Core Points - The iTherM2025 (Thermal Management Expo) will take place from December 3 to December 5, 2025, at the Shenzhen International Convention and Exhibition Center, Hall 10 [2][3]. - The event will feature various exhibitors and sessions focused on thermal management technologies and materials [21][22]. Event Details - **Exhibition Schedule**: - December 3: 09:00-17:00 - December 4: 09:00-17:00 - December 5: 09:00-16:00 [3] - **Sign-in Information**: - Sign-in will occur on December 2-3, 2025, at the South Lobby of the Shenzhen International Convention and Exhibition Center [4]. - **Transportation Options**: - Metro lines 1 and 4 provide access to the venue, with shuttle buses connecting to nearby stations [8][9]. - The venue is approximately 7 km from Shenzhen Bao'an Airport and 75 km from Hong Kong Airport [10]. Accommodation - A list of hotels near the venue is provided, including details on room types, prices, and distances to the exhibition center [11]. Exhibitor Information - A comprehensive list of exhibitors and their booth numbers is available, showcasing companies involved in thermal management technologies and materials [16][17][19]. Conference Agenda - The conference will include various sessions on topics such as thermal interface materials, chip and electronic device thermal management, and liquid cooling technologies [22][32][35]. - Notable speakers include professors and researchers from prestigious institutions, discussing advancements in thermal management materials and technologies [28][40].

Group 1 - The core point of the article is that Shenzhen Aikelaite Technology Co., Ltd. is planning to issue shares and pay cash to acquire controlling interest in Dongguan Silicon Xiang Insulation Materials Co., Ltd., and has suspended trading on the same day [2][4] Group 2 - Aikelaite is a national high-tech enterprise engaged in the research, development, production, and sales of landscape lighting intelligent control systems and LED landscape lighting fixtures [4] - In the first three quarters of this year, Aikelaite achieved revenue of 822 million yuan, representing a year-on-year increase of 29.56%, while the net profit attributable to shareholders was -31 million yuan [4] Group 3 - Dongguan Silicon Xiang, established in May 2008 with a registered capital of 30.2098 million yuan, focuses on providing one-stop solutions for new energy power batteries, energy storage batteries, and data center thermal management [6] - The products of Dongguan Silicon Xiang include thermal conductive adhesives, battery heating films, and fireproof insulation cotton, which are widely used in various fields such as new energy vehicles, special vehicles, motor power batteries, energy storage systems, and data centers [6]

Group 1: Market Overview - The global vapor chamber market is projected to reach USD 1.24 billion in 2024, representing a growth of 56.57% compared to 2022, and is expected to reach USD 3.59 billion by 2032, with a CAGR of 14.21% from 2024 to 2032 [1] - The demand for vapor chambers is increasing due to the rising cooling needs in emerging fields such as smartphones, electric vehicles, and 5G base stations, alongside advancements in manufacturing technology [1] Group 2: Company Developments - The company plans to invest in two new projects to expand its high-end vapor chamber production capacity, including a project in Suzhou with a total investment of CNY 1.7 billion, which will add an annual production capacity of 30 million units [1] - Another project in Suzhou will utilize existing facilities with a planned investment of CNY 600 million, aiming to add an annual production capacity of 18 million units [1] Group 3: Strategic Partnerships - The company has formed a joint venture with Jianzhun Electric to establish Tianmai Jianzhun Cooling Technology (Suzhou) Co., Ltd., focusing on the development, production, and sales of micro fans for consumer electronics [2] - The joint venture will leverage both companies' strengths in thermal management technology, with the company holding a 65% stake and Jianzhun Electric holding 35% [2] Group 4: Financial Projections - The company is expected to achieve revenues of CNY 1.13 billion, CNY 3 billion, and CNY 5 billion in 2025, 2026, and 2027 respectively, with net profits of CNY 180 million, CNY 500 million, and CNY 840 million for the same years [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company is focusing on the high-end uniform temperature plate market, with plans to invest in the construction of production capacity for 30 million and 18 million PCS of high-end uniform temperature plates. The global market for uniform temperature plates is projected to grow from $1.24 billion in 2024 to $3.59 billion by 2032, reflecting a compound annual growth rate (CAGR) of 14.21% [3][4]. - The company is currently in the sample testing phase with North American clients, and it has made significant progress in its development of uniform temperature plate technology since 2017 [3]. - The company has established a joint venture with Jianzhun Motor to expand its product offerings in ultra-thin micro fans, which are essential for active cooling solutions in smartphones and other consumer electronics [4][7]. Financial Projections - Revenue projections for the company are as follows: 2025 expected revenue of 1.13 billion yuan, 2026 expected revenue of 3.01 billion yuan, and 2027 expected revenue of 5.01 billion yuan. Corresponding net profits are projected to be 180 million yuan, 500 million yuan, and 840 million yuan for the same years [8][10]. - The report outlines a significant growth trajectory, with revenue growth rates expected to reach 165.44% in 2026 and 66.52% in 2027 [10][13]. Market Position - The company is recognized as one of the few high-tech enterprises capable of mass production of both mid-to-high-end thermal materials and high-performance thermal components, such as heat pipes and uniform temperature plates. Its products are widely used in smartphones, laptops, automotive electronics, and security monitoring [7][8].

