In April of this year, the National Development and Reform Commission, the Energy Bureau, the Ministry of Industry and Information Technology, and the Data Bureau jointly issued the "Action Plan for Promoting the Bi directional Empowerment of Artificial Intelligence and Energy", which for the first time "binds computing power and electricity in both directions" at the national level. The 2026 government work report also included "computer and electronic collaboration" for the first time in new infrastructure projects.

The policy direction is very clear, and the next stage of computing power competition is in electricity and energy.

Electricity accounts for over 50% of the operating costs of data centers throughout the year. As the scale of AI training clusters shifts from kilocalories to tens of thousands of calories, power efficiency and heat dissipation capabilities begin to determine whether computing power services can make money.

Among A-share listed companies, Dongyangguang (600673. SH) is one of the few enterprises that have self-developed core products in both power supply and heat dissipation.

Its laminated foil capacitors are the core components of the new generation power supply system in data centers, and the core material laminated foil is a globally exclusive patent; Its fluorinated coolant and cold plate cover the entire process of liquid cooling heat dissipation from materials to systems; In Ulanqab, Shaoguan, and Yichang, it also has its own clean energy base.

In line with the national strategies of "East Digital West Computing" and "Computing and Electronics Collaboration", Dongyangguang has gradually extended these industrial capabilities towards computing power, forming a complete industrial closed loop of "green energy advanced manufacturing computing power operation AI application".

On August 17th, Dongyangguang disclosed its 2026 semi annual report. After excluding non recurring factors such as equity incentive expenses, the company achieved a non attributable net profit of 717 million yuan in the first half of the year, a year-on-year increase of 49%; Operating revenue was 9.376 billion yuan, a year-on-year increase of 31.61%; The net cash flow from operating activities reached 2.512 billion yuan, a year-on-year increase of 844%. The revenue of AI business in the first half of the year was 289 million yuan, a year-on-year increase of more than 11 times; The gross profit margin is 45%, almost on par with the company's most profitable chemical sector.

From self-developed core hardware to complete implementation of AI computing power

Dongyang's layout in the computing power industry chain starts with a capacitor installed in the power supply system.

Dongyangguang's independently developed laminated foil capacitors use aluminum powder additive molding technology as the core material for laminated foil, and have 58 domestic and foreign core patents. This capacitor is the core component of the industry's first SST intelligent DC power supply commercial project. The SST solution, jointly developed by Dongyangguang, Qinhuai Data, Meituan, and Delta, converts 10kV mains power into 800V DC power supply for servers in one step, achieving a power supply efficiency of 98.5%, which is 4 to 5 percentage points higher than traditional solutions. For large data centers with an annual power consumption of over 100 million kWh, this alone can save tens of millions of yuan in electricity bills every year.

At the same time, by eliminating multi-level transformer equipment, the power supply system occupies more than 50% less land than traditional solutions, freeing up space for deploying more servers and further diluting the infrastructure cost per unit of computing power.

In the first half of this year, Dongyangguang's laminated foil and capacitor sector achieved a revenue of 213 million yuan. The first phase of the 20 million square meter production line in Ulanqab has been steadily shipped, and a new 30 million square meter production line in Yidu started construction in July.

At present, there is no alternative supplier for laminated foils. In July of this year, international first-line component giants YAGEO and NCC (Nippon Chemi Con) visited the company's Ulanqab base and expressed their hope to lock in and expand the supply of laminated foils in 2027 in advance. In the same month, global electronic component leader TDK signed a memorandum of cooperation to deepen industrial chain collaboration around laminated foils and laminated foil capacitors.

In June of this year, Delta and Dongyang reached a comprehensive strategic cooperation, and Delta's SST, server power supply, and UPS will prioritize the installation of Dongyang's supercapacitors.

Delta ranks among the top in the global data center power supply market share, which means that Dongyangguang's core components will enter a broader global computing infrastructure supply chain.

After the power supply efficiency is improved, heat dissipation becomes the next cost bottleneck that needs to be addressed.

