Written by|Duoke

Source|Beiduo Finance & Beiduo Business

Recently, the listing review committee is scheduled to convene its 61st review meeting on November 12, 2026, to deliberate on the initial public offering of XFusion Digital Technology Co., Ltd. (hereinafter referred to as "XFusion"). XFusion has now submitted its prospectus (review meeting draft).

For this ChiNext IPO, XFusion plans to raise 8 billion yuan, to be allocated to the new-generation computing infrastructure R&D and industrialization project, the XFusion smart manufacturing park and R&D center project, the key technology R&D project for intelligent computing, AI and power supply architecture, and to supplement working capital.

XFusion's complete growth path—from the independent divestiture of its core business and the independent reconstruction of its supply chain to surpassing 58 billion yuan in revenue within three years—offers a reference for domestic hard-tech enterprises seeking to achieve technological breakthroughs and commercial closed loops amid complex industrial cycles.

I. State-owned capital takes control, with revenue climbing across thresholds for three consecutive years

According to the prospectus, in 2021 Huawei planned to divest its x86 server business and established XFusion Limited as the business undertaking entity. To promote industrial upgrading and build a leader in the digital economy, Henan Province established Chaojuneng as the acquisition entity to receive 100% of XFusion's equity, thereby landing the core computing industry and completing the state-owned capital strategic layout.

Tianyancha shows that before this IPO, Chaoneng held 31.3777% of XFusion's shares and was the controlling shareholder of the company, with the Henan Provincial State-owned Assets Supervision and Administration Commission as its actual controller; China Mobile's capital platform China Mobile Capital held 13.7611%, making it the second-largest shareholder.

In addition, state-owned platforms such as Telecom Investment, China Internet Investment Fund, and China State-owned Enterprise Restructuring Fund Phase II, as well as investment institutions such as China Merchants Capital, Hillhouse Venture Capital, ICBC Capital, and BOC Asset, all appear on XFusion's shareholder list, jointly forming a lineup led by local state-owned capital, supported by national teams, and escorted by capital institutions.

Behind this favor from external capital is XFusion's solid accumulation in the fields of computing infrastructure and digital intelligent services. Positioned as a computing infrastructure and digital intelligent service provider, the company focuses on providing computing power business with horizontal full-stack solutions in the AI and data era, and actively promotes the exploration and layout of emerging businesses.

XFusion disclosed in its prospectus that it has built the foundation of a data and AI enablement platform, identified more than 100 business scenarios, and completed the development and implementation of more than 60 agents; it serves more than 100 Fortune Global 500 customers and more than 60 computing highlands worldwide, and its global brand awareness and influence continue to increase.

From the financial data, XFusion's growth trajectory is clear and steep. From 2023 to 2025, XFusion's revenue was 25.092 billion yuan, 44.267 billion yuan, and 58.246 billion yuan, respectively, with a compound annual growth rate of about 52.36% over the three years; in the first half of 2026, the company achieved revenue of 37.286 billion yuan, maintaining positive growth.

More noteworthy is the profitability side. XFusion's net profit jumped from 507 million yuan in 2023 to 1.030 billion yuan in 2025; net profit in the first half of 2026 reached 2.108 billion yuan, already more than twice that of the full year of 2025, and profit elasticity has been fully released in the high-prosperity cycle of AI computing power.

II. Full-stack technology, leading position in domestic substitution

Divided by business segment, computing power is XFusion's core foundation. Anchored in the main track of computing infrastructure and computing services, XFusion continues to advance computing technology innovation, product R&D, and market expansion to fully respond to the industry demand brought by the rapid development of the AI industry.

Around diverse computing architectures such as x86 and ARM, XFusion has built a complete product system for intelligent computing and general computing scenarios, covering rack servers, liquid-cooled whole cabinets, and super nodes, and through one-stop migration and tuning and software-hardware synergy capabilities, it promotes domestic computing power from scattered pilots to rapid large-scale commercial implementation.

