With a market capitalization of 10.4 billion yuan, the power equipment giant from Ji'an, Jiangxi Province is set to launch an IPO in Hong Kong.

Following TGood, Siyuan Electric, and Sungrow Power, another power equipment company has recently sought dual A+H share listing.

Gelonghui learned that on August 21, Eaglerise Electric & Electronic Co., Ltd. (referred to as "Eaglerise") submitted its listing application to the Hong Kong Stock Exchange, with Guotai Junan International and Zheshang International acting as sponsors. The company previously submitted its first listing application in January 2026.

On December 29, 2017, Eaglerise was listed on the Shenzhen Stock Exchange with the stock code: 002922.SZ. As of the close of trading on August 28, the company's share price stood at 24.66 yuan per share, with a market capitalization of 10.42 billion yuan.

01 Focused on fields such as voltage transformation equipment products, with its operational headquarters located in Ji'an, Jiangxi

The predecessor of Eaglerise, Risheng Electric, was founded in Foshan, Guangdong in October 1999, and completed the shareholding system restructuring in December 2007. At present, the company's operational headquarters is located in Ji'an City, Jiangxi Province, and its registered office is located in Foshan City, Guangdong Province.

Prior to this offering, founder Xiao Juncheng, through direct and indirect holdings, is collectively entitled to exercise approximately 32.05% of the voting rights at the company's shareholders' meeting (excluding treasury A shares).

Xiao Juncheng, 60 years old this year, currently serves as the company's executive director and chairman, and is mainly responsible for the company's overall strategic planning. He graduated from the Department of Electrical Engineering, Huazhong University of Science and Technology (formerly known as Huazhong Institute of Technology) in July 1988, majoring in Electrical Machinery, and obtained an EMBA degree from the Hong Kong University of Science and Technology in November 2007.

Eaglerise is a global supplier of power equipment and solutions, focusing on new energy, data centers, power distribution, industrial control, lighting and other fields, mainly providing voltage transformation equipment products and related integrated solutions.

The company's product portfolio is divided into three main categories: voltage transformation equipment products (including new energy products, data center products, power distribution products and industrial control products), lighting products and other products.

Examples of some of the company's products, Source: Prospectus

Specifically, the company's voltage transformation equipment products include: new energy products (new energy transformers, box-type substations, high-frequency magnetic components), data center products (data center transformers, data center power supply systems), distribution transformers, industrial control transformers, etc.

Lighting products include lighting power supplies and lamps;

Other products include on-board inductors, on-board power supplies, communication power supplies, new energy vehicle charging piles, etc.

Voltage transformation equipment is a key component in power equipment systems, undertaking the core functions of voltage conversion and energy transmission. Its core function is to realize efficient and safe energy conversion and isolation between different voltage levels through electromagnetic induction, so as to ensure the stability and economic benefits in the process of power transmission.

Voltage transformation equipment can be divided into three categories: low voltage (below 1kV), medium voltage (1kV-35kV) and high voltage (above 35kV).

Among them, medium voltage voltage transformation equipment is the key power distribution infrastructure for new energy and data center applications; medium voltage and high voltage voltage transformation equipment play a vital role in supporting emerging energy systems and large-scale computing infrastructure.

Over the past few years, medium voltage voltage transformation equipment products have accounted for about 70% of the company's total revenue.

02 Profits have fluctuated, and about 17% of revenue in the first half of 2026 came from the United States

In recent years, driven by revenue growth in the North American region, Eaglerise's total revenue has also increased.

In 2023, 2024, 2025 and January-June 2026 (the reporting period), the company's revenue was 3.616 billion yuan, 4.603 billion yuan, 5.214 billion yuan and 2.662 billion yuan respectively, with gross profit margins of 21.7%, 20.1%, 17.6% and 18.9% respectively; net profit for the same period was 217 million yuan, 300 million yuan, 215 million yuan and 116 million yuan respectively.

Key financial data, Source: Prospectus

During the reporting period, Eaglerise's customer retention rates were approximately 61%, 57%, 63% and 78% respectively, and net revenue retention rates were 90%, 87%, 81% and 94% respectively.

From 2023 to 2025, the company's net revenue retention rate declined year by year, which was mainly attributed to the reduction in procurement volume of its largest customer.

The company's product portfolio covers new energy products, data center products, power distribution products, industrial control products, lighting products and other products.

Among them, new energy products are the main source of revenue for the company.

During the reporting period, the company's revenue from new energy products accounted for 54.0%, 57.3%, 55.7% and 53.8% of the total revenue of each period respectively.

Revenue breakdown by product line, Source: Prospectus

It is worth noting that as the main source of the company's revenue, the gross profit margin of new energy products has experienced large fluctuations.

In 2025, the gross profit margin of the company's new energy products was 14.1%, down from 18.7% in 2024.

Any recession in the photovoltaic industry or slowdown in investment in photovoltaic power generation, energy storage and related grid infrastructure may reduce the demand for the company's new energy products, intensify price competition, and have a significant adverse impact on revenue, gross profit margin and profitability.

