Core Insights - The article emphasizes the growing importance of thermal management as a "hidden core" in cross-industry collaborative innovation, driven by advancements in new energy, semiconductors, data centers, automotive, and low-carbon economies [2] - The iTherM 2025 conference aims to create a comprehensive platform for the thermal management industry, integrating exhibition, forums, results release, and resource matching to foster collaborative development [3] Group 1: Event Overview - iTherM 2025 is set to take place in Shenzhen, featuring an exhibition area of 20,000 square meters and attracting over 350 core enterprises from the thermal management industry [4] - The previous conference attracted over 10,000 professional visitors and 1,500 attendees, highlighting its significance as a leading event in the thermal management sector [4] Group 2: Participation and Networking - The event will gather over 300 top enterprises, including international representatives like Honeywell, 3M, and NVIDIA, as well as domestic leaders such as BYD and Huawei, showcasing the latest products and technologies [7] - iTherM 2025 is expected to connect with over 1,000 targeted buyers from major companies, facilitating efficient supply-demand matching through VIP buyer channels [9] Group 3: Expert Engagement - The conference will feature over 100 expert reports from industry leaders and researchers, focusing on key topics such as thermal science and battery cooling, providing strategic insights and technology trend analyses [11] - A series of specialized forums will be held, allowing participants to share cutting-edge research and innovative applications across various sectors [13] Group 4: Exhibition Structure - The exhibition will be organized into six thematic areas, covering the entire thermal management process from materials to systems, with a focus on practical applications [14] - A dedicated area for innovative achievements will showcase the latest research breakthroughs from academic institutions, promoting the transition from research to industry applications [23] Group 5: Investment and Collaboration - iTherM 2025 will emphasize investment and entrepreneurial project matching, inviting industry capital and startups to engage in discussions, particularly in areas like innovative materials and data center systems [25] - The event aims to create a positive cycle of technological breakthroughs, industrial implementation, and capital empowerment within the thermal management industry [25] Group 6: Future Outlook - The conference is positioned as a key platform for driving technological innovation and industrial upgrades in the thermal management sector, with a focus on multi-scenario applications and comprehensive industry engagement [27]

Summary of Gaolan Co., Ltd. Conference Call Company Overview - **Company**: Gaolan Co., Ltd. (高澜股份) - **Industry**: Thermal management and cooling solutions, particularly in high voltage and data center applications - **Market Position**: Leading player in ultra-high voltage pure water cooling with approximately 70% market share [8][20] Key Points and Arguments Business Performance - **Order Growth**: Orders increased from less than 600 million CNY on June 30, 2024, to nearly 1.139 billion CNY by June 30, 2025, representing a doubling in growth [9][22] - **Revenue Forecast**: Expected revenue from data center business to exceed 300 million CNY in 2024, a 50% year-on-year increase [3][10] - **Main Business Recovery**: The main business has shown signs of stabilization and recovery, with a positive outlook for 2026 due to a strong order backlog [5][11] Industry Dynamics - **Market Trends**: The upgrade from GB200 to GB300 standards is anticipated to significantly enhance liquid cooling penetration and improve pricing and volume [2][6] - **Electricity Demand**: Continuous growth in domestic electricity demand, with significant investments planned by State Grid and Southern Grid, expected to benefit Gaolan [5][19] - **Data Center Growth**: The data center liquid cooling segment is essential for temperature control, expected to grow alongside the rapid expansion of data centers and AI servers [10][24] Technological and Competitive Advantages - **Technical Expertise**: Gaolan has over 20 years of experience in thermal management, with advanced technology recognized both domestically and internationally [8][13] - **Product Range**: The company offers high-power electronic thermal management products and high-power density device thermal management products, catering to various sectors including data centers and energy storage [14][27] - **Patents and Standards**: Involvement in drafting numerous national and industry standards, holding over 300 patents, which strengthens its competitive position [13] International Expansion - **Overseas Market Entry**: Established a wholly-owned subsidiary in the U.S. to prepare for future overseas opportunities, although significant breakthroughs are still pending [7][20] - **International Orders**: Secured a 500 million CNY order in Saudi Arabia, with potential for further contracts in emerging markets [20] Future Outlook - **Growth Potential**: The company is positioned as a key player in AI computing, with potential for significant growth in the high-speed data center market [11][29] - **Investment Recommendation**: Analysts recommend focusing on Gaolan due to its recovery in main business and potential for growth, suggesting it is a good time for investors to pay attention [30] Additional Important Information - **Client Base**: Gaolan's clients include major players like State Grid, Southern Grid, CATL, ByteDance, Alibaba, and Tencent, indicating a strong market presence [9][10] - **Financial Performance**: Despite a revenue decline in 2023 due to the divestment of a subsidiary, a recovery is expected in 2025 with a projected profit turnaround [17][30] - **Liquid Cooling Technology**: The company is involved in various liquid cooling technologies, including cold plate and immersion cooling, with a focus on meeting the increasing demands of data centers [26][24]

