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

On April 3, Jiangz Smart (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. After this transaction is completed, Youte Power will become a controlling subsidiary of the company and be included in the scope of the consolidated financial statements. The transaction funding will come from the company’s own funds or self-raised funds.

The announcement shows that Jiangz Smart has signed the “Equity Acquisition Agreement of a Listed Company” with Youte Power’s shareholders, including Mao Zhaoqi, Hangzhou Youshengmei Electrical Enterprise Management Co., Ltd., Hangzhou Zhiyouming Enterprise Management Partnership (Limited Partnership), Zhangjiagang Maizhi Electronic Technology Co., Ltd., Hangzhou Jiegng 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 solutions and high-power LED power supplies. Its main products include various lighting driver power supplies and lighting scenario solution. Having focused on the high-power intelligent LED driver power supply sector for nearly a decade, it concentrates on high-end 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 and have core advantages including high protection capability, ultra-high conversion efficiency (≥97%), intelligent dimming, and stable operation across a wide temperature range. Its main applications are in developed countries and regions in Europe, the United States, and Australia.

Based on financial data, 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.

Jiangz Smart stated that this acquisition is based on the company’s development strategy and business needs, with the aim of leveraging the technical and resource advantages of both parties to achieve coordinated development across the industrial chain. The company’s existing business covers precision structural parts and electronic components in areas such as smart home appliances, smart home products, and automotive electronics. After acquiring Youte Power, it will complement the company’s existing electronic products at the technology level, enhance the company’s core competitiveness in the electronic product sector—especially in the field of 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 implementation of global energy conservation and emissions reduction policies and the increasing penetration rate of LED lighting, especially as demand grows 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 LED lighting application markets, LED driver power supplies—being core supporting components of intelligent lighting equipment—have maintained a continuous upward trend in downstream market demand. According to a survey report from Grand View Research, 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 industries.

Relevant research reports from brokerage institutions believe the industry is showing a clear trend toward increased concentration. Leading companies continuously expand their market share through technological innovation, capacity expansion, and integration across the industrial chain. At the same time, driven by green and low-carbon policies, demand for efficient and energy-saving LED driver power supply products is growing, further accelerating structural adjustments in the industry. Institutions also note that the LED driver power supply industry still faces uncertainties such as fluctuations in raw material prices, high R&D investment requirements for technology, and intensifying market competition. The companies’ technical strength, product quality, and customer service capabilities will become core competitive factors.