换肤

科创新源

i问董秘
企业号

300731

主营介绍

  • 主营业务:

    高分子材料产品及热管理系统产品的研发、生产及销售。

  • 产品类型:

    防水密封材料、绝缘防火材料、散热金属结构件、汽车密封条

  • 产品名称:

    防水密封材料 、 绝缘防火材料 、 散热金属结构件 、 汽车密封条

  • 经营范围:

    防水、防火、防腐、密封、绝缘类新材料及其制品的研发、制造与销售;塑胶制品的研发、生产及销售;金属制品的研发、生产及销售;模具的开发及制造;电子材料及其制品的研发、生产与销售;散热器及配件、通讯器材、光电产品及数码产品、照明产品、导热管、导热板、电器、安防设备、手机零配件等的研发、生产及销售;PVC、绝缘胶带、防水带、胶泥、自粘带、防火带、防火涂料、冷缩管、电力电缆附件、电力器材等的研发、生产与销售;防水防腐工程施工及专业承包;自产产品的安装、维修及相关的技术咨询;货物及技术进出口(不含法律、行政法规、国务院决定禁止项目和需前置审批的项目)。

运营业务数据

最新公告日期:2026-04-29 
业务名称 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
库存量:传统家电行业(pcs) 37.92万 - - - -
库存量:新能源行业(pcs) 37.29万 - - - -
库存量:汽车行业(pcs) 192.69万 - - - -
库存量:电力行业(套) 186.83万 - 152.04万 - -
库存量:通信行业(件) 162.97万 739.74万 435.42万 - -
产能:设计产能:防水密封材料(PCS) 2927.80万 2927.80万 - - -
产能:设计产能:散热金属结构件(PCS) 2031.07万 2714.46万 2382.24万 - -
产能:设计产能:绝缘防火材料(PCS) 2846.36万 2846.36万 2299.47万 - -
产能:设计产能:汽车密封条(PCS) 3500.00万 2500.00万 - - -
库存量:新能源行业(件) - 15.06万 - - -
库存量:汽车行业(件) - 177.43万 - - -
库存量:电力行业(件) - 194.67万 - - -
库存量:传统家电行业(件) - 34.34万 - - -
产能:在建产能:散热金属结构件(PCS) - 43.00万 403.20万 - -
库存量:传统家电行业(PCS) - - 46.97万 - -
库存量:新能源行业(PCS) - - 1.87万 - -
库存量:汽车行业(PCS) - - 324.90万 - -
产能:设计产能:防水密封胶带(PCS) - - 933.40万 - -
产能:设计产能:密封条(PCS) - - 1600.00万 - -
产能:在建产能:密封条(PCS) - - 500.00万 - -
产能:设计产能:防水密封套管(PCS) - - 1134.40万 - -
传统家电行业库存量(pcs) - - - 32.24万 520.78万
新能源行业库存量(pcs) - - - 1.03万 4.35万
汽车行业库存量(pcs) - - - 197.05万 144.68万
电力行业库存量(套) - - - 157.64万 202.07万
通信行业库存量(件) - - - 354.03万 1362.51万
消费电子行业库存量(pcs) - - - - 599.00万

