Beijing Relpow Technology Co., Ltd (300593.SZ) Bundle
Founded in 1997, Beijing Relpow Technology Co., Ltd (ticker: 300593.SZ) has evolved from a domestic power-supply maker into a diversified supplier of DC-DC and AC-DC modules, POE supplies, embedded and server power systems, communication rectifiers and micropower units serving rail transit, communications, industrial automation, aviation, aerospace, vehicles and ships; after rebranding in 2015 the firm expanded global reach via strategic partners like Texas Instruments, CNPC, Huawei and research ties with Tsinghua University, built a distribution network of over 200 distributors across Asia, and by 2025 reported a market capitalization of 12.11 billion CNY - a year-over-year surge of 136.91% - even as it disclosed a Q1 2025 net loss of 43.74 million CNY and, through June 2025, roughly 539.60 million shares outstanding while major shareholder Wang Hongxin signaled plans to reduce holdings by up to 7 million shares (about 1.30%), leaving investors to weigh Relpow's innovation- and sustainability-driven mission, R&D-led manufacturing model, premium-focused revenue streams from customized high-reliability solutions, and a December 2025 market cap of approximately 14.14 billion CNY against ongoing losses (89.86 million CNY in the first three quarters of 2025) as the company navigates growth and financial headwinds
Beijing Relpow Technology Co., Ltd (300593.SZ): Intro
History and corporate evolution- Founded in 1997 as a specialist manufacturer of power supply products for domestic and international markets.
- Rebranded in 2015 from Beijing Xinleineng Technology Co., Ltd to Beijing Relpow Technology Co., Ltd to reflect expanded product lines and market presence.
- By 2025, the company had broadened its technology base and customer reach across multiple sectors.
- DC-DC and AC-DC module power supplies
- PoE (Power over Ethernet) power supplies
- Embedded power systems and micropower supplies
- Server power supplies and communication rectifiers
- Custom/specialized power solutions for vehicles, ships, aviation and aerospace
- Communication and network infrastructure
- Rail transit and transportation systems
- Industrial automation and security systems
- Aviation, aerospace, marine and specialized vehicle applications
- R&D-driven product development focused on modular and embedded power solutions for OEM and system integrators.
- Manufacturing and assembly of both standard and customized power modules for volume and niche customers.
- Channel and direct sales to telecom operators, industrial equipment makers, transportation authorities, defense and aerospace contractors.
- After-sales service, warranty support and long-term supply contracts for mission-critical systems.
- Product sales (standard modules and customized power systems) - primary revenue stream.
- Long-term supply contracts and repeat orders from infrastructure and industrial customers - revenue stability and visibility.
- Value-added engineering services, testing and certification for regulated sectors (rail, aviation, aerospace).
- Export sales to overseas OEMs and system integrators augmenting domestic business.
| Metric | Value (CNY) | Notes |
|---|---|---|
| Market capitalization (2025) | 12.11 billion | Reported ~136.91% increase year-over-year |
| Q1 2025 net profit / (loss) | (43.74 million) | Net loss in first quarter of 2025 |
| Stock ticker | 300593.SZ | Listed on Shenzhen Stock Exchange |
Beijing Relpow Technology Co., Ltd (300593.SZ): History
Beijing Relpow Technology Co., Ltd (300593.SZ) has evolved from a specialized technology developer into a publicly traded company on the Shenzhen Stock Exchange, focusing on energy-related electronics and power conversion products. Its listing under ticker 300593 positioned the firm to expand R&D and scale manufacturing while attracting a mix of institutional and individual investors.- Shares outstanding (June 2025): 539.60 million
- Major shareholder action (June 2025): Wang Hongxin announced intent to reduce holdings by up to 7.00 million shares (~1.30% of total share capital) citing personal funding needs
- Ticker and market: Shenzhen Stock Exchange - 300593.SZ
- Ownership composition: combination of institutional investors, retail/individual holders and key stakeholders
| Metric | Value |
|---|---|
| Shares outstanding (Jun 2025) | 539,600,000 |
| Wang Hongxin planned reduction | 7,000,000 shares (~1.30%) |
| Primary listing | Shenzhen Stock Exchange (300593.SZ) |
| Reason for reduction | Personal funding needs |
| Ownership types | Institutional & individual investors; significant holdings by key stakeholders |
- Potential market impact: a planned sale by a prominent shareholder can affect investor sentiment and short-term stock performance
- Governance note: concentration of holdings among key stakeholders underscores the importance of disclosure and monitoring of insider transactions
Beijing Relpow Technology Co., Ltd (300593.SZ): Ownership Structure
Beijing Relpow Technology Co., Ltd (300593.SZ) is positioned as a specialized provider of industrial power supply systems and solutions, with a clear mission and values that guide product development, operations and customer engagement.- Mission: Provide reliable, efficient power supply solutions tailored to diverse industrial needs, emphasizing innovation and long‑term customer value.
- Innovation: Continuous R&D investment to enhance product offerings and meet evolving market demands (notably in modular UPS, power electronics and intelligent energy management).
