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]

Group 1: Company Overview and Business Development - Shenzhen Kexin New Materials Co., Ltd. focuses on data center cooling solutions through its subsidiary, Shenzhen Chuangyuan Zhihuo Technology Co., Ltd. [2] - The company employs a dual-driven model of collaborative manufacturing and independent production to enhance its market presence [2][3] - In the first half of 2025, the subsidiary has initiated OEM operations for liquid cooling plates and is advancing product certification with clients [3] Group 2: Market Trends and Product Demand - The demand for thermal interface materials is increasing due to the growth of high-performance computing and emerging technologies like 5G/6G and IoT [4] - Kexin New Materials is strategically positioned to meet the rising demand for high-performance thermal management solutions [4] Group 3: Acquisition Plans - The company is planning to acquire Dongguan Zhaoke, which includes subsidiaries in Kunshan, Vietnam, and Singapore, to expand its footprint in the thermal product sector [5] - The acquisition process is complex and involves cross-border mergers, with both parties maintaining strong cooperation intentions [5] Group 4: Growth in New Energy Sector - The Chinese electric vehicle market is experiencing rapid growth, driven by an increase in new models and improved charging infrastructure [6] - The company's subsidiary, Suzhou Ruitai Technology Co., Ltd., produces key cooling components for electric vehicle batteries, contributing to its market leadership [7] Group 5: Traditional Business Performance - The polymer materials segment remains stable, focusing on waterproof, fireproof, and moisture-proof materials for various industries [7] - The company aims to solidify its position in the polymer materials market to ensure steady cash flow and profit contributions [7]

Core Insights - The company is focusing on liquid cooling technology as a more efficient thermal management solution due to the increasing power density of AI chips and server architecture upgrades [3] - The company is actively promoting the introduction, product certification, and mass production supply of core materials and liquid cooling modules to create a new growth curve in performance [3] - The company plans to increase investment in product research and development, customer expansion, and capacity building based on market demand and order conditions [3] Product Line and Market Potential - The company's thermal management solution product line includes high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, and thermal modules, which are applicable in various cutting-edge technology fields such as AI smartphones, AI PCs, AI glasses, and robotics [4] - The company emphasizes continuous monitoring of new technology developments and emerging application areas, actively participating in customized research and development of new projects and products to expand product applications [4] - With the increasing cooling demands of AI terminal devices, the company's comprehensive thermal management solutions are expected to capture a broader market space [4]

Core Viewpoint - Company has established a leading position in the thermal management materials sector through over 20 years of focused investment and forward-looking layout in the industry [1] Group 1: Company Positioning - Company provides comprehensive solutions from materials to components to modules, including high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, and thermal modules [1] - In the consumer electronics sector, the company maintains a leading position in synthetic graphite materials, with applications of graphite die-cut components expanding from smartphones to tablets and laptops [1] Group 2: Product Development and Market Expansion - Company is accelerating the research and mass production of various high-performance liquid-absorbing core materials, establishing core technological barriers [1] - Company has obtained supplier qualifications for thermal interface materials from major North American clients and has achieved production delivery [1] Group 3: Data Center Applications - The market application of the company's VC module products in high-speed optical modules is accelerating [1] - Core components of thermal modules, TIM materials, and other products are being supplied in bulk to server manufacturers, with active promotion of liquid cooling thermal module customer introduction, product certification, and mass production supply [1]

Core Viewpoint - The company has established a leading position in the thermal management materials sector, leveraging over 20 years of experience and continuous investment in niche areas [2] Group 1: Technology Layout in Consumer Electronics - The company provides comprehensive solutions in thermal management, including high thermal conductivity graphite products, thermal interface materials, heat pipes, and thermal modules [2] - The company maintains a leading position in artificial synthetic graphite materials, with applications expanding from smartphones to tablets and laptops [2] - The company is accelerating the R&D and mass production of various high-performance liquid-absorbing core materials, establishing core technological barriers [2] Group 2: Data Center Business Layout - The company has qualified as a supplier of thermal interface materials for major North American clients and has achieved production delivery [2] - The market application of the company's VC module products in high-speed optical modules is accelerating [2] - The company is supplying core components of thermal modules and TIM materials in bulk to server manufacturers and is actively promoting the introduction, product certification, and mass production of liquid cooling thermal modules [2]

