Core Viewpoint - The company is actively providing battery thermal management solutions for heavy electric truck manufacturers and aims to expand its technology solutions to more complex application environments [1] Group 1 - The company has developed energy storage thermal management products for clients in the heavy electric truck sector [1] - The company is committed to enhancing collaboration with OEM clients and exploring technical optimization solutions for specific geographical scenarios based on client needs [1] - The company is uncertain whether the construction parties of related projects have procured heavy-duty vehicles produced by its clients [1]

Core Viewpoint - The company, Yingweike, is actively expanding its presence in the energy storage thermal management sector, leveraging its liquid cooling technology to enhance its product offerings and has already applied these products in several energy storage projects [2] Group 1: Company Developments - Yingweike has established capabilities in liquid cooling technology relevant to energy storage applications [2] - The company has indicated that its products are already being utilized in certain energy storage projects [2] - The expected revenue from energy storage applications in the first half of 2025 is approximately 800 million yuan, representing a year-on-year growth of about 35% [2]

Core Viewpoint - The company, Yingweike (002837.SZ), is actively engaged in the energy storage thermal management sector and has developed liquid cooling heat dissipation technologies, which are already applied in several energy storage projects [1] Group 1: Company Developments - The company has made significant advancements in energy storage thermal management and possesses relevant technological capabilities in liquid cooling heat dissipation [1] - Specific project implementation details and order information will be disclosed in accordance with legal and regulatory requirements once they meet the disclosure standards [1] Group 2: Financial Performance - In the first half of 2025, the company's revenue from energy storage applications is projected to be approximately 800 million yuan, representing a year-on-year growth of about 35% [1]

Core Insights - The company, Yingweike (002837.SZ), is actively engaged in the energy storage thermal management sector and possesses liquid cooling heat dissipation technology capabilities [1] - The company has applied its related products in several energy storage projects, with specific project implementation details and order information to be disclosed in accordance with legal requirements if they meet disclosure standards [1] - The projected revenue from energy storage applications for the first half of 2025 is approximately 800 million yuan, representing a year-on-year growth of about 35% [1] Summary by Categories - **Company's Engagement in Energy Storage** - The company has made significant strides in the energy storage thermal management field and has developed relevant liquid cooling heat dissipation technologies [1] - Products related to these technologies have already been implemented in certain energy storage projects [1] - **Future Revenue Projections** - The company anticipates that its revenue from energy storage applications will reach around 800 million yuan in the first half of 2025, which is an increase of approximately 35% compared to the previous year [1]

R&D Investment - The company invested approximately 35.08 million yuan in R&D from January to September 2025, representing an increase of 11.22% compared to the same period last year [2] - As of June 30, 2025, the company holds 368 patents, including 74 invention patents, and 147 software copyrights [3] Order Data - As of September 30, 2025, the company has an order backlog amounting to approximately 1.456 billion yuan [3][6] - The revenue from high-power density thermal management solutions for data centers and energy storage in the first half of 2025 was 136,958,047.52 yuan, accounting for 32.78% of total revenue [4][5] Competitive Advantages - The company has been a pioneer in the liquid cooling sector for 20 years, with mature experience in design, engineering, and quality control [3] - The company emphasizes its ability to provide comprehensive solutions, including design, integration, and operational support for immersion cooling systems [4] Market Strategy - The company plans to focus on technological innovation and process improvement to enhance product performance and quality standards [3] - There is a commitment to increasing investment in overseas markets to expand market share [3] Financial Performance and Market Response - The company maintains that its operational status is normal despite stock price fluctuations influenced by various market factors [5] - The company aims to achieve high-quality development and create long-term investment value for shareholders [5]

Group 1: Financial Performance - The net profit attributable to shareholders for the first nine months of 2025 decreased by 4.53% year-on-year, while the net profit after deducting non-recurring gains and losses increased by 11.45% [1] Group 2: Core Business Strategies - The company focuses on the cold and heat business, delving into niche markets [1] - The company has established itself as a key player in the petrochemical sector, providing comprehensive solutions to high-end clients such as BASF, Covestro, and Dow Chemical [1][2] Group 3: Market Leadership in Specific Segments - The company leads the ship refrigeration market in China, with a significant market share in new large frozen fishing vessels [2] - The company has developed the world's first shipboard carbon dioxide transcritical refrigeration system, enhancing vessel decarbonization capabilities [2] - The company has undertaken several notable ice and snow engineering projects, including those for the Beijing Winter Olympics and various commercial ice venues [2] Group 4: Product Development and Innovation - The company’s subsidiary, Songyang Compressor, has shifted its focus to large commercial, heat pump, and specialized air conditioning sectors, achieving a cumulative delivery of over 22 million scroll compressors [3] - In 2024, Songyang Compressor is expected to achieve export revenue of approximately 350 million yuan, primarily to Europe and South America [3] Group 5: Future Outlook - The company aims for rapid growth and scale expansion, laying a solid foundation for long-term sustainability [3] - There is a commitment to steadily enhance market value while continuing business growth [3]

Core Viewpoint - The company is actively developing thermal management systems and expanding into energy storage and supercomputing center thermal management based on its automotive thermal management business [1] Group 1: Business Development - The company's subsidiary, Zhongding Fluid and Zhongding Intelligent Thermal Systems, leads the development of thermal management system assembly [1] - The company has launched a series of liquid cooling units and immersion liquid cooling units in the energy storage sector [1] Group 2: Product Offerings - In the supercomputing center thermal management field, the main product is the CDU (Cold Liquid Distribution Unit) [1] - The company plans to gradually apply immersion technology to supercomputing center thermal management based on actual needs [1] Group 3: Technology and Innovation - The company utilizes self-developed thermal management controllers and control algorithms, along with core technologies such as piping systems and seals [1] - The company is accelerating customer engagement to enhance its market presence [1]

Core Viewpoint - The company is actively developing its thermal management system business, focusing on liquid cooling products for energy storage and supercomputing centers, leveraging its proprietary technologies [2]. Group 1: Product Development - The company has launched a series of liquid cooling units and immersion cooling units in the energy storage sector [2]. - In the supercomputing center thermal management field, the main product is the CDU (Cold Liquid Distribution Unit) [2]. - The company plans to gradually apply immersion technology to supercomputing center thermal management based on actual needs [2]. Group 2: Market Engagement - The company is accelerating customer engagement to enhance its market presence in thermal management solutions [2].