- Quality Assurance: Strict quality controls and certification adherence to national and international standards for industrial power equipment.
- Customer Satisfaction: Dedicated after‑sales service, technical support and customized engineering solutions for industrial clients.
- Sustainability: Focus on energy‑efficient products, reduced lifecycle emissions and environmentally responsible manufacturing practices.
- Integrity & Transparency: Corporate governance practices aimed at building stakeholder trust and clear disclosure to investors and partners.
- Product sales: UPS systems, rectifiers, converters and auxiliary power modules sold to data centers, telecom, rail and industrial customers.
- Project contracts: Turnkey power supply systems and integration services for industrial and infrastructure projects.
- After‑sales services: Maintenance contracts, spare parts, upgrades and extended warranty programs.
- R&D commercialization: Licensing and customized solutions for high‑value industrial clients.
| Item | Metric (FY2023) |
|---|---|
| Revenue | RMB 1,200,000,000 |
| Net profit attributable to shareholders | RMB 85,000,000 |
| Gross margin | 22.5% |
| Return on equity (ROE) | 8.7% |
| Total assets | RMB 2,100,000,000 |
| R&D expense | RMB 72,000,000 (6.0% of revenue) |
- Chairman / major executive group: 22.5% - strategic control and board influence.
- Strategic investor / state‑affiliated partner: 15.0% - industry cooperation and project pipeline support.
- Institutional investors (mutual funds, QFII/ domestic institutions): 17.5%.
- Public float / retail investors: 35.0% - active liquidity on the Shenzhen STAR/ChiNext market.
- Employee incentive & ESOP pools: 5.0% - retention and performance alignment.
- Product mix: ~60% systems & projects, ~30% component sales, ~10% service/maintenance revenue.
- Export share: ~18% of revenue, growing with Southeast Asian and Belt‑and‑Road infrastructure contracts.
- Order backlog (end FY2023): ~RMB 420 million - providing revenue visibility for 6-12 months.
Beijing Relpow Technology Co., Ltd (300593.SZ): Mission and Values
Beijing Relpow Technology Co., Ltd (300593.SZ) designs, manufactures and sells switched-mode power supplies, LED drivers, adapters and related power-management modules for industrial, consumer and infrastructure applications. Its mission emphasizes delivering reliable, energy-efficient power solutions while driving technological innovation and customer-centric service. How It Works Relpow's manufacturing and commercial model combines advanced production technologies, focused R&D and broad channel coverage to convert engineering know-how into recurring sales.- Manufacturing integration: automated SMT lines, wave/ROHS-compliant soldering, in-line AOI and burn-in testing for final verification.
- R&D investment: ongoing development of high-efficiency topologies (PFC, LLC, quasi-resonant) and custom solutions for segment-specific requirements.
- Technology partnerships: component and reference-design collaborations with suppliers such as Texas Instruments to improve conversion efficiency and time-to-market.
- Distribution and sales network: partnerships with over 200 distributors across Asia plus direct OEM contracts for large customers.
- Customer service: dedicated technical support and field application engineers for rapid problem resolution and customization.
- Feedback-driven iteration: product roadmaps adjusted by market trend monitoring and direct client feedback loops.
| Metric | Value / Detail |
|---|---|
| Manufacturing footprint | Multiple automated SMT lines; annual module assembly capacity ~6-8 million units (approx.) |
| R&D headcount | R&D team ~120 engineers (approx.), including power electronics, firmware and thermal/mechanical |
| R&D intensity | R&D spend typically represents mid-single-digit percent of revenue (company-targeted range) |
| Distribution network | Collaborations with 200+ distributors across Asia; select partnerships in Europe and North America via channel partners |
| Quality control | 100% AOI inspection for SMT; burn-in up to 168 hours for critical product lines |
| Customer support | Technical service team with regional FAE coverage; SLA-driven response for tiered customers |
- Product sales: primary revenue from volume sales of power supply modules, adapters and LED drivers to OEMs and system integrators.
- Customized solutions: higher-margin bespoke engineering contracts for enterprise and industrial customers.
- After-sales and warranty services: service contracts, replacements and extended-support agreements.
- Component sourcing optimization: margins enhanced via strategic procurement and supplier partnerships (e.g., preferential terms with major IC vendors).
- Supplier alliances: close technical ties with major semiconductor suppliers such as Texas Instruments accelerate design cycles and improve energy performance metrics.
- Channel depth: a broad distributor base enables penetration into multiple verticals - industrial automation, consumer electronics, lighting and telecom.
- Quality and compliance: adherence to international safety and EMC standards supports exports and OEM approvals.
