Group 1: Data Center Development - The company is actively expanding its presence in the liquid cooling market for data centers, driven by the rising demand for artificial intelligence and cloud computing technologies [2] - The global data center market is expected to continue growing, providing opportunities for the company to leverage its technological advantages and production capacity [2] Group 2: Core Business Strategy - The company's main business focuses on heat exchanger products, automotive air conditioning components, and thermal management, while also exploring emerging markets like data center liquid cooling [3] - Future business priorities include deepening expertise in finned and microchannel heat exchangers, targeting niche markets such as cold chain logistics and heat pump dryers [3] Group 3: Investment in Robotics - The company has invested in a robotics firm, viewing robotics as a core future industry and a key area for strategic collaboration [3] - This investment aims to enhance the company's smart factory initiatives and leverage its thermal management expertise in the development of robotic technologies [3]

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].

Core Viewpoint - The company achieved steady growth in 2024, with total revenue of 1.134 billion yuan, a year-on-year increase of 15.66%, driven by the expansion of the refrigeration components and automotive air conditioning system components markets, particularly the strong demand in the new energy vehicle sector [1][4]. Group 1: Business Performance - The company's main business involves the research, production, and sales of refrigeration-related products, including refrigeration components and automotive air conditioning system components [4]. - The increase in orders from existing customers and the mass production of previously developed products contributed to revenue growth [4]. - The new energy vehicle market has become a new growth point for the company, significantly boosting the demand for automotive air conditioning system components [4]. Group 2: Market Position and Client Relationships - The company has over 2,000 types of finned heat exchangers and an annual production capacity exceeding 8 million units, meeting the needs of most light commercial clients [4]. - Long-term partnerships with well-known companies such as Haier Group, Hisense Group, and Midea Group ensure a stable customer base [4]. Group 3: Cost Management and Profitability - Fluctuations in raw material prices, including copper pipes, aluminum pipes, and aluminum strips, pose challenges for cost control [4][5]. - The company has implemented measures such as signing procurement framework contracts and establishing a pricing mechanism linked to raw material market prices to mitigate the impact of price volatility [4]. Group 4: Research and Development - The company emphasizes independent innovation and has increased R&D investment, utilizing various platforms to enhance its research capabilities [6]. - Collaborations with universities to overcome technical barriers and capture cutting-edge information technology strengthen the company's new product development capabilities [6]. - Despite achievements in technological innovation, the company must continue to invest in R&D to maintain its competitive edge in a challenging market [6]. Group 5: Financial Overview - The net profit attributable to the company was 127 million yuan, a year-on-year increase of 6.19%, which is lower than the revenue growth rate, indicating ongoing cost pressures [5]. - The company needs to enhance internal cost control and improve profitability in the future [5].

证券简称：捷众科技 证券代码： 873690 浙江省绍兴市柯桥区安昌捷众科技工业园 浙江捷众科技股份有限公司 浙江捷众科技股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） 浙江省杭州市五星路 201 号 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资 ...

证券简称：捷众科技 证券代码： 873690 浙江省绍兴市柯桥区安昌捷众科技工业园 浙江捷众科技股份有限公司 浙江捷众科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） 浙江省杭州市五星路 201 号 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资 ...

证券简称：捷众科技 证券代码： 873690 浙江省绍兴市柯桥区安昌捷众科技工业园 浙江捷众科技股份有限公司 浙江捷众科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） 浙江省杭州市五星路 201 号 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资 ...