Core Viewpoint - Tongfei Co., Ltd. experienced a significant decline in stock price, with a drop of 5.79% on November 21, resulting in a trading volume of 235 million yuan. The company has a high financing balance, indicating potential investor caution [1]. Financing and Margin Trading - On November 21, Tongfei Co., Ltd. had a financing buy-in amount of 20.27 million yuan and a financing repayment of 31.39 million yuan, leading to a net financing outflow of 11.13 million yuan. The total financing and margin trading balance reached 180 million yuan, accounting for 1.62% of the circulating market value, which is above the 80th percentile level over the past year [1]. - The company had no short selling activity on the same day, with a short selling balance of 6529 yuan, also exceeding the 80th percentile level over the past year [1]. Business Performance - For the period from January to September 2025, Tongfei Co., Ltd. achieved an operating income of 2.08 billion yuan, representing a year-on-year growth of 51.50%. The net profit attributable to shareholders was 180 million yuan, reflecting a substantial year-on-year increase of 158.11% [2]. - The company has distributed a total of 337 million yuan in dividends since its A-share listing, with 244 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Tongfei Co., Ltd. increased by 3.46% to 13,100, with an average of 5840 circulating shares per person, a decrease of 5.08% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 1.77 million shares, an increase of 372,700 shares compared to the previous period. Other notable changes include a decrease in holdings by Southern Innovation-Driven Mixed A and Fortune New Vitality Flexible Allocation Mixed A [3].

Group 1 - The stock of Tongfei Co., Ltd. dropped by 5.05% on October 9, trading at 80.71 CNY per share, with a transaction volume of 290 million CNY and a turnover rate of 4.56%, resulting in a total market capitalization of 13.7 billion CNY [1] - Tongfei Co., Ltd. specializes in the research, production, and sales of industrial temperature control equipment, with its main business revenue composition being: liquid constant temperature equipment 70.43%, electrical box temperature control devices 14.48%, pure water cooling units 8.60%, special heat exchangers 3.43%, and others 3.06% [1] Group 2 - Changxin Fund holds a significant position in Tongfei Co., Ltd. through its fund Changxin Quantitative Small and Medium Cap Stock A (519975), which held 73,800 shares in the second quarter, accounting for 1.48% of the fund's net value, ranking as the tenth largest holding [2] - The fund has experienced a floating loss of approximately 316,600 CNY as of the latest data [2] - Changxin Quantitative Small and Medium Cap Stock A has a total scale of 221 million CNY and has achieved a year-to-date return of 38.18%, ranking 1385 out of 4221 in its category [2]

Group 1 - The stock of Tongfei Co., Ltd. increased by 5.05% on September 25, reaching a price of 85.52 CNY per share, with a trading volume of 300 million CNY and a turnover rate of 4.63%, resulting in a total market capitalization of 14.517 billion CNY [1] - Tongfei Co., Ltd. specializes in the research, production, and sales of industrial temperature control equipment, with its main business revenue composition being: liquid constant temperature equipment 70.43%, electrical box constant temperature devices 14.48%, pure water cooling units 8.60%, special heat exchangers 3.43%, and others 3.06% [1] Group 2 - Nord Fund has a significant holding in Tongfei Co., Ltd., with the Nord Quantitative Core A fund (006267) holding 25,700 shares, accounting for 1.05% of the fund's net value, ranking as the tenth largest holding [2] - The Nord Quantitative Core A fund has achieved a year-to-date return of 31.64%, ranking 2981 out of 8173 in its category, and a one-year return of 70.67%, ranking 1550 out of 8003 [2] - The fund manager, Wang Hengnan, has been in position for 6 years and 310 days, with the fund's total asset size currently at 220 million CNY, and the best return during his tenure being 54.3% [2]

Core Viewpoint - Tongfei Co., Ltd. has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Financing Summary - On September 17, Tongfei Co., Ltd. experienced a stock price increase of 1.38% with a trading volume of 516 million yuan. The financing buy-in amount was 41.09 million yuan, while the financing repayment was 61.67 million yuan, resulting in a net financing outflow of 20.58 million yuan. The total financing and securities balance reached 141 million yuan [1]. - The current financing balance of 141 million yuan accounts for 0.96% of the circulating market value, which is above the 80th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, there were no shares sold or repaid on September 17, with a remaining balance of 100 shares valued at 8,597 yuan, which is above the 70th percentile of the past year [1]. Business Performance - As of June 30, the number of shareholders for Tongfei Co., Ltd. increased to 12,600, a rise of 27.29%, while the average circulating shares per person decreased by 21.09% to 6,153 shares [2]. - For the first half of 2025, the company reported a revenue of 1.264 billion yuan, representing a year-on-year growth of 58.04%. The net profit attributable to shareholders was 125 million yuan, showing a remarkable increase of 466.71% compared to the previous year [2]. Dividend and Shareholding Structure - Since its A-share listing, Tongfei Co., Ltd. has distributed a total of 337 million yuan in dividends, with 244 million yuan distributed over the past three years [3]. - As of June 30, 2025, new institutional shareholders have entered the top ten circulating shareholders, including Hong Kong Central Clearing Limited and several mutual funds, indicating growing institutional interest in the company [3].

