Summary of Shuguang Data Creation Conference Call Company Overview - **Company**: Shuguang Data Creation - **Industry**: Liquid Cooling Technology for Data Centers Key Points Industry Insights - The penetration rate of liquid cooling technology is increasing, with the Chinese liquid cooling data center market expected to exceed 100 billion yuan by 2027, growing at a compound annual growth rate (CAGR) of over 50% [2][8][30]. - The demand for AI computing power and carbon neutrality policies are driving market expansion [2][8]. Company Performance - In the first half of 2025, Shuguang Data Creation achieved revenue of 140 million yuan, a year-on-year increase of 43% [3]. - The company’s silent phase change liquid cooling technology has a minimum Power Usage Effectiveness (PUE) of 1.04, significantly lower than traditional air cooling systems, aligning with national requirements for data centers [2][9]. - The gross margin for silent liquid cooling data center infrastructure products reached 40% in 2023, accounting for 58% of the company's revenue [11]. Product Development - The company launched the C7,000 phase change liquid cooling solution in June 2025, enhancing cooling capacity by 15% [6]. - The silent liquid cooling product revenue grew by 212% year-on-year in the first half of 2025, indicating strong recovery momentum [12][20]. Market Expansion - Shuguang Data Creation is actively expanding into overseas markets, with projects established in Malaysia and Japan, and plans to enter Europe, the Middle East, and South Korea [2][7][25]. - The company won a bid for a 61 MW liquid cooling equipment procurement project in Malaysia in 2024 and established a wholly-owned subsidiary in Singapore [7][25]. Customer Concentration - The top five customers accounted for 88% of total revenue in the first half of 2025, with the largest customer contributing nearly 54.7% [5][15]. - Transactions with the controlling shareholder, Zhongke Shuguang, represented 56% of total revenue [5][15]. Future Projections - Revenue growth is projected at approximately 69% for 2025, with profit growth expected to exceed 70% [5][18]. - The company anticipates significant growth opportunities driven by the increasing number of large data centers and the penetration of AI applications [21][38]. Competitive Advantages - Shuguang Data Creation is the only company in China to achieve large-scale deployment of immersion phase change liquid cooling technology, holding a 61.3% market share in 2023 [20]. - The company has a high technical barrier in liquid cooling technology, requiring expertise in fluid mechanics, thermodynamics, and materials science [19]. Regulatory Environment - The Chinese government mandates that new large data centers must achieve a PUE of less than 1.25 by 2025, which supports the demand for liquid cooling solutions [9][28]. Financial Performance - The company’s net profit margin has fluctuated, with a decrease to 12.13% in 2024, but is expected to recover with projected profits of 105 million, 150 million, and 195 million yuan from 2025 to 2027 [36][37]. Technological Achievements - Shuguang Data Creation has made significant advancements in technology, holding 48 software copyrights and numerous patents, and has been recognized with several industry awards [22][38]. Strategic Mergers and Acquisitions - The recent acquisition of Shuguang Data Creation by Haiguang Information is expected to enhance its strategic position within the domestic computing power ecosystem [4][39]. This summary encapsulates the key insights and developments regarding Shuguang Data Creation and the liquid cooling technology industry, highlighting the company's growth trajectory, market strategies, and competitive advantages.

Core Viewpoint - The article discusses the growing importance of liquid cooling technology in data centers due to increasing power consumption and heat generation from AI server chips, highlighting the shift from traditional air cooling to liquid cooling solutions. Group 1: Liquid Cooling Technology Types - Liquid cooling technology is categorized into two main types: cold plate and immersion cooling, with cold plate cooling holding a 91% market share in 2022 due to its maturity and compatibility [3][31]. - Immersion cooling, while having the highest heat dissipation capability, accounts for about 8% of the market and is represented by companies like Shuguang Data and Guangdong He Yi [4][31]. - Cold plate cooling primarily uses water-based coolants, offering advantages such as low cost and fast heat dissipation [5]. Group 2: Cooling Liquid Material Systems - The main types of cooling liquids include water-based, oil-based, and fluorinated coolants [7]. - Water-based coolants are mainly used in single-phase cold plate cooling, supplied by companies like Compton and Unification [8]. - Oil-based coolants are used in single-phase immersion cooling, with suppliers like China Petroleum and Unification [8]. - Fluorinated coolants are crucial for high reliability and extreme physical conditions, with companies like Juhua and Dongyue Group achieving large-scale production [8]. Group 3: Microchannel Liquid Cooling Breakthroughs - Microchannel cold plate technology is becoming a focus for AI chip manufacturers, with companies like Nvidia and Microsoft pushing for MLCP standards [9]. - Domestic companies such as Highlan and Feirongda are gaining certifications and expanding their market share in this area [9]. Group 4: Market Size and Price Logic - By 2028, the global AI data center installation capacity is expected to reach 59 GW, corresponding to a cooling liquid demand exceeding 89,000 tons [10]. - The Chinese market for liquid-cooled data centers is projected to grow at a compound annual growth rate (CAGR) of 51.4%, with the industry scale expected to exceed 100 billion yuan by 2027 [10]. Group 5: Leading Projects - Major companies like Alibaba, Shuguang, Huawei, and Lenovo are implementing liquid-cooled data center demonstration projects, with Alibaba achieving a PUE of 1.12 in its 5A green liquid-cooled data center [14][15]. - Shuguang has realized the world's first large-scale commercial application of immersion phase change liquid cooling [15]. - Huawei's cloud data center in Ulanqab utilizes indirect evaporative cooling, achieving a PUE of 1.15 [16]. Group 6: Mainstream Cooling Pathways - The article outlines the mainstream cooling pathways, including water-based, oil-based, and fluorinated cooling liquids, emphasizing the rapid growth of the liquid cooling market [18][21].

