2025 年 12 月 26 日 电子 终端主动散热时代将至，微型风扇有望 率先拉开规模化序幕 SoC 芯片热流密度持续上升，端侧 AI 推动散热升级 随着芯片制程持续迭代，晶体管密度提升的同时，Dennard Scaling 逐渐失效，导致芯片功耗（TDP）持续攀升，局部高热流密度问题突 出，严重威胁设备可靠性与性能释放。同时，端侧 AI 加速落地，生 成式 AI 手机渗透率及芯片 AI 算力（TOPS）快速提升，进一步加剧了 设备产热。为应对挑战，电子设备散热方案需持续升级，目前主要包 括无需动力的被动散热和效率更高的主动散热，散热技术升级已成为 保障设备体验与推动技术演进的关键环节。 被动材料及器件持续迭代，均热板渗透率不断提高 在被动散热领域，各类材料与器件正持续迭代。传统的金属散热片、 石墨/石墨烯主要依靠高平面导热性扩散热量，而热管则利用相变实 现高效点对点传热，但各有应用局限。均热板（VC）作为核心升级方 向，将热管原理从一维扩展至二维，实现了从点热源到面热源的瞬间 高效扩散，且契合电子设备轻薄化趋势。其技术迭代聚焦于吸液芯结 构、工质与柔性设计（如应对折叠屏需求）的优化，市场渗透率持续 提升。 ...

证券日报网讯 12月8日，飞荣达在互动平台回答投资者提问时表示，公司一直与各头部品牌终端厂商保 持密切合作，公司应用于手机终端的产品主要包括石墨片、石墨烯、热管、VC、相变储能材料、微型 风扇和微泵液冷等导热材料及器件和电磁屏蔽材料及器件相关产品。长期以来，公司积极配合客户需求 开展相关产品的研发和技术储备，通过持续的产品迭代更新，为客户提供更适配、更优质的产品。 （文章来源：证券日报） ...

Group 1: Market Overview - The global vapor chamber market is projected to reach USD 1.24 billion in 2024, representing a growth of 56.57% compared to 2022, and is expected to reach USD 3.59 billion by 2032, with a CAGR of 14.21% from 2024 to 2032 [1] - The demand for vapor chambers is increasing due to the rising cooling needs in emerging fields such as smartphones, electric vehicles, and 5G base stations, alongside advancements in manufacturing technology [1] Group 2: Company Developments - The company plans to invest in two new projects to expand its high-end vapor chamber production capacity, including a project in Suzhou with a total investment of CNY 1.7 billion, which will add an annual production capacity of 30 million units [1] - Another project in Suzhou will utilize existing facilities with a planned investment of CNY 600 million, aiming to add an annual production capacity of 18 million units [1] Group 3: Strategic Partnerships - The company has formed a joint venture with Jianzhun Electric to establish Tianmai Jianzhun Cooling Technology (Suzhou) Co., Ltd., focusing on the development, production, and sales of micro fans for consumer electronics [2] - The joint venture will leverage both companies' strengths in thermal management technology, with the company holding a 65% stake and Jianzhun Electric holding 35% [2] Group 4: Financial Projections - The company is expected to achieve revenues of CNY 1.13 billion, CNY 3 billion, and CNY 5 billion in 2025, 2026, and 2027 respectively, with net profits of CNY 180 million, CNY 500 million, and CNY 840 million for the same years [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company is focusing on the high-end uniform temperature plate market, with plans to invest in the construction of production capacity for 30 million and 18 million PCS of high-end uniform temperature plates. The global market for uniform temperature plates is projected to grow from $1.24 billion in 2024 to $3.59 billion by 2032, reflecting a compound annual growth rate (CAGR) of 14.21% [3][4]. - The company is currently in the sample testing phase with North American clients, and it has made significant progress in its development of uniform temperature plate technology since 2017 [3]. - The company has established a joint venture with Jianzhun Motor to expand its product offerings in ultra-thin micro fans, which are essential for active cooling solutions in smartphones and other consumer electronics [4][7]. Financial Projections - Revenue projections for the company are as follows: 2025 expected revenue of 1.13 billion yuan, 2026 expected revenue of 3.01 billion yuan, and 2027 expected revenue of 5.01 billion yuan. Corresponding net profits are projected to be 180 million yuan, 500 million yuan, and 840 million yuan for the same years [8][10]. - The report outlines a significant growth trajectory, with revenue growth rates expected to reach 165.44% in 2026 and 66.52% in 2027 [10][13]. Market Position - The company is recognized as one of the few high-tech enterprises capable of mass production of both mid-to-high-end thermal materials and high-performance thermal components, such as heat pipes and uniform temperature plates. Its products are widely used in smartphones, laptops, automotive electronics, and security monitoring [7][8].

