Financial Performance - In the first half of 2025, the company achieved revenue of 3.572 billion CNY, a year-on-year increase of 13.25% [2] - Revenue from new energy vehicle molds and structural parts reached 1.937 billion CNY; revenue from fuel vehicle precision stamping molds and metal structural parts was 618 million CNY; revenue from communication equipment and other precision stamping molds and metal structural parts was 365 million CNY, up 145.99% [2] - The net profit attributable to shareholders was 112 million CNY, a year-on-year decline of 36.37% [2] - Operating cash flow net amount increased by 117.28% year-on-year, indicating enhanced operational quality [2] Business Growth Drivers - Growth driven by the continuous increase in automotive structural parts orders, strong overseas demand for energy storage business, and rapid rise of the domestic computing power market [2] - The company is expanding its global capacity, with a production base in Mexico already in large-scale production and a factory in Thailand set to launch soon [3] Challenges and Strategic Investments - The decline in net profit margin is attributed to industry-wide cost pressures, new projects still ramping up, and increased R&D expenses by 17.70% for future growth areas [4] - The company is actively investing in new business areas such as computing power servers and humanoid robots, which may impact short-term profits but are expected to drive long-term growth [4] Market Outlook - The company anticipates that the new energy vehicle sector will face a slowdown in growth due to market saturation and price wars, while fuel vehicle business remains resilient [6][7] - Future profit growth is expected to come from consolidating automotive and energy storage business while embracing emerging fields like computing power servers and humanoid robots [8] Product Development and Collaborations - The second-generation dexterous hand product has been developed with advanced features and is prepared for mass production with an annual capacity of 30,000 units [9] - The company has invested in Nuwa Robotics, acquiring a 1.25% stake, to enhance collaboration in the robotics sector [10] Customer Engagement and Market Strategy - The company is focusing on expanding its customer base and enhancing international competitiveness while optimizing product structure and operational efficiency [11] - It is actively engaging with major clients in the computing power server market, providing tailored cooling solutions [10] Conclusion - Overall, the company is navigating short-term profit pressures while laying a solid foundation for sustainable growth through strategic investments and global expansion efforts [3][4]

Core Viewpoint - The company, Weili (维尔利), is focusing on developing its subsidiary, Weili Energy, into a comprehensive liquid cooling technology solution provider, while positioning another subsidiary, Dole Refrigeration, as a core supplier of refrigeration equipment [1] Group 1: Business Focus - Weili Energy's main business is industrial energy-saving solutions, with extensive experience in designing and implementing efficient cooling systems [1] - The company has previously provided centralized cooling and heating efficient system services for Hongwei Technology [1] - Data center cooling is identified as a future area for expansion, with ongoing discussions for individual projects [1] Group 2: Strategic Development - The strategic aim is to develop Weili Energy into a full-fledged provider of liquid cooling technology solutions [1] - Dole Refrigeration is being positioned as a key supplier of core refrigeration equipment [1] - The company plans to jointly research and develop refrigeration technology applications in data centers and other fields [1]

Core Insights - OPPO has introduced an active cooling system with a built-in fan in its mid-range products, while Huawei and other manufacturers are also testing similar technologies [1] - Huawei's Mate80 series may feature a dual cooling solution with an active fan and micro-pump liquid cooling, although its implementation remains uncertain [1] - Liquid cooling technology is still in the early stages of development, with many related products in research or validation phases, but there is optimism about its future potential in consumer electronics, AI devices, and high-power chips [1] Company Developments - Aiwei Electronics has completed verification tests for its ultra-low power high-voltage piezoelectric micro-pump liquid cooling product, aiming for mass production by Q4 2025 [2][3] - The company anticipates potential orders from clients by the end of the year, although specific client names cannot be disclosed due to confidentiality agreements [3] - Aiwei's product pricing is estimated at approximately $2-3 per unit for small batches and $1-1.5 per unit for large batches, with expected annual revenue from this product being less than 100 million RMB based on a hypothetical shipment of 10 million phones [3] Industry Trends - The liquid cooling technology is expected to expand beyond consumer electronics into industrial and automotive sectors [1] - Companies like Nanchip Technology and Zhihua Technology are also developing liquid cooling solutions, with a focus on low-power applications in mobile devices [3][4] - The industry is seeing significant investment in liquid cooling technology, with many firms recognizing it as a key strategic direction for future growth [6]

