Summary of Conference Call Records Industry Overview - The conference call discusses the refrigerant market, particularly focusing on fluorinated refrigerants and liquid cooling technologies, highlighting the impact of quota execution and demand growth on pricing and competition within the fluorochemical industry [1][3][29]. Key Points and Arguments Market Dynamics - The refrigerant market in 2025 is expected to benefit from quota execution and increased demand, especially from appliance replacement and export needs, leading to a continuous rise in refrigerant prices since Q4 2023 [1][3]. - Current prices for major refrigerants are as follows: - R32: Export price around 59,000-60,000 RMB/ton, domestic price 62,000-62,500 RMB/ton - R134a: Export price around 48,500-49,500 RMB/ton, factory price around 50,000 RMB/ton - R227ea: Export price between 69,500-71,000 RMB/ton, domestic price between 73,000-75,000 RMB/ton [6][5]. Supply and Demand - Domestic inventory levels are reasonable, while overseas inventories, particularly in the Middle East, are high. In contrast, some products in Europe and America have low inventory levels [5][8]. - India's anti-dumping measures against Chinese HFC refrigerants impose tariffs of 1,000-2,000 USD/ton, despite India's production capacity not fully meeting its demand [1][15][16]. - The effective capacity of companies generally exceeds quotas, but some facilities face high restart costs, limiting effective production [10][11]. Regulatory Environment - China is expected to continue implementing total control and gradual reduction of HCFC and HFC quotas in 2026, aligning with national climate change strategies [2][3]. - The quota trading market in 2025 is less active but more transparent, with rising future trading costs anticipated due to limited available quotas [13][12]. Technological Developments - Liquid cooling technology is advancing, with significant demand expected in the next three years, projected to reach 10,000 tons [25][26]. - The transition from high GWP to low GWP products is becoming less favorable, with some fourth-generation alternatives unable to fully replace existing products [10][11]. Market Trends - The demand for three-generation refrigerants is increasing, with a notable growth in the maintenance market, particularly for F32 refrigerants [27][28]. - The global warming issue is driving demand for refrigerants, especially in developing countries, which is expected to sustain long-term growth in the refrigerant market [29]. Additional Important Insights - The Indian market presents significant potential despite current challenges, with major local players like SRF holding substantial market shares [9][16]. - The U.S. and Europe are actively transitioning to fourth and fifth-generation refrigerants, with companies like Arkema leading the way in production [17][18]. - China's competitive advantages in the refrigerant market include lower production costs and advanced manufacturing capabilities, despite facing trade barriers [18][19]. Conclusion - The refrigerant market is poised for growth driven by regulatory changes, technological advancements, and increasing global demand, particularly in developing regions. Companies must navigate challenges such as trade barriers and production costs while capitalizing on emerging opportunities in liquid cooling and environmentally friendly refrigerants.

