Lens Technology joins NV supply chain, AI server business sees major growth
Recently, Lens Technology acquired 100% equity of PMG International (PMG), indirectly obtaining the NVIDIA RVL certification held by Yuan Shi Technology, successfully entering the core supply chain of NVIDIA, the global leader in AI computing power, and becoming one of the few domestic server hardware suppliers with RVL certification. With the explosive growth in global AI computing power demand, the benefits of NVIDIA's supply chain continue to be released, and Lens Technology's server business is ushering in a period of certain growth opportunities. Based on industry trends and fundamental corporate calculations, the cumulative revenue of the company's server business from 2026 to 2030 is expected to exceed 100 billion yuan, becoming the third growth curve after consumer electronics and new energy vehicle businesses.
NVIDIA's RVL certification is the "gold standard for entry" in the field of AI server core hardware, focusing on key aspects such as liquid cooling and rack structural components. The certification has high barriers and a long cycle, directly determining whether a company can enter the global top-tier AI computing power supply chain. Currently, the NVIDIA RVL supplier landscape is characterized by "Taiwanese and American dominance, with scarce domestic participation," and core players can be divided into two major camps based on product dimensions.
In the field of liquid cooling core components, global leading companies dominate. In the CDU (Coolant Distribution Unit) segment, Vertiv, as NVIDIA's exclusive system-level partner, monopolizes the core share, followed by Delta Electronics and Infinite Power. In the cold plate segment, Cooler Master leads with a 65% market share in GB200/300 cold plates, while companies like Taiwan's Auras Technology and North America's Boyd share the remaining market.
In server OEM and supporting segments, Taiwanese companies have significant advantages. Quanta Computer, Foxconn, and Lite-On Technology leverage their mature OEM capabilities to simultaneously achieve AI server OEM and liquid cooling component shipments for racks. As a new core player, Lens Technology quickly obtained RVL certification through the acquisition of Yuan Shi Technology, focusing on high-margin upstream segments such as racks, slides, trays, and liquid cooling components. It has already achieved mass production of main chassis structural components, becoming one of the few domestic precision manufacturing companies capable of providing core support for NVIDIA.
It is worth noting that structural components and liquid cooling components account for more than 30% of AI server hardware costs and are the core of solving high-power consumption and heat dissipation issues in AI servers. The high barriers of RVL certification make new entrants scarce, which also lays the foundation for Lens Technology to capture market share and release profit elasticity in the future.
China's AI server market is expected to grow at a CAGR of 25% from 2025 to 2030, with the market size exceeding 457.8 billion yuan by 2030. NVIDIA's global market share in AI servers will gradually adjust from 81% in 2025 to 63% in 2030. The products focused on by Lens Technology, such as racks and liquid cooling components, account for 18% of NVIDIA's server hardware costs. Leveraging its precision manufacturing capacity advantages, the company's market share is expected to gradually increase from 2% in 2026 to 10% in 2030, with product gross margins maintaining a central level of 30% (higher than the company's existing consumer electronics business).
Entering NVIDIA's RVL supply chain is an important extension of Lens Technology's "materials - modules - complete machines" vertical integration strategy and a key layout for the company to seize the benefits of the AI computing power track. Lens Technology has been deeply involved in precision structural component manufacturing for many years, with global-leading advantages in large-scale production, supply chain management, and quality control. Its existing precision manufacturing capabilities can form strong synergies with Yuan Shi Technology's RVL-certified production capacity and liquid cooling technology, rapidly amplifying the competitive advantages of its server business.
Although this equity acquisition still requires due diligence, audit evaluation, and formal agreement negotiations, with certain uncertainties remaining, from a strategic perspective, Lens Technology's decision to quickly enter NVIDIA's supply chain and lay out the AI server business through acquisitions has taken a key step toward transforming into a global AI hardware innovation platform. With the continuous release of AI computing power demand and the gradual emergence of the company's synergistic effects, Lens Technology's server business is expected to achieve rapid growth, driving continuous optimization of the company's profit structure, with long-term growth potential worth anticipating.
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