Xiangcai Securities·2025-10-16 01:51Industry Overview - The cooling liquid market is experiencing significant growth, particularly in data center liquid cooling systems, with multiple domestic companies actively expanding their capabilities [4][6] - Companies are focusing on the development of fluorinated cooling liquids, which are essential for efficient thermal management in high-performance computing environments [6][8] Company Summaries - Juhua Co., Ltd.: The company has a production capacity of 4,000 tons per year for hydrogen fluoride ether D series products and plans to expand its perfluoropolyether production to 5,000 tons per year, with an initial phase of 1,000 tons already operational [3][4] - New Chemical Materials Co., Ltd.: The company has established a production capacity of 3,000 tons per year for hydrogen fluoride ether and 2,500 tons per year for perfluoropolyether, targeting applications in precision instruments, semiconductor equipment cleaning, and data center cooling [3][4] - Dongyangguang: The company is integrating the supply chain for liquid cooling solutions and has formed a strategic partnership with Zhongji Xuchuang to promote global market solutions for liquid cooling [3][4] - Runhe Materials: The company is focused on providing energy-efficient and low-carbon immersion cooling solutions, with future R&D aimed at developing cost-effective cooling liquids for energy storage and high-frequency communication chips [3][4] - Changlu Chemical New Materials: The company has built a production facility with a capacity of 500 tons per year for perfluoropolyether and 300 tons per year for hydrogen fluoride ether, with plans for further expansion [6] - Zhejiang Noah Fluorochemical: The company has developed several immersion fluorinated cooling liquid products suitable for different cooling technologies [6] - Billion Space: The company holds an 11.5892% stake in Nantong Zhanding, which produces electronic fluorinated liquids for semiconductor manufacturing and immersion cooling applications, benefiting from the growing demand for AI computing [6][8]