New stock outlook | Grebo: Leading in the all-in-one power domain solution, with the top five clients contributing over 99% of the performance.

Global independent third-party supplier with a multi-in-one power domain solution, Graybo, recently filed for IPO on the Hong Kong Stock Exchange. The company's 2025 revenue surged by 3.9 times, but it has accumulated over 900 million yuan in net losses over the past three years. Graybo, which specializes in providing intelligent electrification power domain systems and universal 800V high-voltage DC power supply systems, mainly serves the new energy vehicle power domain sector. According to industry consulting, the company ranks first among global independent third-party suppliers in terms of market share for multi-in-one power domain solutions for new energy vehicles, with an 8.2% market share. The company is poised for high growth and is expected to enter a period of explosive performance in 2025. Its revenue for the years 2023-2025 are projected to be 314 million yuan, 738 million yuan, and 3.628 billion yuan respectively, with a growth of over 3.9 times in 2025. However, the company has been incurring net losses for consecutive years, with net losses of 270 million yuan, 345 million yuan, and 288 million yuan in the respective years. The net loss ratio has narrowed from 86.1% to 7.9%. As of April 2626, the company's cash and cash equivalents amount to 130 million yuan. Despite its high growth trajectory and continuous losses, Graybo is worth a closer look due to its potential in the market. Core business performance is strong, but customer concentration is high Established in 2010, Graybo entered the market for pure electric vehicles in 2018 and focused on integrated electrified vehicle solutions. The company started mass production of its 150kW three-in-one power domain solutions in 2021, which has gradually become a key revenue driver. The company has two main business lines: the power domain solutions for new energy vehicles and the provision of related components for power domain solutions. The core business for Graybo is the power domain solutions for new energy vehicles, with the multi-in-one power domain solution generating revenue in 2024 and becoming a key revenue driver. In 2025, the business demand surged, generating a revenue of 3.136 billion yuan, with a year-on-year growth of 723.1%. Other electric drive solutions also saw growth but at a slower pace, with a decrease in revenue contribution from 99.3% in 2023 to 9.9% in 2025. Additionally, the company provides components like motors, motor controllers, and DC/DC converters, but their revenue contribution is low, accounting for only 3% in 2025. The power domain solution is the cornerstone of Graybo's business, featuring integrated hardware and software design, with proprietary control software and real-time control algorithms burned into control hardware components for delivery to customers. The company has introduced a distributed dual motor drive system, which has been well-received in the market. They have also launched an integrated range extender generator solution specifically designed for extended-range electric vehicle models, where the internal combustion engine serves only as a generator unit. This product is suitable for B and C-class extended-range electric vehicle models. The company's products have been well-accepted in the market, with the integrated range extender generator solution being one of the highest integrated range extender generator systems in the industry for extended-range electric vehicles. In terms of power domain solutions for new energy vehicles, the company delivered over 500,000 sets of multi-in-one power domain solutions in 2025, with an excellent on-site failure rate below 120PPM. The surge in Graybo's revenue in 2025 was primarily driven by increased demand from its two major clients, Xingyuan and Lynk, for a variety of vehicle models. The company's multi-in-one power domain solution is compatible with multiple energy architectures and covers a wide range of vehicle models from A0-class to D-class like Lynk 900. However, this high concentration of revenue also poses a risk, as the top five clients contributed 99.7%, 99.9%, and 99.5% of revenue in 2023-2025 respectively, with the largest client contributing 60.8%, 75.4%, and 87.2% in those years. However, the company is gradually expanding its customer base, having secured contracts with 10 OEMs through direct sales or primary suppliers, totaling 40 projects. The solutions have been commercialized in 16 models from 12 automobile brands, with 24 projects in the pipeline for customer negotiation and solution design. Graybo is actively expanding its global footprint through supporting overseas production and sales of several vehicle models for its domestic OEM customers. The company directly supplies its new energy vehicle multi-in-one power domain solutions and components to an international OEM located in Malaysia. In December 2025, the company delivered over 10,000 sets of export vehicle multi-in-one power domain electric drive solutions in a month. While the majority of its current revenue comes from the domestic market, the company aims to drive growth through a combination of domestic and overseas markets. Research and development investment has slowed down, but adjusted net profit turned from loss to profit Graybo is one of the first suppliers to develop the new energy vehicle multi-in-one power domain solution and currently holds the leading