（编辑 王雪儿） 证券日报网讯 2月26日，飞凯材料在互动平台回答投资者提问时表示，三明海斯福并非公司子公司。公 司子公司江苏和成显示科技有限公司是一家专业从事液晶显示材料研发、生产与销售的高新技术企业， 目前不涉及电子级氟化液、浸没式液冷冷却液相关产品。 ...

格隆汇2月26日丨飞凯材料(300398.SZ)在投资者互动平台表示，三明海斯福并非我公司子公司。其次公 司子公司江苏和成显示科技有限公司是一家专业从事液晶显示材料研发、生产与销售的高新技术企业， 目前不涉及电子级氟化液、浸没式液冷冷却液相关产品。 ...

格隆汇2月26日丨飞凯材料(300398.SZ)在投资者互动平台表示，三明海斯福并非我公司子公司。其次公 司子公司江苏和成显示科技有限公司是一家专业从事液晶显示材料研发、生产与销售的高新技术企业， 目前不涉及电子级氟化液、浸没式液冷冷却液相关产品。 ...

Core Insights - The liquid cooling server industry is experiencing significant growth, driven by increased demand for high-density servers and efficient cooling solutions [1][2] - Major companies are actively investing in liquid cooling technologies, with substantial market opportunities projected in the coming years [2][3] Industry Developments - Xiechuang Data plans to invest up to 9 billion yuan to purchase servers from multiple suppliers, indicating accelerated infrastructure development in cloud computing [1] - The 5th International AIDC Liquid Cooling Supply Chain Summit will be held on December 18-19, focusing on technology exchange and market trends [1] Market Projections - UBS forecasts that the global direct liquid cooling market for data centers will grow from $1.138 billion in 2024 to $31.191 billion by 2030, with a compound annual growth rate of 51% [2] - The AI server liquid cooling market is expected to reach $23.746 billion, while the non-AI server liquid cooling market will grow to $7.446 billion [2] Company Highlights - Yingweike (002837) holds over 35% market share in liquid cooling technology and is a designated temperature control supplier for major clients like Tencent and Alibaba [2] - Shenling Environment (301018) is a core supplier for Huawei's data centers, with 63 liquid cooling patents and a PUE as low as 1.15 [2] - Highlan (300499) uniquely supplies both server and energy storage solutions, with a client base including ByteDance and Alibaba [3] Key Component Suppliers - Juhua (600160) is a leading domestic supplier of electronic-grade fluorinated liquids, aiming for a 15% global market share by 2025 [4] - Feirongda (300602) specializes in integrated cooling solutions and is a core supplier for Huawei servers [5] - Zhongshi Technology (300684) provides unique nano-carbon material cooling plates, with over 90% of its business in liquid cooling modules [5] System Integration Leaders - Inspur (000977) is a leading global liquid cooling server provider, with a projected market share of over 45% in 2024 [6] - Zhongke Shuguang (603019) collaborates on liquid cooling server development, introducing a high-density cooling solution for complex computing scenarios [6] - Unisplendour (000938) has a significant market presence with over 35% share in the operator market and expects liquid cooling orders to exceed 5 billion yuan in 2024 [6] Other Relevant Companies - Guangxun Technology (002281) is the only domestic company to achieve mass production of liquid cooling optical modules, holding a 15% global market share [7] - Changfei Optical Fiber (601869) applies optical fiber technology to liquid cooling, enhancing data transmission efficiency [8] - Ruijie Network (301165) offers a full range of liquid cooling products and has launched a new immersion liquid cooling switch [8]

