格隆汇12月12日丨集泰股份(002909.SZ)在投资者互动平台表示，基随着AI算力需求激增以及双碳背景 下数据中心PUE指标的严格限制，浸没式液冷技术正成为行业发展趋势。相较于传统冷却液，电子级硅 油具备优异的绝缘性、耐热性和环保性，特别是在全球对全氟及多氟烷基物质（PFAS）限制日益严格 的背景下,"以硅代氟"为液冷硅油提供了广阔的市场替代空间。公司的液冷硅油目前仍处于验证阶段， 尚未进行规模化生产与市场投放，公司现有的生产产线具备较高的柔性化生产能力。公司将持续关注行 业技术趋势与客户验证反馈，稳步推进研发成果的转化进程。 ...

Core Viewpoint - Satellite Chemical (002648) reported a resilient performance in Q3 2025, achieving a revenue of 34.771 billion yuan, a year-on-year increase of 7.73%, despite facing challenges such as declining chemical prices and maintenance of polyethylene units [1][2] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 3.755 billion yuan, up 1.69% year-on-year, and a net profit of 4.238 billion yuan after deducting non-recurring items, reflecting a growth of 3.65% [1] - The company's operating cash flow for the first three quarters reached 6.621 billion yuan, an increase of 16.28% year-on-year, indicating strong cash collection capabilities [4] - The company reduced its long-term and short-term borrowings by 33% and 66.58% respectively by the end of September 2025, leading to a decrease in financial expenses by 20.68% year-on-year [4] Group 2: Industry Context - The chemical industry is currently under pressure from high costs and weak demand, with the revenue of the chemical raw materials and products manufacturing sector growing only 0.9% year-on-year in the first eight months of 2025 [2] - Despite these challenges, Satellite Chemical's revenue growth outpaced the industry average, showcasing its operational efficiency and resilience [2] Group 3: Operational Efficiency - The company has established a closed-loop system from upstream raw material control to downstream channel extension, allowing it to maintain industry-leading profitability even amid external pressures [2] - Routine maintenance conducted at the end of Q3 did not impact the company's annual production targets or overall performance for 2025 [3] Group 4: Innovation and Development - In line with its vision to become a world-class chemical new materials technology company, Satellite Chemical invested 1.244 billion yuan in R&D in the first three quarters, continuing its trend of high R&D expenditure [5] - The company is focusing on high-end materials and core technology breakthroughs, aiming to enhance its competitive edge and drive future growth [5] - The company is also developing a hydrocarbon-based immersion cooling liquid for green data centers, indicating its commitment to sustainable development [6] Group 5: Market Expansion - The company is capitalizing on the upgrading of maternal and infant consumption, with several products aimed at the infant industry chain, and plans to expand its product offerings in 2025 [6][7] - As a leading supplier of superabsorbent polymers (SAP), the company signed contracts for a 300,000-ton SAP project this year, further solidifying its industry position [7]

Summary of the Conference Call on Immersion Liquid Cooling Technology by TIER Technology Industry Overview - The conference focuses on the immersion liquid cooling technology industry, specifically TIER Technology, which specializes in integrated intelligent computing center solutions, including chip design, server manufacturing, cabinets, and cooling liquids [1][2]. Key Points and Arguments Immersion Liquid Cooling Technology - TIER Technology has developed a unique immersion liquid cooling solution that addresses the high power consumption and heat dissipation needs in the artificial intelligence sector, achieving more efficient and uniform heat dissipation while reducing overall energy consumption and carbon emissions [1][5]. - The technology utilizes a synthetic oil-based material that is non-toxic and environmentally friendly, with a power efficiency ratio (POE) below 1.1, which is lower than existing solutions [1][14]. Market Position and Growth - TIER Technology has established the first commercial immersion liquid cooling intelligent computing center in China, located in Gansu Qinyang, which demonstrates the practical application of their technology [2]. - The company reported a revenue of 125.7 million RMB and a net profit of 10 million RMB in 2024, with a projected compound annual growth rate (CAGR) of 100% from 2025 to 2027, targeting the AI scene and expanding into liquid cooling charging stations and energy storage scenarios [1][32][33]. Competitive Advantages - TIER Technology's immersion cooling solution is cost-competitive with traditional air cooling systems, offering flexibility for retrofitting existing data centers and reducing total cost of ownership (TCO) by approximately 30% while decreasing CO2 emissions by over 40% [4][23]. - The company holds over 30 patents, including 8 invention patents, and collaborates with Tianjin University of Commerce for R&D, ensuring technological leadership and clear intellectual property rights [4][20]. Challenges in the Data Center Industry - Current data centers face challenges such as increasing data processing demands, high power consumption, and energy consumption pressures. Traditional air cooling technologies are inadequate for modern high-density computing tasks, necessitating innovative solutions like TIER's immersion cooling technology [7][8]. Future Developments and Market Strategy - TIER Technology plans to focus on the reasoning-level market, which is seen as more valuable than the training-level market due to its stability and growth potential. The company aims to expand its presence in key urban areas with high internet infrastructure and population density [29][49]. - The company is also adapting its solutions for domestic chip manufacturers and exploring international markets, particularly with NVIDIA RTX series products [26][27]. Additional Important Information - TIER Technology's management team has extensive experience in the industry, with backgrounds in IT project management and thermal control, which enhances the company's operational efficiency and market competitiveness [19]. - The company has established partnerships with major firms like Inspur and Alibaba, focusing on ODM cooperation rather than competition, which allows for broader market penetration [24][47]. - TIER Technology's solutions are designed to be environmentally friendly, with a focus on reducing carbon footprints and energy costs, aligning with global sustainability trends [1][5][21]. This summary encapsulates the key insights from the conference call, highlighting TIER Technology's innovative approach to immersion liquid cooling, its market positioning, competitive advantages, and future growth strategies.

Core Viewpoint - The collaboration between Bohui Co., Ltd. and Fast Cool aims to develop efficient and cost-effective immersion liquid cooling solutions for various applications, including computing power and energy storage [1] Group 1: Company Collaboration - The chairman of Fast Cool, Chen Jinde, and his core team recently engaged in discussions with Bohui Co., Ltd. to explore potential synergies [1] - Both companies plan to leverage their respective strengths and resources for joint research and development, technology cooperation, and market expansion [1] Group 2: Technology Development - The focus of the discussions was on creating safe, stable, and high-efficiency immersion liquid cooling solutions [1] - The collaboration aims to promote the widespread application of immersion liquid cooling technology in sectors such as computing power and energy storage [1]