www.leadleo.com 2025年中国PoE电源行业研究报告 China Power Over Ethernet Industry 中国イーサネット電力供給（PoE）産業 概览标签：PoE、以太网供电、PoE电源 1 www.leadleo.com 400-072-5588 © 2026 LeadLeo 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系 头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自复制、再造 、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行 为发生，头豹研究院保留采取法律措施，追究相关人员责任的权利。头 豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、 商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘 用其他任何第三方代表头豹研究院开展商业活动。 报告摘要 报告摘要 • PoE系统构成与分类 以太网供电（Power over Ethernet，简称PoE）技术，是指通过标准以太网电缆在传输数据信号的同时，为受电设备提供直流电力的技术。按照IEEE 802.3af和IEEE 802.3 ...

今年初，他将公司落地在这个成立不到一年的社区，"社区不仅提供了办公场地，也给予了算力支持， 可以为我们节省60%～70%的数据成本。同时，在和社区对接的过程中，工作人员响应的速度非常快， 会为我们推荐适配的对口工厂"。 这家聚焦机器人平台研发的初创企业，以OPC模式为核心发展思路，融合AI工具，助力机器人快速适配 各行业场景，为行业效率提升注入新动能，同时实现企业自身的轻量化、高效化发展。 作为助力企业成长的芯模社区，在孵化培育方面，早早打造陪跑空间，为一人公司、两三人初创型企业 创造优质的营商与办公环境。 在芯模社区的陪跑空间，一家机器人相关企业的负责人吴宗凯正紧盯电脑屏幕，紧锣密鼓地搜集各种数 据。 "在'OPC'概念火热的背景下，社区更是计划在现有基础上，充分整合芯模社区的核心能力，联动世纪 城管委会、萧山区及新华三等多方力量，以'OPC'发展为契机，助力企业快速成长为STC（超级团队公 司），让初创企业在多方赋能下加速壮大，实现高质量发展。"谈及未来，芯模社区主理人俞璐信心满 满。 商报讯（记者 周雨菲）2026年，"OPC（One Person Company，一人公司）" 概念火爆，过去需要团队 ...

证券日报网2月27日讯 ，飞荣达在接受调研者提问时表示，飞荣达是在热管理领域深耕多年的企业，公 司目前散热产品包含TIM材料及各类散热器、风扇、VC、3DVC散热器、冷板、单相液冷冷板模组、两 相液冷冷板模组、流量控制仪、CDU等，公司产品已广泛应用与智能手机、笔记本、平板、通信领 域、新能源以及服务器与数据中心领域，可满足不同客户对散热性能和应用场景的需求，部分产品已实 现批量交付，并得到客户的一致认可。公司借助自身在热管理领域的经验与优势，在液冷领域布局较 早，目前已构建起较强的液冷产品设计、制造和测试能力，对应的客户群体不断增加，公司经过多年技 术积累和产品迭代，公司多项相关产品已具有领先优势，可为客户提供材料、液冷模组及配套组件的完 整液冷系统的解决方案，产品散热效率、可靠性和集成度，以及公司高效得响应速度与服务品质，得到 了行业头部客户的认可。客户目前包括H公司、中兴、思科、浪潮、大唐移动、烽火超微、新华三、超 聚变、联想、纬创、纬颖、仁宝、华硕等其他重要客户，公司目前也在积极和行业内其他重要客户进行 接触沟通。公司也在积极顺应AI算力发展对液冷技术的需求增长趋势，将液冷业务作为重点发展方 向，积极 ...

（编辑 王雪儿） 证券日报网讯 2月27日，汇绿生态在互动平台回答投资者提问时表示，根据公司披露的《汇绿生态科技 集团股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）（修订 稿）》中的相关信息，截至2025年6月30日，公司与主要客户Coherent、北京金山云网络技术有限公 司、索尔思光电、新华三等多家知名企业建立了稳定合作关系。另，截至2026年2月13日，公司股东总 户数为44436户。 ...

