New Stock News | Eaglerise Electric & Electronic (002922.SZ) resubmits application to the Hong Kong Stock Exchange, ranking third among Chinese suppliers in the data center transformer equipment industry.

According to the Hong Kong Stock Exchange's disclosure on August 21, Eaglerise Electric & Electronic Co., Ltd. (002922.SZ) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Guotai Junan Securities as its sole sponsor. The company had previously submitted a listing application to the Hong Kong Stock Exchange on January 30. Company Overview According to the prospectus, Eaglerise Electric & Electronic is a global supplier of power equipment and solutions. The company is market-driven and leverages proprietary core technologies and R&D capabilities to provide a product portfolio and solutions covering multiple application fields. The company focuses on areas such as new energy, data centers, power distribution, industrial control, and lighting, primarily concentrating on transformer equipment products. Additionally, the company offers customized integrated solutions for different application scenarios to empower global customers. Specifically, in addition to supplying standalone products, Eaglerise Electric & Electronic also provides a broader array of supporting equipment and components that constitute a complete power supply system, along with related installation support and technical services when necessary. Transformer equipment is a key component in power equipment systems, responsible for the core functions of voltage conversion and energy transmission. Its core function is to achieve efficient and safe energy conversion and isolation between different voltage levels through electromagnetic induction, ensuring stability and economic efficiency during the power transmission process. According to the "Standard Voltage" (GB/T 1562017), based on rated voltage levels, transformer equipment can be categorized into three types: low voltage (below 1kV), medium voltage (1kV-35kV), and high voltage (above 35kV). Among these, medium voltage transformer equipment is a critical distribution infrastructure for new energy and data center applications, while both medium and high voltage transformer equipment play a vital role in supporting emerging energy systems and large-scale computing infrastructure. During the track record period, the products of Eaglerise Electric & Electronic in medium voltage transformer equipment accounted for approximately 68.9%, 70.7%, 68.0%, and 70.2% of the companys total revenue for the years 2023, 2024, 2025, and the six months ended June 30, 2026, respectively. As of June 30, 2026, through an international sales network, Eaglerise Electric & Electronic has expanded to over 60 countries and regions worldwide, providing high-quality products and solutions to customers in various industries and application areas. By revenue in 2025, the top five Chinese suppliers in the global medium voltage transformer equipment industry accounted for 9.8% of the market size, with Eaglerise Electric & Electronic ranked second among these Chinese suppliers, commanding a market share of 2.3%. Medium voltage transformers are electrical devices used for voltage conversion, power transmission, and distribution within medium voltage power grid systems. Centered around medium voltage transformers, they also include auxiliary equipment such as medium voltage switchgear, protection devices, and control systems, collectively forming a complete power conversion and distribution unit. Eaglerise Electric & Electronics medium voltage transformer product portfolio includes distribution transformers, photovoltaic grid connection boosting transformers, high-frequency components for photovoltaic inverters, box transformers, and phase-shifting transformers. Eaglerise Electric & Electronic's market position in key segments is as follows: In the new energy transformer equipment industry: In 2025, Eaglerise Electric & Electronic had approximately RMB 2.9 billion in revenue, capturing about 3.5% of the global market share, ranking second among Chinese suppliers. In the data center transformer equipment industry: In 2025, Eaglerise Electric & Electronic had approximately RMB 200 million in revenue, accounting for approximately 2.3% of the global market share, ranking third among Chinese suppliers. In the lighting power supply industry: In 2025, Eaglerise Electric & Electronic had approximately RMB 900 million in revenue, capturing about 1.3% of the global market share, ranking fourth among global suppliers. Financial Information Revenue For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2025, the companys revenue was approximately RMB 3.616 billion, RMB 4.603 billion, RMB 5.214 billion, and RMB 2.662 billion, respectively. Profit for the Year/Period For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2025, the company recorded a profit for the year/period of approximately RMB 217 million, RMB 300 million, RMB 215 million, and RMB 116 million, respectively. Gross Profit For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2025, the companys gross profit was approximately RMB 783 million, RMB 925 million, RMB 917 million, and RMB 502 million, respectively. Industry Overview Driven by the acceleration of global energy transition, the improvement of electrification levels, and the continuous expansion of downstream application scenarios, the global transformer equipment market size is expected to grow from RMB 322.7 billion in 2021 to RMB 436.8 billion in 2025, with a compound annual growth rate (CAGR) of 7.9%. With the rapid advancement of global new power system construction, the global transformer equipment market size is expected to reach RMB 639.9 billion by 2030, with a CAGR of approximately 7.9% from 2025 to 2030. By voltage level, the global transformer equipment market in 2025 is expected to have low voltage, medium voltage, and high voltage segments accounting for approximately 26.3%, 34.8%, and 38.9% of the total market size, respectively. The global energy structure transformation is rapidly driving the development of new energy transformer equipment. The market size of the global new energy transformer equipment industry is expected to grow from RMB 32.3 billion in 2021 to RMB 83.0 billion in 2025, with an annual compound growth rate of 26.6% during this period. In the future, as the number of photovoltaic, wind power, and energy storage projects in Europe increases, and energy transitions in Southeast Asia accelerate, new energy transformer equipment will continuously upgrade in efficiency, safety performance, and energy loss to meet the collaborative operation requirements of new energy generation and energy storage systems. By 2030, the global new energy transformer equipment industry market size is expected to reach RMB 192.0 billion, with an estimated CAGR of 18.3% from 2025 onwards. From 2021 to 2025, driven by the accelerated construction of new energy power stations and the increased proportion of energy storage system configurations, the market size of transformer equipment in Shanxi Guoxin Energy Corporation is expected to grow from RMB 9.2 billion to RMB 32.0 billion, with a CAGR of 36.6%. Looking ahead, under the continued advancement of the dual carbon policy, the ongoing development of energy storage projects, and the continuous iteration of new energy transformer equipment technology, the market size of the transformer equipment industry in Shanxi Guoxin Energy Corporation is projected to reach RMB 97.1 billion by 2030, with an estimated CAGR of 24.9% from 2025 onwards. Board Information The board of directors of Eaglerise Electric & Electronic comprises seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. The term of office for directors is three years, and they are eligible for re-election. Shareholding Structure (i) As of the last practical date, Mr. Xiao Jun Cheng, the founder and chairman of the board, directly holds 11,599,268 A shares, accounting for approximately 2.77% of the voting rights at the companys shareholders meeting (excluding the 3,079,900 A shares held in treasury by the company as of the last practical date); and (ii) MegaMax directly holds 122,836,704 A shares, accounting for approximately 29.28% of the voting rights at the companys shareholders meeting (excluding the 3,079,900 A shares held in treasury by the company as of the last practical date). MegaMax is 100% controlled by Mr. Xiao. As of the last practical date, Mr. Xiao and MegaMax collectively have the right to exercise approximately 32.05% of the voting rights at the company's shareholders meeting (excluding the 3,079,900 A shares held in treasury by the company as of the last practical date). Therefore, Mr. Xiao and MegaMax constitute a single group of the largest shareholder. Intermediary Team Legal advisors: Tian Yuan Law Firm, Global Law Office, and Anjielong International Law Firm Reporting accountants and auditors: Rongcheng (Hong Kong) CPA Limited Industry advisors: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance advisor: Guotai Junan Financing Co., Ltd.