Group 1: Financial Performance - The company achieved a turnaround in 2025, with operating revenue reaching 736.77 million yuan, a year-on-year increase of 54.82% [2] - Net profit attributable to shareholders was 14.92 million yuan, up 124.13% year-on-year; net profit after excluding non-recurring gains and losses was 16.01 million yuan, a 335.12% increase [2] - For the first nine months of 2025, operating revenue was 1.06 billion yuan, a 52.61% increase year-on-year; net profit attributable to shareholders was 27.65 million yuan, up 273.71% [2] Group 2: Market Strategy - The company focuses on the information data sector, aligning with the growth of AI-driven infrastructure demands [2] - A dual-market strategy is in place, targeting both domestic and international markets, with a focus on major clients and projects [3] - The company has expanded its overseas market presence, covering countries such as Malaysia, Singapore, Thailand, Vietnam, the Philippines, and Oman [3] Group 3: Product Development - Growth in 2025 was primarily driven by precision cooling products, including air-cooled and liquid-cooled solutions [4] - The company integrates intelligent engineering, software platforms, and smart operations to enhance its cooling capabilities [4] - The liquid cooling solution includes various technologies and products, providing comprehensive solutions from construction to operation [6] Group 4: International Expansion - The company initiated its overseas strategy in 2023, initially following major clients like Alibaba and ByteDance, and later shifting to a more proactive approach [5] - In 2024, overseas revenue was 48.90 million yuan, accounting for 4.27% of total revenue; in the first half of 2025, it rose to 62.32 million yuan, representing 8.46% of total revenue, a 60.31% year-on-year increase [5] - The company has established a wholly-owned subsidiary in Malaysia and is actively building partnerships with local operators and overseas IDC manufacturers [5]

Core Viewpoint - Efficient cooling is an effective approach to reduce the Power Usage Effectiveness (PUE) of data centers [2] Group 1: Energy Consumption and Cooling - The energy consumption of data centers is closely related to cooling, as stable electricity is required to maintain efficient chip operations, and heat generation must be effectively dissipated to prevent performance degradation [3] - PUE is a key indicator of data center operational efficiency, calculated as total energy consumption divided by IT equipment energy consumption, with a target of PUE < 1.3, ideally approaching 1.2 [3] - Cooling is often a major energy consumer in data centers, with early developments seeing PUE values exceeding 2, primarily due to cooling processes [4] Group 2: Paths to Reduce PUE - There are two main paths to reduce PUE: utilizing external cooling resources and implementing efficient internal cooling systems [5] - External cooling can be achieved through natural cooling from outdoor air in cold climates, as demonstrated by Kolos's data center in Norway, which aims to reduce energy costs by 60% due to its cold climate and hydropower resources [6] - China's Tibet Ningxuan data center is noted as the highest elevation data center globally, and there are proposals to build data centers in space to enhance cooling efficiency [7] Group 3: Internal Cooling Solutions - The current mainstream internal cooling solutions are air cooling and liquid cooling [8] - Liquid cooling is gaining traction as the next-generation mainstream solution, with its penetration rate increasing from 10% to 30% due to its superior heat dissipation capabilities [9] - The main types of liquid cooling technologies include cold plate liquid cooling, immersion cooling, and spray cooling, with companies specializing in data center cooling and traditional HVAC manufacturers involved in this space [10] Group 4: Future Trends - As AI demands continue to grow, liquid cooling is expected to replace air cooling as the primary method for reducing PUE in data centers [12]

Core Insights - The demand for advanced cooling technologies has shifted from being a mere equipment support item to a core performance element due to the increasing power density of data center servers and the dual upgrade of electric vehicle range and fast charging needs [1] Group 1: Liquid Cooling Technology - The competitive edge of the company in the liquid cooling market stems from its relentless pursuit of core technologies, forming a comprehensive technical matrix that includes material innovation, structural design, and system integration [2] - A new refrigerant direct cooling technology, developed in collaboration with South China University of Technology, significantly enhances heat transfer coefficients compared to traditional liquid cooling solutions while simplifying system structures and reducing component counts, achieving a balance between cost control and cooling efficiency [2] - The company has secured multiple key patent authorizations since 2025, including a liquid cooling plate with phase change material that effectively eliminates local hotspots and extends the lifespan of chips and batteries [2] Group 2: AI Computing and Server Solutions - The company has developed a micro-channel liquid cooling module for servers, featuring a channel width of 0.15mm and a 250% increase in heat exchange area, designed to meet the specific needs of AI computing scenarios [3] - The product includes a physical anti-blocking design and supports parallel installation, ensuring efficient cooling for multi-GPU clusters with a low contact thermal resistance of less than 0.03℃·cm/W [3] Group 3: Market Applications and Partnerships - The company has established a diversified application ecosystem across computing power, new energy, and low-altitude economy, supplying core components for liquid cooling servers to leading firms such as Super Fusion and ZTE Kangxun [4] - In the new energy sector, the company provides liquid cooling plates and assembly components for major manufacturers like Guoxuan High-Tech and Yiwei Lithium Energy, and has secured orders from leading flying car manufacturers [4] - The company won a bid for a wind and liquid cooling supercharging station project for a major digital energy client in October 2024, indicating strong market recognition of its technology [4]

Core Viewpoint - The company, Xiangxin Technology, is leveraging its liquid cooling and refrigerant direct cooling technologies across various sectors, including computing power services, electric vehicle battery systems, and data centers [1] Group 1: Technology Applications - The company's liquid cooling and refrigerant direct cooling technologies are applicable in fields such as computing power servers, electric vehicle power batteries, motor control systems, industrial energy storage systems, IDC data centers, and low-altitude unmanned aerial vehicles [1] - Current clients include Super Fusion, Huakun Zhenyu, and ZTE Kangxun, for whom the company supplies liquid cooling server-related products [1] Group 2: Electric Vehicle Battery Products - The company supplies various components for electric vehicle power batteries, including liquid cooling plates, box covers, trays, end plates, and bottom protective plates [1] - Notable clients for these products include C customers, B customers, Guoxuan High-Tech, Yiwei Lithium Energy, Zhengli New Energy, Funeng Technology, Xinwangda, Yuanjing Power, Weirui (Geely), Hive, and Ruipu Lanjun [1] Group 3: Recent Project Developments - In May 2024, the company received a project development notification from a leading domestic flying car manufacturer, confirming its role as a supplier for battery lower box assemblies and liquid cooling plates [1] - In October 2024, the company was awarded a project bid notification from a leading digital energy client, establishing it as the supplier for wind and liquid cooling supercharging station assemblies and structural components, with a project lifecycle of 1-2 years and an expected total sales amount of RMB 300-400 million [1]

Core Viewpoint - The company, Xiangxin Technology, is leveraging its liquid cooling and direct cooling refrigerant technologies across various sectors, including power service servers, new energy vehicle batteries, and data centers [1] Group 1: Liquid Cooling Technology - The company supplies a range of liquid cooling products for new energy vehicle batteries, including liquid cooling plates and battery enclosures, to notable clients such as Guoxuan High-Tech and Yiwei Lithium Energy [1] - In May 2024, the company received a project development notification from a leading flying car manufacturer to supply battery enclosures and liquid cooling plates [1] - In October 2024, the company was awarded a project for wind and liquid cooling supercharging stations, with an expected sales total of RMB 300-400 million over a project lifecycle of 1-2 years [1] Group 2: Direct Cooling Refrigerant Technology - The company is actively promoting its direct cooling refrigerant technology to downstream clients and providing diversified solutions based on customer needs [1]