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了8.16亿元,占营业收入的70.52%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
3.87亿 33.46%
客户二
2.18亿 18.86%
客户三
9221.09万 7.97%
客户四
9183.16万 7.94%
客户五
2654.31万 2.29%
前5大供应商:共采购了2.87亿元,占总采购额的41.34%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
8183.66万 11.79%
供应商二
6361.39万 9.17%
供应商三
5852.15万 8.43%
供应商四
4842.73万 6.98%
供应商五
3452.22万 4.97%
前5大客户:共销售了6.15亿元,占营业收入的64.13%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
2.48亿 25.87%
客户二
2.05亿 21.44%
客户三
8780.74万 9.16%
客户四
3693.33万 3.85%
客户五
3652.88万 3.81%
前5大供应商:共采购了1.90亿元,占总采购额的33.24%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
4722.11万 8.24%
供应商二
3708.17万 6.47%
供应商三
3613.29万 6.31%
供应商四
3606.80万 6.29%
供应商五
3397.89万 5.93%
前5大客户:共销售了2.42亿元,占营业收入的43.37%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
1.06亿 19.06%
客户二
6312.76万 11.30%
客户三
2585.88万 4.63%
客户四
2530.00万 4.53%
客户五
2149.02万 3.85%
前5大供应商:共采购了1.05亿元,占总采购额的35.15%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
2948.86万 9.90%
供应商二
2426.23万 8.15%
供应商三
2160.31万 7.26%
供应商四
1682.34万 5.65%
供应商五
1248.30万 4.19%
前5大客户:共销售了1.99亿元,占营业收入的38.27%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
6718.08万 12.91%
客户二
5891.75万 11.32%
客户三
2615.81万 5.03%
客户四
2350.47万 4.52%
客户五
2335.05万 4.49%
前5大供应商:共采购了1.06亿元,占总采购额的35.30%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
5397.78万 18.03%
供应商二
1604.38万 5.36%
供应商三
1290.41万 4.31%
供应商四
1188.03万 3.97%
供应商五
1086.11万 3.63%
前5大客户:共销售了1.32亿元,占营业收入的23.20%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
2959.88万 5.21%
客户二
2749.87万 4.84%
客户三
2627.96万 4.62%
客户四
2486.40万 4.37%
客户五
2364.38万 4.16%
前5大供应商:共采购了9393.74万元,占总采购额的29.35%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
2918.05万 9.12%
供应商二
2445.54万 7.64%
供应商三
1445.96万 4.52%
供应商四
1334.64万 4.17%
供应商五
1249.55万 3.90%

董事会经营评述

  一、报告期内公司从事的主要业务  公司是一家致力于以自主创新、独立研发为基础的国家级高新技术企业。报告期内,公司主要业务为高分子材料产品及热管理系统产品的研发、生产及销售,产品可广泛应用于通信、电力、新能源汽车、传统家电及汽车和数据中心等领域。其中高分子材料业务以公司、公司控股子公司无锡昆成及芜湖祥路为主要实施主体,热管理系统业务以公司控股子公司瑞泰克和全资子公司创源智热为主要实施主体。  在高分子材料业务领域,公司主要产品为高性能特种橡胶材料产品,包括高性能特种橡胶胶粘带以及与其配套使用的PVC绝缘胶带、冷缩套管系列产品;绝缘防水胶带、防火板/毯/胶带等防火封堵产品、电子防潮堵漏等产品;... 查看全部▼

