每经AI快讯，有投资者在投资者互动平台提问：尊敬的苏州天脉管理层您好！公司与建准电机合资成 立的新公司，聚焦散热相关产品及方案的研发与量产。已知建准电机具备英伟达供应资质，且是其 MGX液冷模组的主流供应商之一，请问新合资公司是否会依托双方技术与资源优势，切入英伟达液冷 供应链相关业务？或是否已与英伟达就液冷产品供应开展合作洽谈、达成初步意向？ 苏州天脉（301626.SZ）11月20日在投资者互动平台表示，尊敬的投资者您好，公司与建准电机工业股 份有限公司（以下简称"建准电机"）依托双方散热技术与资源优势，于2025年11月14日共同投资设立天 脉建准散热科技（苏州）有限公司（以下简称"天脉建准"），天脉建准主要从事微型风扇的研发、生产 和销售，产品将主要应用于智能手机、平板电脑等消费电子场景。其中，公司认缴注册资本1,300万 元，持有天脉建准65%股权；建准电机认缴注册资本700万元，持有天脉建准35%股权。 公司是行业内 少数同时具备中高端导热材料和热管、均温板等高性能导热散热元器件量产能力的高新技术企业，在研 发能力、工艺水平、产品性能及市场占有率等方面均居于行业较高水平，产品广泛应用于智能手机、笔 ...

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]

Core Insights - The research team from Tianjin University has developed a new type of molecular solar thermal (MOST) fabric that can achieve efficient light-to-heat conversion and excellent mechanical properties, inspired by the salt-absorbing mechanisms of salt-tolerant plants [1][4] - This innovative fabric can rapidly increase surface temperature to 40°C within 12 seconds under -20°C conditions and maintains over 90% of its thermal performance after extensive washing and mechanical stress [1][4] Group 1: Technology and Innovation - The MOST fabric utilizes a unique design inspired by the dynamic cycle of salt absorption and crystallization found in the plant species "Kochia scoparia," which allows it to adapt to extreme environments [3] - The fabric is made from thermoplastic polyurethane aerogel fibers, which are treated with a special azo compound solution to create a dense crystal layer on the surface, enhancing its optical and mechanical properties [3] Group 2: Performance and Applications - Experimental results show that the fabric can increase temperature by 25.5°C in 70 seconds under blue light and by 21.2°C in 50 seconds under simulated sunlight at low temperatures [4] - The fabric's ability to precisely control heat release through light intensity adjustment makes it suitable for everyday warmth and as a portable therapeutic device for conditions like arthritis [4] Group 3: Market Potential - This research represents a significant breakthrough in thermal management materials, paving the way for applications in smart clothing, medical therapy devices, and outdoor protective gear, transitioning personal thermal management from reliance on external energy to efficient solar energy utilization [4]

Core Viewpoint - The company has a significant technological reserve in microchannel liquid cooling plate technology and is actively developing new products to meet diverse market demands [1] Group 1: Technology and Innovation - The company has obtained a total of 843 patents as of June 30, 2025, indicating a strong commitment to innovation and technology development [1] - The company is recognized as a leading provider of thermal management solutions in China, with a wide range of thermal management products [1] Group 2: Market Demand and Customer Focus - The company continuously develops new technologies and products to cater to different customer needs, usage environments, and product specifications [1]

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of history, established in 1952, focusing on thermal management system solutions [1] - The company has two development phases: - Before 2017: Focused on automotive thermal management components like mechanical water pumps and turbocharger housings [1] - Since 2017: Expanded into non-automotive sectors while continuing to develop automotive thermal management products [1][2] Product Development and Market Reach - The company has established four R&D centers in Shanghai, Wuhu, Nianxiang, and Xixia, focusing on new energy thermal management components [1][2] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] Investment and Product Strategy - The company is integrating thermal management technology with various sectors, including AI, 5G, and renewable energy [3] - No additional investments in domestic automotive engine thermal management products are planned, aside from the existing subsidiary in Thailand [3] New Energy Vehicle Products - Supplies electronic pumps, temperature control valves, and integrated modules for pure electric vehicles, and exhaust manifolds for hybrid vehicles [4] Manufacturing and Supply Chain - The self-manufacturing rate of electronic pump products exceeds 90%, with key components produced in-house [5] - Major clients for new energy thermal management integrated modules include Chery, Nanjing Automobile, and Geely, with increasing orders year-on-year [5] Competitive Advantages and Market Position - The company holds a unique market position in the liquid cooling sector due to its first-mover advantage and customer-centric platform design [6] - Focuses on customized development to meet diverse client needs, offering high-performance, lightweight, and cost-effective products [6] Global Strategy and Risk Management - The company is enhancing its global strategy by establishing a production base in Thailand to mitigate risks from U.S. tariff policies [7] - The first overseas smart factory in Thailand was completed on June 26, 2025, aimed at expanding into Southeast Asia and North America [7]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][23]. Core Insights - The company achieved a revenue of 12.94 billion yuan in the first half of 2025, representing a year-on-year increase of 5.8%, while the net profit attributable to the parent company decreased by 11.1% [1][9]. - In Q2 2025, the company reported a revenue of 7.17 billion yuan, up 9.7% year-on-year and 24.3% quarter-on-quarter, with a net profit of 730 million yuan, down 10.0% year-on-year but up 29.0% quarter-on-quarter [1][9]. - The company is focusing on expanding its liquid cooling business, having secured initial orders worth 1.5 billion yuan, leveraging its thermal management capabilities and customer resources [3][22]. Financial Performance - The company’s gross margin in Q2 2025 was 19.3%, a decrease of 1.1 percentage points year-on-year, attributed to changes in product structure and reduced economies of scale [2][14]. - The company’s R&D expenses increased due to ongoing investments in new products related to robotics and automotive electronics [2][14]. - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is adjusted to 3.22 billion, 3.94 billion, and 4.77 billion yuan respectively [4][23]. Revenue and Profit Forecast - The projected revenue for 2025 is 31.39 billion yuan, with a growth rate of 18.0% [5]. - The expected earnings per share (EPS) for 2025 is 1.86 yuan, reflecting a downward adjustment from previous estimates [4][5]. Market Position and Strategy - The company is positioned as a core player in the humanoid robotics supply chain, with ongoing collaborations with major automotive manufacturers to enhance its product offerings [4][23]. - The company is implementing a platform strategy and deepening partnerships with various automotive brands, which is expected to provide stable growth momentum [3][22].

