Core Viewpoint - The semiconductor industry is transitioning towards the "beyond Moore" era, driven by the increasing demand for efficient thermal management technologies in emerging fields such as 5G, AI, HPC, and data centers [2] Group 1: Conference Overview - The 2025 Advanced Packaging and Thermal Management Conference will focus on high-performance thermal management challenges, featuring three main forums: Advanced Packaging and Heterogeneous Integration Forum, High-Performance Thermal Management Innovation Forum, and Liquid Cooling Technology and Market Application Forum [3][4] - The conference aims to build a platform for industry-academia-research collaboration, promoting technological integration and providing innovative momentum for the semiconductor supply chain [3] Group 2: Conference Details - The conference is organized by Flink Qiming Chain and supported by the National Third Generation Semiconductor Technology Innovation Center (Suzhou) [4] - Scheduled for September 25-26, 2025, in Suzhou, Jiangsu, the conference expects around 500 participants [3] Group 3: Confirmed Speakers - Notable speakers include Professor Liang Jianbo from the National Third Generation Semiconductor Technology Innovation Center, who will discuss high thermal conductivity interface and packaging technology [7] - Other speakers represent various institutions, including the Chinese Academy of Sciences and universities, covering topics such as photothermal polyimide materials and advanced packaging applications [8][9] Group 4: Forum Topics - The forums will address key topics such as advanced packaging technology routes, cost optimization, and challenges in 2.5D/3D integration [17] - The High-Performance Thermal Management Forum will explore thermal interface materials, high-performance chip thermal management solutions, and the impact of Chiplet technology on thermal management [20][21] Group 5: Liquid Cooling Technology - The Liquid Cooling Technology Forum will discuss innovations and challenges in liquid cooling, including the standardization of cooling fluids and the application of immersion cooling in high-power density scenarios [23][24] - Topics will also cover the lifecycle cost analysis of liquid cooling systems and their integration in data centers and electric vehicles [25]

Core Insights - The company is actively expanding its thermal management technology into emerging applications, particularly in the server liquid cooling sector and data centers [2] - The company has established close partnerships with Delta Electronics and Inspur, which are key providers of liquid cooling solutions for NVIDIA AI servers [2] Group 1 - The company is extending its thermal management technology applications from automotive to various high-tech fields, including server liquid cooling, data center liquid cooling, artificial intelligence, charging pile liquid cooling, robotics liquid cooling, 5G base stations and communication equipment, hydrogen energy liquid cooling, wind and solar energy storage liquid cooling, electrical equipment, modern agricultural machinery, large machinery industrial liquid cooling, and low-altitude economy [2] - The company has entered a stage of gradual mass supply for these applications [2]

Industry Overview - The liquid cooling server sector is gaining significant market attention, with 32 listed companies in the A-share market focusing on this concept [1] - As of August 4, the liquid cooling concept index has increased by 12.02% over the past 20 trading days [1] - IDC forecasts that the Chinese liquid cooling server market will reach a size of $3.39 billion in 2025, representing a 42.6% growth compared to 2024 [1] - The compound annual growth rate (CAGR) for the Chinese liquid cooling server market is expected to be around 48% from 2025 to 2029, with a projected market size of approximately $16.2 billion by 2028 [1] Company Performance - Shenzhen Feirongda Technology Co., Ltd. anticipates a net profit of between 155 million to 170 million yuan for the first half of 2025, reflecting a year-on-year growth of 103.95% to 123.69% [2] - Shanghai Jialeng Songzhi Automotive Air Conditioning Co., Ltd. expects a net profit of 140 million to 170 million yuan for the first half of 2025, indicating a year-on-year increase of 53.58% to 86.49% [2] - Zhongshi Technology forecasts a net profit of 116 million to 129 million yuan for the first half of 2025, with a year-on-year growth of 85.01% to 105.75% [3] - The demand for cooling materials from major clients and the rapid iteration of new products in emerging sectors like AI and digital infrastructure are driving revenue growth for Zhongshi Technology [3] Market Trends - The integration of liquid cooling technology with AI, cloud computing, and other fields is expected to expand its application in high-performance and edge computing [1] - Innovations such as immersion cooling and intelligent temperature control systems are anticipated to further enhance the growth potential of liquid cooling servers [1] - The strong demand for green transformation in data centers is positioning liquid cooling servers as an efficient and energy-saving solution, indicating a broad market development outlook [1]

