投资者关系活动记录表 证券代码：301446 证券简称：福事特 编号：2026002 江西福事特液压股份有限公司投资者关系活动记录表 | 投资者关系活动类别 | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □ 一对一沟通 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人员 | 华安基金 刘畅畅、周丹，摩根基金 吴志豪，汇丰晋信 翁公羽，中泰证券 王可， | | 姓名 | 兴业证券 吴伟康，华安证券 程馨仪，彬元资本 吴晨、陈海亮，宋文光。（排 | | | 名不分先后） | | 时间 | 2026 年 1 月 29 日，1 月 30 日 | | 地点 | 上海，上饶 | | 上市公司接待人员 | 副董事长兼财务总监、董事会秘书 彭玮，证券事务代表 王乐。 | | | 主要沟通内容如下： | | | 一、公司基本情况介绍 | | | 公司主要从事液压管路系统研发、生产及销售，主要产品包括硬管总成、软 | | | 管总成、车载灭火系统、管接头及油箱等液压元件。液压管路被称为液压系 ...

Group 1: Company Overview - The company specializes in the research, production, and sales of hydraulic pipeline systems, with key products including hard pipe assemblies, soft pipe assemblies, fire extinguishing systems, pipe joints, and oil tanks [3] - Hydraulic pipelines are essential components in various machinery manufacturing sectors, including construction, mining, port, agricultural, logistics, metallurgy, and wind power equipment, as well as emerging fields like new energy vehicles and semiconductor equipment [3][4] - The company has established a strong customer base, including industry leaders such as SANY, Zoomlion, Jiangxi Copper, State Power, and Schwing [3] Group 2: Market Segmentation - The company's product applications are divided into two main markets: the front-mounted market and the post-mining maintenance market [3] - The front-mounted market includes clients like SANY and Zoomlion, with a steady recovery in the construction machinery market and accelerated overseas exports [4] - The post-mining maintenance market benefits from the company's first-mover advantage and a commitment to 24-hour close service, with established service points in major domestic mines [4] Group 3: Future Development Plans - The company aims to focus on two major markets: the front-mounted market and the post-mining maintenance market, with plans to explore sectors like metallurgy and shipbuilding, as well as new areas such as new energy vehicle pipeline systems and liquid cooling [5] - The international mining market is a key focus, with the company expanding its overseas service points in countries like Suriname, Serbia, Mongolia, and Namibia [5][7] Group 4: Mining Maintenance Business - The company has over 20 years of experience in the post-mining maintenance market, establishing stable partnerships with companies like Jiangxi Copper, State Power, and China Coal [6] - Continuous growth in fixed asset investment in the mining industry has led to an increasing demand for maintenance and repair services, providing a solid foundation for the post-mining market [6] Group 5: International Business Expansion - Since the end of 2024, the company has partnered with large mining enterprises like Zijin Mining and China General Nuclear Power, establishing overseas subsidiaries for maintenance services [7] - The number of overseas service points is continuously increasing, contributing to the gradual growth of the business scale [7] Group 6: AI Liquid Cooling Development - The company has developed products for the liquid cooling market, leveraging its existing pipeline system advantages in cleanliness, sealing, and pressure resistance [7] - The demand for pipeline systems in the liquid cooling market is expected to grow with the acceleration of data center construction [7]

