Summary of Conference Call on Liquid Cooling Solutions Industry Overview - The conference call focused on the liquid cooling solutions industry, particularly advancements related to NVIDIA's GP300 and B300 server trays and their collaboration with various suppliers in the liquid cooling infrastructure sector [1][5][21]. Key Points and Arguments 1. **Increased Liquid Cooling Components**: The number of liquid cooling plates in NVIDIA's GP300 server trays increased significantly from 36 in GB200 to 117 in GP300, reflecting a growing demand for enhanced cooling performance [1][2]. 2. **Power Density Improvements**: The GP300's power density has risen from 1.2 kW to 1.4 kW per card, necessitating independent liquid cooling plates for each GPU and CPU [2][3]. 3. **Collaboration with Suppliers**: NVIDIA is actively introducing new suppliers like Cooler Master and others to diversify its supply chain and enhance product offerings [1][21][22]. 4. **Testing and Validation**: NVIDIA has conducted concentrated testing of liquid cooling products, with participation from domestic companies, although results have not yet been disclosed [1][24]. 5. **Market Demand Trends**: There is an anticipated continuous growth in demand for efficient cooling solutions, particularly from North American ASIC chip manufacturers due to the release of higher power products [5][51]. 6. **Competitive Landscape**: The market is currently dominated by Taiwanese companies, but domestic firms are expected to disrupt the existing structure through cost control and technological innovation [5][31]. 7. **Cost Analysis**: The value of the B300 single machine is approximately $160,000, with CPUs accounting for $90,000 of that total [3][36]. The cooling infrastructure is valued at about $120 per kW [37]. 8. **Future Market Outlook**: The data center construction cycle is projected to plateau by 2028, leading to a slowdown in equipment demand [51]. Additionally, cooling machine prices have risen by 10% in the past six months and are expected to stabilize [52]. Additional Important Insights 1. **Technological Innovations**: The introduction of a new type of quick connector in GP300, which is more compact and customized compared to the standard NV UQD04 used in GB200, indicates a shift towards more advanced technology [4][5]. 2. **Supply Chain Dynamics**: The B300 project has shifted its supply chain dynamics, with Cooler Master becoming a primary supplier for liquid cooling components, indicating a strategic move to enhance production efficiency [21][22]. 3. **Challenges for Domestic Suppliers**: Despite opportunities for domestic companies to enter NVIDIA's supply chain, challenges remain due to established Taiwanese competitors and stringent quality requirements [31][32]. 4. **Emerging Players**: Companies like Yingwei and others are positioning themselves in the liquid cooling market, but their actual market share and impact remain uncertain [39][40]. This summary encapsulates the critical developments and insights from the conference call, highlighting the evolving landscape of the liquid cooling solutions industry and NVIDIA's strategic initiatives within it.

Core Viewpoint - The article discusses the positive outlook for the semiconductor industry, particularly focusing on NVIDIA and AMD, highlighting strong demand and expected revenue growth in the upcoming quarters [4][5]. Group 1: NVIDIA's Financial Performance - NVIDIA is expected to report a revenue of $45.5 billion for the current quarter, with guidance of $45 billion, and $52.5 billion for the next quarter [4]. - The company anticipates shipping nearly 30,000 units of the GB200 and 10,000 units of the GB300 this year, along with 200,000 units of the B200 single card [4]. - The GB300 is projected to have a significant increase in shipments next year, with expectations raised to 100,000 units [4]. Group 2: Market Dynamics and Product Developments - The server assembly industry is experiencing a resurgence, with all manufacturers showing positive performance [4]. - The GB200 and GB300 cabinets will utilize liquid cooling, which enhances performance by 25% and reduces power consumption by 30% compared to air cooling [4]. - AMD's single-chip performance is comparatively lower, prompting the company to recommend liquid cooling solutions to its clients [4]. Group 3: Competitive Landscape - The TPU (Tensor Processing Unit) is positioned as a leader in ASIC technology, with a significant increase in liquid cooling adoption expected next year, projected to exceed 65% [5]. - The V7 TPU is expected to achieve 4,614 TFlops, a 2.5 times increase over the V6, with memory capacity also increasing by 4.5 times [5]. - The lower cost of the TPU compared to the B200 suggests a potential shift towards more affordable domestic products in the market [5].