Core Viewpoint - The rapid advancement of electronic technology is driving the demand for efficient thermal management materials and innovative solutions across various sectors, including consumer electronics, 5G, AI, and more, to ensure product efficiency, reliability, safety, and durability [1]. Group 1: Conference Information - The 6th Thermal Management Industry Conference and Exposition (iTherM 2025) will be held from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, focusing on the theme of "Fusion and Innovation" [2]. - The conference aims to provide a one-stop, high-efficiency value service platform for the thermal management industry, leveraging advancements in electronic information, new materials, and green technologies [2][3]. - The event is expected to attract over 2000 participants and 350 exhibitors, covering an exhibition area of 20,000 square meters [2]. Group 2: Focus Areas - iTherM 2025 will emphasize intellectual property, entrepreneurial projects, and innovative technologies that can transition from the lab to the market, promoting collaboration among government, industry, academia, and research institutions [3]. - The conference will feature over 20 activities, including keynote speeches, roundtable discussions, and case studies, aimed at fostering professional communication and collaboration in the thermal management field [2]. Group 3: Agenda Highlights - The conference will address current challenges and future opportunities in the thermal management industry, clarifying market dynamics and technological trends to support high-quality industrial development [5]. - Key topics will include thermal science, functional materials, technology applications, and engineering solutions, with specialized sessions on areas such as liquid cooling technology, power device thermal management, and data center thermal management [5][12].

Core Viewpoint - The 6th Thermal Management Industry Conference & Expo (iTherM2025) aims to create a one-stop value matching platform for the thermal management industry, facilitating communication, cooperation, and win-win development among various organizations in the sector [1][5][6]. Group 1: Event Overview - The event will take place from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center [1][7]. - The expo will cover an exhibition area of 20,000 m² and is expected to attract over 30,000 industry visitors and more than 1,000 exhibitors [8]. Group 2: Industry Trends - The continuous miniaturization, high performance, integration, and multifunctionality of electronic devices, chips, and equipment are leading to a sharp increase in power density and heat generation [3][4]. - The demand for innovative thermal management solutions is driven by applications in consumer electronics, power electronics, artificial intelligence, 5G, data centers, IoT, power batteries, electric vehicles, energy storage, new energy, and green buildings [3][4]. Group 3: Expo Activities - The expo will feature innovative materials, instruments, equipment, design and simulation, solutions, patent technologies, and application scenarios [5][6]. - Various activities such as theme forums, roundtable discussions, workshops, innovation project displays, new product releases, and demand matching will be organized to enhance industry collaboration [5][6]. Group 4: Participation Benefits - Participants will have the opportunity to integrate industry chain resources and establish effective business connections with over 70% of professional visitors [8]. - The event will provide insights into future development trends and create excellent opportunities for business and technology sharing [8]. Group 5: Targeted Promotion - The event will utilize multi-dimensional targeted promotion strategies, including pre-exhibition and on-site reporting, to invite key clients and visitors [18]. - The aim is to amplify the driving effect of the expo and enhance the visibility of participating enterprises [18]. Group 6: Exhibition Layout - The exhibition will include various thematic areas such as consumer electronics thermal management, data center server thermal management, new energy thermal management, and energy storage thermal management [19][27][29][31]. - Each area will showcase relevant materials, technologies, and innovative achievements, providing a comprehensive overview of the thermal management landscape [19][27][29][31].

