Goaland

Business

Goaland (广州高澜节能技术股份有限公司) makes liquid cooling in three areas: high-power power electronics, such as the converter valves of high-voltage direct current (HVDC) lines; high-power-density equipment, meaning battery storage, data centres and server clusters; and engineering and maintenance services (2026 interim report, pp. 6, 13).

Its storage products are liquid cooling units for building-type storage stations, which circulate coolant to carry away the heat that batteries produce as they charge and discharge (p. 12).

The company says it was the first Chinese supplier of liquid cooling for HVDC projects, that its products are used on more than 40 HVDC lines, and that it is a qualified supplier in China to Hitachi Energy, GE and Siemens (p. 18).

Results in the first half of 2026

• Revenue rose 18.16% to ¥493.6m and net profit attributable to shareholders rose 12.22% to ¥25.7m (p. 9).
• High-power-density thermal management, which combines storage, data centres and servers, grew 53.41% to ¥210.1m but earned only an 11.83% gross margin, down 2.15 points (p. 23).
• The older power electronics business earned 37.72% on ¥215.4m of revenue, down 3.69% (p. 23).
• Overseas revenue was ¥55.6m, up from a small base, at a 17.95% margin (p. 23).

The company's own caveats

Among the factors that could cut demand, the company lists policy support and installation targets for grid-side storage, alongside HVDC investment, offshore wind and data centre build-out (p. 30).