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]

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