Tongfei Shares (300990.SZ): Drivers of New Highs and Sustainability Assessment

Tongfei Shares (300990.SZ) reached an all-time high of $104.50 on December 24, 2025, with a cumulative increase of 40% since December [0]. This performance occurred in a market environment where the liquid cooling server concept is strengthening. The core driving factor stems from the upgrade demand for data center heat dissipation technology due to AI and HPC applications—liquid cooling technology, as an efficient heat dissipation solution, has drawn widespread attention to its market prospects [1].

Research shows that the AI data center infrastructure market is expected to grow from $236 billion in 2025 to nearly $934 billion by 2030 [1]. Third-quarter financial data from Vertiv, a liquid cooling solution provider, also confirms strong demand: revenue increased by 29% year-over-year to $2.68 billion, with order backlogs reaching $9.5 billion [2]. Tongfei Shares mainly engages in refrigeration business (industrial machinery sector) and has relevant foundations and expansion potential in liquid cooling technology, so it is regarded by the market as a potential beneficiary of the liquid cooling concept.

1. Market Sentiment and Valuation Linkage
   : Investors’ optimistic sentiment towards the liquid cooling server track links Tongfei Shares’ refrigeration business background to the growth potential of the liquid cooling market, driving up valuations.
2. Impact of Information Gaps on Assessment
   : Currently, there is a lack of evidence of Tongfei Shares’ direct products, customers, or technical layout in the liquid cooling server field, making it difficult to clarify the actual correlation between its business and the liquid cooling concept.

• Market Demand Growth
  : The rapid development of AI and HPC continues to expand the liquid cooling server market, providing broad space for related technology enterprises.
• Technical Foundation Support
  : Tongfei Shares’ refrigeration business background provides a technical foundation for its expansion into liquid cooling business.

• Uncertain Business Relevance
  : There is no direct evidence that the company has deployed in the liquid cooling server business. The stock price increase may be more based on market expectations rather than actual performance support.
• Valuation Correction Risk
  : If the company fails to demonstrate clear performance conversion capabilities in the liquid cooling field, the current concept-based valuation increase may face correction pressure.

Tongfei Shares’ stock price hitting a new high is the result of the rising liquid cooling server concept and the market’s expectations for the company’s business potential. The market is optimistic about the growth prospects of the liquid cooling market driven by AI and HPC, but the company’s actual business progress in the liquid cooling server field is unclear. The sustainability of the stock price uptrend needs to closely monitor the company’s future layout and performance in the liquid cooling business.