Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry is evolving with significant attention on NVIDIA's GB300 and the upcoming LOBIN structure, transitioning from traditional air cooling to advanced cooling solutions like microchannel cooling plates (MLCP) and bidirectional energy boards [1][2][6] Key Trends and Technologies - **Bidirectional Energy Boards**: Expected to become mainstream by 2026, currently facing design complexity and material selection challenges. R134 and 1,233ZD are the main candidates for refrigerants, each with pros and cons [1][4][3] - **Microchannel Cooling Plates (MLCP)**: Aiming to enhance cooling efficiency by integrating the cooling plate directly with chip packaging, though costs are significantly higher (3 to 7 times traditional plates) [7][6] - **Refrigerant Selection**: The industry is cautious about the transition to new refrigerants, with R134A likely to coexist with newer options due to its maturity and cost-effectiveness [2][13] Future Directions - **Integration of Technologies**: Companies are exploring the combination of bidirectional energy boards with silent cooling methods to address GPU cooling challenges [5][6] - **Material Innovations**: New materials such as quick connectors, CDU, and stainless steel hoses are expected to enhance overall system performance [8][6] - **Economic and Environmental Considerations**: The choice of immersion cooling fluids will focus on cost, performance, and environmental impact, with options like silicone oil and perfluoropolyether (PFPE) being prominent [9][10] Challenges and Considerations - **Design and Implementation**: The complexity of bidirectional energy board design and the need for better sealing and pressure tolerance in the phase change process are significant challenges [4][6] - **Market Dynamics**: The partnership between Dow and Intel has seen slow progress due to pricing mechanisms and responsibility allocation issues, impacting the adoption of silicone oil in data centers [11][9] Emerging Materials - **Liquid Metal**: Offers excellent thermal conductivity but is still in early experimental stages due to high costs and oxidation issues [14][15] - **New Tri-block Materials**: Recent advancements in tri-block materials have improved stability and reduced volatility, making them viable for semiconductor temperature control [17][16] Market Outlook - **Cost Trends**: The cost of K-type PFPE is expected to decrease below 300 RMB per kilogram in the long term, while Y-type PFPE remains high due to supply chain constraints [18][19] - **GWP Concerns**: The high Global Warming Potential (GWP) of PFPE remains a challenge, with no effective methods currently available to significantly reduce it [19][10] This summary encapsulates the key points discussed in the conference call regarding the liquid cooling industry, highlighting trends, challenges, and future directions.

Summary of Conference Call Records Industry Overview - The conference call discusses the refrigerant market, particularly focusing on fluorinated refrigerants and liquid cooling technologies, highlighting the impact of quota execution and demand growth on pricing and competition within the fluorochemical industry [1][3][29]. Key Points and Arguments Market Dynamics - The refrigerant market in 2025 is expected to benefit from quota execution and increased demand, especially from appliance replacement and export needs, leading to a continuous rise in refrigerant prices since Q4 2023 [1][3]. - Current prices for major refrigerants are as follows: - R32: Export price around 59,000-60,000 RMB/ton, domestic price 62,000-62,500 RMB/ton - R134a: Export price around 48,500-49,500 RMB/ton, factory price around 50,000 RMB/ton - R227ea: Export price between 69,500-71,000 RMB/ton, domestic price between 73,000-75,000 RMB/ton [6][5]. Supply and Demand - Domestic inventory levels are reasonable, while overseas inventories, particularly in the Middle East, are high. In contrast, some products in Europe and America have low inventory levels [5][8]. - India's anti-dumping measures against Chinese HFC refrigerants impose tariffs of 1,000-2,000 USD/ton, despite India's production capacity not fully meeting its demand [1][15][16]. - The effective capacity of companies generally exceeds quotas, but some facilities face high restart costs, limiting effective production [10][11]. Regulatory Environment - China is expected to continue implementing total control and gradual reduction of HCFC and HFC quotas in 2026, aligning with national climate change strategies [2][3]. - The quota trading market in 2025 is less active but more transparent, with rising future trading costs anticipated due to limited available quotas [13][12]. Technological Developments - Liquid cooling technology is advancing, with significant demand expected in the next three years, projected to reach 10,000 tons [25][26]. - The transition from high GWP to low GWP products is becoming less favorable, with some fourth-generation alternatives unable to fully replace existing products [10][11]. Market Trends - The demand for three-generation refrigerants is increasing, with a notable growth in the maintenance market, particularly for F32 refrigerants [27][28]. - The global warming issue is driving demand for refrigerants, especially in developing countries, which is expected to sustain long-term growth in the refrigerant market [29]. Additional Important Insights - The Indian market presents significant potential despite current challenges, with major local players like SRF holding substantial market shares [9][16]. - The U.S. and Europe are actively transitioning to fourth and fifth-generation refrigerants, with companies like Arkema leading the way in production [17][18]. - China's competitive advantages in the refrigerant market include lower production costs and advanced manufacturing capabilities, despite facing trade barriers [18][19]. Conclusion - The refrigerant market is poised for growth driven by regulatory changes, technological advancements, and increasing global demand, particularly in developing regions. Companies must navigate challenges such as trade barriers and production costs while capitalizing on emerging opportunities in liquid cooling and environmentally friendly refrigerants.