Group 1 - The core viewpoint of the article is that Feilong Co., Ltd. is expanding its product applications beyond automotive to include various civilian thermal management scenarios such as server liquid cooling, charging pile liquid cooling, and energy storage liquid cooling [1] - Currently, the company's integrated module products are primarily used in the automotive sector, indicating a strong foothold in this industry [1] - The company reports that its product orders are stable and ongoing, suggesting a healthy demand for its offerings [1]

Group 1 - The core viewpoint of the news is that Yinlun Co., Ltd. plans to acquire over 55% of Shenzhen Deep Blue Electronics Co., Ltd. to enhance its digital and energy thermal management business [1][2] - The investment amount for the acquisition is approximately 132.57 million yuan [1] - After the acquisition, Yinlun will become the controlling shareholder of Deep Blue, and Deep Blue will be included in Yinlun's consolidated financial statements [1] Group 2 - Deep Blue focuses on the research, production, and sales of HVAC controllers and variable frequency drives, with a long-term goal of achieving integrated capabilities in system modules and electromechanical manufacturing [2] - The acquisition aims to integrate the underlying technologies of controllers, driver integrated circuit hardware, and related embedded system software, which will significantly reduce production costs and enhance control over the thermal management industry chain [2] - This strategic move is expected to strengthen the company's core competitiveness in the thermal management field by improving its technology system [2]

【DT新材料】 获 悉， 近日，优必选正式官宣中标2.64 亿元大单，年内已累计揽下11亿元订单总额。 此次中标项目为广西防城港市人形机器人数据采集与测试中心和人工智能科创教育示范项目。交付的核心产品为工业人形机器人 Walker S2，将全面落地全国 边境口岸旅客疏导、岗哨巡检、物流服务，以及钢铜铝大型生产基地设施巡检等关键场景，订单预计于 12 月完成交付。 同期专题论坛 消费电子热管理论坛 热科学论坛 电池热管理论坛 芯片热管理论坛 液冷技术论坛 热界面材料论坛 2025.12.03-05 传递多一点 ▶▶▶ 深圳国际会展中 无独有偶，今年10 月份，优必选还成功中标 "广西具身智能数据采集及测试中心设备采购及安装" 项目，订单金额 1.26 亿元，采购清单内同样涵盖了可自主 换电的Walker S2，计划2025 年内完成交付。 目前，优必选工业人形机器人产能已达到每月300台，预期全年交付量将超过500台；在场景应用方面，已覆盖汽车制造、智能制造、智慧物流、具身智能数 据中心等重点应用领域。 工业领域是当前机器人商业化主战场，新能源汽车焊接装配、3C精密组装、智慧物流分拣搬运等场景需求旺盛。这些场景 ...

