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Liquid Cooling Stocks: Thermal & Data Center Cooling Map

End-to-end view of the supply chain: 6 items and 24 listed companies (Taiwan-listed 21, US-listed 2, JP 1). A company's placement is determined by the products disclosed in its own annual report. Click an item for companies and excerpts; click an edge for the source of that relation. Data: FY2024 annual report, FY2025 annual report, FY2026 annual report.

Core Upstream Downstream No disclosure yet Backbone (editorial) Extracted from annual reports (click an edge)
L2　Thermal Components L1　Thermal Modules & Systems L0　End Systems AI Server 5 companies Thermal Mod. 15 companies Liquid Cooling 12 companies HP / VC 10 companies Fans 6 companies Cold Plate 6 companies
L2　Thermal Components L1　Thermal Modules & Systems L0　End Systems AI Server 5 companies Thermal Mod. 15 companies Liquid Cooling 12 companies HP / VC 10 companies Fans 6 companies Cold Plate 6 companies

👆 Click an item to see its companies and annual-report sources; click an edge to see where the relation comes from.

Upstream items & companies

Cooling Fans L2・Upstream

  • 🇹🇼 KAIMEI（2375） — 「馬達風扇・儲能系統、充電樁、資料中」 Source: 2375 FY2025 annual report (Chinese original), section starting p.84
  • 🇹🇼 SUNON（2421） — 「建準產業應用廣泛，是全球主流產業的散熱頂尖供應商之一，可提供完 整的散熱風扇、散熱模組及液冷系統，滿足產業最先進的技術散熱需求。」 Source: 2421 FY2025 annual report (Chinese original), section starting p.88
  • 🇹🇼 ADDA（3071） — 「交流式無刷風扇(AC Fan)」 Source: 3071 FY2025 annual report (Chinese original), section starting p.69
  • 🇹🇼 FCN（3483） — 「公司擁有多元產品組合，包括散熱器、風扇、散熱片、熱導管及散熱模組」 Source: 3483 FY2025 annual report (Chinese original), section starting p.74
  • 🇹🇼 Y.S.TECH（6275） — 「主要產品為直流無刷散熱與通風風扇、散熱模組、水冷散熱系統。主」 Source: 6275 FY2025 annual report (Chinese original), section starting p.66
  • 🇯🇵 SANYO DENKI CO.,LTD.（6516） — 「冷却ファンなどの設計・製造・販売」 Source: 6516 FY2026 annual securities report (EDINET, Japanese original), section starting p.7

Cold Plates L2・Upstream

  • 🇹🇼 SUNON（2421） — 「風扇盤逐步擴充至熱管，熱板，散熱片，散熱模組， 3D VC 、水冷 板、泵浦、水冷分配裝置 (CDU) 、液冷模組都可供應」 Source: 2421 FY2025 annual report (Chinese original), section starting p.88
  • 🇹🇼 I-CHIUN（2486） — 「Micro-Channel LiquidCooling Plate」 Source: 2486 FY2025 annual report (Chinese original), section starting p.57
  • 🇹🇼 AVC（3017） — 「雙相式水冷板：熱阻表現比傳統單相方案優化 15%，且所需流量僅為 單相的 1/3，可降低泵浦功耗。」 Source: 3017 FY2025 annual report (Chinese original), section starting p.90
  • 🇹🇼 AURAS（3324） — 「雙鴻從氣冷模組零組件生產製造商，躍 進成為液冷技術整機櫃系統供應商，持續投入智能化生產之研發與製造，提 供客戶完整的液冷應用包含水冷板、泵浦、冷水分配裝置、分岐管等客製化 設計與生產。」 Source: 3324 FY2025 annual report (Chinese original), section starting p.77
  • 🇹🇼 TAISOL（3338） — 「5.水冷板及水冷散熱系統(Cole Plate & Liquid Cooling System)」 Source: 3338 FY2025 annual report (Chinese original), section starting p.66
  • 🇹🇼 MICROLOOPS（6831） — 「本公司除了散熱模組及均溫板之開發及生產外，亦已成功開發超薄均溫板及車用水冷板及均溫板」 Source: 6831 FY2025 annual report (Chinese original), section starting p.67