Core Viewpoint - Tongfei Co., Ltd. has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Financing and Trading Activity - On August 26, Tongfei Co., Ltd. experienced a stock price increase of 0.56% with a trading volume of 405 million yuan. The financing buy-in amount was 61.93 million yuan, while the financing repayment was 67.34 million yuan, resulting in a net financing outflow of 5.40 million yuan. The total financing and securities balance reached 213 million yuan [1]. - The current financing balance of 213 million yuan accounts for 1.74% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - There were no short-selling activities reported on August 26, with a short-selling balance of 0 shares, which is also at a high level compared to the past year [1]. Business Performance - For the first half of 2025, Tongfei Co., Ltd. reported a revenue of 1.264 billion yuan, representing a year-on-year growth of 58.04%. The net profit attributable to shareholders was 125 million yuan, showing a remarkable increase of 466.71% compared to the previous year [2]. - The company has distributed a total of 337 million yuan in dividends since its A-share listing, with 244 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, the number of shareholders for Tongfei Co., Ltd. reached 12,600, an increase of 27.29% from the previous period. The average number of circulating shares per shareholder decreased by 21.09% to 6,153 shares [2]. - Notable institutional holdings include new shareholders such as Qianhai Kaiyuan New Economy Mixed A and Qianhai Kaiyuan Public Utilities Stock, holding 1.6995 million shares and 1.3267 million shares respectively [3].

Core Viewpoint - The company is focusing on temperature control solutions in key sectors such as energy storage, semiconductor manufacturing, and data centers, with a strong emphasis on expanding market share and cultivating new growth areas [5][8]. Group 1: Event Overview - The fourth EESA Energy Storage Exhibition will be held in Shanghai from August 13-15, 2025, where the company will showcase various temperature control products [4]. Group 2: Product and Market Focus - The company's product offerings include liquid temperature control equipment, electrical box temperature control devices, pure water cooling units, and special heat exchangers, targeting sectors like CNC equipment, power electronics, energy storage, semiconductors, and data centers [5]. - The company has established a stable and high-quality customer base, including notable clients in various sectors such as CNC equipment (e.g., Haitan Precision, Nuwei CNC), power electronics (e.g., Siyuan Electric, Sifang Co.), energy storage (e.g., CATL, Sungrow), and semiconductor manufacturing (e.g., North Huachuang, Chipone) [5]. Group 3: Financial Performance - In 2024, the company achieved a revenue of 2.16 billion yuan, a year-on-year increase of 17.1%, while the net profit attributable to shareholders was 150 million yuan, a year-on-year decrease of 15.9% [7]. - For Q1 2025, the company reported a revenue of 570 million yuan, a significant year-on-year increase of 109.0%, and a net profit of 60 million yuan, a remarkable year-on-year increase of 1104.9% [7]. - The overall gross margin was 25.4%, showing a year-on-year decrease of 0.9 percentage points but a quarter-on-quarter improvement of 2.4 percentage points from Q4 2024, indicating notable marginal improvement [7]. Group 4: Growth Drivers - The demand for liquid cooling solutions in data centers is expected to drive new growth for the company, with liquid temperature control equipment generating 1.47 billion yuan in revenue, accounting for 67.9% of total revenue [8]. - The rise of AI and the need for efficient cooling solutions in data centers are creating a favorable environment for the company's liquid cooling technology, which offers significant energy-saving and environmental benefits [8].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 2.16 billion yuan in 2024, representing a year-on-year increase of 17.07%. However, the net profit attributable to the parent company was 153 million yuan, a decrease of 15.87% year-on-year. Notably, the revenue for Q4 2024 was 787 million yuan, up 51.65% year-on-year, and the net profit for the same quarter was 84 million yuan, exceeding the total net profit of the first three quarters combined [1]. - In Q1 2025, the company reported a revenue of 574 million yuan, a significant increase of 109.02% year-on-year, and a net profit of 62 million yuan, marking a staggering increase of 1104.89% year-on-year [1]. - The company anticipates substantial growth in revenue from data centers and semiconductor temperature control solutions [2]. Financial Performance Summary - In 2024, the company's liquid temperature control equipment revenue reached 1.466 billion yuan, a year-on-year increase of 20.65%, with a gross margin of 21.22%, down 3.93 percentage points year-on-year. The revenue from energy storage temperature control was approximately 1.176 billion yuan, up 30% year-on-year [2]. - The company has expanded its client base in the semiconductor manufacturing equipment sector, including notable clients such as Northern Huachuang and Jing Sheng Machinery [2]. - The financial projections for the company indicate expected net profits of 288 million yuan, 425 million yuan, and 608 million yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 87.6%, 47.7%, and 43.1% [4][5]. Key Financial Metrics - The company's revenue for 2023 was 1.845 billion yuan, with a projected revenue of 3.404 billion yuan for 2025, indicating a growth rate of 57.6% [5]. - The earnings per share (EPS) for 2024 is projected to be 0.91 yuan, with an expected increase to 1.70 yuan in 2025 [5]. - The net profit margin for 2024 is projected to be 7.1%, with expectations of improvement in subsequent years [10].