Who Nidec Chaun-Choung is
Nidec Chaun-Choung Technology (6230.TW), also NCCI, is a thermal house with about 30 years in heat pipes, vapor chambers and modules. Nidec owns 86.3%. Headquarters sit in Sanchong, New Taipei. Plants are in Kunshan, Chongqing and Vietnam (from 2020); Taipei does prototypes. US offices are in San Jose and Austin.
It is not on NVIDIA's published 800 VDC list. The liquid-cooling read is a group split, not a full Taiwan loop: NCCI keeps air cooling; liquid-cooling modules (cold plates) are built at Kunshan; CDUs and quick disconnects come from parent Nidec Thailand.
Business mix
By Q2 2025 the mix had already tilted off consoles, but PC was still the base:
- PC — 47% of Q2 2025 sales. Still the operating floor.
- Servers — 24%, up from 16% in 2021.
- Networking — 17%.
- Game consoles — 9%, down from a 26% peak in 2022.
H1 2025 revenue was NT$4.291bn, gross margin 17%, EPS NT$0.80. Management blamed soft post-pandemic PC and console demand and said the aim is to get profitability back to pre-2023 levels.
Water cooling was still a new line: guided at 2–5% of 2025 sales and about 10% in 2026.
Where it sits in the NVIDIA 800 VDC stack
The liquid-cooling block: CDU, sidecar, 45°C loop — but only part of that block is on this ticker.
| Part | Who builds it, on this call |
|---|---|
| Air cooling (heat pipe, VC, 3D VC) | NCCI, in volume to brands and ODMs, including Taiwan assemblers |
| Liquid-cooling module / cold plate | Kunshan, jointly developed with Nidec |
| CDU and QDs | Nidec Thailand |
| Manifolds | Still sampling in August 2025; small volume hoped for 2026, then China and Vietnam |
The August 2025 call never said 800 V. What it did say is wattage on the air side: cloud-server heat pipes out to 1,000 W, AI-server 3D VC for GPUs above 1,200 W, switch VC modules to 850 W, and a roadmap toward 3D VC Fin at 1,000–1,400 W by 2028. Intel and AMD CPU liquid-cooling modules were already in production. ASIC and PCIe water modules were still in development.
Read Chaun next to Auras and AVC, not as a substitute. Those two already print water as a third or more of sales. Chaun is the listed Nidec vehicle, still mostly air, with the CDU dollar in Thailand.
Coverage note
One note, from 29 August 2025, covering the first half of 2025. Later calls are not in this archive yet.