Reporter Wu Jianan, 21st Century Business Herald, Shenzhen

Recently, Envic (002837.SZ) released its performance for the first half of 2025. The financial report shows that in the first half of 2025, the company achieved revenue of 2.573 billion yuan, a year-on-year increase of 50.25%; net profit attributable to the parent company was 216 million yuan, a year-on-year increase of 17.54%.

While achieving double growth in revenue and profit in the first half of the year, Envic has also performed remarkably well in the secondary market this year. Wind data shows that the company's cumulative increase this year has reached 109.16%. If calculated from the low point of the year to now, the stock has risen by over 230%.

This may be related to the surge in liquid cooling driven by the AI computing power wave this year. With the continuous updates and iterations of AI large models and the implementation of applications driving the demand for computing power, liquid cooling is becoming a mainstream solution due to its advantages in heat dissipation efficiency.

Additionally, coupled with the continuous increase in liquid cooling penetration by downstream manufacturers such as NVIDIA and Intel, Envic also holds the identity of a company in the NVIDIA industrial chain and is accelerating the ecological layout of the entire liquid cooling industrial chain to achieve the global expansion of the domestic ecosystem under the AI wave.

Now, the domestic liquid cooling market is accelerating its development. On one hand, internet manufacturers have become important demanders of liquid cooling, while on the other hand, telecom operators, financial institutions, governments, and others are actively introducing liquid cooling solutions.

However, there are still many variables in the potential landscape. In the field of liquid cooling, Envic, as a leading domestic supplier, still lags behind overseas leading companies. The gross profit margin in the first half of the year was 26.15%, slightly decreased by 2.33% year-on-year due to business structure, and the revenue scale related to liquid cooling for computing power equipment and computer rooms still needs improvement.

Riding the tailwind of AI computing power and being part of the NVIDIA industrial chain, Envic's future performance remains something to watch.