As artificial intelligence computing power is repeatedly validated as a core asset of global infrastructure, the focus of capital markets is shifting from the GPU chips themselves to the underlying support systems. As a leading enterprise in the field of high-performance computing server power supplies, Hangzhou Boke Electronics Co., Ltd. has officially submitted a listing application to the main board of the Hong Kong Stock Exchange, choosing to enter the capital market during the golden period of continuous expansion in AI computing power infrastructure. At a time when computing power construction is transitioning from an explosive phase to normalization, the financial data and business layout disclosed by Boke Electronics not only reveal the growth path of a "unicorn" company but also reflect the structural transformation of the global computing power energy system. So, what kind of moat does this dark horse company, which broke into the global top four within four years, possess to navigate industry cycles?
According to the prospectus, Boke Electronics' main business focuses on providing efficient and reliable power conversion solutions for computing servers and energy storage systems. Based on 2024 revenue, the company is the largest supplier of high-performance computing server power supplies in China. In this era driven by both AI computing power demand and the global energy transition, can this dark horse, already in a leading position, leverage the capital market to evolve from an industry leader into a global giant that defines the future?
Over the past few years, the narrative focus of the computing power industry chain has always revolved around chip manufacturing processes. However, at the operational level, the key constraint on the continuous expansion of computing centers is often the limit of what the power system can handle. As AI models scale up and GPU power consumption climbs, computing centers impose stricter demands on power supply systems for higher output power and greater tolerance for operating temperatures. Consequently, high-performance computing server power supplies have completed a transition from being "supporting components" to "core components." Boke Electronics is a beneficiary of this structural shift.
According to Frost & Sullivan data, the global market size for computing server power supplies was approximately RMB 54.8 billion in 2024, with particularly aggressive growth in the high-performance segment. From 2021 to 2024, the compound annual growth rates for this segment globally and in mainland China exceeded 180% and 160%, respectively, far surpassing other parts of the infrastructure. By focusing deeply on this area, the company's revenue reached RMB 261 million, RMB 556 million, and RMB 751 million in 2023, 2024, and the first nine months of 2025, respectively. Revenue in 2024 increased by 112.8% year-on-year, and the growth rate for the first nine months of 2025 remained at 126.2%. During this period, the company's profit exploded from RMB 4.237 million in 2023 to RMB 39.601 million in 2024, and further climbed to RMB 76.105 million in the first nine months of 2025. The net profit margin jumped from 1.6% in 2023 to 10.1% in the first three quarters of 2025. This improvement in growth quality stems from the resonance of favorable industry conditions and economies of scale.
It is understood that Boke Electronics' product line now covers liquid-cooled, high-density CRPS, and high-end models compliant with OCP standards. Particularly in the field of liquid-cooling technology, as of September 30, 2025, over 50% of the computing server power supplies shipped by the company featured liquid-cooled designs, enabling it to accurately grasp the future trend of high-density power supply in computing centers. Its high-performance products can not only meet single-unit rated power exceeding 3000 watts, but some samples have even achieved a full-load efficiency of 97.5%. Such energy efficiency performance means substantial savings on electricity costs and cooling expenses for customers over the long operational cycle of a computing center.
Today, the computing power supply market is no longer a traditional, price-competitive manufacturing industry but a technology-intensive, customized track. Once a supplier enters the supply chain of leading cloud service providers or server manufacturers, the extremely high switching costs create an invisible barrier to entry. Through joint R&D with customers, Boke Electronics participates deeply in product design iterations from the conceptual stage, shortening its product development and mass production cycle to within six months, significantly faster than the industry average. This agile responsiveness gives it a head start in the rapidly changing AI computing power market.
However, behind the high market optimism, Boke Electronics' growth is fundamentally based on the assumption of sustained, high-intensity expansion of computing power. The demand for computing server power supplies often moves in sync with, or even slightly ahead of, computing center construction. Should the pace of global computing power investment fluctuate, the order book and profit elasticity of power supply manufacturers would be rapidly amplified. Currently, Boke Electronics' moat lies in its strong engineering capabilities and customer stickiness.
In its push for a Hong Kong listing, an unavoidable issue for Boke Electronics is its early deep reliance on its core customer, Shenzhen Bitmain Group. According to the prospectus, sales to the Bitmain Group accounted for 89.9%, 51.1%, and 23.5% of its total revenue in 2023, 2024, and the first nine months of 2025, respectively. While Bitmain's dual role as both a shareholder and a major customer has raised market concerns about transaction fairness and independence, the data trend indicates that Boke Electronics is accelerating its "desensitization" process. In the first nine months of 2025, the proportion of revenue from its largest customer had decreased to 27.0%, and Bitmain was no longer its biggest customer, marking a breakthrough in the company's efforts to acquire new customers and diversify its market presence.
It is understood that the company has successfully entered the supply chains of cloud service providers, leading server manufacturers, and globally renowned energy storage brands. The proportion of revenue from outside mainland China surged from 1.5% in 2023 to 34.8% in the first nine months of 2025, with global delivery capabilities becoming a new growth driver. To further mitigate the cyclical risks associated with a single computing power track, Boke Electronics is leveraging its underlying power conversion and system integration technologies to extend its business into the energy storage solutions field. Reportedly, its ESS power conversion business revenue leaped from RMB 10.723 million in 2023 to RMB 152 million in 2024, and reached RMB 254 million in the first nine months of 2025, with its contribution to total revenue significantly increasing to 33.8%. The company's integrated solar-storage-load power conversion system solution aims to improve the energy efficiency of computing centers by approximately 15%. This "computing power + energy" integrated approach is becoming a key strategic focus for the industry, effectively reducing overall energy consumption while providing more resilient energy configurations for large-scale computing centers.
Nevertheless, the evolution from a supporting supplier to a long-term infrastructure provider remains fraught with challenges. Compared to the A-share market's preference for growth potential, the Hong Kong market places greater emphasis on the stability of cash flows and the replicability of long-term businesses. Boke Electronics is currently still in a transition period regarding its business structure. Although revenue and profit have shown significant growth from 2023 to 2025, the large-scale commercial maturity of its energy storage and microgrid businesses still requires time to validate, making it difficult to fully offset the cyclical fluctuations of the computing power market in the short term.
For this IPO, Boke Electronics plans to use the raised funds primarily to enhance R&D capabilities, upgrade intelligent manufacturing facilities, and expand its global supply chain. Specific plans include establishing a new R&D center in Hangzhou, expanding the AI computing power and microgrid R&D teams, and setting up overseas production capacity in Southeast Asia, all demonstrating its strategic resolve to consolidate its competitive advantage through technological leadership and global deployment.
Boke Electronics' listing journey is more like a simultaneous pricing of both industry certainty and its growth ceiling. The more extreme the demand for computing power becomes, the more prominent the core role of the power supply system is, an industrial logic that is being repeatedly validated by the market. Whether Boke Electronics can successfully replicate its technological expertise from the high-performance computing power supply sector, where it holds a leading share, to the broader energy storage and microgrid markets will ultimately determine how far its story can go in the capital markets.
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