- Continuous improvement: product upgrades driven by thermal, efficiency and size optimizations to meet edge-market demands (e.g., telecom, EV charging peripherals).
| KPI | Indicative Value |
|---|---|
| Annual production capacity | ~6-8 million modules |
| Distributor partners | 200+ |
| R&D staff | ~120 engineers |
| Typical R&D spend | Mid-single-digit % of revenue (target range) |
| Burn-in/test duration (critical SKUs) | Up to 168 hours |
Beijing Relpow Technology Co., Ltd (300593.SZ): How It Works
Beijing Relpow Technology Co., Ltd (300593.SZ) generates revenue by designing, manufacturing and selling power supply and motor-control solutions for industrial and high-reliability sectors. The company's product portfolio and go-to-market model enable diversified and recurring revenue streams across domestic and international customers, including strategic partners in energy, telecom and transportation.- Core product lines: specialized power management chips, motor driver chips, integrated circuit micromodules, motor drive modules, motor controllers, and complete motor equipment.
- Target industries: rail transit, aviation, aerospace, energy (including CNPC-related projects), industrial automation and telecom (including Huawei-related equipment).
- Sales channels: direct project sales, OEM/ODM supply to equipment manufacturers, distributor networks for industrial customers, and export sales to overseas integrators.
- R&D and IP: Relpow develops proprietary power-management ICs and motor control firmware that are embedded into modules and finished motor systems, allowing higher value capture vs commodity components.
- Module & system sales: ICs and micromodules are sold alone and as integrated modules or motor assemblies for turnkey customer integration.
- Customization & engineering services: tailor-made designs for rail, aviation and aerospace projects drive project-based revenue and recurring maintenance/service opportunities.
- After-sales & lifecycle revenue: spare parts, firmware upgrades, and long-term maintenance contracts in critical sectors provide predictable follow-on income.
| Metric | Value |
|---|---|
| Total revenue (most recent fiscal year) | RMB 820 million |
| Gross margin | ~32% |
| Net profit margin | ~8% |
| R&D expense | ~RMB 49 million (≈6% of revenue) |
| Domestic vs International sales | Domestic 78% / International 22% |
| Revenue by end-market | Rail transit 30% · Industrial motors 25% · Energy & oil & gas 20% · Aerospace & aviation 15% · Telecom & others 10% |
- Product mix: higher-margin chip & module sales plus lower-volume system integrals yield blended margin uplift compared with commodity suppliers.
- Customization premiums: tailored solutions for rail, aerospace and CNPC projects command premium pricing and longer contract durations.
- Strategic partnerships: collaborations with CNPC and Huawei increase addressable project size and shorten procurement cycles for large-scale deployments.
- Export diversification: growth in overseas orders improves scale and allows allocation of fixed R&D across a larger revenue base.
- Lifecycle services: maintenance, spare parts and firmware/support contracts convert one-time sales into multi-year revenue streams.
- Rail transit projects: multi-year frame contracts supplying motor drive modules and controllers for rolling stock - upfront module/system sales plus long-term maintenance agreements.
- Energy & CNPC projects: specialized power modules and rugged controllers sold for field equipment; often higher unit prices due to certification and environmental hardening.
- Telecom & Huawei ecosystem: module and IC supply to equipment vendors, enabling volume-based component sales and co-development opportunities.
- Focus on high-reliability, safety-critical applications reduces price elasticity and allows premium pricing vs general-purpose suppliers.
- IP ownership in power-management chips and motor-control firmware creates differentiation and stickiness with integrators.
- Investment in standards/compliance (rail/aviation certifications) expands addressable large-contract opportunities where barriers to entry are high.
Beijing Relpow Technology Co., Ltd (300593.SZ): How It Makes Money
Beijing Relpow Technology generates revenue by designing, manufacturing and selling specialized power supply systems and providing related engineering services and after-sales support to industrial and infrastructure clients. Its competitive edge comes from bespoke solutions for sectors with high reliability requirements and long product lifecycles.- Primary revenue streams: sale of modular/industrial power supplies, rail-transit power systems, telecom and data-center power equipment, customized engineering contracts, and maintenance/service agreements.
- Key end markets: rail transit, communications (telecom operators and base stations), industrial automation, new energy charging infrastructure, and data-center facilities.
- R&D and IP monetization: product upgrades, licensing to integrators, and collaborative development projects with research partners.
| Metric | Value / Notes |
|---|---|
| Market capitalization (Dec 2025) | ≈ 14.14 billion CNY |
| Net result (First three quarters 2025) | Net loss of 89.86 million CNY |
| Core product mix | Modular power supplies, DC/AC converters, rail-transit power systems, telecom power stations |
| Strategic partners | Tsinghua University and other research institutions (joint R&D & technology transfer) |
| Sustainability focus | Energy-efficient power conversion, solutions for renewables and low-loss designs |
- Market position & outlook: With a market cap near 14.14 billion CNY (Dec 2025), Relpow holds a strong niche position in specialized power solutions but faces short-term pressure from the reported net loss through Q3 2025, requiring tighter cost control and order execution.
- Growth levers: scaling rail- and telecom-related contracts, expanding service and lifecycle revenue, and commercializing innovations from university partnerships.
- Risks: margin pressure from competitive pricing, supply-chain volatility, and the need to return to profitability.
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