12月4日上午，一场净滩志愿服务活动在杭州湾奉贤段举行，清理收集的917.84公斤海洋垃圾经过 分拣，挑出来的秸秆、木质材料、混合塑料送至处置单位，前两种海洋垃圾变成生物质颗粒燃料，后一 种变成再生托盘。 记者 陈玺撼 以废弃塑料制品为主的垃圾正加速涌入海洋。然而，治理成效并不明显，主要原因之一是与海洋污 染治理有关的产业和市场缺乏造血机制，找不到持续健康发展的动力。 一个海洋垃圾治理新模式正在上海奉贤等区试点，目标很明确：实现政府搭台赋能、企业统筹实 施、社会广泛参与、市场多元造血。 双赢 "海外市场的海洋垃圾认证体系十分成熟，通过认证的海洋垃圾再生产品有广阔的市场前景，更受 国际品牌青睐。"英科再生原料海外销售经理潘旭燕表示，上海正在构建中国本土的海洋垃圾认证体 系，这增强了英科再生在中国加大环保产业投入的信心。 海洋垃圾变废为宝，给地方管理者和收运处置企业带来双赢。 奉贤区生态环境局水生态环境科科长肖伟介绍："海洋垃圾以前没人要，基本是通过政府主导的方 式，捡拾后并入已有的生活垃圾收运处置系统，去向主要是焚烧发电。"这种老模式缺乏市场激励。加 之海洋垃圾的产生、聚集远不及岸上的生活垃圾那么规律，较难实时 ...

Group 1: Business Development and Market Strategy - The company is actively expanding its liquid cooling business, focusing on core customer mass production processes and has achieved small batch liquid cooling product orders [1][2] - The semiconductor packaging materials business is targeting major clients in the power semiconductor packaging sector, with a focus on applications in new energy vehicles and photovoltaic inverters [2][3] - The company aims to leverage its expertise in high thermal conductivity materials and semiconductor packaging to enter the thermal management market, with a comprehensive product range including liquid cooling plates and next-generation microchannel cooling solutions [3][4] Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenue of CNY 310 million, a year-on-year increase of 24.48%, and a net profit attributable to shareholders of CNY 12.42 million, up 2,925.45% [2][3] - The growth in performance is attributed to increased sales of smart card products and the rapid expansion of the power electronics application market, which has enhanced the market penetration of semiconductor packaging materials [3][4] Group 3: Research and Development - The company holds 185 patents, including 5 invention patents and 126 utility model patents, with R&D investment increasing by 9.59% year-on-year [2][3] - Future R&D efforts will focus on semiconductor packaging materials and the newly developed liquid cooling business [3][4] Group 4: Future Outlook and Risks - The company is optimistic about the future growth of its liquid cooling business, despite its current revenue contribution being low, as it anticipates rapid growth with increased customer acceptance and mass production plans [3][4] - The company emphasizes the importance of adhering to legal disclosure requirements and encourages investors to be rational in their investment decisions, highlighting potential risks associated with new business developments [4][5]

Core Insights - The company has identified a significant opportunity in the liquid cooling business driven by the accelerated investment in AIDC infrastructure, as traditional air cooling technologies are insufficient for high-performance computing and high-power modules [1] Group 1: Liquid Cooling Business Development - The company is leveraging its expertise in high thermal conductivity metal materials and core processes such as etching, plating, and brazing to enter the liquid cooling management sector, transitioning from packaging materials to cooling structural components and ultimately to system-level liquid cooling solutions [1] - The company has achieved a comprehensive layout of its liquid cooling product line, expanding from core components like liquid cooling plates to secondary system-level solutions, including cold plates, corrugated pipes, and distributors, with the capability to provide customized integrated liquid cooling solutions based on client needs [1] Group 2: Market Expansion and Client Engagement - The company is currently in an active market development phase for its liquid cooling business, accelerating the mass production process for core clients, targeting major domestic server manufacturers, AI computing platform builders, and certain foreign brands' ODM/integrators in China [1] - The liquid cooling plate products provided to domestic manufacturers are in the sample testing phase due to the adoption of new technological processes, which have a relatively long verification cycle, with a particular Taiwanese enterprise's sample validation expected to achieve a breakthrough [1] - The company has established a strategic partnership with superX to jointly explore the overseas liquid cooling market [1]

Group 1: Company Overview - The company is one of the earliest entrants in the smart card industry, establishing a comprehensive end-to-end process for chip application development, module packaging, smart card R&D, production, sales, and terminal application development [1] - Smart card business accounts for approximately 60%-70% of total revenue, with expectations for stable revenue in this segment [1][2] Group 2: Semiconductor Business - Main products in the semiconductor business include carrier tapes, lead frames, and copper heat dissipation substrates, catering to the needs of MOSFET, SiC, and IGBT power modules [2] - The growth of the semiconductor packaging materials sector is driven by the rapid expansion of downstream power electronics applications, particularly in photovoltaic inverters, energy storage systems, and new energy vehicles [2] Group 3: Liquid Cooling Solutions - The company has developed a full-stack layout for liquid cooling products, including core components like liquid cooling plates and secondary system-level solutions [3] - The liquid cooling business is in an active market expansion phase, targeting major domestic server manufacturers and AI computing platform builders [3] Group 4: Strategic Partnerships - The company has formed a joint venture with superX to integrate strengths and expand the global AIDC cabinet liquid cooling product market, with the company holding a 25% stake [3] - The joint venture aims to design customized cabinet-level liquid cooling solutions, enhancing internal business synergy [3] Group 5: Technology and Innovation - The microchannel liquid cooling plate (MLCP) technology integrates traditional packaging heat dissipation structures with liquid cooling channels, significantly reducing thermal resistance and improving heat exchange efficiency [3] - The company is actively advancing MLCP sample testing and production line preparations, focusing on high heat flux density applications in AI servers and power modules [3] Group 6: Risk Management - The company acknowledges potential technical, market, and application validation risks associated with new business and product development [4] - It emphasizes the importance of rational investment and risk awareness among investors [4]

Core Viewpoint - The company is actively expanding its market for specialized high polymer materials used in server cooling and data transmission components [1] Group 1 - The company's specialized high polymer materials can be utilized for server cooling and data transmission components [1] - The company plans to acquire Walka Sealing Products (Shanghai) Co., Ltd., which manufactures corrugated pipes for server liquid cooling connections [1] - The company is currently focusing on actively developing related markets [1]

Group 1 - The company has indicated that its specialty high polymer materials can be used in server cooling and data transmission components [2] - The company is in the process of acquiring Walka Sealing Products (Shanghai) Co., Ltd., which produces corrugated pipes that can be used for liquid cooling connections in servers [2] - The company is actively exploring related markets for these applications [2]