Core Insights - The article emphasizes the growing importance of thermal management as a "hidden core" in various industries such as new energy, semiconductors, data centers, automotive, and low-carbon economy, driven by the need for cross-industry collaboration and innovation [2] - The iTherM 2025 conference aims to create a comprehensive platform for the thermal management industry, integrating exhibition, forums, resource matching, and achievement releases to foster collaborative development [3] Group 1: Event Overview - The iTherM 2025 conference is set to take place in Shenzhen, featuring an exhibition area of 20,000 square meters and attracting over 350 core enterprises from the thermal management industry [4] - The previous conference attracted more than 10,000 professional visitors and 1,500 guests, highlighting its significance as a leading event in the thermal management sector [4] Group 2: Participation and Networking - The event will gather over 300 top enterprises, including international representatives like Honeywell, 3M, and NVIDIA, as well as domestic leaders such as BYD and Huawei, showcasing the latest products and technologies [7] - iTherM 2025 is expected to connect with over 1,000 targeted buyers from major companies like Xiaomi, OPPO, and Alibaba, facilitating efficient supply-demand matching through VIP buyer channels [9] Group 3: Knowledge Sharing and Innovation - The conference will feature over 100 expert reports focusing on key topics such as thermal science, battery cooling, and liquid cooling systems, providing strategic insights and technology trend analyses [11] - More than 20 specialized forums will be held, allowing participants to share cutting-edge research and innovative applications, fostering deep integration between academic research and industrial practice [13] Group 4: Exhibition and Product Showcase - The exhibition will be structured into six thematic areas, covering the entire thermal management process from materials to systems, with a focus on practical applications in various sectors [14] - iTherM 2025 will also include a comprehensive product display platform, showcasing a complete ecosystem from thermal interface materials to system applications, allowing attendees to experience the latest trends and business opportunities [19] Group 5: Industry Collaboration and Investment - The event will facilitate industry-academia collaboration by showcasing innovative research and engineering advancements from universities and research institutions, promoting the transition from research to industrial application [23] - iTherM 2025 will focus on investment and entrepreneurship, connecting startups with capital and providing investors with access to cutting-edge projects in thermal management [25] Group 6: Conclusion and Future Outlook - The iTherM 2025 conference aims to drive technological innovation and industrial upgrades in the thermal management sector, creating a new blueprint for industry development [27]

Core Viewpoint - Zhongchuang Zhiling (601717) shares rose over 7%, reaching a historic high of 25.86 HKD, with a trading volume of 242 million HKD, following the announcement of strategic investments in technology and funds [1] Group 1: Company Developments - Zhongchuang Zhiling plans to invest 270 million RMB to establish a new company focused on thermal management technology, integrating internal resources to develop industry-leading solutions [1] - The establishment of the thermal management technology company is part of Zhongchuang Zhiling's strategic shift towards smart and electric solutions, following recent innovations in industrial intelligence and smart mining technologies [1] Group 2: Investment Activities - The company intends to invest 202 million RMB as a limited partner in the Henan Hongkai Equity Investment Fund, which has a total subscription amount of approximately 805 million RMB [1] - The Hongkai Fund aims to invest in Super Fusion Digital Technology through equity acquisitions, targeting sectors such as cloud computing and IT infrastructure [1]