Group 1: Investment Highlights - The semiconductor industry is experiencing significant growth, with NVIDIA's GB200NVL72 server expected to drive AI data center upgrades, leading to a rise in liquid cooling technology adoption from 14% in 2024 to 33% in 2025 [1][2] - TianTai Robotics has signed a global order for 10,000 humanoid robots in collaboration with strategic partners, marking a significant milestone in embodied intelligence [2] - EasyCharge Semiconductor has launched the CPSQ5462 and CPSQ5464 series products for ADB car lighting applications, providing a cost-effective alternative to international competitors [2] Group 2: Company Announcements - Jingfang Technology reported a total revenue of 667 million yuan for H1 2025, a year-on-year increase of 24.68%, with a net profit of 165 million yuan, up 49.78% [2] - Lianyun Technology achieved a total revenue of 610 million yuan for H1 2025, a 15.68% increase, and a net profit of 56 million yuan, up 36.38% [2] - Langhong Technology's total revenue for H1 2025 was 95 million yuan, reflecting a 48.52% growth, with a net profit of 32 million yuan, up 28.73% [2] - Longxun Co. reported total revenue of 247 million yuan for H1 2025, a growth of 11.35%, and a net profit of 72 million yuan, up 15.16% [2] - Century Dingli's total revenue for H1 2025 was 128 million yuan, a decrease of 6.87%, but net profit surged to 9 million yuan, up 160.47% [2] - Lante Optics reported total revenue of 577 million yuan for H1 2025, a 52.54% increase, with a net profit of 103 million yuan, up 110.27% [3] - Xintong Electronics achieved total revenue of 448 million yuan for H1 2025, a 10.85% increase, and a net profit of 50 million yuan, up 5.83% [3] - Baichu Electronics reported total revenue of 1.103 billion yuan for H1 2025, a 24.89% increase, with a net profit of 640 million yuan, up 30.32% [3] - Yunda Technology's total revenue for H1 2025 was 289 million yuan, a 23.65% increase, with a net profit of 16 million yuan, up 13.65% [3] - Hengmingda reported total revenue of 1.244 billion yuan for H1 2025, a 32.18% increase, with a net profit of 234 million yuan, up 43.01% [3] - Opto reported total revenue of 683 million yuan for H1 2025, a 30.68% increase, with a net profit of 146 million yuan, up 28.8% [3] - Huiyuan Communication achieved total revenue of 236 million yuan for H1 2025, a 45.51% increase, with a net profit of 9 million yuan, up 244.66% [3] - Zhongjing Electronics reported total revenue of 1.618 billion yuan for H1 2025, a 21.29% increase, with a net profit of 18 million yuan, up 125.05% [3] - Dazhu CNC reported total revenue of 2.382 billion yuan for H1 2025, a 52.26% increase, with a net profit of 263 million yuan, up 83.82% [3] - Lite Optoelectronics achieved total revenue of 292 million yuan for H1 2025, an 18.84% increase, with a net profit of 126 million yuan, up 36.74% [3] - Luvi Optoelectronics reported total revenue of 544 million yuan for H1 2025, a 37.48% increase, with a net profit of 106 million yuan, up 29.13% [3]

