Core Viewpoint - Juhua Co., Ltd. has solidified its leadership in the refrigerant sector during the 14th Five-Year Plan period, achieving breakthroughs in high-end fluorinated polymers and green energy new materials, while maintaining a focus on high-end, intelligent, and green development [2][3]. Group 1: Business Performance - Juhua's core business in fluorinated refrigerants has achieved global leadership, with the third-generation refrigerant quota reaching 37.86% of the industry total by 2025, and domestic usage quota at 38.77%, both ranking first in the industry [2]. - From 2021 to 2024, Juhua's cumulative operating income is expected to grow by 38%, while total profit is projected to increase by 140% [2]. - In the first three quarters of 2025, Juhua achieved operating income of 20.393 billion yuan and net profit attributable to shareholders of 3.248 billion yuan, representing year-on-year growth of 13.89% and 160.22%, respectively [2]. Group 2: Innovation and Development - Breakthroughs in high-end new materials have been a highlight for Juhua during the 14th Five-Year Plan, with the company achieving domestic substitution in several high-value new material fields through independent research and investment [3]. - Juhua has fully promoted the construction of "digital workshops," completing "zero manual" transformations of major production units, achieving full-process automated control [3]. - The company has maintained a high dividend payout ratio, with cash dividends accounting for approximately 30% of net profit for several consecutive years, totaling 5.973 billion yuan by June 2025, which is 38.11% of cumulative net profit [3]. Group 3: Future Outlook - Looking ahead to the 15th Five-Year Plan, Juhua aims to continue focusing on green development, digital transformation, and innovation-driven upgrades, striving to become a world-class manufacturing base for high-performance fluorinated and chlorinated new materials [3].

证券日报网讯 12月23日，新宙邦在互动平台回答投资者提问时表示，公司的含氟冷却液产品已实现在 半导体制程冷却、数据中心浸没式冷却及精密仪器清洗等关键领域的批量应用，在客户合作方面，公司 凭借在氟化液领域强技术积累和充足产能保障，已与众多全球主流客户建立合作关系并持续交付中，客 户反馈和产能利用情况良好，公司的具体客户信息属于商业保密范畴，未经许可公司不便讨论具体客户 名称及业务情况。 （文章来源：证券日报） ...

格隆汇12月23日丨新宙邦(300037.SZ)在互动平台表示，公司的含氟冷却液产品已实现在半导体制程冷 却、数据中心浸没式冷却及精密仪器清洗等关键领域的批量应用，氢氟醚与全氟聚醚现有产能合计5500 吨，公司凭借在氟化液领域强技术积累和充足产能保障，已与多个应用领域众多全球主流客户建立合作 关系并持续交付中，客户反馈良好，产能利用率持续提升。随着全球半导体产业投资加速及国际主流公 司退出带来的市场机遇，公司氟化液业务有望迎来持续增长，为满足未来的需求，公司新的产能也在积 极布局中。 ...

证券日报网讯 12月19日，新宙邦在互动平台回答投资者提问时表示，公司的含氟冷却液产品已实现在 半导体制程冷却、数据中心浸没式冷却及精密仪器清洗等关键领域的批量应用，氢氟醚（HFE）与全氟 聚醚（PFPE）现有产能合计5500吨，公司凭借在氟化液领域强技术积累和充足产能保障，已与多个应 用领域众多全球主流客户建立合作关系并持续交付中，客户反馈良好，产能利用率持续提升。随着全球 半导体产业投资加速及国际主流公司退出带来的市场机遇，公司氟化液业务有望迎来持续增长，为满足 未来的需求，公司新的产能也在积极布局中。 （文章来源：证券日报） ...

Core Viewpoint - The company is actively enhancing its competitive edge in lithium hexafluorophosphate production and solid-state electrolyte research, with plans for capacity expansion and increased collaboration with downstream customers [1][1][1] Group 1: Lithium Hexafluorophosphate Production - The current production capacity of lithium hexafluorophosphate at Shilei Fluorine Materials is 24,000 tons per year, with plans to increase this to 36,000 tons per year by the end of 2025 following technological upgrades [1][1][1] - The company is considering further expansion plans based on market demand after the initial capacity increase [1] Group 2: Solid-State Electrolyte Research - The company has invested years into solid-state electrolyte research, with over 30 patent applications related to this field [1][1][1] - A subsidiary, Shenzhen Xinyuanbang Technology Co., Ltd., has established a comprehensive research, testing, and production platform for solid-state electrolyte materials, achieving mass production at a scale of hundreds of tons [1][1][1] - Positive customer feedback has been received, and the company is actively collaborating with downstream customers to advance industrial applications [1] Group 3: Semiconductor Chemicals - The company has built trust with numerous mainstream customers in the semiconductor chemicals sector through its experience in fine electronic chemicals, high-quality products, and a robust quality management system [1][1][1] - The categories, shipment volumes, and sales of semiconductor chemicals are steadily increasing [1] - The company's fluorinated cooling liquid products are primarily used for semiconductor chip process cooling and data center immersion cooling, supported by strong technical capabilities and sufficient production capacity [1][1][1]