Core items & companies

Heat Pipes & Vapor Chambers L2・Core

  • 🇹🇼 SUNON（2421） — 「風扇盤逐步擴充至熱管，熱板，散熱片，散熱模組， 3D VC 、水冷 板、泵浦、水冷分配裝置 (CDU) 、液冷模組都可供應」 Source: 2421 FY2025 annual report (Chinese original), section starting p.88
  • 🇹🇼 I-CHIUN（2486） — 「Vapor Chamber Lid」 Source: 2486 FY2025 annual report (Chinese original), section starting p.57
  • 🇹🇼 AVC（3017） — 「新型手機均熱板：針對邊緣設備 AI 需求開發。」 Source: 3017 FY2025 annual report (Chinese original), section starting p.90
  • 🇹🇼 AURAS（3324） — 「部分熱導管及部分散熱鰭片係由孫公司廣州澤鴻生產自製，且自製 比例逐年提高」 Source: 3324 FY2025 annual report (Chinese original), section starting p.69
  • 🇹🇼 TAISOL（3338） — 「6.吹脹板+半固態壓鑄件(Thermosyphon Assisted Enclosure)」 Source: 3338 FY2025 annual report (Chinese original), section starting p.66
  • 🇹🇼 FCN（3483） — 「以下是散熱模組、散熱風扇及熱導管這三類主要產品的重要用途及產製過程」 Source: 3483 FY2025 annual report (Chinese original), section starting p.74
  • 🇹🇼 JENTECH（3653） — 「均熱片・為高階封裝、半導體元件、馬達、逆變器提供散熱功能。」 Source: 3653 FY2025 annual report (Chinese original), section starting p.76
  • 🇹🇼 Lemtech-KY（4912） — 「電子零組件類・手機內機構零件、均熱板」 Source: 4912 FY2025 annual report (Chinese original), section starting p.86
  • 🇹🇼 NCCI（6230） — 「A. 擁有熱管、超薄管、熱板及相關產品完整研製能力與產能」 Source: 6230 FY2025 annual report (Chinese original), section starting p.89
  • 🇹🇼 MICROLOOPS（6831） — 「本公司除了散熱模組及均溫板之開發及生產外，亦已成功開發超薄均溫板及車用水冷板及均溫板」 Source: 6831 FY2025 annual report (Chinese original), section starting p.67

