Core Viewpoint - Shell's immersion cooling liquid has received official certification from Intel, marking it as the first globally recognized cooling liquid compatible with Intel's 4th and 5th generation processors, indicating significant application potential in data centers [2][4]. Group 1: Product Innovation - Shell's immersion cooling liquid can reduce energy consumption in data centers by up to 48% and operational costs by as much as 33% compared to traditional cooling systems [4]. - The cooling liquid, developed by Shell's laboratories, achieves heat dissipation by immersing servers in an electrically insulating liquid, boasting thermal conductivity over a thousand times greater than air cooling systems [4][1]. - The adoption of immersion cooling can reduce the physical footprint of data centers by 80% by eliminating the need for traditional cooling equipment such as fans and evaporative cooling systems [4][1]. Group 2: Market Context - Current data centers account for approximately 1.5% of global electricity demand, with energy consumption expected to surge from 415 terawatt-hours in 2024 to around 945 terawatt-hours by 2030 due to the explosive growth of artificial intelligence [6][3]. - Traditional cooling systems typically consume 30-40% of a data center's energy, highlighting the efficiency of Shell's immersion cooling solution [6][4]. Group 3: Strategic Focus - Shell is committed to investing in high-end product development for emerging sectors such as electric vehicles, energy storage systems, and data centers, aiming to assist industrial clients in achieving energy-saving and carbon reduction goals [8][1].

Group 1: Industry Outlook and Market Position - The ceramic fiber industry is expected to expand due to national energy-saving and carbon reduction policies, with a focus on applications in various sectors such as steel, petrochemicals, and construction [1][2]. - The company maintains a strong competitive advantage in the ceramic fiber market, despite the presence of smaller competitors [3][4]. - The company is actively exploring new markets, including environmental protection and new energy sectors, to diversify its product applications [4][5]. Group 2: Financial Performance and Challenges - In Q1 2025, the company experienced a significant decline in revenue and net profit, primarily due to delayed project starts from petrochemical clients, with a drop of nearly 30% in net profit year-on-year [16][22]. - The gross profit margin decreased by 5 percentage points, attributed to rising costs in raw materials and energy [17][23]. - The company reported a sales revenue of over 10 million yuan from new MX products in 2024, indicating some positive contributions from new product lines [10][12]. Group 3: Management and Operational Changes - The company has seen a turnover of management personnel, with 41 resignations in 2024, raising concerns about stability and employee morale [2][19]. - The management emphasizes that personnel changes are normal and do not significantly impact operational stability [2][19]. - The company is committed to enhancing investor relations and improving communication with stakeholders to rebuild confidence [2][20]. Group 4: Strategic Initiatives and Future Plans - The company plans to leverage new technologies and products introduced by its major shareholder to enhance its market position and operational efficiency [10][12]. - Future growth is expected to come from expanding into energy-saving, environmental protection, and new energy sectors, while maintaining its leadership in the thermal insulation market [12][24]. - The company is focused on optimizing its product structure and improving cost management to adapt to market changes and enhance profitability [22][24].