GCM Corporation (ASX:GCM) has entered into a binding 24-month Joint Development Agreement (JDA) with Shenzhen Jinshiyu Technology Co., Ltd (JSY) to develop an integrated thermal management product combining JSY's zipper fin technology with GCM's VHD heat plate, the company disclosed on 11 November 2026.

Key Points

  • GCM has signed a binding 24-month JDA with Shenzhen Jinshiyu Technology Co., Ltd (JSY) to jointly develop, prototype, test and refine an integrated thermal management product.
  • JSY will lead sales and marketing of the finished product and must source VHD heat plates from GCM, subject to agreed commercial terms, accepted purchase orders, specifications and production capacity.
  • The JDA does not commit JSY to minimum production purchases or establish committed production revenue; customer testing, approvals and commercial terms remain outstanding.
  • Product-specific worldwide exclusivity applies to the protected JSY zipper fin and GCM VHD combination during the 24-month term, subject to contractual carve-outs and early termination.
  • Separately, GCM and ALVC have commenced manufacturing an integrated evaluation product for presentation to a prospective customer for proposed application testing.

JSY Joint Development Agreement Terms and Structure

Under the JDA, JSY will provide and adapt the zipper fin component and contribute design, prototyping and testing support, while also managing sales and marketing of the integrated product subject to GCM's approval rights concerning technical claims and use of its technology and branding. GCM will provide and adapt its VHD heat plate for integration with the JSY zipper fin, contribute technical and material design inputs, and support prototype integration and testing. The development plan is to be agreed by the parties and may include interface design, thermal simulation, prototype manufacture, integration, testing, design revision and production readiness work. A successful prototype or test does not itself create an obligation to proceed to commercial launch.

Commercial Framework and Intellectual Property Arrangements

No binding production volumes, minimum orders or customer orders have been agreed under the JDA, and GCM stated it is not presently able to quantify potential production revenue from the collaboration. The parties will negotiate a separate commercial agreement covering product pricing, forecasts, minimum order quantities, tooling, payment terms, warranty allocation, margins and conditions for exclusivity after commercial launch. Each party retains ownership of its background intellectual property. Project intellectual property relating solely to the JSY zipper fin will be owned by JSY, while that relating solely to GCM's VHD heat plate and manufacturing technology will be owned by GCM. Jointly developed interface intellectual property will be jointly owned and may be used only for the project unless otherwise agreed in writing.

ALVC Programme Advances to Evaluation Product Stage

GCM disclosed that its separate joint development programme with Shenzhen Wanwei Heat Conduction Technology Co., Ltd (ALVC) has progressed from initial prototyping to the manufacture of an integrated evaluation product for proposed testing by a prospective customer. The company stated that both the JSY and ALVC programmes remain subject to development and customer qualification, with immediate priorities including technical development, application testing and advancing commercial arrangements. GCM said it continues to work with potential customers across its target markets on prototype testing and customer qualification. JSY is headquartered in Shenzhen and maintains a manufacturing base in Longgang, focusing on graphene-based aluminium thermal management products.