Summary of Conference Call Records Company and Industry Overview - **Companies Involved**: 新宙邦 (Xinjubang) and 阿科力 (Acoly) - **Industry**: New materials, specifically focusing on lithium battery materials, organic fluorine chemicals, and cooling technologies for data centers Key Points and Arguments Xinjubang's Business and Market Position - Xinjubang has a comprehensive industrial layout with 10 production bases globally by the end of 2024, including 9 in China and 1 in Europe, enhancing customer service and loyalty [2][5] - The company benefits from the growth in the new energy storage, automotive, and AI industries, with lithium battery materials expected to see both volume and price increases [2][5] - Current prices for new energy materials are at historical lows, with lithium hexafluorophosphate prices dropping significantly from 600,000 RMB/ton in 2021 to around 50,000-60,000 RMB/ton now [6] - Domestic apparent consumption of lithium hexafluorophosphate is projected to grow over 30% year-on-year in 2024, with further growth of 20%-30% expected in 2025 due to the development of new energy vehicles [2][6] Organic Fluorine Chemicals Market - The organic fluorine chemicals market is seen as a golden industry, with applications in pharmaceuticals, pesticides, and semiconductors [7] - Xinjubang aims to expand its market share as 3M plans to exit the market, which will create opportunities for domestic companies [7][11] Liquid Cooling Technology - Liquid cooling technology is emerging as a preferred solution for data centers, especially with the rise of AI, which increases cooling demands [9][10] - Immersion cooling is highlighted for its superior heat dissipation efficiency, making it suitable for high-power single-cabinet data centers [10] Acoly's Business Transformation - Acoly is transitioning from its original polyether amine business to focus on the development of cyclic olefin copolymer (COC) materials, which are crucial for optical lenses and pharmaceutical packaging [4][16] - Acoly plans to establish a 10,000-ton COC production facility by the end of 2026, with an additional 20,000-ton expansion planned for 2027 [4][18] - The company has already secured small orders for pharmaceutical packaging, indicating market interest and potential for growth [18][19] Competitive Landscape and Future Outlook - The COC market is characterized by high production difficulty, with only a few companies globally capable of producing it, giving Acoly a competitive edge [17][20] - Acoly is optimistic about its future growth potential, with expectations of significant market share and valuation increases due to successful technology breakthroughs [20] Financial Projections - Xinjubang is projected to achieve a compound annual growth rate (CAGR) of over 20%, potentially reaching 30% by 2026, driven by the demand for its products in the AI and new energy sectors [12] Additional Important Insights - The exit of 3M from the PFAS market, which generates approximately $1.3 billion annually, is expected to benefit domestic companies like Xinjubang and Acoly [11][12] - The overall new energy industry is currently facing challenges with overcapacity and slight losses, but improvements in supply dynamics are anticipated by 2026 [15]

9月19日，长沙岱勒新材料科技股份有限公司通过全景网"投资者关系互动平台"举行业绩说明会，董事 会秘书、财务总监周家华先生出席，就公司业务布局、产品应用及业绩等问题，回答了投资者网上提 问。 本次投资者关系活动类别为业绩说明会，时间为2025年9月19日（周五）下午14:30 - 17:00，地点在全景 网"投资者关系互动平台"（https://ir.p5w.net ），参与单位为通过网络提问的投资者。 在问答环节，投资者对公司多项业务表现出浓厚兴趣。关于与上海新微科技集团有限公司成立的深圳泰 诺协同创业投资基金，投资者询问是否投资人形机器人，公司回应投资投向详见2025年5月28日披露的 《关于公司与专业机构共同设立投资基金的公告》。 在产品应用方面，对于公司投资的赛万玉山，因其拥有年产3.6万套碳化硅陶瓷晶舟且涉及华为芯片新 技术，投资者询问是否会加大投资，公司表示如有相关情况将通过公告披露。关于UV固化型导电材料 和钨丝腱绳用于人形机器人的产能，公司称两种产品均在验证推广中。公司机器人腱绳样品已在国内几 家相关厂商进行验证，因保密协议未透露厂商名称。 业绩方面，投资者关注公司今年能否扭亏为盈，公司表示受 ...

