The liquid cooling sector actually has a very complete industrial chain. Looking deeper, from raw materials to end-user applications, every link has players laying out their presence.

Upstream involves materials and components, such as core materials like electronic-grade fluorinated liquids, of which only one or two domestic companies are capable of mass production. In the midstream, mainly equipment manufacturing and system integration, OEMs for AI servers are even more scarce. The downstream is the real stage—deployment applications for various computing power centers and data centers.

Industry growth is indeed rapid. According to market research firms, the liquid cooling market size is expected to reach approximately 35.4 billion yuan by 2025, and may surpass 100 billion yuan by 2027. The driving forces are clear: first, the exploding demand for GPU chips from NVIDIA; second, cloud service providers are developing their own ASIC chips, and the volume effect is beginning to show.

Several key players in the industry also have their own approaches. Some are leading companies in temperature management systems, some have successfully integrated into top chip manufacturers' supply chains, and others are involved in environmental protection companies participating in multiple national intelligent computing center projects. From these signs, the potential of the liquid cooling industry has yet to be fully tapped.