Group 1 - The company is currently in the research and development phase of a hydrocarbon-based immersion liquid cooling solution [1] - The company will actively monitor trends and opportunities in the relevant field [1]

继之前的 文章中聚焦3M氟化液退场风波，以及第二期梳理， 更多从业者关心：这 些新型冷却液到底在怎 样的系统中真正应用起来了？从实际落地来看，"浸没式液冷"无疑是当前冷却液材料创新最活跃的应用场 景之一。 点击扩展阅读 世界巨头将停产，这一化工新材料迎来入局关键期 有机硅与合成油类冷却液 路线之后， 过去几年 阿里、华为、浪潮 等均参与过相关试点，例如阿里云早在2018年前后，便在张北数据中心尝试 部署浸没式液冷方案，并联合多家系统与液体厂商进行验证。 但最终由于成本、设备通用性、生态标准不 完善等因素，项目未能进一步规模化推进。 相比之下，国外市场的探索节奏明显更快更深，以微软、Meta、谷歌为代表的算力巨头持续加码液冷基础 设施建设。继聚焦氟化液材料变局以及针对有机硅与合成油路线的深度解析之后，我们将目光投向冷却液 真正的"落地战场"——全球典型浸没式液冷项目。 在这一轮国际浸没式液冷项目中，冷却液早已不再是单纯的"配套消耗品"，而成为体现系统性能、材料工 程能力乃至环保标准的"技术核心"。在全球各大数据中心与高算力节点的液冷实践中， 氟化液、有机硅液 体、合成烃等多条材料路线 正在展开"技术竞速"。 本 ...

Summary of Conference Call Records Industry Overview - The liquid cooling industry is experiencing increased demand due to the rising need for heat dissipation in data centers, which are critical infrastructures in the information age. The installation of cooling systems is essential to manage the heat generated during data center operations [1][2]. - Immersion cooling technology is highlighted for its superior thermal performance, reliability, and energy efficiency, positioning it as a potentially widely adopted cooling solution in the future. However, it faces challenges such as lower maintainability and higher installation complexity, leading to significant deployment barriers [1][2]. Key Points on Liquid Cooling Industry - The upstream segment of the liquid cooling supply chain includes the production of cooling fluids, connectors, electromagnetic valves, tanks, and manifolds. The midstream consists of core components like cooling towers, CDU (Chilled Water Distribution Unit), and chillers, which have high technical barriers [2]. - The downstream segment comprises a vast array of demand from industries such as internet, telecommunications, and finance, which influences the final application of related technologies. Companies in the liquid cooling supply chain are expected to benefit from the development of AI Data Centers (AIDC) [2]. - Listed companies in the liquid cooling sector include Invec, Gaolan Co., and Tongfei Co. [2]. - Risks include potential underperformance in data center construction, slower-than-expected growth in power demand, significant shifts in cooling technology routes, geopolitical risks, and supply chain issues related to raw materials [2]. Company Overview - Yidian Tianxia is focusing on establishing a core ecological position in the "AI + Marketing" sector by launching a comprehensive digital marketing solution that integrates AI digital creativity, BI decision-making, and intelligent multi-cloud management [3]. - The company is dedicated to overseas marketing and is accelerating the implementation of AI technology, particularly in programmatic advertising [3]. - Yidian Tianxia has partnerships with major companies such as Google, Microsoft, Amazon, Alibaba, Huawei, Tencent, and others, utilizing API integration or private deployment to enhance capabilities in cost control, AI recommendation algorithms, and advertising tools [3]. - The company aims to expand its client base among top-tier advertisers and increase the proportion of programmatic advertising [3]. - Investment recommendations suggest an expected EPS of 0.59, 0.82, and 1.06 CNY for 2025-2027, with a target price of 32.45 CNY based on a 55x PE ratio for 2025 [3]. - Risks include potential policy impacts on overseas marketing and slower-than-expected development in AI marketing [3]. Additional Important Information - The stock performance of related companies shows positive movement, with Invec up by 2.10%, Gaolan Co. by 0.42%, Tongfei Co. by 2.75%, and Yidian Tianxia by 2.22% [4]. - Broader geopolitical and economic discussions are ongoing, including U.S.-China trade relations and agreements between the U.S. and the U.K. [4].

