuan Huakun Zhenyu and Wacker Chemie [5][30]. Group 3: Specialized Sessions - On August 29, sessions will delve into liquid cooling technologies and their applications, including insights from companies like ZTE and New H3C [6][32]. - The conference will also address high-performance chip thermal management, with presentations from institutions like Fudan University and Zhongshan University [9][36]. Group 4: Emerging Technologies - The conference will explore advancements in thermal management for new energy high-power devices, with discussions on solutions from companies like Infineon Technologies and Hefei Sunshine Electric Power Technology [20][46]. - Topics will include the development of third-generation wide bandgap semiconductor devices and their thermal management techniques [48]. Group 5: Future Directions - The event will highlight the importance of thermal management in the context of digital economy and low-carbon development, emphasizing the role of innovative cooling technologies [28][29]. - The conference aims to foster collaboration and knowledge sharing among industry leaders to drive advancements in thermal management solutions [55].

Core Viewpoint - The article discusses the rapid advancement of humanoid robots and emphasizes the critical importance of thermal management systems to ensure their safety, reliability, and user experience as they transition from laboratories to practical applications in various environments [2][4]. Group 1: Thermal Management Challenges - Humanoid robots are equipped with high-power motors, edge computing chips, and dense power systems that generate significant heat, posing challenges for thermal design [4]. - Improper thermal management can lead to performance degradation, shortened lifespan, and safety risks for robots [4][5]. - The complexity and integration of robotic systems require effective thermal control to prevent issues such as performance decline and component failure [5][6]. Group 2: Environmental Considerations - Robots often operate in harsh or dynamically changing environments, which can include extreme temperatures and humidity levels, increasing the challenges for thermal management [6]. - For instance, outdoor mobile robots may face temperatures ranging from -30 °C in winter to over 50 °C in summer, necessitating robust thermal control solutions [6]. Group 3: Thermal Management Technologies - Various active and passive thermal management strategies have been identified, including heat spreaders, heat pipes, phase change materials (PCMs), and forced cooling systems [8]. - PCMs and thermal interface materials (TIMs) have shown optimal performance in passive thermal management, with efficiency ranges of 0.64–0.98 and 0.12–0.75, respectively [8]. - Active cooling systems, such as forced liquid cooling, can achieve high heat transfer coefficients of 1300–2200 W/(m²K), effectively managing heat in humanoid robots [9]. Group 4: Future Directions - The integration of hybrid thermal management systems, combining different methods, has proven to be more reliable in extreme environments [9]. - Innovations in materials and structural designs are expected to lead to cost-effective, lightweight, and wide-temperature-range thermal management solutions for robots in fields like healthcare, military, and space exploration [9]. Group 5: Component-Specific Thermal Management - Different components within a robotic system have varying heat generation and cooling requirements, necessitating tailored thermal management approaches [13]. - For example, high-density power components require TIMs combined with active cooling systems, while motors may utilize PCMs or heat pipes for effective heat dissipation [16]. Group 6: Material Properties - The article provides a comparison of thermal conductivities of various materials used in thermal management, highlighting the importance of selecting appropriate materials for effective heat transfer [17][20]. - Aerogels, with extremely low thermal conductivity (0.013–0.018 W/m·K), are noted as one of the best insulation materials for sensitive robotic applications [20]. Group 7: Liquid Cooling Systems - The effectiveness of indirect and direct liquid cooling systems is analyzed, with the highest effective heat transfer coefficients exceeding 6,000 W/m²·K for integrated cooling plate systems [25][26]. - The choice of cooling fluids is critical, considering factors like thermal conductivity, electrical insulation, and environmental safety [24][26]. Group 8: Interface Materials - The article discusses the thermal contact conductance of various thermal interface materials, emphasizing the need for high-performance materials to minimize thermal resistance in high-power applications [27][30].