Group 1 - The core viewpoint of the news is that Bopu Technology conducted a survey on a listed company, Sanhua Intelligent Control, revealing significant growth in revenue and net profit for the first half of 2025 [1] - Sanhua Intelligent Control achieved operating revenue of 16.263 billion yuan, an increase of 18.91% year-on-year, and a net profit of 2.110 billion yuan, up 39.31% year-on-year [1] - The revenue from the refrigeration and air conditioning components business reached 10.389 billion yuan, growing by 25.49% year-on-year, driven by rising global temperature control demand and the expansion of heat pump technology into data centers and energy storage [1] - The automotive components business generated revenue of 5.874 billion yuan, an increase of 8.83% year-on-year, with a customer base that includes major automakers such as Mercedes-Benz, BYD, Tesla, and Toyota [1] - The company is advancing its data center liquid cooling business by leveraging existing thermal management technology for component reuse [1] - A robotics division has been established, focusing on electromechanical actuators and promoting mass production [1] - The growth in net profit is primarily attributed to the "elite troops" initiative, which enhances operational quality [1] - The company is addressing tariff policies through overseas production base layouts and has reached cost-sharing agreements with clients to ensure supply chain stability [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. 浙江三花智能控制股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2050） 茲載列浙江三花智能控制股份有限公司於深圳證券交易所網站(www.szse.cn)刊 登 的 公 告 如 下，僅 供 參 閱。 承董事會命 浙江三花智能控制股份有限公司 董事長兼執行董事 張亞波 香 港，2025 年8 月28日 於 本 公告日 期，董事會包 括 (i)執行董事張亞波先 生、王大勇先 生、倪曉明先生 及陳雨忠先 生；(ii)非執行董事張少波先生及任金土先生 及(iii)獨立非執行董事 鮑恩斯先 生、石建輝先 生、潘亞嵐女士以及葛俊先 生。 证券代码：002050 证券简称：三花智控 公告编号：2025-0 ...

Core Insights - The company successfully held an investor communication event, showcasing its growth strategy and future plans, which signals positive development prospects [1] - The company is transitioning from a traditional automotive parts manufacturer to a major player in multi-scenario thermal management solutions, driven by a three-dimensional strategy focusing on automotive, non-automotive, and global expansion [1][4] Performance Growth - In the first half of 2025, the company's performance saw a year-on-year increase, supported by stable raw material prices, continuous optimization of product structure, and enhanced operational efficiency through value analysis and engineering [2] - The company anticipates clear revenue growth drivers for the second half of the year, including the ramp-up of overseas projects and sustained orders for new energy vehicle integration modules [2] Global Expansion - The company is accelerating its globalization strategy with Thailand as a key hub, establishing a "domestic + international" dual circulation system [3] - The completion of its first overseas smart factory in Thailand is expected to mitigate international trade risks and enhance its ability to respond to geopolitical fluctuations [3] Diversification into Non-Automotive Sectors - The company has successfully expanded into non-automotive sectors since 2017, achieving breakthroughs in high-tech fields such as liquid cooling [4] - The liquid cooling products, including electronic pumps and temperature control valves, cater to various applications, with over 80 clients and 120 projects currently in progress [4] Focus on Emerging Industries - The company is integrating thermal management technology with cutting-edge industries, particularly in robotics and low-altitude economy sectors, establishing partnerships with leading firms [5] - The establishment of a new subsidiary focused on non-automotive liquid cooling pumps is expected to enhance competitiveness in these emerging markets [4][5]