Core Viewpoint - Hongsheng Co., Ltd. is a leading enterprise in the field of aluminum plate fin heat exchangers, with strong R&D and manufacturing capabilities [1] Group 1: Business Performance - In Q3 2025, Hongsheng achieved a revenue of 554 million yuan, ranking 35th out of 51 in the industry, with the industry leader, Juxing Technology, generating 11.156 billion yuan [2] - The main business composition includes heat exchangers at 324 million yuan (90.46%), lithium battery PACK at 16.59 million yuan (4.64%), and other segments [2] - The net profit for the same period was 64.36 million yuan, ranking 24th in the industry, with the industry leader's net profit at 2.211 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hongsheng's debt-to-asset ratio was 30.85%, lower than the industry average of 38.24% [3] - The gross profit margin for the period was 25.50%, which is below the industry average of 26.36% [3] Group 3: Management and Shareholder Information - Chairman Niu Faqing's salary for 2024 is 620,500 yuan, a slight increase from 618,700 yuan in 2023 [4] - The number of A-share shareholders increased by 32.42% to 13,300 as of September 30, 2025, while the average number of shares held per shareholder decreased by 24.48% [5] Group 4: Market Opportunities - Hongsheng is entering the liquid cooling equipment industry through a joint venture with Suzhou Hexin, indicating growth potential in this new market [5] - The company has identified market opportunities in traditional fields such as engineering machinery, wind power, and data centers, leveraging its partnerships and product advantages [5]

Core Viewpoint - Hongsheng Co., Ltd. has experienced a significant stock price increase of 9.94% over the past three days, with a current price of 57.40 CNY per share and a market capitalization of 5.74 billion CNY [1] Company Overview - Hongsheng Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on December 25, 2000. The company went public on August 31, 2016. Its main business includes the research, design, production, and sales of aluminum plate-fin heat exchangers, cryogenic equipment, and related products [1] - The revenue composition of the company is as follows: heat exchangers account for 90.46%, lithium battery PACK for 4.64%, other (supplementary) for 2.88%, thermal management systems for 1.82%, and cryogenic equipment for 0.20% [1] Shareholder Information - Noan Fund's Noan Multi-Strategy Mixed A (320016) has entered the top ten circulating shareholders of Hongsheng Co., Ltd. in the second quarter, holding 433,000 shares, which is 0.43% of the circulating shares. The estimated floating profit today is approximately 1.1951 million CNY, with a total floating profit of 2.139 million CNY during the three-day increase [2] - Noan Multi-Strategy Mixed A (320016) was established on August 9, 2011, with a current scale of 1.855 billion CNY. The fund has achieved a return of 68.91% this year, ranking 425 out of 8,155 in its category, and a return of 79.81% over the past year, ranking 235 out of 8,029 [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5]. Core Views - The company is a leader in the aluminum plate-fin heat exchanger market and is entering the liquid cooling sector for data centers, which opens up new growth opportunities [2][16]. - The company has a strong technical foundation and customer resources, which are expected to drive growth in both traditional and emerging markets [16][24]. - The demand for efficient and energy-saving heat exchange solutions is surging due to the rapid growth of AI server computing power, aligning the company's capabilities with industry trends [5]. Summary by Sections 1. Company Overview - Founded in 2000, the company focuses on manufacturing aluminum plate-fin heat exchangers for various industries, including air compressors and engineering machinery [2][16]. - The establishment of a joint venture with Suzhou Hexin Precision Technology marks the company's entry into the liquid cooling equipment sector, which is significant for business expansion [2][16]. 2. Traditional Markets - The company has diversified applications in various sectors, including engineering machinery, wind power, compressors, and diesel engines, with significant market potential in each [3][4]. - The engineering machinery market is projected to have a cooling system market space of approximately $14 billion in 2024, driven by the recovery in demand and the electrification trend [3][37]. - The wind power sector is expected to see a cooling system market space of around 14.7 billion yuan in 2024, benefiting from industry recovery and technological upgrades [4][41]. - The compressor market is estimated to reach approximately $9.8 billion in 2024, with traditional and AI data center demands driving growth [4][46]. - The diesel engine market for data centers is projected to reach 74.9 billion yuan by 2028, indicating substantial growth potential [4][59]. 3. Data Center Sector - Liquid cooling technology is essential for addressing heat dissipation challenges in data centers, offering advantages such as low energy consumption and high cooling efficiency [4][5]. - The market for liquid cooling systems is expected to grow significantly, with projections of 29.4 billion yuan for ASIC systems and 58.1 billion yuan for NVIDIA systems by 2026 [4]. - The company has established strong ties with key players in the industry, positioning itself favorably within the supply chain for liquid cooling components [4][5]. 4. Financial Projections - The company is expected to see a compound annual growth rate (CAGR) of approximately 13% in revenue from 2015 to 2024, with a notable recovery in profitability [24][26]. - The projected net profit for 2025-2027 is estimated at 1.0 billion, 2.0 billion, and 3.2 billion yuan, respectively, with corresponding dynamic P/E ratios of 49, 25, and 16 times [5].