  一、报告期内公司从事的主要业务
  公司是一家致力于以自主创新、独立研发为基础的国家级高新技术企业。报告期内,公司主要业务为高分子材料产品及热管理系统产品的研发、生产及销售,产品可广泛应用于通信、电力、新能源汽车、传统家电及汽车和数据中心等领域。其中高分子材料业务以公司、公司控股子公司无锡昆成及芜湖祥路为主要实施主体,热管理系统业务以公司控股子公司瑞泰克和全资子公司创源智热为主要实施主体。
  在高分子材料业务领域,公司主要产品为高性能特种橡胶材料产品,包括高性能特种橡胶胶粘带以及与其配套使用的PVC绝缘胶带、冷缩套管系列产品;绝缘防水胶带、防火板/毯/胶带等防火封堵产品、电子防潮堵漏等产品;汽车门窗密封条等系列产品,并提供防水、绝缘、防火、密封等方面的整体解决方案。主要应用于通信、电力、汽车、矿业、轨道交通等领域,目前公司客户主要包括华为、中兴、爱立信、中国电信、中国联通、国家电网、南方电网、泰国电网、奇瑞汽车、吉利汽车等。
  公司热管理系统业务的主要产品为散热金属结构件产品,包括新能源汽车动力电池用液冷板、传统家用电器使用的冷凝器、蒸发器、数据中心服务器用散热液冷板等产品。主要应用于新能源汽车、数据中心、家电等领域,目前公司客户主要包括宁德时代、蜂巢能源、正力新能、LG、海尔等。
  公司需遵守《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》中的“化工行业相关业务”的披露要求主要原材料的采购模式
  原材料价格较上一报告期发生重大变化的原因
  主要原材料3报告期采购额占比较上年同期上升8.55%,主要系本期新能源高频焊业务大幅增长带动采购量增长所致;主要原材料3报告期采购平均单价较上年同期增长16.85%,主要系大规格高单价的材料采购额占比增加所致。
  1本列所指专利技术系公司已申请的专利,含现已取得授权的专利、已申请但尚未授权的专利以及报告期内存续但报告期末已到期终止的专利。
  报告期内正在申请或者新增取得的环评批复情况
  报告期内更新完成《深圳科创新源新材料股份有限公司固定污染源排污登记》。
  报告期内变更完成《深圳创源智热技术有限公司固定污染源排污登记》。
  报告期内完成《深圳创源智热技术有限公司建设项目服务器液冷板区域空间生态环境信息登记》。
  报告期内变更完成《苏州瑞泰克散热科技有限公司固定污染源排污登记》。
  报告期内取得了《关于苏州瑞泰克散热科技有限公司新建生产新能源汽车电池大面冷却液冷板项目建设项目环境影响报告表的批复》。
  报告期内取得了《关于芜湖市航创祥路汽车部件有限公司轨道交通及汽车密封产品扩建项目环境影响报告表审批意见的函》。
  报告期内更新完成《无锡昆成新材料科技有限公司固定污染源排污登记》。
  报告期内取得了《关于安徽晟元新材料有限公司年产10万张轻质防火板及800T膨胀型耐火隔热复合封堵料技术改造项目建设项目环境影响报告表的批复》。
  二、报告期内公司所处行业情况
  公司需遵守《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》中的“化工行业相关业务”的披露要求报告期内,公司主要业务为高分子材料产品及热管理系统产品的研发、生产及销售,产品可广泛应用于通信、电力、新能源汽车、传统家电及汽车、数据中心等领域。
  公司高分子材料业务主要产品为高性能特种橡胶材料产品,生产中耗用的主要原材料为聚异丁烯、三元乙丙橡胶、丁基橡胶、有机硅等,该类原材料在生产成本中占比较高,其价格走势会对公司生产成本产生直接影响,公司产品销售价格亦会因原材料价格波动情况相应调整。公司高性能特种橡胶材料产品的下游应用领域主要包括通信、电力、汽车、矿业、轨道交通等行业,下游行业对公司所在行业的发展具有较大的牵引和驱动作用,其投资增速的变化对公司高性能特种橡胶材料产品的市场应用与拓展至关重要。前述下游行业属于支撑经济社会发展的基础性、战略性行业,下游行业的稳定发展,为公司高性能特种橡胶材料产品的持续稳定增长提供了有力支撑。
  在通信行业,近年来我国信息通信基础设施建设进入质量提升与结构优化的关键转型期,行业投资由规模扩张转向精准布局,基站新增规模有所回落;投资重心持续向5G深度覆盖、5G-A技术演进、算力网络、算网融合等新型基础设施倾斜。受行业周期与区域市场结构调整影响,整体需求呈现结构性分化:传统通信设备与配套领域需求放缓,新兴算力、智能网络及海外高价值市场需求保持稳健增长。
  在电力行业,中国电力企业联合会发布的《2025-2026年度全国电力供需形势分析预测报告》显示,2025年全国全社会用电量规模首次突破10万亿千瓦时,达10.37万亿千瓦时,同比增长5.0%,稳居全球电力消费第一大国地位。“十四五”期间,全社会用电量年均增长6.6%,比“十三五”年均增速提高0.9个百分点。报告预测,2026年我国宏观经济将继续保持平稳增长,拉动电力消费需求平稳较快增长。综合判断,预计2026年全国全社会用电量10.9-11万亿千瓦时,同比增长5%-6%。
  在汽车行业,我国汽车产销量连续17年稳居全球第一,千人汽车保有量呈现稳定增长态势。根据中国汽车工业协会数据,2025年我国汽车产销量累计完成3,453.1万辆和3,440万辆,同比分别增长10.4%和9.4%。
  公司热管理系统业务的主要产品为散热金属结构件产品,生产中耗用的主要原材料为铝合金、铜合金等,该类原材料在生产成本中占比较高,其价格波动会对公司生产成本产生显著影响,公司相关产品销售价格通常根据原材料市场变化进行相应调整。散热金属结构件产业链下游主要覆盖新能源汽车、消费电子、数据中心、航空航天及高端装备制造等领域,下游行业的产能扩张与技术迭代对公司所在行业发展形成正向带动作用,其市场需求变化对公司产品应用规模起到决定性影响。前述下游行业作为国家战略性新兴产业和先进制造业的核心组成部分,随着前述行业的持续稳健发展,相关散热配套需求稳步提升,为散热金属结构件产品提供了稳定的增长空间,行业中长期需求整体呈现向好态势。
  在新能源汽车行业,我国新能源汽车产销量连续11年位居全球第一。2025年,在政策利好、供给丰富、价格回落和基础设施持续改善等多重因素共同作用下,新能源汽车产销保持快速增长,产销量均超1,600万辆。根据中国汽车工业协会统计显示,2025年新能源汽车产销分别完成1,662.6万辆和1,649万辆,同比分别增长29%和28.2%,新能源汽车新车销量达到汽车新车总销量的47.9%,较2024年提高7个百分点。据中国汽车工业协会预测,2026年,汽车产业将持续推进高质量发展,整体市场保持稳健运行,汽车产销总体稳中有升;新能源汽车产业仍将保持较快发展势头,初步预计2026年新能源汽车销量1,900万辆,同比增长15.2%。
  在数据中心行业,随着社会信息化进程加快和对高性能计算的需求的持续攀升,全球数据中心的规模和集成度均实现较快增长,由此使得数据中心热耗散功率密度不断提高,传统热管理方案难以适配高算力散热需求,绿色高效冷却成为行业发展刚需。在液冷细分市场,AI算力爆发驱动行业进入规模化增长期。根据中国信息通信研究院发布的相关数据,2024年我国智算中心液冷市场规模达184亿元,同比增长66.1%,预计到2029年将突破1,300亿元。
  
