Summary of Conference Call Records Industry Overview - The conference call discusses the liquid cooling technology industry, particularly focusing on NVIDIA's advancements and the domestic market in China. The liquid cooling market is expected to grow significantly, with projections indicating a potential market size of 50 billion yuan by 2028 [2][27]. Key Points and Arguments NVIDIA's Liquid Cooling Technology - NVIDIA has faced thermal issues with the GB200 model, leading to the adoption of an all-purpose plate liquid cooling solution for the GB300, which has passed testing [1][2]. - Future Rubin series chips may utilize two-phase all-purpose plates or two-phase coupled silent liquid cooling, explicitly excluding water-based liquids [1][3]. - The single cabinet power for future models could reach 300-500 kW, necessitating more efficient cooling solutions due to increased chip thermal density [2][3]. Market Dynamics - The domestic liquid cooling market is projected to double in size to approximately 3 billion yuan in 2023, still significantly smaller than overseas markets [1][13]. - Companies like Alibaba are shifting from self-built data centers to leasing due to slow construction speeds, planning to invest 380 billion yuan over three years [2][20]. - The competition remains stable, with many companies still exploring effective air cooling solutions due to deployment speed being a critical factor [13][14]. Technical Developments - The dual-plate liquid cooling system has undergone iterations to address volatility, low toxicity, and cost control [1][4]. - The transition from copper to aluminum for liquid cooling plates is aimed at reducing costs, although complex processing may offset some savings [1][8]. - The total cost for a single cabinet using a single-plate system is approximately $100,000, with hardware accounting for 30%-40% of that cost [7][8]. Future Trends - The future of liquid cooling systems is expected to include both all-purpose and immersion cooling solutions, with potential cost increases of 1.5-1.8 times for different configurations [10][11]. - The domestic market is still in its early stages, with significant growth potential as companies adapt to new technologies and cooling methods [13][27]. - Efficient management and optimization of cooling media will be crucial for future developments, especially as the market scales [27]. Challenges and Considerations - The use of water-based media in single-plate systems has low initial construction costs but high total ownership costs over the lifecycle [2][27]. - The complexity of manufacturing two-phase cooling plates increases labor and processing costs, impacting overall pricing strategies [9][8]. - The industry faces challenges in maintaining system stability and addressing the toxicity and volatility of cooling media, particularly in single-phase systems [24][23]. Competitive Landscape - Domestic manufacturers like Huawei and Alibaba are exploring various cooling technologies, with Huawei's Ascend 910C chip showing competitive performance [16][22]. - The market is characterized by a mix of established players and emerging companies, with significant investments in research and development for liquid cooling technologies [12][15]. Additional Important Insights - The shift towards aluminum in liquid cooling systems is driven by its compatibility with refrigerants and cost-effectiveness, despite concerns over corrosion [28]. - The choice of refrigerants is critical, with 134A being a common option, but facing regulatory challenges that may necessitate the development of more environmentally friendly alternatives [30]. - The overall trend indicates a move towards more integrated and efficient cooling solutions that can handle the increasing demands of high-performance computing environments [32].

Summary of Conference Call Records Companies and Industries Involved - **Companies**:环旭电子 (Huanxu Electronics), 工业富联 (Industrial Fulian), 比亚迪电子 (BYD Electronics) - **Industries**: Electronics, AI, Automotive, Cooling Technology Key Points and Arguments Huanxu Electronics - Benefiting from integrated SoC eyewear solutions, with expected unit value reaching three-digit USD levels, driven by increased orders from Meta, presenting new investment opportunities [1] - Achieved breakthroughs in 1.6T optical modules, network cards, and power supply businesses, leveraging the packaging capabilities of its parent company, ASE Group, and the advantages of the Taiwanese supply chain [1][2] - The high-voltage power supply product line is projected to reach a market size of $4 billion by 2027, with a target to capture nearly half of the market share [2] Industrial Fulian - Recent strong stock performance attributed to outstanding Q2 financial results, with GB200 cabinets and products beginning to ship, validating its high barriers to entry and profitability [1][4] - The proliferation of liquid cooling technology and the delegation of procurement rights from NVIDIA have reduced overall costs for mainland manufacturers, enhancing profitability [1][4] - Increased shipment volumes and scale effects have made even minor profit improvements significantly impactful for the company [4] BYD Electronics - Continuously improving the structure of North American key customer components and assembly business through the acquisition of JEP and operational improvements, leading to reduced financial costs [1][5] - Major customers plan to launch foldable smartphones and smart home products in 2026, which will provide profit elasticity [5] - Expanding from smart cockpit to smart driving and thermal management in the automotive sector, enhancing competitiveness [3][5] - After obtaining certification from Hengwei in 2024, the company has become a qualified supplier in the power supply and liquid cooling sectors, with strong manufacturing capabilities expected to further expand market share [3][5] - The current valuation of Hong Kong stocks relative to A-shares still has discount space, but the development of AI product lines may change this situation [3][5] Other Important but Possibly Overlooked Content - The integration of AI-related components in Huanxu Electronics' product offerings, including SIP modules for WiFi and integrated solutions with SoC, is expected to significantly enhance product miniaturization and value [2] - The impact of supply chain dynamics on BYD Electronics' competitive advantage and potential valuation uplift if supply chains are relaxed in the future [3][5]