Investment Rating - The electronic industry is rated as "Outperform the Market" [1] Core Insights - The semiconductor equipment sector leads the electronic industry with a weekly index increase of 2.96%, outperforming the CSI 300 index, which decreased by 0.44% [2] - NVIDIA is pushing suppliers to accelerate the development of MLCP liquid cooling technology due to the high power consumption of its new AI platforms, which is expected to exceed 2000W [5][6] - High-performance chips and AI servers are driving continuous iterations in liquid cooling technology, with NVIDIA's AI chips showing significant power increases from 400W to 1400W [6][10] - MLCP (Microchannel Liquid Cooling Plate) is identified as a key upgrade direction for liquid cooling technology, supporting higher TDP and lower thermal resistance compared to traditional cooling methods [19][21] Summary by Sections 1. Industry Performance - The SW electronic industry index increased by 2.96%, ranking 3rd among 31 sectors, while the top five sectors included coal (+3.51%) and electric equipment (+3.07%) [2][36] - The top three sub-sectors in the electronic industry were semiconductor equipment (+9.98%), optical components (+9.08%), and integrated circuit manufacturing (+5.63%) [40] 2. Liquid Cooling Technology - NVIDIA's new AI platforms require advanced liquid cooling solutions, leading to a demand for MLCP technology, which is 3 to 5 times more expensive than existing solutions [5][6] - Liquid cooling is more efficient than traditional air cooling, especially when cabinet density exceeds 20kW, significantly improving performance and lifespan of electronic devices [15][16] - MLCP technology allows for direct contact between cooling liquid and heat sources, drastically reducing thermal resistance and supporting higher power densities [19][21] 3. Potential Beneficiaries - Companies such as Invec, Highlan, and Siquan New Materials are highlighted as potential beneficiaries of the liquid cooling technology trend, each with unique capabilities in the market [22][24][26] - Invec has developed a comprehensive liquid cooling solution and has delivered 1.2GW of liquid cooling products with zero leakage [22][23] - Highlan offers a one-stop service for data center cooling solutions, maintaining a PUE value of less than 1.1 [24] - Siquan New Materials focuses on a complete thermal management product system, catering to various industries and providing customized solutions [26]

Core Viewpoint - The company has a significant technological reserve in microchannel liquid cooling plate technology and is actively developing new products to meet diverse market demands [1] Group 1: Technology and Innovation - The company has obtained a total of 843 patents as of June 30, 2025, indicating a strong commitment to innovation and technology development [1] - The company is recognized as a leading provider of thermal management solutions in China, with a wide range of thermal management products [1] Group 2: Market Demand and Customer Focus - The company continuously develops new technologies and products to cater to different customer needs, usage environments, and product specifications [1]

Core Insights - The iTherM2025 event will take place from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, aiming to create a one-stop value connection service platform for the thermal management industry [2] - The event will feature six major exhibition areas, covering the entire thermal management value chain from materials to systems, and will introduce four application-specific display areas to showcase practical advancements in thermal management [2] Group 1: Four Key Application Areas - **Data Center Thermal Management Display Area**: This area will showcase cutting-edge solutions such as single/double-phase immersion cooling, cold plate systems, and cooling fluid development, addressing the cooling bottlenecks faced by high-performance servers driven by AI and large models [4] - **New Energy Thermal Management Display Area**: Focused on the growing electric vehicle market, this area will highlight thermal management solutions for battery packs, drive motors, and power modules, emphasizing thermal design and safety redundancy [6][7] - **Energy Storage Thermal Management Display Area**: This area will present technologies for temperature control in energy storage systems, including phase change material integration and thermal management design for outdoor conditions [9] - **Consumer Electronics Thermal Management Display Area**: This area will address the challenges posed by 5G, drones, and wearable devices, showcasing innovations like micro VC heat spreaders and flexible graphite sheets [11] Group 2: Two Major Theme Areas - **Materials Theme Display Area**: This area will focus on the continuous breakthroughs in material performance essential for thermal management technologies, featuring high thermal conductivity ceramics, graphite, and phase change materials [13] - **Automation Equipment and Testing Instruments Display Area**: Highlighting the importance of standardized and intelligent manufacturing, this area will exhibit high-precision coating and testing equipment, bridging the gap between research, testing, and large-scale production [15]

