Who Jentech is
Jentech Precision Industrial (3653.TW) makes precision parts for servers — especially AI servers — and electric vehicles. The pitch is not a single cold plate. It sells a design-plus-process package: lids and vapor chambers at the package, liquid-cooling modules at the system, plus ILM, sockets and backplates, all built in-house from tooling through stamping, plating and assembly.
It is not on NVIDIA's published 800 VDC list. It sits on the cooling half of the same cabinet NVIDIA's 800 V architecture still has to keep at 45°C.
Business mix
By the first nine months of 2025 the mix had already tilted hard toward thermal:
- Thermal products — 73% of sales, +77% YoY. Inside that line, vapor chambers / lids were +82% and liquid-cooling modules +48%. GPU liquid-cooling for AI servers started to ship in 2025.
- Leadframes — 9%, −9% YoY. Automotive, LED and 5G. A Japanese competitor exited; orders are moving to Jentech, so 2026 is guided back to growth.
- Electronic parts — 7%, −2%. Server ILM and sockets. Sockets start selling in 2026; the tone is conservative.
- Other — 10%, +49%. Tooling sales and scrap, which move with overall throughput.
Where it sits in the NVIDIA 800 VDC stack
The liquid-cooling block: CDU, sidecar, 45°C loop — and, in Jentech's case, the lid that sits on the package before the loop even starts.
The November 2025 call never said 800 V. What it did say is a ten-year microchannel liquid-cooling programme, assembled at the advanced-packaging house, that removes TIM2. The claimed point is thermal: simulated and packaged-chip data are said to match, holding a 3,000 W to 7,000 W die around 70°C, at about 22 mm total height (0.5U). Revenue from that programme is not in the 2025 outlook scores. Conventional GPU liquid-cooling modules are.
Treat microchannel as a next-generation lid-plus-loop claim, not as 800V evidence. The 2025 P&L is still vapor chambers for advanced packaging and first GPU water-cooling shipments.
Coverage note
One note, from 28 November 2025, covering Q3 and the first nine months of 2025. Later 2026 calls are not in this archive yet.