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [15][27]. Core Views - The company achieved a record high profit for the same period, with a net profit of 2.1 billion yuan, reflecting a year-on-year increase of 14.49% [6][8]. - The company is expanding its non-automotive business, particularly in the liquid cooling sector and other emerging fields, which is expected to drive future growth [11][14]. - The establishment of an overseas production base in Thailand is anticipated to enhance supply chain resilience and expand global operations [10][12]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 21.62 billion yuan, a decrease of 8.67% year-on-year, while the net profit attributable to shareholders was 2.1 billion yuan, an increase of 14.49% [6][7]. - The gross profit margin improved to 25.52%, up by 6.2 percentage points year-on-year, indicating enhanced profitability [12]. Product Segmentation - Revenue from automotive engine thermal management components was 8.38 billion yuan, down 8.72% year-on-year, while revenue from automotive new energy thermal management components increased by 3.56% to 1.85 billion yuan [7][8]. - The liquid cooling sector saw a revenue increase of 12.06%, reaching 0.41 billion yuan, highlighting growth in this emerging market [7]. Strategic Developments - The company is transitioning from being a supplier of automotive thermal management components to a provider of comprehensive thermal management solutions across various sectors, including data centers and robotics [11][14]. - The establishment of a wholly-owned subsidiary focused on civilian applications is expected to further diversify the company's product offerings and market reach [11][12]. Market Outlook - The automotive sector remains robust, with significant growth in new energy vehicles, which is expected to drive demand for the company's products [13][14]. - The company is well-positioned to capitalize on emerging trends in AI and robotics, with ongoing projects and partnerships in these areas [11][14].

Core Viewpoint - The article emphasizes the urgent need for advanced thermal management technologies in the electric vehicle sector, particularly focusing on liquid cooling solutions to address the challenges posed by traditional air cooling methods in battery performance and safety [1]. Group 1: Industry Challenges and Solutions - The traditional air cooling methods are inadequate due to low efficiency and high sensitivity to environmental temperatures, necessitating breakthroughs in thermal management technology [1]. - Liquid cooling technology, particularly through the use of cooling plates, is evolving and becoming the mainstream solution for maintaining battery performance and safety [1]. - Cooling plates are critical components that directly contact heat-generating parts, efficiently absorbing heat and ensuring batteries operate within optimal temperature ranges, thereby enhancing range and lifespan [1]. Group 2: Key Players in Thermal Management - Valeo Group, headquartered in France, is a leading automotive parts supplier involved in thermal management across various segments, including battery cooling plates [5][7]. - Mahle is recognized as a global expert in thermal management, offering innovative solutions such as new bionic structure battery cooling plates that significantly enhance thermodynamic and structural performance [8][10]. - Denso Corporation, a top-tier automotive parts supplier from Japan, provides a wide range of products, including thermal management systems [11][13]. - Modine Manufacturing Co specializes in thermal management systems and components for diverse global markets, including automotive applications [19]. - Boyd is known for developing high-performance thermal management solutions across various industries, including battery cooling plates [21][23]. Group 3: Domestic Companies in Thermal Management - Sanhua Holding Group, established in 1984, focuses on energy-saving thermal management solutions for traditional and electric vehicles [24]. - Shenzhen Feirongda Technology Co., founded in 1993, is a leading provider of electromagnetic shielding and thermal management materials [25][27]. - Nabichuan New Energy Co., established in 1998, specializes in thermal management systems for automotive engines and has developed solutions for electric vehicle battery cooling [28][30]. - Yibin Zongguan Line Technology Co. is recognized as a leader in battery thermal management, with unique direct cooling technology [31]. - Zhejiang Yinlun Machinery Co., a private company, develops various thermal management products for commercial and passenger vehicles [32][34]. Group 4: Market Dynamics and Trends - The current procurement model for liquid cooling plates is primarily determined by technological barriers and value, with a trend towards external procurement among major battery manufacturers [68]. - Companies like CATL utilize multiple suppliers for liquid cooling plates, reflecting a strategy of centralized supply and risk diversification [68]. - The market for liquid cooling plate production is fragmented, with many smaller specialized manufacturers due to the relatively low prices of components [69].