New stock news | Shenzhen Megmeet Electrical (002851.SZ) files with Hong Kong Stock Exchange, ranked first in China's commercial display power supply revenue for 2025.

According to the disclosure by the Hong Kong Stock Exchange on June 26, Shenzhen Megmeet Electrical Co., Ltd. (referred to as Shenzhen Megmeet Electrical, 002851.SZ) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International and Citigroup as its joint sponsors. According to Zhushi Consultancy, Shenzhen Megmeet Electrical is one of the top-tier mainland Chinese suppliers in terms of global power product revenue in 2025, and is one of the most comprehensive power product suppliers in the world. It ranks first in power supply revenue for commercial displays in China in 2025, with a market share of 62.3%. Company Profile The prospectus shows that Shenzhen Megmeet Electrical was established in 2003 and is a leading industrial technology platform enterprise in electric power electronics and global operations. Its vision is to become the core cornerstone of global AI computing infrastructure and electrification solutions. In March 2017, the company's A shares were listed on the Shenzhen Stock Exchange. With its strong accumulation in power electronics technology over the years as the anchor, the company has built a product system around three core technology platforms: power conversion technology, digital power control technology, and system control and communication technology. It has formed six major business segments: power supply, new energy transportation, industrial automation, smart living, smart equipment, and magneto-electric precision manufacturing. Leveraging over 20 years of deep technical accumulation in the field of power electronics, efficient engineering development, and system integration capabilities in complex environments, Shenzhen Megmeet Electrical has taken the lead in the layout of computing power and new energy fields. Its products cover power supplies for data center servers, core components and systems for energy storage and charging, and power management systems for new energy vehicles, serving as a core hardware and software control solution provider in the "source-network-load-storage" system for user-side and microgrid scenarios. According to Zhushi Consultancy, Shenzhen Megmeet Electrical is the first in mainland China and one of the few globally to master high-power density (800V HVDC megawatt-level cabinet power system) and high-efficiency power technology (AI data center power energy conversion efficiency exceeding 98%), providing system-level power solutions for AI data centers and having comprehensive overseas full-process production and supply capabilities as a comprehensive power supplier. In the field of AI computing infrastructure, the company has become one of the recommended providers of GPU and AI computing infrastructure companies in the industrial chain of data centers globally. Since 2023, the company has rapidly transitioned from initial introduction to synchronous participation in the R&D and testing of new intergenerational products in the industry, and its forward-looking strategic insights and long-term accumulation of technology platforms have equipped the company with the ability to rapidly iterate in line with the AI era. The company will further expand its product matrix of system-level power supply products for high-power density data centers and is developing solid-state transformers (SST) for AI data centers. In terms of industry position, Shenzhen Megmeet Electrical is a leader in the domestic power electronics and related control technology industries, and is one of the first manufacturers of power supplies to enter emerging fields. According to Zhushi Consultancy, the authoritative market position in specific segments includes: ranking first in commercial display power supply revenue in China in 2025, with a market share of 62.3%; ranking first in revenue among global third-party intelligent air conditioner compressor controller suppliers in 2025, with a market share of 16.0%; ranking first in sales of welding power supplies for arc welding of Siasun Robot & Automation in China in 2025, with a market share of 30.3%; and ranking first in revenue among global ODM suppliers of intelligent bathroom fixtures in 2025, with a market share of 8.8%. The company is seizing the development opportunities in artificial intelligence and new energy, achieving rapid growth in the fields of data center power supply, new energy vehicles, energy storage, among others. Financial Information Revenue In 2023, 2024, and 2025, the company achieved revenues of approximately RMB 6.754 billion, RMB 8.172 billion, and RMB 9.403 billion, respectively. Gross Profit and Gross Profit Margin In 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 1.659 billion, RMB 2.025 billion, and RMB 2.054 billion, with gross profit margins of 24.6%, 24.8%, and 21.8% respectively. Net Profit In 2023, 2024, and 2025, the company recorded net profits of approximately RMB 625 million, RMB 459 million, and RMB 197 million respectively. Industry Overview Power supply is a core component of terminal electronic devices that relies on power electronics technology to achieve