Summary of Conference Call Records Industry Overview - The liquid cooling industry is experiencing increased demand due to the rising need for heat dissipation in data centers, which are critical infrastructures in the information age. The installation of cooling systems is essential to manage the heat generated during data center operations [1][2]. - Immersion cooling technology is highlighted for its superior thermal performance, reliability, and energy efficiency, positioning it as a potentially widely adopted cooling solution in the future. However, it faces challenges such as lower maintainability and higher installation complexity, leading to significant deployment barriers [1][2]. Key Points on Liquid Cooling Industry - The upstream segment of the liquid cooling supply chain includes the production of cooling fluids, connectors, electromagnetic valves, tanks, and manifolds. The midstream consists of core components like cooling towers, CDU (Chilled Water Distribution Unit), and chillers, which have high technical barriers [2]. - The downstream segment comprises a vast array of demand from industries such as internet, telecommunications, and finance, which influences the final application of related technologies. Companies in the liquid cooling supply chain are expected to benefit from the development of AI Data Centers (AIDC) [2]. - Listed companies in the liquid cooling sector include Invec, Gaolan Co., and Tongfei Co. [2]. - Risks include potential underperformance in data center construction, slower-than-expected growth in power demand, significant shifts in cooling technology routes, geopolitical risks, and supply chain issues related to raw materials [2]. Company Overview - Yidian Tianxia is focusing on establishing a core ecological position in the "AI + Marketing" sector by launching a comprehensive digital marketing solution that integrates AI digital creativity, BI decision-making, and intelligent multi-cloud management [3]. - The company is dedicated to overseas marketing and is accelerating the implementation of AI technology, particularly in programmatic advertising [3]. - Yidian Tianxia has partnerships with major companies such as Google, Microsoft, Amazon, Alibaba, Huawei, Tencent, and others, utilizing API integration or private deployment to enhance capabilities in cost control, AI recommendation algorithms, and advertising tools [3]. - The company aims to expand its client base among top-tier advertisers and increase the proportion of programmatic advertising [3]. - Investment recommendations suggest an expected EPS of 0.59, 0.82, and 1.06 CNY for 2025-2027, with a target price of 32.45 CNY based on a 55x PE ratio for 2025 [3]. - Risks include potential policy impacts on overseas marketing and slower-than-expected development in AI marketing [3]. Additional Important Information - The stock performance of related companies shows positive movement, with Invec up by 2.10%, Gaolan Co. by 0.42%, Tongfei Co. by 2.75%, and Yidian Tianxia by 2.22% [4]. - Broader geopolitical and economic discussions are ongoing, including U.S.-China trade relations and agreements between the U.S. and the U.K. [4].

Core Viewpoint - Company has achieved significant recognition for its environmentally friendly new materials, particularly in the organic silicon sector, following four years of high investment in R&D [2][3] Group 1: Financial Performance - The company reported a revenue growth of 7.93% and a net profit growth of 21.42% in its latest quarterly report, indicating strong performance within the organic silicon industry [2] Group 2: New Material Development - The company focuses on developing new organic silicon products that are both environmentally friendly and economically viable, addressing the growing restrictions on fluorinated compounds (PFAS) due to their environmental persistence [3] - The company has introduced ultra-low viscosity cooling liquids and three-proof paints made from non-toxic organic silicon, which can replicate the functions of fluorinated materials [3] Group 3: Market Opportunities - The company is positioned as a provider of comprehensive solutions for immersion cooling, with products already on the market that meet safety standards for electric vehicle batteries, which will be enforced starting July 2026 [4] - The market for organic silicon immersion cooling liquids is expected to grow significantly, driven by the rapid development of the new energy industry and increasing cooling demands from data centers [5] Group 4: Regulatory Environment - Upcoming regulations in the U.S. and China are set to restrict the use of PFAS in electronic products, creating a pressing demand for alternative materials such as the company's three-proof paints [6] - The company’s three-proof paint products are designed to meet the protective needs of various electronic applications, offering advantages in moisture resistance, insulation, and heat resistance [6] Group 5: Medical Applications - The company has also ventured into the medical and personal care sectors with its silicone gel products, which can aid in scar treatment and skin adhesion [7] - Recent regulatory actions against multinational companies in the medical silicone gel market present an opportunity for domestic companies to capture market share [7]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has officially released the GB38031-2025 safety requirements for power batteries used in electric vehicles, mandating "non-flammability and non-explosion" as a compulsory requirement, effective from July 1, 2026 [1] Group 1: Regulatory Developments - The MIIT, along with eight other departments, issued an action plan for the high-quality development of the new energy storage manufacturing industry, emphasizing the need for safety standards that prevent thermal runaway and overcharging [1] - The new regulations include the establishment of a safety risk assessment system and the classification of energy storage battery standards, with a focus on "fully immersed fire prevention" technology [1] Group 2: Company Opportunities - Runhe Materials has successfully passed national standard tests for its immersion cooling lithium batteries and electric bicycle solutions, achieving "no smoke, no fire, no explosion" [1] - The company has introduced at least seven types of ultra-low viscosity cooling liquids suitable for various applications, including data centers, energy storage, and electric vehicles [1][2] Group 3: Product Features and Market Position - Runhe Materials' ultra-low viscosity cooling liquid can operate in temperature ranges from -78°C to 200°C, addressing issues related to battery freezing in cold environments [3] - The product is significantly cheaper than fluorinated liquids and increases battery cycle life by 33%, meeting cost control demands from battery and vehicle manufacturers [3] - The company has established a stable operation of indoor energy storage cabinets since November last year, providing empirical data for expanding from energy storage batteries to power batteries [3]

Core Viewpoint - The organic silicon materials industry is entering a new growth cycle driven by the digital economy and "dual carbon" strategy, with Runhe Materials (300727) making significant advancements in liquid cooling technology and expanding its overseas market presence [1][9]. Group 1: Liquid Cooling Technology - Runhe Materials has achieved mass production in the immersion liquid cooling sector, with a customized three-in-one solution receiving positive market feedback and multiple customer pilot collaborations [1][2]. - The company's liquid cooling technology has demonstrated superior performance in viscosity, heat dissipation efficiency, stability, insulation, and compatibility under low-temperature conditions, making it suitable for energy storage and data center applications [2][3]. - The immersion cooling method significantly reduces energy consumption by 90%-95% compared to traditional air cooling systems, while also minimizing space requirements [3]. Group 2: Product Development and Innovation - Runhe Materials has introduced several ultra-low viscosity cooling liquids suitable for data centers, energy storage, electric vehicles, and base stations, with temperature ranges from -78°C to 200°C [5]. - The company has a strong patent portfolio with 75 patents, of which nearly 80% are invention patents, supporting its research and development capabilities [2][6]. - The ultra-low viscosity cooling liquids are competitively priced at a fraction of the cost of fluorinated liquids, while meeting national safety standards for non-flammability and non-explosiveness [6]. Group 3: Overseas Market Expansion - Runhe Materials has shown resilience in expanding its overseas business, achieving sales of 383 million yuan in 2024, accounting for 28.87% of total revenue, with a focus on localizing services to enhance customer loyalty [8]. - The company has strategically avoided significant exposure to international trade friction by limiting its revenue from the U.S. market to 1.14% [8]. Group 4: Financial Performance - In 2024, Runhe Materials reported a revenue of 1.327 billion yuan, a year-on-year increase of 16.96%, and a net profit of 96.24 million yuan, reflecting a growth of 17.06% [9]. - The company aims to balance capacity expansion with shareholder returns, emphasizing the importance of enhancing market competitiveness and efficient use of raised funds [9].