Recently, experts at Display Research learned from corporate sources that Megmeet (002851) has seen its LED display power supply revenue exceed CNY 400 million in 2025, with an additional CNY 200 million completed in the first half of 2026. It now ranks among the top in market share for mid-to-high-end power supplies (excluding the channel market).
It is understood that Megmeet entered this business around 2012. Its revenue was approximately CNY 20 million in 2015. In 2016, it capitalized on the boom in small-pitch displays, and by 2025, the revenue reached CNY 400 million. This represents a roughly 20-fold growth in scale over a decade, propelling the company to the forefront of the industry.
Display Research believes that the past decade perfectly covers two complete cycles of technological transitions in the LED display industry: small-pitch displays "seizing" market share from conventional screens, and COB (Chip on Board) achieving a penetration reversal in the pitch segment of P1.2 and below. These two transitions share a commonality: power supplies must evolve from merely "being able to light up" to "fitting into thinner cabinets, operating continuously under more extreme working conditions, and passing European energy efficiency regulations." Periods of shifting demand better reveal a manufacturer's true capabilities.
Based on this, the role Megmeet has played in this process and the strategic layouts it has made are worthy of industry reflection.
Two Key Milestones: Capitalizing on the Small-Pitch Boom in 2016 and Accelerating Overseas Layout in 2019
Research by Display Research reveals that Megmeet's LED display power supply business started by undertaking customized projects for LED screen manufacturers, accumulating industry understanding through customization. Subsequently, it rapidly opened up market space relying on two key milestones.
The first milestone occurred in 2016: Seizing the industry's transition period and precisely capturing the boom through response speed
At that time, three major developments were taking place in the LED display industry: the explosion of SMD small-pitch displays, a surge in the export of complete cabinet units, and the rapid miniaturization of cabinets. The superposition of these three factors was equivalent to a reshuffle of the market. The most intuitive aspect of the change was on the cabinet side. Die-cast cabinets of 500×500, 500×1000, and 600×337mm became mainstream, meaning that the size, heat dissipation, and efficiency of power supplies had to be reconstructed synchronously, rather than just partially optimized: small sizes required structural redesign, high efficiency required upgrades in topology and components, and short delivery times required simultaneous acceleration in R&D and manufacturing. For any power supply manufacturer to keep up, it meant completing a system-level iteration. Display Research believes that the key to this round of transition lies in the response speed of the supply side.
Taiwanese manufacturers, who dominated the market at the time, did not demonstrate the same pace of iteration in this round, which provided domestic power supply manufacturers with a new entry point to open up the market. Megmeet precisely grasped the anchor point of small-pitch displays, significantly increasing R&D investment and accelerating product iteration in 2016. It successively launched multiple standard products of 200W, 260W, and 300W to adapt to the aforementioned mainstream die-cast cabinets, achieving scaled volume production of LED display power supply products in the same year and laying a solid foundation for subsequent business development. Since then, the momentum has grown steadily. In 2022, its power supplies supported the FIFA World Cup Qatar project; in 2023, LED power supply shipments exceeded 4 million units; in 2024, the power supplies supported the opening ceremony of the Paris Olympics; and in 2025, they supported the Asian Winter Games.
The second milestone occurred in 2019: The globalization layout took shape, with currently over 60% of revenue coming from overseas
If 2015 solved the issue of "getting in," 2019 answered the question of "staying put." In this year, Megmeet announced that its globalization layout had taken shape, increasing capacity construction in India and Thailand, becoming one of the earlier power supply manufacturers in the industry to establish dual overseas bases, and setting up research institutes in Germany, Xi'an, Wuhan, Changsha, and other locations.
As of now, Megmeet has formed a global manufacturing network comprising nine major manufacturing bases. Given the intensified overseas expansion of LED screen manufacturers in the past two years, the value of this layout is being concentratedly realized. According to Display Research, the proportion of overseas revenue for Megmeet's LED display power supplies has currently reached over 65% (including indirect exports bundled with complete cabinets).
For screen manufacturers, the certainty provided by domestic suppliers in terms of delivery time, overseas certifications, and on-site response will continuously amplify its value as their own export proportion increases. Overall, Megmeet started with customized projects, and by rapidly responding with standard products in 2016 to capitalize on the small-pitch boom, it laid its foundation in the LED display power supply field; meanwhile, its advance layout in overseas markets has provided a guarantee for its current stable growth.
