As new computing power infrastructure supernodes proliferate, attention is being paid to the liquid cooling technology behind them. The 2026 semi-annual performance forecast disclosed by A-share liquid cooling industry chain companies shows that cold plate liquid cooling parts suppliers have clearly achieved results, while the submersible liquid cooling and data center operation support links are still in a climbing phase, and the industry shows the characteristics of “technical enthusiasm” and “performance differentiation” coexisting. In the cold plate liquid cooling process, the net profit of many companies achieved a sharp year-on-year increase in the first half of the year. In contrast, companies involved in liquid cooling, but their main business is under pressure or the supporting business is still in the investment phase, their performance is weak. Overall, the performance differentiation pattern confirms the industry's general judgment. The cold plate liquid cooling industry chain is more mature, moving from theme hype to the order and performance fulfillment stage, and companies that have delivered liquid cooling products in batches have generally achieved high performance; while the operation process of immersion liquid cooling and supporting data centers, just as most manufacturers on the 2026 WAIC booth still positions it as a “technical reserve”, it is still in the early stages of engineering verification and production capacity investment.

As new computing power infrastructure supernodes proliferate, attention is being paid to the liquid cooling technology behind them. The 2026 semi-annual performance forecast disclosed by A-share liquid cooling industry chain companies shows that cold plate liquid cooling parts suppliers have clearly achieved results, while the submersible liquid cooling and data center operation support links are still in a climbing phase, and the industry shows the characteristics of “technical enthusiasm” and “performance differentiation” coexisting. In the cold plate liquid cooling process, the net profit of many companies achieved a sharp year-on-year increase in the first half of the year. In contrast, companies involved in liquid cooling, but their main business is under pressure or the supporting business is still in the investment phase, their performance is weak. Overall, the performance differentiation pattern confirms the industry's general judgment. The cold plate liquid cooling industry chain is more mature, moving from theme hype to the order and performance fulfillment stage, and companies that have delivered liquid cooling products in batches have generally achieved high performance; while the operation process of immersion liquid cooling and supporting data centers, just as most manufacturers on the 2026 WAIC booth still positions it as a “technical reserve”, it is still in the early stages of engineering verification and production capacity investment.