Possessing the dual development themes of "dual carbon" and AI, can Haote Energy, a leading provider of data center energy management solutions, attract capital favor after its second application? It is understood that Haote Energy recently submitted a listing application to the Main Board of the Hong Kong Stock Exchange again, with GF Securities and Shenwan Hongyuan Hong Kong as its joint sponsors. The company is a leading energy management solutions provider in China. According to Frost & Sullivan, based on revenue in the carrier-neutral segment for 2025, the company ranked fifth in the Chinese market with a 3.5% market share. The company was listed on the New Third Board in April 2016 and voluntarily applied for delisting in May 2021. It initiated its Hong Kong stock listing in 2025, submitted its first prospectus to the Hong Kong Stock Exchange in November, which lapsed in May 2026, making this its second application.
Haote Energy focuses on the data center segment, providing a full lifecycle service system for energy management solutions, covering consulting, solution design, equipment selection and procurement, project integration and implementation, and system maintenance, with steady performance. From 2023 to 2025, the company's revenue was 8.58 billion yuan, 10.18 billion yuan, and 11.79 billion yuan, respectively, while net profit was 0.7 billion yuan, 0.76 billion yuan, and 0.66 billion yuan, respectively. Against the backdrop of the "dual carbon" and AI development waves, improving energy efficiency and reducing PUE have become important trends in data center construction and operation. As an industry supplier, what is Haote Energy's competitiveness, and can it fully benefit from industry development dividends?
Industry Sustains Double-Digit Growth Driven by Two Key Factors
Data centers include two types: carrier-operated data centers and carrier-neutral data centers. Carrier-neutral data centers provide interconnection with networks operated by multiple network service operators and internet service providers. Energy management solutions are integrated services combining consulting and technology, with application scenarios mainly including data centers, commercial buildings, and industrial facilities. According to Frost & Sullivan, the size of China's data center energy management solutions market was 76.7 billion yuan in 2025, with a compound annual growth rate (CAGR) of 18.2% from 2020 to 2025. It is expected to reach 196.4 billion yuan by 2030, with a CAGR of 20.7%. The CAGRs for the carrier-operated and carrier-neutral segments are projected to be 14.9% and 23.9%, respectively, reaching 90.2 billion yuan and 106.2 billion yuan by 2030, with CAGRs of 15.4% and 26.6%, respectively.
The data center energy management industry is relatively fragmented. Based on revenue, the top ten participants held a combined market share of 58.1% in 2025, while the figure for the carrier-neutral data center energy management solutions segment was 44.6%, with significant disparity. The largest participant in both segments is the same entity, holding market shares of 27.7% and 24.9%, respectively. Haote Energy ranked ninth in the data center energy management industry with a 1.5% market share and fifth in the carrier-neutral data center energy management solutions segment with a 3.5% share.
The industry is primarily driven by two factors: first, AI computing power demand is driving the development of advanced data centers, which are evolving towards higher-power racks, GPU clusters, and smarter computing environments; second, the energy consumption of AI servers is several times higher than traditional CPU servers, leading to sustained growth in demand for large-scale and reliable data centers. Additionally, energy management aligns with "dual carbon" policy requirements, allowing it to benefit from the dual tailwinds of energy policy and AI development. While there is a significant gap between Haote Energy's market share and that of the industry leader, the favorable industry momentum offers the company a chance to capture a share.
Core Business Shows Steady Growth, but High Customer Concentration and Declining Profitability
Haote Energy was founded in 2006. From 2006 to 2019, it primarily provided energy management solutions for industrial and commercial buildings. Since 2020, it began shifting its focus to providing data center energy management solutions. The company currently operates two main business segments: energy management solutions and sales of temperature control products and ICT equipment. Energy management solutions constitute the majority of revenue, accounting for 98.3% in 2025. Energy management solutions include data center and industrial/commercial building solutions. Data center energy management solutions are the mainstay of total revenue, with revenue of 7.99 billion yuan, 9.85 billion yuan, and 11.55 billion yuan from 2023 to 2025, representing a CAGR of 20.23% and revenue shares of 93.1%, 96.7%, and 97.9%, respectively.
Data center energy management solutions are designed according to Chinese national or local government data center construction requirements and customers' overall energy efficiency needs. Contracts are typically signed directly with telecom operators and data center operators to provide one-stop data center energy management solutions. Contracts are also signed with communication engineering and equipment service providers, with the company's direct customers being EPC contractors. The company's energy management projects follow a one-stop, fixed-service model, including consulting, engineering design, and delivery of operational facilities with a full suite of energy management equipment, materials, and components to customers, mainly conducted on a project-by-project basis.
To date, the company has successfully completed 220 projects across 13 provinces and municipalities, including 168 in Guangdong, 17 in Hebei, and 8 in Hainan. Projects currently being advanced are mainly in Hebei and Inner Mongolia, with a contract value of 151 million yuan. However, the number of projects recognizing revenue shows a declining trend, with 20, 16, and 15 projects recognizing revenue from 2023 to 2025, respectively.
In terms of customers, Haote Energy has a very high concentration. Revenue contributions from the top five customers were as high as 81.4%, 94.9%, and 97.9% from 2023 to 2025. The company maintains stable revenue through two methods: first, by retaining existing customers through one-stop customized services to establish long-term cooperative relationships; second, by acquiring new customer resources through bidding platforms. The company's bid-winning rate is high, at 87.9%, 89.1%, and 93.9% from 2023 to 2025, respectively.
Additionally, the company is actively promoting an internationalization strategy, planning to establish a sales center in Hong Kong, aligning with its Hong Kong stock listing strategy, while also expanding into Southeast Asian markets, including opportunities in Singapore and Malaysia.
Regarding profitability, the company's gross margin is unstable, at 14.9%, 17.9%, and 12.3% from 2023 to 2025, respectively. The gross margin for its core business, data center energy management solutions, was 15.3%, 18.2%, and 12.8%, respectively, indicating a significant decline in 2025. The company's expense ratio is relatively low, with the largest portion being the R&D expense ratio at 3.48% in 2025. The company remained profitable overall, with net profit margins of 8.16%, 7.47%, and 5.6% from 2023 to 2025.
Haote Energy's finances are relatively healthy, maintaining positive net current assets each year at 2.86 billion yuan, 3.6 billion yuan, and 4.34 billion yuan from 2023 to 2025, reaching 7.95 billion yuan as of April 2026. However, attention is needed regarding its high proportion of receivables, which stood at 7.36 billion yuan in 2025, accounting for 63.4% of current assets and 62.4% of revenue. As of April 2026, receivables increased to 9.06 billion yuan.
In summary, the data center energy management solutions industry maintains double-digit scale growth. Driven by "dual carbon" policies and AI development, it possesses growth sustainability. However, Haote Energy's competitiveness is relatively weak, and its market size lags behind the leader. While benefiting from industry development and maintaining revenue growth, its profitability continues to decline. Furthermore, the company's excessive customer dependency poses operational risks. Nonetheless, the industry outlook is positive, and the two driving factors are both hot sectors with high capital attention, potentially warranting a higher valuation in the capital market.