随着动力电池能量密度不断突破，液冷技术已成为新能源车及储能市场的"必选项"。长三角作为全球产业链的高地，涌现出一批掌握核心焊接、精密加工工 艺的供应商。 FINE 2026组委会 特别整理了长三角地区电池/储能液冷板企业盘点图涵盖苏浙沪皖30+核心厂商，一文看透产业链格局。 01 电池液冷板技术路线 根据 制造工艺 和 应用场景 的不同，电池液冷板领域主要分为以下四大主流类型： （1）吹胀式 (Roll-bonded) 通过两层铝板复合，局部印刷阻焊剂后加压吹胀成流道。该工艺成本低、换热效率高、开发周期短。广泛应用于对成本敏感的乘用车及小型储能系统。 （2） 冲压钎焊式 (Stamping & Brazing) 铝板冲压出流道形状，与盖板通过真空钎焊或连续钎焊连接。该工艺结构强度高、流道设计灵活，适合复杂的热管理需求。目前动力电池包最主流的解决方 案。 （3）冲压板/口琴管式 (Extruded/Harmonica Tube) 通过模具直接挤压成型，再进行切割焊接。耐压性能极佳，标准化程度高。常用于商用车电池包或标准化的储能模组。 （4）摩擦搅拌焊/扩散焊式 (FSW/Diffusion Bonding) 0 ...

| 中国未来产业崛起引领全球新材料创新发展 | 800+ 200+ 30+ 50,000m' | | --- | --- | | 2026.06.10 → 06.12 > 上海新国际博览中心 ( N1-N5 ) 馆 | 企业参展 科研院所 主题论坛 展览面积 | 【DT新材料】 获悉， 12月23日， 纳百川 正式登陆深圳证券交易所创业板。本次公开发行股票2791.74万股，发行价格为每股22.63元。 上市首日开盘价60.00元/股，盘中一度涨近700%，股价最高达180元。截至收盘，涨幅回落至408%，报115元/股。此前，该股盘中触发二次临停。 纳百川 成立于2007年，专注从事 新能源汽车动力电池热管理、燃油汽车动力系统热管理及储能电池热管理相关产品的研发 、生产和销售，主要产品包括电池液 冷板、电池集成箱体、燃油汽车发动机散热器、加热器暖风等。 财务数据显示，2022-2024年，公司营业收入由10.31亿元逐步提升至14.37亿元。2025年第一季度，公司实现营业收入3.37亿元。 2022年至2024年，公司研发费用从3406.96万元逐年提升至5411.17万元。截至2025年第一季度，公司已 ...

证券日报网讯 12月22日，高澜股份在互动平台回答投资者提问时表示，冷板式液冷与浸没式液冷并非 绝对替代关系，而是针对不同应用场景的互补技术方案，目前冷板式仍是市场主流应用方案，但浸没式 液冷则在超高功率密度场景中展现出独特技术价值。公司覆盖两类技术路线，其中"浸没式数据中心液 冷装备关键技术与应用"经鉴定达到国际先进水平。后续公司将持续探索并迭代热管理创新技术。 （编辑 任世碧） ...

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [4] - The company has two main development phases: before 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [4][5] Product Development - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [4] - Current product offerings include electronic pumps and temperature control valves, with sales covering over 200 domestic and international clients [4][5] Subsidiary Information - Anhui Hangyi Technology Co., Ltd. was established in July 2025 with a registered capital of 50 million RMB, focusing on non-automotive liquid cooling pumps [5] - Hangyi Technology aims to become a leader in liquid cooling pump technology, offering solutions ranging from 8W to 37kW [5] Market Position and Strategy - The company is expanding its product applications in various sectors, including 5G base stations, AI cooling, and renewable energy [8][9] - The average price of electronic pumps in the civilian sector is currently higher than in the automotive sector, indicating a lucrative market opportunity [8] Customer Engagement - The company has established partnerships with over 40 leading firms in the server liquid cooling sector, including HP and Delta [9] - The company is actively developing multiple liquid cooling technologies to enhance its market position [10] Production Capacity and Global Expansion - The company has sufficient production capacity to meet rapid growth in the liquid cooling sector and is planning to expand capacity dynamically [11] - The first overseas smart factory in Thailand was completed in June 2025, focusing on engine thermal management products and new energy thermal management products [12] Risk Management - In response to U.S. tariff policies, the company is accelerating the construction of its Thailand production base and diversifying its international market strategy [12] Future Outlook - The company aims to leverage its core strengths in the automotive sector while expanding into high-growth areas such as commercial liquid cooling and energy storage systems [12]

