Core Insights - Company has received an order for a custom-developed 0.08mm blade cooling structure from a Taiwanese client, which is now used in the liquid cooling system for the B200 chip [1] - The new cooling structure utilizes the latest MLCP technology, providing a significant competitive edge and effectively addressing the TDP thermal issues for processors with power consumption of 1800W to 2000W and above [1] - The company has completed multiple rounds of sample testing for the next-generation B300 chip adaptation plan, receiving positive feedback and is now entering the production preparation phase [1] Industry Trends - The demand for GPU performance is increasing due to the rapid development and application of AI technology, leading to the evolution of GPU products from B200 to the new B300 generation, both based on the Blackwell architecture [1] - The GB200 and GB300 represent the core development direction for data center computing power, with significant increases in chip power and performance making thermal management a critical bottleneck [1] Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.594 billion yuan, reflecting a year-on-year growth of 27.78% [2] - The revenue for the third quarter also stood at 1.594 billion yuan, maintaining the same year-on-year growth rate of 27.78% [2] Future Plans - The company aims to deepen technical collaboration with leading global GPU companies and their ODM partners, ensuring reliable verification of the liquid cooling plate production process before the large-scale shipment of GB300 [2] - There will be increased investment in the research and development of microchannel cooling plate architecture and manufacturing processes to achieve breakthroughs in cooling efficiency for higher power consumption chips [2]

Core Viewpoint - Shenzhen ChengTian WeiYe Technology Co., Ltd. has established a joint venture, SUPERX COOLTECH PTE. LTD., with SuperX AI Technology Limited to focus on AI server and high-performance computing liquid cooling systems, marking a significant step in the company's global strategy for digital and energy thermal management [1][2]. Group 1: Liquid Cooling Technology and Market Trends - Liquid cooling technology is becoming essential for AI data centers as traditional air cooling fails to meet the high thermal management demands of next-generation GPU architectures, which can exceed 100kW per cabinet [1]. - The global data center liquid cooling market is expected to grow significantly, with forecasts indicating it could reach several billion dollars in the coming years, driven by increasing power density and efficiency pressures in data centers [4]. - The joint venture's focus on MLCP (Microchannel Liquid Cooling Plate) technology is anticipated to enhance GPU performance and support high thermal loads, with production expected to start in the second half of 2026 [4]. Group 2: Joint Venture Product Development - The joint venture will develop a core product system that includes high-strength nano-injection liquid cooling plates, MLCP for AI servers, liquid cooling modules, CDU systems, and integrated cabinet liquid cooling solutions [3]. - The joint venture aims to leverage advanced technologies such as nano-injection molding, material reduction techniques, and fluid optimization to create differentiated technical advantages in the market [3][4]. - SuperX Cooltech will serve as a crucial link between Chinese manufacturing capabilities and international market demands, focusing on technology validation, joint development, and system delivery for international clients [2].

Group 1 - The company has not yet applied its liquid cooling plates to liquid-cooled servers or microchannel liquid cooling plates (MLCP) [2] - The primary applications of the company's liquid cooling plates are in energy storage, power batteries, and vehicle controllers [2]