Super Fusion Entrepreneurship Board IPO has been accepted, focusing on computing power infrastructure and digital intelligence services.

On May 22, Super Fusion Digital Technology Co., Ltd. (referred to as Super Fusion) has been accepted for IPO on the ChiNext board of the Shenzhen Stock Exchange. CITIC SEC is the sponsor institution, and plans to raise 8 billion yuan. The prospectus shows that Super Fusion is a provider of computing power infrastructure and data intelligence services, deeply cultivating technological innovation and industrial empowerment needs in the AI and data era, positioning itself as a provider of full-stack solutions for enterprises in the AI and data era. With technological accumulation and industrial practice in the field of computing power, the company provides industry-leading computing power services and explores new business areas such as smart city information services and energy intelligence solutions. The computing power business is the company's core business, focusing on computing power infrastructure and services, continuously promoting technological innovation, product R&D, and market expansion centered around data center servers to fully meet the industry demand for the rapid development of the AI industry. In terms of computing power infrastructure, the company provides customers with globally leading dual-ecosystem data center servers, covering a full range of products for AI servers and general-purpose computing servers in data center scenarios; meanwhile, the company actively expands into edge computing, comprehensively covering cloud and edge computing power needs with a diversified product matrix, and expanding into key supporting components such as liquid-cooled components and power modules. In computing power services, the company provides AI solutions and operating systems to meet the core needs of various industries for scale deployment of AI, empowering efficient release of computing power value through software and hardware coordination. According to IDC statistics, from 2022 to 2025, the company's market share in the Chinese server market will increase from 11.7% to 14.2%, ranking second in shipments, achieving a dual increase in revenue scale and market position, and forming a leading advantage in some specific segments. The company's sales of domestic servers rank first in the Chinese market, stably leading the industry's top tier; from 2022 to 2025, the company's standard liquid-cooled server market share has consistently ranked first in the Chinese market. Emerging businesses are the company's strategic focus for future development, including smart city information services and energy intelligence solutions. Smart city information services are based on the company's independently developed core commercial software "Super Fusion Smart Enterprise ERP" and other products, empowering customers to achieve digital transformation in the era of intelligent enterprises, and the company has also pre-researched the next generation of enterprise software native to AI; the energy intelligence solutions provided by the company are mainly charging network solutions, and research and development have been initiated for products and solutions in high-voltage direct current scenarios such as AI DC and megawatt charging stations, including digital energy storage systems, solid-state transformers, energy management systems, etc. During the reporting period, the main materials used by the company for production and operation were modules, CPU, GPU, memory, storage, and other electronic components, as well as structural components, auxiliary materials, and other supporting supplies. By the end of 2025, focusing on AI scene demand, the company has collaborated with 163 solution partners, incubated over 150 industry solutions, covering AI core scenes such as RAG enhanced retrieval technology, toolchains, inference acceleration, intelligent computing, as well as heterogeneous disaster recovery management, real-time data backup, host security protection, etc., deep penetration into key industries such as government, finance, healthcare, manufacturing, driving continuous expansion of the company's business scale and systematic amplification of commercial value driven by solutions. The company has developed a new generation of large-scale inference acceleration framework, compatible with and supporting various mainstream AI chip architectures and technology routes, providing out-of-the-box artificial intelligence infrastructure for mainstream large models such as Douba, Qianwen, and DeepSeek, significantly improving model deployment efficiency and computing resource utilization, accelerating the large-scale deployment of AI applications in practical business scenarios. In terms of finance, in the fiscal years 2023, 2024, and 2025, Super Fusion's operating income was approximately 25.92 billion yuan, 44.267 billion yuan, and 58.246 billion yuan respectively; during the same period, the net profit was approximately 5.07 billion yuan, 7.22 billion yuan, and 10.3 billion yuan respectively.