Following the resubmission of its IPO filing, with its AI business making up less than 1% of its total revenue, how will Boke Electronics craft a compelling new IPO narrative?
In recent years, the boom in AI data center construction has driven enterprises in the related industrial chain to receive high attention from the capital market, and the stock prices of AI server power supply enterprises such as Alltek and Megmeet have also increased significantly. During this dividend period, some power supply-related enterprises have also begun to sprint to the capital market to seek IPO.
Recently, Hangzhou Platinum Electronics Co., Ltd. (hereinafter referred to as "Platinum Electronics"), a leading domestic server power supply manufacturer, updated its Hong Kong stock IPO prospectus, disclosing its latest performance. Calculated based on 2025 revenue, it ranks fifth among global high-performance computing server power supply enterprises and second among mainland high-performance computing server power supply enterprises, with a company valuation of 1.39 billion yuan.
Against the backdrop of its prominent market position, the prospectus reveals a harsh reality: In the first quarter of 2026, despite a 35.3% surge in the company's revenue, its net profit turned from positive to negative, registering a loss of 5.324 million yuan; the highly anticipated AI computing power server power supply business generated only 1.35 million yuan in revenue for the single quarter.
When the market trend and prominent market reputation collide with harsh reality, can Platinum Electronics, the leading server power supply enterprise, tell a compelling new story to the capital market?
Net profit turned from positive to negative in the first quarter, the mining machine power supply leader sprints for Hong Kong stock IPO
Platinum Electronics is a very young company, founded in March 2021, with a history of only more than 5 years up to now. However, before its establishment, its founder Yin Guodong had already accumulated rich experience and made initial layouts in the field of switching power supplies.
Yin Guodong, 47 years old this year, studied at Harbin Institute of Technology for both his bachelor's and postgraduate degrees, and successively obtained a bachelor's degree in Electrical Engineering and Automation and a master's degree in Power Electronics and Power Drives. After graduation, Yin Guodong joined the Hangzhou branch of Delta Electronics Enterprise Management (Shanghai) Co., Ltd. and worked there for 13 years.
Delta Electronics is a global leader in power management. At the Hangzhou branch, Yin Guodong was responsible for high-end power supply development and was eventually promoted to technical director. In August 2016, Yin Guodong left Delta Electronics and joined Hangzhou Zhisheng Technology Co., Ltd., a company engaged in communication power supply business, as general manager.
While working as an employee, Yin Guodong also started his entrepreneurial layout at an early stage. The prospectus shows that Hangzhou Anrui Green Energy Technology Co., Ltd., controlled by his wife Zhu Yanhui, has been producing and selling traditional computing power server power supply products since 2019. Enterprise information query platform Qichacha shows that Yin Guodong once held shares in this company for a short time and served as its general manager before the establishment of Platinum Electronics. Later, this company was acquired by Platinum Electronics at a price of 6 million yuan for resource integration.
Shortly after its establishment, Platinum Electronics obtained angel round investment from Bitmain, which was already the global leading manufacturer of blockchain mining machine chips at that time, and its "Whatsminer" brand enjoys extremely high popularity in the industry. After that, Platinum Electronics completed several rounds of financing. In the financing before the submission of the last prospectus on September 30, 2025, the post-investment valuation of Platinum Electronics reached 1.391 billion yuan.
Bitmain played a huge role in the development process of Platinum Electronics. It not only brought angel round investment to Platinum Electronics, but also brought a large amount of business resources. With the support of Bitmain, the core business of Platinum Electronics is to produce power supply products for blockchain mining machines, which is referred to as dedicated computing power server power supply in the prospectus.
In recent years, the performance of Platinum Electronics has achieved rapid growth. From 2023 to 2025, the revenue of Platinum Electronics was 261 million yuan, 556 million yuan and 1.045 billion yuan respectively, with an annual compound growth rate of nearly 100%; the net profit was 4.237 million yuan, 39.601 million yuan and 97.131 million yuan respectively, also achieving rapid growth.
In 2023 and 2024, Bitmain was the largest customer of Platinum Electronics, contributing 235 million yuan and 284 million yuan in revenue respectively, accounting for 89.9% and 51.1% of the total revenue. In 2025, with the expansion of business scale, Bitmain contributed 230 million yuan in revenue, ranking as the third largest customer, accounting for 22.0% of the total revenue of Platinum Electronics.
In the prospectus, Platinum Electronics defines high-power switching power supplies for AI and blockchain computing as high-performance computing server power supplies. In 2025, with the outbreak of business, calculated by revenue, Platinum Electronics ranked fifth among global high-performance computing server power supply enterprises, with a market share of 6.9%. It ranked second among mainland enterprises, with a market share of 15.8%, second only to Alltek.
However, since the beginning of this year, the performance of Platinum Electronics has changed. In the first three months of 2026, the revenue of Platinum Electronics increased by 35.27% year-on-year to 215 million yuan, but the net profit dropped from 6.999 million yuan in the same period of 2024 to -5.324 million yuan, resulting in a loss.
In the prospectus, Platinum Electronics attributes this loss to the increase in R&D expenditure and exchange losses. Due to losses and other reasons, the net operating cash flow of Platinum Electronics was -79.766 million yuan in the first quarter of this year, which was in a net outflow state.
