公告显示，同飞股份的股东张国山、张浩雷、李丽（以下合称"出让方"）计划询价转让509.24万股，占 公司总股本的3.00%，转让原因为自身资金需求。 文丨刘信凤 10月9日，同飞股份（300990.SZ）低开低走，截至收盘报78.02元/股，下跌8.21%，成交量6.89万手，成 交额5.55亿元，换手率8.87%，公司总市值132.4亿元。 节前最后一个交易日（9月30日），同飞股份披露了一份《股东询价转让计划书》。 本 公告显示，因股权激励归属导致公司总股本增加及三河众和盈企业管理中心（有限合伙）（以下简 称"众和盈"）主动减持的原因，控股股东、实际控制人张国山、张浩雷、李丽、王淑芬及一致行动人众 和盈合计持股比例由75.0000%下降至73.9889%，权益变动触及1%的整数倍。众和盈通过集中竞价方式 减持76.44万股，占公司总股本的0.4503%。 | 序号 | 拟转让股东名称 | 拟转让股份数 量(股) | 占公司总股 本比例 | 占所持股份 的比例 | 转让原因 | | --- | --- | --- | --- | --- | --- | | 1 | 张国山 | 3,500,400 | 2.0 ...

Core Viewpoint - Tongfei Co., Ltd. has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Financing Summary - On September 17, Tongfei Co., Ltd. experienced a stock price increase of 1.38% with a trading volume of 516 million yuan. The financing buy-in amount was 41.09 million yuan, while the financing repayment was 61.67 million yuan, resulting in a net financing outflow of 20.58 million yuan. The total financing and securities balance reached 141 million yuan [1]. - The current financing balance of 141 million yuan accounts for 0.96% of the circulating market value, which is above the 80th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, there were no shares sold or repaid on September 17, with a remaining balance of 100 shares valued at 8,597 yuan, which is above the 70th percentile of the past year [1]. Business Performance - As of June 30, the number of shareholders for Tongfei Co., Ltd. increased to 12,600, a rise of 27.29%, while the average circulating shares per person decreased by 21.09% to 6,153 shares [2]. - For the first half of 2025, the company reported a revenue of 1.264 billion yuan, representing a year-on-year growth of 58.04%. The net profit attributable to shareholders was 125 million yuan, showing a remarkable increase of 466.71% compared to the previous year [2]. Dividend and Shareholding Structure - Since its A-share listing, Tongfei Co., Ltd. has distributed a total of 337 million yuan in dividends, with 244 million yuan distributed over the past three years [3]. - As of June 30, 2025, new institutional shareholders have entered the top ten circulating shareholders, including Hong Kong Central Clearing Limited and several mutual funds, indicating growing institutional interest in the company [3].

Industry Overview - The industrial temperature control equipment is crucial for precise temperature regulation in various production processes, enhancing the stability, reliability, and lifespan of industrial devices [1][3] - The market size of China's industrial temperature control equipment industry is projected to reach approximately 80 billion yuan in 2024, with a year-on-year growth of 12.83% [1][8] - The demand for high-precision temperature control equipment is surging due to the upgrading of intelligent manufacturing and the release of new industry needs, particularly in sectors like renewable energy, semiconductors, and data centers [1][8] Market Scale - The global industrial temperature control equipment market is expected to reach USD 19.658 billion in 2024, reflecting a year-on-year growth of 7.72% [6][8] - The data center market in China is projected to reach 277.3 billion yuan in 2024, with a year-on-year increase of 15.21%, driving the demand for temperature control equipment [5][8] Industry Chain - The upstream of the industrial temperature control equipment industry includes raw materials such as metals, plastics, and refrigerants, as well as mechanical components like compressors and heat exchangers [3] - The downstream applications encompass data centers, semiconductor manufacturing, energy storage systems, medical devices, and new energy vehicles [3] Key Companies - Invek Technology Co., Ltd. focuses on precision temperature control energy-saving equipment, serving major internet companies and participating in the supply chain of NVIDIA [10] - Tongfei Refrigeration Co., Ltd. specializes in industrial refrigeration equipment and has seen significant revenue growth, with a 109.02% increase in revenue year-on-year for Q1 2025 [10] Development Trends - Liquid cooling technology is emerging as a core growth point, with companies like Invek achieving significant energy savings through advanced cooling solutions [11] - The demand for high-precision temperature control equipment is expected to grow in new application areas such as electric vehicles and energy storage, driven by the rapid development of intelligent manufacturing [12] - The industry's transition towards low-carbon solutions is being accelerated by carbon neutrality goals, with companies adopting green technologies and participating in standard-setting initiatives [14]

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 1.264 billion yuan, a year-on-year increase of 58.04%, and net profit of 125 million yuan, up 466.71% [1] - The company's gross margin improved to 23.65%, reflecting a year-on-year increase of 13.27%, while the net margin rose to 9.88%, a substantial increase of 258.58% [1] - The company has seen a notable rise in accounts receivable, which reached 816 million yuan, a 22.94% increase compared to the previous year [1][2] Financial Performance - Total revenue for the first half of 2025 was 1.264 billion yuan, compared to 799 million yuan in the same period of 2024, marking a 58.04% increase [1] - Net profit for the same period was 125 million yuan, up from 2.20386 million yuan in 2024, representing a 466.71% increase [1] - The company's gross margin was reported at 23.65%, up from 20.88% in 2024, while the net margin increased from 2.76% to 9.88% [1] Business Segments - The company's revenue from power electronics temperature control products reached 819 million yuan, a year-on-year increase of 77.48%, with a gross margin of 20.01% [5] - Revenue from CNC equipment temperature control products was 389 million yuan, up 24.54%, with a gross margin of 28.75% [5] - The company reported a significant increase in overseas revenue, which reached 79.12 million yuan, a growth of 111.94% year-on-year, attributed to enhanced efforts in expanding international customer base [6] Research and Development - The company has increased its R&D investment, with R&D expenses for the first half of 2025 amounting to 53.24 million yuan, a 15.99% increase year-on-year, representing 4.21% of total revenue [9] - The company employs 315 R&D personnel, accounting for 14.02% of the total workforce, indicating a strong focus on innovation and product development [9] Market Position and Strategy - The company's products are utilized in various sectors, including CNC equipment, power electronics, energy storage, semiconductors, data centers, hydrogen energy, new energy vehicles, and medical devices [4] - The company is expanding its market influence and brand recognition, particularly in the energy storage sector, where it has matched relevant cooling products to enhance market penetration [6][7] - The company is also focusing on data center solutions, offering a full range of liquid cooling products that are becoming increasingly important for energy efficiency [8]