Core Viewpoint - The conference emphasizes the importance of thermal management technology in various key sectors, including AI computing, advanced packaging, new energy, and electric vehicles, aiming to drive innovation and collaboration within the industry [2][5][19]. Group 1: Conference Overview - The 6th Thermal Management Industry Conference and Expo, hosted by DT New Materials, took place in Shenzhen, gathering experts from academia and industry to discuss technological innovations and engineering practices in thermal management [2]. - The conference featured multiple forums and discussions on trending applications such as AI data centers, advanced packaging, power devices, and liquid cooling technology, providing a comprehensive communication platform for the industry [4][19]. Group 2: Keynote Highlights - Dr. Zhang Lisheng, CEO of DT New Materials, highlighted Shenzhen's role as a hub for electronic information and advanced manufacturing, aiming to create a robust ecosystem for thermal management, integrated circuits, and new materials [5][7]. - Notable presentations included topics on directional heat transfer mechanisms, thermal management in communication and AI products, and intelligent thermal control mechanisms, showcasing advancements in materials and system-level solutions [9][10][12][14][16]. Group 3: Industry Trends and Innovations - The conference discussions revealed key trends such as high heat flux density, advanced packaging, and the engineering of liquid cooling systems, indicating the main development lines for the industry over the next 3-5 years [52]. - The exhibition area featured numerous new products and solutions, facilitating direct interactions between engineers and procurement leaders, leading to potential collaborations [53]. Group 4: Future Outlook - The conference aims to create tangible value for the industry through connectivity and collaboration, with ongoing discussions between academic experts and industry representatives for future research and project implementations [56][59]. - More forums and significant content updates are expected in the following days, reflecting the growing importance of thermal management in the era of increased computational power [59].

Summary of Tenglong Co., Ltd. Conference Call Company Overview - **Company**: Tenglong Co., Ltd. - **Industry**: Automotive components, specifically focusing on thermal management systems and new energy vehicles Key Points Industry and Market Dynamics - **Overseas Market Expansion**: Tenglong is actively expanding its overseas market presence, particularly in Poland, Southeast Asia, and Morocco, to counter domestic competition and declining gross margins. As of the first half of 2025, overseas sales reached 460 million yuan, accounting for 24% of total revenue, with expectations for continued growth [2][6][21] - **New Energy Vehicle (NEV) Growth**: The NEV-related business accounted for over 50% of revenue in the first three quarters of 2025, driven by increased penetration rates and higher value per vehicle. The company is launching new products like electronic water pumps and plate heat exchangers [2][7] Financial Performance - **Q3 2025 Performance**: In Q3 2025, the company reported revenue of 972 million yuan and a net profit of 52 million yuan, a year-on-year decrease primarily due to intensified industry competition and a decline in gross margins. However, the gross margin improved by 1 percentage point quarter-on-quarter [2][9][10] - **Financial Stability**: As of Q3 2025, the asset-liability ratio was 48.17%, with accounts receivable turnover days at 98.43, indicating stable cash flow and manageable financial risk [4][13] Strategic Initiatives - **Cost Management**: The company is implementing a "cost-saving and revenue-increasing" strategy, focusing on product matrix expansion, solidifying domestic market share, and enhancing operational efficiency [2][14] - **Technological Innovation**: Tenglong is committed to technological innovation, particularly in thermal management, and is exploring applications in non-automotive sectors such as energy storage and data centers [3][15] Product and Service Development - **Product Matrix**: The main business segments include thermal management products for air conditioning and NEV systems, EGR products for emissions control, and traffic management products. The company is also developing air conditioning hoses and has established a comprehensive domestic production base [5][6] - **Non-Vehicle Applications**: Tenglong has made progress in non-vehicle applications, including high-power electronic water pumps for energy storage and data centers, and is developing smart cabin products [8][15] Future Outlook - **Q4 2025 Expectations**: The company anticipates a stable operational environment in Q4 2025, with seasonal increases in vehicle production expected to boost performance [11] - **Currency Risk Management**: With overseas sales constituting about 20% of total revenue, the company is actively managing currency risks associated with USD and EUR transactions [12][21] Market Challenges - **Competitive Landscape**: The automotive industry is facing intense competition, leading to price wars that pressure profit margins. Tenglong is adapting by enhancing its product offerings and focusing on high-quality clients [3][27] - **Long-term Value Creation**: The company remains focused on long-term value creation for investors, despite short-term challenges [19] Additional Insights - **Hydrogen Energy Investment**: Tenglong has invested in a hydrogen fuel cell company, indicating a long-term interest in hydrogen energy applications, particularly in commercial vehicles [20] - **Market Positioning**: The company is strategically positioning itself to leverage its existing capabilities while exploring new growth avenues in emerging markets and technologies [24][25] This summary encapsulates the key insights from the conference call, highlighting Tenglong's strategic initiatives, financial performance, and market outlook.

