Group 1: Data Center Business - The company focuses on data center cooling solutions through its subsidiary, Shenzhen Chuangyuan Zhihuo Technology Co., Ltd., which specializes in the research, production, and sales of liquid cooling plates for servers [2][3] - The company has made effective breakthroughs with clients in the data center heat management sector, and some projects have entered mass production [3] - In 2026, the company aims to continue promoting liquid cooling technology innovation and industrial application to enhance competitiveness [3] Group 2: Acquisition Progress - The acquisition of Dongguan Zhaoke is complex due to overseas equity restructuring, leading to a longer timeline for completion [4] - A supplementary agreement was signed on November 4, 2025, to extend the exclusivity period and adjust transaction details [4] - The company is actively pushing forward with the acquisition process while adhering to legal and regulatory requirements [4] Group 3: Polymer Materials Business - The company leverages its expertise in polymer materials to produce waterproof sealing materials, fire insulation materials, and moisture-proof sealing materials [4][5] - In 2025, the company and its subsidiary, Wuxi Kuncheng New Materials Technology Co., Ltd., focused on expanding overseas markets, while Wuhu Xianglu concentrated on product process upgrades [5] - The company aims to maintain a stable cash flow and profit contribution from its polymer materials business in sectors like communication, electricity, and automotive [5] Group 4: New Energy Business Growth - The growth in the new energy sector is driven by the increasing number of electric vehicle models, enhanced intelligence, and improved charging infrastructure [5] - The company’s subsidiary, Suzhou Ruitai Technology Co., Ltd., produces high-frequency welded liquid cooling plates that are critical for the efficient operation of Kirin and Shenxing batteries [5] - In 2025, the company strengthened its partnerships with major clients like CATL and expanded its market presence with international clients such as BMW, LG, and Samsung [5]

Group 1 - Shenzhen Kexin Innovation Source New Materials Co., Ltd. hosted a specific investor survey with 11 institutions including Fidelity Fund and Wan Jia Fund on September 17-18, 2025 [1] - The company discussed its data center business, focusing on thermal management solutions through its subsidiary, Shenzhen Chuangyuan Zhihuo Technology Co., Ltd., which includes products like siphon-type special cooling modules and liquid cooling plates [1] - The company plans to acquire Dongguan Zhaoke Electronic Materials Technology Co., Ltd., which specializes in thermal interface materials, and has completed equity integration with Kunshan Zhaoke [1] Group 2 - The growth in the new energy business is attributed to the increasing demand for electric vehicles, with the company's subsidiary, Ruitai Technology, advancing new production line construction and upgrading existing lines to maintain its leading position [1] - In the first half of 2025, the company's traditional polymer materials business showed steady development, focusing on waterproof sealing, fire insulation, and moisture-proof materials, while aiming to strengthen its core business in telecommunications, electricity, and automotive sectors [1]

Core Viewpoint - Company reported significant growth in revenue and net profit for the first half of 2025, driven by the rapid expansion of its liquid cooling plate business for electric vehicle batteries and overseas communication services [1][2][3]. Financial Performance - Revenue for the first half of 2025 reached 541 million yuan, a year-on-year increase of 43.9% [2][3]. - Net profit attributable to shareholders was 17.6 million yuan, showing a remarkable growth of 520.71% compared to the previous year [1][3]. - Operating profit was 23.67 million yuan, up 405.78% year-on-year [2][3]. - Basic and diluted earnings per share increased to 0.14 yuan, a 600% rise from the previous year [3]. Business Segments - The polymer materials segment generated 229 million yuan in revenue, a growth of 6.04%, with ongoing collaborations with major telecom companies [4]. - The thermal management systems segment saw revenue of 311 million yuan, reflecting a substantial increase of 95.31% [5]. - The company is actively developing data center cooling solutions through its subsidiary, focusing on liquid cooling technology [5][6]. Market Trends - The liquid cooling sector has experienced a surge, with an increase of 28.54% in the related market since August 2025, driven by the demand from AI and electric vehicles [1][7]. - The company aims to leverage its resources to innovate and industrialize data center liquid cooling technology, positioning itself for future growth [6][10]. - The integration of liquid cooling systems in data centers is accelerating, with major cloud service providers expanding their capacities to support such technologies [10].

Core Viewpoint - The company achieved significant growth in 2024, with a record high revenue of 958.13 million yuan, a 71.53% increase year-on-year, and a net profit of 12.72 million yuan, up 63.81% from the previous year [2] Group 1: Business Performance - The company’s polymer materials business generated revenue of 492.89 million yuan in 2024, reflecting a 28.82% year-on-year growth [3] - The electric power segment saw a revenue increase of 33.18%, reaching 167.33 million yuan, driven by improved operational efficiency and brand value [3] - The automotive sealing strip business experienced a significant revenue growth of 62.17% due to the flourishing business with major clients [3] Group 2: New Energy Sector - The new energy sector reported a remarkable revenue growth of 361.36% compared to the previous year [4] - The company is focusing on high-frequency welded liquid cooling plates for electric vehicles, which are crucial for the efficient operation of leading battery technologies [4] - Production lines for high-frequency welded liquid cooling plates have been completed and are in full-scale production, contributing to substantial revenue growth [4] Group 3: Future Strategy - In 2025, the company plans to consolidate its polymer materials business in communication, electric power, and automotive sectors to ensure stable cash flow and profit contributions [5] - The company aims to expand its new energy vehicle business leveraging its subsidiary's expertise in cooling plate technology and customer relationships [5] - There will be a continued focus on customer development and production delivery in the data center construction sector to tap into emerging business growth potential [5]