Core Viewpoint - Shenzhen Hongfucheng New Materials Co., Ltd. has submitted its prospectus to officially initiate the listing process on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 1.22 billion yuan for expanding production capacity in advanced thermal management materials and electromagnetic shielding materials [2][11]. Group 1: Company Overview - Hongfucheng was established in 2003 and is headquartered in Shenzhen, with subsidiaries in Chongqing, Zhejiang, Wuhan, Malaysia, and Thailand. The company specializes in advanced thermal management materials and EMC materials, recognized as a national-level "specialized, refined, and innovative" small giant enterprise [2]. - The company plans to use 340 million yuan of the raised funds for the construction of an advanced electronic functional materials base, focusing on increasing production capacity for core technology products such as graphene thermal pads [2][3]. Group 2: Market Potential - The thermal interface materials (TIM) market in China is projected to grow from 1.027 billion USD in 2024 to 2.164 billion USD by 2031, with a compound annual growth rate (CAGR) of 11.09% [5]. - The demand for thermal management materials is driven by the rigid requirements for heat dissipation in high-power density electronic components used in data centers, consumer electronics, 5G communications, automotive electronics, optical communications, and photovoltaics [3][5]. Group 3: Product Innovation - Hongfucheng is one of the few companies capable of mass-producing graphene thermal pads, achieving a thermal conductivity of 130 W/m·K and a thermal resistance below 0.06 °C·cm²/W, addressing critical issues such as warping in high-power large-size chips [5][9]. - The company has developed a metal-carbon composite material that combines low-melting-point metals with high-conductivity materials, achieving a thermal conductivity of over 80 W/m·K and an overall interface thermal resistance below 0.05 °C·cm²/W [6]. Group 4: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 245 million yuan, 260 million yuan, and 330 million yuan, respectively, with net profit increasing from 38.3 million yuan to 71.5 million yuan during the same period [9]. - In the first half of 2025, the company achieved a revenue of 262 million yuan and a net profit of 90.74 million yuan, nearing the total revenue for 2024, indicating a significant enhancement in profitability [9]. Group 5: Industry Challenges and Opportunities - The global thermal management materials market is experiencing rapid growth, driven by the continuous penetration of new industries such as AI chips, data centers, and new energy vehicles, presenting vast development opportunities [10]. - However, the industry faces challenges such as high technical barriers, long customer certification cycles, and reliance on imports for high-end products [10].

Core Viewpoint - Suzhou Tianmai is intensifying its investment in the server liquid cooling heat dissipation sector by establishing a joint venture with partners, aiming to leverage their combined expertise in technology, production, and market access to enhance its competitive position in the industry [1][2][3]. Group 1: Joint Venture and Investment - Suzhou Tianmai plans to set up a joint venture named Tianmai Shengtong Technology (Suzhou) Co., Ltd. with a registered capital of 100 million yuan, where Suzhou Tianmai will hold a 92.5% stake [2][3]. - The joint venture will focus on the research, production, and sales of server liquid cooling products, with the collaboration expected to enhance product development and customer validation [3]. Group 2: Financial Performance and Growth - Suzhou Tianmai has shown continuous growth in its business scale and operating performance, with revenue increasing from 708 million yuan in 2021 to 943 million yuan in 2024, and net profit rising from 64.54 million yuan to 185 million yuan during the same period [5][6]. - In the first three quarters of 2025, the company achieved a revenue of 818 million yuan, representing an 18.42% year-on-year increase, while net profit grew by 1.54% to 143 million yuan [6][7]. Group 3: Research and Development - The company has maintained a strong focus on R&D, with R&D expenses increasing significantly, reaching 8.52% of revenue in the first three quarters of 2025 [7]. - R&D expenditures for 2023 to the first three quarters of 2025 were 55.34 million yuan, 69.59 million yuan, and 69.70 million yuan, reflecting year-on-year growth rates of 10.31%, 25.75%, and 36.20% respectively [7]. Group 4: Future Plans and Capital Raising - Suzhou Tianmai plans to issue convertible bonds to raise up to 786 million yuan for the construction of an intelligent manufacturing base for heat dissipation products, which will enhance its production capacity by adding an annual output of 30 million high-end uniform temperature plates [8].

