Core Insights - Ningbo Jinda (603088.SH) showcased its strong growth resilience amid market competition, achieving a record high in backlog orders with a 23% year-on-year increase in overall orders for the first three quarters of 2025 [2] - The company is focusing on global expansion and enhancing core technology collaboration, particularly in emerging sectors like liquid cooling and robotics, to create new growth opportunities [4] Group 1: Order and Performance - As of the end of Q3, the company reported a significant increase in orders, particularly in heat exchanger products, which saw a 61.9% year-on-year growth due to expanding market demand in HVAC, refrigeration, and data centers [2] - The precision press segment also rebounded, with a quarter-on-quarter increase in orders driven by the recovery in the new energy battery and storage sectors [2] - The management expressed confidence in achieving annual targets, with production schedules extending into Q1 2026 and measures in place to expedite overseas order acceptance [2] Group 2: Overseas Expansion - The company has accelerated its overseas business layout, with a rising proportion of overseas sales contributing to a gross margin increase to 41.76% in Q3 [3] - In North America, the integration of Wuxi Micro Research has enhanced market access and technical collaboration, while in Europe, the joint venture with German company Schaurer is progressing well [3] Group 3: Emerging Technologies - The company is actively developing liquid cooling technologies for data centers, with applications across various environments, and has entered the supply chain of Weidi Technology [4] - In the robotics sector, the company is conducting market research and plans to establish a new division in Q4, leveraging its manufacturing capabilities and potential acquisitions [4] - Overall, the company aims to deepen its presence in liquid cooling and robotics while expanding its market boundaries and enhancing intrinsic value for investors [4]

Group 1: Company Goals and Strategies - The company aims to focus on "cost reduction and efficiency enhancement" for 2025, with an emphasis on global market expansion, including establishing a company in Thailand and building an overseas production base [2]. - The new product development is driven by market demand and customer value, utilizing a dual innovation system that involves deep customer engagement from the design phase [2][3]. Group 2: Product Development and Market Trends - The company is actively tracking trends in energy efficiency upgrades in downstream industries such as new energy and data centers, developing forward-looking products accordingly [3]. - A closed-loop system is established for product development, involving dynamic communication with strategic customers to ensure successful commercialization [3]. Group 3: Product Focus and Market Potential - The core products are focused on heat exchangers and automotive air conditioning components, with potential expansion into temperature control systems based on market demand in data centers and new energy vehicles [3]. - The company will continue to monitor customer needs and technological integration trends to conduct system compatibility research [3]. Group 4: Financial Performance and Cost Management - The decline in gross margin is attributed to both customer price reductions and rising raw material costs [3]. - Future strategies to manage gross margin include technological innovation, iterative design processes, and cost control measures such as raw material price locking and smart manufacturing to reduce labor costs [3].