Magtron Files Hong Kong IPO as AI Server Power Revenue Grows, Profit Slides 67% in Q1 2026

According to Zhitong Caijing, Magtron (002851.SZ), a power conversion and AI data center power supplier, has recently filed an IPO application with Hong Kong Exchanges and Clearing. In Q1 2026, the company reported revenue of 2.788 billion yuan, up 20.35% year-over-year, but net profit fell 66.58% to 146 million yuan, with non-GAAP net profit plummeting 92.96%.

Magtron's AI power business is transitioning from R&D to commercialization. In April 2026, the company secured a bulk order for NVIDIA GB300 power modules, with revenue impact reflected in Q1 results. The company now serves as NVIDIA's sole designated power supplier in mainland China and an NVIDIA-recommended data center provider globally. Industry forecasts estimate the global data center power market will reach 429.5 billion yuan by 2030, with AI server power modules growing at 110% compound annual rate through 2027.