Core Insights - The company, Jinfu Technology, has successfully entered the AI server liquid cooling market and has achieved stable shipments, leveraging its strong technical foundation [1] - The liquid cooling core components have reached a scale of supply, with significant growth expected in the market due to the increasing power consumption of AI servers [2] - The company is focusing on external cold plate liquid cooling modules, which are well-suited for high-power AI chips [2][3] - Jinfu Technology has established deep integration with the high-end semiconductor and server industry chain in Taiwan, providing it with a competitive edge [4] Liquid Cooling Business Development - The liquid cooling business is primarily centered around the subsidiary Changshu Minglijia Metal Products Co., Ltd., which manufactures core components for external cold plate liquid cooling modules [2] - The company has fully booked its liquid cooling production capacity and is set to increase output before the Spring Festival, with current shipments reaching tens of millions [2] - The company is enhancing customer dependency by undertaking multiple components simultaneously in various projects, increasing the value per unit [2] Technical Advantages - Jinfu Technology employs a compact, GPU-adjacent external cold plate design that offers advantages in space utilization, system compatibility, and deployment flexibility [3] - The product features a copper upper and lower plate with fins, creating a sealed channel that significantly improves heat exchange efficiency [3] Strategic Positioning - The company has a long-term partnership with a Taiwanese client, allowing it to participate early in new technology validation and gain a first-mover advantage [4] - Jinfu Technology is proactively developing microchannel liquid cooling technology, which has shown promising progress and is currently in the sample testing phase [4] - The company aims to maintain stability in its traditional business while advancing innovative materials and structures to enhance future growth potential [4]

Core Viewpoint - Jinfu Technology is focusing on the development and manufacturing of external cold plate liquid cooling modules, primarily for high-power AI chips, with stable shipments in high-density computing cabinet deployments [1][3]. Group 1: Liquid Cooling Business Overview - The liquid cooling business is mainly conducted by the subsidiary Changshu Minglijia, with core products being external cold plate modules that achieve direct cooling of GPUs/CPUs through liquid circulation [1][3]. - The company does not participate in system integration but focuses on high-precision machining and welding, enhancing the value of individual projects and customer dependency [1][3]. Group 2: Technical Advantages - The company's liquid cooling solution features a compact design that is more space-efficient and adaptable compared to larger cooling solutions, enhancing deployment flexibility [2][4]. - The cold plates are constructed from copper and feature a sealed flow channel that improves heat exchange efficiency, suitable for mainstream B-series chip power levels [2][4]. Group 3: Market Position and Competitiveness - The company has established a strong competitive edge by deeply integrating into the Taiwanese high-end semiconductor and server supply chain, collaborating with key clients on advanced AI server cooling projects [2][6]. - The traditional metal processing business provides stability, while innovative material and structural projects offer flexibility, with liquid cooling being the primary growth focus [6]. Group 4: Production and Capacity - Current production capacity is fully utilized, with recent expansions completed and expected to commence operations before the Spring Festival, anticipating an increase in order volume [1][3]. - The company has achieved millions in scale shipments for cold plates and related products, with further growth expected post-expansion [1][3]. Group 5: Future Developments - The company is advancing microchannel liquid cooling technology to enhance heat exchange efficiency for next-generation chips, currently in the validation and sampling phase [5]. - Participation in the testing and sampling for the next-generation high-end AI platform, Rubin Ultra, has resulted in small trial production orders, with mass production dependent on upstream progress [5].

Group 1: Liquid Cooling Business Overview - The core product of the current liquid cooling business is the external cold plate liquid cooling module, primarily used for high-power AI chips in HGX server structures, achieving stable shipments in high-density computing environments [1] - The company positions itself as a machining and manufacturing provider for core components of liquid cooling modules, focusing on high-precision processing and welding, while not engaging in system integration [2] - The company has completed a new round of capacity expansion, with production expected to commence before the Spring Festival, and has achieved millions in shipments of cold plates and related products [2] Group 2: Technical Differentiation and Market Position - The company's cold plate solution is compact and closely aligned with GPU layouts, offering advantages in space utilization and deployment flexibility compared to larger heat plates [2] - The company is advancing microchannel liquid cooling technology, which enhances heat transfer efficiency for next-generation high-power chips, currently in the validation and sampling stage [3] - The company has engaged in preliminary testing for the Rubin Ultra platform, which is expected to transition from module-level to package-level liquid cooling, requiring higher precision and reliability [4] Group 3: Competitive Advantage and Business Structure - The company's core competitiveness lies in its deep integration with Taiwan's high-end semiconductor and server supply chain, allowing early participation in new technology validations [5] - Besides the liquid cooling business, the company maintains a stable traditional metal processing business while exploring innovative material and structural projects, which currently have a smaller scale [6] - Overall, the traditional business provides stability, the innovative projects offer flexibility, and the liquid cooling business is the primary growth focus [7]