Group 1 - NVIDIA plans to adopt a "long-arm management" model for the next-generation Vera Rubin architecture AI server cabinets, potentially supplying Level-10 systems directly to partners to standardize rack designs and significantly shorten time-to-market [1] - NVIDIA is expected to finalize the list of water-cooling plate suppliers soon, likely selecting four companies, as part of its preparation for the liquid cooling ecosystem for next year [1] - The focus on liquid cooling design standards in the second half of this year indicates NVIDIA's strategy to enhance the quality and performance of its products ahead of the expected launch of the Vera Rubin architecture [1] Group 2 - The high power consumption of the Vera Rubin architecture necessitates better coverage of liquid cooling components, which will also include power supply and storage systems [1] - Companies that become contractors for NVIDIA's L10 solution for cooling plates are likely to secure stable large orders, enhancing their competitive advantage within the existing supply chain [1] - Feilong Co., Ltd. has confirmed its entry into NVIDIA's supply chain with its liquid cooling pumps [2]

Group 1: Financial Performance - The company's total revenue for the first half of the year increased by 26.30% year-on-year, primarily driven by the growth in new energy vehicle sales and rapid iteration of customer vehicle technologies [2] - The oil tank pipeline business showed significant growth, positively impacting overall revenue [2] Group 2: Gross Margin and Cost Management - The gross margin is expected to stabilize and slightly recover throughout the year, aided by efforts in new product development, market expansion, and cost reduction initiatives [3] Group 3: Product Development and Market Expansion - The company has completed major performance testing for its UQD product and is developing supporting liquid cooling components and independent system solutions [4] - New products are being developed in line with trends in new energy smart vehicles, including hydrogen fuel cell pipelines and high-pressure air suspension pipelines [5] - The company has established a dedicated battery division to enhance research and market development for battery-related technologies, with significant growth in battery-related business [5] Group 4: Technical Similarity and Synergy - The main business products, including fluid and temperature control systems, share over 70% technical similarity with the company's smart control business, indicating strong potential for synergy [6][7] - The revenue from liquid thermal management products covers nearly half of the company's main business, highlighting the complementary nature of the two business areas [7]