Investment Rating - The report indicates a positive outlook for the thermal management materials industry, driven by strong downstream market demand and technological advancements [3][21]. Core Insights - The thermal management materials industry is experiencing sustained growth due to increasing demand from downstream sectors such as consumer electronics, automotive electronics, and data centers. The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from $17.3 billion in 2023 to $26.1 billion by 2028 [3][21]. - The penetration rates of heat pipes and vapor chambers are continuously rising, with local procurement becoming a significant trend as domestic companies mature technologically [3][21]. Summary by Sections 1. Industry Demand and Growth - The global demand for thermal management materials is on the rise, with a forecasted market size growth from $17.3 billion in 2023 to $26.1 billion by 2028, reflecting a CAGR of 8.5% [3][21]. - The shift towards high-performance, miniaturized, and integrated electronic products is intensifying the need for effective thermal management solutions [3][21]. 2. Market Segmentation - Heat pipes and vapor chambers are becoming mainstream solutions in high-end smartphones, with market sizes expected to reach $3.776 billion and $1.197 billion respectively by 2025, with CAGRs of 6.17% and 14.20% [15][18]. - The thermal interface materials market is projected to grow from $5.2 billion in 2019 to $7.6 billion by 2026, with a CAGR of 5.57% [16][19]. 3. Local Procurement Trends - Local procurement is becoming a dominant trend in the thermal management materials industry, driven by supply chain security concerns among domestic electronic brands [35][36]. - Domestic companies like Suzhou Tianmai and Zhongshi Technology are expected to benefit from this trend as they enhance their technological capabilities [35][36]. 4. Key Beneficiaries - Suzhou Tianmai is highlighted as a key player in the industry, having established itself early in the ultra-thin heat pipe and vapor chamber market, achieving significant production scale and client certifications [4][35].

Core Insights - The company reported a revenue of 748 million yuan for the first half of 2025, representing a year-on-year growth of 16.12% [1] - The net profit attributable to shareholders reached 121 million yuan, with a significant year-on-year increase of 93.74% [1] - The company achieved a non-recurring net profit of 111 million yuan, marking a substantial growth of 148.28% year-on-year [1] Business Performance - The company is experiencing a steady increase in profitability due to the ramp-up of new products and projects, driven by a recovery in market demand within the consumer electronics sector [1] - The gross margin for the first half of 2025 was 31.31%, an increase of 2.13 percentage points year-on-year, while the net margin was 16.24%, up by 6.61 percentage points year-on-year [1] Market Position and Strategy - The company has established a leading position in the artificial graphite materials sector and is expanding its market share in die-cut components, with applications extending from smartphones to tablets and laptops [2] - The company is actively involved in the AI industry, providing solutions for AI terminal devices and infrastructure, and has achieved full coverage of major clients in the 3C industry [2] - In the digital infrastructure sector, the company is supplying core components and materials to major telecommunications manufacturers, with accelerated market applications for its VC module products [2] Future Outlook - The company is expected to see continued growth in net profit, with projections of 266 million yuan, 320 million yuan, and 373 million yuan for the years 2025, 2026, and 2027 respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 41, 34, and 30 for the years 2025, 2026, and 2027, respectively, indicating a favorable investment outlook [3] - The company is well-positioned to benefit from the increasing demand for thermal management solutions driven by the growth of generative AI terminal devices [3]

Group 1 - The company achieved revenue of 750 million yuan in H1 2025, a year-on-year increase of 16.1%, and a net profit attributable to shareholders of 121 million yuan, up 93.7% [1] - In Q2 2025, the company reported revenue of 399 million yuan, a 15.9% increase year-on-year, and a net profit of 60 million yuan, reflecting an 82.8% growth [1] - The gross margin and net margin for H1 2025 were 31.3% and 16.2%, respectively, representing increases of 2.1 percentage points and 6.6 percentage points year-on-year, indicating stable improvement in profitability [1] Group 2 - The company has made significant progress in cost reduction and efficiency enhancement, with sales and management expense ratios of 2.12% and 6.12% in Q2 2025, down 2.43 percentage points and 1.53 percentage points year-on-year [2] - R&D investment totaled 36 million yuan in H1 2025, with independent teams established in various technology fields such as synthetic graphite and thermal interface materials [2] - The company is expanding its overseas production capacity and aims to develop replicable industry solutions for various high-growth sectors, including digital infrastructure and clean energy [2] Group 3 - The company is positioned to benefit from the growth in the cooling solutions market driven by AI technology, with projected net profits of 290 million, 380 million, and 500 million yuan for 2025, 2026, and 2027, respectively [3] - The current market valuation corresponds to price-to-earnings ratios of 37, 28, and 21 for the years 2025 to 2027 [3]