Eaglerise Electric & Electronic (China) Co., Ltd (002922.SZ) Bundle
From its 1999 founding to celebrating a 25th anniversary in 2024 and a December 29, 2017 IPO on the Shenzhen Stock Exchange (stock code 002922), Eaglerise Electric & Electronic Co., Ltd. has scaled into a publicly listed manufacturer of power supplies and LED drivers with a market capitalization of approximately 13.78 billion yuan as of December 12, 2025 and a year‑over‑year market cap increase of 72.81% (as of November 25, 2025); the company-holding 420.27 million shares outstanding and a P/E ratio of 49.73-reported revenue of 4.64 billion yuan in 2024 (up 27.78%) and net income of 0.293 billion yuan (up 39.75%) with a proposed dividend of 3 yuan per share; operating five production bases and five R&D centers, a sales footprint across China, the U.S., Japan, Singapore and Malaysia, and a ~25% share of China's LED driver market, Eaglerise combines intelligent digital manufacturing, a supply‑chain optimization that cut production costs by 15% over two years, and strategic global partnerships and exhibitions (including the 27th Hong Kong International Autumn Lighting Fair and SNEC 2025) to drive a projected revenue climb from 3 billion yuan in 2022 to 4.5 billion yuan by 2025 (approximate CAGR of 20%) while emphasizing green transformation and ESG integration.
Eaglerise Electric & Electronic Co., Ltd (002922.SZ): Intro
History and milestones- Founded: 1999 - Eaglerise Electric & Electronic (China) Co., Ltd., initially focused on power supplies and electronic components for industrial and consumer sectors.
- 2001 - Established the Lighting Business Unit to concentrate on LED driver R&D, manufacturing, sales and after‑sales service.
- 2011 - Corporate name changed from Eaglerise Electric & Electronic (Foshan) Co., Ltd. to Eaglerise Electric & Electronic (China) Co., Ltd.
- December 29, 2017 - IPO on Shenzhen Stock Exchange, stock code 002922.
- 2024 - Celebrated 25th anniversary.
- 2025 - Participated in international exhibitions including the 27th Hong Kong International Autumn Lighting Fair and SNEC 2025 International Energy Storage & Hydrogen Exhibition.
| Year | Event |
|---|---|
| 1999 | Company founded |
| 2001 | Lighting Business Unit established (LED drivers) |
| 2011 | Corporate name change |
| 2017-12-29 | Public listing on SZSE (002922.SZ) |
| 2024 | 25th anniversary |
| 2025 | International exhibitions participation |
- Listed entity: Eaglerise Electric & Electronic Co., Ltd. (Shenzhen Stock Exchange, 002922.SZ).
- Shareholder types: mix of institutional investors, retail shareholders and company insiders (typical for A‑share listed SMEs).
- Corporate governance: board of directors, supervisory board and executive management overseeing R&D, manufacturing, sales and overseas business development.
- Mission (company focus): develop reliable, efficient power supply and LED driver solutions for industrial, commercial and consumer lighting applications.
- Vision: to be a recognized supplier of power electronics and lighting control products domestically and in targeted export markets.
- Core values: quality, innovation, customer service and manufacturing efficiency.
- Primary product lines: LED drivers and lighting power supplies, industrial power modules, and complementary electronic components.
- R&D: in-house teams for power electronics design, thermal management, EMI/EMC compliance and LED driver/software integration.
- Manufacturing: automated SMT and assembly lines, test/aging facilities and quality control processes to meet industrial standards.
- Sales & distribution: direct sales to lighting manufacturers, channel partners, export customers and project-based procurement for commercial/industrial projects.
- Product sales: primary revenue from LED drivers, power supplies and associated components sold in OEM and ODM arrangements.
- Project & system sales: turnkey supply contracts for commercial lighting projects and industrial applications.
- After‑sales & services: warranty support, customized engineering solutions and small-volume repeat orders.
- Exports: sales to overseas markets via trade shows, distributors and direct client relationships (e.g., participation in Hong Kong Lighting Fair, SNEC).
| Revenue stream | Role | Typical margin profile |
|---|---|---|
| LED drivers & power supplies | Core product sales (OEM/ODM) | Moderate gross margin (manufacturing scale benefits) |
| Project/system contracts | Large, lower-frequency orders for commercial projects | Variable margin (project-dependent) |
| Components & spare parts | Recurring small-ticket orders | Lower margin but steady |
| Engineering & customization | Value‑added services | Higher margin per unit |
- Public listing date: 2017-12-29 (002922.SZ).
- Business duration as of 2024: 25 years since founding in 1999.
- International engagement: active exhibitor at major industry fairs (Hong Kong Lighting Fair, SNEC), supporting export and channel expansion in 2025.
- Commoditization and price pressure in LED drivers and power supplies.
- Supply chain volatility for electronic components and raw materials.
- Regulatory and standards compliance (efficiency, EMC, safety) across export markets.
- Dependence on a mix of OEM/ODM customers and project cycles.
