Summary of the Conference Call for Huaguang New Materials Industry and Company Overview - The primary market for Huaguang New Materials is in the refrigeration and HVAC sectors, accounting for approximately 47% of revenue, while the home appliance segment has decreased to about 45% but continues to grow at around 20% annually [2][5] - The company specializes in brazing materials, with a diverse product range of over 5,000 categories across more than 16 series, including silver paste and copper-based materials [3] Key Financial Highlights - Revenue from silver paste and other materials has surged from 5 million yuan in 2021 to 300 million yuan in 2024, with tin-based materials contributing 170 million yuan, marking a ninefold increase [2][5] - The domestic low-temperature market is valued at approximately 40 billion yuan, with Huaguang achieving 300 million yuan in revenue in 2024 and projected to exceed 500 million yuan in 2025 [2][6] - The company’s overseas revenue was about 150 million yuan in 2024, representing less than 10% of total revenue, primarily from Southeast Asia, focusing on low-margin copper-based materials [2][9] Growth Drivers and Future Outlook - Huaguang is developing high-margin new products such as tin solder paste and pre-formed solder sheets, which can achieve gross margins of 20% to 30%, with expected improvements in gross margins in Q2 [2][6] - The company anticipates a revenue growth of approximately 25% in 2025, driven by capacity expansion and rising silver prices [4][12] - The net profit margin, excluding non-recurring losses, was below 4% in 2024, with expectations to improve to around 5% in 2025 [4][13] Emerging Business Areas - Huaguang has made significant strides in the AI server liquid cooling sector, generating over 10 million yuan in Q1 2025, with expectations to approach 100 million yuan for the full year [4][10] - The company is also venturing into the robotics thermal management sector, supplying welding materials to key clients like Sanhua, which could further enhance growth in emerging business areas [11] Financial Stability and Market Position - Despite challenges with operating cash flow, which has been negative due to high raw material procurement costs and long customer settlement cycles, the company maintains a positive financing cash flow [9] - Huaguang's financial health is supported by steady growth across major product categories, with a strong potential for stock price appreciation due to its robust main business and emerging sectors [8][17] Conclusion - Huaguang New Materials is positioned for significant growth, particularly in the low-temperature market and emerging technologies, with a strong focus on product innovation and market expansion. The company’s financial stability and growth potential make it an attractive investment opportunity in the materials sector [6][16]

在上一期中，我们提到3M因PFAS环保争议将努力于 2025年前全面停止 在其产品中 使用PFAS ，这一 时间节点正在无声重塑全 球液冷材料市场格局。 世界巨头将停产，这一化工新材料迎来入局关键期 过去，氟化液凭借优异的电绝缘性与热稳定性，在液冷解决方案中长期占据主导地位，广泛应用于高性能 计算、AI服务器及比特币矿机等高热流密度场景。然而，随着其 高成本、环保禁令及原料供应风险逐渐显 现 ，一条全新的冷却液材料技术路线正在迅速升温——以 合成烃类与有机硅类 为代表的非氟冷却液，正 加速在全球市场中崭露头角。 相较于氟化液合成烃类与有机硅类冷却液 有以下关键技术优势： 随着液冷系统在 AI服务器、高密度数据中心、储能、新能源汽车 等典型场景的加速落地，产业对于冷却 液材料的要求不断提升，不仅要具备优异的 绝缘性、热稳定性、流动性，更要具备长期兼容性与环境友 好性。 据多家机构预测， 非氟类液冷冷却液 在2024–2027年间将保持 25%以上的年复合增长率 ，其中合成 烃类和有机硅类将成为市场主力。预计到2027年， 这两类冷却液的年市场规模可突破 10亿美元 ，其中 数据中心应用将占比超过40% 。当前 ...

