长江商报消息 ●长江商报记者 徐阳 科创新源主要业务为高分子材料产品及热管理系统产品的研发、生产及销售，产品可广泛应用于通信、 电力、传统家电及汽车、新能源汽车、储能和数据中心等领域。其中高分子材料业务以公司、公司控股 子公司无锡昆成及芜湖祥路为主要实施主体，热管理系统业务以公司控股子公司瑞泰克和全资子公司创 源智热为主要实施主体。 2025年上半年，科创新源实现营业收入5.41亿元，较上年同期增长43.90%；营业利润2367.15万元，较 上年同期增长405.78%；归母净利润1760.40万元，较上年同期增长520.71%；扣非净利润1445.39万元， 较上年同期增长262.25%。 科创新源表示，2025年上半年，公司营业收入较上年同期大幅增长，主要系本报告期内麒麟电池、神行 电池等一批新型电池不断推广应用，带动公司新能源汽车动力电池散热液冷板业务快速增长；归母净利 润较上年同期大幅增长，主要系本报告期内新能源汽车动力电池散热液冷板业务及海外通信业务快速增 长，带动公司盈利能力大幅改善。 得益于公司业务的快速增长，科创新源（300731.SZ）取得了亮眼的成绩。 根据半年报，2025年上半年，科创新 ...

Business Structure - The company's core business consists of cleaning services (46.3% revenue share) and motor products (45.6% revenue share), with other businesses accounting for 8.1% [2][3]. Motor Product Development - The company plans to expand its motor product offerings, focusing on new categories such as in-vehicle motors and chassis motors, with significant investments in high-torque harmonic brushless motors and various automotive systems [3][4]. Competitive Landscape - The traditional cleaning business faces intense competition and price wars, making profitability challenging for new entrants. In contrast, the micro-motor market is currently stable with high technical barriers, limiting the number of competitors [3][4]. ADAS System Progress - The company has secured mass production projects for its ADAS sensor cleaning systems with clients like Waymo and Meituan, targeting an annual production capacity of 250,000 units, with some production planned in Thailand [4]. Technology Pathways - The ADAS sensor cleaning products utilize various cleaning methods, including liquid, gas, and gas-liquid mixed cleaning, with the latter offering superior cleaning performance despite higher costs due to complex structures [4]. Thermal Management Business - The company has developed a range of thermal management products, including electronic circulation pumps and valves, with rapid growth in production for North American clients [4]. Strategic Expansion - The company is actively diversifying its business beyond the automotive sector, exploring opportunities in industrial automation and humanoid robotics to create new market spaces for long-term growth [4].

Core Viewpoint - The acquisition of approximately 54.50% of Shanghai Yingshuang Electric Technology Co., Ltd. by Apogee Co., Ltd. for about 578 million yuan is aimed at enhancing Apogee's business in the automotive key components sector, particularly in electric drive systems for new energy vehicles [1][4]. Group 1: Acquisition Details - Apogee Co., Ltd. plans to acquire a controlling stake in Yingshuang Electric, which specializes in the research and production of rotary transformers and special motors [1][3]. - The transaction involves multiple stakeholders, with Shanghai Feichi holding 33.10% of Yingshuang Electric prior to the acquisition [3]. - After the acquisition, Apogee will hold 54.5% of Yingshuang Electric, while Shanghai Feichi's stake will decrease to 23.68% [3]. Group 2: Financial Assessment - As of March 31, 2024, Yingshuang Electric reported total assets of 592 million yuan and net assets of 507 million yuan [4]. - The assessed value of Yingshuang Electric is approximately 1.06 billion yuan, reflecting a 139.62% increase in value based on the net asset assessment [4]. - Yingshuang Electric's revenue for 2024 is projected at 312 million yuan, with a net profit of approximately 54.72 million yuan [7]. Group 3: Market Position and Challenges - Yingshuang Electric previously attempted to list on the Sci-Tech Innovation Board but withdrew its application due to concerns over market competitiveness and financial documentation [5][6]. - The company has faced challenges such as high accounts receivable and a concentrated customer base, with over 98% of revenue coming from rotary transformers [5][7]. - Despite a steady increase in revenue from 46 million yuan in 2020 to 352 million yuan in 2022, recent performance shows no significant growth compared to previous years [7].