Market Cap Breaks 8 Billion, Is Chint Electric Enjoying the "Lobster" Dividend?

泰电器’s stock price has increased by over 40% this year, and behind the booming market may be the “lobster farming” driven demand for computing power, combined with policy support and increased global orders for electrical equipment, among other positive catalysts. Now, 泰电器 is a industry leader with a market value exceeding 80 billion yuan, and its current success is closely linked to the founder 南存辉’s capital operations.

On March 9, 泰电器’s stock hit the daily limit, closing at 39.05 yuan, with a market value surpassing 80 billion yuan. Looking at the longer term, its year-to-date increase has approached 40%, marking a strong upward trend.

Notably, the explosive popularity of the “lobster farming” theme has created a real demand for computing infrastructure, and combined with favorable policies and overseas order growth, has ignited market enthusiasm for grid equipment.

Against this backdrop, 泰电器’s equipment orders have performed strongly, with the company’s net profit in the first three quarters of 2025 rising by 22.56%, solidifying the foundation for its stock price increase.

Of course, 泰电器’s rise is not solely due to industry tailwinds; it is also the result of over a decade of capital operations.

“Lobster” Boosts泰电器

On March 9, 泰电器’s stock briefly hit the daily limit, closing at 39.05 yuan, with a market value of 83.9 billion yuan, both hitting recent highs. Over the longer term, since January, the stock has risen by 40%, and from the lows in the second half of last year, the overall increase exceeds 74%.

Recently, the “lobster farming” (OpenClaw) concept has become a direct catalyst for the stock’s rise. As an open-source AI agent, OpenClaw’s core advantage in autonomous execution of complex tasks has quickly gained popularity, topping social media trending searches.

Its operation mode requires massive token consumption, directly attracting attention to the computing infrastructure sector. Power systems, as the core supporting infrastructure for stable AI data centers, have also benefited from this theme; 泰电器, with its years of experience in the power sector, has become a key target for capital.

Compared to short-term sentiment catalysts, policy support has become a crucial factor sustaining 泰电器’s market momentum. Since State Grid disclosed a 4 trillion yuan investment plan during the 14th Five-Year Plan, and the government report on March 5 included “computing and power coordination,” profit expectations for the power sector have been significantly raised.

The global surge in industry demand further supports the stock’s upward trajectory. Tech giants like Amazon, Google, and Meta are accelerating their own power systems to ensure stable AI data center operation, leading to explosive growth in global electrical equipment demand. As a leading manufacturer, China benefits from increasing overseas orders, with 泰电器 being a prime example.

During this high-growth cycle, 泰电器’s overseas business has entered a peak period. Data shows that exports of transformers will grow by 71.4% in 2025, with factory orders booked through 2027.

Solid fundamentals underpin the company’s long-term stock strength. Financial reports show that by the end of Q3 2025, revenue reached 46.396 billion yuan, a slight decrease of 3% year-over-year, but net profit surged 22.56% to 5.656 billion yuan.

In terms of business scope, 泰电器 not only focuses on electrical equipment but also has a significant photovoltaic segment, accounting for 58.86% of total revenue. Its solar business includes PV plant contracting and residential PV, managed by subsidiaries such as 正泰安能 and 正泰电源.

泰电器’s**“Capital Strategies”********

泰电器’s current scale is the result of years of strategic capital integration.

Since listing on the A-share market in 2010, 泰电器 embarked on an acquisition-driven expansion. Between June and September 2012, it completed three acquisitions: acquiring 69.10% of 正泰建筑电器, 70% of新华控制, and 66.98% of 浙江正泰仪器仪表, with investments of 22.2 million, 31.5 million, and 29.5 million yuan respectively.

These acquisitions transformed 泰电器 from a low-voltage electrical manufacturer into a diversified enterprise extending into smart home, industrial automation, and smart phones.

From 2014 onward, 泰电器 further intensified its capital layout, both entering cutting-edge fields and paving the way for asset integration. In December 2014, it acquired an 80% stake in 新池能源 for 10.125 million yuan, marking its entry into the promising graphene energy storage sector.

In May 2015, 泰电器 announced a major restructuring plan, and in November of the same year, disclosed a major deal: a 9.4 billion yuan acquisition of 100% of 正泰新能源开发, involving controlling shareholder 正泰集团, Shanghai United, and numerous individual investors. After completing the asset transfer at the end of 2016, 泰电器 established a dual focus on low-voltage electricals and photovoltaic new energy.

In August 2015 and January 2016, it further acquired 10% stakes in 中控信息 and GRABAT for 110 million and 126 million yuan respectively, expanding into smart city and graphene energy storage fields.

In 2017, 泰电器, through its Hong Kong subsidiary, acquired 100% of 日光电器 for about 84.21 million yuan, accelerating its global expansion.

