Core Viewpoint - The company, Siquan New Materials (301489.SZ), is accelerating its investment and expansion efforts driven by the digital economy, with a focus on overseas capacity layout and enhancing production and service capabilities to seize opportunities arising from rapid digital economic growth [1][2]. Fundraising and Project Allocation - Siquan New Materials plans to raise up to 466 million yuan through a private placement, with nearly 80% of the funds (approximately 369 million yuan) allocated to the Vietnam heat dissipation product project, which will enhance production capacity for graphite heat dissipation materials and thermal interface materials [2][3]. - The company will also invest in a liquid cooling research and development center in Dongguan, with an allocation of approximately 31.59 million yuan, focusing on liquid cooling technology for high-energy consumption scenarios [2][3]. - An additional 30.16 million yuan will be used for information system construction, aimed at creating a unified system management platform [3]. Market Growth and Strategic Positioning - The global cold plate liquid cooling market is projected to grow from 5.3 billion yuan in 2024 to 105.6 billion yuan by 2028, with a compound annual growth rate of 111%, positioning the company to enter the core supply chain of server manufacturers and large cloud service providers [3]. - The strategic investment in overseas capacity is expected to reduce logistics costs and improve response times to customer demands, integrating more deeply into the global supply chain of key clients [2][3]. Financial Performance and Growth - Siquan New Materials has shown a revenue increase from 423 million yuan in 2022 to 656 million yuan in 2024, with a compound annual growth rate of 24.5% [1][5]. - In Q1 2025, the company reported a revenue of 183 million yuan, a year-on-year increase of 93.59%, and a net profit of 17.72 million yuan, up 79.57% from the previous year [5]. - The total assets of the company grew from 410 million yuan in 2020 to 1.561 billion yuan in Q1 2025, marking a significant increase of 270.98% over the five years [6]. Research and Development Focus - Siquan New Materials has invested significantly in R&D, with expenditures totaling 126 million yuan over five years, representing about 5.5% of total revenue [6]. - The company has achieved notable advancements in thermal management materials, holding 118 patents, including 43 invention patents [6].