1. Reported Industry Investment Rating - No relevant information provided 2. Core View of the Report - The company is seizing opportunities in the emerging liquid cooling market for data centers and is also making strategic investments in the robot industry, aiming to open up new growth spaces in the intelligent era while consolidating its position in its main business areas [21][24] 3. Summary by Related Catalogs 3.1 Research Basic Situation - The research object is Tongxing Technology, and the reception time was on November 5, 2025. The listed company's reception staff included the board secretary, Liang Lufang, and the securities affairs representative, Pan Chenxi [17] 3.2 Detailed Research Institutions - The research institutions included Dongwu Securities and Southwest Securities, with representatives Wang Shijie and Wan Hongbing respectively [18] 3.3 Research Institution Proportion - No relevant information provided 3.4 Main Content Data - **Data Center Field Layout**: Due to the significant increase in market attention to artificial intelligence data centers, the liquid cooling industry is facing a new development opportunity. The company has actively deployed and expanded the data center liquid cooling market in recent years, focusing on the research and production of high - efficiency liquid cooling heat exchange equipment. The global data center market scale is expected to continue to expand [21] - **Main Business Planning**: The company's main business focuses on heat exchanger products, automotive air - conditioning system components, and thermal management, while actively expanding emerging businesses such as data center liquid cooling. Future business priorities include deepening the core products, strengthening cooperation with car companies, and expanding the data center liquid cooling market [21] - **Robot Company Investment Planning**: The company is optimistic about the robot industry and has invested in Jingzhi Embodied Intelligence. This investment aims to promote the technical implementation and scenario optimization of the smart factory project and bring advantages to the robot technology development and heat dissipation system solutions of Jingzhi Embodied Intelligence [24]

Core Viewpoint - The company has announced its third-quarter financial report and the appointment of an auditing firm for the year 2025, highlighting its commitment to transparency and governance [10][26]. Financial Data - The financial report for the third quarter indicates that the company has not undergone an audit for this period [3]. - The report includes significant non-recurring gains and losses, which are to be disclosed if applicable [4]. - The company has confirmed that the financial information presented is accurate and complete, with no significant omissions [2][10]. Shareholder Information - The total number of ordinary shareholders and the status of major shareholders have been documented, with no changes reported in the top ten shareholders [5]. - The company has received supplier qualifications from 46 clients, including major players in the aviation industry, and aims to expand its market presence in aviation components and gas turbine sectors [6][7]. Corporate Developments - The company has established an "Aviation Forging and Casting Innovation Center" to enhance its technological capabilities in the aviation sector [6]. - A subsidiary has successfully delivered samples for micro-channel heat exchangers to a domestic data center and has completed testing for a photovoltaic inverter client, indicating potential growth in the civilian heat exchanger market [7]. Audit Firm Appointment - The company has proposed to appoint Da Xin Accounting Firm as its auditor for the year 2025, pending approval from the shareholders' meeting [10][31]. - Da Xin has extensive experience in auditing listed companies and has a strong track record in investor protection and compliance [12][22]. Board Meeting Resolutions - The board of directors has approved the third-quarter report and the appointment of the auditing firm, with unanimous support from all directors present [26][30]. - The board has also approved the transfer of assets by a subsidiary and proposed amendments to the company’s articles of association, which will be submitted for shareholder approval [34][38]. Upcoming Shareholder Meeting - The company will hold its fifth extraordinary general meeting on November 17, 2025, where shareholders will vote on the proposed resolutions [50][52]. - The meeting will utilize both on-site and online voting methods to facilitate participation [53][66].

Group 1 - The core point of the news is that Hongsheng Co., Ltd. experienced a stock price increase of 5.05%, reaching 54.51 CNY per share, with a trading volume of 261 million CNY and a turnover rate of 4.91%, resulting in a total market capitalization of 5.451 billion CNY [1] - Hongsheng Co., Ltd. specializes in the research, design, production, and sales of aluminum plate fin heat exchangers, cryogenic equipment, and related products, with its main business revenue composition being: heat exchangers 90.46%, lithium battery PACK 4.64%, others 2.88%, thermal management systems 1.82%, and cryogenic equipment 0.20% [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) entered the top ten circulating shareholders of Hongsheng Co., Ltd. in the second quarter, holding 433,000 shares, which accounts for 0.43% of the circulating shares, with an estimated floating profit of approximately 1.1345 million CNY [2] - The Noan Multi-Strategy Mixed A fund has a current scale of 1.399 billion CNY, with a year-to-date return of 68.76%, ranking 345 out of 8226 in its category, and a one-year return of 84.01%, ranking 158 out of 8099 [2] Group 3 - The fund managers of Noan Multi-Strategy Mixed A are Kong Xianzheng and Wang Haichang, with Kong having a tenure of 4 years and 336 days and a best fund return of 84.01% during his tenure, while Wang has a tenure of 3 years and 98 days with a best fund return of 71.06% [3]