Core Insights - The rise in AI chip power consumption has made high-efficiency liquid cooling an essential part of the computing power industry, with liquid cooling solutions offering a heat transfer coefficient 20 times greater than air cooling, stabilizing chip temperatures below 65°C, which is critical for GPU performance and data center expansion [1] - IDC forecasts that from 2024 to 2029, the liquid cooling server market in China will grow at a compound annual growth rate (CAGR) of 46.8%, reaching a market size of $16.2 billion by 2029 [1] - Recent trends show a significant increase in A-share liquid cooling server-related stocks, with heightened investor inquiries about company operations [1] Company Responses - **川环科技** focuses on expanding applications for liquid cooling pipeline products, particularly in automotive fluid pipelines, data server liquid cooling, and energy storage liquid cooling, while maintaining confidentiality regarding specific collaborations with clients [2] - **硕贝德** confirms that its cooling products and modules can be applied in liquid cooling servers [4] - **川润股份** highlights its competitive advantages in high-end equipment manufacturing and energy management, emphasizing its capabilities in providing stable and reliable liquid cooling systems [6] - **飞龙股份** reports that its revenue from liquid cooling components was approximately 4.115 million, accounting for less than 2% of total revenue, but anticipates increased sales in the second half of the year based on current orders [8] - **首都在线** is actively preparing high-power and liquid cooling systems for data center operations, aiming to optimize server cooling efficiency and reduce energy consumption [10] - **飞荣达** has not yet supplied directly to clients like NVIDIA but has made significant progress in developing various cooling products, including liquid cooling modules [11] - **澄天伟业** emphasizes its self-developed high-performance manufacturing processes for liquid cooling products, which are crucial for meeting the demands of high-power computing devices [13] - **银轮股份** is committed to high investment in digital energy thermal management and anticipates accelerated order acquisition [15] - **科创新源** collaborates with Honeywell and is involved in the development of liquid cooling solutions for high-performance computing scenarios [17] - **捷邦科技** is progressing with its liquid cooling business as planned, while also focusing on market value management [18] - **思泉新材** has developed a range of cooling products and is actively working on customer product introductions in the liquid cooling sector [20] - **冰轮环境** has introduced new technologies to adapt to the latest high-efficiency servers, including low-carbon energy-saving technologies [22] - **科华数据** is expanding its partnerships with leading internet companies to meet the growing demand for intelligent computing centers [24] - **鼎通科技** produces various connectors and cooling solutions for servers and data centers [26]

Core Insights - Lingyun Rubber Hose Company, recognized as a national-level "little giant" enterprise, has successfully gained the favor of a leading domestic digital energy high-tech company, achieving bulk supply of liquid cooling pipeline products and establishing stable cooperation with several global cooling industry leaders [2] Group 1: Core Material R&D - The core competitiveness of Lingyun's liquid cooling technology stems from its independent control over the core component, the rubber material, which operates in extreme environments of alternating heat and cold, directly affecting product lifespan and operational safety [3] - Lingyun has achieved 100% self-research of core rubber materials, with testing showing stable performance in extreme conditions from -40°C to 80°C, significantly improving anti-aging performance and extending overall product lifespan by 50%, addressing traditional industry pain points of leakage and short lifespan [5] Group 2: Full Chain Layout - The company has established a complete production chain from "material R&D to hose manufacturing to pipeline integration," enhancing its market competitiveness [6] - By integrating with its group company for quick-connect fittings, Lingyun can respond rapidly to personalized demands from clients like Huawei, providing customized liquid cooling pipeline solutions and breaking the dependency on external suppliers for core components [6][8] Group 3: Market Positioning - Leveraging its technological and supply chain advantages, Lingyun has successfully positioned itself within the core circle of the global liquid cooling supply chain, supplying major liquid cooling manufacturers and being adopted by domestic listed companies for autonomous liquid cooling solutions [8] - This series of collaborations not only highlights the international competitiveness of its products but also plays a significant role in breaking technological barriers and building an autonomous supply chain system for China's liquid cooling industry [8] Group 4: Future Outlook - Lingyun aims to continue increasing its R&D investment in liquid cooling materials and system integration, enhancing production capacity and service capabilities to support leading companies like Huawei in achieving technological breakthroughs in the digital energy sector [9][10]

Core Viewpoint - Sichuan Chuanhuan Technology Co., Ltd. reported a revenue of 1.049 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 12.08%, while net profit slightly decreased by 7.13% to 137 million yuan, attributed to intensified competition in the automotive market and price pressures from suppliers [1] Group 1: Financial Performance - The company achieved an operating income of 1.049 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 12.08% [1] - The net profit attributable to shareholders was 137 million yuan, showing a slight decline of 7.13% compared to the previous year [1] - Basic earnings per share stood at 0.18 yuan [1] Group 2: Business Strategy and Market Focus - The company is focusing on the development of liquid cooling systems for the automotive, data center, and energy storage sectors to create new growth drivers [1][3] - In the automotive fluid pipeline sector, the company is targeting the new energy vehicle market and has received project confirmations from a well-known domestic automaker, with an estimated total value of 500 million yuan over a six-year lifecycle [2] - The company has successfully obtained UL certification for its liquid cooling pipeline products, which are now part of the supply chains for several major technology firms [2] Group 3: Future Outlook - The company plans to intensify the promotion and development of liquid cooling products, particularly in data center liquid cooling, energy storage liquid cooling, and automotive fluid pipelines [3] - The demand for automotive fluid pipelines is expected to grow with the rapid rise of the new energy vehicle market [3] - The liquid cooling technology is becoming a trend in data centers due to its efficient heat dissipation and energy-saving advantages, driven by the expansion of big data and cloud computing [3]

