（编辑 王雪儿） 证券日报网讯 博杰股份11月19日发布公告，在公司回答调研者提问时表示，公司未来液冷模块零部件 会瞄准液冷头、冷板等产品，主要是当前产品技术能力、竞争状况尚未较好满足市场需求。公司会从液 冷材料方向切入具体产品。公司往该方面转型主要核心优势是公司储备的优质客户资源。公司下游客户 多为世界知名企业，基于公司与客户在测试领域的长期深入合作，公司与客户就其当前及未来产品的需 求有深入的沟通、研讨，可以精准捕捉客户产品需求的痛点，为客户提供相应解决方案，而且公司应用 于测试设备的液冷模组产品也得到客户的认可。当前除了N客户对液冷服务器的需求外，其他客户也陆 续提出液冷方案的需求，公司会积极调配内部资源对应客户需求。 ...

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]