Haojiang Intelligent plans to acquire a 53% stake in Yout Electric Power to improve its electronic power supply business layout

On April 3, Haojiang Intelligent (301320) released an announcement stating that the company plans to acquire a 53% equity stake in Hangzhou Youte Power Co., Ltd. (hereinafter referred to as “Youte Power”) for RMB 59.36 million. Upon completion of this transaction, Youte Power will become a controlling subsidiary of the company and be included in the scope of the consolidated financial statements. The transaction funds will come from the company’s own funds or self-raised funds.

According to the announcement, Haojiang Intelligent has signed a “Share Acquisition Agreement for Listed Companies” with the shareholders of Youte Power, namely Mao Zhaoqi, Hangzhou Youshengmei Electric Enterprise Management Co., Ltd., Hangzhou Zhiyouming Enterprise Management Partnership (Limited Partnership), Zhangjiagang Maizhi Electronic Technology Co., Ltd., Hangzhou Jiegong Technology Co., Ltd., and the target company.

As disclosed, Youte Power is committed to the R&D and production of high-quality intelligent LED terminal solution and high-power LED power supplies. Its main products include various types of lighting driver power supplies and lighting scenario solution. It has focused on the high-power intelligent LED driver power supply sector for nearly a decade, concentrating on high-end application scenarios such as outdoor lighting, sports lighting, and plant lighting. It independently develops a full range of high-efficiency lighting driver power supplies. Its products cover the entire power range from 40W to 2000W. The company has core advantages including high protection capability, ultra-high conversion efficiency (≥97%), intelligent dimming, and stable operation across a wide temperature range. The products are mainly used in developed countries and regions in Europe, America, Australia, and elsewhere. Financial data shows that in fiscal year 2025, Youte Power achieved operating revenue of RMB 77.99 million and net profit of RMB 9.75 million. As of the end of 2025, its total assets were RMB 92.71 million.

Haojiang Intelligent stated that this acquisition is based on the company’s development strategy and business needs, aiming to leverage each other’s technological and resource advantages to achieve coordinated development across the industrial chain. The company’s existing businesses cover precision structural parts and electronic components in fields such as intelligent home appliances, smart home, and automotive electronics. After acquiring Youte Power, it will form technical complementarity with the company’s existing electronic products, strengthen the company’s core competitiveness in the field of electronic products—especially high-end driver power supplies—and promote a “dual-engine” development pattern of “driver-type products and high-end electronic products.”

From an industry perspective, the LED driver power supply industry has shown steady growth in recent years. With the advancement of global energy-saving and emissions-reduction policies and the increase in LED lighting penetration, especially the growing demand for high-end application scenarios such as outdoor lighting, sports venues, and plant factories, the market size for high-power LED driver power supplies continues to expand.

Data shows that driven by the rapid growth of the LED lighting application market, LED driver power supplies, as core supporting components of intelligent lighting equipment, have seen sustained growth in downstream market demand. A survey report by Grand View Research indicates that the global LED driver power supply market size is expected to reach USD 30.8 billion by 2030, with a compound annual growth rate of 23.56% from 2022 to 2030. The industry’s growth rate is significantly higher than the average level of traditional manufacturing.

Related research reports from securities firms believe that the industry is showing a clear trend toward increasing concentration. Leading companies continuously expand market share through technological innovation, capacity expansion, and industrial chain integration. At the same time, under the push of green and low-carbon policies, demand for high-efficiency and energy-saving LED driver power supply products is growing, further accelerating industry structural adjustments. Institutions also point out that the LED driver power supply industry still faces uncertainties such as fluctuations in raw material prices, large technology R&D investment, and intensifying market competition. Companies’ technical strength, product quality, and customer service capability will become core competitive factors.