Key Highlights

  • GCM signed a binding 24-month joint development agreement with Shenzhen Jinshiyu Technology to develop an integrated thermal management product.
  • JSY will lead sales and Marketing and must source GCM VHD heat plates, subject to agreed terms and accepted purchase orders.
  • No minimum purchase, production volumes or committed Revenue have been agreed under the agreement.
  • A separate integrated evaluation product with ALVC has entered Manufacturing for a prospective customer.

GCM Corporation Limited (ASX:GCM) has entered a binding 24-month joint development agreement with Shenzhen Jinshiyu Technology Co., Ltd (JSY), a thermal management solutions provider focused on graphene-based aluminium products. In an update dated 11 November 2026, the company also said its joint development program with Shenzhen Wanwei Heat Conduction Technology Co., Ltd (ALVC) has moved from prototyping into manufacturing an evaluation product for a prospective customer.

A development framework with JSY

The agreement brings together JSY’s zipper fin technology and GCM’s VHD heat plate in a single thermal management product. The development plan is still to be agreed and may cover interface design, thermal simulation, prototype manufacture, integration, testing and production readiness work. Testing requirements and acceptance criteria must be agreed in writing, and a successful prototype does not by itself oblige either party to proceed to launch.

JSY will be the primary customer-facing party, and it must purchase the required VHD heat plates from GCM rather than substitute third-party equivalents without consent. That purchase is subject to agreed commercial terms, accepted purchase orders and production capacity. GCM has not yet set pricing, minimum order quantities or payment terms, which the parties intend to negotiate separately.

Exclusivity, intellectual property and exit conditions

During the 24-month term, the parties will act exclusively with each other for protected combinations of the JSY zipper fin and the GCM VHD heat plate. The exclusivity is subject to carve-outs, including standard products, pre-existing customers and independently developed products that do not draw on the other party’s confidential information. Continuation of exclusivity after launch depends on separately agreed commercial conditions such as minimum purchase volumes and sales targets.

Project intellectual property relating to the integrated interface will be jointly owned, while background intellectual property remains with each party. The agreement may be terminated if the parties determine the product is not technically or commercially feasible, cannot be made at acceptable cost or quality, or if commercial terms are not agreed within a defined escalation process.

The ALVC evaluation product and the timeline ahead

GCM and ALVC are developing a product that combines an ALVC vapour chamber with GCM’s VHD heat sink. The company reported in its September 2026 quarterly that the first batch of compact VHD heat sinks had been manufactured and shipped to ALVC for prototyping. The parties have now begun making an integrated evaluation product for an identified prospective customer, which will be tested in its intended application.

GCM was direct that manufacturing an evaluation product does not establish technical qualification, an accepted production order or commercial revenue. The company also acknowledged that progression through qualification and towards repeat orders has taken longer than it originally anticipated, and the latest developments do not change that position.

Final Word

The JSY agreement gives GCM an additional development partner and a framework for a combined product, but it does not carry a revenue commitment. Whether these programs convert into Supply orders will depend on technical testing, customer approvals and the commercial terms still to be negotiated. The company has said it will update the market on material testing outcomes, commercial arrangements and any delays or terminations.