Summary of Invek's Conference Call Company Overview - Invek's revenue primarily comes from two main product lines: temperature control energy-saving products (approximately 50%) and energy storage business (approximately 40%), with 90% of the latter being energy storage-related income [2][3] - The electronic cooling business (including liquid cooling plates and air cooling components) is expected to become a new growth point for the company [2] Financial Performance - The latest interim report shows that data center revenue grew by over 50%, while energy storage business revenue reached 800 million yuan, a year-on-year increase of approximately 35% [2][4] - Despite a significant apparent decline in gross margin due to accounting standard adjustments, the actual impact on profit was negligible. After excluding these adjustments, the overall gross margin decreased by 2.3 percentage points [5] - Liquid cooling revenue reached 200 million yuan, with a year-on-year growth of over 200%, primarily driven by the expansion of electronic cooling [5] Strategic Advantages - Invek's strategic advantages include a management team focused on profitability, a stable workforce, and a combination of Huawei's innovative spirit and Emerson's quality operational advantages. The company avoids price wars and emphasizes quality and operations [6] - The management team has a strong R&D background, which enhances the company's capabilities in technological innovation and strategic planning [9] Future Development Focus - The future focus for Invek will be on the development of the electronic cooling business, which includes liquid cooling plates and cooling modules for base stations and mining machines. This segment is expected to become a significant third growth curve [7][8] - Inventory and contract liabilities increased at the end of Q2 compared to Q1, providing revenue assurance for Q3 [7] Innovation and R&D - Invek employs a platform-based R&D model that enhances overall efficiency and optimizes product design. This model integrates various development steps to achieve high collaboration and efficiency [10] - The company has demonstrated strong innovation capabilities, particularly in the data center sector, where it has maintained positive growth despite industry pressures [11][12] Liquid Cooling Technology - Invek offers a comprehensive solution in the liquid cooling field, covering both the data center side and server-side cooling, allowing the company to capture 100% of the value chain [13] - The company has established strong partnerships in both domestic and international markets, positioning itself as a leading player in the liquid cooling sector [14] Conclusion - Invek is recognized as a high-quality growth company in the liquid cooling market, with a strong foundation in both domestic and international markets, and a comprehensive capability to provide complete solutions [14]