  三、核心竞争力分析
  (一)客户资源优势
  目前,公司产品可应用于通信、电力、传统家电及汽车、新能源汽车、数据中心等业务领域。其中,在通信业务领域,公司与华为、中兴、爱立信等国内外主要通信设备厂商建立了长期的业务合作关系,并直接或者间接与中国电信、中国联通等运营商建立了业务合作关系;在电力业务领域,公司依托在核心材料技术领域的不断投入和创新,现拥有电气维护、电缆接续和防火封堵三大产品线,产品已经应用于国家电网、南方电网和泰国电网、泰科电子等建设,并深受客户好评;在汽车业务领域,公司与奇瑞、吉利等主要整车厂商建立了战略合作关系,相应的汽车密封条业务在近几年获得了快速发展;在新能源领域,公司已与多家行业领先的动力电池厂商建立了稳定的业务关系,包括宁德时代、蜂巢能源、LG等。优质的客户除给公司带来稳定的订单、收入外,还能使公司洞察下游产业未来的发展方向,紧密把握下游客户未来的需求方向。
  (二)品牌及信誉优势
  目前,公司产品的部分核心技术指标领先于同行,“零缺陷”的理念也深入到供应链每个员工的日常工作中。公司的技术水平和服务质量均得到主要客户的高度认可。公司管理层视“诚信合作”为公司经营的生命线,公司品牌及信誉优势明显。
  (三)研发和技术优势
  公司始终高度重视技术研发工作,通过不断加大研发投入力度,扩充专业研发团队,取得了丰富的成果。公司及主要控股子公司无锡昆成、瑞泰克和芜湖祥路均为高新技术企业,且一直致力于所在行业新技术的创新与发展,拥有业内领先的自主核心技术和可持续研发能力。公司核心技术团队人员具备丰富的研发管理和实践经验,对行业发展动向、市场需求变化以及技术变革方向有着敏锐的洞察力,在行业内具有较强的影响力,有力保障了公司持续保持技术优势。
  (四)产品质量及服务优势
  公司高度重视产品质量和客户服务,始终秉持“向客户提供优质产品,为客户创造价值,合作共赢”的经营理念,注重产品质量的持续提升。公司制定了严格的质量标准体系,已通过ISO9001质量管理体系、ISO14001环境管理体系、ISO45001职业健康安全管理体系、GB/T29490-2023知识产权合规管理体系和CTSQ/JQRZ-GF-116-2024-A数智化绿色低碳管理体系认证,并获得了IATF 16949等证书。公司全力打造优质服务体系,及时与客户沟通产品需求、快速响应并闭环解决客户诉求。完善的服务保障体系,是公司长期稳定合作优质核心客户的重要支撑。
  (五)人力资源优势
  公司拥有专业成熟的核心管理团队,公司董事会成员在战略规划、经营管理、资本运作、合规风控等方面具有丰富的从业经验,能够不断为公司可持续发展提供指导性建议。公司研发、采购、生产、销售等主要经营环节的管理人员拥有多年行业相关经验,能够对行业的发展趋势做出良好的专业判断,以更好地满足客户需求。同时,公司高度重视人才体系建设,通过构建具有市场竞争力的员工薪酬体系和激励政策,更好地实现吸引人才、留住人才的战略目标。
  
