格隆汇9月4日丨精研科技(300709.SZ)于近期投资者关系活动表示，公司散热板块液冷业务涉及产品为 液冷模组、液冷板，开拓领域主要为服务器、储能等，并布局芯片、基站等方向，开拓的客户国内外均 有。目前，公司散热业务对芯片公司没有取得量产订单或者进行过量产供货，敬请广大投资者理性分 析、谨慎决策，注意投资风险。 ...

Group 1: Aohua Endoscopy - The company anticipates a decline in overall gross margin due to an increase in overseas revenue share and changes in product structure by the first half of 2025 [1] - Sales, R&D, and management expenses have decreased year-on-year, primarily due to the reversal of share-based payment expenses [1] - The overseas business has shown growth due to the advancement of multi-country access and marketing strategies, with a continuous enhancement of global brand influence [1] - The domestic market strategy focuses on both tertiary hospitals and county-level markets, with multiple academic events and grassroots training conducted [1] - The demand for flexible endoscopes is driven by the popularization of early cancer screening, leading to sustained growth in new equipment, replacements, and endoscope body replacements [1] - The company is expanding its product lines beyond gastroenterology to include respiratory, urology, ENT, and hepatobiliary surgery [1] Group 2: Jingwang Electronics - The company achieved an operating revenue of 7.095 billion yuan in the first half of 2025, representing a year-on-year increase of 20.93% [2] - The net profit attributable to shareholders was 650 million yuan, a decrease of 1.06% year-on-year, but adjusted net profit excluding share-based payment impacts was 721 million yuan, up 9.55% [2] - Revenue from automotive electronics continues to grow rapidly, with increased shipments of AI servers and 800G optical modules [2] - Gross margin is under pressure due to metal material prices and the ramp-up of new factories, but it is expected to improve gradually [2] - The company is investing 5 billion yuan in the Zhuhai Jinwan base for high-end PCB capacity construction [2] - The main structure of the Thailand base has been completed, which will meet overseas customer demands for automotive electronics and AI server products [2] Group 3: Bojie Co., Ltd. - The company is committed to a major client strategy, expanding into server and automotive electronics sectors, with production capacity expected to increase by 2-3 times [3] - Liquid cooling modules have been tested for high-power demands from North American clients [3] - The company is supplying small batches of IMU testing equipment to clients and is investing in harmonic reducer enterprises [3] - The company is entering the automotive electronics market and has secured orders from B clients, while also focusing on semiconductor and MEMS testing [3] - Cost reduction and efficiency improvement initiatives are underway, with advantages expected to emerge from increased scale of shipments [3] - The value of server electrical testing equipment ranges from hundreds of thousands to over a million yuan [3] Group 4: Zhongwen Online - The company employs a content strategy of "emotional resonance + social insight," with daily active users around 600,000 and over 10 million downloads [4] - Approximately 60% of revenue comes from English-speaking regions such as the US [4] - The platform has launched over 2,000 short dramas and collaborates with more than ten overseas production companies [4] - The team consists of about 350 people, with recent hits including "Raising His Mistress's Child" [4] - The company plans to launch 10 AI-generated works by the end of September 2025, leveraging its "Chinese Xiaoyao" large model to enhance ROI [4] - Zhongwen Online is establishing subsidiaries in the US and Japan to create a "local creation + global distribution" system, with advantages in original IP, technology platforms, and local teams [4] - The Chinese micro-short drama market is projected to reach 50.5 billion yuan in 2024 and 63.43 billion yuan in 2025, with the overseas short drama market potential reaching 100 billion USD, indicating explosive growth in the next three years [4]

Group 1: Company Insights - Binglun Environment focuses on advanced system solutions in the energy and power sectors, with products applicable in food refrigeration, data centers, and nuclear power, and has introduced an "Industrial Full-Field Thermal Control Comprehensive Solution" for energy recovery [1] - Yanmai Technology's IMU testing equipment has reached industry-leading technical standards and is currently in the sample testing phase, with a commitment to shareholder returns through cash dividends [2] - Bojie Co. is expanding its capacity by 2-3 times, targeting server and automotive electronics markets, and has begun small-scale supply of IMU detection equipment to clients [3] - DiAo Micro achieved a revenue of 306 million yuan in the first half of 2025, a year-on-year increase of 15.11%, with a gross margin of 45.49% [4] - Yidong Electronics reported a revenue of 1.009 billion yuan in the first half of 2025, a 27.77% year-on-year increase, and has expanded its product offerings into liquid cooling structures for computing chips [5] Group 2: Market Trends and Developments - The demand for advanced cooling solutions in data centers and nuclear power is increasing, with companies like Binglun Environment providing innovative technologies [1] - The semiconductor testing equipment market is evolving, with Yanmai Technology focusing on integrating supply chains and R&D with its headquarters [2] - The automotive electronics sector is seeing growth, with Bojie Co. and Yidong Electronics both securing significant orders and expanding their product lines [3][5] - The AI and smart device markets are being targeted by companies like DiAo Micro, which is developing products for AI phones and PCs [4]

