Core Viewpoint - The company, Jinzhit Technology (002090.SZ), has clarified that it is not engaged in the research and development or production of liquid cooling technology [1] Group 1 - The company has stated that it does not participate in any activities related to liquid cooling technology [1]

（1）Vertiv的公司背景 Vertiv是全球最大的 液冷和电源管理提供商之一，属于 AI基础设施领域的稀缺标的。 公司约80%的营收来自数据中心业务，远超同行，业务高度聚焦，使其能最大程度受益于AI算力建设浪潮。 Vertiv与NVIDIA的深度战略合作构筑了坚固的护城河。通过联合下一代芯片技术，Vertiv能提前6-12个月布局适配下一代AI芯片（如Blackwell及Rubin平 台）的基础设施解决方案，抢占市场先机。 当竞争对手还在为新芯片进行研发时，Vertiv已拥有经过验证的成熟解决方案。 作者 | Alpha Engineer 今天继续给大家带来 「一页纸」 讲透美股公司系列。 对国内投资者而言，美股研究资料相对匮乏，导致认知大多停留在几家全球科技巨头，但其实美股存在大量的"隐形冠军"，都录得相当不错的收益。 这是一个非常「有钱景」的方向，我会借助 AlphaEngine的帮助，帮你跨越美股研究的信息鸿沟，每天挖掘一个潜在的美股财富密码。 本期的主角是 全球液冷龙头Vertiv 。 Vertiv的前身是艾默生电气旗下的网络能源部门（Emerson Network Power）。 2016年，私 ...

Summary of Liquid Cooling Industry Conference Call Industry Overview - The global liquid cooling market is expected to reach 100 billion RMB by 2026 and potentially 200 billion RMB by 2028, driven by accelerated shipments of A4 chips to 200 billion RMB, indicating significant growth potential in the coming years [2][3] - The liquid cooling technology is rapidly evolving, with trends such as microchannel design and chip-integrated microfluidic cooling becoming prominent, leading to increased demand for customized products like liquid cooling plates and CDU (Cooling Distribution Units) [2][5][6] Key Players - InnoTek is positioned as a leading domestic player in the liquid cooling sector, benefiting from large orders from Meta and its technological advantages, which are expected to help maintain its leading position [2][4][12] - Other domestic companies are actively entering the global liquid cooling market through OEM partnerships, indicating a competitive landscape [4] Market Dynamics - The liquid cooling market is in a high-growth phase, with a projected market size of approximately 10 billion RMB in 2024 and a penetration rate of less than 10%. The market is expected to grow tenfold in the next two to three years and potentially twentyfold in three to four years [3] - Major manufacturers like Meta are expected to start large-scale adoption of liquid cooling solutions by early 2026, which will drive demand for cabinet-level liquid cooling solutions [9][10] Industry Value Chain - The liquid cooling industry value chain includes critical components such as liquid cooling plates, CDU, piping, and connectors. Liquid cooling plates and CDU account for approximately 30% to 40% of the total value, while connectors represent about 10% [7] - High technical barriers exist in the connector segment, which requires ensuring leak-proof performance during multiple insertions and removals [7] Domestic Opportunities - Domestic companies have significant opportunities in the global ASIC supply chain, especially as NVIDIA is more willing to introduce new suppliers due to existing suppliers facing capacity issues [8] - If domestic companies capture 20% of the global market, they could generate revenues of 40 billion RMB and profits of 8 billion RMB; capturing 40% could lead to revenues of 80 billion RMB and profits of 16 billion RMB, with a potential market capitalization increase of 500 billion RMB [8] Future Growth Drivers - The domestic liquid cooling industry is expected to see a significant increase in market share, with various segments such as switches and optical module connectors gradually adopting liquid cooling technology [11] - Companies like InnoTek and Eaton Electronics have secured orders, with noticeable revenue growth anticipated by Q4 2025 [11] Company-Specific Insights - Dingtong Technology is expected to benefit from increased penetration of IO liquid cooling connectors and rising demand for internal connectors in cabinets, projecting high revenue and gross margin growth in 2026 and 2027 [17] - Dingtong's growth logic revolves around the transition from air cooling to liquid cooling in AI data centers, significantly increasing the value of their connectors [14] - Yidong Electronics has recently expanded into GPU liquid cooling plate business, generating stable revenue with optimistic projections for future orders [18][19] Conclusion - The liquid cooling industry is poised for rapid growth, driven by technological advancements and increasing adoption by major tech companies. Key players like InnoTek, Dingtong Technology, and Yidong Electronics are well-positioned to capitalize on these trends, with significant revenue and market share growth expected in the coming years [2][12][18]

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.