Group 1 - The core point of the news is that Hongsheng Co., Ltd. experienced a stock price increase of 5.05%, reaching 54.51 CNY per share, with a trading volume of 261 million CNY and a turnover rate of 4.91%, resulting in a total market capitalization of 5.451 billion CNY [1] - Hongsheng Co., Ltd. specializes in the research, design, production, and sales of aluminum plate fin heat exchangers, cryogenic equipment, and related products, with its main business revenue composition being: heat exchangers 90.46%, lithium battery PACK 4.64%, others 2.88%, thermal management systems 1.82%, and cryogenic equipment 0.20% [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) entered the top ten circulating shareholders of Hongsheng Co., Ltd. in the second quarter, holding 433,000 shares, which accounts for 0.43% of the circulating shares, with an estimated floating profit of approximately 1.1345 million CNY [2] - The Noan Multi-Strategy Mixed A fund has a current scale of 1.399 billion CNY, with a year-to-date return of 68.76%, ranking 345 out of 8226 in its category, and a one-year return of 84.01%, ranking 158 out of 8099 [2] Group 3 - The fund managers of Noan Multi-Strategy Mixed A are Kong Xianzheng and Wang Haichang, with Kong having a tenure of 4 years and 336 days and a best fund return of 84.01% during his tenure, while Wang has a tenure of 3 years and 98 days with a best fund return of 71.06% [3]

Group 1 - The core point of the news is that Hongsheng Co., Ltd. experienced a decline of 5.06% in its stock price, reaching 47.66 CNY per share, with a trading volume of 177 million CNY and a turnover rate of 3.59%, resulting in a total market capitalization of 4.766 billion CNY [1] - Hongsheng Co., Ltd. is primarily engaged in the research, design, production, and sales of aluminum plate fin heat exchangers, cryogenic equipment, and related products, with the main business revenue composition being: heat exchangers 90.46%, lithium battery PACK 4.64%, others 2.88%, thermal management systems 1.82%, and cryogenic equipment 0.20% [1] Group 2 - Among the top ten circulating shareholders of Hongsheng Co., Ltd., a fund under Nuoan Fund ranks as a significant shareholder, specifically Nuoan Multi-Strategy Mixed A (320016), which entered the top ten in the second quarter with 433,000 shares, accounting for 0.43% of circulating shares, and is currently facing an estimated floating loss of approximately 1.0998 million CNY [2] - Nuoan Multi-Strategy Mixed A (320016) has a total scale of 1.399 billion CNY, with a year-to-date return of 62.9%, ranking 344 out of 8161 in its category, and an annual return of 88.6%, ranking 126 out of 8021 [2]

Core Viewpoint - Hongsheng Co., Ltd. experienced a decline of 5.96% on September 30, with a stock price of 52.88 yuan per share and a total market capitalization of 5.288 billion yuan [1] Company Overview - Hongsheng Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on December 25, 2000. The company was listed on August 31, 2016. Its main business includes the research, design, production, and sales of aluminum plate fin heat exchangers, cryogenic equipment, and related products [1] - The revenue composition of the company is as follows: heat exchangers account for 90.46%, lithium battery PACK for 4.64%, other (supplementary) for 2.88%, thermal management systems for 1.82%, and cryogenic equipment for 0.20% [1] Shareholder Information - Among the top ten circulating shareholders of Hongsheng Co., Ltd., a fund under Nuoan Fund ranks as a new entrant. The Nuoan Multi-Strategy Mixed A Fund (320016) acquired 433,000 shares, representing 0.43% of the circulating shares. The estimated floating loss today is approximately 1.4505 million yuan [2] - The Nuoan Multi-Strategy Mixed A Fund was established on August 9, 2011, with a current scale of 1.399 billion yuan. Year-to-date returns are 60.26%, ranking 614 out of 8167 in its category; the one-year return is 97.64%, ranking 308 out of 8010; and since inception, the return is 209.3% [2] Fund Manager Information - The fund managers of Nuoan Multi-Strategy Mixed A Fund are Kong Xianzheng and Wang Haichang. As of the report, Kong Xianzheng has a tenure of 4 years and 309 days, with a total fund asset size of 4.607 billion yuan. The best fund return during his tenure is 72.66%, while the worst is -16.74% [3] - Wang Haichang has a tenure of 3 years and 71 days, managing a total fund asset size of 2.529 billion yuan. His best fund return is 60.5%, and the worst is -18.8% [3]

Group 1 - The core point of the news is that Hongsheng Co., Ltd. experienced a stock price increase of 5.3%, reaching 44.69 CNY per share, with a trading volume of 199 million CNY and a turnover rate of 4.64%, resulting in a total market capitalization of 4.469 billion CNY [1] - Hongsheng Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on December 25, 2000. It was listed on August 31, 2016. The company's main business includes the research, design, production, and sales of aluminum plate-fin heat exchangers, cryogenic equipment, and related products [1] - The revenue composition of Hongsheng Co., Ltd. is as follows: heat exchangers account for 90.46%, lithium battery PACK 4.64%, other (supplementary) 2.88%, thermal management systems 1.82%, and cryogenic equipment 0.20% [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Nuoan Fund ranks among the top shareholders of Hongsheng Co., Ltd. The Nuoan Multi-Strategy Mixed A Fund (320016) entered the top ten circulating shareholders in the second quarter, holding 433,000 shares, which is 0.43% of the circulating shares. The estimated floating profit today is approximately 974,200 CNY [2] - The Nuoan Multi-Strategy Mixed A Fund (320016) was established on August 9, 2011, with a latest scale of 1.399 billion CNY. Year-to-date returns are 59.64%, ranking 541 out of 8172 in its category; the one-year return is 124.24%, ranking 257 out of 7980; and the return since inception is 208.1% [2]