Core Viewpoint - Company has achieved significant recognition for its environmentally friendly new materials, particularly in the organic silicon sector, following four years of high investment in R&D [2][3] Group 1: Financial Performance - The company reported a revenue growth of 7.93% and a net profit growth of 21.42% in its latest quarterly report, indicating strong performance within the organic silicon industry [2] Group 2: New Material Development - The company focuses on developing new organic silicon products that are both environmentally friendly and economically viable, addressing the growing restrictions on fluorinated compounds (PFAS) due to their environmental persistence [3] - The company has introduced ultra-low viscosity cooling liquids and three-proof paints made from non-toxic organic silicon, which can replicate the functions of fluorinated materials [3] Group 3: Market Opportunities - The company is positioned as a provider of comprehensive solutions for immersion cooling, with products already on the market that meet safety standards for electric vehicle batteries, which will be enforced starting July 2026 [4] - The market for organic silicon immersion cooling liquids is expected to grow significantly, driven by the rapid development of the new energy industry and increasing cooling demands from data centers [5] Group 4: Regulatory Environment - Upcoming regulations in the U.S. and China are set to restrict the use of PFAS in electronic products, creating a pressing demand for alternative materials such as the company's three-proof paints [6] - The company’s three-proof paint products are designed to meet the protective needs of various electronic applications, offering advantages in moisture resistance, insulation, and heat resistance [6] Group 5: Medical Applications - The company has also ventured into the medical and personal care sectors with its silicone gel products, which can aid in scar treatment and skin adhesion [7] - Recent regulatory actions against multinational companies in the medical silicone gel market present an opportunity for domestic companies to capture market share [7]

4月3日，工信部正式发布GB38031-2025《电动汽车用动力蓄电池安全要求》，将"不起火、不爆炸"列 为强制性要求，并从2026年7月1日起实施。此前的2月17日，工信部等八部门联合印发《新型储能制造 业高质量发展行动方案》，明确提出"强化热滥用和过充电不起火、不爆炸要求，加快建立安全风险评 估体系，分级分类制定储能电池标准"，首次将"全浸没式防火"写入技术鼓励方向，要求2026年前完成 液冷储能系统安全类强制性国标制定。 去年底，润禾材料（300727）浸没式储能大容量锂电、电动自行车浸没式液冷通过国标测试验证，能做 到"不冒烟、不起火、不爆炸"。作为先行者，新规的实施将给润禾材料带来重大机遇。 润禾材料研发的浸没式液冷用的超低粘冷却液，自去年以来已批量应用于实际项目，同时，向市场推 出"三位一体"的浸没式液冷解决方案。至今，润禾材料已向市场推出至少7款超低粘冷却液，适用于数 据中心、储能、电动汽车（动力电池）、超充、基站等领域。 此外，润禾材料的产品温度适用范围在零下78度至零上200度之间，能够满足极寒和极热温度环境下的 使用要求，解决了储能电池在寒冷地区容易冻坏的问题。同时，该产品的价格只有氟化液 ...

在数字经济与"双碳"战略驱动下，有机硅材料行业正迎来新增长周期。润禾材料（300727）于4月10日 召开2024年度业绩说明会，公司董事长叶剑平携管理层团队就投资者关注的液冷技术突破、海外市场拓 展及珠海新项目建设等热点问题作出回应。 值得关注的是，润禾材料在浸没式液冷领域已实现量产，其定制化三位一体解决方案获得多家客户合作 试点，市场反馈积极。未来，公司将持续推动该系列产品的技术创新与突破，潜在研发方向有：低成 本、高性价比的储能和超充硅油产品开发；用于高频通讯的芯片和智算平台的性能优异的导冷液产品开 发。 在产能布局方面，公司现有设计产能9.8万吨，在建产能4.8万吨。未来，公司将结合产品的客户需求与 战略发展规划适时推进产能建设规划。 润禾材料副总经理、董事会秘书徐小骏透露，公司推出的三位一体的浸没式解决方案，经过技术适配与 场景验证，系列产品在运动粘度、散热效率、性能稳定性、系统绝缘、燃点、闪点以及低温条件下的兼 容性方面具有优异性能，可应用在储能、数据中心等场景。目前与多家客户建立合作试点，客户对需求 的反馈及定制化开发进展良好。 润禾材料网站有机硅新材料栏目下有篇文章"数据中心功率大幅提升的秘密 ...