Core Viewpoint - Zhuhai Bojie Electronics Co., Ltd. held a conference call with 22 institutions to discuss its strategic layout, liquid cooling business, and robotics business, highlighting its future growth potential and operational strategies [1]. Group 1: Company Strategy and Business Development - The company has diversified its client base over the past few years, successfully transitioning from consumer electronics to server and automotive electronics, which supports its future growth for the next three years [1]. - The company aims to transform from a single equipment supplier to a component supplier, focusing on large customer needs and exploring additional component demands in areas like electronic skin and harmonic reducers [1]. - With the implementation of IPO and convertible bond projects, the company anticipates a production capacity increase of 2 to 3 times [1]. Group 2: Liquid Cooling and Robotics - The company has developed its own liquid cooling modules for testing equipment, responding to increased demand for high-power products due to advancements in customer technology [1]. - In the robotics sector, the company has invested in a robot company with self-developed harmonic reducer technology, aiming to leverage cost advantages and explore production applications [1]. Group 3: Financial Performance and Cost Management - The company is focused on cost and expense management, integrating information systems and talent structures to improve efficiency, especially after experiencing high management and R&D costs due to market uncertainties [1]. - The overall performance for 2025 can be referenced against the performance assessment indicators set in the restricted stock incentive plan for 2025-2027 [1]. Group 4: Product Development and Market Trends - The company has made significant investments in MLCC (Multi-Layer Ceramic Capacitor) equipment, developing four types of devices, including high-speed testing machines, which have begun small-scale deliveries [1]. - There is a notable increase in customer demand for optical testing equipment, which is expected to become a high-growth area for the company [1].

证券代码：002975 证券简称：博杰股份 珠海博杰电子股份有限公司投资者关系活动记录表 答：IMU 传感器测试设备小批量发货直接对接 T 客户。另外也有送样麦克风、 声学领域的检测设备。公司在机器人方面布局了 4-5 年，公司投了一家机器人公司， 该公司有自研谐波减速器等技术基础，公司具备成本优势，积极寻找应用场景方案， 与客户探讨在工厂生产等应用场景进行机器人应用方案落地。 4、并表的广浩捷的情况？ 答：广浩捷主要做摄像头模组检测设备与自动化组装线，对标韩国公司，广浩 捷从消费电子起步，近几年切入汽车电子、车载摄像头模组，去年拿到 B 客户的订 单，充分说明广浩捷具备扎实的技术能力和交付管理能力，后续广浩捷会成为公司 在光学板块的重要抓手，公司在技术路径上围绕光学检测方面进行投资、研发投入。 公司在收购广浩捷时有业绩对赌条款，目前看其半年度的业绩考核已达成，广浩捷 反馈也有信心完成全年业绩考核。另外广浩捷经过多年的技术积累，广浩捷在半导 体检测设备、MEMS 检测设备有相关技术储备，未来 MEMS 下游需求的爆发，广浩捷 也会有较好的业务发展机会。 5、公司上半年的毛利率和业绩在修复，接下来降本增效目标？ ...

Core Viewpoint - The company has achieved mass production in thermal management solutions for energy storage and edge computing servers, indicating a strong demand for computing power in the market [1] Group 1: Product Development - The company has successfully mass-produced liquid cooling modules, air cooling modules, and other thermal management products such as vapor chambers and heat pipes [1] - The development, accumulation, and certification of these technologies will require a certain period [1] Group 2: Market Trends - There is a confirmed growth trend in the demand for computing power, which the company is actively addressing by collaborating with solution providers to advance the research and certification of server thermal management products [1]

Group 1: Company Overview - The company focuses on Metal Injection Molding (MIM) technology, with applications in consumer electronics, automotive, and smart home sectors [1] - The company has established a strong client base, including major brands like Apple, Samsung, Xiaomi, Google, Schaeffler, and Magna [1] - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology in November 2021 [1] Group 2: Market Trends and Opportunities - The market for foldable smartphones is projected to reach 19.8 million units by 2025, maintaining a market penetration rate of approximately 1.6% [1] - The growth rate for foldable smartphones is expected to increase by 40% to 60% year-on-year by 2026, driven by Apple's entry and new product launches [1] - The company is involved in both MIM components for foldable screens and hinge assembly for foldable smartphones, positioning itself to capitalize on industry trends [1] Group 3: Cooling Solutions and Market Growth - The data center cooling market is expected to reach $16.87 billion by 2028, with a compound annual growth rate (CAGR) of 18.4% [2] - Liquid cooling is anticipated to increase its market penetration from 17% in 2024 to 33% by 2028, outperforming air cooling in thermal efficiency [2] - The company is actively developing new products and projects in the cooling sector, focusing on energy storage and edge computing servers [2] Group 4: Financial Projections and Investment Outlook - Revenue projections for the company are estimated at 2.616 billion yuan, 3.264 billion yuan, and 3.921 billion yuan for the years 2025 to 2027, respectively [3] - The current price-to-earnings (PE) ratios are projected to be 40.23, 24.66, and 19.93 for the same years [3] - The company has initiated stock incentives and convertible bond financing, indicating a commitment to enhancing internal governance and competitive capabilities [3]