Core Viewpoint - Feirongda's stock price has experienced a decline, reflecting market concerns and recent capital outflows, while the company is actively engaging in R&D partnerships in the AI and liquid cooling technology sectors [1][2]. Group 1: Stock Performance - As of August 26, 2025, Feirongda's stock price is reported at 32.88 yuan, down 1.91% from the previous trading day [1]. - The opening price for the day was 33.25 yuan, with a high of 34.40 yuan and a low of 32.75 yuan, resulting in a trading volume of 433,000 lots and a transaction amount of 1.45 billion yuan [1]. Group 2: Business Overview - Feirongda specializes in the R&D, production, and sales of electromagnetic shielding materials and thermal conductive materials, with applications in consumer electronics, communication devices, and new energy vehicles [1]. - The company is categorized under the consumer electronics and Shenzhen Special Economic Zone concept sectors [1]. Group 3: Client Engagement and Technology Development - In the AI sector, Feirongda has established client relationships with companies such as H Company, DJI, and UBTECH [1]. - The company has made technological preparations for liquid cooling technology and is collaborating with major smartphone manufacturers on R&D, although no production orders have been secured yet [1]. Group 4: Capital Flow - On August 26, 2025, Feirongda experienced a net capital outflow of 80.76 million yuan, with a cumulative net outflow of 459 million yuan over the past five trading days [2].

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 80.192 billion yuan, a year-on-year growth of 90.05%, and a net profit of 799 million yuan, up 34.87% [1] - The company continues to focus on smart computing represented by cloud computing, big data, and artificial intelligence, driving innovation in R&D, production, delivery, and service models [1] Financial Performance - The company's revenue from server products was 75.286 billion yuan, reflecting a year-on-year increase of 99.5% - Revenue from storage and delivery products was 4.837 billion yuan, with a growth of 11.52% - Other product categories saw a revenue decline of 42.45%, totaling 69.6118 million yuan [1] Market Position - According to Gartner and IDC, the company maintains a leading position in the global market for servers and storage products, ranking second globally and first in China for servers in Q1 2025, and among the top three globally for storage installation capacity [2] Innovation and Development - The company is actively involved in the liquid cooling sector, holding over 800 core patents in liquid cooling technology and leading the establishment of standards to promote healthy industry development - It has participated in the formulation of over 20 design technology standards related to liquid cooling and has initiated the drafting of the first domestic standards for core components of liquid cooling systems [2]

Core Insights - The liquid cooling market for intelligent computing centers in China is projected to grow from 18.4 billion yuan in 2024 to approximately 130 billion yuan by 2029, representing an increase of over 7 times in five years [1][8][9]. Market Growth - The rapid growth of the liquid cooling market is driven by the explosive demand for AI computing power, which has significantly increased chip power consumption, surpassing the limits of traditional air cooling [1][9]. - The liquid cooling market is expected to see a compound annual growth rate (CAGR) of 46.2% for intelligent computing and 18.8% for general computing from 2023 to 2028 [5]. Technology Adoption - Cold plate liquid cooling is anticipated to become the mainstream solution, with a projected penetration rate of at least 30% to 40% by 2030 [1][14]. - The current liquid cooling penetration rate is about 10%, with expectations for rapid growth in the coming years [14]. Industry Dynamics - The demand for liquid cooling solutions is driven by the significant increase in server chip power consumption, which has tripled to quintupled in the past five years [9][10]. - Major companies in the industry, such as Shuguang and foreign leaders like Viavi Technologies, are expanding their market presence both domestically and internationally [15]. Challenges and Opportunities - The transition from air cooling to liquid cooling faces challenges, including longer construction and server development cycles, as well as concerns about the reliability of new technologies [14]. - As industry standards for liquid cooling become more established, the ecosystem is expected to mature, facilitating broader adoption and commercial use [14].

