Core Viewpoint - The company is actively innovating in liquid cooling products and supports the application of these products across different server brands, indicating a commitment to industry standards and growth in liquid cooling technology [1] Group 1: Liquid Cooling Product Capabilities - The company's entire line of server products supports cold plate liquid cooling, showcasing versatility and compatibility with various server brands [1] - The company is continuously innovating in liquid cooling products from components to complete systems and data centers [1] Group 2: Industry Development and Standards - The company is taking the lead in the development of liquid cooling patents and standards, promoting healthy growth within the liquid cooling industry [1]

Core Viewpoint - Unified Corporation (600506.SH) has a high capacity utilization rate at its Beijing factory, with an annual production capacity of approximately 20,000 tons, but it has not yet reached its production bottleneck [1] Group 1: Production Capacity and Collaboration - The Beijing factory has an annual production capacity of around 20,000 tons, with high capacity utilization but not at a bottleneck [1] - The company collaborates with CATL (Contemporary Amperex Technology Co., Limited), but specific project details cannot be disclosed due to confidentiality obligations [1] Group 2: Product Development - The company has independently developed immersion cooling liquid products, which are diverse in technology and type, and meet industry standards in terms of cooling efficiency, safety, compatibility, and cost [1] - In the area of cold plate liquid cooling, the company has developed multiple products in collaboration with leading companies in the energy storage sector, catering to various technical and cost requirements to meet customer demands for cost and performance [1]

Summary of Chuanrun Co., Ltd. Conference Call Company Overview - Chuanrun Co., Ltd. focuses on high-end energy equipment and industrial services, with a strong emphasis on fluid control technology and intelligent energy equipment, aiming for a zero-carbon future [2][3][5]. Industry and Market Position - The company holds over 40% market share in the wind power sector and has applied fluid control equipment in over 400,000 wind turbines globally, achieving over 120,000 hours of fault-free operation [2][7]. - Chuanrun has established long-term partnerships with leading companies such as Goldwind Technology and Mingyang Smart Energy, particularly excelling in offshore wind power competition, with a prototype coverage rate of 80% expected by 2024 [2][7]. Key Business Segments 1. **High-end Energy Equipment Manufacturing**: - Fluid control and system solutions that enhance equipment lifespan by 40% and reduce operational costs by 25% [5]. - Liquid cooling solutions for data centers, achieving a Power Usage Effectiveness (PUE) of ≤ 1.05 and reducing product volume by 40% [2][5]. - Clean energy equipment including power boilers and efficient heat exchangers [5]. 2. **Industrial Services**: - Fluid industrial technology services that improve operational efficiency by 30% and enhance equipment effectiveness threefold [6]. Financial Performance - In the first half of 2025, the company’s order volume doubled year-on-year, with 90% of orders coming from overseas markets, primarily from large data center end-users in North America [2][15]. - The export value of single-row products ranges from 1 million to 1.3 million yuan [20]. Future Growth and Strategy - The company aims to optimize existing businesses, innovate in liquid cooling, and enhance cash flow through asset reduction, targeting a liquid cooling business annual capacity of 1 billion yuan within three years [3][40]. - The penetration rate of liquid cooling technology in overseas markets is expected to exceed 50% by 2025, with North America projected to grow at a compound annual growth rate of 12%-15% [3][35]. Technological Advancements - Chuanrun has established 11 national or industry standards and holds over 260 patents, ranking first in the lubrication fluid control industry [10]. - The company has invested over 3.5% of its revenue annually in R&D, employing over 420 engineers [10]. Product Quality Assurance - The company emphasizes quality management with two key laboratories and a comprehensive quality management system covering all operational aspects [11]. Competitive Advantages - Chuanrun's liquid cooling solutions have a PUE of 1.05, significantly better than the domestic average of 1.2, attributed to their understanding of energy consumption and heat exchange efficiency [22]. - The company has a unique capability to provide one-stop services from design to construction, particularly beneficial for upgrading old data centers without extensive infrastructure changes [21][22]. Challenges and Market Dynamics - The company faces challenges related to tariff impacts on overseas deliveries, but has begun to resolve backlog orders [28]. - Domestic AI application commercialization is constrained by chip availability and the pace of infrastructure development in data centers [24][25]. Conclusion Chuanrun Co., Ltd. is strategically positioned in the high-end energy equipment sector, with a robust growth trajectory driven by innovative technologies and a strong market presence in both domestic and international markets. The company is focused on expanding its liquid cooling business and enhancing operational efficiencies to meet the growing demand in the energy sector.