Core Insights - The liquid cooling market in China's intelligent computing centers is projected to reach 18.4 billion yuan in 2024, representing a 66% year-on-year growth, and is expected to further expand to 130 billion yuan by 2029, indicating a potential market explosion [1] - Cold plate liquid cooling is anticipated to become the mainstream cooling solution for data centers due to its higher efficiency compared to traditional air cooling methods, especially as GPU power design continues to increase [1][2] - 3D printing is expected to emerge as the optimal manufacturing technology for liquid cooling plates, offering advantages over traditional machining methods [2][4] Market Trends - The cold plate liquid cooling method is the most widely used, utilizing a closed cavity made of copper or aluminum to conduct heat without direct contact with the liquid, thus requiring less redesign of existing data center equipment [1] - The historical data indicates that cooling can account for up to 40% of a data center's energy consumption, highlighting the importance of efficient cooling solutions [1] Technological Advancements - 3D printing allows for complex flow channel designs that enhance cooling performance, overcoming limitations faced by traditional manufacturing methods [2][3] - Microchannel liquid cooling plates are becoming a new trend, with companies like Jinfu Technology successfully developing microchannel designs that improve heat dissipation [3] - The industry is transitioning from traditional machining methods to 3D printing for liquid cooling plate production, driven by the need for intricate designs and improved performance [3][4] Industry Developments - Companies are developing advanced 3D printing technologies to overcome the challenges of printing with copper, which has high reflectivity in the red light spectrum [4] - Several firms have successfully launched 3D printed liquid cooling plate products, demonstrating the feasibility and advantages of this technology in the market [4]

Core Perspective - Yangpu District is undergoing a significant transformation, evolving from an industrial area to a vibrant urban space characterized by innovation and digital advancements [1] Dimension 1: Living - The Shanghai People's City Practice Exhibition Hall, located on the Yangpu waterfront, has become a vital community space after being renovated from a former timber processing factory [2] - Over the past five years, Yangpu has improved the living standards of its residents, with 421,000 square meters of old housing renovated, benefiting over 20,000 households [2] - The completion of the Dinghai Road Street 136 neighborhood renovation project marks the end of the last household living in substandard conditions in Yangpu [2] Dimension 2: Innovation - Yangpu has transitioned from being an industrial hub, contributing one-fifth of Shanghai's industrial output, to a center for software and information services, generating over 320 billion yuan in revenue, also accounting for one-fifth of the city's total [3] - The district has adopted a "three sacrifices" principle to support local universities in expanding and developing technology parks, fostering a collaborative environment for innovation [3] - The integration of universities, technology parks, and public communities has led to the rapid transformation of research outcomes into marketable products and businesses [3] Dimension 3: Digital - The Shanghai Quantum City Time-Space Innovation Base was established in Yangpu, marking the beginning of its development into a cyber city space [5] - Various events, such as the Red Land event and the Bilibili Music Festival, have attracted significant participation, showcasing Yangpu as a hub for cultural and digital convergence [6] - The launch of the Internet Quality Content Creation Gathering Area has attracted 50 quality entities, with a total online follower count exceeding 100 million, indicating a thriving digital ecosystem [6]

Core Insights - A new company, Ganzhou Qinghe 3D Printing Co., Ltd., has been established with a registered capital of 10,000 RMB [1] - The legal representative of the company is Xie Jian [1] Company Overview - The company specializes in various services including 3D printing services, professional design services, and metal cutting processing services [1] - It also engages in internet sales (excluding items that require special licenses), sales of 3D printing materials, and sales of additive manufacturing equipment [1] - Additional services include domestic trade agency, metal surface treatment and heat treatment processing, plastic surface treatment, and various technical services such as consulting, development, and transfer [1]

