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 company focuses on research and development to address the reliability issues of electronic devices, providing solutions in thermal management, electromagnetic shielding, bonding, and sealing [1] Group 1: Company Overview - The company, Zhongshi Technology (300684), offers a range of products including high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, thermal modules, EMI shielding materials, adhesives, and sealing materials [1] - These products are widely used in high-growth industries such as consumer electronics, digital infrastructure, smart transportation, and clean energy [1]

Core Insights - The company reported a record high in both revenue and profit for the first half of 2025, with revenue reaching 734 million yuan, a year-on-year increase of 9.97%, and net profit of 114 million yuan, up 21.88% [2] - The company is a leading manufacturer of reflective materials and related products, focusing on developing new materials and expanding its technological capabilities [2][3] Financial Performance - The company achieved a net cash flow from operations of 238 million yuan, a significant increase of 1109.27% year-on-year [2] - Revenue from electronic functional materials reached 76.65 million yuan, growing by 25.86% due to increased sales of release materials and graphene thermal films [2] - The reflective materials segment generated 516 million yuan in revenue, up 5.70%, while the optical display materials segment reported 128.71 million yuan, a growth of 14.13% [3] Business Development - The company is actively expanding its graphene product applications, which have been successfully tested and are being used in various products, including smartphones and tablets [2] - The growth in reflective materials is attributed to the booming demand in the electric vehicle market, enhancing the company's market share domestically and internationally [3] - The company is exploring new applications for reflective materials in smart driving and traffic management systems [3] Dividend Announcement - The company announced a mid-year profit distribution plan, proposing a cash dividend of 1.3 yuan per share, totaling approximately 81.2 million yuan, with a cash dividend ratio of 71.20% [3][4] - This dividend distribution aligns with the company's strategy to enhance long-term investment value and improve investor satisfaction [4]

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].

飞龙股份目前在液冷领域有超120个项目正在进行，部分项目已经量产。目前公司正推动热管理技术与服务器液冷、数据中心（IDC）液冷、 人工智能液冷；机器人；低空经济、5G基站与通信设备；充电桩液冷；氢能液冷；风能太阳能储能液冷；电力设备；现代化农业器械、大型 机械装备工业液冷等众多前沿领域深度融合，实现价值赋能。除已投产的孙公司龙泰汽车部件（泰国）有限公司外，国内不考虑在汽车发动 机热管理产品上追加投资。 日前，河南飞龙（芜湖）汽车零部件有限公司存续分立后新成立的子公司—安徽航逸科技有限公司，航逸科技专注于数据中心（IDC）、风 光储能及充电桩等领域的非车用液冷泵研发、生产与销售，聚焦于IDC液冷循环泵核心产品，致力于提升产品效率，并积极推广及持续迭代 热管理集成模块产品，以不断增强服务器液冷产品的适配性与市场竞争力。 近日，飞龙股份在接受机构调研时表示，根据目前在手订单来看，公司2025年下半年营收预计会好转，主要驱动力有以下三点：一、海外新 项目逐步起量；二、部分新能源车集成模块订单增长；三、公司液冷领域产品也将逐步上量。 飞龙股份供货及建立联系的客户超80家，主要有HP项目、小米汽车、L项目、申菱环境、亚浩 ...

Core Viewpoint - The rapid advancement of electronic technology is driving the demand for efficient thermal management materials and innovative solutions across various sectors, including consumer electronics, 5G, AI, and more, to ensure product efficiency, reliability, safety, and durability [1]. Group 1: Conference Information - The 6th Thermal Management Industry Conference and Exposition (iTherM 2025) will be held from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, focusing on the theme of "Fusion and Innovation" [2]. - The conference aims to provide a one-stop, high-efficiency value service platform for the thermal management industry, leveraging advancements in electronic information, new materials, and green technologies [2][3]. - The event is expected to attract over 2000 participants and 350 exhibitors, covering an exhibition area of 20,000 square meters [2]. Group 2: Focus Areas - iTherM 2025 will emphasize intellectual property, entrepreneurial projects, and innovative technologies that can transition from the lab to the market, promoting collaboration among government, industry, academia, and research institutions [3]. - The conference will feature over 20 activities, including keynote speeches, roundtable discussions, and case studies, aimed at fostering professional communication and collaboration in the thermal management field [2]. Group 3: Agenda Highlights - The conference will address current challenges and future opportunities in the thermal management industry, clarifying market dynamics and technological trends to support high-quality industrial development [5]. - Key topics will include thermal science, functional materials, technology applications, and engineering solutions, with specialized sessions on areas such as liquid cooling technology, power device thermal management, and data center thermal management [5][12].