Core Points - The iTherM2025 (Thermal Management Expo) will take place from December 3 to December 5, 2025, at the Shenzhen International Convention and Exhibition Center, Hall 10 [2][3]. - The event will feature various exhibitors and sessions focused on thermal management technologies and materials [21][22]. Event Details - **Exhibition Schedule**: - December 3: 09:00-17:00 - December 4: 09:00-17:00 - December 5: 09:00-16:00 [3] - **Sign-in Information**: - Sign-in will occur on December 2-3, 2025, at the South Lobby of the Shenzhen International Convention and Exhibition Center [4]. - **Transportation Options**: - Metro lines 1 and 4 provide access to the venue, with shuttle buses connecting to nearby stations [8][9]. - The venue is approximately 7 km from Shenzhen Bao'an Airport and 75 km from Hong Kong Airport [10]. Accommodation - A list of hotels near the venue is provided, including details on room types, prices, and distances to the exhibition center [11]. Exhibitor Information - A comprehensive list of exhibitors and their booth numbers is available, showcasing companies involved in thermal management technologies and materials [16][17][19]. Conference Agenda - The conference will include various sessions on topics such as thermal interface materials, chip and electronic device thermal management, and liquid cooling technologies [22][32][35]. - Notable speakers include professors and researchers from prestigious institutions, discussing advancements in thermal management materials and technologies [28][40].

Core Insights - The iTherM 2025 conference will focus on the development of thermal management technologies in various industries, including electronics, new materials, and green energy, aiming to explore the latest trends and innovations in the thermal management sector [2][3]. Event Details - The conference is scheduled for December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, China [3][59]. - The theme of the conference is "Fusion · Innovation | Delivering a Little More" [3]. Key Presentations - **Liquid Metal Chip Cooling Technology**: Researcher Deng Zhongshan will discuss advancements in liquid metal thermal management technologies for chip cooling applications, including liquid metal thermal interface materials and their prospects in 5G and consumer electronics [3][6]. - **High-Performance Thermal Management Materials**: Researcher Yu Hengda from Henkel will present innovative solutions for high thermal conductivity materials, addressing challenges in assembly efficiency and reliability [4]. - **Multi-Functional Thermal Interface Materials**: Researcher Zhu Guimei will report on the latest developments in thermal interface materials using liquid metals [5][6]. - **Electronic Packaging Thermal Management Composites**: Researcher Lin Zhengde will focus on solutions for thermal transport systems in electronic packaging, overcoming challenges in material arrangement and interface heat transfer [7][8]. - **Series of Thermal Interface Materials for Various Scenarios**: Researcher Liu Bin will discuss the development of thermal interface materials tailored for AI chips, robotics, and flexible devices [9][10]. Research Focus Areas - **Micro-Nano Thermal Conductivity Mechanisms**: Researcher Zhang Xudong will explore the thermal conductivity mechanisms and applications of liquid metal thermal interface materials [11]. - **Self-Healing Flexible Thermal Interface Materials**: Researcher Xu Cui will present a new type of thermal interface material that can self-repair and maintain long-term reliability [13][14]. - **Thermal Resistance and Bonding Studies**: Researcher Zeng Xiaoliang will discuss the relationship between bonding strength and thermal resistance in thermal interface materials [15][16]. - **High-Performance Metal Thermal Interface Materials**: Researcher Pan Lin will focus on advancements in metal thermal interface materials and their applications in high-performance computing [21][22]. Industry Challenges - The conference will address challenges in thermal management materials for ICT products, particularly in high reliability and performance requirements due to increasing device integration [23][24]. - Researcher Yang Jie will discuss the enhancement of interfacial heat transfer in polymer-based composite materials [25][26]. Conclusion - The iTherM 2025 conference aims to create a professional communication platform for the thermal management industry, facilitating discussions on new technologies, materials, and trends [2][3].