Investment Rating - The report suggests that cold plate liquid cooling is expected to become the mainstream cooling solution for data centers, with significant potential in 3D printing for liquid cooling plate manufacturing [5]. Core Insights - Cold plate liquid cooling is anticipated to dominate the data center cooling market due to its higher efficiency compared to traditional air cooling, especially as GPU power design continues to increase [1][12]. - The liquid cooling market in China is projected to grow significantly, reaching 184 billion yuan in 2024 and 1.3 trillion yuan by 2029, with a compound annual growth rate (CAGR) of 48% [20][22]. - 3D printing technology is identified as the optimal manufacturing route for liquid cooling plates, offering advantages such as design freedom and cost-effectiveness compared to traditional machining methods [2][54]. - Microchannel liquid cooling plates are becoming a new trend, with 3D printing further enhancing their performance by allowing for complex designs that improve heat dissipation [3][66]. - The report highlights the challenges and breakthroughs in 3D printing of copper materials, which are crucial for effective heat transfer in liquid cooling applications [4][80]. Summary by Sections 1. Cold Plate Liquid Cooling as a Mainstream Solution - The cooling process in data centers can be categorized into air cooling and liquid cooling, with liquid cooling being more efficient due to its higher heat transfer capabilities [12][18]. - Cold plate liquid cooling, as an indirect cooling method, does not require direct contact with liquids, making it more operationally feasible and widely applicable [28][33]. 2. 3D Printing as the Optimal Manufacturing Technology - 3D printing offers unique advantages over traditional machining, such as the ability to create complex geometries and reduce production costs [2][54]. - The technology allows for continuous optimization of flow channel designs, which significantly impacts the cooling performance of liquid cooling plates [60][64]. 3. Emerging Trends in Microchannel Liquid Cooling - Microchannel liquid cooling plates are defined by their small channel diameters, which enhance heat transfer efficiency, and 3D printing is expected to play a crucial role in their production [3][67]. - The report notes that traditional manufacturing methods face limitations in producing microchannel structures, making 3D printing a more viable option [71][79]. 4. Investment Recommendations - The report recommends focusing on companies with strong technological capabilities in metal 3D printing, particularly those specializing in copper 3D printing [5][97]. - Specific companies highlighted include Nanfeng Co., Ltd., Plitec, and Huazhu High-Tech, which are actively engaged in the development and production of 3D printed liquid cooling plates [97].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected strong performance relative to the market [8][7][8]. Core Insights - The company reported a significant revenue increase of 46.47% year-on-year for the first three quarters of 2025, reaching 1.161 billion yuan, driven by expansion into new markets such as commercial aerospace, robotics, and consumer electronics [8][4]. - The net profit for the same period surged by 234.83% year-on-year to 156 million yuan, reflecting improved profitability due to a decrease in expense ratios and an increase in gross margin [8][4]. - The company is actively expanding its production capacity and market reach, particularly in high-margin sectors like aerospace, which is expected to sustain rapid revenue growth in the coming years [8][7]. Financial Data and Profit Forecast - For 2025, the company is projected to achieve a total revenue of 1.827 billion yuan, with a year-on-year growth rate of 37.8% [7]. - The forecasted net profit for 2025 is 208 million yuan, representing a 99.2% increase compared to the previous year [7]. - The gross margin is expected to remain strong at 43.6% for 2025, with a return on equity (ROE) projected to reach 4.2% [7][8].