Summary of Shunling Environment Conference Call Company Overview - Shunling Environment has over 20 years of experience in the professional temperature control equipment sector, transitioning from a device seller to a vertically integrated solution provider, focusing on four main scenarios: data services, industrial applications, and special workpieces [2][4][5] Financial Performance - In the first half of 2025, the company reported revenue of 1.68 billion yuan, a year-on-year increase of 29%, with the data services segment accounting for over 50% of total revenue, growing by 43.77% year-on-year [2][6] - The net profit attributable to shareholders was 150 million yuan, up 36% year-on-year, indicating significant recovery in profitability [2][6] - New orders from January to August increased by 200% year-on-year [2][6] Future Revenue Projections - Revenue projections for 2025 to 2027 are 4.4 billion yuan, 6.4 billion yuan, and 8.3 billion yuan, respectively, with a compound annual growth rate (CAGR) of nearly 40% [3][4] - Net profit forecasts for the same period are 290 million yuan, 420 million yuan, and 670 million yuan [3][4] Market Position and Competitive Advantage - Shunling Environment holds a leading position in the domestic data center temperature control market, similar to the role of Xiaowei [3] - The company has made breakthroughs in overseas markets, indicating significant future market potential [3] - The company differentiates itself by providing not only products but also operational services and comprehensive energy consumption management solutions for data centers [9] Data Center Trends - The data center segment is expected to benefit from the increasing proportion of intelligent computing centers and rapid development in chip computing power [7] - By 2026, global data center computing power demand is projected to reach 96 GW, with AI accounting for 40 GW [7] Liquid Cooling Technology - The transition from air cooling to liquid cooling is seen as a significant trend, with Shunling Environment having developed a full-chain solution since 2011 [8] - Current market focus on liquid cooling is primarily on GPU and CPU, but other components also require cooling [8] Energy Management in Data Centers - Energy management is critical for data centers, especially in meeting PUE (Power Usage Effectiveness) standards [10] - The company has developed a series of vertical solutions for energy planning, system design, and lifecycle monitoring to enhance energy efficiency [11] Client Base - Major clients include China Mobile, China Telecom, China Unicom, Huawei, ByteDance, Tencent, Alibaba, Meituan, Kuaishou, and JD.com, with strong collaboration and revenue growth from these key accounts [13] Other Focus Areas - Besides data services, the company is also targeting industrial and special scenarios for thermal management, with a focus on distributed energy and nuclear power [14] Risks to Monitor - Potential risks include lower-than-expected computing power demand, chip supply issues, international trade friction, and intensified industry competition [16]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the liquid cooling technology industry, particularly focusing on microchannel liquid cooling solutions and their application in the AIDC hardware sector. The technology is experiencing significant growth and investment opportunities, especially in the context of domestic computing power chip manufacturers adopting liquid cooling solutions, such as Alibaba's recent ultra-node initiative [1][2]. Core Insights and Arguments - **Market Potential**: The liquid cooling market is expected to reach nearly 100 billion by 2026, driven by the increasing demand for NV and ASIC cooling solutions. The technology's evolution and price inflation will continue to expand market size [1][3]. - **Inflationary Attributes**: Liquid cooling technology is characterized by its inflationary nature, primarily driven by the increasing computing power and energy consumption of chips, necessitating advanced cooling solutions. The transition from single-phase cooling plates to microchannel designs is projected to enhance value by approximately 20% [2][5]. - **Decision Chain Changes**: The decision-making chain in the liquid cooling sector has evolved, with more participants, including server ODM manufacturers and power supply companies, entering the market. This shift presents opportunities for domestic suppliers to collaborate and produce under private labels [4][6]. - **Microchannel Technology Development**: Microchannel liquid cooling technology is rapidly advancing, with major players like NVIDIA and Microsoft pushing its adoption. The anticipated power requirements for next-generation chips, such as the Ruping Ultra, are expected to exceed 2000 watts, challenging existing cooling solutions [5][6]. Additional Important Insights - **Challenges in Microchannel Technology**: Despite its advantages, microchannel technology faces challenges such as complex manufacturing processes, high pump capacity requirements, and stringent water quality standards. These factors necessitate synchronized product iterations across the entire liquid cooling system [10][12]. - **Opportunities for Domestic Suppliers**: The transition to microchannel solutions may create new opportunities for domestic suppliers, especially if existing suppliers cannot keep pace with product iterations or quality standards. Startups with innovative technologies may also require ODM partnerships to scale production [14][15]. - **Potential Growth Areas**: Several types of companies within the domestic liquid cooling supply chain show promise for growth, including traditional cooling module manufacturers and companies specializing in chip cover plates. These firms are already integrating microchannel cooling solutions into their offerings [15][16]. - **Future Trends**: The development of microchannel liquid cooling systems is expected to enhance overall liquid cooling management logic, despite current production challenges. The anticipated increase in value and demand for advanced cooling solutions indicates a growing market for innovative technologies [17].

Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry is evolving with significant attention on NVIDIA's GB300 and the upcoming LOBIN structure, transitioning from traditional air cooling to advanced cooling solutions like microchannel cooling plates (MLCP) and bidirectional energy boards [1][2][6] Key Trends and Technologies - **Bidirectional Energy Boards**: Expected to become mainstream by 2026, currently facing design complexity and material selection challenges. R134 and 1,233ZD are the main candidates for refrigerants, each with pros and cons [1][4][3] - **Microchannel Cooling Plates (MLCP)**: Aiming to enhance cooling efficiency by integrating the cooling plate directly with chip packaging, though costs are significantly higher (3 to 7 times traditional plates) [7][6] - **Refrigerant Selection**: The industry is cautious about the transition to new refrigerants, with R134A likely to coexist with newer options due to its maturity and cost-effectiveness [2][13] Future Directions - **Integration of Technologies**: Companies are exploring the combination of bidirectional energy boards with silent cooling methods to address GPU cooling challenges [5][6] - **Material Innovations**: New materials such as quick connectors, CDU, and stainless steel hoses are expected to enhance overall system performance [8][6] - **Economic and Environmental Considerations**: The choice of immersion cooling fluids will focus on cost, performance, and environmental impact, with options like silicone oil and perfluoropolyether (PFPE) being prominent [9][10] Challenges and Considerations - **Design and Implementation**: The complexity of bidirectional energy board design and the need for better sealing and pressure tolerance in the phase change process are significant challenges [4][6] - **Market Dynamics**: The partnership between Dow and Intel has seen slow progress due to pricing mechanisms and responsibility allocation issues, impacting the adoption of silicone oil in data centers [11][9] Emerging Materials - **Liquid Metal**: Offers excellent thermal conductivity but is still in early experimental stages due to high costs and oxidation issues [14][15] - **New Tri-block Materials**: Recent advancements in tri-block materials have improved stability and reduced volatility, making them viable for semiconductor temperature control [17][16] Market Outlook - **Cost Trends**: The cost of K-type PFPE is expected to decrease below 300 RMB per kilogram in the long term, while Y-type PFPE remains high due to supply chain constraints [18][19] - **GWP Concerns**: The high Global Warming Potential (GWP) of PFPE remains a challenge, with no effective methods currently available to significantly reduce it [19][10] This summary encapsulates the key points discussed in the conference call regarding the liquid cooling industry, highlighting trends, challenges, and future directions.

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].

Core Insights - The company, Kehua Data, is a pioneer in the liquid cooling sector, leveraging years of technical expertise and experience in data center construction and operation [2] - Kehua Data has launched a full lifecycle service for liquid cooling data centers, including a range of self-developed liquid cooling products [2] - The company has partnered with Muxi Co., Ltd. to introduce a high-density liquid cooling computing POD, focusing on core technology solutions for high-performance computing needs [2] Product Offerings - The company offers a variety of liquid cooling products, including air-liquid drawer CDU, liquid-liquid drawer CDU, and liquid-liquid cabinet CDU [2] - Integrated products include WiseCooling plate liquid cooling micro-modules, liquid cooling containers, and liquid cooling all-in-one machines [2] Strategic Partnerships - The collaboration with Muxi Co., Ltd. aims to explore solutions for high-performance computing demands, providing stable, efficient, and flexible real-time support [2]

Core Viewpoint - The company, Sulian Co., Ltd. (301397.SZ), announced on its investor interaction platform that its liquid cooling pipeline products meet UL V0 flame retardant requirements, and relevant certifications are currently underway [1] Group 1 - The liquid cooling pipeline products are designed to meet specific safety standards [1] - The company is in the process of obtaining relevant certifications for its products [1]