Based on the 2025 semi-annual report and other publicly available authoritative information, the business cooperation between Bojie Shares and global top-tier customers including Nvidia (N-customer), North American cloud service providers Google (G-customer) and Amazon (A-customer), as well as Tesla (T-customer), demonstrates a strategic layout deeply engaged in the fields of AI computing power, cloud services, and humanoid robots. The specific analysis is as follows:

🤖 1. Cooperation with Nvidia (N-Customer)

Bojie Shares is a core supplier of automated inspection equipment for Nvidia's GPU boards, covering the entire chip manufacturing process inspection. It accounts for 50% of Nvidia's inspection orders and has adapted to the testing requirements of the new Blackwell architecture chips (such as GB300). The cooperation scale broke through the ten million level in 2023, and it is expected to exceed ten million yuan in revenue in 2025, showing a year-on-year growth trend.

The company's self-developed pump-driven two-phase liquid cooling module is designed for high-performance AI servers like Nvidia's GB300, improving heat dissipation efficiency by over 30% compared to traditional cold plate solutions, with a PUE (Power Usage Effectiveness) that can be reduced to below 1.08. The company介入 early from the laboratory stage, and the module was applied to the cabinet liquid cooling system of Nvidia's GB300 servers starting in 2025.

Furthermore, Bojie has obtained Nvidia's Vendor Code and primarily provides testing and automation equipment for its self-developed server products in the AI computing power sector. Future cooperation will expand along with the diversified testing needs of AI computing power customers.

☁️ 2. Cooperation with North American Cloud Service Providers (G-Customer Google, A-Customer Amazon)

Bojie Shares supplies server board-level testing equipment, including BSI and ICT Inline testing systems, to global and domestic renowned server manufacturers such as Google, Amazon, Microsoft, and Cisco. Its positioning in the liquid cooling track is also significant. As one of the few domestic manufacturers directly supplying water cooling heads, its single cabinet value reaches 100,000 RMB, which is close to the level of international suppliers like Boyd/SKC, and it is actively promoting liquid cooling solutions to cloud service providers like Google.

The company's overseas business layout supports this cooperation. In 2024, it continued to lay out overseas operations, establishing branches and subsidiaries in Mexico, Vietnam, the United States, and India to provide close support to customers. The construction of its production base in Mexico will further enhance its ability to serve North American cloud service customers locally.

🔋 3. Cooperation with Tesla (T-Customer)

The cooperation between Bojie Shares and Tesla in the humanoid robot field has entered a substantive stage, focusing on the testing of core components and the development of core technologies for the Optimus robot.

In terms of core components and testing:

IMU sensor testing equipment: Since the second half of 2024, Bojie has supplied IMU sensor testing equipment to Tesla in small batches for the balance control and motion trajectory tracking of Optimus, with accuracy as high as 1 arcsecond.

Electronic skin testing technology: Both parties are closely exploring electronic skin testing technology. Bojie is developing high-precision defect detection equipment adapted for electronic skin, which is expected to enter the sample verification stage by the end of 2025.

Harmonic reducer: Through its shareholding in Er Zhi Robot (24.24%), Bojie has independent R&D capabilities for harmonic reducers. Its self-developed harmonic reducer has a lifespan of over 8,000 hours and has passed Tesla's B-sample test. It is expected to enter the mass production list in the fourth quarter of 2025 and will be used in Optimus's shoulder, elbow, and other joint modules.

In terms of cooperation model and strategic transformation, Bojie and Tesla adopt a direct cooperation model, skipping the OEM link and deeply participating in Optimus's R&D and production processes. Bojie's strategic goal is to transition from providing single testing equipment to supplying core components such as liquid cooling modules and harmonic reducers to Tesla, which is expected to significantly improve毛利率 (gross profit margin).

In the field of automotive electronics, Bojie also provides Tesla with ICT testing businesses, including electronic control unit testing, chip testing (e.g., for autonomous driving chips), sensor testing, and communication module testing.

💎 4. Comprehensive Evaluation and Future Outlook

The 2025 semi-annual report shows that Bojie's automotive electronics business revenue accounted for 24.73%, with Tesla-related orders contributing significantly. It is estimated that Tesla-related business revenue will exceed 150 million yuan in 2025, accounting for more than 15% of total revenue. Orders for AI servers and AI glasses have also achieved rapid growth, and the demand in the MLCC market is recovering quickly.

The company's restricted stock incentive plan sets performance assessment requirements for 2025-2027, with target net profits attributable to shareholders of no less than 100 million yuan, 115 million yuan, and 130 million yuan respectively, reflecting management's confidence in future development.

Risks and challenges mainly include the uncertainty of technological iteration in the humanoid robot field and the validation process and yield rate stability during mass production爬坡 (ramp-up).

In summary, Bojie Shares is steadily advancing its cooperation with global top customers through its technical reserves in automated testing and liquid cooling, and its business transformation and expansion strategies are achieving positive results. Future growth will continue to focus on market demand and technological innovation.

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博杰股份：与全球顶级大客户的业务合作（英文版）