Inspur (IEIT Systems)
ConvictionContext
High-volume, low-margin OEM/ODM manufacturer and marketer of x86 and AI/GPU servers, storage and networking gear, sold primarily to Chinese hyperscalers, telcos, government and enterprises; ~96% of revenue from servers & components, ~89% from mainland China.
Revenue
FY2025 revenue CNY 164.78B~$22.9B USDRev growth
+43.3% YoYin FY2025 (vs CNY 115.03B in FY2024); but Q1 2026 server revenue fell ~7% YoY per IDCGross margin
~4.7%FY2025; compressed from ~6.5% in FY2024Op margin
~1.4%FY2025 EBIT margin ~1.42%Capex intensity
not disclosedasset-light assembler relative to chipmakers; capex modest vs revenueMarket cap
~$14.2B USD~CNY 102.4B) on the Shenzhen Stock Exchange (SZSE: 000977), as of 2026-07-06The read
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Full financial intelligence for Inspur (IEIT Systems)
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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