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]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司的液冷产品是否已经批量供货，客户包含哪 些企业？ 中鼎股份（000887.SZ）10月20日在投资者互动平台表示，公司子公司中鼎流体及中鼎智能热系统主导 热管理系统总成业务的发展，在汽车热管理业务基础上积极布局储能热管理及超算中心热管理。基于自 研热管理控制器及控制算法，管路系统及密封等核心技术，公司在储能领域已推出系列化液冷机组，及 浸没式液冷机组；超算中心热管理领域主要产品为CDU（冷液分配装置），未来根据实际需要，逐步 将浸没式技术运用到超算中心热管理中，目前公司正在加速与客户对接。 ...

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.

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has received approval for its IPO application on the ChiNext board, highlighting its position as a leading player in the thermal management systems for electric vehicle battery applications in China [1] Group 1: Company Overview - The company has focused on the research and development of thermal management systems for electric vehicle batteries since 2011, establishing a strategic partnership with industry leader CATL in 2015 [1] - Nanbaichuan has developed a robust customer base, including major automotive manufacturers such as NIO, Xpeng, and SAIC, and has adapted over 200 vehicle models [1] - The company has completed over 300 development projects, showcasing its strong system matching and rapid response capabilities [1] Group 2: Research and Development - R&D is a strategic priority for the company, with R&D expenses increasing from 34.07 million yuan in 2022 to 54.11 million yuan in 2024 [2] - The company holds 203 authorized patents, including 20 invention patents and 183 utility model patents, covering key technology areas such as thermal management design and lightweight processes [2] - Nanbaichuan is advancing its production transformation towards intelligent and green manufacturing, implementing fully automated production systems to enhance efficiency and product consistency [2] Group 3: Financial Performance - From 2022 to 2024, the company's main business revenue is projected to grow from 1.008 billion yuan to 1.408 billion yuan, with a compound annual growth rate of 18.17% [3] - In the first quarter of 2023, the company achieved a revenue of 329.42 million yuan, reflecting a year-on-year growth of 69.55% [3] - The company anticipates a revenue of 1.737 billion yuan in 2025, representing a year-on-year growth of 20.86% [3] Group 4: Market Expansion - Beyond the electric vehicle sector, Nanbaichuan has made significant strides in the energy storage thermal management market, entering the supply chains of leading companies like CATL and Sungrow [3] - The global energy storage battery shipment is expected to reach 449 GWh by 2025, with a year-on-year growth of approximately 21.42%, indicating a potential second growth curve for the company [3] Group 5: IPO Fund Utilization - The funds raised from the IPO will primarily be used for the production project of 3.6 million sets of water-cooled plates at Nanbaichuan (Chuzhou) New Energy Technology Co., Ltd., with a total investment of 579.40 million yuan [3] - This project, located in Chuzhou, Anhui Province, is expected to significantly enhance the company's production capacity and better meet market demand [3]