With mature product delivery capabilities and a complete service system, XFusion's market coverage continues to penetrate core industries. It has now accumulated customer resources in industries such as the internet, telecom operators, and finance, and has become an important partner for governments, telecom operators, and large central state-owned enterprises in advancing domestic substitution.

In 2023, 2024, 2025, and the first half of 2026 (i.e., the "reporting period"), XFusion's revenue from the computing business was 25.085 billion yuan, 44.232 billion yuan, 58.038 billion yuan, and 37.115 billion yuan, respectively, accounting for more than 99% of main business revenue, demonstrating a distinct focus on its main business.

Among them, the revenue share of AI servers continued to climb, rising from 25.03% in 2023 to 50.91% in 2025, and further to 53.29% in the first half of 2026. It has become a key growth engine of XFusion's computing business and has driven the company's revenue structure to accelerate the switch from general computing-led to AI computing-led.

XFusion's market position has also risen clearly. IDC statistics show that from 2022 to 2025, its server market share in China increased from 11.7% to 14.2%, and its shipment ranking jumped to second place, achieving dual improvements in revenue and market position and establishing leading advantages in high-value segmented tracks.

Specifically, in the mainstream x86 server market, XFusion ranks first in share among telecom operators and the enterprise market, firmly second in the internet sector, and third in the financial industry; in the domestic intelligent computing track, which is core to the AI industry, as well as in the cold-plate liquid cooling field, the company also ranks first.

At the same time, XFusion still maintains an ecosystem synergy relationship with Huawei, and through its deep adaptation capabilities to the Ascend ecosystem and the engineering barriers of liquid-cooled whole cabinets, it has built differentiated competitive advantages. At present, the company has become the highest-level partner in the domestic computing power Ascend ecosystem, ranking first among Ascend computing power partner manufacturers in shipment value and shipment volume.

III. Scenario extension, the outline of the second curve takes shape

After gaining a foothold in its main computing business, XFusion has not limited itself to competition in the single server track, but has actively extended its capability boundaries outward, focusing on two emerging businesses—the smart enterprise ecosystem business and energy smart solutions—extending the digital capabilities accumulated in its main computing business to enterprise services and energy scenarios.

The prospectus (review meeting draft) shows that the smart enterprise ecosystem business relies on core commercial software such as the self-developed "XFusion Smart Enterprise ERP" to empower customers to achieve digital and intelligent transformation in the agent era. At this stage, the company has simultaneously begun preliminary research on AI-native next-generation enterprise software.

The energy smart solutions provided externally by XFusion are mainly centered on charging network series products, and products and solutions for high-voltage direct current scenarios such as AIDC and megawatt charging stations have been approved for R&D, covering digital energy storage systems, solid-state transformers, energy management systems, and more.

The commercialization process of XFusion's emerging businesses during the reporting period shows an expansion rhythm from nothing to something and from point to area. In 2023, this segment had no revenue contribution; in 2024, it achieved revenue of 11.368 million yuan; in 2025, it rapidly scaled to 162 million yuan, and both tracks completed product R&D finalization and market delivery.

Entering 2026, XFusion's emerging businesses entered the "fast lane" of performance release, achieving total revenue of 138 million yuan in the first half, of which the urban enterprise digital intelligence business contributed 127 million yuan and the energy smart business contributed 11.63 million yuan, building a dual-wheel growth logic of "hardware + services" and becoming the core lever for optimizing the company's revenue structure.

XFusion stated that the core purpose of this application for initial public offering and listing on the A-share market is to seize the historic opportunity of artificial intelligence evolving from a "technical tool" to an "agent," and with the resource empowerment of the capital market, build an integrated industrial ecosystem of "computing power + algorithms + data + applications."

Whether this goal can be achieved depends largely on the implementation effectiveness of the fundraising investment. As the IPO process advances, XFusion is expected to increase investment in computing hardware R&D, capacity expansion, and ecosystem collaboration, consolidating its advantages in domestic servers, intelligent computing, and liquid cooling tracks.

The implementation progress of the above investments and the pace of capacity release will also become the focus of continued market attention.