2026 Semi-Annual Report Deep-Dive Series: Top 10 Companies by Revenue from Liquid Cooling Business

4.5 5% 30 9 Dingtong Technology (688668) 2.0 19% 25 10 Shenzhen Capchem Technology (300037) 2.5 4% 20 Note: Some companies do not disclose liquid cooling revenue separately; the closest business segment is used as a proxy. Tongfei’s liquid cooling equipment revenue spans multiple applications—including industrial, energy storage, semiconductor, and data center sectors—with pure AI-compute-related liquid cooling accounting for a smaller share than that of Invecas and Shenling Environment. Higher rankings reflect both larger equipment revenue scale and higher proportion of liquid cooling within core operations; investors must carefully assess business purity. In-depth Analysis of the Top 10 Companies No. 10｜Shenzhen Capchem Technology (300037) Capchem is widely recognized as the world’s second-largest lithium-ion battery electrolyte producer. Its key value proposition in the liquid cooling space lies in electronic fluorinated fluids—specialty fluorinated materials for semiconductor cooling. • With 3M’s complete exit from the global PFAS-based fluorinated fluid market, Capchem has become the only domestic company to achieve mass production of both HFC- and PFP-based fluorinated fluids. Its product purity reaches 99.9999%, and it has secured certifications from NVIDIA and TSMC, directly supplying leading overseas AI compute providers. • Total revenue for H1 2026 reached RMB 7.46 billion, up +75.66% year-on-year; net profit attributable to shareholders amounted to RMB 984 million, up +103.33% YoY; revenue from organic fluorine chemicals totaled RMB 708 million. Semiconductor cooling fluid revenue in H1 2026 was approximately RMB 250 million—nearly doubling YoY—and contributed over RMB 250 million in profit. • Gross margin for liquid cooling media stands at 65–70%, significantly higher than its core electrolyte business—making it the most profitable and margin-elastic segment. Current capacity is 5,500 tons; the new 30,000-ton facility in Yidu is scheduled for trial operation in Q1 2027. ⚠️ Risk Factors • Liquid cooling media accounts for only ~4% of total revenue, limiting overall earnings impact; • Widespread adoption of immersion cooling requires time; uncertainties remain around ramp-up timelines and pricing competition; • Downturn in the lithium battery sector may mask the contribution of this high-margin cooling fluid business. No. 9｜Dingtong Technology (688668) Core businesses include high-speed communication connectors and automotive connectors; key liquid cooling products are liquid-cooled I/O connectors, liquid-cooled cages, and thermal modules. • H1 2026 revenue totaled RMB 1.029 billion, up +31.17% YoY; net profit attributable to shareholders reached RMB 184 million, up +59.24% YoY—the highest on record for the same period. • Liquid cooling products have transitioned from technical validation to mass delivery, with volume ramping in Q2. Two dedicated liquid cooling production lines have been completed, and order backlog is robust. Industry estimates place H1 2026 liquid cooling revenue at ~RMB 200 million. • Strong customer moat: supplies liquid-cooled I/O connectors to Amphenol, Molex, and TE Connectivity; holds sole-supplier status for optical module liquid-cooled cages. Mass production of 224G air-cooled products has been achieved. ⚠️ Risk Factors • Liquid cooling revenue is not disclosed separately in financial statements; overall business scale remains modest; • Automotive connectors face industry-wide inventory destocking pressure; • Foreign exchange losses have increased financial expenses, eroding profit quality. No. 8｜AVIC Optoelectronics (002179) A leader in military-grade connectors, with rapidly growing civilian liquid cooling business. Offers integrated data center solutions covering power, fiber optics, high-speed interconnects, and liquid cooling. Holds the top domestic market share in liquid cooling connectors, cold plates, and tubing. Established an independent civilian liquid cooling division in early 2026 and entered NVIDIA’s Rubin full-liquid-cooling supply chain. • Liquid cooling revenue approached RMB 800 million in 2025; estimated at ~RMB 450 million for H1 2026. Liquid cooling connectors represent a high-barrier, mission-critical component—once qualified, they enjoy strong repeat orders and customer stickiness. • Total revenue exceeds RMB 20 billion. Defense-related business forms the stable foundation, while liquid cooling accounts for only ~5% of total revenue. Q1 revenue was flat YoY, with growth driven by offsetting demand from civilian AI liquid cooling and new-energy vehicles against cyclical weakness in defense.

They Could Rely on Quotas—Yet They Choose to Work Hard! The Refrigerant Industry Leader Enters Its Harvest Period

Profit surged by 150%. In 2025, China’s chemical industry is witnessing a stark dichotomy—‘ice and fire.’ On one side, traditional petrochemical giants are suffering sharp profit declines—or even losses—amid overcapacity and weak demand. On the other, fluorine chemical enterprises centered on refrigerants are collectively enjoying an earnings boom. This company stands out as one of the brightest stars in this wave of prosperity. According to its earnings preview released in January 2026, it expects full-year 2025 net profit attributable to shareholders to reach RMB 530–630 million—a staggering YoY increase of 110.87% to 150.66%. What powerful force is driving this earnings feast? And how large a slice of this feast can the company claim?

Fluor Earnings Preview: Can Project Pipeline Offset Margin Woes?

Jul 6, 2026

Fluor Corporation prepares Q1 earnings release with analysts anticipating profit growth despite revenue dips. Key focus lies on whether LNG, mining, and nuclear project pipelines can sustain profitability and offset historical margin issues.