- EV drivetrain supplier posted nearly fourfold revenue growth in 2025 and returned to adjusted profitability
- More than 87% of revenue came from Geely-related companies as the firm expands into AI infrastructure and robotics
GLB Intelligence & Power Technology (格雷博智能动力科技), a Zhejiang-based startup focusing on electric-vehicle powertrains, has filed for a Hong Kong initial public offering after revenue nearly quadrupled in 2025, driven by strong demand for its integrated EV drivetrain systems and deepening ties with legacy automaker Geely.
The company reported revenue of 3.63 billion yuan ($535 million) in 2025, up 391.7% from a year earlier, according to its prospectus filed on June 7.
Deliveries of its all-in-one power domain solutions exceeded 500,000 units during the year.
Founded in 2010 and headquartered in Wenling, GLB develops intelligent electric powertrain systems and standardized 800-volt high-voltage DC power supply solutions.
Heavy bet on EVs
Its core technologies span power electronics, motors, software, thermal management and system integration.
According to industry data cited in the filing, GLB ranked third globally among independent suppliers by installed volume of integrated EV power domain systems and first in the all-in-one power domain segment.
The company’s revenue grew from 314 million yuan in 2023 to 738 million yuan in 2024 before surging in 2025.
Gross profit improved from a loss of 21.3 million yuan in 2023 to 262 million yuan in 2025, while gross margin rose to 7.2% from negative 6.8%.
GLB recorded operating profit of 50.3 million yuan in 2025, compared with operating losses in previous years. Net loss for the year narrowed to 288 million yuan, while adjusted net profit turned positive for the first time at 36.5 million yuan.
90% dependent on Geely
The filing also highlights the company’s increasing reliance on Geely. Revenue from Geely-related entities increased from 60.8% of total sales in 2023 to 87.2% in 2025.
Including other affiliated companies linked to Geely founder Li Shufu, the proportion reached about 90% last year.
GLB’s all-in-one power domain systems are used in Geely’s Galaxy Xingyuan and Lynk & Co 900 models. As of the filing date, the company had secured 40 production nominations from 10 automakers, with its solutions adopted in 16 vehicle models across 12 brands.
Another 24 projects remain under discussion with customers.
According to the company’s website, it also supplies its technologies to automakers including GAC and Leapmotor beyond Geely.
Second curve
The company is also seeking growth beyond automotive applications, including power supply systems for AI computing infrastructure and electric drive systems for embodied intelligence robots, though both businesses remain at an early stage.
In May 2026, GLB raised 330 million yuan in a financing round that valued the company at 5 billion yuan post-money. Based on its 2025 adjusted net profit, the valuation implies a price-to-earnings ratio of roughly 137 times.
