Igor (002922.SZ), whose main business focuses on R&D, production and sales of power supplies and power supply components for industrial and consumer applications, has continued to benefit from the explosive growth of the data center business in recent years and has shown high growth elasticity.
Zhitong Finance notes that recently, Igor once again submitted a listing application to the Hong Kong Stock Exchange. According to the prospectus, the company's revenue increased from RMB 3,616 billion in 2023 to RMB 4.603 billion in 2024, and further increased to RMB 5.214 billion in 2025. In the first 6 months of this year, the company's revenue was 2,662 billion yuan. Looking at the split revenue structure, data center products are undoubtedly an important engine contributing to incremental growth. The revenue share of this business increased continuously from 1.4% in 2023 to 4.5% in 2025 during the period, and reached 8.3% in the first half of this year.
It is worth mentioning that judging from quarterly data, Igor's Q2 performance does not seem to meet market expectations. The year-on-year increase in the company's revenue in the quarter was limited, and this was mainly affected by lower than expected shipments of North American AIDC and overseas optical storage transformers. At the same time, due to exchange losses, asset impairment, etc., the company's profit performance also fluctuated.
However, short-term performance fluctuations are more disturbed by phased factors, and the long-term demand logic of AIDC and overseas energy storage tracks has not changed. Whether this Hong Kong stock listing can open up new financing channels and valuation space for Igor may become a key window for the market to re-examine its growth elasticity.
The trend of scale expansion continues, and profits are under phased pressure
According to public information, Igor's predecessor mainly produced transformers and power supply products. In 2013, the company launched high-frequency magnetic device products, entered the field of new energy, and landed on the Shenzhen Stock Exchange in 2017. Since 2023, Igor's overseas production capacity construction has accelerated. Up to now, through an international sales network, the company has entered more than 60 countries and regions around the world to provide customers with products and solutions in different industries and application fields. In terms of revenue in 2025, Igor ranked second among the world's suppliers of medium voltage transformer equipment in China.
The influence of Igor's approach to global layout is also reflected in the company's revenue structure. The data shows that from 2023 to 2025, the company's revenue from mainland China increased steadily, from 2,635 billion yuan to 3.304 billion yuan, but its share of total revenue shrank from 72.9% to 63.4%. In the first 6 months of this year, this percentage fell further to 51.4%. In the same period, the company's revenue from the US and other regions of Asia other than mainland China accounted for 17% and 20.5% of total revenue, respectively.
Classified by product type, transformer equipment products have always been the mainstay of Igor's revenue, and the sector's revenue share stabilized at over 70% during the reporting period. Further divided, new energy products are the absolute main force in this sector, contributing about 2,904 billion yuan in revenue in 2025, accounting for more than 50% of the company's total revenue. However, data center products are the ones that are actually driving the increase. Revenue increased from less than 50 million yuan in 2023 to 237 million yuan in 2025. The first half of 2026 surged more than 310% to 220 million yuan year-on-year, and the share of revenue rapidly climbed from 1.4% to 8.3% in just a few years.
The profit side showed a different picture. From 2023 to 2025, the company's net profit to mother was 217 million yuan, 300 million yuan and 215 million yuan respectively, down about 30% year-on-year in 2025. Gross margin fell from 21.7% to 17.6% during the same period. The decline in sales prices of new energy products and the increase in depreciation and amortization of new overseas production capacity were the main pressures. However, in the first half of 2026, gross margin has rebounded to 18.9%, and the gross margin of overseas business is as high as 30.6%. As the share of overseas revenue approaches 50%, there is room for a structural upward shift in the company's overall profit center.
Does the penetration of new products and new markets open up room for imagination?
Overseas markets occupy an important position in Igor's medium- to long-term strategic blueprint for himself. The global layout is the core of the company's strategy. Its goal is not simply to export products, but to build deep management capabilities that integrate localized production, marketing and service.
In its prospectus, Igor clearly stated that the company plans to expand its international business footprint and increase the contribution of direct exports to total revenue to 50% within the next three to five years. The strategic focus is mainly on the European and North American markets. Part of the motivation behind this goal comes from the continued heating up of overseas AI computing power infrastructure — major cloud vendors in North America continue to increase capital support, data center power demand is rising rapidly, compounded by the power supply gap caused by aging power grids, and the market space for overseas data center transformers is opening up at an accelerated pace. The company's forward-looking production capacity layout in the US, Mexico, Thailand, etc., just forms the localized delivery capacity to meet this round of demand.
At the same time, Igor is also exploring deeper localization cooperation models, forming strategic alliances with dominant local enterprises in the form of joint ventures, investments, or mergers and acquisitions to quickly obtain market access and channel resources. The previous establishment of a joint venture with Artes in Thailand is a sample implementation of this idea — introducing downstream optical storage faucets as partners is not only about sharing production capacity investment, but also about the stability of channel binding and order expectations. If this “equity exchange channel” model continues to be replicated, it may become a key variable in the company's overseas penetration efficiency.
However, it goes without saying that while Igor continues to deepen the global production capacity layout in the future, the related risks are also worth facing up to. On the one hand, judging from the latest performance trends, the company's own profit stability has yet to be consolidated. This has been confirmed by the slowdown in revenue growth in Q2 and the expansion of exchange losses. On the other hand, the efficiency of the integration of overseas production capacity in the next phase remains to be seen. At the external level, tariff policies and geopolitical uncertainty may also raise operating costs and limit the pace of expansion. Whether these variables will affect the valuation anchoring and market confidence of Hong Kong stocks after listing remains to be seen.
All in all, the author believes that whether Igor can use the Hong Kong stock listing to complete the valuation revaluation ultimately depends on whether his growth story can be realized as a continuous improvement in profits. And this is also expected to be the core proposition that the market will review over and over again in the future. Zhitong Finance will also keep an eye on this.