广东思泉新材料股份有限公司（证券代码：301489，简称"思泉新材"）近日发布公告，就深圳证券交易 所关于公司向特定对象发行股票的审核问询函进行回复，详细解释了公司毛利率波动、2024年增收不增 利、子公司合规经营等市场关注问题。公告显示，公司2024年实现营业收入6.56亿元，同比增长 51.10%，但扣除非经常性损益后归属于母公司股东的净利润为5038.51万元，同比下降6.2%，归属于母 公司股东的净利润5245.59万元，同比下降3.88%。 核心业务毛利率波动显著 子公司亏损拖累业绩 公告披露，思泉新材核心产品中，磁性材料和纳米防护材料毛利率波动较大。磁性材料毛利率在2022年 至2025年1-9月间分别为17.01%、34.69%、-2.61%和27.17%；纳米防护材料毛利率同期分别为30.60%、 25.70%、43.53%和23.49%。公司解释，上述业务收入占比不足2%，规模较小导致客户结构及订单变动 对毛利率影响显著。例如，2024年磁性材料毛利率为负主要因导入韩系客户采取竞争性定价，2025年随 着智能手机领域订单增长毛利率回升。 2024年增收不增利的主要原因是子公司亏损及费用增加。 ...

Core Viewpoint - Debang Technology (688035.SH) has stated that its thermal interface materials have not yet been applied in HBM (High Bandwidth Memory) [1] Group 1 - The company is currently not utilizing its thermal interface materials in the HBM sector [1]

Company Overview - The company is a global leader in functional polymer materials and thermal management solutions, focusing on core materials and components to meet high-growth industry demands [2][3] - It emphasizes technology research and development, with a strong capacity for large-scale delivery of comprehensive reliability solutions for electronic devices [2][3] Product and Market Focus - Main products include high thermal conductivity graphite products, thermal interface materials, heat pipes, and EMI shielding materials, widely used in consumer electronics, digital infrastructure, smart transportation, and clean energy sectors [3] - The company has established production bases in Wuxi, Yixing, and Thailand, and R&D centers in Beijing, Shanghai, and the USA, catering to global clients [3] Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 1.298 billion, a year-on-year increase of 18.45% [4] - Net profit attributable to shareholders reached CNY 252 million, up 90.59%, with a non-recurring net profit of CNY 236 million, reflecting a growth of 142.37% [4] Profitability and Efficiency - The gross profit margin for the first three quarters of 2025 was 33.92%, an increase of 3.16 percentage points year-on-year, driven by product structure optimization and increased core product sales [5] - The company is focusing on high-quality growth sectors and implementing lean production and process improvements to enhance efficiency [5] Capacity and Production - Current capacity utilization is high, with new production lines focusing on high thermal conductivity graphite products and thermal interface materials for emerging consumer electronics and digital infrastructure [6] - The company maintains a leading position in synthetic graphite materials within the consumer electronics sector, expanding applications from smartphones to tablets and laptops [7] Innovation and Development - The company has developed foldable flexible graphite components for foldable smartphones, achieving global patent certification [8] - It is accelerating the market application of VC modules in high-speed optical modules, having gained product certification from leading optical communication companies [9] New Business Ventures - Liquid cooling solutions for servers represent a significant new business direction, with ongoing investments in product development and customer acquisition [10] - The company has established an overseas production base in Thailand, which is operational and has completed certification for major clients [12] Future Growth Potential - The demand for thermal materials is expected to increase with the development of AI terminals, alongside new project launches and market share growth [12] - The company is actively pursuing new thermal solutions and core materials for computing equipment, aiming to create new growth curves in the optical module and server sectors [12]

