Invertek's 2025 revenue grows by 32%, net profit rises by 15%, AI drives demand for data center climate control | Earnings report highlights
Precision temperature control equipment provider Invt released its 2025 annual report, with both revenue and net profit achieving double-digit growth. Liquid cooling business is accelerating its penetration into the data center market, becoming the core growth driver.
In 2025, the company achieved revenue of 6.068 billion yuan, up 32.23% year-on-year; attributable net profit was 522 million yuan, up 15.30% year-on-year.
By product, room temperature control and energy-saving products revenue was 3.448 billion yuan (+41.28%), accounting for 56.8%, and was the main growth driver; cabinet temperature control products revenue was 1.977 billion yuan (+15.30%), with a slowing growth rate.
By region, overseas revenue was 849 million yuan (+28.70%), with a gross margin of 52.64%, significantly higher than the domestic rate of 23.83%. Expansion of high-margin overseas business contributed to structural optimization.
Behind the profitability expansion, the company’s operating cash flow shows signs of pressure. In 2025, net cash flow from operating activities was 157 million yuan, down 21.30% year-on-year, a significant narrowing from 453 million yuan in 2023, reflecting increased pressure on capital turnover during rapid expansion.
The company’s Q1 2026 revenue was 1.175 billion yuan, up 26.03% year-on-year; attributable net profit was 8.6576 million yuan, down 81.97% year-on-year.
Room temperature control grows rapidly, liquid cooling layout deepens
Room temperature control and energy-saving business was the primary source of Invt’s performance growth in 2025. During the reporting period, this segment saw rapid revenue growth, with growth slowing in the second half compared to the first half, but overseas revenue increased significantly in H2 with gross margins rising notably year-on-year, showing clear structural improvement.
On the technology front, liquid cooling has become the company’s core strategic pillar in the data center field. Driven by AI computing power demand and large-scale deployment of high-power chips, adoption of liquid cooling in high heat density scenarios is entering the stage of large-scale application.
The company’s Coolinside full-chain liquid cooling solutions cover cold plates, quick connectors, manifold, CDU, cabinets, piping—“end-to-end” full-chain products. At the 2025 OCP Global Summit, the company showcased its Deschutes 5 CDU product custom-developed for Google.
In ecosystem cooperation, the company’s UQD and MQD products were listed in NVIDIA’s MGX ecosystem partner system during the 2025 OCP Global Summit, further strengthening its relationships with leading computing chip companies.
The company’s cold plate products have been listed as the first cold plate liquid cooling solution integrator for Intel Xeon 6 platform.
In terms of customer resources, the company has provided cooling products and systems for major data center operators including ByteDance, Tencent, Alibaba, China Mobile, China Telecom, and others.
Energy storage temperature control revenue reaches 1.7 billion yuan, overseas and industrial storage expansion accelerates
Energy storage temperature control business revenue during the reporting period was about 1.7 billion yuan, up approximately 14% year-on-year, but the overall gross margin of cabinet temperature control and energy-saving business declined due to changes in regional income structure.
On the product front, the company continues to enrich its matrix of energy storage liquid cooling products, covering large-scale centralized energy storage and distributed industrial and commercial storage tracks.
It launched a 6.X full-chain liquid cooling solution for energy storage systems, a 6MWh+ liquid cooling solution, energy storage liquid cooling units for high-temperature Middle East scenarios, as well as CubeCool-F series ultra-thin door-mount liquid cooling, BattSilent quiet worry-free cabins for industrial energy storage, and several new products.
The company was the earliest in China to enter the electrochemical energy storage temperature control market and currently holds a leading position in the industry. With the advancement of “dual carbon” goals and expanding demand for domestic and overseas construction of energy storage stations, this business remains a vital direction for the company’s mid-term growth.
Financial structure: Accelerated asset expansion, cash flow management under pressure
As of the end of 2025, the company’s total assets amounted to 7.747 billion yuan, up 28.81% from the end of 2024; shareholders’ equity attributable to the listed company was 3.446 billion yuan, up 18.17% year-on-year, marking a clear acceleration in asset expansion.
In terms of profitability quality indicators, the company’s weighted average return on net assets was 16.58% in 2025, down slightly by 0.30 percentage points from 16.88% in 2024, showing asset growth pace was slightly faster than profit growth. Basic earnings per share were 0.54 yuan, up 14.89% year-on-year.
On a quarterly basis, the company’s revenue is highly concentrated in the second half of the year, with fourth quarter revenue at 2.042 billion yuan, accounting for about 34% of annual revenue, while the first quarter was only 933 million yuan.
Operating cash flow was negative for the first three quarters, with concentrated cash inflow in the fourth quarter (net inflow of 476 million yuan). For the full year, cash inflow decreased 21.3% year-on-year. This feature shows the company’s working capital is under significant utilization pressure during business expansion.
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