Group 1 - The CPO concept stocks in the A-share market experienced significant gains, with Huagong Technology hitting the daily limit, and Xinyi Sheng rising over 6% [1] - Other notable performers included Shuguang Shuchuang, Guangku Technology, Cambridge Technology, and Guangxun Technology, all increasing by over 5% [1] - The overall market sentiment is positive, indicated by the formation of a MACD golden cross signal, suggesting a strong upward trend for these stocks [2] Group 2 - Huagong Technology (code: 000988) saw a rise of 9.92%, with a total market capitalization of 98.1 billion and a year-to-date increase of 126.46% [2] - Xinyi Sheng (code: 300502) increased by 6.98%, with a market cap of 377.1 billion and a year-to-date rise of 361.40% [2] - Other companies like Shuguang Shuchuang (5.91% increase, 21 billion market cap, 55.73% YTD), Guangku Technology (5.89%, 32.9 billion, 172.17% YTD), and Cambridge Technology (5.42%, 32.1 billion, 196.26% YTD) also showed strong performance [2]

Summary of Key Points Core Viewpoint - As of September 22, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.81 billion yuan, indicating an increase from the previous trading day, with notable activity in specific stocks and sectors [1]. Financing and Margin Activity - The margin financing balance was 7.81 billion yuan, up by 48.08 million yuan, while the securities lending balance was 43.47 million yuan, down by 69,700 yuan [1]. - The stocks with the highest margin financing balances included Better Ray (3.68 billion yuan), Shuguang Digital Innovation (3.65 billion yuan), and Jinbo Biological (3.52 billion yuan) [1]. - The average margin financing balance as a percentage of market capitalization for these stocks was 1.31%, with leading stocks like Juneng Co., Audiwei, and Jiaoda Tifa showing higher ratios of 3.98%, 3.85%, and 3.83% respectively [1]. Net Buying and Selling Trends - On September 22, 150 stocks experienced net margin buying, with 43 stocks having net buying amounts exceeding 1 million yuan [2]. - Shuguang Digital Innovation led with a net buying amount of 9.08 million yuan, followed by Jinbo Biological (8.74 million yuan) and Binhang Technology (7.99 million yuan) [2]. - The stocks with the highest net selling amounts included Kun Gong Technology, Litong Technology, and Kangle Health, with net selling amounts of 9.65 million yuan, 7.40 million yuan, and 6.76 million yuan respectively [1][2]. Industry Performance - The industries with the most stocks receiving net buying over 1 million yuan were machinery equipment (9 stocks), automotive (7 stocks), and electronics (5 stocks) [2]. - The average performance of stocks with net buying over 1 million yuan showed a decline of 1.21%, with notable gainers including Zhixin Electronics (up 12.64%), Shuguang Digital Innovation (up 9.90%), and Kaiter Co. (up 7.05%) [2]. Trading Activity - The weighted average turnover rate for stocks with net buying over 1 million yuan was 4.55%, with the highest turnover rates seen in Shichang Co. (52.17%), Zhixin Electronics (25.83%), and Sanwei Equipment (24.01%) [2]. - The average daily turnover rate for stocks on the Beijing Stock Exchange was 3.71% [2].

