Power supply manufacturer Megmeet (002851) has officially embarked on the process of listing on the Hong Kong Stock Exchange. As of June 30, the total market capitalization of Megmeet's A-shares was approximately 97.263 billion RMB.
On June 26, the Hong Kong Stock Exchange disclosed that Megmeet has submitted a listing application, aiming to achieve an A+H dual listing. The funds raised will be primarily used to expand the R&D team, invest in advanced R&D and testing equipment, optimize manufacturing capacity, and strengthen global marketing and service capabilities.
▍ Three-Year Revenue CAGR of 18.0%
It is understood that Megmeet has taken the lead in deploying in the computing power and new energy sectors. Its products cover core areas such as data center server power supplies for AIDC, core components and systems for energy storage and charging, and electric power dynamic management systems for NEVs (New Energy Vehicles). It is a provider of core hardware and software control solutions in the "source-grid-load-storage" system for user-side and microgrid scenarios.
According to its prospectus, from 2023 to 2025, Megmeet's revenues were approximately 6.754 billion RMB, 8.172 billion RMB, and 9.403 billion RMB, respectively, with a three-year CAGR of 18.0%. During the same period, net profits were 625 million RMB, 459 million RMB, and 197 million RMB, respectively. The weakening profitability is mainly due to the upfront investment in new AI businesses, pressure on the gross profit margins of traditional businesses, and steadily increasing R&D expenditures. In 2025, R&D investment exceeded 1.1 billion RMB.
By business segment, in 2025, the revenues and their respective proportions of total revenue for Megmeet's six major business segments were as follows: Smart Living at 3.559 billion RMB (37.9%), Power Supply at 2.680 billion RMB (28.5%), New Energy Transportation at 1.145 billion RMB (12.2%), Industrial Automation at 877 million RMB (9.3%), Intelligent Equipment at 605 million RMB (6.4%), and Magnetic and Electrical Precision Manufacturing at 449 million RMB (4.8%). Except for Smart Living, which saw a 4.8% year-on-year decline in revenue due to demand fluctuations in the Indian market and intensified domestic competition, the other five business segments all achieved positive growth.
Among them, the gross profit margin of the Intelligent Equipment business continued to climb to 37.5%, and the gross profit margin of the Power Supply business remained basically stable at 22.1%. However, affected by the fierce competition in the domestic NEV industry, the gross profit margin of the New Energy Transportation business dropped from 21.0% in 2024 to 14.3% in 2025.
Entering 2026, the growth momentum began to show structural changes. In the first quarter of 2026, Megmeet achieved an operating revenue of 2.788 billion RMB, a year-on-year increase of 20.35%. Among them, the Power Supply business achieved sales revenue of 817 million RMB, a year-on-year increase of 66.52%, recording the highest growth rate among the six major business segments, mainly driven by the rapid growth of the AIDC power supply business. This means that the company is attempting to reshape itself from a traditional power supply manufacturer into a beneficiary of AI infrastructure power supply solutions.
▍Betting on High-Value-Added AIDC Power Supplies, Integrated Energy Storage and Charging, etc.
According to the prospectus, Megmeet is committed to developing and providing solutions in emerging high-value-added fields such as AIDC power supplies, new energy transportation, and integrated energy storage and charging systems.
In Megmeet's view, data center power supplies and module power supplies for energy storage and charging piles are the fastest-growing segments in the power supply industry, with CAGRs of 26.2% and 25.8% from 2025 to 2030, respectively.
Specifically, the global AIDC power supply market size is expected to reach 301.1 billion RMB by 2030, with a CAGR of 40.5% from 2025 to 2030.
Although the market pie is large, the entry threshold is high. The entry barriers for AIDC power supplies mainly include four dimensions: core technology R&D capabilities, rapid response and customized development capabilities, ecological adaptation and certification barriers, and mass production delivery and quality control capabilities. These precisely constitute the core pivot of Megmeet's competitiveness in the AIDC power supply field.