  四、主营业务分析
  1、概述
  (一)总体经营情况概述
  2025年,公司实现营业收入115,690.12万元,较上年同期上升20.75%;实现营业利润3,481.44万元,较上年同期上升40.80%;实现归属于上市公司股东的净利润3,560.96万元,较上年同期上升106.08%;实现归属于上市公司股东的扣除非经常性损益的净利润2,931.68万元,较上年同期上升130.52%。报告期内,公司在营业收入稳健增长的基础上,实现归属于上市公司股东的净利润较上年同期大幅增长,主要系公司在新能源热管理系统领域经过持续深耕与稳步投入,依托核心技术积累与工艺壁垒优势,深度绑定行业大客户资源,其中竞争格局较好的高频焊液冷板产品(也称为:“大面冷却液冷板、口琴管式液冷板”)在报告期内实现快速放量,推动新能源业务板块实现扭亏为盈,带动公司整体盈利能力持续增强。
  (二)具体业务经营情况
  1.高分子材料领域
  在高分子材料领域,公司依托多年来在高分子材料配方和工艺上的深厚积累以及大客户资源,主要开展防水密封材料、防火绝缘材料、防潮封堵材料等业务。报告期内,公司高分子材料业务保持稳健发展,合计实现营业收入47,781.80万元,较去年同期略有下降。
  在通信行业领域,公司凭借先进的技术、优质的产品和专业的服务,持续深化与华为、中兴、爱立信等通信设备龙头,以及中国联通、中国电信等通信运营商的合作关系,满足其在通信基站用防水密封材料相关产品及解决方案方面的需求。报告期内,受行业周期与区域市场结构调整影响,传统通信设备与配套领域需求放缓,客户端经济性要求不断提升,导致国内通信业务收入下降。为有效缓解国内通信业务收入下降所带来的利润压力,公司重点加大对海外通信大客户的开拓力度,使得相关业务收入规模持续扩大,推动公司通信业务在市场竞争中稳健前行。
  在电力行业领域,国内电缆附件生产厂家数量众多,市场竞争格局随着电压等级的提高呈现“金字塔”结构。报告期内,公司通过与控股子公司无锡昆成和控股孙公司安徽晟元构建紧密的协同体系,实现资源的优化配置;同时,公司持续加大电力领域研发投入与海外市场开拓力度,通过技术创新、品牌建设、质量管控及服务升级等多维举措,持续提升品牌价值与综合竞争实力。在国内市场,公司不断巩固与国家电网、南方电网等核心客户的长期合作;在海外市场,公司稳步优化客户结构,持续保持与泰国电网等既有客户的业务合作,并着力深化与泰科电子等境外优质客户的业务协同,推动相关业务实现稳步增长。
  在汽车行业领域,公司主要通过控股子公司芜湖祥路开展汽车密封条业务。近年来,为顺应汽车密封条产品高端化、多样化的技术发展趋势,芜湖祥路不断强化欧式导槽等先进工艺的技术研发与量产转化能力,以系统性提升产品竞争力。报告期内,芜湖祥路于上半年重点推进项目开发及新产品打样验证工作,导致研发及产线投入成本阶段性增加,2025年上半年盈利能力较去年同期有所下降。为加快改善盈利能力,芜湖祥路于2025年第三季度实现欧式导槽工艺产品的批量交付,使得下半年收入规模和盈利能力快速提升。
  2.热管理系统领域
  随着新能源汽车和人工智能的快速发展,相关产业的热管理产品及解决方案,对于提升新能源汽车的性能和安全性,以及优化人工智能设备的运行效率具有关键作用。报告期内,公司热管理业务保持快速发展,合计实现营业收入67,908.32万元,较去年同期增长45.97%。
  公司控股子公司瑞泰克家电业务的终端客户主要为海外客户,受国际经济社会形势影响,报告期内瑞泰克家电业务收入较去年同期相比略有下降,但整体呈现出较为稳定的发展态势。