Core Insights - The company reported strong performance growth in Q3 2025, with significant increases in both quarterly and cumulative core financial metrics, supported by a strategic private placement of shares to fuel long-term development [1][3] Financial Performance - In Q3 2025, the company's revenue reached 285 million yuan, a year-on-year increase of 36.79% from 208 million yuan in the same period last year [1] - Cumulative revenue for the first nine months of 2025 rose to 670 million yuan, a substantial year-on-year growth of 57.93% from 425 million yuan [1] - The net profit attributable to shareholders for Q3 2025 was 32.99 million yuan, a remarkable year-on-year surge of 75.37% [2] - Cumulative net profit for the first nine months of 2025 reached 63.49 million yuan, reflecting a year-on-year increase of 52.21% [2] - The company's non-recurring net profit for Q3 2025 was 33.76 million yuan, with a year-on-year growth rate of 87.66% [2] - Cumulative non-recurring net profit for the first nine months of 2025 was 61.83 million yuan, up 56.54% year-on-year [2] - The net cash flow from operating activities improved significantly, turning from -37.16 million yuan in the previous year to 3.88 million yuan in the current year, an improvement of 110.45% [2] Investment and Strategic Initiatives - The company is progressing steadily with its strategic private placement, aiming to raise up to 466 million yuan, which will be allocated to four key areas: a cooling product project in Vietnam (369 million yuan), a liquid cooling R&D center (31.59 million yuan), an information system construction project (3.02 million yuan), and working capital (35 million yuan) [3] - The strategic placement aims to enhance overseas production capabilities, improve service efficiency, and capitalize on the growing demand in data centers and electric vehicles [3] Future Outlook - The company aims to become a global leader in reliable electronic system protection and thermal control technology, focusing on collaborative design in thermal management and waterproof sealing [4] - With the implementation of the private placement projects, the company expects to enhance its production capacity and R&D capabilities, positioning itself as a top-tier provider of cooling solutions in the rapidly growing thermal management materials industry [4]

Core Viewpoint - The 6th Thermal Management Industry Conference and Exposition (iTherM 2025) will focus on the integration and innovation within the thermal management industry, highlighting the latest trends, technologies, and collaborative opportunities across various sectors such as electronics, new materials, and green energy [1][2]. Group 1: Conference Information - The conference will take place from December 3 to 5, 2025, at the Shenzhen International Convention and Exhibition Center, with an expected attendance of over 2000 participants and more than 350 exhibitors [1][2]. - The theme of the conference is "Fusion · Innovation | Delivering a Little More," emphasizing the importance of thermal management in various industries [1][2]. Group 2: Key Activities and Focus Areas - iTherM 2025 will feature over 20 activities, including keynote speeches, roundtable discussions, and case studies, aimed at fostering communication and collaboration in the thermal management field [2][4]. - The conference will particularly emphasize intellectual property, entrepreneurial projects, and innovative technologies that can transition from laboratory to market, promoting cooperation among government, industry, academia, and investment sectors [4]. Group 3: Featured Companies and Innovations - Notable participants include Henkel, which specializes in thermal interface materials and has applications in electric vehicles and power electronics [5]. - Shenzhen Hongfu Cheng New Materials Co., Ltd. focuses on carbon-based thermal materials for high-speed optical communication and intelligent driving chips [6]. - Shanghai Aled Group Co., Ltd. is expanding its high-performance thermal interface materials for data centers and AI applications [7]. - Other companies like tesa, Chengdu Silica Technology Co., Ltd., and Indium Corporation are also contributing innovative thermal management solutions [8][9][13]. Group 4: Conference Agenda - The agenda includes various specialized forums covering topics such as thermal science, functional materials, technology applications, and engineering solutions, addressing current challenges and future opportunities in the thermal management industry [19][20]. - Specific topics will include liquid cooling technology, power device thermal management, and thermal management for electric vehicles and data centers [19].

