天铁科技（300587.SZ）11月13日在投资者互动平台表示，公司年产5万套液冷系统产品及20万根液冷管 路项目已完成环评审批，相关事项正常进行中。公司以"减振（震）业务"和"锂化物新能源业务"两大业 务作为主要发展方向，同时，公司也将时刻关注国家政策导向及市场发展趋势，继续坚持创新驱动，不 断完善产品体系，积极拓展客户及市场空间，持续提升公司旗下产品竞争力。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：浙江天铁科技股份有限公司年产5万套液冷系统产品及 20万根液冷管路项目目前各项手续办理进展如何，预计什么时候开建？公司有考虑转型做液冷业务么？ ...

Core Viewpoint - Tian Tie Technology has confirmed that its project for producing 50,000 liquid cooling systems and 200,000 liquid cooling pipes has completed the administrative approval process and is proceeding as planned [1] Group 1: Project Development - The project has received administrative licensing and is currently on track according to the planned schedule [1] - The company will fulfill its information disclosure obligations in accordance with legal regulations if there are any substantial developments [1] Group 2: Strategic Focus - The company is committed to monitoring national policy directions and market development trends [1] - Innovation-driven strategies will be emphasized to continuously improve the product system [1] - The company aims to actively expand its customer base and market space to enhance the competitiveness of its products [1]

（记者 王瀚黎） 天铁科技（300587.SZ）10月9日在投资者互动平台表示，年产5万套液冷系统产品及20万根液冷管路项 目目前已在政府部门网站完成了行政许可的公示，按照计划正常进行中，后续若有相关实质性进展，公 司将严格依照法律法规的要求，及时履行信息披露义务。公司将时刻关注国家政策导向及市场发展趋 势，坚持创新驱动，不断完善产品体系，积极拓展客户及市场空间，持续提升公司旗下产品竞争力。 每经AI快讯，有投资者在投资者互动平台提问：浙江天铁科技股份有限公司年产5万套液冷系统产品及 20万根液冷管路项目目前进展如何，计划投资多少，主要产品及销路有何规划，计划什么时候开建，什 么时候投产，预计会给公司带来哪些好的影响，是否有更详细的可研报告或其他信息可对外披露。 ...

Investment Rating - The investment rating for Fengmao Co., Ltd. (301459) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on strategic partnerships and growth projections [1]. Core Insights - The strategic partnership with Jianghuai Automobile aims to enhance product offerings in fluid pipeline solutions, leveraging Fengmao's R&D capabilities and Jianghuai's expertise in metal processing and lightweight materials [2]. - The collaboration is expected to establish a robust supply chain for high-end passenger vehicles, enhancing market penetration and customer resource access [2]. - The dual focus on automotive and data center liquid cooling markets is anticipated to drive growth, with significant opportunities arising from applying proven technologies in new sectors [2]. - Revenue projections for Fengmao Co., Ltd. are estimated at 1.09 billion, 1.47 billion, and 1.79 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 186 million, 260 million, and 317 million yuan in the same years [3]. Financial Summary - Total revenue for 2023 is reported at 802 million yuan, with a year-on-year growth rate of 31.8%. Projections indicate continued growth with 949 million yuan in 2024 and 1.09 billion yuan in 2025 [3]. - The net profit attributable to the parent company for 2023 is 138 million yuan, with a growth rate of 35.1%, and is expected to grow to 186 million yuan in 2025 [3]. - The gross margin is projected to remain stable around 30% over the forecast period, indicating consistent profitability [3]. - Earnings per share (EPS) are forecasted to increase from 1.33 yuan in 2023 to 3.05 yuan by 2027, reflecting strong earnings growth [3].