Core Insights - Bambu Lab, a Shenzhen-based tech unicorn, has rapidly captured nearly 30% of the global consumer 3D printing market within four years, with a valuation exceeding 100 billion RMB [1][2][3] - The company was founded by former DJI core team member Tao Ye, who aimed to revolutionize the 3D printing industry by making it more accessible and user-friendly [5][12] - Bambu Lab's products have gained significant recognition, including being named one of Time magazine's best inventions of the year [7][12] Company Overview - Bambu Lab was established in November 2020 by a team of former DJI employees, including Tao Ye, who previously held various leadership roles at DJI [5][13] - The company focuses on consumer-grade 3D printers, with its first product, the Bambu Lab X1, launched in 2022, achieving remarkable sales and popularity [7][12] - The company has expanded its product line to include models aimed at beginners, such as the P1S and A1 series, priced between 2000 to 4000 RMB [9][11] Market Performance - In 2024, the global consumer 3D printing market reached a size of 4.1 billion USD, with Bambu Lab contributing significantly to this growth [2][11] - Bambu Lab's revenue surged from 2.7 billion RMB in 2023 to 6 billion RMB in 2024, marking a year-on-year increase of approximately 33 billion RMB [2][11] - The company achieved a market share of 29% in 2024, with total shipments of around 1.2 million units, surpassing the global annual growth in consumer 3D printer shipments [11][12] Competitive Landscape - Bambu Lab is often compared to DJI due to its innovative approach and strong leadership team, which includes several former DJI executives [12][13] - The company faces increasing competition from other 3D printing firms, which have begun launching similar products at competitive prices [22][23] - Legal challenges have emerged, including a lawsuit from Stratasys over patent infringements, which could impact Bambu Lab's revenue in the U.S. market [23][24] Innovation and Technology - Bambu Lab emphasizes a user-centric approach, focusing on product perfection before market release, and has developed proprietary technology to enhance user experience [15][16] - The company has maintained a strong technical edge through rigorous hiring practices, ensuring a highly skilled workforce [16][18] - Bambu Lab's manufacturing facilities are strategically located in Shenzhen, benefiting from the region's advanced supply chain and manufacturing capabilities [18][20]

Core Viewpoint - Hason Co., Ltd. has experienced revenue growth but continues to face losses, primarily due to challenges in its traditional footwear business while expanding into new sectors like precision metal components and industrial automation [1][3][5]. Group 1: Financial Performance - In the first three quarters, Hason's operating revenue increased, and losses narrowed, attributed to the growth in precision metal components and industrial automation businesses [1]. - The company reported a net profit loss of 96.41 million yuan for 2024, marking five consecutive years of losses [3]. - As of September 30, the company had an undistributed profit loss of 78.67 million yuan, which is one-third of its paid-in capital of 219 million yuan [1][3]. Group 2: Footwear Business Challenges - The footwear segment has seen a decline in revenue and an increase in losses due to market conditions and intensified competition, leading to a reduction in store numbers and sales [3]. - In the first three quarters of 2025, the footwear business generated 490 million yuan in revenue, a year-on-year decrease of 13.13%, accounting for 46.29% of total revenue [3]. - The company has not considered downsizing or divesting the footwear business despite ongoing losses [3]. Group 3: Strategic Initiatives - Hason is optimizing its footwear business by enhancing store operations and improving online sales capabilities, including acquiring minority stakes in e-commerce subsidiaries [4]. - The company is exploring AI applications in retail to enhance customer experience and operational management [4]. - Hason has implemented measures to address inventory issues, including increased promotional efforts and stricter inventory management [4]. Group 4: Diversification Efforts - Hason has expanded into new sectors such as precision metal manufacturing and 3D printing, although these new ventures have yet to become profitable [5][7]. - The company has made strategic acquisitions to enhance its capabilities in precision metal components, targeting applications in consumer electronics and renewable energy [6]. - As of the third quarter of 2025, the new subsidiaries in the renewable energy and 3D printing sectors have not yet achieved profitability [7].

