Core Viewpoint - The company, Kexin New Source, has achieved significant growth in its business, with a notable increase in revenue and net profit in the first half of 2025, driven primarily by advancements in liquid cooling technology for electric vehicle batteries [1][2]. Financial Performance - In the first half of 2025, Kexin New Source reported revenue of 541 million yuan, a year-on-year increase of 43.90% [2][3]. - The net profit attributable to shareholders reached 17.604 million yuan, marking a substantial year-on-year growth of 520.71% [1][2]. - The operating profit for the same period was 23.6715 million yuan, up 405.78% compared to the previous year [2]. - The company's cash flow from operating activities also saw a significant increase, growing by 1076.14% to 24.21 million yuan [3]. Business Segments - The main business areas include the research, production, and sales of polymer materials and thermal management systems, applicable in various sectors such as telecommunications, power, traditional home appliances, automotive, new energy vehicles, energy storage, and data centers [2][3]. - The thermal management system segment emerged as a key growth driver, with revenue reaching 311 million yuan, a remarkable increase of 95.31% year-on-year [1][3]. - The polymer materials segment generated revenue of 229 million yuan, reflecting a steady growth of 6.04% [3]. Product Performance - Specific product revenues in the first half of 2025 included: - Heat dissipation metal structural parts: 303 million yuan (up 99.83%) - Automotive sealing strips: 89.25 million yuan (up 9.79%) - Insulation and fireproof materials: 73.80 million yuan (up 3.41%) - Waterproof sealing materials: 58.49 million yuan (up 8.96%) [3]. Research and Development - Kexin New Source has consistently increased its R&D investment, with expenditures of 42.99 million yuan in 2023, 46.43 million yuan in 2024, and 24.49 million yuan in the first half of 2025, reflecting year-on-year growth rates of 17.57%, 8.02%, and 21.50% respectively [4]. Client Relationships - The company has established long-term partnerships with major clients in various sectors, including telecommunications (Huawei, ZTE, Ericsson), power (State Grid, Southern Power Grid), and automotive (Chery, Geely) [5]. - In the new energy sector, Kexin New Source has stable business relationships with leading battery manufacturers such as CATL and LG [5]. Strategic Expansion - Kexin New Source is pursuing strategic acquisitions to enhance its core competitiveness, including plans to acquire Dongguan Zhaoke Electronic Materials Technology Co., Ltd. and its subsidiaries [6]. - As of June 2025, the company's total assets amounted to 1.254 billion yuan, with a debt ratio of 46.94% [6].

Core Viewpoint - The demand for cooling solutions is increasing due to the rising power density of AI chips and servers, with liquid cooling expected to replace air cooling as the mainstream solution by 2026, reaching a market size of $8.6 billion globally [2][3]. Group 1: Liquid Cooling Market Dynamics - The global AI liquid cooling market is projected to grow rapidly, with a forecasted market size of $8.6 billion by 2026, driven by the increasing power density of AI chips and servers [2][3]. - The power density of AI servers is expected to exceed 1MW per cabinet by 2029, highlighting the need for efficient cooling solutions [2][3]. - The liquid cooling market in China is anticipated to grow by 67% year-on-year in 2024, reaching $2.37 billion, with a CAGR of 46.8% from 2024 to 2029 [3][42]. Group 2: Advantages of Liquid Cooling - Liquid cooling systems offer higher cooling efficiency and reduced system power consumption compared to traditional air cooling, making them a preferred choice as power density increases [2][22]. - The cooling efficiency of liquid cooling is significantly higher than that of air cooling, with water's thermal conductivity being over 23 times greater than that of air [22]. - Liquid cooling allows for higher density deployment of computing units, reducing the physical space required and improving overall system performance [22][25]. Group 3: Industry Trends and Developments - Major cloud service providers are significantly increasing their capital expenditures, with the top four North American cloud companies expected to reach $366.1 billion in total capital expenditures by 2025, reflecting strong demand for AI infrastructure [7]. - Companies like Alibaba and ByteDance are ramping up investments in AI and cloud computing infrastructure, with Alibaba planning to invest over $50 billion in these areas over the next three years [8]. - The liquid cooling technology is being rapidly adopted by leading server manufacturers, with companies like Supermicro and HPE launching liquid-cooled server solutions [41][43]. Group 4: Liquid Cooling Technology Types - Liquid cooling can be categorized into indirect contact (cold plate cooling) and direct contact (immersion and spray cooling), with cold plate cooling being the most mature and widely adopted technology [3][30]. - Cold plate cooling systems are expected to lead the market due to their minimal impact on existing infrastructure and superior cooling performance compared to air cooling [3][30]. - Immersion cooling, while offering the best cooling performance, presents higher technical challenges and is still in the exploratory phase [3][30]. Group 5: Energy Efficiency and Cost Savings - Liquid cooling systems can significantly reduce energy costs in data centers, with potential savings in operational costs due to lower energy consumption compared to air cooling systems [25][29]. - The total cost of ownership (TCO) for liquid cooling solutions is expected to be lower than that of air cooling, as they can reduce the need for additional cooling equipment [25][29]. - As data center energy efficiency becomes a regulatory focus, liquid cooling solutions are positioned to meet stringent PUE requirements, enhancing overall energy utilization [17][20].

