On November 27, Shanghai Bull Intelligent Technology Co., Ltd. was established. According to information from Qichacha, the company has a registered capital of 50 million RMB, wholly owned by Bull Group. Its business scope includes system integration services for artificial intelligence industry applications, technical consulting services for AI public service platforms, and development of AI application software.
Some analysts believe that the establishment of this company is related to Bull Group’s strategic planning for building a smart home ecosystem. By setting up a specialized subsidiary, the company can more efficiently integrate AI technology resources.
In June of this year, Bull Group reached a full-stack AI cooperation with Alibaba Cloud. It is reported that both parties will co-create products based on the Tongyi Qianwen large model and AI computing power, jointly exploring edge intelligent solutions. In the future, Bull will also fully go global based on Alibaba Cloud’s global infrastructure.
Bull Group was founded in 1995, went public in 2020, and mainly engages in the research, production, and sales of civil electrical products, including electrical connection business, smart electrical lighting business, and new energy business. Due to its market share in socket products consistently ranking first, it is known as the “King of Sockets.”
From a business segment perspective, the electrical connection business and smart electrical lighting business are the main sources of its revenue, contributing over 90% of the company’s revenue in the long term. The former focuses on power strips and digital accessories, while the latter includes wall switches and lighting equipment.
Currently, both of these major businesses are experiencing performance declines under the dual pressure of the macro environment and industry competition. Data for the first half of 2025 shows that the electrical connection business achieved revenue of 3.662 billion RMB, a year-on-year decline of 5.37%; the smart electrical lighting business had revenue of 4.094 billion RMB, a year-on-year decline of 2.78%.
Due to the impact of the macro economy, family renovations, commercial expansions, and industrial production activities have all weakened, directly leading to a contraction in demand for electrical products. The continued release of the real estate post-cycle effect has further impacted businesses such as switches and lighting that rely on home decoration demand, causing significant resistance for the smart electrical lighting segment.
The company’s new energy business contributes relatively little. In the first half of 2025, Bull Group’s new energy business, represented by electric vehicle charging piles, achieved revenue of 386 million RMB, accounting for only 4.73% of total revenue. Although it grew by 33.52% year-on-year, the growth rate has significantly slowed compared to the previous year’s 120.22% rapid growth.
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As of the close on November 28, Bull Group (603195.SH) saw its stock price rise by 0.23%, closing at 42.85 RMB, with a market value of 77.498 billion RMB.
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