Core Viewpoint - Zhejiang Yinlun Machinery Co., Ltd. plans to acquire over 55% of Shenzhen Deep Blue Electronics Co., Ltd. for approximately 133 million yuan, aiming to enhance its control over the thermal management industry and integrate advanced technologies [2][3][4] Company Summary - The acquisition involves purchasing approximately 20.31 million shares of Deep Blue Electronics at 4.05 yuan per share, totaling about 82.27 million yuan, followed by a capital increase of around 50 million yuan [2] - Deep Blue Electronics specializes in high-tech electronic devices, particularly HVAC controllers and variable frequency drives, with projected revenues of 71.52 million yuan and 30.86 million yuan for 2024 and the first half of 2025, respectively [2] - Yinlun's traditional business focuses on automotive thermal management components, with a significant expansion into digital energy and robotics, reporting a 58.94% year-on-year revenue growth in digital energy for the first half of 2025 [2] Industry Summary - The integration of Deep Blue's technology with Yinlun's resources is expected to lower production costs and enhance control over core technologies in the thermal management supply chain [3] - The complementary customer bases of both companies provide a solid foundation for exploring new markets and large clients, particularly in the electronic manufacturing and smart home sectors [3] - The acquisition is anticipated to create a differentiated technological barrier in the competitive thermal management industry, positioning Yinlun to develop unique products that stand out from competitors [3][4] - The demand for thermal management technology is expected to grow with the rapid development of new energy vehicles and digital energy sectors, allowing companies with core technological advantages to dominate the market [4]

Core Viewpoint - The establishment of a joint venture, Tianmai Jianzhun, between Suzhou Tianmai and Jianzhun Electric focuses on the research and production of cooling products, leveraging both companies' technological and resource advantages to potentially enter NVIDIA's liquid cooling supply chain [2]. Group 1: Joint Venture Details - The joint venture, Tianmai Jianzhun, was established on November 14, 2025, with a registered capital of 13 million yuan, where Suzhou Tianmai holds a 65% stake and Jianzhun Electric holds a 35% stake [2]. - Tianmai Jianzhun will primarily engage in the research, production, and sales of micro fans, targeting applications in consumer electronics such as smartphones and tablets [2]. Group 2: Company Backgrounds - Suzhou Tianmai is recognized as a high-tech enterprise with capabilities in mass production of high-performance thermal management components, including mid-to-high-end thermal materials, heat pipes, and uniform temperature plates [2]. - Jianzhun Electric, established in 1980, specializes in energy-saving motor technology and has developed innovative products such as the world's first MagLev magnetic levitation motor fan and the smallest millimeter-scale micro fan [2]. Group 3: Market Applications - The products from both companies are widely used in various sectors, including smartphones, laptops, automotive electronics, and security monitoring [2]. - The collaboration aims to integrate resources and strengths to position Tianmai Jianzhun as a leading thermal management technology provider in the industry [2].

证券日报网讯飞龙股份（002536）11月18日在互动平台回答投资者提问时表示，公司持续深耕主业，生 产经营一切正常。公司未来将围绕"四个曲线"战略布局：(1)稳固车端热管理业务基本盘；(2)以海外生 产基地龙泰公司为战略支点，深化全球化市场布局；(3)拓展热管理技术新兴应用领域；(4)推进热管理 技术与前沿产业深度融合，构建集成化供应链，实现价值赋能。 ...

Core Insights - Gentherm reported an earnings per share (EPS) of $0.73, exceeding the estimated $0.655, indicating strong operational performance [1][6] - The company achieved a revenue of approximately $386.87 million for Q3 2025, surpassing the Zacks Consensus Estimate by 3.16% and showing growth from $371.51 million in the same quarter last year [3][6] Financial Performance - The reported EPS of $0.73 represents a 14.06% earnings surprise, although it is a slight decrease from the $0.75 per share reported in the same quarter last year [2][6] - Gentherm's year-to-date operating cash flow reached $88 million, reflecting its financial health [4][6] - The company secured $745 million in new automotive business awards, contributing to its goal of exceeding $2 billion in awards for the year [4] Market Position - Gentherm's price-to-earnings (P/E) ratio is approximately 37.34, indicating that investors are willing to pay a premium for its earnings [5] - The company's low debt-to-equity ratio of roughly 0.08 suggests a strong balance sheet [5] - A current ratio of approximately 1.96 indicates Gentherm's capability to meet short-term obligations [5]