Core Viewpoint - The company plans to issue convertible bonds to raise up to 1 billion yuan for a liquid cooling manufacturing base project and to supplement working capital, addressing the growing demand in the cooling market for computing power [1][2]. Group 1: Project Details - The total investment for the liquid cooling manufacturing base project is 800 million yuan, focusing on the acquisition of electromechanical production equipment, testing platforms, and land development, with a construction period of two years [1]. - The company aims to enhance its production capacity and ensure timely delivery of orders by establishing a new intelligent liquid cooling equipment production line and improving supporting infrastructure [2]. Group 2: Market Demand and Growth - The global market is experiencing a computing power revolution driven by artificial intelligence, leading to increased power consumption of AI chips and significant cooling challenges for data centers [2]. - The liquid cooling technology is gaining traction due to its efficient heat dissipation, energy-saving capabilities, high space utilization, and strong safety features, resulting in a growing demand for such solutions [2]. - According to data from the China Business Industry Research Institute, the market size for liquid cooling data centers in China is expected to reach 11.01 billion yuan in 2024 and grow to 31.08 billion yuan by 2027, indicating substantial market potential for liquid cooling equipment [2]. Group 3: Company Strengths and Future Outlook - The company has developed a robust technical innovation capability and product quality in the liquid cooling equipment sector, with a mature product research and industrialization process [3]. - The implementation of the project will leverage the company's production, technology, and market advantages to expand the production capacity of liquid cooling equipment and enhance product performance [3]. - The company anticipates continued sales growth and increased working capital needs, planning to allocate 200 million yuan from the raised funds to supplement working capital, thereby improving financial flexibility and supporting research and innovation [3].