In subsequent years, the company accelerated its photovoltaic business, investing 703 million yuan in 2018 and 181 million yuan in 2020 to acquire 17 and 6 PV plant projects from 隆基绿能 and 江苏顺风光电, respectively.

However, impacted by the pandemic and overcapacity in the PV industry, 泰电器 began optimizing its capital strategy, selling assets and spinning off subsidiaries.

In April 2021, 泰电器 sold its PV subsidiary 乐清正泰 and a 51% stake in 吴兴盛林 to 三峡能源. On the same day, it also sold all shares of PV subsidiaries 泰义众驰, 宁波泰慧, 德化杭泰光伏, 温州祺泰, among others.

In 2022, it sold all 82 PV subsidiaries, including 杭阳新能源, to 国电宁波风电开发 for 104 million yuan.

In April 2022, 泰电器 transferred its profitable PV module manufacturer 正泰新能 to its controlling shareholder 正泰集团 for 2.25 billion yuan, completing its corporate restructuring. The spun-off company quickly secured independent financing, completing Series B and C funding rounds with investors like 中金资本, 中信建投, and 高瓴资本.

In September 2022, 泰电器 announced plans to spin off its residential PV business, 正泰安能, to the Shanghai Stock Exchange, and introduced notable investors such as 国家绿色发展基金 and 红杉中国. In November, it announced a “reverse merger” by acquiring 通润装备 for 1.02 billion yuan, using 正泰电源 to go public via a shell.

However, 泰电器’s capital path faced setbacks. Due to tightening regulations on spin-offs and internal operational issues, it decided in September 2025 to terminate the listing of 正泰安能 and withdrew related applications. The Shanghai Stock Exchange also officially halted review.

Within months, 泰电器 shifted its financing approach again. In January, it announced plans to issue H-shares and list on the Hong Kong Stock Exchange, initiating an “A+H” dual-capital platform. Details are still under discussion.

Key Figure**********南存辉

泰电器’s rise is inseparable from its founder 南存辉’s capital operations.

Born in 1963 in 柳市, 乐清, Zhejiang, 南存辉 came from an ordinary family. At 13, after his father was seriously injured and lost his ability to work, he dropped out of junior high just 17 days before graduation to support his family.

Lacking formal education and skills, he started repairing shoes on the street, a job he did for three years. At that time, 柳市 was full of traveling salespeople, and their shoes wore out quickly. With his excellent shoemaking skills and diligent attitude, 南存辉 quickly became known as the “shoe shining champion,” earning six times the income of local state-owned workers.

While repairing shoes, he keenly sensed business opportunities in the electrical industry from conversations with salespeople. 柳市 was quietly experiencing a boom in electrical manufacturing, with many small workshops. Not content to be a shoemaker for life, he partnered with old classmate 胡成中, borrowed 50,000 yuan, and founded “求精开关厂,” the predecessor of 正泰集团.

Initially lacking technical expertise, 南存辉 traveled to Shanghai to hire retired electrical experts, inviting three engineers from 上海人民电器厂. They helped establish a relay laboratory, set up quality management systems, and obtained production licenses.

In a market plagued by counterfeit products, 南存辉 insisted on “only genuine products,” refusing to cut corners. This persistence paid off during the 1990 industry rectification, as 求精开关厂’s quality earned government support, allowing it to stand out amid chaos.

As the company grew, differences with 胡成中 over management philosophy led to a peaceful split under local government mediation, with each developing separately. In 1991, 南存辉 restructured his part into 中美合资的温州正泰电器有限公司.

Post-split, he focused on low-voltage electricals, investing over 4 million yuan in testing equipment and building 泰电首个低压电器检测站, strictly controlling product quality.

Meanwhile, he promoted股份制改革, attracting over 40 member companies, and in 1994 officially founded 正泰集团, transitioning from rough management to refined operations.

By 2006, 泰电器 had become a leader in low-voltage electricals, but 南存辉 made a strategic shift into新能源, establishing 正泰太阳能科技公司 in 杭州, entering the photovoltaic sector. During the 2008 financial crisis, he made contrarian investments, recruiting PV experts to break into high-end overseas markets.

In 2009, he accelerated global expansion, establishing regional sales offices across five continents, achieving regional localization of R&D, manufacturing, sales, and service. In 2010, 泰电器 was listed on the Shanghai Stock Exchange, becoming China’s first A-share company primarily focused on low-voltage electricals.

In 2023, 南存辉 stepped down as CEO but remains as Chairman and Board Member. The CEO position was taken over by veteran 张智寰.

According to the company website, 正泰集团’s business spans over 140 countries and regions, with more than 50,000 employees worldwide. In 2024, group revenue reached 178 billion yuan, ranking among China’s top 500 enterprises for 20 consecutive years. In the 2025 Hurun Rich List, 南存辉’s net worth is estimated at 20 billion yuan, ranking 311th.

Editor | 陈斌