Core Viewpoint - The focus of capital markets is shifting from GPU chips to the underlying support systems as AI computing power becomes a core asset of global infrastructure. Hangzhou Boke Electronics Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange during a period of rapid expansion in AI computing infrastructure, aiming to transform from an industry leader to a global giant [1][8]. Group 1: Company Overview - Boke Electronics specializes in providing efficient and reliable power conversion solutions for high-performance computing servers and energy storage systems (ESS), and is the largest supplier of high-performance computing server power supplies in China by revenue in 2024 [1][2]. - The company has achieved significant revenue growth, with projected revenues of 2.61 billion yuan in 2023, 5.56 billion yuan in 2024, and 7.51 billion yuan in the first nine months of 2025, reflecting a year-on-year growth rate of 112.8% in 2024 and 126.2% in the first nine months of 2025 [2][3]. Group 2: Market Dynamics - The global market for high-performance computing server power supplies is expected to reach approximately 54.8 billion yuan in 2024, with a compound annual growth rate (CAGR) exceeding 180% globally and 160% in mainland China from 2021 to 2024 [2]. - Boke Electronics has a strong engineering capability and customer loyalty, which forms a protective moat against market fluctuations, despite the inherent risks associated with reliance on continuous high-intensity expansion in computing power [4][6]. Group 3: Product and Technology - The product line includes liquid cooling, high-density CRPS, and high-end models compliant with OCP standards, with over 50% of power supplies shipped being liquid-cooled designs by September 30, 2025 [3]. - The company’s high-performance products can meet single-machine rated power of over 3000 watts, with some samples achieving a full-load efficiency of 97.5%, significantly reducing electricity and cooling costs for clients [3]. Group 4: Customer Diversification - Boke Electronics has reduced its dependency on its largest customer, Shenzhen Bit Micro Group, with sales to this client accounting for 89.9% of total revenue in 2023, dropping to 51.1% in 2024, and further to 23.5% in the first nine months of 2025 [6]. - The company has successfully entered the markets of cloud service providers, leading server manufacturers, and globally recognized energy storage brands, with revenue from outside mainland China increasing from 1.5% in 2023 to 34.8% in the first nine months of 2025 [6][7]. Group 5: Future Growth and Strategy - Boke Electronics plans to use IPO proceeds to enhance R&D capabilities, upgrade smart manufacturing facilities, and expand its global supply chain, including establishing a new R&D center in Hangzhou and expanding its AI computing and microgrid R&D team [7]. - The company aims to integrate energy efficiency improvements of approximately 15% into its power conversion systems for computing centers, positioning itself at the forefront of the "computing + energy" trend [7].

Company Overview - Hangzhou Boke Electronics Co., Ltd. is a leading high-performance power supply provider for computing servers, holding the largest market share in China [2] - The company has a global market share of 8.9% and a domestic market share of 18.9% in the computing server power supply sector as of 2024 [2] - Boke Electronics has expanded into energy storage solutions, providing power conversion systems for portable and residential energy storage products [2] Research and Development - The company invests heavily in R&D to enhance product competitiveness, focusing on next-generation computing server power supplies and microgrid systems [3] - Key projects include a 20 kW liquid-cooled unit, a cost-optimized 10 kW oil-cooled model, and high-density AI power supplies [3] - The company is also developing a 1 MW photovoltaic, energy storage, and load integrated computing microgrid system [3] Financial Performance - Revenue for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, is approximately CNY 261 million, CNY 556 million, and CNY 751 million respectively [4] - Profit for the same periods is reported as CNY 4.24 million, CNY 39.6 million, and CNY 76.1 million respectively [5] - Gross profit figures are CNY 59.15 million, CNY 122 million, and CNY 178 million for the respective periods [6] Industry Overview - The computing server power supply industry is experiencing significant growth, with a projected market size of CNY 54.8 billion globally and CNY 13.3 billion in China by 2024 [7] - The compound annual growth rate (CAGR) from 2020 to 2024 is expected to be 16.7% globally and 11.8% in China [7] - The high-performance computing server power supply market is projected to reach CNY 147.4 billion globally and CNY 34.3 billion in China by 2029, with a CAGR of 100.9% and 80.3% respectively from 2024 to 2029 [9]

Company Overview - The company, Placo Electronics, is a leading high-performance power supply provider for computing servers globally and the largest in China, holding a market share of 8.9% globally and 18.9% in mainland China as of 2024 [2] - The products cater to specialized computing and AI computing, meeting strict requirements for output power, efficiency, power density, and reliability [2] - The company has expanded into energy storage solutions, providing power conversion systems for portable and residential energy storage products, serving top brands like Huabao New Energy [2] Research and Development - The company has invested significantly in R&D to maintain and enhance product competitiveness, focusing on next-generation power supplies and microgrid systems [3] - Key projects include a 20 kW liquid-cooled unit supporting 70°C inlet temperature, a cost-optimized 10 kW oil-cooled model, and high-density AI power supplies [3] - The company is also developing a 1 MW photovoltaic, energy storage, and load integrated computing microgrid system for distributed green computing power systems [3] Financial Performance - The company reported revenues of approximately RMB 261.19 million for 2023, RMB 555.88 million for 2024, and RMB 751.40 million for the nine months ending September 30, 2025 [6] - The net profit for the same periods was RMB 4.24 million, RMB 39.60 million, and RMB 76.11 million respectively [7] - Gross profit figures were RMB 59.15 million for 2023, RMB 122.02 million for 2024, and RMB 178.06 million for the nine months ending September 30, 2025 [8] Industry Overview - The power supply industry for computing servers has experienced significant growth, with a market size of RMB 54.8 billion globally and RMB 13.3 billion in mainland China expected in 2024, reflecting a compound annual growth rate (CAGR) of 16.7% and 11.8% from 2020 to 2024 [9] - The high-performance power supply segment is projected to grow at a CAGR of 182.3% globally and 162.1% in mainland China from 2021 to 2024, with market sizes reaching RMB 45 billion and RMB 18 billion respectively [12] - By 2029, the global market for computing server power supplies is expected to reach RMB 323.3 billion, with mainland China reaching RMB 55 billion, indicating a CAGR of 42.6% and 32.8% from 2024 to 2029 [9]