证券代码:300700 证券简称:岱勒新材 公告编号：2025-03 长沙岱勒新材料科技股份有限公司 投资者关系活动记录表 编号：2025-03 7、子公司翌上新能源的先进碳基复合材料散热效果如何？ 答：您好，翌上新能源已被其全资子公司耕驰新能源吸收合并。目前耕驰新 能源的主要产品为石墨复合双极板，主要用于氢燃料电池以及液流储能电池极 板。感谢您的关注！ | 投资者关 | 特定对象调研 分析师会议 | | --- | --- | | 系活动类 | 媒体采访 业绩说明会 | | 别 | 新闻发布会 路演活动 | | | 现场参观 其他: | | 参与单位 | 投资者网上提问 | | 名称 | | | 时间 | 2025 年 9 月 19 日 (周五) 下午 14:30~17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司 接待人员 | 董事会秘书、财务总监：周家华先生 | | 姓名 | | | | Q&A | | | 1、贵公司与上海新微科技集团有限公司成立了深圳泰诺协同创业投资基金，该 | | | 公司持有上海国浮领航股权，是上海 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Views - The basic chemical industry saw a weekly increase of 2.36% from September 8 to September 12, 2025, ranking 12th among all Shenwan first-level industries [6][12] - The report highlights the significant potential of liquid cooling solutions in data centers, with multiple domestic companies actively investing in this area [10][29] Summary by Sections Industry Overview - The basic chemical industry has shown a relative return of -3.0%, 1.2%, and 8.5% over the past month, three months, and twelve months respectively [4] - Absolute returns for the same periods are 6.2%, 17.4%, and 51.0% [5] Sub-industry - Liquid Cooling Fluids - Liquid cooling technology includes cold plate liquid cooling, immersion liquid cooling, and spray liquid cooling [14] - Cold plate liquid cooling transfers heat from high-heat components to a liquid, while immersion liquid cooling involves fully submerging servers in cooling liquid [15][16] - Fluorinated liquids are preferred in immersion cooling due to their non-flammable and stable properties [16] Company Insights - **Juhua Co., Ltd.**: Produces electronic fluorinated liquids with a capacity of 4,000 tons/year for hydrogen fluoride ether D series and 5,000 tons/year planned for perfluoropolyether [8][19] - **New Chemical Co.**: Completed capacity construction for hydrogen fluoride ether at 3,000 tons/year and perfluoropolyether at 2,500 tons/year, focusing on data center cooling applications [20] - **Dongyang Sunshine**: Integrates liquid cooling components and materials, forming strategic partnerships for global market promotion [21][22] - **Runhe Materials**: Develops low-cost, high-performance cooling solutions for energy storage and data centers [23][24] - **Changlu Chemical New Materials**: Established production facilities for perfluoropolyether and hydrogen fluoride ether, with plans for further capacity expansion [25] - **Zhejiang Noah Fluorine Chemical**: Developed multiple immersion fluorinated cooling liquid products for various cooling technologies [25] Investment Recommendations - The report suggests focusing on Juhua Co., Ltd. due to its strong positioning in the liquid cooling market [10][29]

Group 1 - The core point of the article is that Wihua New Materials (603310.SH) does not produce electronic fluorinated liquids and focuses on chlorotoluene and trifluoromethylbenzene intermediates [1] Group 2 - The company currently specializes in the production of intermediates related to chlorotoluene and trifluoromethylbenzene [1]

液冷方案以及冷却液交流 20250831 摘要 英伟达 Rubin 系列产品将采用液冷技术，包括电子氟化液和相变冷板技 术，预计 2026 年 GTC 大会展示 Rubin 方案，2026 年九十月份量产 Ruby 系列，2027 年第三、四季度量产 Archer 系列。制冷和供电模式 已基本敲定，头部厂商正在测试纯浸没或混合浸没与相变的技术。 功率密度方面，英伟达 B200 和 B300 NVL72 单柜容量分别达到 132 千瓦和 142 千瓦，相变冷板技术上限可达 250 千瓦以内，未来可能提 升至 300 千瓦以上，超过 300 千瓦则需考虑浸没式制冷。Rubin 系列 单芯片功率约为 1.6~1.8 千瓦，Rubin 144 最多容纳 144 颗 GPU 芯片。 相变冷板在基本架构上保留了液冷板、快插等组件，但微通道设计有所 不同，需要气态仓容纳气体，并对管路密封性有更高要求。英伟达可能 采用冷板加静默方案，GPU 上的 Rubin 卡贴上液冷板并浸泡在电子氟化 液中，通过两套回路实现单柜 600 千瓦的换热需求。 冷板加静默方案通过降低流速和管道压力，减少漏液风险，提高系统可 靠性，但硬件成本较高 ...

