Suzhou Jinfu New Material Co

Jinfu Technology announced on the evening of August 27 that in the first half of this year, the company achieved operating revenue of 1.325 billion yuan, up 36.18% year-on-year, mainly due to increased customer order demand. Net profit attributable to shareholders of the listed company was negative 117 million yuan, down 1.94% year-on-year. The company said that although revenue grew, research and development expenses and financial expenses increased by 65.12% and 69.83% year-on-year respectively, offsetting the increase in operating gross profit and causing operating profit to widen its loss by 13.75% year-on-year. Among business segments, new energy business revenue grew 71.42% year-on-year, with aerogel insulation product revenue up 104.96% and energy storage battery CCS busbar integrated structural component revenue up 56.98%. Subsidiary Maizhi Technology expanded into AI server and robot-specific testing equipment, and revenue from such products has already surpassed its original consumer electronics testing business. In the auto parts business, the company's designated projects for Leapmotor, Huawei-affiliated vehicles, FAW Hongqi, and BAIC New Energy have entered mass production one after another, and related revenue is expected to grow significantly in the second half of the year.

Jinfu Technology's wholly-owned subsidiary Shanghai Jinjinfu plans to expand its capital and shares by introducing the related party Jinjinfu Private Equity Fund, which will inject 470 million yuan into it. After the capital increase, the company's shareholding will be diluted from 100 percent to approximately 69.08 percent, while Jinjinfu Private Equity Fund will hold about 30.92 percent, making Shanghai Jinjinfu a controlled subsidiary. This capital increase is intended to establish a subsidiary in Qianwei County, Sichuan Province, to invest in and build the Jinjinfu New Materials Western Base Project. The total investment for the project is approximately 1 billion yuan, mainly for constructing production facilities with an annual capacity of 120,000 tons of battery cathode and anode binders, electronic binders, and thermal management coolant. In the first quarter of 2026, Jinfu Technology achieved revenue of 564 million yuan and a net loss attributable to the parent company of 54.7 million yuan.

Jin Fu Technology is entering the AI computing supply chain through its forward-looking layout in the liquid cooling plate sector. Leveraging its subsidiary Changshu Minglijia, the company focuses on manufacturing core components for external cold-plate liquid cooling modules, with products mainly used in HGX-type server structures corresponding to B-series chips, and has achieved stable shipments. Jin Fu Technology maintains a long-term partnership with a Taiwanese client, participating in its high-end AI server liquid cooling projects. Since the first quarter of 2026, orders for B300 liquid cooling plate components have been in normal production and delivery, and the company is assisting in the implementation of new projects in the second quarter. The company stated that the order forecast provided by the Taiwanese client does not constitute a binding purchase commitment, subsequent orders are subject to uncertainty, and the cumulative order volume for specific liquid cooling plate components currently accounts for a small proportion of total revenue. A research report from CICC predicts that the AIDC liquid cooling market will reach 114.7 billion yuan in 2026, a year-on-year increase of 273 percent.