To meet the company's capital needs for business development and enhance its capital strength and profitability, in accordance with the Company Law, Securities Law, Administrative Measures for the Registration of Issuance of Securities by Public Companies, and other relevant laws, administrative regulations, departmental rules, normative documents, and the company's articles of association, the company has compiled this argumentation and analysis report on the issuance plan to specific objects. Unless otherwise specified, the terms used herein have the same meaning as in the "Sanhe Tongfei Refrigeration Co., Ltd. 2026 Plan for Issuance of Shares to Specific Objects (Revised Draft)."
I. Background and Objectives of the Issuance of Shares to Specific Objects
(I) Background of the Issuance of Shares to Specific Objects
- Industrial temperature control is a crucial guarantee for the upgrading of China's manufacturing industry and a key support for the development of new quality productive forces. National industrial policies strongly support the high-quality development of temperature control technology and its downstream industries.
Industrial temperature control technology is an efficient and energy-saving solution that can effectively remove a large amount of heat generated during equipment operation, ensuring the safe and reliable operation of high-power, high-density, and high-precision equipment within a stable temperature range. It is one of the key foundational technologies supporting the high-quality development of strategic emerging industries such as new energy, industrial production, new materials, integrated circuits, and semiconductors, as well as the digital economy. Therefore, the industrial temperature control industry, represented by liquid cooling technology, has significant strategic importance in promoting the transformation and upgrading of the national economy and the sustained and rapid development of new quality productive forces, and it continues to receive strong support from national industrial policies.
The "15th Five-Year Plan" explicitly calls for the cultivation and expansion of emerging and future industries, focusing on building new pillar industries and accelerating the development of clusters of strategic emerging industries such as new energy. It also emphasizes a comprehensive approach to tackling key core technologies in important areas such as integrated circuits, industrial mother machines, and high-end instrumentation. The new quality productive forces are related to the core industries where high-end temperature control equipment, such as liquid cooling technology, is a key application. Policy guidance is expected to directly drive the large-scale application of liquid cooling technology.
In the field of new energy storage, the "Special Action Plan for Large-Scale Construction of New Energy Storage (2025-2027)" points out that by 2027, new energy storage will achieve large-scale and market-oriented development, with the national installed capacity of new energy storage reaching over 180 million kilowatts (180 GW). The "Outline of the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through 2035" explicitly calls for "vigorously developing new energy storage." The "Guiding Opinions on Promoting the Consumption and Regulation of New Energy" emphasize vigorously promoting the construction of new energy storage that is technologically advanced and safe and efficient, and tapping the potential of new energy storage for regulation in conjunction with new energy power generation to improve utilization levels. The "Action Plan for High-Quality Development of the New Energy Storage Manufacturing Industry" jointly issued by the Ministry of Industry and Information Technology and other eight departments emphasizes the safety requirements of "no fire or explosion" under thermal abuse and overcharging scenarios for energy storage systems, and clarifies the promotion of research and development of advanced thermal management technologies such as liquid cooling.