Financial Performance - The company reported a revenue of 4.248 billion yuan for the first half of 2025, representing a year-over-year increase of 18.58% [1] - The net profit attributable to shareholders was 484 million yuan, up 16.36% year-over-year, while the net profit excluding non-recurring items was 466 million yuan, reflecting an 8.16% increase [1] - In Q2 2025, the company achieved a revenue of 2.246 billion yuan, which is an 8.65% year-over-year increase and a 12.16% quarter-over-quarter increase [1] Cost and Margin Analysis - The average price of battery-grade lithium carbonate fell to approximately 64,500 yuan per ton in Q2 2025, a decrease of 14.73% quarter-over-quarter, significantly impacting the profitability of the electrolyte business [2] - The gross margin for the electrolyte business was reported at 9.71% for the first half of 2025, down 3.94 percentage points year-over-year [2] - The company's Q2 2025 gross margin for the electrolyte business was 25.5%, showing a year-over-year decline of 2.87 percentage points but a quarter-over-quarter increase of 0.95 percentage points [1] Strategic Developments - The company is enhancing its global layout for electrolyte production, with the launch of a lithium-ion battery electrolyte project in Poland, contributing to a revenue of 2.815 billion yuan in the first half of 2025, a 22.77% increase year-over-year [2] - The acquisition of Shilei Fluorine Materials aims to fill the supply gap for hexafluorophosphate lithium, with planned production capacity expanding to 33,000 tons, aligning with the company's annual demand of 37,500 tons [2] Market Outlook - The liquid cooling technology is identified as a key solution for data center heat dissipation, with a projected global demand for fluorinated liquids reaching approximately 4,000 tons, translating to a market space of around 10 billion yuan based on a price of 250,000 yuan per ton [4] - The company is expected to maintain its profit forecasts for 2025-2027, with projected net profits of 1.178 billion yuan, 1.499 billion yuan, and 1.916 billion yuan, corresponding to PE valuations of 30X, 24X, and 18X respectively [4]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance in the first half of 2025 is in line with expectations, with total revenue reaching 4.248 billion yuan, a year-on-year increase of 18.58%, and a net profit attributable to shareholders of 484 million yuan, up 16.36% year-on-year [7] - The report highlights the ongoing bottoming out of the electrolyte business and the strengthening trend of liquid cooling technology, indicating a positive long-term growth outlook for the fluorochemical sector [7] - The company is expanding its global layout in the electrolyte business and has made strategic acquisitions to enhance its supply chain stability [7] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 10.009 billion yuan in 2025, with a year-on-year growth rate of 27.6% [5] - The net profit attributable to shareholders is expected to reach 1.178 billion yuan in 2025, reflecting a year-on-year increase of 25.0% [5] - The report forecasts earnings per share of 1.57 yuan for 2025, with a projected PE ratio of 30 [5] Market Data - As of September 12, 2025, the company's closing price is 47.30 yuan, with a market capitalization of 25.554 billion yuan [1] - The company has a price-to-book ratio of 3.7 and a dividend yield of 0.85% [1]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Views - The basic chemical industry saw a weekly increase of 2.36% from September 8 to September 12, 2025, ranking 12th among all Shenwan first-level industries [6][12] - The report highlights the significant potential of liquid cooling solutions in data centers, with multiple domestic companies actively investing in this area [10][29] Summary by Sections Industry Overview - The basic chemical industry has shown a relative return of -3.0%, 1.2%, and 8.5% over the past month, three months, and twelve months respectively [4] - Absolute returns for the same periods are 6.2%, 17.4%, and 51.0% [5] Sub-industry - Liquid Cooling Fluids - Liquid cooling technology includes cold plate liquid cooling, immersion liquid cooling, and spray liquid cooling [14] - Cold plate liquid cooling transfers heat from high-heat components to a liquid, while immersion liquid cooling involves fully submerging servers in cooling liquid [15][16] - Fluorinated liquids are preferred in immersion cooling due to their non-flammable and stable properties [16] Company Insights - **Juhua Co., Ltd.**: Produces electronic fluorinated liquids with a capacity of 4,000 tons/year for hydrogen fluoride ether D series and 5,000 tons/year planned for perfluoropolyether [8][19] - **New Chemical Co.**: Completed capacity construction for hydrogen fluoride ether at 3,000 tons/year and perfluoropolyether at 2,500 tons/year, focusing on data center cooling applications [20] - **Dongyang Sunshine**: Integrates liquid cooling components and materials, forming strategic partnerships for global market promotion [21][22] - **Runhe Materials**: Develops low-cost, high-performance cooling solutions for energy storage and data centers [23][24] - **Changlu Chemical New Materials**: Established production facilities for perfluoropolyether and hydrogen fluoride ether, with plans for further capacity expansion [25] - **Zhejiang Noah Fluorine Chemical**: Developed multiple immersion fluorinated cooling liquid products for various cooling technologies [25] Investment Recommendations - The report suggests focusing on Juhua Co., Ltd. due to its strong positioning in the liquid cooling market [10][29]

Group 1: Business Outlook and Strategy - The company expects a significant recovery in its operating performance in the second half of 2025, following a notable reduction in losses in the first half [1] - The operational strategy focuses on "optimizing the fundamentals, innovating for growth, and strengthening competitiveness" [1] - The company aims to enhance its market share in the wind power sector as demand recovers, alongside growth in offshore wind [1] Group 2: Liquid Cooling Business - The company has over 30 years of experience in liquid cooling technology, providing comprehensive solutions that are efficient and reliable [3] - As of June 2025, the liquid cooling production line has been operational, enabling better fulfillment of overseas orders [3] - The majority of current orders are from international clients, indicating a strong overseas market presence [3] Group 3: Research and Development Investment - In 2024, the company plans to invest over 62 million yuan in R&D, with an additional 23 million yuan allocated for the first half of 2025 [5] - The company is focused on standardizing and scaling liquid cooling technology, aiming to become a cornerstone for efficient heat dissipation in digital infrastructure [5] Group 4: Financial Management and Risk Control - The company maintains a manageable level of accounts receivable, with over 80% of receivables expected to be collected within one year [8] - A comprehensive risk management system is in place to assess credit risks and monitor contract compliance [9] - Legal measures will be taken against clients who delay payments, including litigation and asset preservation [9]