Group 1 - The core viewpoint of the report is that Jingyan Technology is well-positioned to benefit from the growth in the foldable screen and cooling business sectors, leading to a "buy" rating [1][6] - Jingyan Technology specializes in Metal Injection Molding (MIM) technology, with applications in consumer electronics, automotive, and smart home sectors, and has established a strong client base including major brands like Apple, Samsung, and Google [2][3] - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology in 2021, highlighting its industry leadership in production capacity, revenue scale, product quality, and service [2] Group 2 - The foldable smartphone market is projected to reach 19.8 million units by 2025, with a market penetration rate of approximately 1.6%, indicating a stable growth outlook despite a slowdown in growth rates compared to previous years [3] - Jingyan Technology is involved in the foldable screen sector through its MIM components for foldable screen hinges and assembly services, positioning itself to capitalize on the anticipated market growth driven by Apple's entry into the foldable smartphone market [3] - The cooling market for data centers is expected to reach $16.87 billion by 2028, with a compound annual growth rate (CAGR) of 18.4%, driven by AI computing and high-density equipment demands [4] Group 3 - The company is actively developing new products and projects in the cooling sector, focusing on liquid cooling solutions which are expected to increase in market penetration from 17% in 2024 to 33% by 2028 [4] - Jingyan Technology is enhancing its product offerings by integrating advanced materials and 3D printing technology, which improves the performance of its cooling products [4] - Revenue forecasts for Jingyan Technology are projected to reach 2.616 billion yuan, 3.264 billion yuan, and 3.921 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 40.23, 24.66, and 19.93 [6]

Group 1 - The company is exploring new opportunities in the cooling products sector, particularly in GPU, CPU, optical modules, and servers [2] - The company has successfully shipped cooling modules in bulk to international clients such as AMD and has developed a comprehensive range of cooling solutions including CDU, liquid cooling modules, liquid cooling plates, air cooling modules, heat pipes, uniform heat plates, and graphite sheets [2] - The related business operations are progressing smoothly [2]

Group 1: Bond ETF Market - The bond ETF market has seen significant growth, with over 40 billion yuan in net inflows in May alone, reaching a new high in total scale [1] - On May 30, 10 out of the top 12 ETF products by trading volume were bond ETFs, indicating strong market participation [1] - Nine bond ETFs have been approved for use as collateral in general pledge-style repurchase agreements, which may accelerate the expansion of the bond ETF market [1] Group 2: Public Fund Issuance - In May, bond funds dominated the public fund issuance market with a 55.07% issuance ratio, while equity products faced uneven demand [1] - The issuance of ETFs has declined for four consecutive months, raising only 11.068 billion units in May [1] - The market reflects a struggle between stability and change, with bond funds providing a safety net while equity products seek growth in niche segments [1] Group 3: Private Equity and ETF Investment - Private equity firms have shown strong interest in newly listed ETFs, with 104 firms holding a total of 1.783 billion shares in 97 ETFs [2] - The preferred themes for private equity investments are technology innovation and free cash flow [2] Group 4: Insurance Companies' Stock Purchases - As of the end of May, seven insurance companies have made 15 stock purchases this year, surpassing the total for 2023 and the first nine months of 2024 [2] - The majority of these purchases have been in bank stocks, with additional investments in public utilities, energy, and transportation sectors [2] Group 5: Corporate Developments - 28 companies have successfully removed their ST (Special Treatment) status this year, primarily through financial improvements, internal control repairs, and bankruptcy restructuring [3] - The airline industry is expected to see improved profitability due to falling oil prices and recovering demand, with a projected net profit margin of 3.7% for 2025 [3] - Domestic new energy vehicle manufacturers reported significant sales growth in May, with several companies achieving monthly sales exceeding 40,000 units, driven by extended-range vehicles [4] Group 6: Tesla's Sales Decline - Tesla's sales in France plummeted by 67% in May, marking the lowest sales level in nearly three years, despite the launch of a new version of its Model Y [6]