Core Viewpoint - The company is currently in the research and development phase for its liquid cooling silicone oil, with no market launch yet [1] Group 1: Company Development - The existing production capacity of the company is capable of mass production of liquid cooling silicone oil [1] - The company is focusing on the development opportunities in the liquid cooling market due to the increasing demand for computing power driven by global digitalization and intelligence [1] - The company will continue to monitor market demand changes and promote the industrialization of innovative results in a timely manner [1]

Core Viewpoint - The company is currently in the research and development phase for its liquid-cooled silicone oil and has not yet launched it in the market [1] Group 1: Company Development - The company's existing production capacity is capable of mass production of liquid-cooled silicone oil [1] - The company is highly attentive to the development opportunities in the liquid cooling sector due to the increasing demand for computing power driven by global digitalization and intelligence [1] - The company plans to continuously monitor market demand changes and will promote the industrialization of innovative results in a timely manner [1] Group 2: Industry Outlook - The liquid cooling market has a broad prospect as the demand for computing power continues to rise [1]

Group 1 - The company is actively promoting industry solutions and core materials, as well as modules in the computing power equipment sector to create new growth curves [1] - The company is supplying core components of thermal modules and TIM materials in bulk to server manufacturers [1] - The company is also advancing the customer introduction of liquid cooling heat dissipation modules, continuously enhancing the value of supplied products [1]

Group 1 - The core viewpoint is that the increasing power density of AI chips and servers is driving the transition from air cooling to liquid cooling systems, which are expected to become the dominant solution in the AI era [2][4] - Vertiv predicts that by 2029, the power of a single AIGPU cabinet will exceed 1MW and a single AIPOD will exceed 500kW, posing challenges for cooling systems [2][4] - As rack density rises to 20kW, the advantages of liquid cooling become more pronounced, particularly in terms of energy efficiency and reduced system power consumption [2][4] Group 2 - The liquid cooling market in China is projected to grow by 67.0% year-on-year in 2024, reaching a market size of $2.37 billion, with a CAGR of 46.8% expected from 2024 to 2029 [4][5] - The global AI server liquid cooling market is estimated to reach $3.07 billion in 2025 and $8.58 billion in 2026 [4][5] - The liquid cooling industry is characterized by various technologies, with cold plate liquid cooling leading the way, while immersion and spray cooling are still in the early stages of technological exploration [3][4] Group 3 - The industry chain is rapidly evolving, with upstream components (cold plates, CDU, quick connectors) and midstream players (server manufacturers, solution providers) accelerating their layouts, while downstream cloud providers are adopting liquid cooling at scale [4][5] - Companies such as Vertiv (VRT.US), and others in the supply chain, are recommended for attention due to their technological leadership and active engagement in liquid cooling technology [5]

Core Viewpoint - The company, AVIC Optoelectronics (002179.SZ), is recognized as one of the early suppliers in China capable of providing comprehensive liquid cooling system solutions, focusing on efficient heat dissipation and intelligent temperature control [1] Group 1: Company Capabilities - The company has extensive experience in high-efficiency heat dissipation, intelligent temperature control, precise flow distribution, and system integration [1] - Main products include fluid connectors, chassis, cold plates, manifolds, CDU, and immersion tanks, allowing the company to offer customized complete liquid cooling solutions [1] - The company has played a significant role in drafting multiple national and industry standards [1] Group 2: Application Areas - Liquid cooling products are widely used in defense, industrial, and high-end equipment manufacturing sectors, particularly in data centers, supercomputing, energy storage, and wind power [1]

Group 1 - The stock price of Intel Technology closed at 22.71 yuan on August 15, with an increase of 0.73 yuan, representing a rise of 3.32% [1] - The trading volume on that day was 94,341 hands, with a transaction amount of 213 million yuan [1] - Intel Technology is engaged in the research, production, and sales of liquid cooling radiators and is located in Zhejiang Province, listed on the ChiNext board [1] Group 2 - On August 15, the company announced the election of Zhou Gaofeng as the employee representative director of the second board of directors [1] - The company held its 16th meeting of the second board of directors on the same day to review related proposals [1] - The company stated on its investor interaction platform that its liquid cooling radiator products have begun sales but have not yet been applied in the data center sector [1] Group 3 - On that day, the net inflow of main funds was 9.9715 million yuan, accounting for 0.8% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 80.5151 million yuan, representing 6.48% of the circulating market value [1]

Group 1 - Huawei's new AI SSD products are set to launch, which can effectively reduce inference costs by over 30% [1] - The AI SSD products have high requirements for stacking technology and active cooling, with one company being the only domestic producer capable of mass-producing HBM3 compatible substrates, while two other companies may provide active cooling products [1] - The penetration rate of liquid cooling in AI computing servers is expected to increase from 20% in 2025 to 50% in 2028, with leading manufacturers actively positioning themselves, and four companies have already gained a certain market share in their respective liquid cooling technology fields [1]

格隆汇8月13日丨吉大通信(300597.SZ)在互动平台表示，公司未有液冷散热相关产品及技术。 ...