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has successfully registered for its IPO on the ChiNext board, marking a significant milestone for the company as it transitions from a niche player in the thermal management sector to a publicly traded entity, aiming to leverage capital to expand production capacity and enhance technological capabilities [2][3]. Group 1: Company Overview - Nanbaichuan is recognized as a leading player in the domestic liquid cooling plate market, having established itself as the first company in Taizhou, Wenzhou, to successfully pass the IPO process [3]. - The company plans to raise 729 million yuan through the IPO, with 579 million yuan allocated to a production project for 3.6 million water cooling plates annually and 150 million yuan for working capital [3]. - The main product, battery liquid cooling plates, is widely used in the new energy vehicle and energy storage sectors, with an estimated market share of approximately 12.16% in the new energy vehicle sector in 2024 [3]. Group 2: Technological Strength - Nanbaichuan has developed a robust technological foundation, holding 203 patents, including 20 invention patents and 146 utility model patents, showcasing its innovation capabilities [5]. - The company has led the drafting of the industry standard for battery liquid cooling plates, further establishing its technical authority in the sector [5]. Group 3: Product Offerings - The core products include battery liquid cooling plates and associated components, which are adaptable to various vehicle models and battery pack structures [6]. - Nanbaichuan serves as a strategic supplier for major automotive manufacturers, including NIO, Xpeng, and Geely, and has a diverse customer network across multiple application scenarios [6]. Group 4: Financial Performance - The company has demonstrated strong growth, with a compound annual growth rate (CAGR) of 18% in revenue over the past three years, significantly outpacing the industry average [14]. - For the first half of 2025, the company reported a revenue of 743 million yuan, a year-on-year increase of 45.88%, indicating robust growth momentum [16]. - Projections for 2025 suggest a revenue of 1.74 billion yuan, reflecting a growth of 20.86% compared to 2024, with net profit expected to reach 105 million yuan, a 9.72% increase [17]. Group 5: Development Phases - The company's journey can be divided into three key phases: the initial phase of technology accumulation (2011-2016), the growth and expansion phase (2017-2023), and the IPO phase (2024-2025) [18][19]. - The IPO represents a culmination of over a decade of focused development in the thermal management sector, coinciding with a growing demand for innovative solutions in the new energy vehicle and energy storage markets [19].

Summary of Sanhua Intelligent Control Conference Call Company Overview - **Company**: Sanhua Intelligent Control - **Industry**: Refrigeration and Automotive Components Key Points Financial Performance - In the first half of 2025, Sanhua achieved revenue of **16.26 billion** yuan, a year-on-year increase of **18.9%** [4] - Net profit reached **2.11 billion** yuan, marking a **39%** increase [4] - Refrigeration components revenue was **10.39 billion** yuan, up **25.49%**, with net profit of **1.29 billion** yuan, up **59.15%** [4][5] - The automotive sector generated **5.87 billion** yuan, with a growth of **8.83%** and net profit of **823 million** yuan, up **16.61%** [4] Growth Drivers - Growth in refrigeration business driven by global climate change, increased air conditioning penetration, and temporary policy factors [2][5] - The company expects at least **30%** growth in the refrigeration segment for the full year [2][7] - The smart segment's growth forecast has been raised to over **20%**, potentially reaching **30%** [2][10] Market Dynamics - The Indian and Pakistani markets are active, with heat pump technology widely applied in data center liquid cooling and energy storage management [2][8] - Sanhua has become a key supplier for major clients like Nvidia in the liquid cooling sector [8][9] Client Structure - The reliance on major clients has decreased, with the top five clients' share dropping from **35%** to **29%** [11][15] - New clients such as Xiaomi and General Motors have entered the top ten client list, indicating a more diversified client base [11][15] Future Outlook - The company is optimistic about the refrigeration segment's performance, with domestic sales accounting for **56%** and international exports **44%** [7] - The automotive parts business is expected to recover in the second half of the year, with a target growth of around **20%** [14] Innovations and Developments - Sanhua has established a dedicated division for humanoid robots, with production expected to ramp up in Q3 2025 [3][16] - The company is focusing on optimizing its operations to sustain net profit margin improvements [6][19] Market Potential - The liquid cooling market for data centers is significant, with Sanhua holding a competitive edge due to its comprehensive hardware offerings [20][21] - New growth points in the refrigeration industry include liquid cooling and energy storage management, which could surpass traditional refrigeration markets [18] Challenges and Risks - Tariff issues have been monitored, but the company has not seen significant impacts on its operations due to its global production footprint [23][31] - The company remains cautious about potential future tariff adjustments and their implications [31] Summary of Business Segments - Refrigeration segment shows strong growth, with a projected annual increase of at least **30%** [12][24] - Liquid cooling products are integrated across various business units, with significant sales expected to continue [27][28] This summary encapsulates the key insights from the conference call, highlighting Sanhua Intelligent Control's robust performance, strategic initiatives, and market positioning within the refrigeration and automotive components industry.