Summary of Liquid Cooling Materials Industry Report Industry Overview - The report focuses on the liquid cooling materials industry, particularly in the context of increasing power consumption in AI chips and the demand for hybrid liquid cooling solutions [1][2]. Key Points and Arguments - **Server Cooling Demand Upgrade**: The power consumption of GPUs has increased from 1.2 kW to 1.8 kW, leading to total cabinet power consumption reaching 250-300 kW. Traditional single-phase cold plates are inadequate, necessitating an upgrade to liquid cooling solutions, with hybrid liquid cooling likely becoming mainstream, especially for high-power products like Rubin Ultra [1][2]. - **Advantages of Hybrid Liquid Cooling**: Compared to silent liquid cooling, hybrid solutions retain cold plates covering CPUs/GPUs, removing 60%-70% of heat, reducing the requirements for silent loops, enhancing system stability, allowing for single-point maintenance, and significantly lowering the amount of fluorinated fluids used, thus reducing costs [1][4]. - **Market Potential for Fluorinated Materials**: If hybrid liquid cooling solutions can be scaled, they could significantly drive demand for fluorinated materials, with a potential market size reaching 20 billion yuan, compared to the current demand of around 1,000 tons and a market capacity of 3 billion yuan [1][5]. - **NVIDIA Cooling Architecture Optimization**: The GB200 architecture uses one liquid cooling plate for two GPUs and one CPU, while the GB300 architecture provides individual cooling plates for each GPU and CPU, achieving more precise cooling and controlling total cabinet power consumption to approximately 132 kW. Higher power products like the Shadow series will require upgrades to bidirectional or phase change medium solutions [1][6]. Additional Important Insights - **Liquid Medium Choices**: Different cooling solutions utilize various liquid mediums. Single-phase cold plates typically use ethylene glycol, while bidirectional systems require low-boiling-point fluorinated fluids like R134A, hydrofluoroethers, and hexapropylene dimer [2][10]. - **New Zobon’s Liquid Cooling Strategy**: New Zobon is actively expanding in the liquid cooling sector, planning to add nearly 12,000 tons of capacity, including about 5,000 tons of perfluoropolyether capacity. The company aims to capture 50% of the semiconductor etching and temperature control market share [2][18]. - **Future Prospects for New Zobon**: The company expects its main business revenue to reach around 1.4 billion yuan by 2025-2026 and potentially 1.8-1.9 billion yuan by 2027. If the liquid cooling business materializes, the long-term market potential could reach 20 billion yuan, positioning the company for a valuation exceeding 20 billion yuan, with a short-term target market cap close to 50 billion yuan [2][20]. - **Challenges in Silent vs. Hybrid Solutions**: Silent solutions face high costs and reliability issues, while hybrid solutions enhance reliability and maintainability, significantly reducing the amount of medium required and overall costs [2][7]. - **Market Potential for Liquid Cooling Solutions**: The liquid cooling market has substantial potential, with estimates suggesting that if 100,000 cabinets are sold, the market space could approach 20 billion yuan, indicating significant growth elasticity compared to the current demand and market capacity [2][17]. This summary encapsulates the critical insights and projections regarding the liquid cooling materials industry, highlighting the evolving technology landscape and market opportunities.