【澄天伟业】：液冷进展超预期，兼具"订单确定性+弹性" 渠道突破：绑定台湾健策（NVmlcp独家绑定），液冷产品导入英伟达顺利 产品卡位：首批绑定Rubin/Ultra系列，覆盖波纹管、液冷板焊接、环管等核心配套，MLCP预研先行，也同步斩 获B200/B300订单 节奏清晰：短期B300出货+健策审厂，Q2 Rubin配套结构件出货可期 产能保障：26E 8-10 【澄天伟业】：液冷进展超预期，兼具"订单确定性+弹性" 渠道突破：绑定台湾健策（NVmlcp独家绑定），液冷产品导入英伟达顺利 产品卡位：首批绑定Rubin/Ultra系列，覆盖波纹管、液冷板焊接、环管等核心配套，MLCP预研先行，也同步斩 获B200/B300订单 节奏清晰：短期B300出货+健策审厂，Q2 Rubin配套结构件出货可期 产能保障：26E 8-10亿液冷产能，定增落地后产能有望进一步大幅提速，液冷业务将驱动利润与市值双弹性，重 点关注！！！ 相关订单规模、客户份额及forecast、产品价值量及空间测算欢迎联系。 ...

Group 1 - The core issue of marine pollution is the lack of a sustainable economic model for the industry, which hinders effective governance and market development [1] - A new model for marine waste management is being piloted in Shanghai's Fengxian District, aiming for government support, enterprise implementation, and broad social participation [1] Group 2 - A volunteer beach cleanup event in Hangzhou Bay collected 917.84 kilograms of marine waste, which was sorted and processed into biomass fuel and recycled pallets [2] - The new approach to marine waste management has created a win-win situation for local authorities and waste disposal companies, as previously neglected marine waste is now being utilized effectively [3] Group 3 - The establishment of the "Shanghai Marine Alliance" has provided a new pathway for marine waste, transforming it into valuable resources rather than sending it to incineration [4] - Companies are now more inclined to convert marine waste into recycled products for market competition, as the quality and yield from marine waste are superior to that of land-based waste [4] Group 4 - Marine waste is being transformed into various products such as picture frames and flooring by companies like Yingke Recycling, which is also looking to expand its production capacity [5] - A local certification system for marine waste recycling is being developed in Shanghai, enhancing confidence in the environmental industry and creating a market for certified recycled products [5] Group 5 - Blockchain technology is being considered for tracking marine waste recycling processes, ensuring data integrity and preventing fraudulent claims [6] - The "Shanghai Marine Waste Cleanup Action Plan (2025-2027)" aims to significantly reduce marine waste density by 2027, with projected annual investments in marine waste management reaching approximately 20 million yuan [6] - The Shanghai government is looking to establish a self-sustaining marine waste recycling market, encouraging public participation and offering carbon reduction incentives for community involvement in cleanup activities [6]

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]