Company Overview - Suzhou Tianmai Thermal Technology Co., Ltd. was established in 2007, initially focusing on thermal interface materials, which have high technical barriers in the mid-to-high-end product market [2][4]. - The company has developed high thermal conductivity, low volatility, and low oil thermal silicone sheets, widely used in consumer electronics, security monitoring, automotive electronics, and communication equipment [2][4]. Product Development - In 2012, the company independently developed artificial graphite materials for heat dissipation, responding to the increasing demand for thermal management in consumer electronics [3]. - The company has invested in research and development of heat pipes and temperature equalization plates since 2014, despite initial market uncertainties [3]. New Projects - The company plans to invest in two new projects: 1. **Suzhou Tianmai Thermal Products Intelligent Manufacturing Base**: - Land area: 100 acres - Total investment: 1.7 billion CNY - Expected annual production capacity: 30 million high-end temperature equalization plates [4][5]. 2. **Suzhou Tianmai Thermal Products Intelligent Manufacturing Base (Hui Kai Road)**: - Total investment: 600 million CNY - Expected annual production capacity: 18 million high-end temperature equalization plates [5]. Financial Performance - For the first three quarters of 2025, the company reported: - Revenue: 818.44 million CNY, a year-on-year increase of 18.42% - Non-recurring net profit: 137.49 million CNY, a year-on-year increase of 2.24% [9][10]. - The lower growth rate of non-recurring net profit compared to revenue is attributed to increased management and R&D expenses, which rose by 38.76% and 36.20% respectively [10]. Strategic Goals - The 2025 restricted stock incentive plan aims to set challenging performance targets based on: 1. Industry prospects and market opportunities, particularly in emerging fields like smartphones, new energy vehicles, and 5G base stations [8]. 2. The company's strategic investments and capacity layout, which provide a solid foundation for future revenue growth [8]. 3. A balance between challenge and feasibility in performance targets to effectively motivate the team [8][9]. Product Applications - The company's thermal interface materials include thermal pads, thermal gels, phase change materials, thermal pastes, and liquid metals, with thermal conductivity reaching up to 15 W/m.K [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][16]. Core Insights - The company has demonstrated robust revenue growth, achieving 310 million yuan in revenue for Q3 2025, a year-on-year increase of 32.51%. The net profit attributable to shareholders for the same period was 48.11 million yuan, reflecting a 9.63% increase year-on-year [3][4]. - The company is expanding its production capacity for thermal management products to meet increasing customer demand, with planned investments totaling up to 26 billion yuan for new manufacturing facilities [3][4]. - The company is strategically positioned to benefit from the rising demand for heat pipes and uniform temperature plates, particularly in the context of the growing high-performance consumer electronics market [4][13]. Company Overview - The latest closing price of the company's stock is 135.20 yuan, with a total market capitalization of 15.6 billion yuan [2]. - The company has a low debt-to-asset ratio of 11.7%, indicating a strong financial position [2]. - The company is involved in the research, development, production, and sales of thermal management materials and devices, with a focus on high-quality products for major clients such as Samsung, OPPO, and Huawei [13][14]. Financial Projections - Revenue projections for the company are 1.14 billion yuan in 2025, 2.09 billion yuan in 2026, and 2.99 billion yuan in 2027, with corresponding net profits of 190 million yuan, 360 million yuan, and 523 million yuan respectively [8][10]. - The company is expected to maintain a healthy growth trajectory, with significant increases in both revenue and net profit over the next few years [10][15]. Incentive Plans - The company has announced a stock incentive plan aimed at motivating key personnel, with a total of 1.28 million restricted shares to be granted, representing 1.107% of the total share capital [5][7].

Core Viewpoint - The company has signed an EPC contract for a factory construction project in Thailand, indicating a strategic move to expand its production capabilities overseas [1] Group 1: Contract Details - The contract amount is 972 million Thai Baht, equivalent to approximately 214 million RMB [1] - This is a fixed-price contract that includes all compensation for the contractor's completion of the work [1] Group 2: Project Location and Purpose - The project is located in the WHA Industrial Park in Rayong Province, Thailand [1] - The investment aims to establish an overseas production base primarily for manufacturing graphite films, die-cut graphite, thermal interface materials, shielding materials, and adhesives [1]

Core Viewpoint - The company has signed an EPC contract for a factory construction project in Thailand, indicating a strategic move to expand its production capabilities in the region [1] Group 1: Contract Details - The contract amount is 972 million Thai Baht, equivalent to approximately 214 million RMB [1] - It is a fixed-price contract that includes all compensation for the contractor to complete the work under this contract [1] Group 2: Project Location and Purpose - The project is located in the WHA Industrial Park in Rayong Province, Thailand [1] - The investment aims to establish an overseas production base primarily for manufacturing graphite films, die-cut graphite, thermal interface materials, shielding materials, and adhesives [1]

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].

Group 1 - Shenzhen Kexin Innovation Source New Materials Co., Ltd. hosted a specific investor survey with 11 institutions including Fidelity Fund and Wan Jia Fund on September 17-18, 2025 [1] - The company discussed its data center business, focusing on thermal management solutions through its subsidiary, Shenzhen Chuangyuan Zhihuo Technology Co., Ltd., which includes products like siphon-type special cooling modules and liquid cooling plates [1] - The company plans to acquire Dongguan Zhaoke Electronic Materials Technology Co., Ltd., which specializes in thermal interface materials, and has completed equity integration with Kunshan Zhaoke [1] Group 2 - The growth in the new energy business is attributed to the increasing demand for electric vehicles, with the company's subsidiary, Ruitai Technology, advancing new production line construction and upgrading existing lines to maintain its leading position [1] - In the first half of 2025, the company's traditional polymer materials business showed steady development, focusing on waterproof sealing, fire insulation, and moisture-proof materials, while aiming to strengthen its core business in telecommunications, electricity, and automotive sectors [1]