华为系算力巨头，冲刺IPO

Core Viewpoint - Chaojuvian, a leading computing power service provider, is projected to achieve over 40 billion yuan in revenue for the fiscal year 2024, continuing its rapid growth trajectory since its establishment in 2021 [3][4]. Company Overview - Chaojuvian was founded on September 13, 2021, with a registered capital of 880 million yuan, and is led by Ma Jianping, who previously managed Huawei's X86 server business [3]. - The company operates as a provider of computing infrastructure and services, offering a range of products including servers, operating systems, AI development platforms, and high-performance computing solutions [3]. Market Position - Chaojuvian has maintained the largest market share in China's liquid-cooled server market for two consecutive years, achieving a 43% market share in 2023 with nearly 42,000 units shipped [3]. - The company aims to exceed 50 billion yuan in revenue for the fiscal year 2025, with a customer base that has expanded from over 2,000 to more than 24,000 in three years [5]. Financial Performance - The company has experienced significant revenue growth, with sales surpassing 10 billion yuan in 2022, over 28 billion yuan in 2023, and projected to exceed 40 billion yuan in 2024 [4]. - The global server market is expected to reach $235.7 billion in 2024, with China's server market projected at approximately $52.6 billion, reflecting a year-on-year growth of 70.1% [5]. Shareholder Structure - The major shareholder of Chaojuvian is Henan Chaojun Technology Co., Ltd., holding a 31.38% stake, followed by China Mobile's investment arm as the second-largest shareholder [6]. - The company has attracted significant investment from various state-owned enterprises, including China Telecom and the State-owned Assets Supervision and Administration Commission [6][8]. Financing History - Chaojuvian has completed five rounds of financing, with strategic investments from major telecommunications operators and investment firms [7]. - The latest round of financing in 2025 included participation from the National Adjustment Fund and Zhengzhou Airport Innovation Group [9].