Core Viewpoint - The company has been developing heat management business in data centers and server fields since 2021, with a focus on various products that are already being supplied to leading clients for mass production [1] Group 1: Business Development - The company has expanded its product offerings to include GPU chip cold plate modules, server cooling distribution units (CDU), data center cooling towers, precision air conditioning, and prefabricated immersion integrated liquid cooling units [1] - Some product categories have already achieved mass production for top-tier clients, indicating a successful entry into the market [1] Group 2: Growth Expectations - The digital energy business is expected to maintain a high growth rate overall, reflecting positive market trends and demand in the sector [1]

Summary of the Conference Call for Yinlun Holdings Company Overview - Yinlun Holdings is a long-established automotive thermal management manufacturer, having entered the field in 1980. The company’s business spans commercial vehicles, passenger vehicles, new energy vehicles, engineering machinery, and digital and energy thermal management. Recently, it has expanded into key components and thermal management for humanoid robots, aligning with industry trends [6][9]. Industry Insights - The humanoid robot sector has recently shown signs of recovery, primarily driven by the rapid advancement of third-generation products overseas, which are approaching human-level performance. Domestic manufacturers are actively supporting these developments, leading to increased market attention [2][4]. - Key catalysts in the humanoid robot supply chain include significant order acquisitions by domestic manufacturers like Yushu and Zhiyuan, which accelerate industrialization. Despite rumors of order cuts in Q2, the third-generation products continue to progress quickly [4]. Investment Recommendations - Caitong Securities recommends Yinlun Holdings and Mishi as investment targets due to their stable core businesses, reasonable valuations, and positive developments in the humanoid robot sector. Yinlun Holdings is noted for its potential for stock price appreciation at current levels [5]. Financial Performance and Projections - Revenue projections for Yinlun Holdings from 2025 to 2027 are estimated at 15.5 billion, 18.7 billion, and 22 billion respectively, with net profits of 1.07 billion, 1.34 billion, and 1.65 billion. The corresponding price-to-earnings (PE) ratios are 21.9, 17.6, and 14.3, indicating a high cost-performance ratio given the company's stable operations and rapid growth in core businesses [3][10]. Growth in New Energy Vehicle Sector - The demand for thermal management in new energy vehicles has significantly increased the per-vehicle value, rising from over 2,000 to over 6,000, effectively doubling the value. This has allowed Yinlun Holdings to expand its customer base to major overseas clients, enhancing overall value and profitability [7]. Digital and Energy Market Opportunities - The digital and energy markets present vast growth opportunities for Yinlun Holdings, particularly with the rapid growth in demand for liquid cooling solutions for data center servers. The company has also ventured into energy storage and other related businesses, which have provided substantial revenue and profit growth since 2021 [8]. Specific Developments in Humanoid Robotics - In the humanoid robotics field, Yinlun Holdings focuses on key components and thermal management, achieving rapid progress. The collaboration with overseas clients to advance the Optimus third-generation product is expected to enhance the overall attention and valuation of the robotics sector [9].

Investment Rating - The report assigns a "Buy" rating for the company [6]. Core Insights - The company is positioned to enter a high growth cycle driven by its dual focus on polymer materials and thermal management systems, particularly in the booming sectors of new energy vehicles and data centers [1][4]. - The company has experienced a compound annual growth rate (CAGR) of 14.05% in revenue from 2017 to 2023, with a significant revenue increase of 72% year-over-year in 2024, primarily due to the rapid expansion in the new energy battery sector [1][29]. - The company is expected to achieve substantial revenue growth, with projections of 1.45 billion, 2.42 billion, and 3.37 billion yuan in revenue for 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 51.3%, 67.0%, and 39.2% [4][12]. Summary by Sections 1. Thermal Management System Business - The company has established a dual business model focusing on polymer materials and thermal management, serving major clients such as Huawei and CATL [18][19]. - In 2024, the company plans to invest 90 million yuan in a new project for large-area cooling liquid plates for new energy vehicles to meet the production demands of major clients [3]. 2. AI Liquid Cooling - The demand for AI-driven data centers is expected to surge, with the company aiming to penetrate the supply chain of leading server manufacturers by establishing a subsidiary focused on data center cooling solutions [2][40]. - The company plans to acquire a 51% stake in Dongguan Zhaoke, a thermal interface materials company, to enhance its product offerings and market reach [2][24]. 3. Vehicle Cooling Plates - The company is set to benefit from the increasing production of CATL's Kirin and Shenxing batteries, which will enhance the value of its liquid cooling plates used in electric vehicles [3][75]. - The new energy business is projected to generate significant revenue, with a forecasted increase of 361.36% year-over-year in 2024 [35]. 4. Profit Forecast and Valuation - The company is expected to enter a rapid growth phase driven by its new energy battery and data center thermal management businesses, with a projected net profit of 0.92 billion, 1.57 billion, and 2.19 billion yuan for 2025, 2026, and 2027 respectively [4][12]. - The report anticipates a significant improvement in profitability, with net profit growth rates of 430.5%, 70.8%, and 39.6% for the same years [4].