What is the situation that a loss occurs after three consecutive years of high net profit growth?
AI business accounts for less than 1%, how can Platinum Electronics tell a compelling IPO story?
The sudden shift of net profit from profit to loss is closely related to the business structure of Platinum Electronics. Platinum Electronics started its business from mining machine power supply products, began to develop energy storage PCS (energy storage converter) products in 2022, and started to develop AI computing power server power supply products in 2023. But up to now, its core business is still mining machine power supply products.
The prospectus shows that in 2025, the revenue of Platinum Electronics' dedicated computing power server power supply reached 719 million yuan, accounting for 68.8% of the total revenue. But mining machine power supplies are matched with downstream mining machines, and the demand for mining machines is closely related to the price of cryptocurrencies. When the price of cryptocurrencies rises, the demand for mining machines increases, the demand for mining machine power supplies increases, and the related business of Platinum Electronics grows. If the price of cryptocurrencies falls, it will eventually lead to a decline in the business of Platinum Electronics.
From 2023 to 2025, it was the rising cycle of cryptocurrency prices. The unit price of a certain cryptocurrency rose all the way from the opening price of 16,600 US dollars on January 2, 2023 to the highest of 126,200 US dollars on October 6, 2025, driving the dedicated computing power server power supply business of Platinum Electronics to keep growing from 2023 to 2025.
However, starting from October 7, 2025, the price of this cryptocurrency has shown an overall downward trend, and the closing unit price on March 31 this year has dropped to 68,200 US dollars. As of the close on July 20, its unit price was 65,300 US dollars.
The decline in cryptocurrency prices has curbed the demand for mining machines, which in turn puts pressure on the business of Platinum Electronics. In the first quarter of this year, the sales volume and unit price of Platinum Electronics' mining machine power supply products increased, but the indirect costs including depreciation and amortization, OEM service fees, etc. rose sharply, resulting in a drop in gross margin from 22.5% in the same period of 2025 to 19.7%. At present, the price of cryptocurrencies is still fluctuating between 60,000 and 70,000 US dollars, and it may be difficult for Platinum Electronics' mining machine power supply business to maintain the high growth trend of 2023-2025.
In addition to the mining machine power supply business, the energy storage PCS products of Platinum Electronics mainly serve HuaBao New Energy, a portable energy storage and household energy storage brand, and have achieved great breakthroughs with the outbreak of the overseas household energy storage market in recent years. The revenue of this business from 2023 to 2025 was 10.723 million yuan, 152 million yuan and 318 million yuan respectively, and its proportion in total revenue increased from 4.1% to 30.5%, which has become the second growth curve.
However, in the first quarter of this year, the revenue of this business was 45.13 million yuan, a year-on-year decrease of nearly 30%, and the gross margin also dropped by 1.3 percentage points year-on-year to 12.0%.
In general, energy storage PCS products for portable energy storage and household energy storage are usually independently developed by enterprises and integrated into the system, with few independent third-party suppliers. The business of Platinum Electronics mainly serves HuaBao New Energy, but there is still a risk that HuaBao New Energy will switch suppliers or develop PCS independently.
At present, Platinum Electronics is accelerating the expansion of photovoltaic-storage-load energy conversion system products, and according to the introduction of the prospectus, it has already obtained customers. However, the energy storage PCS market is extremely competitive, with giants such as Huawei and Sungrow Power standing tall with high industry barriers. It remains to be verified whether Platinum Electronics can gain a foothold in this market.
In addition to mining machine power supply and energy storage PCS products, the most concerned business of Platinum Electronics is still the AI computing power server power supply business.
According to the introduction, Platinum Electronics currently has 3500W CRPS liquid-cooled GaN server power supply series and 5000W liquid-cooled power supply series. But the scale of this business is extremely small at present. From 2023 to 2025, the revenue of its AI computing power server power supply was 63,000 yuan, 1.668 million yuan and 7.432 million yuan respectively, accounting for only 0.7% of the total revenue in 2025. In the first quarter of 2026, the actual revenue from AI computing power server power supply was only 1.35 million yuan.
From this point of view, the most concerned AI computing power server business is still difficult to support the performance of Platinum Electronics in its financial statements, with a very small contribution at present.
At the same time, in the AI server power supply market, Delta Electronics, Lite-On Technology and other enterprises occupy leading positions, and mainland enterprises including Megmeet and Alltek have also achieved rapid development in this business. Platinum Electronics still has a large gap with the industry leaders in this business, and whether its subsequent business can grow depends on the progress of entering the supply chain system of core customers.
Overall, relying on the performance explosion brought by the surge of cryptocurrencies in the past three years, Platinum Electronics has obtained impressive performance to sprint for Hong Kong stock IPO. However, with the decline of cryptocurrency prices at present, its core business is gradually under pressure. At the same time, the newly expanded energy storage business has also declined after high growth, and the revenue of AI server power supply business accounts for less than 1%. Platinum Electronics is in the "pain zone" of transforming old and new growth drivers. It is worth paying attention to whether Platinum Electronics can tell a compelling IPO story to the capital market.
This article is from WeChat official account "Delin She" (ID: delinshe), author: Dong Wuying, editor: Liu Zhentao, published with authorization from 36Kr.