When the power density of a single cabinet exceeds 25 kilowatts, air cooling can no longer meet the PUE standard requirements, and liquid cooling is a necessary option.

Dongyangguang utilizes fluorine chemical technology to reserve self-developed fluorine coolant, and has mastered the manufacturing capabilities of core components such as GPU cold plates, CDUs, and manifolds. The Deep Intelligent Cooling Company, a joint venture with Zhongji Xuchuang, has formed a mature product matrix.

In addition, the company acquired Guangdong Herui Sheng to complete the cold plate technology, and strategically invested in Xinhan Technology to cover the submerged liquid cooling direction. The Dongyang liquid cooling factory produces 300000 sets of cold plate modules annually.

The full chain coverage capability from coolant to the entire cabinet cooling system is extremely scarce in the domestic computing power industry chain.

After mastering the core technologies of power supply and heat dissipation, Dongyang continues to extend to the upstream energy end and downstream operation end.

On the energy side, Dongyangguang has 1.2GW of green power reserves in its clean energy bases in Ulanqab, Shaoguan, and Yichang. The Qinhuai Data Park has an average annual PUE of 1.21, and the cost advantage of its own green power is difficult to replicate.

On the operational side, Dongyangguang plans to complete the acquisition of Qinhuai Data. Qinhuai Data has nearly 1 GW of IT capacity in operation and under construction, with a reserve and planned capacity of 4 GW. It has 37 data centers covering the capital, Yangtze River Delta, Guangdong, Hong Kong, Macao, and Northwest regions, with a revenue of 6.4 billion yuan and a net profit margin of 26% by 2025.

From a capacitor to a power supply system, from a bottle of coolant to a complete set of cooling solutions, from clean energy to data center operations, Dongyang has built a complete computing power industry chain layer by layer.

After the acquisition is completed, Dongyangguang will become one of the few AI technology companies in the A-share market that covers the entire industry chain of computing core component manufacturing, clean energy supply, and large-scale data center operations.

The fundamental foundation behind AI computing power

The signing of a computing power contract worth 39 billion to 46 billion yuan is due to the long-term profitability and cash flow accumulated by Dongyangguang's cornerstone business.

Under the rigid constraint of third-generation refrigerant quotas, the fluorine and chlorine chemical industry sector has seen a simultaneous increase in both quantity and price. The price of R32 has risen from 17000 yuan/ton at the beginning of 2024 to approximately 65000 yuan/ton currently. Dongyangguang has accumulated about 60000 tons of quotas, ranking first in the domestic market. Due to the quota restrictions of international conventions, it will continue to tighten year by year, and the certainty of a high prosperity is strong.

The revenue of this sector in the first half of the year was 2.245 billion yuan, with a gross profit margin of 45.65%. The market share of lithium grade PVDF produced by Dongyang Sunshine Fluororesin, a subsidiary of Dongyang Sunshine, ranked first in China. The shipment volume in the first half of the year increased by about 90% year-on-year.

Dongyangguang is the only enterprise in the electronic components sector in the world with a complete industry chain of "electronic optical foil corrosion foil chemical foil capacitor". Nearly 50% of its products are exported to international customers such as NCC and TDK, and its self-developed magnetic materials have increased power conversion efficiency to 98% -98.5%.

The total revenue of the cornerstone business in the first half of the year was 8.754 billion yuan, and the net cash flow from operating activities was 2.512 billion yuan, providing sufficient support for the computing power business.

The valuation frameworks established by Caitong Securities and Guojin Securities for Dongyang have both shifted from traditional cyclical enterprises to the system of computing infrastructure service providers. Behind the valuation switch, the trend changes at the policy level are also worth paying attention to.

The 2026 government work report will for the first time include "computing power collaboration" in new infrastructure projects, and the action plan of the four departments will further link computing power and electricity at the national strategic level.

When 'computing power collaboration' moves from policy documents to industrial practice, enterprises that master core power supply components, liquid cooling and heat dissipation technology, clean energy bases, and data center operation capabilities will occupy the most advantageous position in the new round of computing power infrastructure construction. Currently, Dongyang may be the company closest to this definition in the A-share market.