AI&半导体电话会：液冷渗透率提升，FAB 稳健成长 20250810 摘要 海外云厂商如微软、亚马逊和 Meta 持续增加对 AI 的投入，资本开支显 著上调，形成正向循环，微软 AI 云计算业务同比增长 27%，亚马逊全 年资本开支预计达 1,100 亿至 1,200 亿美元，Meta 将 2025 年资本开 支上调至 660 亿到 720 亿美元。 液冷技术市场前景乐观，维谛公司二季度营收同比增长 35%，订单收入 达 85 亿美元。英伟达发布 GV300 GPU，微软明确要求数据中心支持 液冷，中国台湾供应商奇宏等营收显著增长，数据中心冷却系统供不应 求。 数据中心采用液冷技术主要由功耗驱动，传统风冷接近极限，液冷能效 比更高。全球数据中心液冷渗透率预计从 2024 年的 14%提高到 2025 年的 20%以上，国内市场增长空间巨大。 2024 年全球液冷服务器市场中，浪潮信息、超聚变和宁畅占据前三位， 合计市场份额超过 70%。这些公司在液冷技术方面积累了较强的技术和 服务能力，产业生态协同完善。 Q&A 这些公司凭借其强大的研发能力和广泛的市场覆盖，在激烈竞争中保持领先地 位。 液冷技术在数据中 ...

Summary of Conference Call Records Industry Overview - The conference call discusses advancements in liquid cooling technology within the server cabinet industry, particularly focusing on the Blackwell and Rubin series of products [1][2][6]. Key Points and Arguments 1. **Blackwell 300 Improvements**: The Blackwell 300 has undergone significant enhancements over the Blackwell 200, including a full cold plate covering that increases the number of liquid cooling plates and connectors, resulting in a 16% increase in infrastructure value and a 30% overall value increase [1][4]. 2. **Liquid Cooling System Value Distribution**: In the liquid cooling system, quick connectors hold a substantial value due to their high quantity, while the material cost of cold plates is relatively low. Major ODM manufacturers like Foxconn capture most of the core value by sourcing and assembling components [5]. 3. **Rubin Architecture Changes**: The Rubin architecture introduces a substantial technological upgrade, moving away from simple iterations to a new cooling solution, which may significantly alter supplier dynamics and market shares [6][7]. 4. **Strategic Collaboration**: Vertu and NV's strategic partnership focuses on developing next-generation cooling systems for the Rubin series, with initial tests using B100. Future cabinet power densities may reach 200-500 watts, necessitating advanced cooling methods [8]. 5. **Cost Implications of Cooling Solutions**: The coupling silent solution may double the cost per kilowatt compared to the existing Blackwell 200 solution, while the all-in-one plate attachment model could reduce costs to 1.5-1.6 times [9][10]. 6. **Future Trends in Liquid Cooling**: As server power densities increase, the adoption of comprehensive liquid cooling solutions is expected to rise, with competition among components intensifying due to declining material costs [7]. 7. **Market Entry Barriers**: New entrants into the Rubin ecosystem will depend more on supply chain relationships, capacity, and pricing rather than technical capabilities [19]. 8. **Material Compatibility Testing**: Liquid materials entering the NV ecosystem must undergo rigorous compatibility testing to prevent corrosion and ensure system integrity, typically starting 3-6 months before product release [17][18]. Additional Important Content - **Electronic Cooling Fluids**: Electronic cooling fluids are more expensive than traditional water-based coolants, with costs averaging 200-300 RMB per liter compared to less than 20 RMB per kilogram for water-based solutions. Despite better cooling performance, the long-term costs may be higher due to the need for continuous replenishment [16]. - **Domestic Supplier Landscape**: Domestic manufacturers like Invec and Bihai have entered the NV supply chain, indicating a shift towards local sourcing despite the historical reliance on foreign suppliers [14][15]. - **Impact of ASIC Shipments**: The anticipated increase in ASIC shipments in 2026 is expected to stabilize the demand for liquid cooling solutions, with no significant decline expected due to the introduction of Rubin [12]. This summary encapsulates the critical insights from the conference call, highlighting the advancements in liquid cooling technology and the strategic movements within the industry.

