Honor Electronic Generated Record-high Revenue for Q3 2025 and Reported RMB3.387 billion for 3QYTD 2025, Up 27.16% YoY

Honor Electronic (300870.SZ), a leading domestic switching power supply company, announced its third quarter of 2025 results. The Company achieved total revenue of RMB3.387 billion in the first three quarters, an increase of 27.16% yoy. Net profit attributable to shareholders reached RMB 222 million, up 41.53% yoy, while non-recurring net profit attributable to shareholders grew by 48.53% yoy to RMB210 million. Net cash flow from operating activities amounted surged by 75.07% yoy to RMB422 million. In the third quarter of 2025, the Company reported record revenue of RMB1.267 billion, up 19.00% year-on-year.

Since the beginning of 2025, Honor Electronic has remained firmly committed to its strategic development objectives, continuously deepening its expertise in the switching power supply sector. Driven by the explosive growth of the AI computing industry, the Company has leveraged its technology-driven innovation strategy to accelerate the expansion of its data center power supply business, fully utilizing its technological and product strengths to achieve sustained high-speed performance growth. Meanwhile, by actively optimizing its customer and product portfolio and increasing the proportion of high-value, high-margin products, the Company has steadily improved its gross margin by 0.16 percentage points in the first three quarters compared to the first half of 2025, achieving enhanced profitability alongside revenue growth.

Currently, generative artificial intelligence is driving a new wave of revolution in data center infrastructure. The rapid improvement in GPU computing power has led to significant increases in AI server power and energy consumption, accelerating the iteration of server power supplies toward higher power, higher power density, higher efficiency, and compatibility with high-voltage DC architecture. As a pioneer in the domestic data center power supply sector, Honor Electronic has built a comprehensive product matrix covering all scenarios and power ranges: from network security, communication, and other data center power supplies, to general-purpose server power supplies, and high-power server power supplies, achieving full coverage across power ranges below 800W, 800–2,000W, and above 2,000W. Among these, the Company’s high-power server power supply products particularly demonstrate strong technical capabilities: including 3,200W Titanium M-CRPS server power supplies, 1,300–3,600W Titanium CRPS server power supplies, 3,300–5,500W Titanium and Super Titanium GPU server power supplies, as well as key products such as immersion liquid-cooled server power supplies and PowerShelf solutions. With R&D technology and products leading domestically and competing at international high-end levels, the Company has become one of the few power supply suppliers in the market capable of achieving large-scale sales of high-power server power supplies.

Currently, Honor Electronic's data center power supply products have been successively supplied to well-known domestic server system manufacturers such as Inspur Information, Foxconn, Huaqin, Lenovo, ZTE, and H3C. The Company also maintains close collaboration with end customers including leading domestic internet companies, with its comprehensive capabilities receiving high recognition from clients. Meanwhile, the Company is fully supporting the development of the domestic supply chain by continuously cooperating with customers to research and develop fully localized data center power supply products. Multiple fully localized power supply models are currently under development or in mass production, further consolidating the Company's central role in the industrial chain.

Honor Electronic continues to increase R&D investment. In the first three quarters of 2025, against the backdrop of steady revenue growth, the Company's R&D to revenue ratio reached 6.22%, representing a year-on-year increase of 0.50 percentage points. The Company has clearly stated it will continue to focus on core competitiveness, leveraging technological innovation as the driving force to actively seize key opportunities presented by industry technology revolutions. It is strategically deploying resources across critical server power supply technology domains including high-wattage power supply, high power density, high efficiency, third-generation semiconductor applications, efficient liquid cooling compatibility, independent power shelves, and high-voltage DC input. Through leading technology and a diverse product portfolio, the Company provides high-performance server power solutions for industry clients.

Honor Electronic's global expansion strategy is creating new avenues for business growth. The Company's production bases in Vietnam and Mexico are now fully operational. Working in concert with its business development teams in Taiwan, China and the United States.

As a leading enterprise in the switching power supply industry, Honor Electronic proactively grasps trend of the technological revolution. With a forward-looking layout to address industrial changes, the Company actively seizes new opportunities arising from the AI industry transformation and fosters upgrades within the server industry chain. Moving forward, The Company commits to establishing itself on a foundation of technical expertise, continuously enhancing its innovation and R&D capabilities, and maintaining its technological leading edge. The Company continually expands global presence on the strength of independent innovation, energizes progress for customers and the industry, and commits to becoming a global competitive supplier of power products and solutions.