Summary of Key Points Core Viewpoint The trading volume and turnover of stocks on the Beijing Stock Exchange (BSE) experienced a significant decline on September 22, with a total trading volume of 925 million shares and a turnover of 21.217 billion yuan, a decrease of 4.717 billion yuan compared to the previous trading day. Despite this, 71 stocks closed higher, indicating some resilience in specific sectors [1]. Trading Performance - The total trading volume on the BSE was 925 million shares, with a turnover of 21.217 billion yuan, down by 4.717 billion yuan from the previous day [1]. - Among the traded stocks, 71 stocks saw an increase in closing price, accounting for 25.91% of the total tradable stocks [1]. - The top gainers included Zhixin Electronics, Hongxi Technology, and Shuguang Digital Innovation, with increases of 12.64%, 11.74%, and 9.90% respectively [1]. - Conversely, 202 stocks experienced a decline, with the largest drop seen in Shichang Co., Tianhong Lithium, and Huaguang Yuanhai, which fell by 15.06%, 7.99%, and 7.83% respectively [1]. Stock Activity - A total of 54 stocks had a turnover exceeding 100 million yuan, with Shuguang Digital Innovation, Tianma New Materials, and Kaiter Co. leading with turnovers of 582 million yuan, 550 million yuan, and 505 million yuan respectively [1]. - In terms of trading activity, 21 stocks had a turnover rate exceeding 10%, with 4 stocks exceeding 20% [1]. - The stocks with the highest turnover rates included Shichang Co. at 52.17%, Zhixin Electronics at 25.83%, and Sanwei Equipment at 24.01% [1].

Core Viewpoint - The computing power concept stocks have shown significant activity, with several companies experiencing notable stock price increases, indicating a positive market sentiment towards this sector [1]. Group 1: Stock Performance - Initial Ling Information, Weixing Intelligent, and Guiguan Network reached their daily limit up, showcasing strong investor interest [1]. - Capital Online's stock rose over 10%, reflecting a robust performance in the computing power sector [1]. - Other companies such as Zhejiang University Network New, Shenling Environment, Shuguang Digital Creation, and Zhongke Shuguang also saw their stock prices increase, indicating a broader trend in the industry [1].

证券代码：872808 证券简称：曙光数创 公告编号：2025-084 曙光数据基础设施创新技术（北京）股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 9 月 15 日 2.会议召开地点：北京市海淀区东北旺西路 8 号中关村软件园一期 27 号楼 C 座 3 层 301 公司会议室 3.会议召开方式：现场投票、网络投票 4.会议召集人：董事会 5.会议主持人：何继盛 6.召开情况合法合规的说明： 本次股东会的召开符合《公司法》等有关法律、法规及《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 4 人，持有表决权的股份总数 131,127,112 股，占公司有表决权股份总数的 65.56%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （三）公司董事、监事、高级管理人员出席或列席股东会情 ...

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Core Viewpoint - The liquid cooling server concept is gaining traction, with several companies experiencing significant stock price increases due to rising demand for AI computing power and the need for efficient cooling solutions [1][3]. Group 1: Market Trends - The global demand for AI computing power is increasing, leading to a shift from traditional air cooling to liquid cooling as the mainstream solution for high-performance chip cooling [3]. - According to a report by CITIC Securities, 2025 is expected to see a significant increase in the penetration of liquid cooling in NVIDIA's AI chips, which will drive market growth [3]. - The China Academy of Information and Communications Technology estimates that the liquid cooling market for intelligent computing centers in China will reach CNY 18.4 billion in 2024, a year-on-year increase of 66.1%, and is projected to reach approximately CNY 130 billion by 2029 [3]. Group 2: Company Developments - Runhe Materials has reported that its cooling liquid products have been mass-produced and are generating sales, with plans to expand production capacity based on customer demand and strategic development [3][4]. - Shenling Environment has indicated that liquid cooling is a key strategic business for the company, with new liquid cooling production lines already in operation [4]. - However, many companies in the domestic liquid cooling industry are still in the early stages of development, with limited revenue from related businesses. For instance, Dayuan Pump Industry reported that its sales revenue from products directly used for data center liquid cooling was only CNY 1.6 million in Q1 2025, accounting for 0.43% of total revenue [4].

Group 1 - The liquid cooling server sector continues to rise, with companies such as Runhe Materials, Cambridge Technology, and Zhongshi Technology reaching new highs during trading [1] - Longpan Technology, Yinlun Co., Chunzhi Technology hit the daily limit up, indicating strong market interest and investor confidence [1] - Other companies like Dayuan Pump Industry, Keda, Jieban Technology, Gaolan Co., and Shuguang Digital Innovation also experienced gains, reflecting a broader positive trend in the industry [1]