Company and Industry Summary Company: 维谛技术 (VIT Technology) Key Financial Performance - The company reported a Q4 2025 revenue of $2.88 billion, representing a year-over-year increase of 22.74% [1] - Net profit for Q4 2025 was $450 million, showing a significant year-over-year growth of 203.13% [1] - For the full year 2025, total revenue reached $10.23 billion, up 27.69% year-over-year, with net profit at $1.33 billion, reflecting a 168.82% increase [1] - The company has raised its revenue guidance for 2026 to a range of $13.25 billion to $13.75 billion, exceeding market expectations of $12.39 billion by 7% to 11% [1] Order Growth and Market Demand - Organic business orders for Q4 2025 increased by 252% year-over-year, leading to a backlog of $15 billion, with a book-to-bill ratio of 2.9x [2] - The demand for AI infrastructure remains strong, with no signs of peak demand, indicating a sustained growth potential in the global liquid cooling market [2] - Major cloud service providers (Amazon, Microsoft, Alphabet, Meta) are maintaining high capital expenditures, with a projected year-over-year growth rate of nearly 60% in 2025 [2] - In AI infrastructure, the value contribution of cooling systems is approximately 5%-8%, with liquid cooling solutions' penetration increasing alongside chip power consumption [2] Industry Insights - The delivery of AI infrastructure has transitioned from early framework agreements to substantial scale order fulfillment [2] - Suggested companies for further attention include 汉钟精机 (Hanzhong Precision), 冰轮环境 (Binglun Environment), 英维克 (Yingweike), 同飞股份 (Tongfei Co.), and 宏盛股份 (Hongsheng Co.) [3]