研究团队从盐碱地植物"中亚滨藜"中汲取灵感。这种耐盐植物能通过"溶胀吸收盐分-去溶胀泌盐结 晶"的动态循环适应极端环境，其"溶剂介导-溶质输运-可控结晶"的生物机制，为解决MOST材料与织物 的界面适配难题提供了灵感。 团队把由热塑性聚氨酯制成的中空气凝胶纤维作为基材，将其浸泡在特殊的偶氮苯/氯仿溶液中"腌 渍"，纤维先充分吸收溶液而膨胀，随后在干燥时，偶氮苯分子会从内部被挤出，并在纤维表面形成一 层均匀、致密的晶体"外衣"——偶氮苯单晶层。这不仅让纤维内部的分子结构更紧密，也让它获得了独 特的光学特性和力学性能。 实验显示，这种新型织物表现出优异的热管理能力。在420nm蓝光照射下，70秒内升温25.5℃，即使 在-20℃的低温模拟日光中，50秒也可升温21.2℃。更难得的是，该织物具备极强的耐用性，经过50次摩 擦、500次拉伸弯曲，甚至72小时连续洗涤后，光热性能保留率仍超90%，成功克服了传统MOST材料 易脱落、寿命短的问题。 新华社天津10月11日电（记者张建新、栗雅婷）在-20℃的严寒中，只需光照12秒，衣物表面温度就能 迅速跃升至40℃；即使反复洗涤摩擦，储热性能依然稳定；还可实现精准控温，用 ...

投资者提问： 查询到公司拥有微通道液冷板技术专利，请问是否属实？有无相关产品供应客户？ 董秘回答(飞荣达SZ300602)： 尊敬的投资者您好，感谢您对公司的关注。公司在微通道液冷板技术方面有一定技术储备。飞荣达作为 国内热管理解决方案的领先企业，热管理产品种类非常广泛，且持续开发适应市场需求的新技术与新产 品，满足不同客户的不同产品、不同使用环境场合及不同使用等级等方面的需求。截至2025年6月30 日，公司已获得专利共计843项，公司也将持续关注相关技术领域的发展动态，不断提高综合竞争优 势。谢谢。查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

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]

Core Viewpoint - The article emphasizes the critical role of thermal management in the performance and reliability of electronic devices, driven by increasing power density due to advancements in technologies like 5G, AI, and IoT. Effective heat dissipation solutions are essential to prevent device failures and ensure optimal operation [7][10][15]. Group 1: Thermal Density and Management - The rise in power density of electronic components necessitates advanced thermal management solutions, as temperature increases can significantly reduce system reliability [7][10]. - The failure rate of electronic components increases exponentially with temperature, with a 50% reduction in reliability for every 10°C increase [7][8]. - The thermal flow density has surged from under 10W/cm² to nearly 100W/cm², driven by both increased power and reduced chip sizes [11][15]. Group 2: Passive Cooling Solutions - Passive cooling methods, which do not use active components, include materials like metal heat sinks, graphite films, and heat pipes, relying on thermal interface materials (TIMs) to transfer heat away from components [23][26]. - Metal heat sinks are effective for low-power devices but face limitations in high-power applications due to their thermal transfer rates [28][31]. - Graphite films have been widely adopted in consumer electronics for their high thermal conductivity in the X-Y plane, although their Z-axis conductivity is limited [32][33]. Group 3: Active Cooling Solutions - Active cooling methods, such as forced air cooling and liquid cooling, are becoming necessary as device power levels increase beyond the capabilities of passive systems [68][69]. - Liquid cooling systems can achieve heat dissipation rates of 10-1000W/cm², significantly outperforming air cooling methods [73][74]. - Data centers are increasingly adopting liquid cooling solutions to manage the rising power density of servers, with some configurations exceeding 30kW per cabinet [80][81]. Group 4: Market Opportunities and Beneficiaries - Companies involved in the development of advanced thermal management solutions, such as VC (vapor chamber) technology and liquid cooling systems, are positioned to benefit from the growing demand for efficient heat dissipation in high-performance electronics [49][54]. - Key players in the market include companies like Feirongda, Suzhou Tianmai, and others that are innovating in thermal management technologies [5][6].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Viewpoints - The report highlights that the increasing power density of electronic devices, driven by the proliferation of technologies such as 5G, AI, and IoT, is leading to significant thermal management challenges. The thermal flow density is approaching 100W/cm², necessitating advanced thermal management solutions to ensure system reliability [1][16][24]. Summary by Sections 1. Thermal Management Challenges - The report discusses the exponential increase in electronic component failure rates with rising temperatures, noting that a 10°C increase can lead to a 50% increase in failure rates [1][16]. - It emphasizes that traditional thermal management systems are nearing their physical limits, making the development of efficient thermal management solutions critical for the evolution of computing power [24]. 2. Passive Cooling Solutions - The report identifies limitations in traditional passive cooling methods, such as metal heat sinks and graphite materials, which struggle with heat transfer efficiency in high-density applications [2][33]. - Vapor Chamber (VC) technology is highlighted as a promising passive cooling solution due to its superior thermal conductivity and ability to meet the demands of increasingly compact electronic devices [2][33]. 3. Active Cooling Solutions - Liquid cooling is presented as a viable solution to overcome the limitations of forced air cooling, with applications in both cloud data centers and consumer electronics [3][4]. - The report notes that the liquid cooling market for data centers is projected to reach $9.231 billion by 2031, indicating significant growth potential [4]. 4. Market Size and Industry Chain - The global market size for VC technology is projected to be $1.089 billion in 2024, with substantial applications across consumer electronics and data centers [4]. - The report outlines the industry chain for VC technology, including upstream raw materials and production equipment, and downstream applications in various sectors [4]. 5. Beneficiary Companies - The report lists several companies that are expected to benefit from advancements in thermal management technologies, including Feirongda, Suzhou Tianmai, and others [5].

Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. (Sanhua Intelligent) is set to launch an IPO on the Hong Kong Stock Exchange, with a target fundraising amount of approximately HKD 76.43 billion to HKD 81.18 billion, and the expected listing date is June 23, 2025 [1][3]. Company Overview - Sanhua Intelligent was established in September 1994 and is located in Shaoxing, Zhejiang Province. The company has a registered capital of approximately RMB 3.7 billion and is primarily owned by Sanhua Holdings Group and Zhejiang Sanhua Green Energy Industrial Group [3]. - The company is listed on the Shenzhen Stock Exchange under the code "002050" since June 2005, with a market capitalization of approximately RMB 943 billion as of June 13, 2025 [3]. IPO Details - The IPO price range is set between HKD 21.21 and HKD 22.53 per share, with a total of 360.33 million shares to be issued. The median price of HKD 21.87 suggests a total fundraising of approximately HKD 78.74 billion [1]. - Sanhua Intelligent has secured 18 cornerstone investors who have collectively subscribed to approximately USD 562 million (around HKD 44.09 billion) of the offering [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was RMB 213.48 billion, RMB 245.58 billion, and RMB 279.47 billion, respectively. The gross profit for the same years was approximately RMB 54.62 billion, RMB 67.35 billion, and RMB 76.21 billion [5][6]. - Net profit figures for the same years were approximately RMB 26.08 billion, RMB 29.34 billion, and RMB 31.12 billion [5]. Product and Market Reach - Sanhua Intelligent specializes in manufacturing components for refrigeration and air conditioning control, as well as automotive thermal management systems. The company is also expanding into emerging fields such as bionic robot electromechanical actuators [4]. - The company's products are distributed across over 80 countries and regions globally, with 48 production facilities, including 13 overseas factories located in the Americas, Europe, and Asia [5]. Production Capacity - The total production capacity for refrigeration and air conditioning components was approximately 539 million, 534 million, and 576 million units for the years 2022, 2023, and 2024, respectively. The production output for these years was approximately 452 million, 495 million, and 537 million units [7]. - For automotive components, the total production capacity was approximately 203 million, 255 million, and 282 million units, with production outputs of approximately 170 million, 232 million, and 245 million units for the same years [7].