Core Viewpoint - Hason Co., Ltd. has experienced revenue growth but continues to face losses, primarily due to challenges in its traditional footwear business while expanding into new sectors like precision metal components and industrial automation [1][3]. Financial Performance - In the first three quarters, Hason reported a revenue increase, with losses narrowing, attributed to the growth in precision metal components and industrial automation [1]. - The company has recorded a net profit loss for five consecutive years, with a projected loss of 96.41 million yuan for 2024 [3]. - As of September 30, the company had an undistributed profit loss of 78.67 million yuan, which is one-third of its paid-in capital of 219 million yuan [1]. Business Segments - The footwear segment has seen a decline in revenue and an increase in losses, with a 10.82% decrease in offline revenue year-on-year for the first half of 2025 [3]. - In the first three quarters of 2025, the footwear business generated 490 million yuan in revenue, a 13.13% decrease, accounting for 46.29% of total revenue [3]. - The company has not considered downsizing or divesting its footwear business despite ongoing losses [3]. Strategic Initiatives - Hason is optimizing its footwear business by enhancing store operations and improving online sales capabilities, including acquiring minority stakes in e-commerce subsidiaries [4]. - The company is exploring AI applications in retail to enhance customer experience and operational management [4]. - To address inventory issues, Hason plans to increase promotional efforts and strictly manage stock levels [4]. New Business Ventures - Hason has expanded into precision metal manufacturing and 3D printing, although these new ventures have yet to become profitable [5][8]. - The company has made acquisitions to enhance its capabilities in precision metal components, targeting sectors like consumer electronics and renewable energy [6][7]. - As of the third quarter of 2025, the new subsidiaries in renewable energy and 3D printing have not yet achieved profitability [8]. Cash Flow and Financial Health - The net cash flow from operating activities for the first three quarters was 32.46 million yuan, primarily due to improved cash flow from the footwear segment and new precision metal business [6].

Core Viewpoint - Recently, Ganzhou Jiwei 3D Printing Co., Ltd. was established with a registered capital of 10,000 RMB, indicating a growing interest in the 3D printing industry in China [1] Company Summary - The legal representative of the company is Luo Jie [1] - The registered capital of the company is 10,000 RMB [1] - The company operates in various sectors including 3D printing services, professional design services, and metal cutting processing services [1] Industry Summary - The business scope includes the sale of 3D printing materials, internet sales (excluding licensed goods), and sales of additive manufacturing equipment [1] - The company also engages in domestic trade agency, metal surface treatment, and heat treatment processing [1] - Technical services such as development, consulting, and promotion are part of the company's offerings [1]

Core Viewpoint - Hangzhou Yijia 3D Additive Technology Co., Ltd. (referred to as "Yijia Additive") has received approval for its IPO application, aiming to raise 1.205 billion yuan by issuing up to 29.22 million shares, despite facing challenges such as reliance on imported core components, negative operating cash flow, and increasing accounts receivable [3][4][6]. Financial Performance - Yijia Additive has shown consistent revenue growth over the reporting period, with revenues of 247 million yuan, 409 million yuan, and 471 million yuan from 2022 to 2024, and net profits of 28.93 million yuan, 68.58 million yuan, and 98.81 million yuan respectively [4]. - The company’s operating cash flow has deteriorated, recording -106 million yuan, 19.67 million yuan, and -93.80 million yuan during the same period [5]. - Accounts receivable have increased significantly, with balances of 74 million yuan, 138 million yuan, and 195 million yuan, representing 33.30%, 37.68%, and 46.04% of revenue respectively [8]. Market Position and Competition - Yijia Additive is positioned as a high-tech enterprise in the industrial-grade additive manufacturing sector, competing with domestic players like Plater and Huashu High-Tech [4]. - In 2024, Plater reported revenues of 1.326 billion yuan and net profits of 104 million yuan, while Huashu High-Tech had revenues of 492 million yuan and net profits of 67.21 million yuan, indicating that Yijia Additive still lags behind Plater [4]. Supply Chain and Component Dependency - The company has a high dependency on imported core components such as lasers and galvanometers, which poses risks amid international trade tensions [6]. - Yijia Additive is working with domestic manufacturers to validate and gradually replace imported components, aiming to enhance the stability and performance of domestic parts [6]. Inventory and Risk Management - The company has reported a rapid increase in inventory, with values of 268 million yuan, 375 million yuan, and 445 million yuan, constituting 61.26%, 47.20%, and 43.26% of current assets respectively [9]. - Yijia Additive has recognized inventory impairment losses, with provisions of 2.39 million yuan, 5.77 million yuan, and 7.17 million yuan over the reporting period, indicating a rising trend in impairment provisions [9].