Summary of Chuanhuan Technology Conference Call Company Overview - **Company**: Chuanhuan Technology - **Industry**: Liquid Cooling Solutions, Automotive Components Key Points Business Expansion and Revenue Growth - Chuanhuan Technology is actively expanding its liquid cooling pipeline business, collaborating with suppliers such as Electric, Feirongda, and Baode Huannan, and entering markets including energy storage, data centers, rail transportation, oil and gas exploration, and shipping [2][3] - In the first half of 2025, the company reported revenue close to 700 million RMB, an approximate 8% year-on-year increase, with net profit attributable to shareholders around 100 million RMB, remaining stable year-on-year [2][4] - The revenue for Q2 2025 reached 372 million RMB, showing nearly a 10% year-on-year increase and an 18% quarter-on-quarter increase [5] Profitability Metrics - The gross margin for the company is approximately 25%, while the net profit margin is around 14% [5] - The automotive thermal management business is the primary contributor to the company's performance in the first half of the year, aligning with the growth of new energy vehicles and pricing pressures in automotive components [2][5] Market Position and Competitive Advantage - Chuanhuan Technology holds a leading position in the server liquid cooling EPDM pipeline market, benefiting from its experience in new energy vehicle thermal management components and early collaborations with international liquid cooling system giants [2][6] - The company has established strong partnerships with several leading new energy vehicle manufacturers, demonstrating robust cost control capabilities and early engagement with international liquid cooling system manufacturers [6] Future Growth Projections - The company anticipates a compound annual growth rate (CAGR) of approximately 20% in revenue over the next few years, with profit growth expected to reach a CAGR of 25% to 30%, driven by the growth of new energy vehicles and export business, as well as contributions from the liquid cooling business [4][7] - By 2030, the global liquid cooling market for data centers and high-end servers is projected to exceed 100 billion RMB, with Chuanhuan's expertise in EPDM pipelines expected to capture a significant share [4][8] Market Outlook - The overall liquid cooling market is expected to reach 200 billion RMB by 2030, with rapid penetration of liquid cooling in both overseas and domestic computing power sectors [8] - If Chuanhuan Technology successfully enters additional niche markets, such as UQD quick-connect fittings and cold plates, the market potential will further expand [8]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.32 billion yuan, a year-on-year decrease of 1.47% [3] - Net profit attributable to shareholders was 0.6 billion yuan, down 26.31% year-on-year [3] - The decline in overseas business due to international geopolitical conflicts significantly impacted overall profit margins, with a 3.22% drop in comprehensive gross margin for transmission system products [3] Group 2: Business Growth and Strategy - Domestic transmission business maintained growth with a 19.44% increase in operating revenue [3] - Sales of "Michelin" products surged by 218%, expanding market opportunities [3] - The company is optimizing its layout by establishing production bases in Thailand, Shandong, and Cixi, while actively controlling costs and promoting both new and existing products [3] Group 3: Product Development and Market Expansion - The company is actively expanding its customer base in the liquid cooling pipeline sector, leveraging its expertise in polymer material modification and multi-layer composite pipeline design [4] - The robotics business has begun bulk supply, although its revenue contribution remains relatively small [5]

Group 1 - The stock price of Tian Tie Technology closed at 8.43 yuan on August 26, 2025, down 0.06 yuan or 0.71% from the previous trading day [1] - The trading volume on that day was 389,341 hands, with a total transaction amount of 330 million yuan, and the stock experienced a fluctuation of 3.89% [1] - Tian Tie Technology specializes in the research, production, and sales of rubber products, which are widely used in the automotive, electronics, and home appliance sectors [1] Group 2 - The company is involved in the rubber products industry and is also engaged in noise prevention and solid-state battery sectors [1] - Tian Tie Technology is advancing a project to produce 50,000 sets of liquid cooling systems and 200,000 liquid cooling pipes, with the environmental impact report currently in the administrative licensing public notice stage [1] Group 3 - On August 26, the net inflow of main funds into Tian Tie Technology was 6.8571 million yuan, accounting for 0.08% of the circulating market value [1] - However, over the past five trading days, there has been an overall net outflow of funds, totaling 73.3328 million yuan, which represents 0.85% of the circulating market value [1]

Core Insights - Fengmao Co., Ltd. emphasizes the core demand for liquid cooling pipelines, which includes high sealing performance, corrosion resistance, temperature tolerance, and long-term reliability [2] - The company has a strong foundation in the fluid pipeline sector, particularly in polymer material modification, multi-layer composite pipeline design, and precision extrusion [2] - Fengmao is actively expanding its customer base in the relevant fields and has the capability for liquid cooling pipeline adaptation development [2]

Core Viewpoint - Fengmao Co., Ltd. (301459.SZ) emphasizes the core demand for liquid cooling pipelines, which includes high sealing performance, corrosion resistance, temperature tolerance, and long-term reliability [1] Company Summary - The company has deep expertise in the field of fluid pipelines, particularly in the modification of polymer materials such as rubber, multi-layer composite pipeline structure design, and precision extrusion [1] - Fengmao Co., Ltd. possesses the capability to develop liquid cooling pipeline adaptations and is actively expanding its customer base in related fields [1]