Group 1: Industry Insights - The rapid increase in power of AI server cabinets is pushing the limits of cold plate liquid cooling, leading to a rise in the penetration of immersion liquid cooling and a surge in demand for fluorinated liquids [1] - Currently, fluorinated compounds account for approximately 94.2% of the immersion cooling liquid market, indicating a strong market share for this segment [1] - Based on calculations, if 1% of the 2.1 million AI servers expected to be shipped in 2025 utilize immersion cooling, the demand for fluorinated liquids could reach 10,500 tons [1] Group 2: Product Development - Perfluoropolyether is expected to become the preferred choice for immersion cooling fluorinated liquids due to its excellent properties such as low dielectric constant, good insulation, and high thermal conductivity [2] - The synthesis of perfluoropolyether is complex, with only a few companies globally, including Solvay, Chemours, and Daikin, capable of mass production [3] - The main production methods for perfluoropolyether include photochemical oxidation and anionic polymerization, with K-type and Y-type being the most common types in the market [3] Group 3: Company Profiles - Sinochem International (New Zhou Bang) has established a production capacity of 2,500 tons of perfluoropolyether, which supports various applications including immersion cooling for data centers [4] - The company has plans to expand its production capacity through technological upgrades and a new project aimed at producing 30,000 tons of high-end fluorinated fine chemicals, with an investment of approximately 1.2 billion yuan [4] - Juhua Co., Ltd. has developed a series of perfluoropolyether-based cooling liquids, which have been recognized as excellent industrial new products in Zhejiang Province for 2025 [5] - The company has established demonstration applications for its immersion cooling liquids and plans to produce 5,000 tons annually, with the first phase already in operation [5]

Core Viewpoint - Zhejiang Juhua Co., Ltd. has successfully developed a "perfluoropolyether-based coolant," marking a significant milestone in breaking foreign technology monopolies in high-end coolant materials and achieving domestic substitution [2][3] Group 1: Product Development and Applications - The perfluoropolyether-based coolant product line includes JHT (high boiling point), JHLO (low viscosity), and JX (immersion type), applicable in various industries such as data centers, semiconductor manufacturing, chip packaging leak testing, machinery, and chemicals [2] - The JX series immersion coolant demonstrated exceptional cooling performance, achieving a PUE value as low as 1.065 in real-world tests at a megawatt-level data center, surpassing national energy efficiency standards and reaching international leading levels [2] Group 2: Industry Impact and Technological Breakthrough - The industrialization of the perfluoropolyether-based coolant represents a significant achievement in the fluorochemical industry, aligning with goals to extend, supplement, and strengthen the industrial chain [4] - Juhua's continuous technological advancements have not only overcome foreign technical barriers but also filled a domestic technological gap, providing strong momentum for the self-controlled development of related industries in China [3] Group 3: Future Outlook - Juhua has set a clear capacity planning goal, expecting to reach an annual production capacity of 5,000 tons of perfluoropolyether-based coolant by 2025, which will further meet the domestic demand for high-end coolant materials [5]