Group 1 - The company held an online investor meeting on September 12, 2025, to discuss its semi-annual report and performance, with active participation from investors [1] - Key personnel present included Chairman Wen Qichao, Secretary Zhou Xianhua, and CFO Luo Ying, indicating a high level of engagement from the company's leadership [1] - The meeting was conducted on the "Investor Relations Interactive Platform" and focused on the company's performance and future strategies [1] Group 2 - During the meeting, the company addressed inquiries regarding its collaboration with clients, specifically mentioning that its pipeline products have entered the CoolerMaster supplier system and are undergoing product development [2] - The company is actively promoting its advantageous products to potential clients, although it refrained from disclosing information about other suppliers for CoolerMaster and AVC due to confidentiality [2] - The company is optimizing personnel configuration in response to the growing market demand for its pipeline products, indicating a strategic approach to production based on customer orders [2] Group 3 - The company has over 30 years of experience in rubber pipeline material formulation and manufacturing, achieving V0 level standards and UL certification for its liquid cooling server pipeline products [3] - The company is focusing on promoting and developing liquid cooling products in key areas such as data server cooling, energy storage cooling, and automotive fluid pipelines [3] - Safety measures are being implemented across departments to enhance production safety, including education, preventive checks, and cross-checking [3]

新京报贝壳财经讯 9月12日，腾龙股份发布公告称，公司拟投资5000万元在常州市设立全资子公司，专 门从事应用于储能、服务器等领域液冷相关零部件及产品的研发、生产与销售。此外，公司同意放弃控 股子公司浙江力驰雷奥环保科技有限公司22.5%股权转让的优先受让权，该转让为直系亲属之间的股权 结构调整，实质权益未发生重大变化。 编辑 杨娟娟 ...

Core Viewpoint - Company maintains a "buy" rating for BYD, projecting revenues of 187.49 billion, 206.12 billion, and 234.81 billion RMB for 2025, 2026, and 2027 respectively, with net profits of 4.95 billion, 6.24 billion, and 7.84 billion RMB for the same years [1] Group 1: Business Performance - In the first half of 2025, the company achieved operating revenue of 80.606 billion RMB, a year-on-year increase of 2.58%, and a net profit of 1.730 billion RMB, up 13.97% year-on-year [1] - The company has consolidated its leadership in the high-end product supply chain while expanding cooperation with overseas major clients, driving steady growth in the consumer electronics segment [1] - The new energy vehicle segment continues to show strong growth momentum, contributing to a record high in overall business scale [1] Group 2: AI and New Product Development - The company is experiencing rapid growth in AI server shipments, with the AI data center business achieving significant growth due to the global demand for computing power and AI [2] - Liquid cooling technology is becoming the mainstream cooling solution for green data centers, with the company actively investing in new product development and customer expansion [2] - The company’s new intelligent product business generated revenue of 7.209 billion RMB in the first half of 2025 [2] Group 3: Automotive Sector Growth - The year 2025 is seen as a pivotal year for intelligent driving, bringing technological innovations and reshaping the automotive industry competition landscape [3] - The company has a clear technological advantage in smart cockpit systems, smart driving assistance systems, and other key areas, with significant increases in shipment volumes [3] - The new energy vehicle segment generated revenue of 12.450 billion RMB in the first half of 2025, reflecting a year-on-year increase of approximately 60.50% [3] Group 4: Consumer Electronics Performance - The company focuses on high-value-added products, maintaining a major supplier position in flagship models, including titanium and foldable phones [4] - The assembly business for overseas major clients continues to grow, driving year-on-year increases in shipment volumes and revenue [4] - The consumer electronics segment achieved revenue of 60.947 billion RMB in the first half of 2025, with component business contributing 13.752 billion RMB and assembly business 47.195 billion RMB [4]