Core Viewpoint - Chuanrun Co., Ltd. (002272) reported significant growth in revenue and a reduction in net loss for the first half of 2025, driven by its expanding new energy business and improved management practices [1][2] Financial Performance - The company achieved operating revenue of 804 million yuan, a year-on-year increase of 25.08% [1] - Net profit was -23.57 million yuan, representing a year-on-year reduction in loss of 58.35% [1] - Net cash flow from operating activities was 1.41 million yuan, up 101.19% year-on-year [1] Business Development - Chuanrun Co., Ltd. focuses on high-end energy equipment and industrial services, leveraging "fluid control technology + intelligent energy equipment" to create a comprehensive energy ecosystem [1] - The company has developed over 20 projects related to the "source-network-load-storage" integrated energy system [1] Subsidiary Performance - Chuanrun Hydraulic, a wholly-owned subsidiary, reported revenue of 510 million yuan and a net profit of 23.13 million yuan, up from 389 million yuan and 10.53 million yuan respectively in the previous year [2] - The growth in the subsidiary's performance is a key contributor to the overall revenue and profit increase of Chuanrun Co., Ltd. [2] Market Trends - The liquid cooling technology is expected to see a market penetration rate increase to 45% by 2025, driven by rising demand in data centers due to advancements in artificial intelligence [3] - The Chinese liquid cooling data center market is projected to grow at a compound annual growth rate of 59% from 2023 to 2027, potentially exceeding 100 billion yuan by 2027 [3] Strategic Partnerships - Chuanrun Co., Ltd. signed a strategic cooperation agreement with Xiangjiang Technology to advance liquid cooling technology for data centers [2] Stock Market Performance - Chuanrun Co., Ltd.'s stock price has surged over 130% since mid-April, with the stock hitting the daily limit for three consecutive trading days from August 15 to 19 [3] - Major institutional investors, including JPMorgan Chase and Morgan Stanley, have increased their holdings in the company [3]

每经AI快讯，有投资者在投资者互动平台提问：2024年5月公司与超聚变数字技术有限公司签署《战略 合作协议》约定共同打造国内 GPU 设备生产供应链并全力推动液冷 GPU 设备的联合开发实验，烦请详 细介绍下该战略合作协议的情况（液冷GPU设备），谢谢！ 利通电子（603629.SH）8月19日在投资者互动平台表示，公司在液冷产品研发方面与超聚变建立了战 略合作关系，并对相关产品进行论证与研讨。这种合作是公司对未来新产品探索工作的一部分，有很大 的不确定性。 （文章来源：每日经济新闻） ...

2025年，液冷服务器市场迎来爆发式增长。根据IDC发布的《中国半年度液冷服务器市场(2024下半年) 跟踪》报告，2024年中国液冷服务器市场规模达到23.7亿美元，同比增长67.0%。这一亮眼的市场表 现，显示出液冷技术正在成为高密度算力场景的刚需。IDC进一步预测，2024-2029年，中国液冷服务 器市场年复合增长率(CAGR)将达到46.8%，2029年市场规模有望突破162亿美元。 液冷技术作为解决高密散热的核心方案，市场需求的激增源于算力密度的快速提升。据天风证券 （601162）测算，NVL72单机柜液冷价值量约为10万美元，随着GB200/300高密度功率机柜出货放量， AI数据中心液冷渗透率有望从B200阶段的10%跃升至GB300阶段的90%，2025年或将成为液冷服务器 的"起量元年"。 与此同时，国内液冷产业链公司纷纷加速布局。 例如，作为全链条液冷的开创者，英维克率先推出高可靠Coolinside全链条液冷解决方案。从冷板、快 速接头、Manifold、CDU、机柜，到SoluKing长效液冷工质、管路、冷源等"端到端"的产品覆盖，从服 务器制造工厂，到数据中心运行现场的"厂到场" ...