Group 1 - The core point of the article is that Unisplendour Corporation announced its acquisition of a 6.98% stake in HPE Cayman-held New H3C Group, increasing its total ownership from 81% to 87.98% [2] - The acquisition is being conducted through Unisplendour's wholly-owned subsidiary, Unisplendour International, in collaboration with other Chinese investment institutions [2] - A share purchase agreement has been signed for the transaction, which is currently in the process of being executed [2] Group 2 - After the completion of the transaction, HPE Cayman will no longer hold any equity in New H3C Group [2] - The financial impact of the company's liabilities will be detailed in the annual report scheduled for disclosure on April 29, 2026 [2]

简评 核心观点 公司在高速线模组产品领域处于国内头部地位，2025 年一季度开始，公司高速线模组产品逐步上量， 成为增长重要拉动。公司预告，2025 年全年预计实现归母净利润3.38 亿-3.88 亿元， 同比扭亏。国内云 厂商持续加大资本开支投入，服务器、交换机等算力设备需求预计持续高增。并且国内多家CSP 客 户、服务器厂商、芯片厂商推广超节点方案，高速连接方案是实现超节点互联的重要支撑之一，需求展 望乐观。公司一方面与主要客户持续加深合作，此外与浪潮、超聚变、曙光、华勤、中兴、新华三等设 备制造商以及阿里、腾讯、字节等互联网应用客户正在推动或开展项目合作，未来有望持续充分受益国 内算力建设。 事件 公司发布2025 年年度业绩预告。2025 年全年，预计实现归母净利润3.38 亿-3.88 亿元，上年同期为亏损 0.18 亿元。 国内云厂商持续加大资本开支投入，服务器、交换机等算力设备需求预计持续高增。并且国内多家CSP 客户、服务器厂商、芯片厂商推广超节点方案，高速连接方案是实现超节点互联的重要支撑之一，需求 展望乐观。公司在高速连接产品领域处于国内头部地位，相继开发多款56G、112G 背板及模组产 ...

Group 1 - Unisplendour Corporation has been pursuing the acquisition of H3C Technologies for ten years, with a total investment of 35.30 billion yuan for a 6.98% stake, valuing H3C at 505.86 billion yuan [2] - After this acquisition, Unisplendour will hold 87.98% of H3C, having invested a total of 354.91 billion yuan [2] Group 2 - Dongwang Times plans to acquire 51% of Keguan Polymer for 1.94 billion yuan, entering the new materials sector [3] - Keguan Polymer specializes in high-barrier PVDC latex and related products, with expected revenues of 1.5 billion yuan and a net profit of 1815.86 million yuan for 2024 [3] Group 3 - Debang Lighting is acquiring 44.72% of Jiali Co. for 653.75 million yuan, with an asset valuation increase of 45.92% [4] - The valuation of Jiali Co. is set at 1.46 billion yuan, exceeding its assessed value and market value [4] Group 4 - Kangxin New Materials has adjusted its acquisition plan for 55% of Yubang Semiconductor, now costing 347 million yuan, down from an initial 392 million yuan for 51% [5] - The pre-investment valuation has been revised from 688 million yuan to 550 million yuan [5] Group 5 - Beizhi Technology is set to acquire 100% of a target company for 140 million yuan, with 80% paid in shares and 20% in cash [7] - The transaction has undergone adjustments due to the withdrawal of certain parties from the deal [7] Group 6 - Deutsche Börse is acquiring a 20% stake in ISS Stoxx for 1.1 billion euros, with the first payment of 731 million euros due this month [8] - The acquisition is expected to have a minor positive impact on Deutsche Börse's earnings per share [8] Group 7 - Nuveen has agreed to acquire Schroders for approximately 135 billion dollars, with a total asset management of nearly 2.5 trillion dollars post-merger [9] - Shareholders of Schroders will receive 590 pence in cash per share, plus a potential dividend of up to 22 pence [9]

