Core Viewpoint - Apple's introduction of VC (Vapor Chamber) cooling technology in the iPhone 17 Pro series marks a strategic move towards localized AI computing and enhanced mobile performance, responding to the growing demand for AI smartphones and AR glasses [1][2]. Supplier Dynamics - **Bowen Alloy**: The company confirmed that its VC cooling materials have become a core component in a leading A company's high-end models and will be fully applied in the upcoming AI smartphone. This indicates a continuous increase in the market share of domestic suppliers within the Apple supply chain [3][5]. - **Rongqi Technology**: As a core supplier of wireless charging module testing equipment, the company has reached mass production of VC material and module testing equipment, enhancing quality control and testing processes in the VC industry [6][8]. VC Technology Overview - VC, or Vapor Chamber, is an advanced thermal management technology that outperforms traditional heat pipes, especially in managing heat in high-density electronic devices. It offers higher thermal conductivity and can quickly distribute heat across a larger area [9][10]. - The structure of a VC consists of two copper plates with a capillary structure in between, utilizing phase change principles to manage heat effectively. This technology is evolving from 1D heat pipes to 2D VC and even 3D VC solutions, which provide better thermal management for high-power devices [12]. VC Supply Chain - The VC technology has become a critical path for thermal upgrades in smartphones, with domestic companies gradually filling in the gaps in the supply chain, providing comprehensive support for thermal management in the Apple ecosystem. The demand for VC cooling solutions is expected to grow with the increase in AI terminals and wearable devices [17]. Upcoming Events - The 6th Thermal Management Industry Conference and Expo (iTherM2025) will take place from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, showcasing various companies involved in VC materials, equipment, and modules [19].

Group 1: Company Performance - The company's overall shipment volume increased by approximately 40.08% compared to the same period last year [3] - As of June 30, 2025, the company's backlog of orders increased by about 135.34% year-on-year [3] - The decline in half-year performance was primarily due to project acceptance delays, affecting revenue [3] Group 2: Strategic Initiatives - The company has made significant investments in the smart glasses sector, providing precision assembly equipment for Meta's smart glasses and testing equipment for Apple's smart glasses [2] - A new project in the thermal management materials and module testing equipment has reached mass production this year [2] - The company is considering mergers and acquisitions based on industry prospects and strategic alignment, with compliance to legal disclosure requirements [3] Group 3: Investor Engagement - The investor relations activity was conducted online, with participation from the company's chairman and other executives [2] - The company emphasized the importance of monitoring the acceptance of backlog orders for the final annual performance [3] - No undisclosed significant information was involved in this investor relations activity [3]