中石科技：公司与北美大客户同步开展新品配套散热方案的研发与认证工作

Core Viewpoint - The company is actively developing new cooling solutions in collaboration with a major North American client, with preparations progressing smoothly [1] Group 1: Currency Risk Management - The company has established a comprehensive currency risk management mechanism to address exchange rate fluctuations, including forward foreign exchange hedging and locking in settlement rates [1] - Local procurement, production, and settlement through its Thailand production base help mitigate the impact of currency volatility via natural hedging [1] - The company closely monitors currency market trends and formulates response plans to minimize the impact of exchange rate fluctuations on operational performance [1] Group 2: Product Development and Market Demand - The market application of the company's VC module products in high-speed optical modules is accelerating, with certifications and mass production achieved from leading domestic and international optical communication companies [1] - Core components of thermal modules and TIM materials have been supplied in bulk to server manufacturers, while the company is actively advancing customer onboarding, product certification, and mass supply for liquid cooling thermal modules [1] - The company anticipates strong sustainability for large-scale project deliveries in 2026, supported by a robust order backlog and high capacity utilization [1] Group 3: Capacity Expansion and Market Trends - The company is accelerating capacity layout construction, with the Yixing production base set to increase capacity based on downstream customer demand, while the first phase of the Thailand production base has achieved mass production and the second phase is under construction [1] - The cooling demand in emerging consumer electronics and data centers is expected to grow significantly by 2026, providing notable industry development benefits [1] - Continuous deepening of cooperation with core clients lays a solid market foundation for the sustained delivery of new projects [1]