Barrier 1: Core Technology R&D Capabilities: Relying on over 20 years of accumulation in power electronics technology and the technical heritage originating from the Huawei Electric-Emerson system, Megmeet has strategically expanded its business focus to the high-value and high-gross-margin AIDC power supply field. It has achieved full-link autonomous products covering from grid access to computing power terminals, building a certain first-mover advantage: it is the first company in mainland China and one of the few globally that simultaneously masters high power density (800V HVDC megawatt-level cabinet power supply systems) and high-efficiency power supply technology (power conversion efficiency of AI data center power supplies exceeding 98%), and is currently developing solid-state transformers (SST) for AIDC.
Barrier 2: Rapid Response and Customization: The explosive growth of AI infrastructure has imposed stringent timeliness requirements on the response speed and customization capabilities of power supply vendors. Since 2023, Megmeet has completed a rapid leap in AI power supply products from initial introduction to synchronous participation in the R&D and testing of new generational products in the industry. Forward-looking strategic insights and long-term accumulation of technology platforms have endowed Megmeet with the rapid iteration capability matching the AI era. This rapid iteration capability has become a key barrier for it to seize market opportunities.
Barrier 3: Ecological Adaptation and Certification: The certification cycle for AIDC power supplies is long, and the standards are extremely stringent. Whether a company can enter the supply chains of leading chip and cloud service providers is a critical ecological barrier. Megmeet has become the only server power supply vendor in mainland China to enter NVIDIA's recommended supplier list, and is actively participating in the innovative design and ecological construction of data center power supply systems and high-voltage direct current power supply solutions for the Blackwell and Vera Rubin series architectures.
Barrier 4: Mass Production Delivery and Quality Control: AIDC power supplies have extremely strict requirements for mass production stability and consistency, with near-zero tolerance for installation product defects. Customers particularly value the product performance, reliability, and stable mass production delivery capabilities of suppliers. Megmeet possesses full-process overseas production and supply capabilities from R&D and manufacturing to delivery. Since 2024, the Changsha Global R&D Center has been put into use, new bases in Rayong, Thailand, and Hangzhou have been successively completed, and strict quality control processes have been established.
In April this year, Megmeet stated in the record sheet of investor relations activities that for NVIDIA's GB300 power supply products, the company has successfully secured batch orders, and the relevant performance contribution has been reflected in the first quarter of 2026. It also revealed that for the next-generation Vera Rubin power supply products, the company's related products have begun to conduct in-depth project-based docking and testing with several leading North American cloud vendor customers.
Moreover, Megmeet was listed on the Shenzhen Stock Exchange in 2017 and entered the energy storage and charging field in the same year. In 2025, its energy storage and charging business developed steadily, achieving new customer expansion and batch supply of core components in fields such as portable energy storage and home energy storage.
As early as October 2025, Megmeet pointed out during investor relations activities that energy storage will become a core component of AI data centers. The company has increased relevant investments and plans to integrate the energy storage and charging team with the AI power supply R&D team to provide overall power electronics solutions for AI data centers.
The strategic synergy between these two major segments may generate a certain compounding effect:
First, technological capability enhancement: Although the current prospectus does not specify the integration status of the two major teams, it is revealed that the AIDC power supply team currently has over 1,000 members, accounting for one-third of the total R&D personnel. The team integration of these two segments will accelerate the two-way reuse and collaborative innovation of technology and products.
Second, customer value enhancement: Megmeet's leap from a power supply vendor to an overall AIDC power electronics solution provider will significantly increase the average customer value and customer stickiness.
Third, thickening market barriers: The leading customer relationships and ecological certification barriers already established by Megmeet on the AI power supply side provide a natural channel for the introduction of energy storage products. Meanwhile, the expansion of the energy storage business in turn enhances the company's ability to provide complete solutions, making the moat deeper.
Whether the above compounding effects can be quickly realized during the current centralized delivery window for AIDC power supplies remains to be seen.
Note: The content of this article is only for sorting out public information in the energy storage industry, industrial research, and objective analysis. The listed companies mentioned in the text are only for reference as industry chain cases and do not serve as any investment basis. The market has risks, and investment requires caution.