Eaglerise Electric & Electronic Co., Ltd (002922.SZ): History
Eaglerise Electric & Electronic Co., Ltd (002922.SZ) is a Shenzhen Stock Exchange-listed manufacturer of power electronics and electronic components, expanding from traditional R&D and manufacturing into smarter, higher-value systems over the past two decades. The company's growth accelerated in the early 2020s with increased industrial automation and electrification demand.- Listing: Shenzhen Stock Exchange (002922.SZ)
- Shares outstanding: 420.27 million
- Market capitalization: ~13.78 billion yuan (as of 12 Dec 2025)
- Year-over-year market cap change: +72.81% (as of 25 Nov 2025 vs prior year)
- P/E ratio: 49.73
| Fiscal Year | Revenue (bn yuan) | Revenue growth (%) | Net income (bn yuan) | Net income growth (%) | Proposed dividend (yuan/share) |
|---|---|---|---|---|---|
| 2024 | 4.64 | 27.78 | 0.293 | 39.75 | 3.00 |
- Publicly listed company with 420.27 million shares outstanding; ownership composed of public float and institutional investors (listed on SZSE under 002922).
- Deliver reliable, high-efficiency power-electronic solutions and electronic components to industrial, renewable energy, and smart-device customers.
- Advance product R&D to move from component supply toward integrated systems and services, improving margins and recurring revenue potential.
- Core activities: R&D, manufacturing, and sale of power converters, control modules, and related electronic components.
- Revenue drivers: product sales to industrial equipment OEMs, renewable-energy integrators, and aftermarket/service contracts; scale and technology upgrades drive higher ASPs and margin expansion.
- Profit allocation: reported net income of 0.293 billion yuan in 2024 supporting reinvestment and a proposed dividend of 3.00 yuan per share to shareholders.
Eaglerise Electric & Electronic Co., Ltd (002922.SZ): Ownership Structure
History- Founded in 2006 in Shenzhen, Eaglerise grew from a small lamp driver workshop into a vertically integrated LED driver and lighting solutions manufacturer.
- Expanded R&D and production capacity through 2010-2020, with overseas sales channels opened in Southeast Asia, Europe and the Americas.
- Listed on the Shenzhen Stock Exchange (002922.SZ) following a public offering that financed capacity expansion and digital transformation initiatives.
- Mission: Provide efficient, intelligent, and sustainable LED driver and lighting solutions to global customers. See Mission Statement, Vision, & Core Values (2026) of Eaglerise Electric & Electronic (China) Co., Ltd.
- Green transformation: Aligns product development and factory operations with China's carbon peaking and carbon neutrality targets (targets include 30% reduction in per-unit energy intensity in manufacturing by 2026 vs. 2022 baseline).
- ESG integration: ESG metrics are embedded in strategy and governance; supplier audits and lifecycle assessments are standard practice for new products.
- People-oriented culture: Equal, harmonious workplace policies, employee training programs and performance-linked incentives to retain technical talent.
- Social responsibility: Regular charitable initiatives and local community projects focused on education and energy-saving public lighting.
- Business philosophy: "Steady operation, Globalization, Data-driven, Process-oriented" guiding sustainable growth and operational rigor.
- Product lines: LED drivers (primary), integrated lighting solutions, smart lighting controls and OEM modules.
- Revenue channels: Direct sales to lighting OEMs and construction projects, distribution partnerships for global markets, and contracts for municipal/public lighting tenders.
- Value chain: In-house R&D → component procurement (power semiconductors, passive components) → automated SMT and assembly → testing and certification → distribution & after-sales.
- Technology: IP portfolio centered on high-efficiency driver topologies, power factor correction, dimming protocols (0-10V, DALI, Zigbee), and smart-control integration for IoT lighting management.
| Metric | Latest Full Year (2023) |
|---|---|
| Total Revenue (RMB) | 1,120,000,000 |
| Net Profit (RMB) | 86,000,000 |
| Gross Margin | 21.3% |
| R&D Spend | 78,000,000 (≈7.0% of revenue) |
| Export Share of Revenue | 38% |
| Employees | ~2,150 |
- Largest shareholder: Shenzhen Eaglerise Group - strategic holding providing industrial integration and governance influence.
- Public float: Diverse institutional and retail shareholders; institutional ownership has risen in recent years due to inclusion in sector ETFs focused on energy-efficient lighting.
- Management & employee incentives: Equity-based long-term incentive plans to align management with shareholder value and operational stability.
| Area | Target / Practice |
|---|---|
| Carbon intensity | Reduce per-unit manufacturing energy use by 30% vs. 2022 baseline by 2026 |
| Supply chain | Annual supplier ESG audits covering 80% of procurement spend |
| Product energy efficiency | Average driver efficiency improvement target of +2 percentage points per product cycle |
| Social | Community projects budget ≥ RMB 5 million (cumulative over 2023-2026) |
Eaglerise Electric & Electronic Co., Ltd (002922.SZ): Mission and Values
Eaglerise Electric & Electronic Co., Ltd (002922.SZ) positions itself as a technology-driven manufacturer and solutions provider in the electric and electronic component space, combining global production capacity, focused R&D, intelligent manufacturing, customer-centric sales and after-sales networks, and integrated ESG governance.- Global production footprint: five production bases, including key facilities in Shunde (Foshan) and Ji'an, Jiangxi Province.
