Since the start of this year, the liquid cooling industry—a pivotal segment of AI infrastructure—has witnessed a steady uptick in its fortunes. Yet, a closer look shows that the standout performers in the liquid cooling sector among listed companies have mainly reaped their profits from power grids, energy storage systems, and new energy vehicles. In stark contrast, the much-hyped AI servers and data center construction projects have only marginally contributed to the financial performance of companies specializing in liquid cooling servers. At present, the liquid cooling server concept sector encompasses a vast array of listed companies, spanning a broad spectrum of industries, including electronics, computer technology, mechanical equipment manufacturing, automotive parts, and basic chemicals. According to Wind data, in the first half of 2025, around 60% of the 33 listed companies operating within the liquid cooling server domain reported year-on-year growth in net profit attributable to shareholders.