Financial Performance - In Q3 2025, the company achieved revenue of 524 million CNY, a year-on-year increase of 109.33%, and a net profit of 25.45 million CNY, up 297.06% [2] - For the first three quarters of 2025, total revenue reached 962 million CNY, a 62.04% increase year-on-year, with a net profit of -12.58 million CNY, which, after excluding share-based payment impacts, resulted in a net profit of 0.0634 million CNY [2] Accounts Receivable and Financial Health - The increase in accounts receivable provisions was due to higher revenue in Q3, leading to a corresponding increase in accounts receivable [3] - The company primarily serves leading firms in the consumer electronics and new energy battery sectors, ensuring a strong recovery of accounts receivable [3] Business Development and Client Engagement - The company has obtained a temporary supplier code from a North American client for liquid cooling products and is actively working on product integration [3] - The demand for liquid cooling products is increasing due to the rise of AI servers and the transition from air cooling to liquid cooling technologies [3] Production Capacity and Future Planning - The company has established production bases in mainland China and Vietnam, focusing on the development and expansion of cooling product lines [4] - Large-scale production is not expected within the current year, with capacity planning to be adjusted based on project progress [4] Technological Advancements - The company is exploring microchannel liquid cooling technology (MLCP) and has significant technical reserves in etching processes [5] - The adoption of MLCP is still in the early stages, with further development and technical maturity expected to take time [5] Client Projects and Future Outlook - The company is committed to developing and servicing overseas clients, with Meta being a new addition to its client roster [5] - Future efforts will focus on enhancing overseas production capacity and service capabilities while expanding innovative products for domestic clients like CATL [5]

Summary of TSMC and NVIDIA Thermal Management Strategies Industry and Companies Involved - **Industry**: Semiconductor and AI Chip Thermal Management - **Companies**: TSMC (Taiwan Semiconductor Manufacturing Company), NVIDIA Core Points and Arguments Thermal Management Challenges - The development of AI chips is driven by the need for higher performance, which leads to significant thermal management challenges due to increased power consumption and heat generation [6][35][36] - Effective heat dissipation is crucial for next-generation AI chip architectures, as traditional cooling methods struggle with high heat flux densities [37][38] Innovations in Cooling Technologies - TSMC and NVIDIA are exploring advanced cooling technologies, including Direct Liquid Cooling (DLC) and Microchannel Liquid Cooling (MLCP) to address thermal demands [10][30][40] - TSMC's innovative Direct Liquid Cooling solution integrates microfluidic structures into the chip's backside, enhancing cooling efficiency [10][30] - The Microchannel Lid (MCL) concept combines heat spreading and cooling functions, allowing for efficient heat removal and higher compute density [110] Material Evolution - The shift from traditional Thermal Interface Materials (TIM) to advanced materials like Silicon Carbide (SiC) and CVD diamond films is essential for improving thermal conductivity and reliability [74][84] - SiC substrates offer superior thermal conductivity (up to 490 W/m·K) and structural advantages, making them suitable for high-power AI chips [74][76] Industry Trends and Future Directions - The power consumption of AI chips is expected to rise significantly, with projections reaching 6,000–7,000 W by 2028, necessitating advanced thermal solutions [84] - The collaboration between TSMC and NVIDIA is evolving into a strategic alliance focused on thermal technology, which could redefine data center cooling infrastructure [42][41] Competitive Landscape - The next-generation cooling market is valued at $5 billion, with various players including Taiwan's thermal solution providers and emerging innovators like Fabric8Labs and xMEMS [49] - The competition in AI thermal management is intensifying, as effective thermal solutions become a key differentiator in the semiconductor industry [53] Other Important Insights - The evolution of TIM is moving towards "zero-interface" thermal resistance solutions, with a focus on direct structural thermal solutions [47][81] - The integration of cooling technologies with packaging and interconnect technologies is becoming increasingly important for achieving optimal thermal performance [41][52] - The industry is witnessing a paradigm shift where thermal management solutions are being integrated at the chip and packaging levels, rather than just at the system level [41][42]