Core Insights - The upgrade of Nvidia's architecture is driving the development of liquid cooling solutions, with the GB300 liquid cooling system covering over 80% of high-power components, and the Rubin architecture Kyber rack expected to achieve 100% liquid cooling by 2027 [1] - The demand for GPU liquid cooling is significantly increasing, with the GPU liquid cooling market projected to reach 80 billion yuan by 2026 [2] - ASIC cooling presents high gross margin potential, with a surge in ASIC chip shipments expected in 2026, driven by major tech companies like Google, Meta, and Amazon [3] - Chinese companies are positioned to become industry leaders in the liquid cooling sector, with several firms already making significant advancements [4] Liquid Cooling Market Dynamics - The four main components of the cold plate liquid cooling solution (cold plate, CDU, UQD, Manifold) account for over 90% of the total value of the GB200 NVL72 cooling solution [2] - The GB300 system will increase the number of cold plates used from 54 in GB200 to 126 in GB300, indicating a significant rise in component demand [2] ASIC Chip Market Outlook - Google has fully adopted liquid cooling for its TPU clusters, achieving a GW-level operational scale with high availability [3] - Expected shipments of Google TPUs will reach between 1.5 million to 2 million units by 2025, with Meta and Amazon also planning substantial ASIC chip releases [3] Growth Potential for Chinese Companies - Companies like Qihong Technology and Shuguang Digital Innovation are making strides in the liquid cooling supply chain and commercial deployment [4] - Other firms such as Yingweike and Feirongda are also establishing themselves as key players in the liquid cooling market, with innovative products and successful partnerships [4] Investment Recommendations - The performance boost from Nvidia's Blackwell architecture necessitates liquid cooling solutions, while the customization of ASIC chips is expected to enhance profit margins [5] - The growth of the cooling industry is anticipated as GB200/GB300 systems continue to expand and ASIC servers are introduced [5]

格隆汇8月19日丨南都电源(300068.SZ)在互动平台表示，随着数据中心、储能系统等对散热效率、功率 密度和空间利用率要求的不断提高，液冷技术已成为行业发展的必然趋势。公司锂电储能产品均已使用 液冷技术。 ...

Core Viewpoint - Yitong Century (300310.SZ) is currently not involved in liquid cooling technology and related businesses [1] Company Summary - Yitong Century has clarified its position on liquid cooling technology, stating that it does not engage in this area [1]

Core Viewpoint - The company, Xiangxin Technology, is leveraging its liquid cooling and refrigerant direct cooling technologies across various sectors, including computing power services, electric vehicle battery systems, and data centers [1] Group 1: Technology Applications - The company's liquid cooling and refrigerant direct cooling technologies are applicable in fields such as computing power servers, electric vehicle power batteries, motor control systems, industrial energy storage systems, IDC data centers, and low-altitude unmanned aerial vehicles [1] - Current clients include Super Fusion, Huakun Zhenyu, and ZTE Kangxun, for whom the company supplies liquid cooling server-related products [1] Group 2: Electric Vehicle Battery Products - The company supplies various components for electric vehicle power batteries, including liquid cooling plates, box covers, trays, end plates, and bottom protective plates [1] - Notable clients for these products include C customers, B customers, Guoxuan High-Tech, Yiwei Lithium Energy, Zhengli New Energy, Funeng Technology, Xinwangda, Yuanjing Power, Weirui (Geely), Hive, and Ruipu Lanjun [1] Group 3: Recent Project Developments - In May 2024, the company received a project development notification from a leading domestic flying car manufacturer, confirming its role as a supplier for battery lower box assemblies and liquid cooling plates [1] - In October 2024, the company was awarded a project bid notification from a leading digital energy client, establishing it as the supplier for wind and liquid cooling supercharging station assemblies and structural components, with a project lifecycle of 1-2 years and an expected total sales amount of RMB 300-400 million [1]

Core Viewpoint - The company has achieved independent research and production of key liquid cooling equipment, indicating a significant advancement in its technological capabilities [1] Group 1: Product Development - The company's data center liquid cooling products include server liquid cooling plates, fluid connection components, various models and heat exchange forms of CDU, multiple sizes and power ratings of TANK, pumps, and heat exchange units [1] Group 2: Supply Chain Strategy - To optimize supply chain efficiency and meet diverse customer demands, the company will consider customer needs and its own production capabilities when deciding on the self-manufacturing or outsourcing of related components [1]