Core Viewpoint - The importance of data centers is increasing globally due to digital and intelligent transformation, with liquid cooling technology emerging as a necessary trend despite leakage risks hindering its widespread adoption [1][2]. Group 1: Liquid Cooling Technology - Liquid cooling technology has transitioned from an optional solution to a necessity due to the explosive growth of AI models and high-performance computing, which has led to increased power density in data center cabinets [2]. - Traditional air cooling methods are being replaced by liquid cooling, which significantly enhances cooling efficiency and reduces Power Usage Effectiveness (PUE) [2]. Group 2: Leakage Risks - Leakage risks in liquid cooling systems arise from various components such as water-cooled plates, pipelines, and connectors, where any failure can lead to leaks [2]. - Common water-based coolants can corrode metal parts over time, leading to costly repairs and potential equipment damage due to leaks [2][3]. Group 3: Green Cloud's Solution - Green Cloud Technology has introduced the "Hurricane Waterless" cold plate solution, which utilizes a self-developed non-water-based non-conductive medium to mitigate leakage risks while enhancing heat exchange capabilities [1][3]. - The solution is designed to ensure that even in the event of a liquid leak, server integrity is maintained, thus improving the system's tolerance to liquid cooling failures [3]. Group 4: Innovative Design - The "Hurricane Waterless" solution features an innovative architecture that includes redundant airflow designs and a multifunctional integrated chamber to optimize cooling efficiency and space utilization [5]. - The design allows for online hot-swapping of power and fans, ensuring zero downtime for maintenance and continuous business operations [6]. Group 5: Industry Impact - The new solution has undergone rigorous testing and has been successfully implemented in collaboration with Guojijiang Precision Engineering Group, resulting in improved energy consumption, stability, and noise levels in the data center [6]. - The company aims to continue innovating and providing advanced liquid cooling solutions to support the sustainable development of global digital transformation [6].

人工智能、新能源汽车、储能等应用场景蓬勃发展，服务器功耗、电池发热量等也持续攀高，这使得空气 冷却解决成本和难度大幅上升。液冷技术作为历史悠久、产业生态系统最为丰富的热管理解决方案，发挥 着越来越关键的作用。 本届液冷产业创新 与应用 论坛，将以液冷技术的实际应用场景、行业热点和技术难点为导向，邀请产业 技术专家和行业领袖，分享和探讨液冷领域的关键技术和工程应用解决方案。活动预期规模 300人，将吸 收顶尖公司和机构的行业远见，整合产业链资源、对接众多需求，积极助力液冷产业未来发展和持续进 步。 论坛时间： 2025年7月3-5日 大会地点： 广东-东莞 主办单位： 深圳市德泰中研信息科技有限公司（DT新材料），iTherM 支持单位： 佛山兴大业不锈钢有限公司 深圳威铂驰热技术有限公司 浙江亚通新材料股份有限公司 深圳市路乐科技有限公司 深圳华尔升智控技术有限公司 依米康科技集团股份有限公司 东莞益东流体科技有限公司 南京格诺维斯新材料有限公司 鸣谢单位： 清华大学 华中科技大学 华南理工大学 湖南大学 维谛技术有限 公司 中兴通讯股份有限公司 烽火通信科技股份有限公司 英业达股份有限公司 中兴通讯股份有限 ...

