In July 2003, Haiyan Bofan Electromechanical Equipment Complete Co., Ltd. was registered and established with the founders Dai Ping and Zhang Lei. The company's main business is to provide Qinshan Nuclear Power with spare parts, machine-processing outsourcing and complete equipment services.

In January 2006, in the 6-mu factory area located on Jincheng 2nd Road, Qinshan Industrial Zone, the company manufactured its first steam turbine packaged oil pipeline. Since then, the company has started the professional manufacturing of power equipment.

The company built a new factory area of 30 acres, increased its registered capital to 40 million, and changed its name to Zhejiang Bofan Power Equipment Co., Ltd. Obtained D1 and D2 production licenses for pressure vessels. Obtained ASME Chapter U and Chapter NB.

The company's first gas turbine product: Gas-fired compressor unit type II exhaust pipe.

In April 2014, the company completed the implementation of the shareholding system, changed its name to "Zhejiang Bofan Power Equipment Co., Ltd.", and was listed in the Beijing Stock Exchange Center in November of the same year and became a public company. The company is also the first company in Haiyan County and the second company in Jiaxing City to be listed on the New Third Board, stock code: 831269.

The company has obtained pressure vessel A1 and A2 design and manufacturing licenses.

In 2018, the company's first self-designed and manufactured turbine station was delivered, marking the company's successful transformation from an equipment manufacturer to an integrated equipment design and manufacturing integration.

The company's wholly-owned subsidiary Jiaxing Jingshang Testing Technology Co., Ltd. was established.

In 2019, it moved to a new plant, the registered capital increased to 54.654 million yuan, covering an area of 70 acres, with a plant area of 35,000 square meters.