Thermal Modules (Air Cooling) L1・Core

  • 🇹🇼 FTC（2354） — 「3DVC 散熱模組」 Source: 2354 FY2025 annual report (Chinese original), section starting p.71
  • 🇹🇼 ICHIA（2402） — 「散熱模組・智慧相關技術、工業控制、攜帶式裝置與光通訊等，皆可運用。」 Source: 2402 FY2025 annual report (Chinese original), section starting p.47
  • 🇹🇼 SUNON（2421） — 「建準產業應用廣泛，是全球主流產業的散熱頂尖供應商之一，可提供完 整的散熱風扇、散熱模組及液冷系統，滿足產業最先進的技術散熱需求。」 Source: 2421 FY2025 annual report (Chinese original), section starting p.88
  • 🇹🇼 I-CHIUN（2486） — 「散熱元件」 Source: 2486 FY2025 annual report (Chinese original), section starting p.60
  • 🇹🇼 AVC（3017） — 「本公司產製散熱產品所需之主要原料包括銅材、鋁材、鋼材、塑膠製品，以 及 Sensor、IC 及培林等組件。」 Source: 3017 FY2025 annual report (Chinese original), section starting p.94
  • 🇹🇼 ADDA（3071） — 「可提供無鉛及符合 RoHS 規範的散熱風扇及散熱器」 Source: 3071 FY2025 annual report (Chinese original), section starting p.69
  • 🇹🇼 ABC（3236） — 「MPC陶瓷散熱片・散熱、防止EMI」 Source: 3236 FY2024 annual report (Chinese original), section starting p.77・not repeated in the latest annual report
  • 🇹🇼 AURAS（3324） — 「部分熱導管及部分散熱鰭片係由孫公司廣州澤鴻生產自製，且自製 比例逐年提高」 Source: 3324 FY2025 annual report (Chinese original), section starting p.69
  • 🇹🇼 TAISOL（3338） — 「2.散熱模組( Heat Sink + Heat pipe )」 Source: 3338 FY2025 annual report (Chinese original), section starting p.66
  • 🇹🇼 FCN（3483） — 「公司擁有多元產品組合，包括散熱器、風扇、散熱片、熱導管及散熱模組」 Source: 3483 FY2025 annual report (Chinese original), section starting p.74
  • 🇹🇼 JENTECH（3653） — 「散熱模組・主要應用於電動車與混合動力車之功率電子系統散熱，及人工智慧伺服器、高效能運算（HPC）的散熱使用。」 Source: 3653 FY2025 annual report (Chinese original), section starting p.76
  • 🇹🇼 Lemtech-KY（4912） — 「產品應用範圍包含雲儲存、筆記型及桌上型電腦散熱片、散熱零組件、手機遮罩、 電腦伺服器支架等 3C 電子」 Source: 4912 FY2025 annual report (Chinese original), section starting p.78
  • 🇹🇼 NCCI（6230） — 「本公司於 87 年成功量產 NB 散熱模組，隨後陸續通過全球知名系統大廠評 鑑，」 Source: 6230 FY2025 annual report (Chinese original), section starting p.89
  • 🇹🇼 Y.S.TECH（6275） — 「主要產品為直流無刷散熱與通風風扇、散熱模組、水冷散熱系統。主」 Source: 6275 FY2025 annual report (Chinese original), section starting p.66
  • 🇹🇼 MICROLOOPS（6831） — 「本公司之產品主要為散熱模組」 Source: 6831 FY2025 annual report (Chinese original), section starting p.67

Liquid Cooling Systems L1・Core

  • 🇹🇼 SUNON（2421） — 「建準將泵浦技術延伸至高效筆記型電腦，開發封閉式水冷模組使用的超薄 型泵浦」 Source: 2421 FY2025 annual report (Chinese original), section starting p.88
  • 🇹🇼 UNEEC（3013） — 「開發水對氣、水對水等液冷散熱產品」 Source: 3013 FY2025 annual report (Chinese original), section starting p.83
  • 🇹🇼 AVC（3017） — 「持續擴充液冷模組及機架歧管等AI 伺服器所需相關產品之 產能」 Source: 3017 FY2025 annual report (Chinese original), section starting p.90
  • 🇹🇼 Wistron（3231） — 「AI 伺服器之無風扇直接液冷散熱系統」 Source: 3231 FY2025 annual report (Chinese original), section starting p.64
  • 🇹🇼 AURAS（3324） — 「雙鴻從氣冷模組零組件生產製造商，躍 進成為液冷技術整機櫃系統供應商，持續投入智能化生產之研發與製造，提 供客戶完整的液冷應用包含水冷板、泵浦、冷水分配裝置、分岐管等客製化 設計與生產。」 Source: 3324 FY2025 annual report (Chinese original), section starting p.77
  • 🇹🇼 TAISOL（3338） — 「5.水冷板及水冷散熱系統(Cole Plate & Liquid Cooling System)」 Source: 3338 FY2025 annual report (Chinese original), section starting p.66
  • 🇹🇼 MHC（3706） — 「越南廠導入生產高附加價值的「液冷機櫃」」 Source: 3706 FY2025 annual report (Chinese original), section starting p.66
  • 🇹🇼 Pegatron（4938） — 「開發全方位機架級液冷解決方案–CDU，適用於2U2N 2‑socket伺服器機架、GB200/GB300 NVL72以及VR200 NVL72 GPU伺服器」 Source: 4938 FY2025 annual report (Chinese original), section starting p.99
  • 🇹🇼 Y.S.TECH（6275） — 「主要產品為直流無刷散熱與通風風扇、散熱模組、水冷散熱系統。主」 Source: 6275 FY2025 annual report (Chinese original), section starting p.66
  • 🇹🇼 AMAX（6933） — 「近年來，本公司積極投入液冷系統與高效能運算相關技術之開發」 Source: 6933 FY2025 annual report (Chinese original), section starting p.73
  • 🇺🇸 Super Micro Computer, Inc.（SMCI） — 「we manufacture the sophisticated management systems -- Cooling Distribution Units, Cooling Distribution Manifolds -- to regulate system temperatures for maximum performance」 Source: SMCI FY2025 annual report (10-K/20-F)
  • 🇺🇸 Vertiv Holdings Co（VRT） — 「AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems」 Source: VRT FY2025 annual report (10-K/20-F)