Three Core Competitive Advantages of Megmeet
Precise strategic layout is only the key to a company's breakthrough. The more critical factor for Megmeet to stand firm and rank at the top in this track is its triple core advantages in technology, products, and platforms, forming a comprehensive competitive barrier that is difficult to replicate.
First, the core team originates from the Huawei-Emerson system, possessing profound technical heritage. Compared to other LED display power supply manufacturers, one of Megmeet's "irreplaceable" advantages lies in its technical team. According to public information, Megmeet's founding team comes from the Huawei Electric and Emerson Network Power systems, characterized by "mature power electronics technology accumulation + over 20 years of team integration + deep equity binding of core personnel." In terms of R&D investment, financial report data shows that the company's R&D expenses as a proportion of revenue have been maintained at over 10% for consecutive years, providing stable financial support for long-term technological iteration.
Profound technical heritage combined with high R&D investment means the enterprise possesses stronger capabilities in technology implementation and iteration. For example, in terms of the core performance of conversion efficiency, the company exhibited its GaN (Gallium Nitride) LED power supply—the MCGP300WS series—with a conversion efficiency reaching 94.5% this year. Its pace of technological iteration and implementation remains firmly at the forefront of the industry.
Second, broad product width, where a single supplier can cover all mainstream scenarios. Addressing the multi-scenario, multi-specification, and high-reliability application needs of the LED display industry, Megmeet has formed an LED display power supply product matrix comprising 8 major series, with power coverage from 65 to 1000W and an operating temperature range covering -40 to 70°C, comprehensively matching various complex application scenarios.
The eight major series cover automatic wide voltage, conventional narrow voltage, current sharing backup, dual-channel common cathode, common cathode backup, ultra-thin high efficiency, potting protection, and multi-in-one customization. They can be adapted to all mainstream application fields such as outdoor fixed installation, indoor small-pitch, rental stage screens, and high-reliability commercial scenarios. Meanwhile, its product failure rate is controlled within 500 PPM, which is superior to the industry average.
Currently, Megmeet has successfully entered the core supply chains of leading screen manufacturers such as Absen, Unilumin, and Leyard. For screen manufacturers, a single supplier can cover full-scenario procurement needs without the need to deal with multiple manufacturers separately, which can effectively reduce the comprehensive management costs of specification adaptation, quality control, and material kitting.
Third, equipped with a platform-based technology system, business upgrades do not rely on single-point betting. Different from the single-point product R&D model of most peers, Megmeet's core difference lies in building a platform-based technology system, which can achieve efficient cross-field technology migration and iteration through the high reuse of basic technology modules and customized development for downstream scenarios.
Specifically, its underlying technologies such as GaN, soft switching, and high power density share the same technology platform with businesses like AI (Artificial Intelligence) server power supplies, and PV, energy storage, and charging; meanwhile, the aforementioned LED power supply with a 94.5% conversion efficiency is precisely the integrated innovation after the mature application of third-generation semiconductors like GaN and SiC (Silicon Carbide) in automotive platforms. This means that the technological upgrades of its LED power supplies can reuse the mature capabilities of other businesses, thereby creating a gap in R&D efficiency and delivery pace.
Summary by Display Research
Overall, Megmeet's growth path can be summarized in three stages: entering the industry with customized projects in the early stage; subsequently capitalizing on the small-pitch boom and achieving scaled volume production relying on a standard product matrix; and in recent years, maintaining market and technological advantages through overseas layout and a platform-based technology system.
Looking to the future, Megmeet has locked in three major directions: on the market side, it remains optimistic in the long term about segmented tracks such as indoor visualization, outdoor fixed installation, and high-end rental; on the product side, it continuously iterates differentiated products around different scenarios; and on the supply side, it stocks up key materials 12 to 16 months in advance to avoid delivery bottlenecks.
From an industry perspective, Megmeet's more than a decade of layout in LED power supplies reflects the catch-up and overtaking of overseas manufacturers by domestic power supply manufacturers in terms of response speed and customization capabilities. The current LED industry has entered a new stage of competition, where overseas channels, cost control, and technological generational gaps will determine the landscape of the next stage. It is expected that Megmeet will continue to release its advantages in the new round of competition.