Summary of the Conference Call for Guanghuan New Network Company Overview - **Company**: Guanghuan New Network - **Industry**: Data Center and Cloud Computing Key Points and Arguments Financial Performance - In the first half of 2025, Guanghuan New Network reported a net profit attributable to shareholders of 115 million RMB, a year-on-year decline of 57.01% [3] - Revenue for the same period was 3.716 billion RMB, down 5.15% year-on-year [3] - Operating cash flow decreased by 17.34%, amounting to 600 million RMB [3] - The decline in profits was primarily due to a decrease in revenue from IDC and cloud computing services, with IDC revenue down 2.08% and cloud computing revenue down 7.67% [2] Business Segment Performance - IDC business revenue was 1.07 billion RMB, slightly down by 2.08% [5] - Cloud computing revenue was 2.57 billion RMB, down 7.67%, with significant declines noted in Amazon Web Services (AWS) and Wushuang Technology [5] Profit Margins - IDC business gross margin was 32.7%, a decrease of 1.8% year-on-year [6] - Cloud computing and related business gross margin was 7.76%, down 1.69% [6] - Margins in Beijing decreased due to client relocations and increased operational costs, while margins in Shanghai and Hebei improved due to better resource utilization [11] Project Developments - The company plans to scale its cabinet capacity to 230,000 units, with over 72,000 already in operation and 16,000 added in the first half of 2025 [7] - The Tianjin Baodi project has completed its first phase and is in the process of delivering the second phase, while the third phase has been initiated [7] - The Shanghai Jiading project has sold out its first phase and is gradually increasing its cabinet utilization [7] Challenges and Market Conditions - The H20 ban has limited GPU card supply, affecting the deployment pace of the Tianjin Baodi project [4] - The ITC pricing in the Beijing area is influenced by supply-demand dynamics, with operators competing for market share in resource-limited areas [4][19] - The company remains optimistic about future IDC demand despite short-term supply constraints for GPU servers [27] International Expansion - Attempts to expand overseas have faced challenges, particularly in Malaysia due to changes in power and water resource availability and U.S. GPU policy shifts [2][14] - The company is actively seeking new international projects but has not yet finalized any [14] Environmental Initiatives - Guanghuan New Network has engaged in green electricity trading, achieving a reduction of 130,000 tons of CO2 emissions and saving 30 million kWh of electricity [8] - Solar power systems have been installed in several data centers, generating an annual output of 4 million kWh [8] Strategic Partnerships - A strategic cooperation agreement was signed with Green Deep Vision to integrate AI into various sectors, leveraging Guanghuan's infrastructure and Green Deep Vision's AI models [10] Future Outlook - The company maintains a positive outlook on IDC demand driven by rapid AI infrastructure development and increasing data usage [27] - The asset revenue recognition schedule is expected to stabilize, with an estimated annual revenue of approximately 100 million RMB [27] Additional Important Information - The company is exploring liquid cooling technology to meet increasing IT capacity demands, with a projected increase in the adoption rate [23] - The company has two projects planned in Inner Mongolia for 2025, with a total capacity of 400 MW [25]

Summary of the Conference Call for Lens Technology (蓝思科技) Company Overview - **Company**: Lens Technology (蓝思科技) - **Industry**: Technology and Manufacturing, focusing on smart terminal products and components Key Financial Highlights - **Revenue Growth**: Achieved a revenue increase of 41.85% in the first half of the year, totaling 22.96 billion CNY [2][3] - **Net Profit**: Reported a net profit of 1.143 billion CNY, a year-on-year increase of 32.68% [3] - **Dividend Proposal**: Proposed a dividend of approximately 526 million CNY, representing 46.03% of net profit [2][3] Business Performance and Growth Areas - **AI-Driven Innovations**: Significant breakthroughs in AI-driven smart terminal products, particularly in foldable 3D glass, multifunctional automotive glass, and smart AI glasses [2][4] - **Cost Control**: Improved profitability due to effective cost control and efficiency measures, with a reduction in the expense ratio by 0.63 percentage points [2][5][7] - **Assembly Business Growth**: Rapid growth in assembly business, focusing on high-margin hardware such as AI servers and AR glasses [2][9] Strategic Initiatives - **Global Expansion**: The recent Hong Kong listing has accelerated global expansion and optimized product portfolio, providing a platform to mitigate geopolitical risks [2][6] - **R&D Investment**: Increased R&D investment by 29% year-on-year, amounting to an additional 370 million CNY, laying the foundation for future growth [2][5][19] Market Outlook - **Smartphone and Computer Segment**: Anticipated benefits from new model launches by major clients in the second half of the year, with expected revenue growth from assembly and related components [2][14][25] - **Automotive Glass Innovations**: Introduction of new products such as wireless charging modules and multifunctional ultra-thin laminated automotive glass, expected to drive significant revenue growth [2][14][16][17] - **Wearable Technology**: Continued development in AI glasses and wearable technology, with expectations for substantial revenue and profit growth [2][14][21][22] Challenges and Risks - **Short-term Profit Impact**: Increased R&D expenses may impact short-term profits, although long-term growth prospects remain strong [2][7][19] - **Profit Decline in Subsidiaries**: Some subsidiaries experienced profit declines due to reliance on older product lines, but new product launches are expected to drive recovery [2][10] Future Plans - **SSD Production**: Plans to commence SSD production in the first half of 2026, with further developments in server assembly [2][13][27] - **Liquid Cooling Technology**: Ongoing development of liquid cooling technology, with expected mass production in the near future [2][26][28] - **Expansion and Capital Expenditure**: Active plans for facility expansion and capital expenditures to support new projects and meet market demand [2][29] Conclusion Lens Technology is positioned for robust growth driven by innovation in AI and smart terminal products, effective cost management, and strategic global expansion. The company is focused on enhancing its product offerings while navigating short-term challenges related to R&D investments and market dynamics.