Investment Rating - The report maintains a rating of "Overweight" for the basic chemical industry [6] Core Viewpoints - The refrigerant industry is experiencing a sustained upward trend in demand, with leading companies showing significant profit growth in H1 2025. The production quotas for second-generation fluorinated refrigerants will be further reduced, and third-generation refrigerants will be subject to production quotas, tightening supply. This, combined with a steady recovery in downstream demand, is optimizing the supply-demand dynamics in the refrigerant market [1][2] - The price of refrigerants has been rising, leading to substantial increases in profitability for major companies. For instance, in H1 2025, the net profits of major domestic refrigerant companies such as Juhua Co., Sanmei Co., Yonghe Co., and Dongyue Group increased by 146.97%, 159.22%, 140.80%, and 153.28% respectively [1] - The price differences for third-generation refrigerants have significantly increased, with R32 prices rising by 15.24% since early July 2025 and 40.70% since the beginning of the year. The price difference for R32 reached 42,761 yuan/ton, reflecting a 19.68% increase since early July and a 66.79% increase since the beginning of the year [2] - Leading refrigerant companies are accelerating their entry into the liquid cooling sector, driven by tightening environmental regulations and increasing demand for AI computing power. Companies like Juhua Co. and Sanmei Co. are investing in high-value-added liquid cooling technologies, which are expected to benefit from the growing AI computing needs and domestic substitution opportunities [3][4] - The liquid cooling technology market is projected to grow significantly, with global market sizes expected to reach 4.5 billion USD in 2025 and 19.4 billion USD by 2032, representing a CAGR of 23% from 2025 to 2032 [4] Summary by Sections Industry Overview - The refrigerant industry is in a high prosperity cycle, with major companies reporting strong performance due to supply constraints and rising prices [1][5] - The report highlights the ongoing recovery in downstream demand, which is expected to further support price increases in the refrigerant market [2] Price Trends - The report tracks significant price increases for key refrigerants, with R32, R125, and R134a showing notable price growth in 2025 [2][18] - The price of R32 reached 60,500 yuan/ton, marking a 40.70% increase since the beginning of 2025 [2] Company Developments - Major companies are expanding their operations into the liquid cooling market, with Juhua Co. planning to produce 5,000 tons/year of cooling liquid and Sanmei Co. launching a 19,000 tons/year electronic-grade fluorinated liquid project [3][4] - The transition to liquid cooling technologies is seen as a strategic move to capture growth opportunities in the AI sector and to leverage existing technological advantages [3][4]

Core Viewpoint - The company achieved significant revenue and profit growth in the first half of 2025, driven by strong performance in its fluorochemical core business amidst a challenging chemical industry environment [1] Financial Performance - In the first half of 2025, the company reported revenue of 13.33 billion yuan, a year-on-year increase of 10.36% [1] - The net profit attributable to shareholders reached 2.05 billion yuan, reflecting a substantial year-on-year growth of 146.97% [1] - The net profit excluding non-recurring items was 2.03 billion yuan, with a year-on-year increase of 155.23% [1] Business Operations - The fluorinated refrigerants business served as the core growth engine, with average prices rising to 39,372.45 yuan per ton, a year-on-year increase of 61.88% [2] - Revenue from the fluorinated refrigerants segment reached 6.09 billion yuan, marking a year-on-year growth of 55.09% [2] - The company secured production quotas for HCFC-22 and HFCs, holding 26.10% and 39.33% of the national market share, respectively [2] Industry Chain Coordination and Project Development - The company invested 1.99 billion yuan in fixed assets during the reporting period, with 125 ongoing projects and 36 new projects initiated [3] - The high-performance fluorinated chlorinated materials integration project in Gansu, with a total investment of 19.63 billion yuan, has commenced, aiming to leverage regional energy resources [3] - The company’s subsidiaries are developing a complete industrial chain covering fluorochemical raw materials, refrigerants, fluorinated polymers, and fine chemicals [3] Research and Innovation - The company invested 603 million yuan in R&D, a year-on-year increase of 11.69%, focusing on high-end product development [3] - The company filed 32 new patent applications and received 25 patent grants during the reporting period [3] - Five smart factories were recognized as advanced smart factories in Zhejiang Province for 2025, showcasing significant progress in digital and intelligent transformation [3] Future Outlook - The company plans to continue focusing on its core fluorochemical business, enhancing high-end product development and expanding production capacity for fourth-generation fluorinated refrigerants [4] - The company aims to leverage projects in Gansu to expand its western industrial base and enhance global market competitiveness [4] - Ongoing efforts in technological innovation and digital transformation are expected to solidify the company’s leading position in the fluorochemical sector [4]