以下文章来源于More Than Semi ，作者猫叔 More Than Semi . More Than SEMI 半导体行业研究 现在英伟达GB200的交付已经进入稳定交付期，根据英伟达财报电话会上的说法，现在已经满负荷生 成，NVL72每周可生成约1000个机架，随着产能爬坡，三季度还将进一步加速。而且GB300的交付也会 慢慢上量，那GB300中各个重要组件的价值量拆解对投资者来说就非常关键了，这篇文章我们先来拆解 NVL72中的液冷价值量，看下GB300相比GB200，液冷的设计有哪些变化？哪部分的价值量增加最多？ 液冷服务器机架 先看下液冷服务器都需要包含哪些东西。 Cooling Tower（冷却塔） 是通过与外界空气等进行热交换，将从板式换热器传来的热量散发出去，从 而使用于交换的冷却介质降温，以便再次回到板式换热器参与热量交换。 下面的图是一个GB200 NVL72机架的简易示图，可以看到Manifold左右两侧的颜色是不一样的，蓝色表 示里面的冷侧歧管，也就是上面图中的Left Manifold，来自CDU的低温冷却液在此分路，送往各服务器 的冷板；红色表示热侧歧管，也就是上面图中的Ri ...

Core Viewpoint - Midea Group is actively involved in the smart building technology sector, particularly in data center solutions, and has established partnerships with major telecommunications and internet companies in China [1] Group 1: Business Operations - The company offers a range of products for data centers, including large chillers, liquid cooling products, room air conditioners, AHU series, liquid cooling systems, and key components like CDU [1] - Midea Group has entered the supply chain of major Chinese telecommunications companies such as China Telecom, China Mobile, and China Unicom, as well as leading domestic internet enterprises [1] Group 2: Strategic Projects - The company has undertaken the first large-scale all-liquid cooling intelligent computing data center project for China Telecom in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - Midea Group is collaborating with a leading internet company to develop a natural cooling magnetic levitation chiller and supporting wind walls, aimed at providing green and efficient wind-liquid compatible cooling solutions for mid-to-high density intelligent computing centers [1] Group 3: Environmental Impact - The new solutions are designed to achieve energy-saving operations throughout the year, significantly reducing Power Usage Effectiveness (PUE) and supporting low-carbon intelligent computing development [1] - The company focuses on customized solutions that bind clients and foster mutual growth [1]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Zhanbo Investment on a listed company, Lingyi iTech, which is expected to achieve significant revenue and profit growth in the first half of 2025 [1] - Lingyi iTech is projected to generate revenue of 23.35% year-on-year growth, reaching 23.625 billion yuan, and a net profit increase of 35.94%, amounting to 930 million yuan [1] - The company has established itself as a key player in humanoid robotics, with core technologies in servo motors and reducers, and has received orders both domestically and internationally, positioning itself among the top three intelligent hardware manufacturers globally [1] Group 2 - In the AI server sector, Lingyi iTech is expanding its capabilities in cooling and power supply, collaborating with partners to form a joint venture [1] - The company is also involved in the production of ultra-thin titanium alloy support components for Samsung's Z Fold7 and is participating in the assembly services for AI glasses [1] - Lingyi iTech has repurchased shares worth 320 million yuan and plans to distribute a cash dividend of 139 million yuan, totaling a return of 459 million yuan to investors [1]

