It's probably not so much the load curve because even dropping 2% on the efficiency curve for 160W would only be 1.6W at output. I imagine Panda is running 220/240v and that might be part of it. The rest would be from the difference between reference PCB power delivery vs AIB power delivery.

Your ram is roasting at 96C. I would increase the fan speed a bit more. Always easier to replace a fan than RMA a dead card.