Core Insights - Chuanhuan Technology reported a revenue of 1.049 billion yuan for the first nine months of 2023, representing a year-on-year growth of 12.08%, while the net profit attributable to shareholders decreased by 7.13% to 137 million yuan [1] - The company is focusing on the automotive fluid pipeline, data center liquid cooling, and energy storage liquid cooling sectors, with significant developments in the new energy vehicle market [1][2] Financial Performance - Revenue for the first three quarters of 2023 reached 1.049 billion yuan, a 12.08% increase compared to the previous year [1] - Net profit attributable to shareholders was 137 million yuan, reflecting a decline of 7.13% year-on-year [1] - Basic earnings per share stood at 0.63 yuan [1] Business Developments - In the automotive fluid pipeline sector, the company has received project confirmations from a well-known domestic automotive manufacturer, with an estimated total project value of approximately 500 million yuan over a six-year lifecycle, expected to commence mass production in November 2025 [1] - The company successfully secured a soft hose order of 600,000 meters from Yingwei, and is actively managing the delivery process to meet customer requirements [2] Market Trends - The new energy storage installation capacity in China reached approximately 95 million kilowatts, growing nearly 30 times over the past five years [2] - The National Development and Reform Commission and the National Energy Administration have set a target for new energy storage installation capacity to exceed 180 million kilowatts by 2027 [2] - Chuanhuan Technology anticipates that liquid cooling solutions will become the mainstream thermal management solution for future energy storage systems [2] Product Development - The company's liquid cooling pipeline products have achieved V0 level standards and received UL certification in the data server liquid cooling sector [1] - The liquid cooling pipeline products are now integrated into the supply chains of various clients, including CoolerMaster, AVC, and others, with ongoing product development efforts [1]

Core Viewpoint - The company, Sulian Co., Ltd. (301397.SZ), announced on its investor interaction platform that its liquid cooling pipeline products meet UL V0 flame retardant requirements, and relevant certifications are currently underway [1] Group 1 - The liquid cooling pipeline products are designed to meet specific safety standards [1] - The company is in the process of obtaining relevant certifications for its products [1]

Core Viewpoint - The company, Sulian Co., Ltd. (溯联股份), announced on September 25 that its liquid cooling pipeline products meet UL V0 flame retardant requirements, and relevant certifications are currently underway [1] Company Summary - Sulian Co., Ltd. is in the process of obtaining certification for its liquid cooling pipeline products to ensure they meet UL V0 flame retardant standards [1]

Group 1 - The core viewpoint of the article is that Chuanhuan Technology (300547) is focusing on expanding the application scenarios of its liquid cooling pipeline products in key areas such as automotive fluid pipelines, data server liquid cooling, and energy storage liquid cooling [1] - The company produces a series of rubber and plastic pipeline products that can be used in various fields including vehicle terminals, energy storage, and data servers [1] - The company aims to continuously enhance its customer service capabilities and market competitiveness in the aforementioned core areas [1]

Core Viewpoint - Chuanhuan Technology reported a modest revenue growth of 7.65% year-on-year in the first half of 2025, with a focus on expanding its liquid cooling business, which is expected to become a new growth point for the company [1][3]. Financial Performance - The company achieved a revenue of 688 million yuan and a net profit attributable to shareholders of 98.63 million yuan, reflecting a slight increase of 0.27% [1]. - The net profit margin decreased to 14.33% from 15.39% year-on-year, and the gross profit margin also saw a decline from 25.13% to 24.96% [3]. - The net cash flow from operating activities turned negative at -56 million yuan, compared to a positive 63 million yuan in the same period last year [3]. Business Development - Chuanhuan Technology has successfully developed and validated cooling system pipeline products for a liquid cooling server company, with batch supply commencing during the reporting period [1][3]. - The company is actively exploring new markets in energy storage and data centers, aiming to diversify its customer base beyond its top five clients, which account for over 50% of total sales [2]. Liquid Cooling Business - The liquid cooling sector has gained significant attention in the A-share market, with related stocks experiencing substantial price increases [4]. - The company has entered the supply chain of major players such as CoolerMaster, AVC, and Yingwei, and is developing products according to their processes [6]. - The liquid cooling products have achieved UL certification, which is crucial for entering the North American market [5][6].