Summary of Conference Call Records Industry Overview - The conference call discusses advancements in liquid cooling technology, particularly influenced by NVIDIA's bidirectional cold plate solution, which impacts the traditional single-phase silent cooling market while maintaining existing applications [1][2]. Key Points and Arguments - **Bidirectional Cold Plate Technology**: - This technology offers better cooling capabilities than air cooling and single-phase cold plates, handling nearly 2,500 watts of power, but is still less effective than single-phase or bidirectional silent systems [1]. - The design is complex and limited in medium selection, primarily using high-cost, low-supply low-boiling-point fluorinated liquids [1][5]. - **R134a Refrigerant**: - Tianhong Technology has validated the use of R134a refrigerant in bidirectional cold plates, raising market interest in new refrigerant applications. China, as a major refrigerant producer, may see companies expand market share due to this development [1][4][7]. - The potential demand from tech giants like Google could significantly impact the global refrigerant market, with estimates of 2,000 tons needed annually if adopted [19]. - **Market Dynamics**: - Despite the emergence of bidirectional cold plates, traditional silent cooling systems remain stable in specific scenarios, with companies like Alibaba and ByteDance continuing to use established technologies [8][12]. - The industry is exploring new cooling solutions to meet increasing chip power demands, with various manufacturers actively seeking new refrigerant solutions [13]. - **Challenges in Liquid Cooling**: - The selection of liquid mediums poses significant challenges, as high-performance liquids are often expensive, while cheaper options may have critical drawbacks [17]. - The complexity of designing and deploying liquid cooling systems adds to the overall costs and challenges [17]. Additional Important Content - **Comparative Analysis of Cooling Solutions**: - Bidirectional cold plates have higher cooling capacities compared to single-phase cold plates and air cooling, but they still have limitations and may only serve as a temporary solution for high power demands [10]. - The design complexity of hybrid cooling solutions combining cold plates and silent systems is high, making implementation difficult [9]. - **Future Trends**: - The industry is expected to see a shift towards more advanced cooling technologies if existing solutions cannot meet future demands [13]. - Companies like New Oriental are pivoting towards semiconductor temperature control etching liquids to address growth bottlenecks in cleaning businesses [26]. - **Refrigerant Market Status**: - The refrigerant market is transitioning from third-generation to fourth-generation products, with third-generation products still dominating due to their maturity and high output [20]. - Major players in the refrigerant market include traditional companies like Juhua and Sanmei, which have performed well amid rising demand due to hot weather [20]. - **Liquid Mediums in Cooling Solutions**: - The first-generation liquid cooling solutions primarily used water and glycol mixtures, while newer solutions utilize various expensive liquids, including fluorinated liquids and silicone oils [11][15]. - High-end fluorinated liquids are considered the best choice for performance, but their high cost limits widespread adoption [16]. This summary encapsulates the key insights and developments discussed in the conference call, highlighting the evolving landscape of liquid cooling technologies and their implications for the industry.