Group 1: Company Performance and Strategy - 大金重工 has seen a significant increase in overall shipment volume, with a year-on-year growth of over 40%, particularly in export marine products which have doubled [1] - 晶澳科技 expects a 15-18% growth in installation demand by 2025, primarily driven by the Chinese market, with a slight increase anticipated in 2026 [2] - 杭氧股份 anticipates a rapid growth in helium sales over the next three years, with sales in the first half of 2025 exceeding the total for the previous year [3] - 伟星股份 reported a 1.80% year-on-year revenue growth for the first half of 2025, with international business growing by 13.72% [4] - 新宙邦 achieved a revenue of 42.48 billion yuan in the first half of 2025, marking an 18.58% year-on-year increase [5] - 亿联网络 maintains stable gross margins and is optimistic about performance recovery in the second half of the year [6] - 银轮股份 has established a product system focused on data centers, energy storage, and low-altitude aircraft, with positive progress in customer collaborations [7] - 同飞股份 reported a 77.48% year-on-year increase in revenue from power electronics temperature control products [8] - 南方泵业's liquid cooling business generated approximately 66 million yuan in sales, with a focus on new product development [9] - 珠海冠宇 achieved a revenue of 60.98 billion yuan in the first half of 2025, reflecting a 14.03% year-on-year growth [11] - 华丰科技's sales in the new energy vehicle sector have increased, with plans to expand market scale [12] - 中际旭创 is confident in maintaining gross margin growth through cost management and technology advancements [13] Group 2: Market Trends and Opportunities - 大金重工 is expanding its integrated services and has confidence in securing European orders due to its strategic positioning in the offshore engineering sector [1] - 晶澳科技 is adjusting prices based on market conditions and anticipates continued demand growth in the solar energy sector [2] - 杭氧股份 is actively expanding its overseas business, particularly in Southeast Asia, to leverage higher margins compared to domestic sales [3] - 伟星股份 is observing a cautious industry trend but has noted a recent improvement in order intake [4] - 新宙邦 is capitalizing on market opportunities arising from the shutdown of international competitors in the fluorinated liquid sector [5] - 亿联网络's overseas capacity expansion is expected to enhance its operational capabilities in the European market [6] - 银轮股份 is focusing on developing products for emerging fields such as energy storage and low-altitude flying vehicles [7] - 同飞股份 is expanding its product offerings in the cooling solutions market, particularly for data centers [8] - 南方泵业 is enhancing its sales network in overseas markets, particularly in the Middle East and Vietnam [9] - 珠海冠宇 is advancing its research in solid-state batteries and sodium-ion technology, indicating a focus on innovative energy solutions [11] - 华丰科技 is promoting high-voltage connector applications to capture growth in the electric vehicle market [12] - 中际旭创 is exploring new applications for optical connections, indicating a focus on technological advancements in data centers [13]

Core Viewpoint - The company is actively developing thermal management systems, focusing on automotive thermal management, energy storage thermal management, and supercomputing center thermal management [1] Group 1: Business Development - The company's subsidiaries, Zhongding Fluid and Zhongding Intelligent Thermal Systems, are leading the development of thermal management system assemblies [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: Customer Engagement - The company is accelerating its engagement with customers to enhance its thermal management solutions [1]

Group 1 - The core focus of the company is on the development of liquid cooling thermal conductive silicone oil [1] - The primary applications of this product are in thermal management solutions for data centers and energy storage [1]

Core Viewpoint - The company has been actively advancing the research and production of thermal management pipeline products, with a focus on the automotive and energy storage sectors [1] Group 1: Company Developments - The subsidiary TFH in Germany is recognized as an excellent supplier of thermal management pipeline assemblies for engines and new energy vehicle batteries, possessing proprietary production technology known as the creatube process [1] - The company’s subsidiaries, Zhongding Fluid and Zhongding Intelligent Thermal Systems, are leading the development of thermal management system assemblies [1] - The company has launched a series of liquid cooling units and immersion liquid cooling units in the energy storage sector, leveraging self-developed thermal management controllers and algorithms [1] Group 2: Future Plans - The main product for the supercomputing center thermal management field is the CDU (Cold Liquid Distribution Unit), with plans to gradually apply immersion technology to supercomputing center thermal management based on actual needs [1] - The company is accelerating customer engagement to enhance its market presence in thermal management solutions [1]

Core Viewpoint - The company has successfully launched a series of liquid cooling units for energy storage and immersion cooling units for supercomputing centers, leveraging its proprietary thermal management technologies [2]. Group 1: Product Development - The company’s subsidiaries, Zhongding Fluid and Zhongding Intelligent Thermal Systems, are leading the development of thermal management systems [2]. - The company has introduced a series of liquid cooling units in the energy storage sector and immersion cooling units for supercomputing centers [2]. - The main product for supercomputing center thermal management is the CDU (Cold Liquid Distribution Unit), with plans to gradually apply immersion technology based on actual needs [2]. Group 2: Technology and Innovation - The company utilizes self-developed thermal management controllers and control algorithms, along with core technologies such as piping systems and seals [2]. - The company is actively expanding its thermal management business beyond automotive applications into energy storage and supercomputing [2]. Group 3: Customer Engagement - The company is accelerating its engagement with customers to implement these new thermal management solutions [2].