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]
