Core Viewpoint - The company, Bojie Co., announced its strategic focus on liquid cooling module components, specifically targeting liquid cooling heads and cold plates, due to current technological capabilities and competitive conditions not adequately meeting market demand [1] Group 1: Product Development - The company plans to enter the liquid cooling materials sector to develop specific products [1] - The core advantage of the company in this transition is its reserve of high-quality customer resources [1] Group 2: Customer Engagement - The company's downstream clients are primarily world-renowned enterprises, allowing for in-depth communication regarding current and future product needs [1] - Long-term collaboration in the testing field enables the company to accurately capture customer pain points and provide tailored solutions [1] Group 3: Market Demand - There is a growing demand for liquid cooling solutions, not only from client N but also from other clients who are increasingly requesting liquid cooling proposals [1] - The company is actively reallocating internal resources to meet these customer demands [1]

Group 1: Business Transition and Strategy - The company is transitioning from testing and automation products to liquid cooling module components, specifically targeting products like liquid cooling heads and cold plates due to current market demand [2] - The core advantage of this transition is the company's strong customer resource base, primarily consisting of well-known global enterprises, which allows for precise identification of customer needs [2] - There is a growing demand for liquid cooling solutions from various clients, not just the N client, prompting the company to allocate internal resources to meet these needs [2] Group 2: Business Performance and Future Outlook - Guanghao Jie, a subsidiary, focuses on camera module testing equipment and automated assembly lines, with significant revenue generated from automotive electronics and camera modules [3] - The AI server testing business is experiencing rapid growth, with major clients like Amazon, Google, and Microsoft expected to increase capital expenditures significantly [3] - The company's revenue from AI server testing in Q3 remained stable compared to the first half of the year, with optimistic revenue expectations for the next 1-2 years [3] Group 3: Client Relationships and Collaborations - The company has a long-standing partnership with clients like Google, and began collaborating with the N client three years ago, focusing on testing self-developed server products [3] - The company has obtained Vendor Code for testing GPU modules and server motherboards, with small batch deliveries expected by year-end and larger supply arrangements planned for the following year [3] Group 4: Regulatory and Market Position - The company is not included in the margin trading and Hong Kong Stock Connect lists, as these selections are determined by the exchange based on specific criteria [3] - The recent investor relations activity did not involve any major information that needs to be disclosed [3]

Core Viewpoint - Xingrui Technology (002937) has established a strategic cooperation framework agreement with Green Cloud Map to develop liquid cooling server-related products, focusing on production and technology research and development [1] Group 1: Strategic Cooperation - The strategic cooperation agreement was signed on July 8, 2025, aimed at promoting the development of related business [1] - Initial discussions have begun on the research and production of a series of products, including server cabinets, liquid cooling heads, and liquid cooling server heat dissipation modules [1] - The current stage of cooperation involves preliminary product technology verification and resource sharing, laying a solid foundation for potential future business opportunities and orders [1]