马年春节前夕，国内算力龙头企业紫光股份（000938）资本动作频密。 2月11日晚间，紫光股份密集发布13份公告，释放两大资本运作关键信号：公司拟通过向特定对象发行A股股票，募资不超过55.70亿元；同时决定终止H 股发行及在港交所主板上市的相关计划。 新华三成立于2003年10月，其前身为华三通信，是华为与美国3Com合资成立的合资公司，专注于交换机、企业级路由器等核心网络设备市场，后被惠普 企业（HPE）收购。 值得一提的是，紫光股份此次终止赴港IPO略显突然，距离其2025年12月最近一次向港交所递表仅过去两个多月。而对于终止原因，紫光股份的表述较为 克制，仅称"基于战略发展规划及维护股东利益的审慎考量"。 此外，根据定增方案，紫光股份本次募集资金将主要用于收购新华三6.98%股权、研发设备购置项目及偿还银行贷款。 2016年，紫光股份入主新华三，收购其51%股权并实现控股。2024年，紫光股份再度以21.43亿美元（约合153亿元）收购新华三30%的股权，将其持股比 例提升至81%。 一系列资本运作之下，市场亦在追问：紫光股份究竟在布一局怎样的棋？ 赴港IPO突然终止 从时间线来看，紫光股份的赴港IP ...

Core Viewpoint - Unisplendour Corporation (紫光股份) has been persistently acquiring shares of H3C Technologies (新华三) for ten years, with the latest plan to raise up to 5.57 billion yuan to acquire an additional 6.98% stake, bringing its total ownership to 87.98% [1][2][9]. Group 1: Acquisition Details - The latest acquisition involves a transaction price of 3.53 billion yuan for the 6.98% stake, valuing H3C at approximately 50.59 billion yuan for 100% ownership [1][5]. - Since 2016, Unisplendour has invested a total of 35.49 billion yuan in acquiring H3C shares, with the latest acquisition bringing the total investment to 35.49 billion yuan for an 87.98% stake [2][9]. Group 2: Financial Performance - H3C is a significant revenue contributor for Unisplendour, accounting for approximately 76.76% of the company's revenue in the first half of 2025, with H3C generating around 36.4 billion yuan in revenue [3][11]. - The acquisition of H3C has led to a substantial increase in Unisplendour's profitability, with net profit rising from 0.15 billion yuan in 2015 to over 2.1 billion yuan in 2023 [11]. Group 3: Industry Position - H3C holds a strong position in the ICT market, ranking second overall and in the CT market, while leading in the Ethernet switch and WLAN markets [12]. - As of September 2025, H3C has filed over 16,000 patents, with more than 90% being invention patents, indicating strong innovation capabilities [13].

Company News - Tianqi Mould plans to acquire 60% of Dongshi Automotive Technology Group through a combination of share issuance and cash payment, with the stock set to resume trading on February 12 [2] - Suiyuan Technology's IPO status has changed to "inquired" on the Sci-Tech Innovation Board, with a recent valuation of nearly 20 billion yuan [2] - New Sharp Co. intends to acquire 70% of the equity of Xinxiang Huilian Electronic Technology Co., Ltd. for no more than 700 million yuan, while also acquiring 70% of WINWIN HITECH (THAILAND) CO., LTD. for no more than 28 million yuan [3] - Tianji Co. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [3] - Jushi Rigging clarified false claims regarding its status in the commercial aerospace sector, stating that its recent orders in this field are minimal and its stock price has seen significant increases [4] - Unigroup disclosed a plan to raise up to 5.57 billion yuan through a private placement to acquire a 6.98% stake in Xinhua San, which is expected to enhance its profitability [4] - Lansi Heavy Industry received a notice of investigation regarding its deputy general manager for suspected violations of discipline and law [5] - Pingzhi Information plans to raise up to 1 billion yuan for the construction of a domestic intelligent computing center and to supplement working capital [5] - Jiangtong Equipment intends to raise up to 1.882 billion yuan through a private placement to acquire 100% equity of several companies in the tungsten and tantalum industry [5] Industry Insights - CITIC Securities reports that rising silver prices may accelerate the replacement of metal pastes by leading photovoltaic cell manufacturers, leading to increased cost differentiation within the industry [6]