  受益于新能源在售车型数量快速增加、智能化水平提升、充换电基础设施不断完善等因素,我国新能源汽车市场需求持续增长。特别是随着麒麟电池、神行电池等一批新型电池不断推广应用,带动新能源汽车需求快速增长,也带动动力电池散热产业进一步发展。
  瑞泰克凭借丰富的技术储备与前瞻性的技术布局,以及持续的设备投入和工艺优化,已形成较强的产品竞争力,能够持续满足头部客户技术革新和量产交付的需求。报告期内,瑞泰克所生产的高频焊液冷板是适配麒麟电池与神行电池的关键散热组件,在保障电池高效稳定运行方面发挥着重要作用。为顺应市场持续扩张的趋势,报告期内瑞泰克全力推进高频焊液冷板的新产线建设,并不断对既有产线进行升级改造,引入先进的自动化设备,不断优化生产流程,致力于提升生产效率、降低产品不良率,进一步巩固公司在行业内的领先地位,推动业绩稳健增长。报告期内,高频焊液冷板相关收入较去年同期增长93.56%。
  2025年,受市场需求波动、行业竞争加剧等因素影响,瑞泰克获取钎焊液冷板的优质订单难度有所提升;叠加下游客户对成本控制要求提高、市场价格竞争趋于激烈,钎焊液冷板产品定价及盈利空间面临一定压力。报告期内,瑞泰克通过系统梳理生产流程、优化内部供应链管理、持续提升生产效率等方式,不断增强钎焊液冷板的综合竞争力。同时,瑞泰克进一步加大市场开拓力度,甄别并筛选具备良好盈利及交付保障的优质项目,推动钎焊液冷板收入规模较去年同期增长72.38%。此外,瑞泰克于2023年底在重庆地区设立的控股子公司瑞伟汽车主要从事钎焊液冷板的研发、生产和销售,在激烈的竞争环境下,受项目认证周期较长,异地管理效率较低等多重因素影响,2025年上半年瑞伟汽车出现较大亏损。为进一步聚焦发展战略,优化资源配置,瑞泰克与瑞伟汽车另一股东重庆平伟汽车系统有限公司(以下简称“重庆平伟”)在2025年中签署了《股权转让协议》,瑞泰克将其持有的瑞伟汽车21%股权转让给重庆平伟(以下简称“股权转让”)。前述股权转让已于2025年7月完成工商变更,瑞伟汽车已变更为瑞泰克参股公司,不再纳入公司合并报表范围。
  2025年AI等新的应用场景出现,对算力设备和承载算力的数据中心均提出更高的要求。随着算力密度的提高,算力设备、数据中心机柜的热密度都已显著提高,加快了液冷技术的导入。冷板式较浸没式在液冷工质与系统等方面的成熟度更高,CPU/GPU等算力芯片厂商通过直接配套散热模组或发布Design Guide等方式完善液冷算力的生态匹配,主流的服务器制造商大多已建成冷板式液冷服务器的标准化规模生产线,通信运营商与头部互联网公司均积极尝试液冷技术的部署应用。冷板式液冷数据中心已开始规模部署,在产业链成熟度和生态匹配方面均已取得实质性进展。
  报告期内,公司主要通过全资子公司创源智热开展数据中心散热结构件业务,产品包括液冷板等。2025年中,基于创源智热的管理协同及产能规划等因素考虑,公司将创源智热的注册地址变更至深圳,并从资金、技术、人力、场地等多维度赋能。2025年下半年,在公司的协助下,创源智热不断加大在客户端的开拓力度和研发打样及量产能力的建设,于2025年第四季度在台系散热结构件厂商、大陆云计算服务提供商和算力基础设施与服务提供商等客户端实现有效突破。报告期内,因行业需求尚未进入规模化放量阶段,创源智热收入规模虽较去年同期大幅增长,但整体收入规模仍较小,无法摊薄期间费用及研发成本,报告期内处于亏损状态。
  
