Core Viewpoint - Suzhou Tianmai (301626.SZ) plans to issue convertible bonds to raise up to 786 million yuan for the construction of its intelligent manufacturing base for thermal conductive products [1][2][3] Group 1: Convertible Bond Issuance - The total amount to be raised from the issuance of convertible bonds is expected to be no more than 786 million yuan, which will be used for the construction of the Suzhou Tianmai intelligent manufacturing base [1][2] - The bonds will have a term of six years from the date of issuance, with interest paid annually and principal returned at maturity [2][3] - The bonds will be offered to a wide range of investors, including individuals and institutions, with priority given to existing shareholders [3] Group 2: Financial Performance - For the first three quarters of 2025, Suzhou Tianmai reported revenue of 818.44 million yuan, an increase of 18.42% year-on-year, and a net profit attributable to shareholders of 142.57 million yuan, up 1.54% [4][5] - The company’s net cash flow from operating activities was 129.11 million yuan, a decrease of 27.45% compared to the previous year [4][5] - In 2024, the company achieved revenue of 942.91 million yuan, a growth of 1.62%, and a net profit of 185.43 million yuan, reflecting a 20.26% increase year-on-year [6]

Core Viewpoint - Suzhou Tianmai plans to issue convertible bonds to raise no more than 786 million yuan (including principal) for the construction of its Zhuzhi base for intelligent manufacturing of thermal conduction and heat dissipation products, with a total project investment of 1.36 billion yuan [1] Group 1: Fundraising and Project Details - The company intends to raise funds through a public offering of convertible bonds, with a maximum amount of 786 million yuan [1] - The total investment for the project is 1.36 billion yuan, indicating a significant commitment to expanding production capacity [1] - Prior to the fundraising, the company will use self-raised funds for initial investments [1] Group 2: Production Capacity and Market Impact - Upon completion, the project will add an annual production capacity of 30 million high-end isothermal plates [1] - The company asserts that the project is necessary and feasible, which will enhance its market competitiveness and profitability [1]

Core Viewpoint - Suzhou Tianmai has successfully acquired the land use rights for a state-owned construction site, which will be utilized for the establishment of an intelligent manufacturing base for thermal conductive and heat dissipation products, aligning with the company's long-term strategic planning and operational development needs [1] Summary by Relevant Categories Land Acquisition - The company won the bidding for the land parcel numbered "Su Wu Guo Tu 2025-WG-14" from the Suzhou Natural Resources and Planning Bureau [1] - The total land price is 22.4 million yuan [1] Strategic Importance - The land will be used to build the Suzhou Tianmai intelligent manufacturing base, which is crucial for expanding the production capacity of the company's advantageous products [1] - This acquisition is expected to support the company's future business development and market expansion needs, thereby promoting long-term stable growth and enhancing core competitiveness [1]

Core Points - Suzhou Tianmai (301626) announced the acquisition of state-owned land use rights for 22.4 million yuan [1] - The land will be used for the construction of an intelligent manufacturing base for thermal conductive heat dissipation products [1] - This project aims to expand the production capacity of the company's advantageous products [1]

Group 1 - The company Alede stated that its thermal conductive products have a wide range of application scenarios [2] - The company will provide customized solutions based on customer needs [2]

Core Viewpoint - Suzhou Tianmai, a leading thermal management technology company, demonstrates strong revenue growth driven by the consumer electronics and new energy sectors, showcasing its robust R&D capabilities and market competitiveness [1] Financial Performance - In the first half of 2025, Suzhou Tianmai achieved operating revenue of 508 million yuan, a year-on-year increase of 11.20% [1] - The net profit attributable to shareholders was 94.454 million yuan, a slight decrease of 2.14% year-on-year [1] - The company reported a healthy cash flow, with a net cash flow from operating activities of 105 million yuan and cash received from sales and services amounting to 548 million yuan [2] - Total assets reached 1.74 billion yuan by the end of the reporting period [2] Technological Advantages - Suzhou Tianmai focuses on the research and application of thermal conductive and heat dissipation products, aiming to be a leading provider of comprehensive thermal management solutions [3] - The company holds 98 patents, including 17 invention patents, with several more pending [3] - R&D investment in the first half of 2025 reached 45.0065 million yuan, reflecting a year-on-year increase of 32.91%, with an R&D expense ratio of 8.86% [3] Customer Resources and Market Diversification - With over a decade of experience in the thermal management field, Suzhou Tianmai has established a strong customer base, supplying products to renowned brands such as Samsung, OPPO, vivo, Huawei, and NIO [4] - The company maintains good relationships with various domestic and international consumer electronics manufacturers, including BYD, Foxconn, and others [4][5] - This diversified customer structure reduces operational risks and provides more opportunities for sustained growth [5] Future Outlook - The company plans to closely monitor industry technologies, customer needs, market trends, and policy changes to optimize production processes [6] - With the rapid development of technologies such as 5G, artificial intelligence, and the Internet of Things, the demand for efficient heat dissipation solutions is expected to grow [6][7] - Suzhou Tianmai is well-positioned to seize market opportunities arising from this technological innovation wave [6][7]