Summary of Liquid Cooling Materials Conference Call Industry Overview - The conference focuses on the liquid cooling materials industry, particularly in the context of AI chip cooling and data centers [1][2][4]. Key Points and Arguments Types of Liquid Cooling Media - Liquid cooling media are categorized into three types: water-based, oil-based, and fluorinated liquids, each with distinct advantages and disadvantages [1][3][5]. - **Water-based Media**: High thermal efficiency, low cost (around tens of yuan per kilogram), but prone to leakage and microbial growth [5]. - **Oil-based Media**: Cheapest option (around 10 yuan per kilogram), but poor fluidity and potential fire hazards [5]. - **Fluorinated Liquids**: High performance but expensive (high-end options like 3M perfluoropolyether cost 400-500 yuan per kilogram) and face regulatory risks regarding PFAS [1][6]. Trends in AI Chip Cooling - The trend in AI chip cooling is shifting from traditional air cooling to liquid cooling solutions due to high power density requirements [2][4]. - Single-phase cooling plates are being replaced by dual-phase cooling plates, which are expected to be widely adopted by 2024 [2]. Cost Considerations - The cost of cooling media is significant in system design. For example, a single cabinet requiring 120-150 kW can cost up to 1 million yuan when using high-end fluorinated liquids [1][10]. - Using alternative media like triol or silicone oil can significantly reduce costs [10][11]. Future Trends - The combination of full immersion cooling and dual-phase cooling plates is seen as a future trend to reduce costs and address high heat flux density issues [1][13]. - The industry is moving towards designs that minimize liquid usage and optimize heat dissipation through techniques like zoning and partitioning [1][13]. Market Dynamics - Major data centers in China, such as Alibaba and ByteDance, are currently using single-phase silent liquid cooling systems, indicating a trend towards advanced cooling technologies despite high costs [18]. - Alibaba is also exploring cooling plate technology to find more economical solutions [19]. Challenges and Innovations - Dual-phase cooling technology is gaining traction, especially with NVIDIA's upcoming Ruby architecture, but faces challenges such as medium boiling point limits and pressure handling [7][24]. - The use of refrigerants in dual-phase systems is expected to grow, with potential for mainstream adoption by mid-2026 [24]. Additional Important Content - The volatility and maintenance requirements of different cooling media vary, with silicone oil and fluorinated liquids requiring less frequent additions compared to triol [14][16]. - The efficiency of cooling media is measured by specific heat capacity, with water being the most efficient but limited in application due to its non-insulating properties [22]. - The domestic market for fluorinated liquids includes major manufacturers like Juhua, New Zhiyuan, and Tianjin Changlu, indicating a competitive landscape [21]. This summary encapsulates the critical insights from the conference call, highlighting the evolving landscape of liquid cooling technologies and their implications for the AI and data center industries.