Minshi Group: Subsidiary company receives orders for AI server liquid cooling products.

Minshi Group announced on November 3 on the Hong Kong Stock Exchange that its subsidiary, Precision Industries, recently obtained an order from a Taiwanese AI server manufacturer. According to the order, Precision Industries will design, develop, and produce AI server immersion liquid cooling cabinets according to the customer's specifications. As of the date of the announcement, Precision Industries has passed the technical verification for the immersion liquid cooling cabinets for this customer. The related products are expected to be delivered in batches starting from mid-November 2025. Furthermore, as of the announcement date, the Group has also passed the flowmeter technology verification from another Taiwanese AI server liquid cooling system manufacturer and obtained related orders. The first batch of products is expected to be delivered by the end of December 2025. The company learned that the final customers for the aforementioned products are global semiconductor companies. In order to meet the delivery of the above orders and the needs of potential future orders, the Group has established a joint venture company with Fu Man Technology to jointly expand the business of AI server liquid cooling systems, and has already built a production factory in Jiaxing. As of the date of the announcement, the production factory has the capability for small-scale production and is expected to reach mass production levels by the end of December 2025.