国产服务器电源企业杭州铂科电子更新了港股IPO招股书，最新披露数据显示其在全球高性能算力服务器电源市场排名第五，国内排名第二1。2025年公司实现营收10.45亿元1。然而，这一轮披露的2026年一季度业绩却暴露出公司面临的增长困境——虽然营收达到2.15亿元、同比增长35.27%1，但净利润从2024年同期的699.9万元转为亏损532.4万元1。
利润恶化的背后是核心业务遭冲击。铂科电子的专用算力服务器电源（矿机电源）收入占比最大，2025年贡献7.19亿元营收，占总收入68.8%1。这项业务的承压与加密货币价格波动密切相关——加密货币价格从2025年10月6日的最高12.62万美元下跌至2026年3月31日的6.82万美元1。相比之下，被寄予厚望的AI算力服务器电源业务表现黯淡，2026年一季度收入仅135万元，2025年全年占总营收比重仅0.7%1。尽管公司2023至2025年营收年复合增长率接近100%，净利润分别为423.7万元、3960.1万元和9713.1万元1，但在加密货币市场调整的冲击下，这一增长势头难以为继。
Hangzhou Platco Electronics, a domestic server power supply manufacturer, has updated its Hong Kong IPO prospectus, revealing a significant shift in profitability despite strong revenue growth.1 In the first quarter of 2026, the company reported revenue of 2.15 billion yuan, up 35.27% year-over-year, but swung to a net loss of 5.324 million yuan compared to a profit of 6.999 million yuan in the same period of 2024.1 The deterioration in earnings underscores mounting pressure on the company's core business as cryptocurrency prices have collapsed, falling from a peak of 126,200 US dollars on October 6, 2025, to 68,200 US dollars by March 31, 2026.1
Platco's financial performance reflects its heavy dependence on cryptocurrency mining power supplies, which generated 7.19 billion yuan in revenue during 2025, accounting for 68.8% of total sales.1 The company ranked fifth globally and second domestically in the high-performance computing server power supply market in 2025, with full-year revenue reaching 10.45 billion yuan.1 However, the company's closely watched artificial intelligence power supply business remains negligible, contributing only 1.35 million yuan in revenue during the first quarter of 2026, representing just 0.7% of 2025's total revenue.1 Despite these headwinds, Platco has demonstrated strong historical growth, with a compound annual revenue growth rate approaching 100% from 2023 to 2025, while net profit expanded from 4.237 million yuan in 2023 to 97.131 million yuan in 2025.1
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