The AI computing power narrative behind nearly 60 billion in revenue: xFusion pushes for a STAR Market IPO.
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AI compute infrastructure company Hyper Fusion has officially stood before the capital market.
On the evening of May 22, the IPO application for the Growth Enterprise Market of Hyper Fusion Digital Technology Co., Ltd. (hereinafter referred to as "Hyper Fusion") was accepted and published online.
Hyper Fusion's core business is computing power, mainly focusing on products and services such as data center servers, AI servers, and general-purpose computing servers.
In 2023, general-purpose computing servers were still the largest source of income for Hyper Fusion, accounting for 70.39% of that year's revenue, while AI servers accounted for 25.03%.
However, as the demand for large model training, inference, and AI compute center construction heats up, AI server revenue has rapidly increased. By 2024 and 2025, AI servers account for more than 50% of revenue, becoming Hyper Fusion's largest income source.
This structural change has also directly driven the rapid growth of Hyper Fusion's performance scale.
From 2023 to 2025, Hyper Fusion's revenue was 25.092 billion yuan, 44.267 billion yuan, and 58.246 billion yuan, respectively.
From the perspective of growth logic, Hyper Fusion has caught up with the expansion cycle of AI computing power infrastructure. In the past two years, the demand for AI servers and other computing power infrastructure from internet giants, telecom operators, financial institutions, as well as constructors of AI compute centers has continued to be released, promoting server manufacturers' shift from traditional general-purpose computing markets to AI compute markets.
Hyper Fusion is trying to seize this window of computing power infrastructure reconstruction.
However, Hyper Fusion is not without pressure.
In stark contrast to its revenue is its profit. From 2023 to 2025, its net profit attributable to parent company was 507 million yuan, 722 million yuan, and 1.03 billion yuan, respectively.
During the reporting period, Hyper Fusion's net profit margin was between 1% and 2%.
The core reason is that not only has Hyper Fusion been severely pressured by internet giant customers to cut prices, causing its gross margin to bottom out, but it also has to bear high R&D and sales expenses.
In 2025, Hyper Fusion's gross margin was only 8.64%, a decrease of 1.45 percentage points year-on-year.
With gross margin space already significantly compressed, Hyper Fusion still needs to maintain a certain scale of operations promotion and technological innovation investment. In 2025, its R&D and sales expenses reached 1.178 billion yuan and 1.308 billion yuan, respectively, consuming most of its gross profit.
This IPO, Hyper Fusion plans to raise 8 billion yuan, mainly for investing in new generation computing power infrastructure, intelligent manufacturing parks, and key technology projects oriented towards intelligent computing, AI, and power supply architecture.
It is worth mentioning that Hyper Fusion is backed by a group of star shareholders.
As of the date of signing the prospectus, the actual controller of Hyper Fusion is Henan State-owned Assets Supervision and Administration Commission (SASAC). Shareholders also include ECH, Hexie Health Insurance, Shenzhen Pengfeng, Telecom Investment, among others.
Against the backdrop of continued expansion in AI computing power demand, Hyper Fusion's story contains ample imagination space. But under the realistic constraints of declining gross margins, strong bargaining power from internet giant customers, and intensifying competition in the server industry, how to safeguard profit quality beyond scale expansion will be a long-term issue for this Henan computing unicorn after it goes public.
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