Core Insights - The conference held in Wuhu, Anhui, focused on the theme of "Carbon Index Green Computing Driving Supply and Demand," marking the official launch of the Wuhu Liquid Cooling Intelligent Computing Base with a total investment of 250 million yuan [1] - The Long Triangle region is recognized as a key area for the development of intelligent computing, with the establishment of national integrated computing network hubs and data center clusters aimed at optimizing computing power layout [1][2] - The global data center electricity consumption is projected to reach 415 terawatt-hours in 2024, accounting for 1.5% of global electricity use, with significant contributions from the US, China, and Europe [1][2] Industry Developments - China is actively promoting the proximity of computing power to energy-rich areas and implementing new models for green electricity supply, energy storage, and microgrids to address energy consumption challenges [2] - The "Green Computing Development Research Report (2025)" indicates that over 60% of new computing power in 2024 will be concentrated in key hub areas, with the average Power Usage Effectiveness (PUE) of data centers expected to drop to 1.46 [2] - Liquid cooling technology is gaining traction in data center construction due to its advantages over traditional air cooling, including higher heat dissipation rates and lower noise levels [2] Market Potential - The liquid cooling server market in China is projected to reach $2.37 billion (approximately 17.03 billion yuan) in 2024, with a year-on-year growth of 67%, and is expected to grow to $3.39 billion (approximately 24.35 billion yuan) in 2025 [3] - The Wuhu Liquid Cooling Intelligent Computing Base, developed by TIER Technology, has a total investment of 250 million yuan and covers an area of approximately 26,000 square meters, featuring an immersion liquid cooling data center and related facilities [3][4] - The base aims to achieve a PUE of 1.08 and over 80% green electricity usage through a combination of self-generated photovoltaic systems and purchased green electricity [4] Strategic Goals - TIER Technology plans to enhance its technical capabilities and service offerings in the Long Triangle region, aiming to create a comprehensive intelligent computing platform for various sectors including government, industry, education, finance, transportation, and healthcare [4]

Core Viewpoint - Xiangxin Technology has enhanced its technological layout in the liquid cooling field by obtaining a patent for a modular liquid cooling heat exchange component, which allows for flexible assembly and improved heat exchange efficiency [1][2] Group 1: Patent and Technology Development - The newly acquired patent for a "modular liquid cooling heat exchange component" includes heat exchange modules, intermediate modules, and end modules, enabling flexible assembly based on actual needs [1] - The modular design allows adjustments in the area, size, and number of heat exchange channels, thereby improving heat exchange efficiency for various applications [1] Group 2: Existing Technologies and Applications - Xiangxin Technology has previously made several advancements in the liquid cooling sector, including the release of a direct refrigerant cooling technology at the end of 2024 [1] - The direct refrigerant cooling technology has broad application potential in cooling systems for electric vehicle power batteries, motor control systems, energy storage batteries, computing servers, and low-altitude unmanned aerial vehicles [1] Group 3: Competitive Advantages - Compared to other liquid cooling solutions, Xiangxin's direct refrigerant cooling solution has a significantly higher heat transfer coefficient, outperforming traditional liquid cooling solutions by 1-2 orders of magnitude under the same temperature and model conditions [2] - The simpler structure of the direct cooling system helps reduce costs and the number of components, which also lowers maintenance risks and costs [2] Group 4: Market Potential - The direct refrigerant cooling technology is expected to bring disruptive changes to the market, particularly in the electric vehicle sector, due to its strong advantages [2]