Group 1 - The core viewpoint of the news is that Dongfang Gangwan, a well-known private equity firm, recently conducted research on a listed company, Lingyi iTech, highlighting its strong financial performance and technological capabilities [1] - In the first half of 2025, Lingyi iTech is projected to achieve revenue of 23.625 billion yuan, representing a year-on-year growth of 23.35%, and a net profit of 930 million yuan, with a year-on-year increase of 35.94% [1] - The company's terminal business revenue is expected to be 20.865 billion yuan, while its automotive and low-altitude economy business is projected to generate 1.183 billion yuan, and other business revenues are estimated at 1.577 billion yuan [1] Group 2 - Lingyi iTech possesses core technologies in humanoid robotics, including servo motors and reducers, and has secured domestic and international orders, positioning itself as one of the top three manufacturers of embodied intelligent hardware globally [1] - The company is expanding into the AI server sector, focusing on cooling and power supply capabilities, and has established a joint venture with Bohua Xinda and Boke Electronics [1] - Lingyi iTech has also engaged in the production of ultra-thin titanium alloy support components for Samsung's Z Fold7 and is involved in the structural components and assembly services for AI glasses [1] Group 3 - The company has repurchased shares worth 320 million yuan and plans to distribute a cash dividend of 139 million yuan, totaling a return of 459 million yuan to investors [1]

Group 1: Xiangyu Medical - The brain-computer interface (BCI) shows clear prospects in rehabilitation medicine, potentially shifting patients from "passive rehabilitation" to "active rehabilitation," thereby saving labor costs and improving outcomes [1] - The company possesses an integrated advantage of "BCI technology + proprietary rehabilitation equipment," having obtained registration certificates for two EEG collection devices, with over 20 devices expected to be certified by the end of the year and nearly 100 by the end of next year [1] - More than 50 large hospitals are currently using the company's equipment, which is expected to contribute to performance in 2025 and significantly enhance performance in 2026 [1] - R&D investment has increased by 38.80% year-on-year, with 117 new patents added, totaling 1,933 patents, including several related to BCI technology [1] - The sales model starts with partnerships with top-tier hospitals to create benchmarks, gradually extending to grassroots levels and eventually entering the home market [1] Group 2: Lingyi Technology - In the first half of 2025, the company achieved revenue of 23.625 billion yuan, a year-on-year increase of 23.35%, and a net profit of 930 million yuan, up 35.94% [2] - Revenue from the I-terminal business was 20.865 billion yuan, while the automotive and low-altitude economy business generated 1.183 billion yuan, and other businesses contributed 1.577 billion yuan [2] - The company holds core technologies in humanoid robotics, including servo motors and reducers, and has secured domestic and international orders, positioning itself as one of the top three manufacturers of embodied intelligent hardware globally [2] - In the AI server sector, the company is expanding into cooling and power supply businesses, with capabilities in CDU and liquid cooling modules, and has formed a joint venture with Bohua Xinda and Boke Electronics [2] - The company has repurchased shares worth 320 million yuan and plans to distribute a cash dividend of 139 million yuan, totaling 459 million yuan in returns to investors [2]

Group 1 - The core viewpoint of the news is that Jiukun Investment has conducted research on a listed company, Lingyi Zhizao, which is expected to achieve significant revenue and profit growth in the first half of 2025 [1] - Lingyi Zhizao is projected to generate revenue of 23.625 billion yuan, representing a year-on-year increase of 23.35%, and a net profit of 930 million yuan, reflecting a year-on-year growth of 35.94% [1] - The company's terminal business revenue is expected to be 20.865 billion yuan, while its automotive and low-altitude economy business is anticipated to generate 1.183 billion yuan [1] Group 2 - Lingyi Zhizao possesses core technologies in humanoid robotics, including servo motors and reducers, and has secured orders both domestically and internationally, positioning itself as one of the top three manufacturers of embodied intelligent hardware globally [1] - The company is expanding into the AI server sector, focusing on cooling and power supply capabilities, and has formed a joint venture with Bohua Xinda and Boke Electronics [1] - Lingyi Zhizao has also engaged in the production of ultra-thin titanium alloy support components for Samsung's Z Fold7 and is involved in AI glasses structural components and assembly services [1] Group 3 - The company has repurchased shares worth 320 million yuan and plans to distribute a cash dividend of 139 million yuan, totaling a return of 459 million yuan to investors [1]

