A strong woman from Chaoshan, leading a billion-dollar company to increase investment in liquid cooling.

On the evening of June 24, Lucky Harvest Technology (002965.SZ) announced that the company's board of directors approved the proposal to sign a framework agreement for equity acquisition, intending to obtain 51% equity of Suzhou Coolchip Technology Co., Ltd. (hereinafter referred to as "Coolchip") through a combination of cash acquisition and capital increase. Upon completion of the transaction, Coolchip will become a subsidiary controlled by Lucky Harvest Technology.

At the same time, to integrate internal resources and enhance the asset integrity of Coolchip, Coolchip is planning to acquire 100% equity of Suzhou Jingshupus Precision Technology Co., Ltd. (hereinafter referred to as "Jingshupus Precision") in cash, expected to complete the merger before signing the formal transaction agreement. Both Jingshupus Precision and Coolchip are related entities controlled by the same actual controller, Li Xiaozhen.

After the announcement, on June 25, Lucky Harvest Technology's stock price hit the daily limit, closing at 47.16 yuan per share, with a market value of 12.5 billion yuan.

As Lucky Harvest Technology's net profit attributable to the parent company has been in loss for two consecutive quarters, can the company's actual controller, Xie Xiangwa, who has taken over as chairman and is spearheading this liquid cooling asset acquisition, become the key to turning losses into profits?

Image source: Tuchong Creative

Target performance explosion, high customer concentration

The actual acquisition by Lucky Harvest Technology is a combined asset package of "liquid cooling + precision manufacturing." The announcement shows that Coolchip was established in 2023 and is engaged in the research, production, and sales of liquid cooling heat dissipation devices, with main products including corrugated pipes, heat dissipation pipe integrated modules, etc., capable of providing customized products according to different application scenarios and customer needs. According to Tianyancha, Jingshupus Precision was established in 2013, and its business scope includes the research, processing, and sales of precision molds and parts.

Although the operating conditions of Jingshupus Precision have not been disclosed, with the rise of AI, Coolchip, which is in the liquid cooling track, is showing an explosive performance trend. In terms of performance, Coolchip is expected to achieve revenue of 104 million yuan and a net profit of 31.6928 million yuan in 2025; in the first quarter of 2026, revenue was 51.2531 million yuan, with a net profit of 18.4103 million yuan. This means that Coolchip has completed over 50% of last year's revenue and profit scale in just one quarter this year.

It is worth noting that due to the fact that the downstream customers in the liquid cooling heat dissipation industry are mainly a few solution providers with system integration capabilities, the industry concentration is relatively high. The sales revenue of Coolchip's top two customers accounts for more than 90% of its main business income, indicating high customer concentration.

In addition to the high customer concentration of the target company, Lucky Harvest Technology also pointed out that this acquisition carries significant uncertainties, goodwill impairment, and intensified market competition risks. "This transaction is still in the planning stage, and there are uncertainties, making it impossible to predict its impact on the listed company's performance for the year." In fact, Lucky Harvest has already made arrangements in the liquid cooling field. Lucky Harvest disclosed on its interactive platform in December 2025 that the company has mastered liquid cooling heat dissipation technology, with products covering computing power servers, new energy vehicles, energy storage, and low-altitude economy. Currently, it supplies liquid cooling server-related products to companies such as Super Fusion, Huakun Zhenyu, and ZTE Kangxun.

However, Lucky Harvest clearly stated in its announcement last night that before this transaction, the listed company relied on its own sales model to layout the liquid cooling heat dissipation field but failed to achieve substantial breakthroughs. Against this backdrop, the listed company urgently needs to seek external resource integration to open up new business breakthroughs and development directions, quickly entering the liquid cooling heat dissipation track.

"If this transaction is successfully implemented, it will deepen the listed company's product layout in the liquid cooling heat dissipation field, further bind core customers, and help jointly expand business scale, accelerating the listed company's business transformation and upgrading. ... It will help the target company establish business docking and cooperation relationships with a large number of existing downstream customers of the listed company (especially in the fields of new energy vehicles, communications, energy storage, etc.)," Lucky Harvest mentioned.