Group 1 - The core point of the news is that Hongsheng Co., Ltd. experienced a decline of 5.06% in its stock price, reaching 47.66 CNY per share, with a trading volume of 177 million CNY and a turnover rate of 3.59%, resulting in a total market capitalization of 4.766 billion CNY [1] - Hongsheng Co., Ltd. is primarily engaged in the research, design, production, and sales of aluminum plate fin heat exchangers, cryogenic equipment, and related products, with the main business revenue composition being: heat exchangers 90.46%, lithium battery PACK 4.64%, others 2.88%, thermal management systems 1.82%, and cryogenic equipment 0.20% [1] Group 2 - Among the top ten circulating shareholders of Hongsheng Co., Ltd., a fund under Nuoan Fund ranks as a significant shareholder, specifically Nuoan Multi-Strategy Mixed A (320016), which entered the top ten in the second quarter with 433,000 shares, accounting for 0.43% of circulating shares, and is currently facing an estimated floating loss of approximately 1.0998 million CNY [2] - Nuoan Multi-Strategy Mixed A (320016) has a total scale of 1.399 billion CNY, with a year-to-date return of 62.9%, ranking 344 out of 8161 in its category, and an annual return of 88.6%, ranking 126 out of 8021 [2]

Group 1: Product Advantages - The company's heat exchanger products have a complete range of specifications, allowing for flexible production to meet customer needs, with pipe diameters ranging from 5mm to 15.88mm, showcasing excellent adaptability and market responsiveness [2] - The company has extensive technical experience in the heat exchanger industry and focuses on forward-looking R&D to drive product iteration through technological innovation, establishing a core competitive barrier [2] - The company is dedicated to producing high-quality products that exceed industry standards, aiming to become a recognized quality benchmark in the market and earn customer trust [2] Group 2: Strategic Investments - The investment in Jingzhi Intelligent is based on three key factors: a forward-looking consensus on the robotics industry, positive market demand analysis, and alignment with the company's business expansion strategy [2] - The company has deep expertise in refrigeration, temperature control, and thermal management, which can directly support the technical transformation and scenario validation for Jingzhi Intelligent [3] - Future collaboration will focus on advancing technology development for Jingzhi Intelligent, including robotics (robot dogs) and key modules, which will help unlock new value in the industry [3] Group 3: R&D Capabilities - The company's heat exchanger R&D and manufacturing capabilities are highly regarded in the industry, with a composite R&D team that can quickly respond to and accurately analyze various customer needs [3] - A production base has been established in Qingdao, focusing on the R&D and production of heat pump dryer modules, further enhancing customer trust and recognition [3] - The core competitiveness stems from a well-equipped professional R&D team, including talents with backgrounds in thermal energy, power engineering, low-temperature engineering, and mechatronics, many of whom are PhDs and Masters from renowned institutions [3] - The company actively promotes deep integration of industry, academia, and research, collaborating with domestic universities to tackle industry technical challenges and drive technological upgrades [3]

