2025 年，美时集团在多个方面实现了显著的业务变化和增长。首先，公司的 主业——欧洲新能源电池盒业务表现出色，上半年收入增速非常快，随着欧洲 产能提升，预计未来盈利性将进一步提高，从而提升整体利润率。其次，公司 积极布局新兴业务，包括机器人、液冷和低空领域，这些新业务已经取得了显 著进展，为公司打开了新的成长空间，并带动 PE 的提升。此外，公司经营状 况改善，特别是现金流改善，预期分红率提升，使得 PE 有望回到之前水平。 美时集团为何能够在机器人等新兴业务上取得成功？ 敏实集团 20251124 摘要 美时集团通过过往在汽车外饰件领域的技术积累和全球化布局优势，成 功拓展至机器人、液冷等新兴业务，这些业务与现有产品在结构件和生 产工艺上具有共通性，使其能迅速抓住产业发展机会。 公司目前处于产能收获期，经营效率提升，盈利状况改善。2024 年起 资本开支明显下降，2025 年上半年仅为 9 亿元。毛利率从 2023 年的 19%提高到 2025 年上半年的 23%，受益于国内外市场良好表现和海外 成熟产能布局。 欧洲新能源市场对美时集团电池盒业务产生积极影响，2025 年欧洲新 能源车渗透率目标为 25. ...

每经AI快讯，有投资者在投资者互动平台提问：苏州矩浪科技公司液冷柜项目客户有哪些？用于哪些 地方？ 矩子科技（300802.SZ）11月19日在投资者互动平台表示，涉及商业秘密，客户信息不便透露，敬请谅 解。相关液冷柜产品用于储能配套热管理系统。感谢您的关注。 （文章来源：每日经济新闻） ...

Summary of Conference Call Notes Industry Overview - The conference call discusses advancements in liquid cooling solutions, particularly in response to the increasing thermal demands of next-generation chips, such as NVIDIA's Ruby series [1][2][3]. Key Points and Arguments 1. **Emergence of Hybrid Liquid Cooling Solutions** - The industry is exploring hybrid liquid cooling solutions that combine cold plates with silent liquid cooling to manage higher power outputs effectively [1][2]. - Hybrid solutions can handle approximately 70% of the heat through cold plates, reducing the reliance on silent systems and improving stability [1][4]. 2. **Cost and Performance Optimization** - Hybrid liquid cooling significantly reduces the amount of fluorinated liquids required, with each cabinet needing about 500-600 kg (approximately half a ton), leading to a cost of around 150,000 to 200,000 RMB per cabinet [1][6][7]. - This cost is deemed acceptable compared to the overall cabinet cost of over 6 million RMB, indicating a balance between performance and cost [7]. 3. **Market Demand Projections** - The market demand for high-end electronic fluorinated liquids could reach 20 billion RMB if hybrid solutions are successfully implemented [3][11]. - Current production capacity for liquid cooling solutions is around 2,500 to 3,000 tons, with plans for expansion to 5,000 tons specifically for liquid cooling applications [3][14]. 4. **Technological Requirements for Next-Gen Chips** - NVIDIA's Ruby Ultra series requires advanced cooling solutions that exceed the capabilities of traditional single-phase cooling systems, necessitating the adoption of hybrid solutions [3][11]. 5. **Comparison of Cooling Fluids** - R134A is highlighted for its high cooling efficiency and lower cost (around 50,000 RMB), but it faces quota reduction risks [9]. - Hydrofluoroethers are considered a viable alternative due to their adjustable boiling points and high stability, although they may cause corrosion over time [9]. 6. **Challenges with Pure Silent Liquid Cooling** - Pure silent liquid cooling faces issues of high costs and system stability, as it requires a significant amount of liquid (over 1.5 tons) and can lead to instability in high-density interconnect products [5][10]. 7. **New Opportunities for New Materials** - High-end electronic fluorinated liquids, such as perfluoropolyether and perfluoramine, are becoming preferred choices for hybrid solutions due to their superior performance [3][11]. Additional Important Content - **Newzobang's Market Position** - Newzobang is positioned as a leader in liquid cooling cabinet production, with plans to expand its capacity significantly, potentially reaching 10,000 tons [14]. - The company is expected to achieve a service profit of approximately 7.775 billion RMB in 2025, with a total valuation of around 30 billion RMB for its main business [15][16]. - **Strategic Partnerships and Validation** - Newzobang has established partnerships with major companies like Alibaba and ByteDance, which have provided data support for its liquid cooling products [13]. This summary encapsulates the critical insights from the conference call, focusing on the advancements in liquid cooling technologies and the strategic positioning of key players in the industry.