Core Viewpoint - The company is actively expanding its thermal management business in the data center and liquid cooling sectors, aligning its technology and product characteristics with market demands [2]. Group 1 - The company has been developing its thermal management business in the data center and liquid cooling areas for the past two years [2]. - The technology direction and product features of the company's thermal management business are highly compatible with the data center and liquid cooling fields [2]. - The company is leveraging its technological advantages to engage with market demands and is in deep discussions with potential clients [2]. Group 2 - The company plans to share information with investors through announcements or regular reports based on business progress and cooperation agreements [2]. - Investors are encouraged to pay attention to the company's disclosures in legal media for updates [2].

Core Viewpoint - The rapid development of artificial intelligence is driving a surge in demand for AI servers, and the company is exploring opportunities in this market with its thermal pads and quick connectors [2]. Group 1 - The company confirmed that its thermal dissipation products can be applied to liquid-cooled servers [2]. - The company is actively expanding its market presence in the AI server sector [2]. - The company plans to share business progress with investors through regular reports or announcements [2].

Core Viewpoint - Suzhou Tianmai has demonstrated steady financial performance in 2024, with a focus on thermal management solutions and ongoing investment in production capacity and R&D projects [1][2][3] Financial Performance - In 2024, the company achieved total revenue of 943 million yuan, a year-on-year increase of 1.62% - The net profit attributable to shareholders reached 185 million yuan, reflecting a significant growth of 20.26% compared to the previous year, primarily due to improved production efficiency and cost control [1] Project Progress - The construction of the thermal product production base has reached an investment progress of 65.83% as of December 31, 2024, with the factory and related facilities completed and ready for use, while production line construction is ongoing [2] - The first phase of the Shengzhou Tianmai thermal base has been completed, and the company is currently undergoing system and customer certification [2] R&D Initiatives - Key R&D projects for 2024 include high heat flow density uniform plates, stainless steel chemical passivation mobile phone uniform plates, titanium chemical passivation mobile phone uniform plates, new composite capillary high-performance uniform plate cooling modules, and embedded liquid cooling systems [2] - These projects aim to enhance the product structure and core competitiveness of the company, catering to diverse customer needs and potentially increasing market share [2] Production Capacity Expansion - The company operates three production bases in Suzhou, Shengzhou, and Bắc Ninh, Vietnam, with good capacity utilization in 2024 [2] - In April 2025, the company plans to invest up to 2 billion yuan to establish an intelligent manufacturing base for thermal products in Wuzhong District, Suzhou, to further expand production capacity [2] Market Focus - The company will continue to focus on core areas such as consumer electronics and automotive electronics while also exploring emerging fields like low-altitude economy and humanoid robots [3] - There will be an increase in investment in R&D resources to align with market demands and company strategy, ensuring competitiveness across product lines [3]

Core Viewpoint - Suzhou Tianmai plans to acquire land use rights in Wuzhong District, Suzhou, for the construction of an intelligent manufacturing base for thermal conductive products, with a total investment not exceeding 2 billion yuan [1] Group 1: Project Details - The company intends to bid for approximately 100 acres of land [1] - The total investment for the project is planned to be no more than 2 billion yuan [1] - Funding sources will include self-owned funds, bank loans, or other financing methods [1] Group 2: Impact on Company Performance - The construction period for the project is expected to be long [1] - The project is anticipated to have no significant impact on the company's performance in the short term [1]