Downstream items & companies

AI Servers L0・Downstream

  • 🇹🇼 Wistron（3231） — 「支援 NV B300/AMD MI355/Intel Gaudi 3 GPU 伺服器」 Source: 3231 FY2025 annual report (Chinese original), section starting p.64
  • 🇹🇼 MHC（3706） — 「支援 AMD EPYC 9005 處理器的 C2810Z5 高密度伺服器」 Source: 3706 FY2025 annual report (Chinese original), section starting p.64
  • 🇹🇼 Pegatron（4938） — 「持續開發MGX 2U、4U、4‑或8‑GPU AI伺服器，遵循NvidiaMGX模組化設計」 Source: 4938 FY2025 annual report (Chinese original), section starting p.99
  • 🇺🇸 Super Micro Computer, Inc.（SMCI） — 「MicroCloud server systems that deliver node density in environments with space and power constraints」 Source: SMCI FY2025 annual report (10-K/20-F)
  • 🇺🇸 Vertiv Holdings Co（VRT） — 「AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems」 Source: VRT FY2025 annual report (10-K/20-F)

FAQ

Which listed companies are liquid cooling stocks plays?

Based on each company's own annual report disclosures, this map currently places 24 listed companies (Taiwan-listed 21, US-listed 2, JP 1): FTC（2354）、KAIMEI（2375）、ICHIA（2402）、SUNON（2421）、I-CHIUN（2486）、UNEEC（3013）、AVC（3017）、ADDA（3071）、Wistron（3231）、ABC（3236）、AURAS（3324）、TAISOL（3338）、FCN（3483）、JENTECH（3653）、MHC（3706）、Lemtech-KY（4912）、Pegatron（4938）、NCCI（6230）、Y.S.TECH（6275）、SANYO DENKI CO.,LTD.（6516）、MICROLOOPS（6831）、AMAX（6933）、Super Micro Computer, Inc.（SMCI）、Vertiv Holdings Co（VRT）. A company's position is determined by the products its annual report says it makes — with the original excerpt cited.

Which Taiwan companies make data center liquid cooling?

The Liquid Cooling Systems node lists every Taiwan-listed company whose annual report discloses liquid-cooling products (cold plates, CDUs, manifolds, in-rack systems) — click it for each company and excerpt. Air-cooling thermal modules sit on a parallel node, so you can see which companies straddle the air-to-liquid transition.

Where does the data on this map come from?

Two sources, styled differently on the map: relations tagged with a stock code are extracted from that company's annual report (click an edge to see the original Chinese excerpt and page); the backbone chain is an editorial framework that keeps the chain connected end-to-end. Company placements come 100% from disclosures — nothing is inferred.

Why do some items show no companies?

Dashed items have no collected annual-report disclosure yet — the segment may be dominated by non-Taiwan or unlisted players, or simply not yet covered. We deliberately distinguish "no companies" from "not yet covered".

Related Supply Chain Maps

These maps share nodes with this one — same links seen from another theme.

AI Server 3 shared nodes Co-Packaged Optics 1 shared node Memory 1 shared node
Compiled from public annual-report disclosures for research and educational reference only — not investment advice or stock recommendations. The backbone chain is an editorial framework; company placements and code-tagged relations cite annual-report originals (in Chinese). Disclosures reflect their reporting period (FY2024 annual report, FY2025 annual report, FY2026 annual report) and not current operations.
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