Core Viewpoint - Zhejiang Yinlun Machinery Co., Ltd. (Yinlun) is establishing a joint venture, Suzhou Yizhi Intelligent Drive Technology Co., Ltd. (Yizhi), with several partners to enhance its presence in the embodied intelligent robotics sector, leveraging the technological strengths and market resources of its collaborators [1][2]. Group 1: Joint Venture Details - Yinlun, along with Suzhou Weichuang Electric Technology Co., Ltd. (Weichuang), Shenzhen Keda Li Industrial Co., Ltd. (Keda Li), Shanghai Kepler Robotics Co., Ltd. (Kepler), and Shenzhen Weili Growth Enterprise Management Consulting Partnership (Limited Partnership) (Weili Growth), signed an agreement to jointly invest in Yizhi [1]. - The investment structure includes Weichuang contributing 40%, Keda Li 30%, and Yinlun 20%, while Weili Growth and Kepler contribute 7% and 3%, respectively [1]. Group 2: Strategic Implications - The establishment of the joint venture is seen as a strategic extension for Yinlun from the thermal management sector to the high-value intelligent equipment field, integrating key resources such as thermal management, drive control, and lithium batteries [2]. - The move is expected to facilitate the transition of embodied intelligence from laboratory stages to large-scale applications, enhancing the overall competitiveness of the involved companies [2]. Group 3: Industry Growth and Company Strategy - The embodied intelligent robotics sector is experiencing rapid growth, prompting Yinlun to position computing power and artificial intelligence as a new growth curve, alongside the establishment of an AI digital products department [3]. - Yinlun has outlined a "1+4+N" development strategy for breakthroughs in this emerging field and has already secured 10 patents in the sector by the end of 2024, indicating significant progress in key component development and market expansion [3]. - Although the current business in embodied intelligent robotics has not yet contributed significantly to revenue, there are optimistic growth expectations for the future [3].

Group 1 - The core point of the article is that Yinlun Co., Ltd. plans to establish a joint venture named Suzhou Yizhi Intelligent Drive Technology Co., Ltd. with several partners, focusing on the research and manufacturing of core components for intelligent robots [2] - The registered capital of the joint venture is set at 50 million RMB, with Yinlun investing 10 million RMB, holding a 20% stake [2] - The establishment of the joint venture is subject to administrative approval processes, indicating potential technical research and market risks [2] Group 2 - Yinlun Co., Ltd. was founded on March 10, 1999, with a registered capital of approximately 7.92 billion RMB, and is primarily engaged in the research, production, and sales of heat exchangers and related products [2] - The company has 67 affiliated companies, including YINLUN HOLDINGS LIMITED and Zhejiang Yinlun New Energy Heat Management System Co., Ltd. [3] - The company's projected revenue for 2022 to 2024 is 8.48 billion RMB, 11.02 billion RMB, and 12.70 billion RMB, reflecting year-on-year growth rates of 8.48%, 29.93%, and 15.28% respectively [3] - The net profit attributable to the parent company for the same period is expected to be 383 million RMB, 612 million RMB, and 784 million RMB, with year-on-year growth rates of 73.92%, 59.71%, and 28.00% respectively [3] - The company's asset-liability ratios for 2022 to 2024 are 61.31%, 62.30%, and 61.49% [3]