Core Viewpoint - The company reported strong performance in its 2025 semi-annual report, with steady revenue growth and rapid profit increase driven by product structure optimization and strong performance from joint ventures [1][5] - The company plans to merge with Haiguang Information to create a leading domestic computing power industry chain, aiming for deep integration and synergy from chips to services, significantly enhancing core competitiveness [1][5] - Continuous high-intensity investment in R&D is focused on key areas such as liquid cooling and AI software, providing a solid computing power foundation for new productive forces [1][5] Financial Performance - In the first half of 2025, the company achieved revenue of 5.85 billion yuan (+2.41%) and a net profit attributable to shareholders of 729 million yuan (+29.39%) [2][3] - The second quarter of 2025 saw revenue of 3.26 billion yuan (+0.94%) and a net profit attributable to shareholders of 542 million yuan (+28.91%) [2] - Investment income for 2024 was 322 million yuan (+44.24%), mainly due to increased net profits from joint ventures such as Haiguang Information and Zhongke Xingtu [2] Business Strategy - The company is integrating high-performance computing with AI technology services to enhance profitability, achieving a significant profit growth rate that outpaces revenue growth [3] - The integration of data, algorithms, and business facilities into a comprehensive solution is aimed at providing flexible service models for various AI applications [3] - The company has maintained high R&D spending of 629 million yuan in the first half of 2025, focusing on intelligent computing, advanced storage, and green computing [4] Mergers and Acquisitions - The planned merger with Haiguang Information aims to leverage the strengths of both companies in chips and data center infrastructure, enhancing the overall competitive landscape [4] - The merger is expected to build a full-stack capability from chip to cloud, accelerating the development of the domestic computing power ecosystem [4] - Haiguang Information reported over 40% year-on-year growth in both revenue and net profit in the first half of 2025, contributing significantly to the company's profit growth [4] Investment Outlook - The company is optimistic about its long-term value driven by AI and domestic production, with revised revenue forecasts for 2025-2027 at 14.55 billion, 16.13 billion, and 17.89 billion yuan, reflecting year-on-year growth of 10.67%, 10.87%, and 10.87% respectively [1][5] - Expected net profit attributable to shareholders for the same period is projected at 2.48 billion, 2.98 billion, and 3.56 billion yuan, with growth rates of 29.55%, 20.49%, and 19.26% [1][5] - The company maintains a price-to-earnings ratio of 49, 41, and 34 for the respective years, sustaining a "buy" rating [1][5]

Core Insights - The announcement of a $455 billion unfulfilled revenue obligation (RPO) by a North American tech giant has significantly boosted the global computing power sector, highlighting strong demand for AI infrastructure and a supply-demand imbalance in computing power [1] - The North American contract signifies a strategic turning point for the global computing industry, elevating computing power to a strategic asset level comparable to oil and chips [6] Industry Overview - IDC predicts that the global AI market will exceed $800 billion by 2028, with a compound annual growth rate (CAGR) of over 32% [2] - Morgan Stanley forecasts global data center spending to approach $3 trillion by 2029 [2] - The China Academy of Telecommunications Research estimates that AI could contribute over 11 trillion yuan to China's GDP by 2035, potentially driving a tenfold to hundredfold increase in computing power demand [2] Policy Developments - Recent policies aim to implement "AI+" actions across various sectors, promoting deep integration of AI with economic and social fields [4] - The Ministry of Industry and Information Technology (MIIT) plans to guide the construction of computing power facilities to enhance resource supply quality [4] Demand Dynamics - The computing power arms race is intensifying, with new technologies like DeepSeek enabling low-cost industrialization of large models, stimulating new application scenarios and reducing inference barriers [5] - IDC forecasts an 18% growth in the global infrastructure market by 2025, with AI servers expected to reach a market size of $147.2 billion [5] Company Positioning - Lenovo is strategically positioned to capitalize on the AI wave, leveraging its "computing gene" to secure a competitive edge in the market [6] - Lenovo's hybrid AI framework integrates various models to address traditional AI deployment challenges, enhancing efficiency and sustainability [7] Product Innovations - Lenovo has launched the next-generation ThinkSystem V4 servers and ThinkEdge SE100 AI inference servers, enhancing its competitiveness in the AI server market [8] - The company's liquid cooling solutions demonstrate superior thermal management and energy efficiency, aligning with industry trends towards energy conservation [8] Financial Performance - Lenovo's AI infrastructure business has seen explosive growth, with a 155% year-on-year revenue increase and strong order reserves [10] - The company's liquid cooling technology has achieved nearly 30% revenue growth, contributing to its overall financial success [10] - Analysts maintain a positive outlook on Lenovo, with firms like Huatai Securities and Guotai Junan issuing "buy" and "overweight" ratings, respectively, due to the rapid growth in global AI infrastructure demand [10][11]