Gross profit and gross profit margin breakdown by product type, Source: Prospectus

Eaglerise has gradually built a global sales network, through which the company has entered more than 60 countries and regions around the world.

During the reporting period, the company's revenue from customers outside mainland China accounted for 27.1%, 29.5%, 36.6% and 48.6% of the total revenue respectively, with the proportion continuously increasing, especially in the North American region.

Among them, direct revenue from the United States accounted for approximately 7.1%, 10.2%, 14.9% and 17.0% of the group's revenue respectively; but the potential indirect revenue from the United States is not known.

Therefore, the company's export business and overseas business face uncontrollable legal, regulatory, political and economic risks.

Revenue breakdown by country or region, Source: Prospectus

As of the end of June 2026, the company's R&D team had a total of 742 members, accounting for approximately 22.3% of the total number of employees.

During the reporting period, the company's total R&D expenses were 186 million yuan, 191 million yuan, 239 million yuan and 102 million yuan respectively, and the R&D expense ratio was 5.1%, 4.2%, 4.6% and 3.8% respectively.

Eaglerise's customers are mainly concentrated in capital-intensive industries such as renewable energy and data infrastructure, whose investment cycle lasts for several years, covering equipment, production capacity and technology upgrading. Therefore, product demand is highly dependent on the long-cycle investment rhythm of downstream industries, rather than short-term consumption fluctuations.

Back to Eaglerise itself, the company has also been continuously making asset investments in the past few years.

During the reporting period, the company's capital expenditures were 554 million yuan, 1.753 billion yuan, 1.283 billion yuan and 421 million yuan respectively, which were mainly used for the purchase of properties, plants and equipment, as well as intangible assets and right-of-use assets.

Corresponding to the statement of cash flows, the net cash used in investment activities over the past three and a half years totaled approximately 3.56 billion yuan.

Over the past three and a half years, the company has distributed a total of approximately 433 million yuan in dividends.

Statement of cash flows, Source: Prospectus

03 Eaglerise accounts for 2.3% of the global medium-voltage voltage transformation equipment market

The power equipment industry mainly covers key equipment for power generation, transmission, current conversion, regulation, power distribution and protection, including voltage transformation equipment, power supply systems, power distribution devices and related control components.

In 2025, driven by the grid connection of new energy power generation, energy storage system dispatch, industrial automation control and data center applications, the global power equipment market size has exceeded 8.5 trillion yuan, and is expected to exceed 12 trillion yuan by 2030, with a compound annual growth rate of more than 7.0%.

Voltage transformation equipment is the key equipment in the power equipment system, which is responsible for realizing voltage conversion, energy transmission and electrical isolation through electromagnetic induction, so as to ensure the safe, stable and efficient operation of the power grid.

As the global energy system transitions to the new energy and smart grid architecture, the grid connection of distributed energy sources such as wind power, photovoltaic and energy storage systems continues to increase, significantly increasing the system complexity and operation requirements.

It is estimated that by 2030, global power demand will exceed 35,000 TWh, pushing the cumulative investment in power grids to exceed 2 trillion US dollars.

In this context, voltage transformation equipment is evolving from a traditional power conversion unit to an intelligent system node integrating monitoring, control and communication functions.

The industrial value chain of voltage transformation equipment mainly consists of three links:

Upstream raw material supply: suppliers that supply key raw materials such as copper, aluminum, electromagnetic wire, silicon steel sheet and insulating materials;

Midstream: design, manufacturing and integration of voltage transformation equipment;

Downstream various application fields, such as new energy, data centers, industrial manufacturing and power grids.

According to the prospectus, the global voltage transformation equipment market size was 436.8 billion yuan in 2025, and is expected to reach 639.9 billion yuan by 2030, with a compound annual growth rate of about 7.9% from 2025 to 2030.

In 2025, China's voltage transformation equipment market size reached approximately 133.3 billion yuan, accounting for 30.5% of the global market share. It is expected to reach approximately 262.4 billion yuan by 2030, with a compound annual growth rate of about 14.5% starting from 2025.

By voltage level, in 2025, the three segments of the global voltage transformation equipment market, low voltage, medium voltage and high voltage, accounted for 26.3%, 34.8% and 38.9% of the total market size respectively.

Global voltage transformation equipment industry market size by voltage level, Source: Prospectus

According to data from Frost & Sullivan, the global medium-voltage voltage transformation equipment market size reached 152 billion yuan in 2025, and the top five suppliers in China collectively accounted for about 9.8% of the market share.

In 2025, by revenue, Eaglerise ranked second among these Chinese suppliers, with a market share of 2.3%.

The company's market position in key segments is as follows:

In the new energy voltage transformation equipment industry: in 2025, with an operating revenue of about 2.9 billion yuan, the company occupied about 3.5% of the global market share, ranking second among Chinese suppliers.

In the data center voltage transformation equipment industry: in 2025,