Core Viewpoint - NVIDIA is set to launch its AI server, the DGX GB300 NVL72, designed specifically for the AI inference era, featuring high chip computing power and a fully liquid-cooled rack design to meet the increased thermal design power (TDP) requirements [1] Group 1: Liquid Cooling Technology Development - Traditional air cooling solutions are inadequate for AI clusters with cabinet power densities exceeding 20 kW, leading to the adoption of fully liquid-cooled architectures by NVIDIA's OEM/ODM manufacturers [2] - Various liquid cooling solutions exist, including cold plate, immersion, and spray cooling, with cold plate technology being the most mature but having lower cooling efficiency compared to immersion and spray cooling [2] Group 2: Cold Plate Liquid Cooling Components - Cold plate liquid cooling is a mainstream solution for large-scale data center retrofitting, involving components such as the cooling distribution unit (CDU), cold plates, circulation pipelines, quick connectors, and manifolds [3] - The CDU acts as the "heart" of the system, relying on the performance of circulation pumps and heat exchangers [3] - Cold plates capture heat from high-heat components like GPUs, with performance metrics including pressure drop and thermal resistance being critical [3] Group 3: Immersion Liquid Cooling Components - Immersion cooling involves submerging electronic components in an insulating cooling liquid, utilizing the liquid's high heat capacity for efficient heat transfer [5] - Compared to cold plate systems, immersion cooling has a simpler secondary structure and requires careful selection of cooling liquid materials to prevent evaporation and ensure compatibility with data center equipment [6] Group 4: Spray Liquid Cooling Components - Spray cooling utilizes gravity or system pressure to directly spray cooling liquid onto high-heat components, achieving efficient heat capture [7] - Unlike cold plate systems, spray cooling operates without phase change and requires high-boiling, insulating, and oxidation-resistant cooling fluids [8] Group 5: Upstream Directions Worth Noting - Electronic fluorinated liquids are essential for immersion and spray cooling due to their high insulation and stability properties [9] - High-efficiency thermal interface materials (TIM) such as liquid metals are predicted to become mainstream, enhancing cooling performance for high-power CPUs while being compatible with both immersion and cold plate cooling systems [9] Group 6: Relevant Investment Targets in Liquid Cooling - Key players in the liquid cooling supply chain include companies like Invec (002837.SZ), Shenling Environment (301018.SZ), and others [10] - Component suppliers with low domestic production rates, such as Kexin New Source (300731.SZ) and Chuanhuan Technology (300547.SZ), are also noteworthy [10] - Upstream material suppliers like Juhua Co. (600160.SH) and Xinjubang (300037.SZ) are significant in the liquid cooling market [10]

每经AI快讯，有投资者在投资者互动平台提问：贵公司有电子氟化液的产品布局吗？另外，高纯氢氟 酸的产值是多少？谢谢 （文章来源：每日经济新闻） 多氟多（002407.SZ）8月29日在投资者互动平台表示，公司目前没有问题所述的氟化液产品；2025年上 半年公司电子信息材料实现营收2.4亿元。 ...

Core Viewpoint - The company, Beijing Eight Billion Space Liquid Crystal Technology Co., Ltd., is actively investing in the semiconductor industry, particularly in liquid cooling technology, to meet the growing demand for AI computing power and is optimistic about the future of this sector [2][3]. Company Overview - Beijing Eight Billion Space was established on July 9, 2004, and went public on January 6, 2020. The company specializes in the research, production, and sales of liquid crystal materials for displays [7]. - The main revenue sources for the company include mixed liquid crystal (90.87%), other products (6.09%), and liquid crystal monomers (1.04%) [7]. Financial Performance - For the first half of 2025, the company achieved a revenue of 415 million yuan, representing a year-on-year growth of 10.63%. However, the net profit attributable to shareholders decreased by 37.90% to 30.87 million yuan [8]. - The company has distributed a total of 128 million yuan in dividends since its A-share listing, with 41.30 million yuan distributed over the past three years [9]. Investment Activities - The company has invested 50 million yuan in Nantong Zhanding, a company it has a stake in since 2022, which produces electronic fluorinated liquids for semiconductor manufacturing and supercomputing server cooling [2]. - The company is committed to ongoing support in terms of industrial cooperation and capital for Nantong Zhanding, reflecting its confidence in the fluorinated liquid industry [2]. Market Position - As of June 30, 2025, the company had 9,597 shareholders, an increase of 17.18% from the previous period, while the average circulating shares per person decreased by 14.66% [8]. - The company operates within the electronic-optical electronics panel sector and is involved in various concept sectors, including new materials and OLED [8].

Group 1 - The company has not yet started production of electronic fluorinated liquids [2] - The company's product range includes server liquid cooling plates, fluid connection components, various models and heat exchange forms of CDU, multiple sizes and power TANKs, pumps, and heat exchange units [2] - The company was asked about the operational status and future capacity increase of its electronic fluorinated liquid production line [2]