Summary of the Conference Call for AUX Electric Company Overview - **Company**: AUX Electric - **Industry**: Home Appliances, specifically Air Conditioning Key Points and Arguments Sales and Growth Projections - AUX Electric expects a **three-digit growth** in exports by 2026, with domestic sales growth slightly above the market average despite competitive pressures [2][27] - The company anticipates a **20% year-on-year increase** in order volume for 2026, achieving double-digit growth [2][8] Market Conditions and Competition - The export business faced a decline in 2025 due to climate and geopolitical factors, but strong performance in key markets like the Middle East, Southeast Asia, Eastern Europe, and South America is expected to drive future growth [2][8] - The domestic market remains competitive, with no significant changes in sales performance noted recently [5][6] - The introduction of Xiaomi's **10-year warranty** has not significantly impacted the market, as consumers perceive little difference between warranty lengths [6][33] Cost Management and Production - Rising copper prices have increased costs, but AUX Electric is managing this by locking in prices for export orders and passing costs onto the domestic market [4][16] - The company plans to produce **1 million compressors** in 2026, with initial costs expected to align with external sourcing by that year [4][20] Inventory and Sales Channels - Inventory levels in overseas markets are normalizing after fluctuations due to climate impacts [9][10] - AUX Electric employs a dual model of **national agents and self-operated sales companies** to expand its overseas market presence [9][10] Future Focus Areas - The company aims to enhance its focus on **central air conditioning, multi-split systems, and thermal management** sectors, which are seen as natural extensions of its HVAC business [27][28] - AUX Electric currently holds about **10% market share** in the central air conditioning sector, which is targeted for growth due to higher profit margins compared to home air conditioning [28] ODM Business Model - The company operates an **ODM model** for overseas business expansion, allowing local distributors to manage inventory based on their needs [31] Emerging Markets and Brand Strategy - AUX Electric is prioritizing expansion into emerging markets with increasing air conditioning penetration, such as Egypt, Argentina, and Indonesia [12][13] - The company has launched a new sub-brand, "Aubert," focusing on online sales, while "Hua Suan" targets offline sales with lower pricing [23] Financial Outlook - AUX Electric's current valuation is considered low, with a **75% dividend yield**, indicating strong investment appeal despite competitive pressures in the domestic market [35] Conclusion - Overall, AUX Electric is positioned for growth in both domestic and international markets, leveraging its production capabilities and strategic focus on emerging markets and product diversification to navigate competitive challenges and cost pressures [27][34]

Core Insights - The 2025 European Thermal Management Exhibition recently concluded in Stuttgart, Germany, showcasing advanced thermal management solutions from Guangdong Siquan New Materials Co., Ltd. [1] - The exhibition is the only professional platform in Europe focused on thermal management systems, components, and materials, covering key sectors such as automotive, aerospace, electronics, and data centers, with over 60% of attendees from the automotive and electronics industries [1] Company Highlights - Siquan New Materials presented comprehensive solutions in three main areas: thermal management, electronic protection, and electromagnetic shielding, including thermal simulation design, liquid cooling plates, uniform temperature plates, bottom filling adhesives, UV protective coatings, and absorbing materials [1] - The company expressed a desire to collaborate with more international partners to advance global electronics industry towards a more efficient, reliable, and intelligent future using their leading thermal control and protection technologies [1]

Core Insights - Company Zhongding Co., Ltd. announced that its subsidiary Anhui Zhongding Intelligent Thermal System Co., Ltd. has been selected as a supplier for liquid cooling dummy loads by two domestic liquid cooling system integrators, with a total project value of approximately 15 million yuan [2] Group 1: Business Development - Zhongding's subsidiaries, Zhongding Fluid and Zhongding Intelligent Thermal System, are leading the development of thermal management system assemblies, actively expanding into energy storage thermal management and supercomputing center thermal management based on their automotive thermal management business [2] - The company has launched a series of liquid cooling units and immersion liquid cooling units in the energy storage sector, utilizing self-developed thermal management controllers and core technologies such as piping systems and seals [2] - In the supercomputing center thermal management field, the main products include CDU (Chilled Liquid Distribution Unit), cold plates, piping, and other liquid cooling system products, with a focus on developing immersion liquid cooling products [2] Group 2: Strategic Partnerships - Zhongding recently entered into a strategic cooperation agreement with Shanghai Fourier to collaborate on humanoid robot-related products, aiming to enhance the development of components such as harmonic reducers, planetary reducers, force sensors, lightweight skeletons, and hollow cup motors [2] - This partnership is expected to strengthen the relationship between the two companies and promote the development of their respective businesses [2]