Core Insights - The company is focusing on liquid cooling technology as a more efficient thermal management solution due to the increasing power density of AI chips and server architecture upgrades [3] - The company is actively promoting the introduction, product certification, and mass production supply of core materials and liquid cooling modules to create a new growth curve in performance [3] - The company plans to increase investment in product research and development, customer expansion, and capacity building based on market demand and order conditions [3] Product Line and Market Potential - The company's thermal management solution product line includes high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, and thermal modules, which are applicable in various cutting-edge technology fields such as AI smartphones, AI PCs, AI glasses, and robotics [4] - The company emphasizes continuous monitoring of new technology developments and emerging application areas, actively participating in customized research and development of new projects and products to expand product applications [4] - With the increasing cooling demands of AI terminal devices, the company's comprehensive thermal management solutions are expected to capture a broader market space [4]

Group 1 - The company, Suzhou Tianmai (301626.SZ), has not specifically targeted the robotics sector for dedicated research and development [1] - The company has accumulated years of technology expertise in thermal management, and some of its existing cooling products can be applied in robotic scenarios, although they have not yet been utilized in humanoid or industrial robots [1] - The actual application of these products in the robotics field is currently limited, but the company is continuously monitoring technological trends and market demands in this area [1] Group 2 - The company plans to adjust its R&D strategy flexibly based on industry development trends in the future [1]

Core Viewpoint - The iTherM 2025 conference will focus on the thermal management industry, emphasizing innovation and integration across various sectors, including electronics, new materials, and green technologies, to address current challenges and future opportunities in the market [1][15]. Conference Information - The conference will take place from December 3 to 5, 2025, at the Shenzhen International Convention and Exhibition Center, with an expected attendance of over 2000 participants and more than 350 exhibitors [1][4]. - The theme of the conference is "Fusion · Innovation | Delivering a Little More," highlighting the importance of collaboration and knowledge sharing in the thermal management sector [1][15]. Featured Activities - The event will include over 20 activities such as keynote speeches, roundtable discussions, and case studies, aimed at fostering communication and collaboration among industry experts, researchers, and government representatives [4][15]. - Special attention will be given to intellectual property, entrepreneurial projects, and innovative technologies that can transition from laboratories to market applications [4][15]. Keynote Speakers - Notable speakers include prominent figures from academia and industry, such as Li Baowen, a member of the European Academy of Sciences, and Cao Bingyang, a professor at Tsinghua University, who will share insights on cutting-edge research and developments in thermal management [5][6][7]. Thematic Focus Areas - The conference will cover various thematic areas, including: - Scientific Frontiers: Topics such as thermal science, micro/nano-scale heat transfer, and semiconductor heterostructures [15]. - Functional Materials: Focus on thermal interface materials, composite materials, and radiation cooling materials [15]. - Technical Applications: Discussions on liquid cooling technology, power device thermal management, and thermal design simulations [15]. - Engineering Solutions: Addressing thermal management in data centers, electric vehicles, and consumer electronics [15]. Registration and Participation - Registration fees are set at ¥2200 for general attendees and ¥1200 for students if paid before October 31, 2025, with various payment methods available [16][17]. - Participants are encouraged to submit proposals for customized topics and engage in networking opportunities during the event [15][16].