Core Viewpoint - The company has been actively engaging with customers regarding liquid cooling testing equipment, indicating a growing demand in the market for such solutions [2]. Group 1: Company Developments - The company confirmed that it began forming orders and shipping liquid cooling testing equipment two years ago [2]. - The company is currently addressing the needs of various customers in the liquid cooling server testing field, not limited to a specific client [2]. Group 2: Market Opportunities - There is an increasing interest from multiple customers in adopting liquid cooling and testing solutions, suggesting a potential expansion in market demand [2].

Group 1: Research Basic Information - The research object is Bojie Co., Ltd., belonging to the special equipment industry, with a reception time of October 14, 2025, and the listed company's reception staff is the board secretary Huang Can [16] Group 2: Detailed Research Institutions - The research institutions include Fangzheng Huisheng (investment company, representative: Han Zhenguo), Yuanju Capital (others, representative: Yang Yan), Qianyi Capital (others, representative: Sun Linqi), Yangxiang Investment (others, representative: Dai Xi), Cinda Securities (securities company, representative: Wang Rui), E Fund (fund management company, representative: Yao Huanchen), Grain Investment (others, representative: Guo Yuanrao), Saisuo Investment (others, representative: Huang Qixu), Roadshow Era (others, representatives: Wang Jizhuo, Lin Qian), Hongrui Zhiying (others, representative: Zhang Xianfu) [17] Group 3: Main Content - The company led investors to visit the production line and then returned to the meeting room for communication [22] - In the liquid - cooled server testing field, besides N customer's demand, other customers also want to introduce liquid - cooling and testing solutions, and the company will actively expand the market. The current target is to provide thermal management solutions for customers' high - power products [23] - Liquid - cooled components are the company's future development direction and are still in progress. The self - developed liquid - cooled module products are used in the company's testing equipment. The company cooperates with the industrial chain and universities to research and develop materials needed for liquid - cooling solutions but does not produce the materials itself [23][24] - The company focuses on water - cooling heads, quick connectors, etc. in the liquid - cooling field. It will design, develop, and integrate industrial chain resources based on its competitive advantages and customer needs to achieve the launch and mass production of component products [25] - The core advantage of the company's transformation from the testing field to component supply is its high - quality customer resources. Through in - depth cooperation with customers in the testing field, it can accurately capture customer pain points and provide solutions [25] - The big data and cloud server testing field accounts for about 25% of the company's revenue [26] - Based on the needs of N customer and other customers, the orders for AI server - related testing equipment are expected to be optimistic this year. The orders for automotive electronics are growing rapidly and have been delivered. The orders in the 3C field are relatively stable. The orders for MLCC field equipment are growing rapidly as the MLCC industry has recovered since last year. The revenue of dicing machines in the semiconductor field is growing rapidly but with a small overall proportion [27]

Group 1: Business Overview - The company is actively expanding its liquid cooling solutions in response to market demand, targeting high-power products for clients [2] - Liquid cooling components are a future development direction for the company, with ongoing advancements in self-developed liquid cooling modules [2] - The company collaborates with the industry chain and universities for material research and development to enhance product delivery [2] Group 2: Market Position and Client Engagement - The company leverages its strong client relationships in the testing field to identify and address customer needs effectively [3] - The server testing sector contributes approximately 25% to the company's overall revenue [3] Group 3: Order Forecast and Business Segments - Orders for AI server testing equipment are expected to be optimistic due to demand from key clients [3] - The automotive electronics segment is experiencing rapid order growth, with existing orders already in the delivery phase [3] - The MLCC industry has seen a resurgence since last year, leading to a significant increase in equipment orders [3] - The semiconductor sector is also witnessing growth in revenue, although its overall contribution remains small [3]