澄天伟业董事长冯学裕：以精密工艺为基 构筑AI算力液冷新版图

Core Viewpoint - The rapid development of computing power infrastructure has made cooling technology a critical factor in releasing AI server performance, with Chinese manufacturers accelerating their entry into the global computing supply chain through advancements in liquid cooling technology [2]. Group 1: Business Transformation - The company is transitioning its smart card business, which has been a cash flow source for over 20 years, to adapt to changing payment landscapes while also exploring new opportunities in eSIM and OTA technologies [3][4]. - The smart card business is shifting from a "scale-driven" model to a "quality-driven" approach, providing safety margins and growth points for the company [4]. Group 2: New Business Growth - The company has rapidly emerged in the semiconductor packaging and materials sector, with strong growth expected to continue into 2025 [5]. - The company's accumulated micro-manufacturing capabilities in smart card chip packaging have been successfully applied to the broader semiconductor packaging materials field, reducing learning costs and risks associated with cross-industry development [6]. Group 3: Liquid Cooling Business - The liquid cooling segment is positioned as a core focus for the company's future, driven by the exponential growth in AI computing demand, as traditional air cooling technologies approach physical limits [6]. - The company has established deep collaborations with leading domestic server and internet companies, producing core liquid cooling components and expanding its product line [6][7]. - The company anticipates explosive growth in its liquid cooling segment by 2026, potentially becoming a significant revenue source [7]. Group 4: Strategic Growth Drivers - The company expects its smart card, semiconductor packaging materials, and liquid cooling businesses to form a "three-horsepower" growth model, achieving synergistic effects [8]. - The company is also exploring external acquisitions to enhance its core competitiveness and sustainable development capabilities [8].