energy conversion, distribution, and control. Its core function is to provide stable, efficient, and safe power support for various types of terminal devices in the required form. High-efficiency power supplies typically have high energy conversion efficiency and power density, can adapt to high load conditions, and help save energy and reduce costs; while ordinary power supplies are mainly used in scenarios with low power loads and loose energy efficiency requirements. Divided by end-use application areas, power supplies cover data center power supplies, energy storage and charging station module power supplies, industrial power supplies (including medical power supplies), and display power supplies, among other sub-categories. Among these, data centers (especially AI Data Centers (AIDC)) and high-voltage energy storage and charging scenarios exhibit features of high-power operation and strict energy management, driving demand for efficient power solutions. Benefiting from the expansion of computing power infrastructure, global energy transition, and digital upgrades in downstream industries, the global power industry market size is expected to continue to expand from RMB 486 billion in 2025 to RMB 1,110.4 billion in 2030, with a compound annual growth rate of 18.0% during this period. Data center power supplies and energy storage and charging station module power supplies are the fastest-growing sub-sectors, with compound annual growth rates of 26.2% and 25.8%, respectively from 2025 to 2030. The Chinese power industry, supported by a complete industrial chain, strong downstream demand (such as data centers, new energy, and high-end manufacturing), and policy support, has achieved rapid development. The market size is projected to grow at a compound annual growth rate of 19.2% from RMB 63.3 billion in 2020 to RMB 152.2 billion in 2025, and is expected to reach RMB 406.8 billion by 2030, with a compound annual growth rate of 21.7% during the period from 2025 to 2030, higher than the global market's compound annual growth rate. It is expected that China's market share will increase from 31.3% in 2025 to 36.6% in 2030. The global data center power industry market size is projected to increase from RMB 27.1 billion in 2020 to RMB 134 billion in 2025, with a compound annual growth rate of 37.7%. With the surging demand for AI computing power, continued progress in AIDC construction, significant increases in single-cabinet power densities, and the accelerated penetration of advanced technologies such as HVDC, the market size is expected to reach RMB 429.5 billion by 2030, with a compound annual growth rate of 26.2% from 2025 to 2030. Currently, IDC power supplies are dominant and are expected to benefit from global data center retrofit and new construction needs. It is estimated that the global IDC power industry market size will reach RMB 128.3 billion by 2030, with a compound annual growth rate of 10.2% from 2025 to 2030. Additionally, with the accelerated deployment of AI large-scale models, strong demand for AI computing power, and government support policies, AIDC power supplies as an advanced and high-end direction in the data center power industry, are expected to reach a global market size of RMB 301.1 billion by 2030, with a compound annual growth rate of 40.5% from 2025 to 2030. The Chinese data center power industry market size is expected to grow from RMB 6.2 billion in 2020 to RMB 26.1 billion in 2025, with a compound annual growth rate of 33.5%. Driven by policy support, increased investment in AIDC, and breakthroughs in core technologies, the market size is expected to reach RMB 109.2 billion by 2030, with a compound annual growth rate of 33.1% from 2025 to 2030. Board of Directors Information The company's board of directors will consist of seven members, including three executive directors, one non-executive director, and three independent non-executive directors. Equity Structure Dr. Tong Yongsheng holds 16.96% of the shares, Ms. Wang Ping holds 6.23% of the shares, constituting the company's largest shareholder group. Mr. Zhang Zhi holds 2.74% of the shares, Mr. Li Shengfu holds 1.85% of the shares, and other A-share shareholders collectively hold 72.22% of the shares. Dr. Tong and Ms. Wang are spouses. Therefore, under the Securities and Futures Ordinance, Dr. Tong and Ms. Wang are considered to have interests in each other's shares. In January 2026, Ms. Wang pledged 3,010,000 A-shares she holds to a regulated financial institution in China for financing to meet her personal financial needs. These shares account for approximately 0.52% of the company's total issued share capital as of the latest practicable date. Advisory Team Joint Sponsors: Huatai Financial Holdings (Hong Kong) Limited; Citigroup Global Markets Asia Limited Legal Advisors for the Company: Hong Kong and U.S. laws: Kirkland & Ellis LLP; Chinese law: Kirkland & Ellis LLP (Beijing) Legal Advisors for Joint Sponsors: Hong Kong and U.S. laws: Morrison & Foerster LLP; Chinese law: Grandall Law Firm Reporting Accountants and Auditors: KPMG Industry Consultants: Zhushi Corporate Management Consulting (Shanghai) Co., Ltd. Compliance Advisors: Huobi Capital (Hong Kong) Limited