MINTH GROUP (00425) announced that its subsidiary, Precision Industry, has recently secured an order from a Taiwanese AI server manufacturer. Under this agreement, Precision Industry will design, develop, and produce immersion liquid cooling cabinets for AI servers according to the customer's specifications. As of the announcement date, Precision Industry has successfully passed the customer's technical validation for these immersion liquid cooling cabinets. The related products are expected to be delivered in batches starting mid-November 2025.
Additionally, as of the announcement date, the Group has also passed the technical validation for a flow distributor from another Taiwanese AI server liquid cooling system manufacturer and secured an order. The first batch of products is expected to be delivered by the end of December 2025. The company noted that the end customers for these products are global semiconductor enterprises.
To meet the delivery requirements of these orders and potential future demand, the Group has established a joint venture with Forman Technology to jointly expand AI server liquid cooling system-related businesses. A production facility has already been set up in Jiaxing. As of the announcement date, the facility has achieved small-scale production capacity and is expected to reach mass production levels by the end of December 2025.
Given the growing demand for AI solutions across industries, the global AI server liquid cooling system market is projected to experience rapid growth. The Group has already established a robust global production capacity in the automotive sector, with leading development and production technologies—along with proprietary intellectual property—for products such as automotive battery box structural components and liquid cooling plates. These capabilities ensure clean, leak-proof, safe, and high-performance products, enabling large-scale production and delivery of core liquid cooling system components.
Furthermore, as mentioned in the Group’s latest interim report, it is actively expanding into new sectors and products to develop a second growth curve, focusing on emerging fields such as AI, robotics, low-altitude economy, and smart mobility. The Group has also formed a joint venture partnership with Forman Technology, a leader in liquid cooling systems with over 20 years of experience in R&D and mass production.
Combined with the Group’s long-term collaboration with leading Taiwanese server manufacturers and its unique global presence, these initiatives are expected to accelerate the rapid expansion of its AI server-related business worldwide, laying a solid foundation for growth and business diversification.