Recently, individual stocks related to liquid cooling technology, equipment, materials, etc. have been popular in the A-share market. Among them, stocks such as Dayuan Pump Industry and Jintian Shares have hit the daily limit up for several consecutive days. Industry insiders say that driven by the rapid development of AI computing power and the continuous maturity of technology, data center liquid cooling technology, with its heat dissipation performance and energy-saving potential, is changing from an "optional" to a "mandatory" option, attracting multiple listed companies to accelerate their layout. However, to achieve larger scale commercialization, it still needs to overcome multiple systemic obstacles such as technology, supply chain, and ecology. The liquid cooling industry is currently in a strong upward cycle. Recently, several listed companies in the liquid cooling related industry chain have successively released their semi annual reports for 2025. Among them, Jintian Group achieved a revenue of 59.294 billion yuan in the first half of the year, a year-on-year increase of 2.46%; The net profit attributable to the parent company was 373 million yuan, a year-on-year increase of 203.86%. Feirongda's revenue in the first half of the year was 2.883 billion yuan, a year-on-year increase of 27.42%; The net profit attributable to the parent company was 166 million yuan, a year-on-year increase of 118.54%. Yingweike achieved a revenue of 2.573 billion yuan in the first half of the year, a year-on-year increase of 50.25%; The net profit attributable to the parent company was 216 million yuan, a year-on-year increase of 17.54%. Liquid cooling is the core technology in the field of computer science and technology that utilizes liquid media to dissipate heat from electronic devices. This technology is divided into two types of architectures: direct contact (immersion) and indirect contact (cold plate). Against the backdrop of intelligent upgrading of global computing infrastructure, the liquid cooled server market is experiencing structural growth driven by multiple changes. It is expected that the penetration rate of liquid cooling in large-scale clusters will reach 20% by 2025, and is expected to exceed 37% by 2026. ”Xin Yi, Research Manager of China Server Market at International Data Corporation (IDC), said. 'Power' is the main contradiction in the current development of AI. With the improvement of AI chip performance, the heating phenomenon caused by high power consumption restricts the release of chip performance. Liquid cooling technology has become a 'good medicine' to solve this problem and an important technical route to resolve the 'power' contradiction. ”Minsheng Securities believes that the development of AI has accelerated the penetration of liquid cooling technology, and it is expected that the data center liquid cooling industry chain will usher in a "golden age". According to an IDC report, from the perspective of vendor sales, the top three vendors in the liquid cooled server market in 2024 are Inspur Information, Super Fusion, and Ningchang, accounting for about 70% of the market share. From the perspective of the industry, the application of liquid cooling servers is still relatively concentrated. The top three industries in terms of procurement volume are the Internet, telecom operators and government industries. The procurement volume of the above three industries accounts for about 90% of the overall market. Among them, the market share of cold plate solutions has further increased. Industry insiders believe that liquid cooling technology is not only the key to solving the current heat dissipation bottleneck, but also one of the infrastructure technologies supporting the sustainable development of the future digital economy. Whether it is market growth, industrial investment, or policy support, the liquid cooling industry is in a strong upward cycle. IDC predicts that from 2024 to 2029, the compound annual growth rate of China's liquid cooled server market will reach 46.8%, and the market size will reach $16.2 billion by 2029. China Galaxy Securities believes that with the gradual increase in demand for liquid cooling in GPU solutions from manufacturers, the market space for liquid cooling (especially cold plate) is gradually growing, and the current industry trend of innovation has arrived ahead of schedule. With the advantages of high integration, low power consumption, and low cost, it is recommended to focus on manufacturers with mature cold plate liquid cooling technology, as well as key manufacturers with submerged liquid cooling and spray liquid cooling layouts. It is reported that the liquid cooled data center industry chain consists of upstream liquid cooled components, midstream liquid cooled servers and infrastructure, and downstream liquid cooled data center users. In recent years, with the increasing demand for AI driven liquid cooling, server manufacturers, chip manufacturers, data center operators, and cooling solution providers have been vigorously investing in and promoting liquid cooling technology. Many listed companies have even launched full chain liquid cooling solutions. Ziguang Corporation recently announced on an interactive platform that its full stack liquid cooling solution has achieved full chain product coverage