  五、公司未来发展的展望
  (一)公司未来发展战略
  长期以来,公司坚持以市场为导向、以自主研发为基础的技术创新路线,通过持续的研发创新与产品升级,不断丰富公司产品及解决方案,凭借优异的品质、良好的客户服务,在行业中树立了良好的品牌形象,赢得较高的市场地位,已成为国内少数生产规模化、产品系列化、配方和生产工艺制程先进的高分子材料和热管理应用开发的企业。
  近年来,一系列极具针对性、多层次的国家级政策相继出台,新材料产业、新能源汽车产业以及人工智能产业迎来了绝佳的发展契机。随着政策的持续推进以及技术的不断革新,预计未来这些产业将持续保持快速增长态势,成为推动中国经济发展的关键引擎。
  公司董事会综合考虑当前宏观环境、行业机遇、市场发展趋势,结合公司自身的产业资源优势,明确未来公司将持续秉承“以客户为中心、以奋斗者为本、诚信务实、专业创新”的核心企业文化理念,把握市场机遇,在巩固原有高分子材料技术及产品优势的基础上,重点布局和发展新能源汽车产业赛道和人工智能产业赛道里的热管理解决方案及产品,为核心客户群体持续创造更多价值。
  (二)公司在2026年的主要经营计划
  1.巩固高分子材料在通信、电力、汽车领域的基盘业务
  2026年,公司将继续巩固高分子材料在通信、电力、汽车等领域的基盘业务,为公司提供稳定的现金流支撑和利润贡献。在具体经营举措上,公司将围绕产品创新与结构升级系统推进:一方面开展集成化与精细化产品创新,持续优化现有产品集成化设计,提升产品综合性能与应用体验,同时通过精细化创新满足市场对高性能、高可靠性材料的需求;另一方面推进差异化材料技术升级,依托配方研发与技术突破,实现高分子材料产品差异化迭代,提高核心竞争优势。在此基础上,公司将进一步丰富产品类别、拓展应用场景,依托创新成果扩大产品矩阵,更好适配多行业、多场景客户需求;同时积极开拓海外优质高毛利市场,稳步提升高附加值产品销售占比,不断优化盈利结构,持续增强整体盈利能力。
  2.扩大热管理解决方案在新能源领域的增量业务
  2026年,公司将依托控股子公司瑞泰克在散热液冷板的技术和客户积累,扩大公司在新能源汽车领域的增量业务。在客户端,一方面,瑞泰克将秉持长期合作、互利共赢的理念,持续深化与现有大客户宁德时代的合作关系,调配优势资源,积极推动散热液冷板产品在其业务体系中的深度应用,从产品质量提升、交付周期优化、定制化服务升级等多维度入手,强化双方合作紧密度与协同深度,致力于不断提升公司产品在其供应链体系中的市场份额;另一方面,瑞泰克将持续推进潜在优质客户的市场开拓工作,巩固和强化公司在散热液冷板产品领域的市场竞争力。在研发端,瑞泰克将进一步强化结构开发和热设计能力,积极推动新材料及新工艺创新,通过新工艺与新材料的配合开发,提升产品的系统可靠性及成本可控性,实现热管理整体解决方案的有效落地。在生产端,瑞泰克将推动技术工艺改进和产品升级等举措,降低生产成本,提高盈利能力,进一步提升行业地位。
  3.深挖热管理解决方案在数据中心领域的增长潜力
  2026年,公司将以全资子公司创源智热为核心,聚焦数据中心液冷产品业务,凭借自身在数据中心热管理领域的技术、资源及渠道优势,重点推进客户开拓、订单承接、产能储备及量产交付工作,同步布局液冷新技术与新工艺,深挖热管理解决方案在数据中心领域的增长潜力。业务落地方面,创源智热将聚焦散热器厂商、集成商、服务器厂商等核心目标群体,组建专项攻坚团队,深度对接客户个性化需求,挖掘合作机会,提升产品市场认可度与行业影响力;建立订单快速响应与评审机制,结合客户需求提供定制化液冷解决方案,精准匹配不同技术路径的产品需求,保障订单承接量稳步提升;结合行业市场规模预判优化产能布局,完善生产配套设施,搭建柔性生产体系,规避产能瓶颈,为量产交付提供坚实保障;建立全流程质量管控体系,优化交付流程,确保产品按时按质交付,提升客户满意度,夯实长期合作基础。技术储备方面,公司将组建专业研发团队,聚焦液冷前沿技术,探索多元化技术路径,优化生产新工艺并推动研发成果转化,强化技术领先优势,为业务持续发展筑牢根基。
  4.强化技术和人才支撑,实现公司可持续发展