Group 1: Ctrip's Global Expansion - Ctrip is accelerating its global expansion by opening over 1,100 overseas positions across 75 cities in 23 countries, including London and Tokyo, to enhance its hotel and vacation services [1] - The company has established a tourism innovation fund of 1 billion yuan and formed strategic partnerships with hotel groups in Thailand and Malaysia [1] - Ctrip's international platform, Trip.com, is expected to see a year-on-year booking increase of over 60% by Q1 2025, with a goal to double the overseas revenue share in the next 3-5 years [1] Group 2: Tencent's Patent Achievement - Tencent's cloud database TDSQL has won the China Patent Gold Award for its core patent related to database transaction processing methods and devices [2] - As of March 2025, Tencent has invested over 340 billion yuan in R&D and has applied for over 86,000 patents globally, with more than 46,000 patents granted [2] Group 3: Baidu's B2B AI Solutions - Baidu launched its first B2B industry intelligent solution capable of generating over 100 high-quality videos in just 10 seconds, enhancing productivity for merchants [3] - The solution supports video production in over 20 languages, facilitating global market access for Chinese manufacturers [3] Group 4: WeChat's AI Upgrade - WeChat's contact "Yuanbao AI" has been upgraded to understand video content and provide detailed summaries, enhancing user interaction [4] - This capability is based on Tencent's multi-modal understanding technology and aims to connect more Tencent products for improved user experience [4] Group 5: New AI Company Formation - Shanghai Meinian New Intelligence Technology Co., Ltd. has been established with a registered capital of 10 million yuan, focusing on AI application software development and related services [5] - The company is jointly owned by several partners, including Meinian Health Industry Holdings [5] Group 6: Toyota and Daimler Truck Merger - Toyota and Daimler Truck have reached a final agreement to merge Toyota's Hino Motors with Daimler Truck's Mitsubishi Fuso, focusing on commercial vehicle development and production [6] - The new holding company is expected to begin operations in April 2026 [6] Group 7: Marelli's Bankruptcy Protection - Marelli Corp has filed for Chapter 11 bankruptcy protection in the U.S. and secured $1.1 billion in new financing commitments from lenders [8] - Approximately 80% of its creditors have signed agreements to support the company's restructuring efforts [8] Group 8: DHL's Investment in the Middle East - DHL plans to invest over 500 million euros (approximately 571.3 million USD) in the Middle East by 2030, focusing on rapidly expanding markets in Saudi Arabia and the UAE [8] - This investment aims to significantly enhance the logistics infrastructure in the region [8] Group 9: Lenovo's AI Strategy - Lenovo's executive Liu Jun emphasized the importance of AI as an innovative productivity tool while ensuring data security and privacy protection [8] - The company has developed a trusted hybrid computing solution that extends security capabilities from endpoints to the cloud [8] Group 10: Guangdong's Waste Management Initiative - Guangdong province aims to establish a "waste-free city" by 2035, with specific targets for solid waste reduction and resource utilization [10] - The plan includes a phased approach, with full implementation expected by 2025 and significant improvements by 2027 [10] Group 11: US-China Trade Agreement Framework - The Chinese Ministry of Commerce announced that a framework for a trade agreement between the US and China has been reached during recent negotiations [11] - The discussions were characterized by professional and in-depth communication between both parties [11]

在2025中国智算中心全栈技术大会上，曙光数创围绕"液冷即服务"概念，回应数据中心在选型、设计、 部署、运维上的落地难题。曙光数创副总裁兼CTO张鹏指出，该服务体系贯穿液冷系统从规划设计到运 维管理的全流程，并通过SLiquid智能运维平台，实现液冷从"人控"到"智控"的跨越。通过标准化+定制 化融合，曙光数创全面降低液冷部署门槛，提升全链条效率，为智算中心提供全场景、可持续的液冷生 态支撑。(36氪) ...

曙光数创 20250608 摘要 曙光数创是国内领先的液冷解决方案提供商，拥有超过 400 兆瓦的液冷 数据中心建设经验，市场份额占比 61%，连续多年位居行业第一，其母 公司中科曙光被海光吸收合并后，有望提升其整体竞争力。 曙光数创主力产品包括全静默式相变液冷解决方案（C8,000），该产品 在全球处于领先地位，并积极布局冷板式技术，主要客户涵盖政府、金 融机构、互联网运营商等领域。 2024 年曙光数创收入同比下降 74%至 0.97 亿元，主要受东数西算与 国家先进计算中心建设周期影响，但互联网中标额达 2.6 亿元，同比增 长两倍以上，海外市场拓展也在积极推进。 数据中心行业正经历从传统风冷向液冷的转变，单机柜功耗大幅提升， 推动了液冷技术的需求增长，预计 2025 年至 2027 年全球数据中心市 场规模将有显著增长。 曙光数创的核心产品 C8,000 系列采用浸没式相变液冷技术，具有较高 的技术壁垒，换热量已提升至 575 千瓦每个 rack，预计到 2026 年可达 到 750 千瓦每个 rack。 曙光数创成立于 2002 年，是最早提出液冷技术研究的公司之一。2013 年完 成了液冷模块产品 ...