Core Viewpoint - Hongsheng Co., Ltd. experienced a decline of 5.96% on September 30, with a stock price of 52.88 yuan per share and a total market capitalization of 5.288 billion yuan [1] Company Overview - Hongsheng Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on December 25, 2000. The company was listed on August 31, 2016. Its main business includes the research, design, production, and sales of aluminum plate fin heat exchangers, cryogenic equipment, and related products [1] - The revenue composition of the company is as follows: heat exchangers account for 90.46%, lithium battery PACK for 4.64%, other (supplementary) for 2.88%, thermal management systems for 1.82%, and cryogenic equipment for 0.20% [1] Shareholder Information - Among the top ten circulating shareholders of Hongsheng Co., Ltd., a fund under Nuoan Fund ranks as a new entrant. The Nuoan Multi-Strategy Mixed A Fund (320016) acquired 433,000 shares, representing 0.43% of the circulating shares. The estimated floating loss today is approximately 1.4505 million yuan [2] - The Nuoan Multi-Strategy Mixed A Fund was established on August 9, 2011, with a current scale of 1.399 billion yuan. Year-to-date returns are 60.26%, ranking 614 out of 8167 in its category; the one-year return is 97.64%, ranking 308 out of 8010; and since inception, the return is 209.3% [2] Fund Manager Information - The fund managers of Nuoan Multi-Strategy Mixed A Fund are Kong Xianzheng and Wang Haichang. As of the report, Kong Xianzheng has a tenure of 4 years and 309 days, with a total fund asset size of 4.607 billion yuan. The best fund return during his tenure is 72.66%, while the worst is -16.74% [3] - Wang Haichang has a tenure of 3 years and 71 days, managing a total fund asset size of 2.529 billion yuan. His best fund return is 60.5%, and the worst is -18.8% [3]

Core Insights - The trading volume of Hongsheng Co., Ltd. reached 1.008 billion RMB, marking the highest level since October 31, 2016 [2] - The latest stock price increased by 8.52%, with a turnover rate of 17.79% [2] - The previous trading day's total transaction volume was 348 million RMB [2] Company Overview - Hongsheng Co., Ltd. was established on December 25, 2000, with a registered capital of 100 million RMB [2]

Summary of Key Points Core Viewpoint - The stock of Wuxi Hongsheng Heat Exchanger Manufacturing Co., Ltd. has experienced a significant surge, hitting the daily limit up for three consecutive trading days, with a total increase of 33.13% during this period [2]. Company Performance - The company reported a revenue of 358 million yuan for the first half of the year, representing a year-on-year growth of 12.08% [2]. - The net profit for the same period was approximately 45.79 million yuan, showing a substantial increase of 48.97% year-on-year [2]. - The basic earnings per share were recorded at 0.4600 yuan, with a weighted average return on equity of 7.84% [2]. Stock Market Activity - As of 9:38 AM, the stock price was 57.18 yuan, with a turnover rate of 6.26% and a trading volume of 6.256 million shares, amounting to a transaction value of 355 million yuan [2]. - The stock has been listed on the Dragon and Tiger List due to a cumulative deviation in price of 20% over three trading days [2]. - The net selling by leading brokerage firms amounted to 2.57 million yuan during this period [2]. Shareholder Information - As of September 20, the number of shareholders decreased to 10,061, a decline of 421 shareholders or 4.02% compared to the previous period [2].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company focuses on new energy (wind power, hydrogen energy, energy storage) and new infrastructure (power grid, data centers) [2] - The company reported a revenue of 180 million yuan in H1 2025, a year-on-year increase of 15.41%, while the net profit attributable to the parent company was 14.48 million yuan, a decrease of 27.47% [4] - The company is expected to benefit from the growth in the clean energy sector, particularly in wind power and energy storage, leading to increased order volumes and revenue [5][6] Financial Summary - The total market capitalization of the company is 3.506 billion yuan, with a circulating market capitalization of 984 million yuan [2] - The company's revenue is projected to grow from 347 million yuan in 2024 to 659 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.8% [8] - The net profit attributable to the parent company is expected to increase from 30 million yuan in 2024 to 70 million yuan in 2027, with corresponding EPS rising from 0.34 yuan to 0.80 yuan [8] - The company has a current P/E ratio of 79.0 for 2025, which is expected to decrease to 49.9 by 2027, indicating improving valuation metrics [8] Market Dynamics - The demand for onshore and offshore wind power installations is expected to grow, driven by national carbon neutrality goals and advancements in technology [5] - The company has established partnerships with several universities for research and development, enhancing its innovation capabilities [6]

Group 1 - The core viewpoint of the article is that 英特科技 (Intech Technology) has indicated the applications of its plate heat exchangers in various fields such as heat pump heating, air conditioning, automotive oil cooling, energy storage, and data centers, but currently, there is no application in liquid-cooled servers [1] Group 2 - The company’s plate heat exchangers are versatile and can be utilized in multiple sectors, showcasing their potential for diverse applications [1] - There is a notable absence of application in the liquid cooling server market, which may indicate a gap or opportunity for future development [1]