Core Viewpoint - Tongfei Co., Ltd. (300990.SZ) experienced a significant decline in stock price, closing at 78.02 CNY per share, down 8.21% on October 9, 2025, with a trading volume of 68,900 lots and a total market capitalization of 13.24 billion CNY [1]. Shareholder Transfer Plan - On September 30, 2025, Tongfei Co., Ltd. announced a shareholder inquiry transfer plan, where shareholders Zhang Guoshan, Zhang Haolei, and Li Li plan to transfer 5,092,400 shares, accounting for 3.00% of the total share capital, due to personal funding needs [2]. - The specific share transfer details include: - Zhang Guoshan: 3,500,400 shares (2.06% of total shares, 6.26% of his holdings) - Zhang Haolei: 900,000 shares (0.53% of total shares, 1.79% of his holdings) - Li Li: 692,000 shares (0.41% of total shares, 6.47% of her holdings) [3]. Transfer Implementation Details - The transfer will be organized by CITIC Securities Co., Ltd. and will not occur through centralized bidding or block trading, meaning it is not a secondary market reduction. The transferee must be an institutional investor with appropriate pricing and risk-bearing capabilities [4]. - The shareholders involved in the transfer are the controlling shareholders and actual controllers of Tongfei Co., Ltd., with Zhang Guoshan serving as the chairman and Zhang Haolei as the general manager [4]. Shareholding Structure - As of September 30, 2025, the shareholding structure of the transferring shareholders is as follows: - Zhang Guoshan: 55,890,000 shares (32.93% of total shares) - Zhang Haolei: 50,301,000 shares (29.63% of total shares) - Li Li: 10,692,000 shares (6.30% of total shares) [4]. Recent Shareholding Changes - Prior to the transfer announcement, Tongfei Co., Ltd. disclosed a reduction in shareholding by its controlling shareholders due to stock incentive allocations and a reduction by the Sanhe Zhonghe Ying Enterprise Management Center, resulting in a decrease in their combined shareholding from 75.00% to 73.9889% [7]. Financial Performance - In the first half of 2025, Tongfei Co., Ltd. reported a revenue of 1.264 billion CNY, representing a year-on-year increase of 58.04%, and a net profit attributable to shareholders of 125 million CNY, up 466.71% year-on-year [8]. Stock Market Performance - From January 2, 2025, to September 30, 2025, the stock price of Tongfei Co., Ltd. rose from 40.80 CNY to 85.00 CNY per share, marking an increase of 108.33% with a trading volume of 7.78 million lots and a total transaction amount of 44.4 billion CNY [9].

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]