Core Viewpoint - The company is actively promoting the application of cooling solutions and core materials in computing power equipment, aiming to create a new growth curve [1] Group 1: Product Development and Market Application - The company's VC module products are accelerating their market application in high-speed optical modules [1] - Core components of the thermal module, TIM materials, and other products are being supplied in bulk to server manufacturers [1] - The company is actively advancing customer onboarding, product certification, and mass production supply of liquid cooling thermal modules [1]

Core Viewpoint - Company has established a leading position in the thermal management materials sector through over 20 years of focused investment and forward-looking layout in the industry [1] Group 1: Company Positioning - Company provides comprehensive solutions from materials to components to modules, including high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, and thermal modules [1] - In the consumer electronics sector, the company maintains a leading position in synthetic graphite materials, with applications of graphite die-cut components expanding from smartphones to tablets and laptops [1] Group 2: Product Development and Market Expansion - Company is accelerating the research and mass production of various high-performance liquid-absorbing core materials, establishing core technological barriers [1] - Company has obtained supplier qualifications for thermal interface materials from major North American clients and has achieved production delivery [1] Group 3: Data Center Applications - The market application of the company's VC module products in high-speed optical modules is accelerating [1] - Core components of thermal modules, TIM materials, and other products are being supplied in bulk to server manufacturers, with active promotion of liquid cooling thermal module customer introduction, product certification, and mass production supply [1]

Core Viewpoint - The company is actively expanding its cooling solutions and core materials in the data center sector, aiming to establish new growth trajectories and attract new top-tier clients, including potential customers in North America [2] Group 1: Business Development - The company is focusing on the application of cooling solutions and core materials in computing equipment [2] - The market application of the company's VC module products in high-speed optical modules is accelerating [2] - The company is supplying core components and TIM materials in bulk to server manufacturers [2] Group 2: Product Innovation - The company is actively promoting the introduction of liquid cooling modules, product certification, and mass production supply [2] - Investors are encouraged to monitor the company's regular reports and announcements on the Shenzhen Stock Exchange for updates on client and product developments [2]

Core Viewpoint - The company has established a leading position in the thermal management materials sector, leveraging over 20 years of experience and continuous investment in niche areas [2] Group 1: Technology Layout in Consumer Electronics - The company provides comprehensive solutions in thermal management, including high thermal conductivity graphite products, thermal interface materials, heat pipes, and thermal modules [2] - The company maintains a leading position in artificial synthetic graphite materials, with applications expanding from smartphones to tablets and laptops [2] - The company is accelerating the R&D and mass production of various high-performance liquid-absorbing core materials, establishing core technological barriers [2] Group 2: Data Center Business Layout - The company has qualified as a supplier of thermal interface materials for major North American clients and has achieved production delivery [2] - The market application of the company's VC module products in high-speed optical modules is accelerating [2] - The company is supplying core components of thermal modules and TIM materials in bulk to server manufacturers and is actively promoting the introduction, product certification, and mass production of liquid cooling thermal modules [2]

Group 1 - The company achieved revenue of 750 million yuan in H1 2025, a year-on-year increase of 16.1%, and a net profit attributable to shareholders of 121 million yuan, up 93.7% [1] - In Q2 2025, the company reported revenue of 399 million yuan, a 15.9% increase year-on-year, and a net profit of 60 million yuan, reflecting an 82.8% growth [1] - The gross margin and net margin for H1 2025 were 31.3% and 16.2%, respectively, representing increases of 2.1 percentage points and 6.6 percentage points year-on-year, indicating stable improvement in profitability [1] Group 2 - The company has made significant progress in cost reduction and efficiency enhancement, with sales and management expense ratios of 2.12% and 6.12% in Q2 2025, down 2.43 percentage points and 1.53 percentage points year-on-year [2] - R&D investment totaled 36 million yuan in H1 2025, with independent teams established in various technology fields such as synthetic graphite and thermal interface materials [2] - The company is expanding its overseas production capacity and aims to develop replicable industry solutions for various high-growth sectors, including digital infrastructure and clean energy [2] Group 3 - The company is positioned to benefit from the growth in the cooling solutions market driven by AI technology, with projected net profits of 290 million, 380 million, and 500 million yuan for 2025, 2026, and 2027, respectively [3] - The current market valuation corresponds to price-to-earnings ratios of 37, 28, and 21 for the years 2025 to 2027 [3]