Group 1: Liquid Cooling Solutions - The company offers a comprehensive liquid cooling solution that includes intelligent engineering, key equipment, IoT software, and smart services, addressing the demand for liquid cooling deployment [1] - Key products include fluorine system cold plate systems, water-cooled cold plate systems, and liquid cooling containers, which have been successfully deployed in the Middle East [1] - The company emphasizes the importance of liquid cooling technology applications and market opportunities, aiming to convert orders quickly [1] Group 2: Overseas Expansion - In 2023, the company began its overseas expansion, initially following the lead of major players like Alibaba and ByteDance, and later shifting to a more proactive approach [2] - The company confirmed overseas order revenue of 47.72 million yuan in 2024, with established subsidiaries in Malaysia and coverage in Southeast Asia and the Middle East [2] - The strategy includes setting up local subsidiaries to meet the demands of expanding overseas markets [2] Group 3: Financial Performance and Strategy - The company has focused on the information data sector, resulting in a revenue increase of 42.84% to 1.145 billion yuan in 2024 and 26.44% to 318 million yuan in Q1 2025 [3] - The company ranks third in the Chinese data center air conditioning market as of 2024, reflecting the effectiveness of its focused strategy [3] - The management emphasizes a flat decision-making structure to quickly respond to key customer needs [4] Group 4: Key Clients and Future Goals - Major strategic clients include Alibaba, ByteDance, Huawei, and Tencent, with ongoing positive order conditions [5] - The company aims to enhance its professional capabilities and expand its strategic customer base and overseas markets in 2025 [5] - Key operational goals for 2025 include promoting refinancing projects, advancing R&D, and optimizing performance management systems [5]

海外液冷市场空间巨大，是国内的三倍，毛利率更高，国内厂商出海将 显著提升盈利能力和成长潜力。 自 2025 年起，ASIC 对液冷的需求将快速增长，预计 2026 年出货量将 超过 GPU，2027 年液冷需求规模将达到与 GPU 相同的水平（530- 550 亿元），加速液冷市场发展。 英维克作为液冷行业龙头，与多家国际知名企业合作，覆盖海外 CSP 及 互联网公司，以及台湾服务器代工厂商，海外市场打开后利润和市值弹 性巨大。 申菱环境在液冷竞争格局中位居第二，业绩拐点已显现，并开始海外突 破，估值相对较低。与华为、字节跳动、腾讯、阿里等大厂有深入合作， 受益于国产算力投入。 科创新元市值较小，但产品已覆盖台湾头部散热器件厂商，通过协同效 应扩大客户基础。预计 2026 年利润可达 1.8 亿元，具备较大想象空间。 申菱环境数据中心业务 2024 年收入同比增长 75%，占总收入 51%， 新签订单接近翻倍。液冷领域竞争优势在于项目经验、客户认证和运维 能力，公司具备先发优势。 申菱环境新工厂投产将显著提升产能并改善数字化管理水平，带动整体 盈利能力提升，公司业绩已达向上快速增长拐点。 Q&A 当前液冷市场 ...

Core Viewpoint - The development of AI is driving a significant increase in chip power consumption, leading to an accelerated shift from air cooling to liquid cooling solutions in data centers [5][6][10]. Group 1: Market Dynamics - The global liquid cooling market is expected to exceed 150 billion yuan, with a projected CAGR of 33.2% from 2025 to 2032, reaching approximately 211.4 billion USD (about 1517.7 billion yuan) by 2032 [3][38]. - The current liquid cooling market is primarily dominated by foreign and Taiwanese manufacturers, with a potential shift towards a more decentralized decision-making process as ODM manufacturers enter the market [3][35][36]. Group 2: Technological Advancements - The transition to liquid cooling is driven by the increasing power demands of AI chips, with NVIDIA's GB300 chip reaching a power consumption of 1400W, necessitating advanced cooling solutions [6][17]. - The liquid cooling architecture consists of a primary side (heat transfer) and a secondary side (IT equipment cooling), which are crucial for effective thermal management in high-density computing environments [11][30]. Group 3: Investment Opportunities - Investment opportunities are anticipated in the AIDC liquid cooling sector, particularly as domestic liquid cooling chains are expected to penetrate the market due to breakthroughs in domestic chip technology [2][3]. - Companies are encouraged to focus on segments benefiting from the rising capital expenditures in North America and the upgrade of GB300 liquid cooling solutions [3][40]. Group 4: Industry Trends - The demand for liquid cooling solutions is expected to grow significantly as data centers face stricter energy efficiency regulations globally, with PUE targets becoming increasingly stringent [8][9]. - The liquid cooling supply chain is currently characterized by a low concentration of market share, with no single company exceeding 15% market share, indicating a fragmented market landscape [31][34].