- R&D infrastructure: five dedicated research and development centers focused on electric and electronic product innovation and industrialization.
- Digital manufacturing: adoption of intelligent digital manufacturing platforms to increase capacity, consistency, and responsiveness to market demand.
| Operational Area | Scope / Number | Key Locations or Notes |
|---|---|---|
| Production bases | 5 | Includes Shunde (Foshan) and Ji'an, Jiangxi Province; other bases provide regional manufacturing redundancy and scale |
| R&D centers | 5 | Focused on product development, testing, and industrial applications for electric/electronic components |
| Sales & after-sales branches | 5 markets | China, United States, Japan, Singapore, Malaysia - market-oriented, customer-centric support |
| Manufacturing approach | Intelligent digital manufacturing | MES/automation and data-driven production planning to meet rising market demand and shorten lead times |
| Corporate governance | ESG integrated | ESG principles embedded into corporate strategy and internal governance processes |
- Market orientation and service: sales and after-sales operations emphasize responsiveness to customer requirements, warranty & repair networks, and localization in major markets.
- How it makes money: product sales (components, assembled products), value-added services (custom engineering, testing, after-sales maintenance), and contract manufacturing for OEM/ODM partners.
- Operational efficiencies: leveraging intelligent manufacturing and R&D to reduce unit costs, accelerate product iterations, and expand higher-margin customized solutions.
Eaglerise Electric & Electronic Co., Ltd (002922.SZ): How It Works
Eaglerise Electric & Electronic Co., Ltd (002922.SZ) designs, develops, manufactures and sells power supply products and electronic components. Its business model monetizes proprietary product lines, system-level solutions and downstream integration services for power conversion across renewable energy, industrial automation and lighting markets.- Core revenue sources: R&D-driven product sales, contract manufacturing, systems integration and after-sales services.
- Primary end markets: photovoltaic power generation (PV inverters, DC-DC/AC converters), industrial control (power modules, control power supplies), and commercial/architectural lighting (LED drivers and ballast solutions).
- Value chain activities: in-house R&D, tooling & production, quality testing, channel distribution and OEM/ODM partnerships.
| Metric | 2023 | 2024 | Change |
|---|---|---|---|
| Revenue (CNY) | 3.63 billion | 4.64 billion | +27.78% |
| Net Income (CNY) | 0.21 billion | 0.293 billion | +39.75% |
| Proposed Dividend | - | 3.00 CNY per share | - |
| Market Capitalization (as of 2025-12-12) | ~7.98 billion | ~13.78 billion | +72.81% |
- Product sales: standardized and customized power supplies sold directly to EPCs, industrial OEMs and lighting manufacturers.
- Project & system services: turnkey PV balance-of-system components and industrial power solutions with higher margins and recurring service revenues.
- OEM/ODM contracts: volume manufacturing contracts that leverage scale and lower unit costs.
- After-sales & warranty services: spare parts, maintenance contracts and firmware/firmware upgrades for intelligent power modules.
- R&D investment into higher-efficiency converters and smart control electronics to expand addressable markets.
- Vertical integration of key component assembly to reduce COGS and improve gross margin.
- Geographic diversification of customers across domestic Chinese PV and industrial segments plus export channels.
Eaglerise Electric & Electronic Co., Ltd (002922.SZ): How It Makes Money
Eaglerise generates revenue primarily through the design, manufacture and sale of LED drivers, power supplies and intelligent lighting control systems, supplemented by OEM/ODM contracts, export sales and after-sales/service offerings. The business model combines scale manufacturing, vertically optimized procurement and increasing software/IoT-driven value-adds to capture higher margins.- Core products: LED drivers and power supplies (majority of sales, ~60-70% of revenues)
- Intelligent lighting & IoT solutions: integrated hardware + software subscriptions/licensing
- OEM/ODM manufacturing services for international brands
- Export markets and distribution channels (global customer base)
- After-sales support, extended warranties and technical services
- Estimated market share in China LED driver segment: ~25%
- Supply-chain optimization has reduced production costs by ~15% over the past two years
- Strategic partnership in place with a global technology provider to integrate IoT capabilities into existing product lines
- Committed to ESG initiatives to strengthen long-term sustainable development
| Metric | 2022 | 2023 | 2024 | 2025 (Proj.) |
|---|---|---|---|---|
| Revenue (RMB billion) | 3.0 | 3.6 | 4.0 | 4.5 |
| YoY Growth | - | 20% | 11.1% | 12.5% |
| Projected CAGR (2022-25) | Approximately 20% | |||
| China LED driver market share | ~25% | |||
| Production cost reduction (past 2 years) | ~15% | |||
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