Company Overview - Hongsheng Co., Ltd. experienced a decline of 5.12% on September 18, with a stock price of 42.79 yuan per share and a total market capitalization of 4.279 billion yuan [1] - The company, established on December 25, 2000, and listed on August 31, 2016, is located in Wuxi, Jiangsu Province, and specializes in the research, design, production, and sales of aluminum plate-fin heat exchangers, cryogenic equipment, and related products [1] - The revenue composition of the company includes: heat exchangers 90.46%, lithium battery PACK 4.64%, others 2.88%, thermal management systems 1.82%, and cryogenic equipment 0.20% [1] Shareholder Information - Noan Fund's Noan Multi-Strategy Mixed A (320016) entered the top ten circulating shareholders of Hongsheng Co., Ltd. in the second quarter, holding 433,000 shares, which is 0.43% of the circulating shares [2] - The estimated floating loss for Noan Multi-Strategy Mixed A today is approximately 1 million yuan [2] - The fund was established on August 9, 2011, with a latest scale of 1.399 billion yuan, and has achieved a year-to-date return of 62.95%, ranking 453 out of 8,172 in its category [2] Fund Manager Performance - The fund manager of Noan Multi-Strategy Mixed A is Kong Xianzheng, who has been in the position for 4 years and 297 days, with a total fund asset size of 4.607 billion yuan and a best return of 77.74% during his tenure [3] - Wang Haichang, the co-manager, has been in the role for 3 years and 59 days, managing assets of 2.529 billion yuan, with a best return of 65.23% during his tenure [3]

Company Overview - Hongsheng Co., Ltd. is located in Wuxi, Jiangsu Province, established on December 25, 2000, and listed on August 31, 2016. The company specializes in the research, design, production, and sales of aluminum plate-fin heat exchangers, cryogenic equipment, and related products [1] - The main business revenue composition includes: heat exchangers 90.46%, lithium battery PACK 4.64%, others (supplement) 2.88%, thermal management systems 1.82%, and cryogenic equipment 0.20% [1] Stock Performance - On September 11, Hongsheng shares increased by 5.06%, reaching a price of 47.76 CNY per share, with a trading volume of 351 million CNY and a turnover rate of 7.72%. The total market capitalization is 4.776 billion CNY [1] Shareholder Information - Noan Fund's Noan Multi-Strategy Mixed A (320016) entered the top ten circulating shareholders of Hongsheng Co., holding 433,000 shares, which accounts for 0.43% of the circulating shares. The estimated floating profit today is approximately 995,900 CNY [2] - Noan Multi-Strategy Mixed A was established on August 9, 2011, with a latest scale of 1.399 billion CNY. Year-to-date return is 60.88%, ranking 331 out of 8175 in its category; the one-year return is 119.28%, ranking 181 out of 7982; and the return since inception is 210.5% [2]

Company Overview - Hongsheng Co., Ltd. experienced a stock price increase of 5.11% on September 4, reaching 40.95 CNY per share, with a trading volume of 83.31 million CNY and a turnover rate of 2.10%, resulting in a total market capitalization of 4.095 billion CNY [1] - The company, established on December 25, 2000, and listed on August 31, 2016, is located in Wuxi, Jiangsu Province, and specializes in the research, design, production, and sales of aluminum plate-fin heat exchangers, cryogenic equipment, and related products [1] - The main business revenue composition includes: 92.49% from general machinery manufacturing, 4.64% from electrical machinery and equipment manufacturing, and 2.88% from other supplementary sources [1] Shareholder Information - Among the top ten circulating shareholders of Hongsheng Co., Ltd., a fund under Nuoan Fund ranks as a new entrant, holding 433,000 shares, which accounts for 0.43% of the circulating shares [2] - The Nuoan Multi-Strategy Mixed A Fund (320016) was established on August 9, 2011, with a latest scale of 1.399 billion CNY, achieving a year-to-date return of 54.4% and ranking 527 out of 8180 in its category; over the past year, it has returned 110.3%, ranking 244 out of 7978; since inception, it has achieved a return of 198% [2] Fund Manager Performance - The fund managers of Nuoan Multi-Strategy Mixed A are Kong Xianzheng and Wang Haichang, with Kong having a tenure of 4 years and 283 days, managing a total fund size of 4.607 billion CNY, achieving a best return of 68.36% and a worst return of -16.74% during his tenure [3] - Wang has a tenure of 3 years and 45 days, managing a total fund size of 2.529 billion CNY, with a best return of 56.51% and a worst return of -18.8% during his tenure [3]