以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 用空间换算力；用带宽换算力；用能源换算力……用一切换算力。 作 者 丨 熊剑辉 华商韬略出品 丨 ID：hstl8888 2025年1月15日，中国AI大模型DeepSeek R1刚一问世，便震动全球。 袁进辉算了一笔账：动用80台英伟达H800服务器，单月花费五六百万，风险很大。 但眼见着 DeepSeek 越来越火爆，全世界的AI团队都争分夺秒，连英伟达也亲自下场。 针对DeepSeek，全世界展开了一场龙争虎斗。 可仅仅2周之后， 2月1日（大年初四），华为云就联合硅基流动基于昇腾云推出DeepSeek R1/V3，引爆全网。 从模型到算力，从引擎到框架，全面实现国产化。 这其中，DeepSeek和华为自不用说。硅基流动作为一家AI Infra（AI基础设施）企业，则是清华 博士袁进辉2023年刚创立的创业公司。 创业公司往往嗅觉极度灵敏。 其实，早在DeepSeek V3发布前一个月，DeepSeek创始人梁文锋就找到袁进辉，问他要不要部 署？ 时间不等人，硅基流动火速找到华为云。双方一拍即合，决心大干一场，希望能用 ...

人工智能、新能源汽车、储能等应用场景蓬勃发展，服务器功耗、电池发热量等也持续攀高，这使得空气 冷却解决成本和难度大幅上升。液冷技术作为历史悠久、产业生态系统最为丰富的热管理解决方案，发挥 着越来越关键的作用。 本届液冷产业创新 与应用 论坛，将以液冷技术的实际应用场景、行业热点和技术难点为导向，邀请产业 技术专家和行业领袖，分享和探讨液冷领域的关键技术和工程应用解决方案。活动预期规模 300人，将吸 收顶尖公司和机构的行业远见，整合产业链资源、对接众多需求，积极助力液冷产业未来发展和持续进 步。 01 论坛信息 论坛时间： 2025年7月3-5日 支持单位： 维谛技术有限 公司、 依米康科技集团股份有限公司、中兴通讯股份有限公司、烽火通信科技股份有 限公司、英业达股份有限公司、中兴通讯股份有限公司、曙光数据基础设施创新技术（北京）股份有限公司、施 耐德电气（中国）有限公司、远地（广州）数字科技有限公司、兰洋(宁波)科技有限公司、杭州云酷智能科技有 限公司、广东合一新材料研究院有限公司、苏州大图热控科技有限公司、瓦克化学（中国）有限公司、 贵州永红 换热冷却技术有限公司、东莞市迈泰热传科技有限公司...... ...

Core Insights - Highlan Co., Ltd. has made significant advancements in cutting-edge technology by participating in the Chinese Academy of Sciences' "artificial sun" EAST and the spallation neutron source projects, providing essential thermal management products for these nuclear physics experimental devices [1][2] - The EAST device has set world records, achieving 1 billion degrees Celsius for 1066 seconds, with a target of 3000 seconds, highlighting China's breakthroughs in advanced technology [1] - Highlan Co., Ltd. holds a dominant market share of 60%-70% in the domestic liquid cooling market, serving major companies like NVIDIA and Inspur [2] Company Overview - Highlan Co., Ltd. specializes in the research, development, production, and sales of pure water cooling equipment and control systems for power electronic devices, primarily used in power generation, transmission, distribution, and consumption [2] - The company has developed a liquid metal cooling system to address the thermal conduction challenges posed by high-temperature and high-radiation environments in the EAST and spallation neutron source projects [2] Financial Performance - As of March, Highlan Co., Ltd. reported a total order backlog of approximately 1.11 billion yuan, covering various sectors including ultra-high voltage, liquid cooling, and new energy vehicle thermal management [3] - The liquid cooling business is projected to contribute over 60% of orders in 2024, with an estimated revenue share of around 35% from the data center sector [3] - The company's liquid cooling business faces pressure on profit margins due to reliance on imported core components, with margins 8-12 percentage points below the industry average [3] Strategic Initiatives - Highlan Co., Ltd. has plans for significant investments in developing comprehensive thermal management and high-end manufacturing projects, focusing on emerging fields such as nuclear fusion and energy storage [3] - The company aims to reduce dependency on international suppliers by accelerating the localization of cooling liquids and expanding the application of liquid cooling technology into energy storage and new energy vehicle markets [5]