Core Viewpoint - The 6th Thermal Management Industry Conference and Exposition (iTherM 2025) will focus on the integration and innovation within the thermal management industry, highlighting the importance of collaboration across various sectors such as electronics, new materials, and green technology [1][2]. Group 1: Conference Information - The conference will take place from December 3 to 5, 2025, at the Shenzhen International Convention and Exhibition Center, with an expected attendance of over 2000 participants and more than 350 exhibitors [1][2]. - The theme of the conference is "Fusion · Innovation | Delivering a Little More," emphasizing the need for synergy in addressing industry challenges and opportunities [1][2]. Group 2: Key Activities and Focus Areas - iTherM 2025 will feature over 20 activities, including keynote speeches, roundtable discussions, and case studies, aimed at fostering communication and collaboration in the thermal management field [2][4]. - The conference will particularly emphasize intellectual property, entrepreneurial projects, and innovative technologies that can transition from laboratories to market applications [4]. Group 3: Featured Companies and Innovations - Notable participants include Henkel, which specializes in thermal interface materials and has applications in electric vehicles and power electronics [5]. - Shenzhen Hongfu Cheng New Materials Co., Ltd. focuses on carbon-based thermal materials for high-speed optical communication and intelligent driving chips [6]. - Shanghai Aled Group Co., Ltd. is expanding its high-performance thermal interface materials for data centers and AI applications [7]. - Other companies like tesa, Chengdu Silica Technology Co., Ltd., and Indium Corporation are also showcasing their advancements in thermal management materials and technologies [8][9][13]. Group 4: Conference Agenda - The agenda includes various specialized forums covering topics such as thermal science, functional materials, technology applications, and engineering solutions [19]. - Specific sessions will address challenges and advancements in data center thermal management, electric vehicle thermal management, and cooling technologies [19]. Group 5: Registration and Participation - Registration fees are set at ¥2200 for regular attendees and ¥1200 for students if paid before October 31, 2025 [21]. - Payment options include bank transfer, Alipay, and WeChat Pay, with specific instructions for invoicing provided [22].

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].

Group 1 - The company plans to raise up to 466 million yuan through a private placement to fund various projects, including the Vietnam thermal management product project and a liquid cooling research center [2] - The company reported a significant revenue increase of 51.10% year-on-year, achieving 656 million yuan in revenue for 2024, driven by strong market demand and sufficient orders [2] - The company's products are primarily used in consumer electronics, with a growing market demand for high thermal conductivity materials as the consumer electronics market continues to develop [2] Group 2 - The total investment for the Vietnam thermal management product project is 369 million yuan, which will be fully funded by the raised capital [3] - The project will be implemented by the company's wholly-owned subsidiary in Vietnam, focusing on the production of graphite thermal materials and thermal interface materials [3] - The company aims to optimize its production capacity and mitigate risks by establishing a production line in Vietnam, enhancing service capabilities to core customers and integrating into their global supply chain [3]

Core Viewpoint - The company plans to raise up to 466 million yuan through a private placement to fund various projects, including a new production facility in Vietnam and a liquid cooling research center, indicating a strategic focus on expanding its operational capacity and enhancing product development [1][2] Group 1: Financial Overview - The total amount to be raised is capped at 466 million yuan, which will be allocated to several projects after deducting issuance costs [1] - The company anticipates a significant revenue increase in 2024, projecting an operating income of 656 million yuan, representing a year-on-year growth of 51.10% [1] Group 2: Project Details - The investment for the "Vietnam Thermal Products Project" totals 369 million yuan, with the entire amount being raised for this initiative [2] - The project will be executed by the company's wholly-owned subsidiary in Vietnam, focusing on the production of graphite thermal materials and thermal interface materials [2] Group 3: Market Position and Strategy - The company serves major clients in the North American and domestic technology sectors, including Xiaomi and Samsung, providing comprehensive thermal management solutions [1] - The establishment of a production line in Vietnam is a strategic move to optimize capacity, mitigate production risks, and enhance service capabilities to meet the needs of core clients [2] - The demand for high thermal conductivity functional materials is expected to grow, driven by the continuous development of consumer electronics [1]