AI computing infrastructure firm Superfusion has officially stepped to the threshold of the capital market. On the evening of May 22, the ChiNext IPO application of Superfusion Digital Technology Co., Ltd. (referred to as Superfusion) was accepted and published online. The core business of Superfusion is computing power, primarily focused on products and services such as data center servers, AI servers, and general-purpose computing servers. In 2023, general-purpose computing servers remained Superfusion's largest revenue source, accounting for 70.39% of its annual revenue, while AI servers contributed 25.03%. However, with the rising demand for large model training, inference, and intelligent computing center construction, revenue from AI servers has rapidly expanded. By 2024 and 2025, AI server revenue has consistently accounted for over 50%, becoming Superfusion's largest income stream. This structural shift has directly propelled the rapid growth of Superfusion's performance scale. From 2023 to 2025, Superfusion's revenues were 25.092 billion yuan, 44.267 billion yuan, and 58.246 billion yuan, respectively. From a growth perspective, Superfusion has caught the wave of the AI computing infrastructure expansion cycle. Over the past two years, sustained demand from major internet companies, telecom operators, financial institutions, and intelligent computing center builders for computing infrastructure like AI servers has driven server manufacturers to shift from the traditional general-purpose computing market to the AI computing market. Superfusion aims to seize the window of opportunity presented by this round of computing infrastructure transformation. Nevertheless, Superfusion is not without its pressures. In stark contrast to its revenue, its net profits attributable to shareholders from 2023 to 2025 were 507 million yuan, 722 million yuan, and 1.03 billion yuan, respectively. During the reporting period, Superfusion's net profit margin ranged between 1% and 2%. The primary reasons are that Superfusion faces significant price pressure from major internet clients, leading to bottomed-out gross margins, while simultaneously bearing high research and development as well as sales expenses. In 2025, Superfusion's gross margin was only 8.64%, a year-on-year decrease of 1.45 percentage points. With its gross profit space already substantially compressed, Superfusion still needs to maintain a certain scale of operational promotion and technological innovation investment. In 2025, R&D expenses and sales expenses reached 1.178 billion yuan and 1.308 billion yuan, respectively, consuming the majority of its gross profit. For this IPO, Superfusion plans to raise 8 billion yuan, primarily to fund the construction of next-generation computing infrastructure, smart manufacturing parks, and key technologies related to intelligent computing, AI, and power supply architecture. It is worth noting that Superfusion is backed by a group of prominent shareholders. As of the signing date of the prospectus, the actual controller of Superfusion is the State-owned Assets Supervision and Administration Commission of Henan Province. Its shareholders also include ECH, Harmony Health Insurance, Shenzhen Pengfeng, and Telecom Investment, among others. Against the backdrop of still-expanding demand for AI computing power, Superfusion's story holds considerable potential. However, under the practical constraints of declining gross margins, strong bargaining power from major internet clients, and intensifying competition in the server industry, how to maintain profit quality beyond scale expansion will be a longer-term test for this Henan-based computing unicorn after its listing.
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