Group 1: Investor Relations Activity Overview - The company conducted a specific investor survey and a site visit on March 17, 2025, attended by various financial institutions including CITIC Securities and Haitong Securities [3][4]. - The meeting was hosted by the Chief Financial Officer and Board Secretary, Mr. Cui Pengyang [3]. Group 2: Performance and Revenue Insights - The company's revenue from immersion liquid cooling products is expected to decline significantly in 2024 due to the completion timeline of ongoing projects and the end of the "East Data West Computing" initiative [4]. - The gross margin for immersion liquid cooling products ranges from 40% to 50%, while for cold plate liquid cooling products, it is between 20% and 30% [5]. Group 3: Market Competition and Standards - The company is the only domestic entity to achieve large-scale commercialization of immersion phase change liquid cooling, facing no direct competitors in this niche [5]. - Cold plate liquid cooling technology is more mature but has many market participants, leading to fluctuating gross margins due to high verification and stocking costs [6]. - The company is leading the development of the first national technical standard for cold plate liquid cooling, aiming to promote understanding and application of efficient cooling technologies in data centers [6]. Group 4: Related Party Transactions - Discrepancies between the expected and actual amounts of related party transactions are attributed to differences in reporting standards, as expected transactions are based on contract amounts while actual transactions are based on completed work [7].
曙光数创(872808) - 投资者关系活动记录表