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, with a target price of 229.76 CNY per share [6][16]. Core Views - The company's revenue for the first half of 2025 reached 386 million CNY, a year-on-year increase of 78.24%, while net profit attributable to shareholders was 31 million CNY, up 33.19% year-on-year [1][2]. - The growth in revenue is driven by the increasing demand for liquid cooling products due to the rising computational needs of data centers, alongside the expansion of production capacity from the company's investment projects [2][3]. - The company is focusing on advanced thermal management solutions, with significant revenue growth in its thermal management materials and devices segment, which achieved 342 million CNY in revenue, a 67.77% increase year-on-year [3][11]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 27.03%, an increase of 1.12 percentage points year-on-year, with stable expense ratios for sales, management, and R&D [2][12]. - The company expects revenues of 977 million CNY, 1.392 billion CNY, and 1.926 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 48.83%, 42.52%, and 38.36% [12][13]. Market Position and Growth Drivers - The demand for liquid cooling solutions is anticipated to rise significantly, particularly in AI data centers, which will enhance the company's order growth [3][16]. - The company is investing in new technologies, including graphene and synthetic graphite thermal interface materials, to strengthen its position in the thermal management market [3][11]. Valuation and Comparables - The report utilizes a price-to-sales (PS) valuation method, assigning a PS of 19 times for 2025, reflecting the expected growth in thermal management demand and the company's strong customer base [8][16]. - Comparables in the thermal management sector include Suzhou Tianmai and Yingweike, which have similar product offerings and market dynamics [16][19].

Summary of Liquid Cooling Industry Report Industry Overview - The liquid cooling industry is experiencing significant growth, driven by the increasing demand for data centers and the limitations of traditional air cooling systems. The global liquid cooling market is expected to exceed 150 billion RMB in 2026, representing a tenfold increase from 2025's 15 billion RMB [1][4]. Key Points Market Growth and Projections - The liquid cooling market is projected to reach over 150 billion RMB by 2026, with a domestic market penetration rate expected to reach 30%-40% between 2027 and 2029 [1][4]. - The industry is currently in an explosive growth phase, with the application of liquid cooling technology in data centers anticipated to accelerate significantly by 2025 [2][4]. Technology and Types - Liquid cooling technology is categorized into three main types: spray cooling, cold plate cooling, and immersion cooling, with cold plate cooling currently being the dominant method [1][5]. - The NVIDIA MBR72 cabinet serves as a benchmark, with a total cabinet value of approximately 800,000 RMB, including components such as the cold plate (250,000 RMB) and CDU (300,000 RMB) [1][5]. Competitive Landscape - In the CDU (Coolant Distribution Unit) sector, domestic companies like NVIDIA, China Sunway, and Silver Wheel dominate, while international competitors include Vertiv, Gucci, and Schneider [1][6]. - Domestic brands are expected to enter overseas markets quickly due to the high barriers in business relationships and consistency control required for components like cold plates and quick connectors [6]. Key Components and Suppliers - Cold plates are critical components in liquid cooling systems, directly attached to the back of chips, with leakage being a key concern for manufacturers and end-users [1][8]. - Major suppliers for quick connectors include both international (CBC, Pico) and domestic companies (Invec, Chuanhuan, Suliang) [3][9]. - The manifold component is simpler and has a higher presence of domestic companies, including Zhongguangdian, Shenling, Invec, and Silver Wheel [10]. Development Trends - The liquid cooling technology has gained attention since 2023, with companies like Feilong Co. having a first-mover advantage in the automotive thermal management sector, supplying Huawei and covering the NVIDIA supply chain [1][11]. - Companies like Silver Wheel and Topu are noted for their integrated capabilities across multiple liquid cooling components and their entry into the NVIDIA supply chain through Taiwanese manufacturers [11]. Additional Insights - The increasing power consumption of chips and the need for effective temperature control are driving the adoption of liquid cooling solutions, as chip lifespan can decrease by 50% with every 10-degree increase in operating temperature [2]. - The precision requirements for quick connectors in servers are stringent, with leakage limits set at no more than 0.25 drops over five consecutive insertions [3][9].