global market share among independent third parties, thanks to its highly concentrated customer base and strong demand. The company possesses cutting-edge core technologies developed in-house, including system-level integration technology, component-level technology, and underlying technology. Its underlying technology primarily comprises of the 800V high-voltage DC electrical architecture and software algorithm architecture. The company's DC/DC converter adopts a Buck-Boost and LLC resonant topology to achieve wide-range 800V voltage input compatibility and high conversion efficiency. Leveraging its expertise in underlying technology, Graybo is exploring new scenarios, with upcoming products including AIDC power systems and intelligent power domain electric drive systems. It is worth noting that the company's research and development expense ratio has been decreasing, partly due to the surge in revenue and possibly indicating a lack of sustained R&D investment. The company's R&D costs for 2023-2025 were 77 million yuan, 93 million yuan, and 110 million yuan respectively, accounting for 24.6%, 12.7%, and 3.1% of revenue. Apart from commercializing key products, Graybo is actively focusing on cost-saving measures and efficiency improvements to ensure balanced growth and profitability. The company's gross profit margin for 2023-2025 was -6.8%, 1%, and 7.2% respectively, with the multi-in-one power domain solution gradually showing economies of scale. In 2025, this solution contributed a gross profit of 247 million yuan, accounting for 94.6% of total gross profit. On the expense side, all expense ratios showed a downward trend after the surge in revenue, with the expense ratio at 3.2% in 2025, down 17.2 percentage points from 2023. With an increase in gross profit and a decrease in expenses, Graybo has managed to turn operational losses into profits, achieving an operating profit of 50 million yuan in 2025, with an operating profit margin of 1.4%. However, due to the impact of debt redemption valuation changes, the company is still in a loss-making position. Excluding this impact, the company achieved an adjusted net profit of 36 million yuan in 2025, also turning the net loss into profit. Despite the impact of debt redemption, the company's net working capital deficit stood at 48 million yuan in 2025, indicating a relatively healthy operating capital. High industry growth potential with sound fundamentals and undervaluation According to industry data, the global market for new energy vehicle power domain solutions is experiencing double-digit growth rates, with the market size reaching 197.7 billion yuan in 2025 and a compound annual growth rate of 57.9% from 2020 to 2025. It is projected to reach 486 billion yuan by 2030, with a compound annual growth rate of 19.7%. China is a key market for this industry, with a market size of 127.8 billion yuan in 2025, growing at a compound annual rate of 70.9% and projected to reach 323 billion yuan by 2030, with a compound annual growth rate of 20.4%, accounting for 66.5% of the global market share. The multi-in-one power domain solution has shown remarkable performance, with a compound annual growth rate of 214.3% in the Chinese market from 2020 to 2025, significantly higher than other sub-sectors. The market size is expected to reach 199.7 billion yuan by 2030, with a compound annual growth rate of 35.8%, accounting for 61.83% of the market share. Graybo's successful mass production of the multi-in-one power domain solution, combined with its technological and business development advantages, makes it the industry leader. According to industry research, the global market for independent third-party new energy vehicle power domain solutions is not highly concentrated, with the top three players commanding a combined market share of 10.7%. Graybo ranks third in terms of integrated installations, with a market share of 2.6%, and first in terms of multi-in-one power domain installations. It is important to note that the company's orders are concentrated among a few clients, and as the customer base expands, the market share is expected to increase further. Furthermore, the company has the capacity for large-scale deliveries and operates two smart production bases as of 2025, in Xuzhou and Ningbo. In 2025, the annual design production capacity for power domain solutions is close to 700,000 sets, and most of the core components for new energy vehicle power domain solutions are produced internally. The utilization rates for power domain solutions and components in 2025 were 94.1% and 94.3% respectively. In summary, Graybo has sound fundamentals with a focus on the multi-in-one power domain solution, which has been commercialized successfully, driving the company's high growth trajectory. While the company primarily operates in the domestic market, it is expanding its presence in overseas markets, aiming for dual revenue growth. With its scale expansion, profitability is also expected to improve significantly. However, the company faces risks from high customer concentration and slow R&D growth in a competitive market. Before filing for IPO, Graybo received investments from several institutions in the primary market from 2016 to 2026, with post-investment valuations increasing from 300 million yuan to 5 billion yuan, a growth of 15.7 times. However, with a PS ratio of only 1.38 times, the valuation of Graybo seems undervalued as a high-growth industry leader, indicating a potential investment opportunity.