  2026年,公司将持续完善公司技术研发体系,继续加大自主创新投入,提升研发创新能力,提高设备装备水平及自动化程度,进一步提高产品质量和工艺水平,提高产品综合竞争力。同时,公司将根据客户需求和战略发展布局,引进行业内高端专业人士为公司关键部门和岗位储备人才,并为公司目前的人才制定更有针对性和专业性的培养计划,努力打造一支具备行业先进水平的技术和管理团队,实现可持续发展。
  5.建立健全合规管理体系,提升公司规范化运作水平
  2026年,公司将严格按照《公司法》《证券法》及其配套指引等法律法规、部门规章及规范性文件要求,以“强内控、防风险、促合规”为目标,结合行业特点建立健全以风险管理为导向、以合规管理监督为重点的工作模式,构筑合规管理、内部控制和风险管理“三道防线”,优化制度运行和监督机制,持续提升企业规范运作水平。
  6.推进收购事项落地实施
  2026年,公司将继续以“内生式增长+外延式扩张”双轮驱动为发展模式进行上下游整合和产品线拓展。公司于2026年3月30日披露了《关于签署股权收购框架协议的公告》,经交易各方协商一致,公司及公司香港子公司拟以现金方式收购东莞市兆科电子材料科技有限公司(以下简称“东莞兆科”)和Zhike TechnologyPte.Ltd.(中文名称:智科科技有限公司,以下简称“新加坡智科”,与东莞兆科合称“标的公司”)的控制权。截至年度报告发布之日,本次交易尚在推进过程中,公司将按照规定尽快推进本次交易事项。未来如顺利完成本次收购,公司将在资源分配、人员管理与培养、文化融合等方面与标的公司进行充分、合理的整合,使标的公司尽快融入上市公司,最大程度地发挥协同效应。
  (三)可能发生的有关风险因素
  1.行业快速变化和市场竞争风险
  目前,通信行业受运营商资本开支计划的影响较大;新能源汽车行业处于以市场需求为基础、以技术创新为驱动的持续增长阶段,随着竞争加剧,未来市场及客户需求或快速变化。公司能否准确把握行业发展趋势、不断提升竞争能力,对公司未来发展可能造成影响。针对市场风险及行业发展趋势风险,公司将持续不断地推进产品研发和技术创新,紧跟市场需求进行深度挖掘和不断创新,优化营销网络,在继续做好主营业务的同时以自主研发、外延发展等方式,持续拓宽产品线和开拓新的业务领域。
  2.主要原材料价格波动风险
  公司产品的主要原材料价格受供求关系的影响波动,存在引起公司正常生产经营中的生产成本增加的风险。公司将加强对原材料市场价格走势的分析、预判,对关键物料进行策略性备货,确保相对低成本的物料采购及供应保障,减缓因原材料价格上涨对公司毛利率带来的波动,尽量将原材料价格上涨对公司业绩带来的影响降到最低。
  3.经营管理和人力资源风险
  近年来,随着公司业务领域、业务规模的不断扩大,公司经营决策、运作实施、人力资源和风险控制的难度有所增加,从而对公司现有的管理体系、管理人员提出更高的要求,如果公司管理层不能继续保持高效的运营能力,或是公司不能通过内部培养、外部招聘的方式构建适合公司未来发展的人才团队,将会对公司未来的经营和发展带来一定的影响。对此,公司将不断完善内部组织架构,优化人力资源配置和流程体系建设,完善内部控制管理流程,加强内部控制和风险管理。
  4.收购能否完成及并购后整合风险
  截至年度报告发布之日,公司对东莞兆科和新加坡智科的收购事项尚在推进过程中,其实施尚需根据相关法律法规及《公司章程》规定,履行公司内部决策和审批程序,故本次交易最终能否实施并完成存在不确定性。未来如顺利完成本次收购,公司将形成部分商誉,若被并购公司与公司融合度较低,公司在市场拓展、内部管理等方面受不利因素影响,将使公司面临潜在的商誉减值风险及业绩波动的风险,对公司整体业绩可能会造成影响。未来如顺利完成本次收购,公司将在资源分配、人员管理与培养、文化融合等方面与标的公司进行充分、合理的整合,使标的公司尽快融入上市公司,最大程度地发挥协同效应。 收起▲

产品价格

数据截至(20260515)
[""]
20260515,85.78,11588.46,-2.7106725643643,-4.0196193735516,20260515
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