According to the Hong Kong Stock Exchange disclosure on August 21, Eaglerise Electric & Electronic (China) Co., Ltd. (002922.SZ) has submitted its listing application to the Main Board of the HKEX, with Guotai Haitai acting as the sole sponsor. The company previously filed its application with the exchange on January 30.

Company Overview

Based on the prospectus, Eaglerise is a global supplier of power equipment and solutions. Driven by market demand and supported by proprietary core technologies and research capabilities, the company offers a diverse portfolio of products and solutions spanning multiple application fields. The company focuses on new energy, data centers, power distribution, industrial control, and lighting, with a primary emphasis on transformer equipment products. Additionally, Eaglerise provides customized integrated solutions tailored to various application scenarios to empower its global clientele. Specifically, beyond supplying individual products, the company also delivers a broader suite of auxiliary equipment and components that form complete power supply systems, along with installation-related support and technical services when required.

Transformer equipment serves as a critical component within power equipment systems, fulfilling the core functions of voltage conversion and energy transmission. Its essential role involves leveraging electromagnetic induction to achieve efficient and safe energy conversion and isolation across different voltage levels, ensuring stability and economic efficiency during power transmission. According to the Standard Voltages (GB/T 156–2017), transformer equipment is categorized by rated voltage levels into low-voltage (below 1kV), medium-voltage (1kV-35kV), and high-voltage (above 35kV) segments. Among these, medium-voltage transformer equipment constitutes key distribution infrastructure for new energy and data center applications, while both medium- and high-voltage transformers play a vital role in supporting emerging energy systems and large-scale computing infrastructure.

During the track record period, Eaglerise's medium-voltage transformer products accounted for 68.9%, 70.7%, 68.0%, and 70.2% of the company's total revenue in 2023, 2024, 2025, and the six months ended June 30, 2026, respectively. As of June 30, 2026, through its internationalized sales network, Eaglerise has established a presence in over 60 countries and regions worldwide, delivering high-quality products and solutions to clients across diverse industries and application fields.

In 2025, by revenue, the top five Chinese suppliers in the global medium-voltage transformer equipment industry collectively held a 9.8% market share, with Eaglerise ranking second among these Chinese suppliers at a 2.3% market share. Medium-voltage transformer equipment refers to electrical devices used for voltage conversion, power transmission, and power distribution within medium-voltage power grid systems. With the medium-voltage transformer as the core component, it also encompasses auxiliary equipment such as medium-voltage switchgear, protective devices, and control systems, collectively forming a complete power conversion and distribution unit. Eaglerise's medium-voltage transformer product portfolio includes distribution transformers, photovoltaic grid-connected step-up transformers, high-frequency components for photovoltaic inverters, box-type transformers, and phase-shifting transformers.

Market Position Across Key Segments

In the new energy transformer equipment sector: In 2025, Eaglerise generated approximately RMB 2.9 billion in revenue, capturing roughly 3.5% of the global market share and ranking second among Chinese suppliers. In the data center transformer equipment sector: In 2025, Eaglerise achieved approximately RMB 200 million in revenue, securing about 2.3% of the global market share and ranking third among Chinese suppliers. In the lighting power supply sector: In 2025, Eaglerise recorded approximately RMB 900 million in revenue, holding around 1.3% of the global market share and ranking fourth among global suppliers.

Financial Highlights

For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2025, the company generated revenue of approximately RMB 3.616 billion, RMB 4.603 billion, RMB 5.214 billion, and RMB 2.662 billion, respectively. During the same periods, the company recorded profits of approximately RMB 217 million, RMB 300 million, RMB 215 million, and RMB 116 million, respectively. Gross profits for the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2025, amounted to approximately RMB 783 million, RMB 925 million, RMB 917 million, and RMB 502 million, respectively.

Industry Outlook

Driven by the accelerating global energy transition, rising electrification levels, and the continued expansion of downstream application scenarios, the global transformer equipment market grew from RMB 322.7 billion in 2021 to RMB 436.8 billion in 2025, reflecting a compound annual growth rate of 7.9%. With the accelerated construction of new-type power systems worldwide, the global transformer equipment market is projected to reach RMB 639.9 billion by 2030, with a CAGR of approximately 7.9% from 2025 to 2030. By voltage classification, the low-voltage, medium-voltage, and high-voltage segments accounted for 26.3%, 34.8%, and 38.9% of the global market in 2025, respectively.

The global energy structure transformation is rapidly driving the development of new energy transformer equipment. The global market size for this segment expanded from RMB 32.3 billion in 2021 to RMB 83.0 billion in 2025, achieving a CAGR of 26.6% during the period. Looking ahead, as photovoltaic, wind power, and energy storage project installations increase across Europe and the energy transition accelerates in Southeast Asia, new energy transformer equipment is expected to continuously upgrade in terms of efficiency, safety performance, and energy loss to meet the coordinated operation requirements of renewable power generation and storage systems. The global new energy transformer equipment market is projected to reach RMB 192.0 billion by 2030, with an estimated CAGR of 18.3% from 2025 onward. From 2021 to 2025, driven by accelerated new energy power station construction and increased energy storage system configuration ratios, China's new energy transformer equipment market grew from RMB 9.2 billion to RMB 32.0 billion, recording a CAGR of 36.6%. Looking forward, supported by the continued implementation of the dual-carbon policy, ongoing energy storage projects, and the iterative advancement of new energy transformer technologies, China's new energy transformer equipment market is expected to reach RMB 97.1 billion by 2030, with an estimated CAGR of 24.9% from 2025 onward.

Board of Directors Information

The board of Eaglerise consists of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. Directors serve a three-year term and are eligible for re-election.

Shareholding Structure

(i) As of the latest practicable date, founder and board chairman Mr. Xiao Juncheng directly held 11,599,268 A shares, representing approximately 2.77% of the voting rights at the shareholders' meeting (excluding 3,079,900 treasury A shares held by the company as of the latest practicable date); and (ii) MegaMax directly held 122,836,704 A shares, representing approximately 29.28% of the voting rights at the shareholders' meeting (excluding 3,079,900 treasury A shares held by the company as of the latest practicable date). MegaMax is 100% controlled by Mr. Xiao. As of the latest practicable date, Mr. Xiao and MegaMax collectively are entitled to exercise approximately 32.05% of the voting rights at the company's shareholders' meeting (excluding 3,079,900 treasury A shares held by the company as of the latest practicable date). Therefore, Mr. Xiao and MegaMax together constitute a single group of largest shareholders.

Advisory Team

Legal counsels to the company: Tian Yuan Law Firm, Global Law Office, and Eversheds Sutherland. Reporting accountants and auditors: RSM Hong Kong. Industry advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch. Compliance advisor: Guotai Junan Capital Limited.