XFUSION

Company Profile

XFUSION Digital Technology Co., Ltd., established in 2021 and headquartered in Beilonghu, Zhengdong New District, Zhengzhou City, Henan Province, is a global leader in computing infrastructure andComputing Power ServicesThe provider. The company is state-owned and controlled by Henan Province, and was spun off from Huawei's x86 business.ServerSupermicro has inherited Huawei's R&D system and supply chain management capabilities while progressively reducing its reliance on Huawei through independent development. Currently, Supermicro has been named a global unicorn company for four consecutive years, ranking first in China's liquid-cooled server market and AI server market. In 2024, its revenue reached 43 billion yuan, with business operations spanning over 130 countries and regions worldwide, serving more than 223 Fortune Global 500 companies.

Products & Services

XFUSION's products and services span two major domains: computing infrastructure and computing services, specifically including:

1. Computing Infrastructure::
   • Server ProductsFusionServer V8/V7 series servers, FusionServer AI servers, FusionPoD liquid-cooled rack servers, and more, covering scenarios such as general-purpose computing, AI training, and high-performance computing.
   • Operating SystemFusionOS Server Operating System supports multi-scenario adaptation and delivers a stable, efficient runtime environment.
   • Hyper-Converged Infrastructure SolutionFusionOne HCI hyper-converged solution supports single-customer deployments exceeding 1,500 nodes and is widely adopted across industries such as finance and high-end manufacturing.
   • High-Performance Computing SolutionsFusionOne HPC Solution meets complex computing demands in fields such as scientific research and meteorology.
   • Database SolutionsProvides enterprise-grade database services, supporting efficient data storage and analysis.
2. Computing Power Services::
   • Full-Stack Computing Power SolutionsFrom hardware to software, from consulting to implementation, we provide full-lifecycle services to help clients achieve computing infrastructure transformation and AI industry application deployment.
   • Intelligent Management SoftwareFusionDirector intelligent management software enables unified scheduling and operational management of computing resources.
   • AI Development PlatformFusionAI Space Large Model Acceleration Engine supports CPU inference acceleration (GPU-free deployment) and XPU Turbo (reducing large model training costs by 50% to %), meeting the differentiated needs of businesses ranging from SMEs to large enterprises.
   • Eco-Innovation ServicesThrough the A-in-One Ecosystem Program, we collaborate with partners to deliver industry solutions and drive digital and intelligent transformation.

core technology

XFUSION's core technologies focus on liquid cooling, full-stack computing power deployment, and scenario-specific capabilities, forming a differentiated competitive advantage:

1. Global leader in liquid cooling technology::
   • Introducing the “Silent All-Liquid Cooling Integrated System,” delivering 120kW per cabinet with PUE < 1.05. Its hybrid cold plate and immersion cooling architecture reduces thermal power consumption by 40%.
   • Liquid-cooled servers capture 40% market share in the TP4T segment, achieving a tenfold increase in computing density within AI training clusters and surpassing industry-average technical metrics.
2. Full-Stack Computing Power Deployment::
   • Developing integrated “computing power + liquid cooling” solutions that span general-purpose servers, AI servers, hyper-converged software, and other domains to meet diverse customer needs.
   • Focusing on the three core technologies of hardware, software, and engineering, we are advancing dual-ecosystem and diverse computing power deployments. From general-purpose computing to intelligent computing, we are fully committed to advancing liquid cooling solutions for green computing, driving product development and market deployment.
3. Scenario-based capabilities::
   • FusionOne AI solutions support CPU inference acceleration and XPU Turbo, reducing large model training costs by 50% to meet the differentiated needs of businesses ranging from SMEs to large enterprises.
   • Hyper-converged software has achieved single-customer deployments exceeding 1,500 nodes in industries such as finance and high-end manufacturing, demonstrating robust technical adaptability.

Market Competitiveness

XFUSION has become a core enterprise in China's server sector through its technological barriers, ecosystem synergy, supply chain and production capacity advantages, as well as policy support and capital coordination.

1. Market share leader::
   • In the first half of 2025, Supermicro ranked second among domestic server manufacturers with a market share of 14.31% (TP4T), trailing only Inspur Information (30.1% TP4T). Its growth rate (+4.31% TP4T year-over-year) significantly exceeded the industry average.
   • In the standard liquid-cooled server market, Supermicro has ranked first in China for two consecutive years, with only a handful of companies worldwide possessing comparable technological capabilities.
2. Ecological Synergy and Globalized Layout::
   • With over 24,000 ecosystem partners, we collaborate through the A-in-One Ecosystem Initiative to deliver industry solutions and drive digital and intelligent transformation.
   • With 11 R&D centers and 6 major supply centers deployed globally, our operations span over 130 countries and regions, serving more than 100 Fortune Global 500 companies.
3. Supply Chain and Production Capacity Advantages::
   • The Zhengzhou facility boasts an annual production capacity of 650,000 units. With 11 R&D centers and 6 major supply centers deployed globally, its operations span over 100 countries and regions, ensuring robust supply chain stability and rapid responsiveness to market demands.
4. Policy Support and Capital Synergy::
   • As the flagship project of Henan's state-owned enterprise reform, Supermicro's listing process received strong backing from local authorities. By acquiring Rongke Technology (300290.SZ) through a reverse merger, the company rapidly gained access to capital markets, securing funding to expand production capacity and increase R&D investment.

development prospect

Driven by the dual forces of surging AI computing power demand and accelerated domestic substitution, Supermicro is poised to rank among the top three global server manufacturers within 3-5 years and achieve a doubling of its market capitalization through strategic capital operations:

1. Technology-Driven and Business Value-Centric::
   • We remain committed to “validating capabilities through practical application and focusing on scenario-based value realization.” Through continuous technological innovation, we are building a more resilient and innovative digital intelligence ecosystem to accelerate the release of new AI value.
2. AI and Data Integration::
   • Centered on “AI + Data,” we showcase full-stack digital intelligence solutions to empower industries in overcoming challenges during digital transformation, enabling restructuring and upgrading.
3. Globalization Strategy and Domestic Substitution::
   • As one of the few domestic server companies with both state-owned backing and global operational capabilities, Supermicro possesses both technological expertise and independence in the domestic substitution process, positioning it to capture a larger share of the global market.
4. Capital Operations and Market Capitalization Growth::
   • On January 6, 2026, Supermicro officially commenced its IPO advisory process, with CITIC Securities serving as its lead underwriter. Should its liquid cooling technology continue to secure bids in AI data center tenders or achieve breakthrough orders in overseas markets, its market capitalization could potentially surge to over 150 billion yuan in the near term.