Core Viewpoint - The article discusses the growing importance of liquid cooling technology in data centers due to increasing power consumption and heat generation from AI server chips, highlighting the shift from traditional air cooling to liquid cooling solutions. Group 1: Liquid Cooling Technology Types - Liquid cooling technology is categorized into two main types: cold plate and immersion cooling, with cold plate cooling holding a 91% market share in 2022 due to its maturity and compatibility [3][31]. - Immersion cooling, while having the highest heat dissipation capability, accounts for about 8% of the market and is represented by companies like Shuguang Data and Guangdong He Yi [4][31]. - Cold plate cooling primarily uses water-based coolants, offering advantages such as low cost and fast heat dissipation [5]. Group 2: Cooling Liquid Material Systems - The main types of cooling liquids include water-based, oil-based, and fluorinated coolants [7]. - Water-based coolants are mainly used in single-phase cold plate cooling, supplied by companies like Compton and Unification [8]. - Oil-based coolants are used in single-phase immersion cooling, with suppliers like China Petroleum and Unification [8]. - Fluorinated coolants are crucial for high reliability and extreme physical conditions, with companies like Juhua and Dongyue Group achieving large-scale production [8]. Group 3: Microchannel Liquid Cooling Breakthroughs - Microchannel cold plate technology is becoming a focus for AI chip manufacturers, with companies like Nvidia and Microsoft pushing for MLCP standards [9]. - Domestic companies such as Highlan and Feirongda are gaining certifications and expanding their market share in this area [9]. Group 4: Market Size and Price Logic - By 2028, the global AI data center installation capacity is expected to reach 59 GW, corresponding to a cooling liquid demand exceeding 89,000 tons [10]. - The Chinese market for liquid-cooled data centers is projected to grow at a compound annual growth rate (CAGR) of 51.4%, with the industry scale expected to exceed 100 billion yuan by 2027 [10]. Group 5: Leading Projects - Major companies like Alibaba, Shuguang, Huawei, and Lenovo are implementing liquid-cooled data center demonstration projects, with Alibaba achieving a PUE of 1.12 in its 5A green liquid-cooled data center [14][15]. - Shuguang has realized the world's first large-scale commercial application of immersion phase change liquid cooling [15]. - Huawei's cloud data center in Ulanqab utilizes indirect evaporative cooling, achieving a PUE of 1.15 [16]. Group 6: Mainstream Cooling Pathways - The article outlines the mainstream cooling pathways, including water-based, oil-based, and fluorinated cooling liquids, emphasizing the rapid growth of the liquid cooling market [18][21].

Core Viewpoint - The company Xinzhou Bang (300037) is actively expanding its production capacity for fluorine-containing cooling liquids, primarily used in semiconductor chip manufacturing and data center immersion cooling, to meet current and future market growth [1] Group 1: Product and Market Development - The company's fluorine-containing cooling liquid products are mainly supplied for semiconductor chip process cooling and immersion cooling in data centers [1] - The company has developed a series of related products and is expanding production capacity to respond to market growth [1] Group 2: Market Trends - The immersion cooling liquid market for liquid-cooled servers is steadily growing, although the total market size remains limited [1]

Core Viewpoint - The company, Xinzhou Bang (300037.SZ), is focusing on the development and expansion of its fluorinated cooling liquid products, primarily for semiconductor chip manufacturing and data center immersion cooling [1] Group 1: Product Development and Market Position - The company has developed a series of related products to meet current and future market growth [1] - The immersion cooling liquid market for liquid-cooled servers is experiencing steady growth, although the total market size remains limited [1]

Core Viewpoint - The company Xinzhou Bang (300037) is actively expanding its production capacity and developing a series of fluorinated cooling liquid products to meet the growing market demand in semiconductor chip manufacturing and data center immersion cooling [1] Group 1: Company Developments - The company has stated that its fluorinated cooling liquid products are primarily supplied for semiconductor chip manufacturing cooling and data center immersion cooling [1] - The company is working on expanding its product line and production capacity to address current and future market growth [1] Group 2: Market Insights - The immersion cooling liquid market for liquid-cooled servers is experiencing steady growth, although the total market size remains limited [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a significant year-on-year revenue growth of 32.1% in Q1 2025, achieving a total revenue of 2 billion yuan. However, there was a quarter-on-quarter decline of 8.1% [2][6]. - The net profit attributable to shareholders reached 230 million yuan, reflecting a year-on-year increase of 39.3% and a quarter-on-quarter decrease of 4.5% [2][6]. - The company’s organic fluorine chemical products are expected to continue their high growth trajectory, driven by stable demand for fluorinated pharmaceutical intermediates, cleaning agents, cooling fluids, and modified copolymers [7][13]. - The company is expanding its production capacity overseas, with plans to invest up to 26 million USD in a new electronic chemical production base in Malaysia to meet the growing demand in the Southeast Asian market [13]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross profit margin of 24.6%, down 2.7 percentage points year-on-year and 0.4 percentage points quarter-on-quarter. The net profit margin was 11.6%, up 0.8 percentage points year-on-year and 0.3 percentage points quarter-on-quarter [7][12]. - The company expects a decline in revenue and profit margins primarily due to the pressure on electrolyte sales and market conditions [7]. Product Development and Market Position - The company is implementing a "production generation + research generation + reserve generation" strategy to enhance its product offerings. The first-generation products maintain stable market share, while second-generation products are experiencing strong demand and rapid sales growth [7][13]. - The global electronic fluorinated liquid market is currently in a supply transition phase, providing growth opportunities for the company's fluorinated liquids [7][13]. Future Outlook - The company forecasts net profits attributable to shareholders of 1.2 billion yuan, 1.46 billion yuan, and 1.86 billion yuan for the years 2025, 2026, and 2027, respectively [13].