Core Viewpoint - The company has developed a comprehensive capability chain in liquid cooling solutions, leveraging its expertise in semiconductor packaging materials to provide end-to-end services from material design to system-level solutions [1] Group 1: Business Development - The liquid cooling business has naturally extended from packaging materials to liquid cooling components and system-level solutions [1] - The company has established a complete product matrix for secondary side liquid cooling, including MLCP, cold plates, quick connectors, CDU modules, and liquid cooling cabinets [1] Group 2: Service Offering - The business model allows the company to offer a full range of services to clients, including thermal simulation, structural design, prototype validation, and mass production [1] - The company utilizes a self-controlled manufacturing system to achieve cost optimization and high reliability in delivery [1]

Group 1: Company Overview and Business Segments - The company focuses on three main business segments: smart cards, semiconductors, and digital & energy thermal management, with smart cards being the traditional stronghold [1][2] - The Ningbo Cheng Tian dedicated chip project was completed in 2019, contributing to both internal use and external sales, and the semiconductor packaging materials business achieved large-scale production in 2023 [1][2] Group 2: Liquid Cooling Business Development - The liquid cooling business is a significant growth point, leveraging the company's expertise in high thermal conductivity materials and core processes to expand from packaging materials to system-level solutions [2][3] - The company has established a complete capability chain from semiconductor packaging materials to liquid cooling components and overall solutions, differentiating itself from competitors [3][4] Group 3: Financial Performance and Market Dynamics - Revenue from semiconductor packaging materials is projected to account for nearly 10% of total revenue in 2024, with strong growth expected [6] - The company's revenue fluctuated in 2022-2023 due to macroeconomic downturns, with smart card business being the main revenue source during this period [8][9] Group 4: Strategic Partnerships and Customer Base - The company maintains long-term strategic partnerships with major clients like THALES and IDEMIA, with overseas business accounting for over 60% of revenue [9][12] - The customer base for semiconductor packaging and liquid cooling businesses is currently independent, but there is potential for future collaboration as technology evolves [11] Group 5: Research and Development Focus - Future R&D investments will prioritize semiconductor packaging materials and the newly developed liquid cooling business, focusing on system-level testing and integration [10][12] - The company aims to enhance its competitive edge through continuous innovation and cost-effectiveness analysis in R&D [10] Group 6: Market Trends and Risks - The rise of eSIM technology is expected to boost product margins and transition the smart card business towards service-oriented models [12] - The company is aware of potential risks associated with new product development, including technological and market uncertainties [12]

Core Viewpoint - The company has announced the development of MLCP technology, which integrates traditional packaging heat dissipation structures with liquid cooling channels to enhance cooling efficiency and reduce thermal resistance [1] Group 1: Technology Overview - MLCP is a cold plate technology that features micron-level channels within packaging materials, allowing coolant to be positioned closer to chip heat sources [1] - The integrated design of MLCP eliminates the need for traditional external cold plate models, enabling direct structural coupling with high-power and multi-chip modules [1] Group 2: Company Capabilities - The company possesses strong expertise in high thermal conductivity metal packaging materials, precision etching, and electroplating processes, which align well with the MLCP technology route [1] Group 3: Market Strategy - The company is actively advancing the sample testing and production line preparation for MLCP, with samples already delivered to key customers [1] - Future production capacity planning will be strictly based on market feedback and customer orders, aiming to seize opportunities in high heat flux density areas such as AI servers and power modules [1]

Group 1 - The core point of the news is the establishment of a joint venture, SUPERX COOLTECH PTE.LTD., between Cheng Tian Wei Ye and SuperX AI Technology, focusing on AI server and high-performance computing liquid cooling systems [1][2] - The joint venture aims to integrate strengths in AI system integration and thermal management components, targeting the global market (excluding mainland China and Hong Kong) with efficient and reliable liquid cooling solutions [1][2] - This strategic partnership marks a significant step in Cheng Tian Wei Ye's global strategy for "digital and energy thermal management" [1] Group 2 - The liquid cooling technology is becoming mainstream for high-performance computing and AI servers due to increasing power density and energy efficiency pressures in data centers [2] - Industry research predicts that the global data center liquid cooling systems market will experience rapid growth, potentially reaching several billion dollars in the coming years [2] - The joint venture's products, including MLCP, CDU, and integrated liquid cooling systems, will cover the entire thermal management chain from chips to complete cabinets, showcasing technological advantages and international market potential [2]

Group 1 - The company has initiated technical research and development for MLCP, with relevant patents currently under application [2]

Group 1 - The company has announced that it is conducting technical research and development on MLCP [1] - The relevant patents for this technology are currently under application [1]

Group 1: Market Overview - The Shanghai Composite Index closed at 3860.50, down 0.26%, while the Shenzhen Component Index rose 0.63% to 13005.77 [1] - The ChiNext Index led the three major indices with a gain of 1.51%, closing at 3066.18 [1] - The overall market showed mixed performance with the innovation growth sector outperforming blue-chip stocks [7] Group 2: Economic Indicators - Fixed asset investment (excluding rural households) from January to August 2025 increased by 0.5% year-on-year, totaling 326,111 billion [15] - The industrial added value above designated size grew by 5.2% year-on-year in August, with a month-on-month increase of 0.37% [17] - Retail sales of consumer goods in August reached 39,668 billion, reflecting a year-on-year growth of 3.4% [19] Group 3: Industry Dynamics - In August 2025, the industrial power generation volume was 936.3 billion kWh, marking a year-on-year increase of 1.6% [31] - The Ningxia region plans to establish a capacity pricing mechanism for power generation to promote energy storage development [27] - LG New Energy entered the top five in passenger car battery installation volume for the 36th week, driven by Tesla Model Y sales [33] Group 4: Company Updates - Borui Pharmaceutical received approval for clinical trials of BGM0504 tablets, a dual agonist for GLP-1 and GIP receptors, targeting metabolic diseases [40] - Xiangdian Co., Ltd. completed the issuance of A-shares to specific investors, raising approximately 1.999 billion [43]