2025.07. 21 本文字数：1168，阅读时长大约2分钟 作者 | 第一财经 武子晔 近年来新能源汽车快速发展，但电池起火等安全事故仍存，业内认为热失控是主因——电池在高温、 过充等条件下化学反应失控，产生大量热量可能引发火灾，而保障安全的核心是先进的电池热管理系 统。 "电池热管理系统的设计阶段至关重要。与客户合作开发时需提前模拟系统性能，确保电池组内所有 电芯均能得到大致均等冷却，同时产品需完全密封以防液体接触电芯。"诺马集团全球电池业务负责 人Thomas Brendler近日在亚洲国际电池及储能技术展览会上接受第一财经记者专访时表示，实际 中常遇客户提供的模组、电芯设计及回路存在问题，如边角电芯因底部设计缺陷无法有效热管理，因 此设计阶段的模拟测试关键。 目前，比亚迪、欣旺达、国轩高科、宁德时代等多家电池企业已宣布旗下产品达到或超过新国标要 求。 五矿证券研报指出，新国标将促进电池行业安全升级，推动新能源车和电池产品优胜劣汰，企业有望 在电池包PACK层面优化热管理、液冷散热系统，及锂电材料热稳定性改进，同时带来电池热安全系 统升级的投资机会，推动固态电池产业发展。 固态电池被视为下一代先进技术 ...

今年3月底，工信部发布《电动汽车用动力蓄电池安全要求》，明确动力电池"不起火、不爆炸"强制要 求，新增底部撞击、快充循环测试，将于2026年7月施行。新国标首次提出内部短路热失控后不起火不 爆炸的要求，被称为"史上最严电池安全令"。 中国流通汽车协会新能源专家章弘认为，这一标准将推动企业重新设计电池包结构、热管理系统等，加 速行业高质量发展，未来可能形成"强者恒强"格局。 Thomas认为，新国标不会影响公司现有解决方案，关键在于选对材料。 按照新国标设计，热管理回路液体化学成分改变，需改用现成材料。温度要求不高时，便宜材料足以胜 任；要求提高则需用温度、压力性能更优的材料，虽无须重新研发，但会增加成本，成本高低取决于电 池结构复杂度，如浸没式冷却成本可能比传统系统高25%左右。 电池新国标要求企业在电池包结构、热管理系统等方面进行重新设计。 近年来新能源汽车快速发展，但电池起火等安全事故仍存，业内认为热失控是主因——电池在高温、过 充等条件下化学反应失控，产生大量热量可能引发火灾，而保障安全的核心是先进的电池热管理系统。 "电池热管理系统的设计阶段至关重要。与客户合作开发时需提前模拟系统性能，确保电池组内所 ...

Core Viewpoint - The company is focusing on enhancing its technology research and product innovation capabilities to seize opportunities in the thermal management system business as the electric vehicle industry rapidly develops [2]. Group 1: Company Performance - As of June 30, 2025, the company's stock closed at 13.02 yuan, an increase of 5.51%, with a turnover rate of 22.22%, trading volume of 303,800 hands, and a transaction amount of 386 million yuan [1]. Group 2: Business Strategy - The company aims to continuously improve its product delivery and service capabilities, enhance customer satisfaction and brand loyalty, and achieve sustainable development [2]. - The company’s main business segments include integrated AFC systems for rail transit, ETC business for road traffic, and thermal management system equipment [7]. Group 3: Digital Currency and Market Expansion - The company currently does not have any digital currency business and is focusing on integrated projects involving payment scenarios with AFC and ETC devices [4][5][7]. - The company is coordinating with other parties for potential digital currency applications but has not yet launched any related business [13]. Group 4: Technical Advantages - The company's thermal management business includes products such as liquid cooling systems for power batteries, energy storage systems, complete vehicle thermal management systems, and rail transit thermal management systems [10]. Group 5: Investment Activities - The company has made minor investments in related companies through funds, but these holdings do not significantly impact its main business operations [11][12]. Group 6: Market Activity - On June 30, the company experienced a net inflow of 27.57 million yuan from institutional investors, while retail investors saw a net outflow of 30.26 million yuan [14][15].

Core Insights - The company, Aotega (002239.SZ), has experienced significant growth in its performance, with a total revenue of 1.911 billion yuan in Q1 2025, representing a year-on-year increase of 16.28%, and a net profit attributable to shareholders of 46.6948 million yuan, up 19.20% year-on-year [1][2] Financial Performance - Aotega's operating cash flow net amount surged by 229.82%, indicating a substantial improvement in operational quality [2] - The company achieved a net profit of 89.04 million yuan in 2022, which briefly adjusted to 73.25 million yuan in 2023 before rebounding strongly to 106 million yuan in 2024. The non-recurring net profit also saw a significant increase from 48.67 million yuan in 2023 to 119 million yuan in 2024, marking a growth of 144.89% [2] Market Dynamics - The core driver of Aotega's growth is the booming electric vehicle market, with China's penetration rate for new energy vehicles surpassing 46% in 2024. Aotega is closely tied to leading automotive companies such as BYD, Li Auto, and NIO [3] - In 2024, Aotega's sales of electric compressors reached 7.0719 million units, a year-on-year increase of 21.54%, with a remarkable 74% growth in electric compressors used in new energy vehicles [3] R&D and Competitive Edge - Aotega views R&D investment as a cornerstone of long-term competitiveness, with R&D expenditure reaching 311 million yuan in 2024, a 37.2% increase, and accounting for 3.81% of total revenue [4] - The company is accelerating its global capacity layout, having established seven production bases abroad, covering key automotive markets in North America, Europe, South Asia, Southeast Asia, and North Africa [4]

点 击 蓝 字 关 注 我 们 本文全文共 5381 字，阅读全文约 18 分钟 关于征求《电动汽车动力蓄电池热管理系统 第3部分：风冷系统》等3项汽车行业标准意见的函 《电动汽车动力蓄电池热管理系统 第3部分：风冷系统》（征求意见稿） 的主要内容除前言外包括： 范围，规范性引用文件，术语及定义，要求，试验方法，检验规则，标识、包装、运输和贮存，共七章。 本文件规定了电动汽车动力蓄电池（以下简称"电池"）热管理系统的技术要求和试验方法。 本文件适用于 电动汽车动力蓄电池风冷系统及其零部件的研发和测试。本文件是QC/T 1206《电动汽车动力蓄电池热管 理系统》的第3部分。QC/T 1206分为以下部分：第1部分：通用要求；第2部分：液冷系统；第3部分：风 冷系统；第4部分：加热器；第5部分：直冷直热系统。 我国将电动汽车技术研究作为推动汽车产业升级和实现环境经济可持续发展的重要战略举措。《2022 年汽车标准化工作要点》指出"开展动力蓄电池耐久性标准预研，推进动力蓄电池电性能、热管理系统、 排气试验方法及动力蓄电池回收利用通用要求、管理规范等标准研究，促进动力蓄电池性能提升和绿色发 展"。动力电池系统作为电动 ...