from nodes, cabinets to data centers through a dual layout of cold plate and immersion technology routes. It has also created a service system for the entire lifecycle of data centers, helping customers build highly reliable, energy-efficient, and intelligent data centers. At the same time, the company is actively participating in the standardization of liquid cooling technology and has successful deployment experience in national, provincial, and municipal intelligent computing center projects. Chuanhuan Technology stated that the company has always focused on expanding the scenarios and enhancing the competitiveness of liquid cooled pipeline products, and has deepened its layout in areas such as automotive fluid pipelines, data center liquid cooling, and energy storage liquid cooling. At present, the company's liquid cooled server pipeline products have reached VO level standards and successfully obtained UL certification in the United States. The pipeline products have currently entered the supplier system of CoolerMaster, AVC, Envision, AVIC Optoelectronics, Feirongda, Baode South China, etc., and are developing products according to the customer's process. As a full chain liquid cooling service provider, Envision has also launched the Coolinside full chain liquid cooling solution. From cold plates, quick connectors Manifold、CDU、 From server cabinets to SoluKing's long-term liquid cooling fluids, pipelines, cold sources, and other "end-to-end" product coverage, from server manufacturing factories to "factory to site" delivery scenarios in data center operations, Envision's full chain liquid cooling products and services are constantly expanding. Gaolan Group stated that the company currently offers a variety of liquid cooling solutions for data centers, mainly in the form of cold plate and immersion systems, with the ability to provide a one-stop comprehensive solution from heat dissipation architecture design, equipment integration to system debugging and operation. The company will collaborate in multiple dimensions such as technological innovation, market expansion, and customer service to fully empower data center liquid cooling products. As one of the first pioneers to enter the liquid cooling field in the industry, Kehua Data stated that the company has launched a full lifecycle service for liquid cooled data centers, equipped with cold plate and submerged liquid cooling series products, and its computing power liquid cooled containers have been exported overseas. Chuanrun Co., Ltd. revealed that as a strategic business, the company relies on its accumulation in liquid cooling technology to deeply integrate high-end equipment manufacturing genes (cooling technology accumulation) with energy management experience (source network load storage management solutions), establishing "intergenerational differences" in thermal conductivity efficiency, energy consumption ratio, and reliability. It can provide customers with stable and reliable immersion liquid cooling, cold plate liquid cooling systems, and zero carbon energy management. Problems such as lack of standardization need to be solved. The industry believes that although the liquid cooling server industry is developing rapidly driven by high computing power demand, there are still problems such as fragmentation of the industrial chain, high costs, and lack of standards. In the short term, it needs to break through the bottleneck of sealing process and materials, in the medium term, it needs to rely on policies to promote standardization and core competitiveness, and in the long term, it should restructure the data center architecture, such as promoting the development of edge computing+liquid cooling integrated market. In Xin Yi's view, although it has experienced several years of rapid development and is increasingly accepted by more and more industry users, the liquid cooling industry chain involves cold plates CDU、 Connectors and other components have inconsistent interface specifications, manufacturers operate independently, there is still a lack of standardization and ecological fragmentation, and responsibility boundaries cannot be defined in actual operation and maintenance. He suggested promoting the implementation of mandatory national standards and standardizing core parameters such as cold plates, interfaces, and CUD performance; Establish an "Open Computing Alliance" to promote top manufacturers (such as Inspur Information, Dawn, etc.) to open their patent pools and reduce compatibility costs; Innovative business model, providing full cycle services from planning to operation and maintenance, where users can pay based on the cooling effect, reducing initial investment; Cultivate professional operation and maintenance talents, accumulate mature operation and maintenance experience, and simplify the difficulty of operation and maintenance. In addition, some industry insiders believe that from a technical perspective, liquid cooling systems involve complex pipeline connections and cold plate designs, and the risk of liquid leakage cannot be ignored. Moreover, cold plate technology needs to cope with transient high heat loads, but key technologies such as liquid metal phase transition stability are not yet mature, and related technological bottlenecks still need to be overcome. (New Society)