Summary of the Conference Call on Liquid Cooling Industry and NVIDIA's Ruby Platform Industry Overview - The liquid cooling industry is undergoing significant changes due to advancements in cooling technologies, particularly with NVIDIA's Ruby platform, which aims to innovate heat dissipation methods and reduce reliance on traditional cooling systems [1][3][11]. Key Points on NVIDIA's Ruby Platform - **Integration of Cooling Technologies**: The Ruby platform merges three small boards from the GB300 into a single large board, indicating breakthroughs in insulation or interface materials. It employs high-temperature water cooling technology (45 degrees Celsius inlet) to potentially replace traditional liquid-liquid exchange systems, eliminating the need for chillers [1][2]. - **Production Timeline**: Although NVIDIA announced early production at CES, large-scale production is not expected until November 2026. Currently, only small batch production is underway, with further adjustments anticipated over the next nine months [1][4]. - **Cooling Development Path**: NVIDIA's cooling solutions have evolved from air cooling to full liquid cooling, with a gradual transition aimed at accumulating experience. The Ruby platform does not yet utilize advanced technologies like dual-sided cold plates or microchannel technology due to developmental delays [1][6][7]. - **Performance Metrics**: The new products feature training performance of 35 and inference performance of 50, comparable to AMD's I455, but NVIDIA maintains an overall performance advantage due to ecosystem support [1][9]. Innovations and Challenges - **High-Temperature Water Cooling Impact**: This technology has led to a 6% reduction in data center energy consumption, significantly affecting the industry landscape. However, it has negatively impacted refrigerant and related equipment companies, causing stock prices to drop by approximately 20% [3][11]. - **Cooling System Simplification**: The use of 45-degree water simplifies the cooling system by eliminating the need for traditional chillers, thus reducing complexity and maintenance costs. This method is effective in non-extreme environments [14][15]. - **Future Improvements**: There is potential for further enhancements in liquid cooling methods, particularly through the adoption of microchannel technology, which could significantly improve cooling efficiency [12][24]. Market Dynamics and Competitive Landscape - **Competitive Pressures**: NVIDIA faces competition from companies like AMD, Google, Cambricon, and Huawei, necessitating a rapid release schedule despite some technologies not being fully mature [1][9]. - **Challenges in Heat Dissipation**: The complexity of heat dissipation, especially with technologies like HBM and optical modules, remains a significant challenge, as cooling technologies have not kept pace with rapid advancements in chip technology [20][21]. Conclusion - The Ruby platform represents a significant step forward in liquid cooling technology, with its innovative approaches and potential market impact. However, challenges remain in production timelines, competitive pressures, and the need for ongoing technological advancements in cooling solutions [1][3][11].

Core Viewpoint - The company is focused on providing one-stop services for thermal simulation, design, manufacturing, and testing, aiming to create customized thermal solutions and reliable thermal products [1] Group 1: Company Products and Services - The main products of the company include liquid cooling modules, liquid cooling plates, and air cooling modules, as well as self-manufactured components like heat pipes and vapor chambers [1] - These products have been applied in fields such as edge computing servers and energy storage [1] Group 2: Revenue and Market Position - The revenue from the thermal segment currently accounts for a relatively small proportion of the company's total revenue [1]

Core Viewpoint - The company focuses on providing one-stop services for thermal simulation, design, manufacturing, and testing, aiming to create customized thermal solutions and reliable thermal products [1] Group 1: Company Overview - The company’s main products include liquid cooling modules, liquid cooling plates, and air cooling modules, along with self-manufactured components such as heat pipes and vapor chambers [1] - The thermal segment's revenue currently constitutes a relatively small proportion of the company's total revenue [1] Group 2: Industry Application - The company's thermal products have been applied in edge computing servers and energy storage sectors [1]

Core Viewpoint - The company is focused on providing comprehensive thermal management solutions, including simulation, design, manufacturing, and testing services, with a current emphasis on customized thermal products [1] Group 1: Business Overview - The company offers a range of thermal products such as liquid cooling modules, liquid cooling plates, and air cooling modules, along with self-manufactured components like heat pipes and vapor chambers [1] - These thermal solutions are being applied in sectors such as edge computing servers and energy storage [1] Group 2: Revenue Insights - The revenue generated from the thermal management segment currently constitutes a relatively small proportion of the company's total revenue [1]