2025年1月-3月，上海洗霸实现营业收入1.03亿元，同比减少17.73%；归属净利润982.85万元，同比减少 51.39%。 8月25日，上海洗霸盘中上涨9.27%，截至10:17，报74.29元/股，成交5.51亿元，换手率4.43%，总市值 130.36亿元。 截至3月31日，上海洗霸股东户数3.23万，人均流通股5437股。 资料显示，上海洗霸科技股份有限公司位于上海市嘉定区博学路138号6幢、7幢，公司是一家在上海证 券交易所上市的公司，主要业务为提供水处理特种化学品、过程特种化学品、电池材料特种化学品等业 务以及水处理设备、消毒设备与其他定制化设备业务。公司的业务领域包括水处理技术整体解决方案服 务，云数据中心空冷与算力中心液冷业务，以及先进材料业务，业务涵盖工业、民用以及新能源、信息 产业等多个领域，客户包含石油化工、汽车制造、钢铁冶金、制浆造纸、芯片制造等多个行业大户，同 时还为中央空调水处理、锅炉水处理、景观水处理等提供服务。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned to leverage its foundation in water treatment specialty chemicals to create a second growth curve in the new energy sector, with a focus on advanced materials and solutions for data center cooling systems [8][13]. - The company has demonstrated strong growth potential, with significant increases in net profit projected for 2025-2027, driven by new business lines in silicon-carbon and solid-state battery materials [8][10]. Summary by Sections 1. Water Treatment Specialty Chemicals - The company is a leading provider in the domestic water treatment sector, serving over 3,500 clients, including more than 150 Fortune 500 companies [13][16]. - The business model encompasses three core areas: specialty chemicals and customized equipment for water treatment, cooling systems for data centers, and advanced materials for solid-state batteries [13][16]. 2. Silicon-Carbon Materials - The company collaborates with top research teams to develop leading silicon-carbon anode materials, achieving stable mass production and validation from major battery manufacturers [8][10]. - The silicon-carbon materials are expected to open new market opportunities due to their energy density advantages and technological breakthroughs [8][10]. 3. Solid-State Batteries - The company has made significant advancements in solid-state battery materials, including the industrial-scale production of oxide and halide electrolytes [8][10]. - Partnerships with research institutions have strengthened the company's competitive edge in solid-state battery technology [8][10]. 4. Financial Projections - The company forecasts net profits of 1.42 billion, 2.03 billion, and 6.29 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 229.5%, 43.6%, and 209.3% [1][8]. - The projected price-to-earnings ratios for the same years are 85.24, 59.36, and 19.19, indicating a favorable valuation outlook as the company expands its new energy business [1][8]. 5. Market Data - The company's closing price is reported at 72.40 yuan, with a market capitalization of approximately 12.7 billion yuan [5][6]. - The company maintains a stable financial structure with a debt-to-asset ratio of 34.49% and a net asset value per share of 5.53 yuan [6][5].

Meeting Overview - The fifth board meeting of Shanghai Xiba Technology Co., Ltd. was held on August 4, 2025, in a combination of on-site and communication formats, with all 9 directors present [2][3] - The meeting was chaired by Dr. Wang Wei, and all relevant matters were notified to the directors in advance [2] Resolutions Passed - The board approved the proposal for external investment to establish a holding subsidiary, with all 9 votes in favor [4][5] - The board also approved the appointment of Mr. Dai Fan as Vice President, effective from the date of the board's approval until the end of the current board's term, with all 9 votes in favor [6][7] External Investment Details - The company will jointly establish a limited company with Yuyuan Rare Earth New Materials Co., Ltd., with a registered capital of RMB 200 million [11] - Shanghai Xiba will contribute RMB 165 million, accounting for 82.5% of the registered capital, while Yuyuan Rare Earth will contribute RMB 35 million, accounting for 17.5% [11][12] - The investment aims to enhance the company's capabilities in the lithium-ion solid-state battery advanced materials sector [30] New Subsidiary Information - The new subsidiary will focus on new material technology research and development, electronic materials manufacturing, and related services [19] - The governance structure will include a shareholders' meeting and a board of directors, with specific representation from both parent companies [17][25] Appointment of Vice President - Mr. Dai Fan, a master's degree holder and current director of strategic development, has been appointed as Vice President [33][35] - His term will last until the current board's term ends, and he has no prior connections with major shareholders [35]

Group 1 - The company has completed the registration of its subsidiary and obtained a business license from the local market supervision administration [1] - The newly registered subsidiaries include Vikesen Guxin (Dalian) Technology Co., Ltd. and Vikesen (Hefei) Power Technology Co., Ltd., focusing on technology exchange, research and development of new energy technologies, battery manufacturing, and sales [1] - The company's main business remains in water treatment specialty chemicals and automated online dosing systems, while the new energy advanced materials business has not yet formed stable revenue and does not currently impact overall performance [1]