Business Performance - The company's consumer electronics equipment and systems business accounted for approximately 60% last year, which has slightly decreased this year. The AI server business now represents about 20%, showing an increase, while the automotive electronics business has improved from 5%-10% to a higher percentage this year [2][4]. - Overall order volume in the first half of this year has significantly increased compared to the same period last year, particularly in AI computing orders, which are expected to grow substantially in the future [2][4]. Order and Revenue Insights - The high growth in product orders is attributed to increased testing demands from major clients and new feature testing requirements due to product iterations. The typical time lag between order and revenue realization is 3-6 months [2][4]. - The company collaborates with major clients such as Microsoft, Google, Amazon, META, Cisco, Tesla, and Qualcomm, with orders being placed either directly by end clients or through their OEMs like Foxconn and Luxshare Precision [3][4]. Product and Pricing Information - The company offers customized products with a price range varying from hundreds of thousands to millions, depending on the specific testing functions and client requirements [4][5]. - The company has developed self-researched liquid cooling solutions for AI server testing equipment, aiming to transition from equipment supply to component supply based on client needs [6][7]. Market Position and Competition - The company did not disclose specific market share or competitor information, indicating a focus on certain niche testing projects within the broader market [5][6]. Client Collaboration and Revenue - The company serves as a supplier for N clients, focusing on testing for self-developed server products, with testing times ranging from 4 to 24 hours due to strict quality requirements [4][5]. - Collaboration with T clients involves testing solutions for humanoid robots and automotive applications, with cooperation amounts reaching several tens of millions [8][9].

港股三大指数今日涨跌不一，恒指盘中重回两万五关后回落，截止收盘，恒生指数涨0.03%或8.1点，报 24910.63点，全日成交额为2152.35亿港元；恒生国企指数跌0.21%，报8932.68点；恒生科技指数涨 0.2%，报5532.17点。 浙商国际指出，港股市场基本面仍偏弱，资金面环境内外部分化，政策面后续或仅"托而不举"，情绪面 短期预计仍偏观望。鉴于市场中长期趋势已进入右侧区间，对于后续走势，该行不建议过度悲观。对于 中短期市场走势继续保持谨慎乐观的态度。 蓝筹股表现 比亚迪（002594）电子(00285)领涨蓝筹。截至收盘，涨6.72%，报37.8港元，成交额34亿港元，贡献恒 指3.01点。近期海外CSP大厂及相关液冷供应商发布25年二季度业绩及全年指引，业绩均超市场预期、 Capex继续上调。公开资料显示，公司产品线涵盖企业级通用服务器、存储服务器、AI服务器及液冷散 热方案等，公司及子公司为英伟达合作伙伴，与英伟达合作进行液冷研发。 盘面上，大型科技股涨跌互现，腾讯涨1.7%，阿里巴巴涨0.6%，小米跌0.55%。"反内卷"题材再度活 跃，纸业股、煤炭股、钢铁股等多数走高，玖龙纸业续涨超 ...

Group 1 - TrendForce estimates that Blackwell will account for over 80% of NVIDIA's high-end GPU shipments in 2025 [1] - The overall server market is stabilizing, with ODMs focusing on AI server development [1] - The new Blackwell platform products, including GB200 Rack and HGX B200, have started volume production since Q2 [1] Group 2 - The updated B300 and GB300 series are currently in the sample verification stage [1] - As GB200/GB300 Rack shipments expand in 2025, the adoption rate of liquid cooling solutions for high-end AI chips continues to rise [1]