MINTH GROUP (00425) is currently up more than 7%. As of the time of writing, the stock has risen 6.9% to HKD 33.76, with a turnover of HKD 140 million. On the news front, on January 5th, Nvidia unveiled its Rubin platform at the CES exhibition. The power consumption per single cabinet is set to exceed 200KW for the first time, utilizing a 100% full liquid cooling solution. Huayuan Securities pointed out that compared to the GB series, the core incremental changes in the Rubin liquid cooling solution lie in the cold plates, CDUs, and Manifolds. The brokerage noted that the Manifold in the Rubin architecture has undergone design changes; the Manifold features larger pipe diameters and integrates valves and sensors to enhance stability and reduce the risk of coolant leakage, resulting in a higher degree of overall integration and intelligence, which increases its value. They highlighted MINTH GROUP regarding the Manifold. Public information shows that MINTH GROUP's liquid cooling product portfolio includes immersion cooling cabinets, CDUs, cold plates, and water distributors. Dongwu Securities indicated that rising energy consumption requirements and increasing cabinet power density are driving the rapid development of server liquid cooling. MINTH GROUP, leveraging its technical expertise in battery boxes/cold plates, global production capacity layout, and long-term cooperative relationships with leading server manufacturers, has quickly entered the server liquid cooling industry and has already secured orders from AI server manufacturers, with deliveries scheduled to commence by the end of 2025.
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