Core Viewpoint - The establishment of a joint venture, Tianmai Jianzhun, between Suzhou Tianmai and Jianzhun Electric focuses on the research and production of cooling products, leveraging both companies' technological and resource advantages to potentially enter NVIDIA's liquid cooling supply chain [2]. Group 1: Joint Venture Details - The joint venture, Tianmai Jianzhun, was established on November 14, 2025, with a registered capital of 13 million yuan, where Suzhou Tianmai holds a 65% stake and Jianzhun Electric holds a 35% stake [2]. - Tianmai Jianzhun will primarily engage in the research, production, and sales of micro fans, targeting applications in consumer electronics such as smartphones and tablets [2]. Group 2: Company Backgrounds - Suzhou Tianmai is recognized as a high-tech enterprise with capabilities in mass production of high-performance thermal management components, including mid-to-high-end thermal materials, heat pipes, and uniform temperature plates [2]. - Jianzhun Electric, established in 1980, specializes in energy-saving motor technology and has developed innovative products such as the world's first MagLev magnetic levitation motor fan and the smallest millimeter-scale micro fan [2]. Group 3: Market Applications - The products from both companies are widely used in various sectors, including smartphones, laptops, automotive electronics, and security monitoring [2]. - The collaboration aims to integrate resources and strengths to position Tianmai Jianzhun as a leading thermal management technology provider in the industry [2].

Core Viewpoint - The first humanoid robot sports event highlights the advancements in humanoid robotics, showcasing their capabilities in various competitive scenarios, while also emphasizing the critical importance of thermal management technology for their performance and safety [2][6][43]. Group 1: Humanoid Robot Sports Event - The inaugural humanoid robot sports event, featuring 280 teams from 16 countries, will include 487 competitions across 26 events, demonstrating cutting-edge achievements in intelligent decision-making and collaborative movement [2]. - Unlike traditional robot combat or laboratory demonstrations, this event allows humanoid robots to compete in running, weightlifting, and combat, showcasing their strength and speed [2]. - The event serves as a platform for testing thermal management technologies, which are essential for maintaining stable operation during high-intensity activities [6][19]. Group 2: Development and Key Technologies of Humanoid Robots - Humanoid robots, designed to mimic human shape and behavior, have evolved through various stages, from mechanical systems to advanced autonomous intelligent systems, driven by advancements in multiple disciplines [8][9]. - The last decade has seen humanoid robots enter commercialization, with products like Tesla's Optimus and Xiaomi's CyberOne marking a shift from laboratory to industry [12]. - Key technologies in humanoid robotics include mechanical design, sensing technology, control algorithms, and artificial intelligence, enabling complex perception, movement, and interaction capabilities [14]. Group 3: Thermal Management Challenges - Humanoid robots face significant thermal management challenges due to limited internal space, multiple heat sources, weight constraints, and complex environmental conditions [19][20]. - Common thermal management solutions include passive methods like structural optimization and high thermal conductivity materials, as well as active methods such as liquid cooling and bio-inspired cooling systems [20]. Group 4: Thermal Management Suppliers - Companies like Feirongda, Lingyi Zhizao, Sanhua, and Aled are actively involved in providing thermal management solutions for humanoid robots, focusing on materials and systems that enhance performance and safety [22][27][33][42]. - Feirongda has invested in Guoli Intelligent, aiming to advance the development of dexterous robotic hands, while Lingyi Zhizao has accumulated technology in industrial and special robots since 2009 [24][29]. - Sanhua is recognized for its innovative liquid cooling modules that significantly enhance the endurance of humanoid robots, while Aled specializes in thermal interface materials for critical components [33][42].