2026 outlook. Updates on liquid cooling business. The company has established a liquid-cooling team covering the full value chain, including both outdoor and indoor units. Mgmt suggested key clients include data center customers in North America such as Trane, Carrier, and Daikin, as well as domestic customers such as Envicool. Sanhua targets full-year revenue from liquid- cooling business to grow by 50%-100% YoY. Updates on humanoid robots. The robotic BU has expanded to a team of c.300 employees, focused ...