Increasing revenue without increasing profit, new leadership seeks breakthroughs

Lucky Harvest was founded in 2004 by the couple Chen Rong and Xie Xiangwa. Xie Xiangwa was born in Chaozhou, Guangdong, and early on worked in a metal products factory in Dongguan Chang'an, serving as a quality inspector, purchasing supervisor, and business supervisor. She is skilled in market development and partnered with her technically proficient husband to gradually grow the business. After the company went public in 2019, Chen Rong and Xie Xiangwa made it to the Hurun Rich List in 2021.

Lucky Harvest mainly focuses on precision stamping molds and metal structural parts, covering three major fields: automotive, energy storage equipment, and communication equipment, with clients including leading companies such as CATL, BYD, Guoxuan High-Tech, EVE Energy, GAC Group, Geely Automobile, and Nio.

However, this company with a market value of over 10 billion is facing significant performance pressure. Wind data shows that since 2012, Lucky Harvest's revenue has steadily increased year by year, rising from 373 million yuan to 7.927 billion yuan in 2025, a growth of 20 times; however, during the same period, the net profit attributable to the parent company has continuously declined after reaching a historical high in 2023 (407 million yuan), dropping by 56.88% year-on-year to 155 million yuan in 2025.

By the first quarter of 2026, although Lucky Harvest's revenue still maintained double-digit growth, the net profit attributable to the parent company decreased by 119.87% year-on-year to -17.0662 million yuan, turning from profit to loss. It is noteworthy that since the fourth quarter of 2025, Lucky Harvest has entered a state of quarterly losses.

Regarding the reasons for the decline in profitability, Lucky Harvest mentioned in its 2025 performance forecast that first, the industry in which the company operates (especially new energy vehicles and photovoltaic energy storage) is facing intensified competition, and under the pressure of customer price reductions, the unit price of the company's products has decreased year-on-year, leading to a decline in the gross profit margin of related products in 2025. For example, the gross profit margins of 5G communications and other precision parts, energy storage equipment, fuel vehicle, and new energy vehicle stamping molds and metal structural parts have all declined by 1 to 4 percentage points year-on-year in 2025 Secondly, the company is strengthening its industrial layout and expanding its domestic and international networks, establishing new production bases in Thailand, Wuhu in Anhui, and Houjie in Dongguan, while also increasing R&D investment to lay out emerging industries, resulting in an increase in current costs and expenses.

Against this backdrop, in December 2025, Xie Xiangwa officially took over the position of chairman from her husband Chen Rong, becoming the helmsman of this publicly listed company with a market value of 100 billion. The decision to acquire CoolChip to enhance its liquid cooling heat dissipation track was her first major capital move after becoming chairman.

In fact, with the rapid growth of AI computing power and the increasing requirements for heat dissipation capabilities in data centers, liquid cooling systems are becoming a key infrastructure for the new generation of data centers. The surge in demand for the liquid cooling market has led many companies to operate their production lines at full capacity.

In this context, many companies, like Xiangxin Technology, have chosen to enter or enhance their liquid cooling track through mergers and acquisitions. For example, Wuyang Zikong (300420.SZ), which specializes in smart parking equipment, plans to acquire a 51% stake in Dongguan Kesi Yu Liquid Cooling for 681 million yuan; notebook structural component manufacturer Chunqiu Electronics (603890.SH) is acquiring Danish liquid cooling leader Asetek A/S; and plastic anti-theft bottle cap manufacturer Jinfu Technology (003018.SZ) is acquiring 51% stakes in Foshan Zhuohui Metal (liquid cooling pipelines) and Lianyi Thermal Energy (water-cooled cold plates/heat dissipation modules), and is also raising 300 million yuan to expand the production capacity of liquid cooling plates/components