Summary of the Conference Call for SuLian Co., Ltd. Company Overview - **Company**: SuLian Co., Ltd. - **Industry**: Liquid Cooling Solutions and Battery Components Key Financial Performance - **Revenue**: Achieved a record high of 668 million yuan in H1 2025, a year-on-year increase of 26.30% [2] - **Net Profit**: Net profit attributable to shareholders was 67.76 million yuan, down 4.43% year-on-year; non-recurring net profit was 60.49 million yuan, down 11% [2] - **Earnings Per Share**: Basic earnings per share decreased by 2.25% to 0.44 yuan [1] - **Total Assets**: Increased by 5% year-on-year to 2.658 billion yuan [3] Operational Strategies - **Cost Management**: The company is actively communicating with clients to mitigate price pressure and is promoting new technologies and domestic materials to reduce costs [1][4] - **R&D Investment**: Future R&D expenses will continue to rise, focusing on new materials, products, and computing power [5] - **Customer Concentration**: The top five customers' share decreased from 67.47% to 55.8%, indicating reduced customer concentration [6] Business Segments Battery Business - **Collaboration**: Deep cooperation with leading battery manufacturers like CATL, with expected revenue of 280 million yuan in 2024, a year-on-year growth of over 90% [6] - **Market Share**: The battery-related revenue is expected to account for over 25% of total revenue in H1 2025 [9] Liquid Cooling Products - **Market Potential**: The liquid cooling plate market is projected to have significant growth potential, with a vehicle value exceeding current main business [7] - **Data Center Products**: Focused on inference server markets, providing components like liquid cooling plates, CDU, UQD, and manifolds [10] - **Client Expansion**: Targeting overseas cloud service providers and core technology equipment manufacturers for partnerships [10] Competitive Landscape - **Market Position**: The company has no direct competitors in the plastic connection component market, but other companies are developing similar solutions [15][16] - **Domestic Competitors**: No significant domestic competitors in the plastic connection field, but many competitors in the stainless steel UQD sector [16] Future Outlook - **OCP Certification**: Aiming for OCP certification by the end of the year to facilitate overseas market expansion [20] - **Production Capacity**: Investment in a new processing plant in Chongqing to ensure sufficient capacity to meet demand [14] - **Product Development**: Plans to launch new liquid cooling products in Q4 this year or early next year, with a focus on North American market expansion [11] Challenges and Innovations - **Technical Challenges**: Facing challenges in product design and optimization, particularly in improving the reliability and consistency of plastic materials [25][26] - **Innovation Strategy**: Developing new products based on standardized connections to meet diverse customer needs while avoiding patent infringement [27] Conclusion SuLian Co., Ltd. is strategically positioned in the liquid cooling and battery component markets, with a focus on innovation, cost management, and expanding its customer base. The company is navigating challenges while aiming for significant growth in revenue and market share in the coming years.

Group 1: Company Overview - The company is Guangzhou Gaolan Energy-saving Technology Co., Ltd., with stock code 300499 and abbreviation Gaolan Co. [1] - The online performance briefing was held on August 28, 2025, from 15:00 to 17:00 [2]. Group 2: Market Position and Performance - The company has a market share in liquid cooling servers, but specific statistics are not available [2]. - In the first half of 2025, the revenue from high-power density thermal management business, including data center and energy storage thermal management, was approximately 136,958,047.52 yuan, accounting for 32.78% of total revenue [3]. - As of June 30, 2025, the company had an order backlog amounting to approximately 11.39 billion yuan [3]. Group 3: Orders and Growth - The company experienced significant growth in high-voltage orders in the first half of 2025, with overseas orders exceeding 500 million yuan for two high-voltage direct current transmission projects in Saudi Arabia [3]. - The revenue from high-power electronic thermal management products increased by 239.39% year-on-year, primarily driven by the delivery of high-voltage direct current projects [3]. Group 4: Strategic Partnerships and Future Plans - The company has established long-term framework agreements with several key clients, with varying procurement ratios based on industry and application [4]. - Future plans include leveraging the advantages of liquid cooling technology, focusing on innovation and process improvement, and increasing investment in overseas markets [3].