近日，由每日经济新闻主办的"2025中国上市公司口碑榜"正式揭晓。凌雄科技(02436.HK，小熊U租母 公司)从众多上市公司中脱颖而出，入选"港股最具投资潜力上市公司"。 作为资本市场极具公信力的年度评选，"中国上市公司口碑榜" 已连续举办十五届，本届评选以 "智创未 来 价值领航" 为主题，旨在遴选以科技创新引领产业变革、以卓越治理创造长期价值、在全球竞争中展 现韧性与影响力的标杆上市公司。 此次凌雄科技获评"港股最具投资潜力上市公司"，充分印证了凌雄科技在DaaS(Device as a Service，设 备即服务)行业的综合实力与高质量成长，也体现资本市场对凌雄科技投资价值与发展潜力的高度认 可。 据悉，作为我国最大的企业级DaaS服务商、DaaS行业第一股，凌雄科技近年来持续优化产品与服务， 在夯实优秀基本面的基础上，不断驱动经营质效持续进阶，用持续增长的经营业绩向资本市场传递其作 为行业龙头的长期投资价值。 数据显示，凌雄科技营收过去几年始终保持较高的年复合增长率，持续多年稳居行业第一。以2025年上 半年为例，凌雄科技营收同比增长约18.5%达11.17亿元，再创同期历史新高。 凌雄科技优异的 ...

近日，由每日经济新闻主办的"2025中国上市公司口碑榜"正式揭晓。凌雄科技从众多上市公司中脱颖而出，入 选"港股最具投资潜力上市公司"。 作为资本市场极具公信力的年度评选，"中国上市公司口碑榜" 已连续举办十五届，本届评选以 "智创未来 价值领 航" 为主题，旨在遴选以科技创新引领产业变革、以卓越治理创造长期价值、在全球竞争中展现韧性与影响力的 标杆上市公司。 据悉，作为我国最大的企业级DaaS服务商、DaaS行业第一股，凌雄科技近年来持续优化产品与服务，在夯实优秀 基本面的基础上，不断驱动经营质效持续进阶，用持续增长的经营业绩向资本市场传递其作为行业龙头的长期投 资价值。 数据显示，凌雄科技营收过去几年始终保持较高的年复合增长率，持续多年稳居行业第一。以2025年上半年为 例，凌雄科技营收同比增长约18.5%达11.17亿元，再创同期历史新高。 凌雄科技优异的营运成绩，离不开DaaS行业的快速发展。凌雄研究院等机构数据显示，过去几年，我国DaaS市场 规模保持30%以上的复合年增长率，并将在2025年突破千亿元，在2026年达到1382亿元，成为我国经济高质量增 长的重要力量。 凌雄研究院相关负责人表示，受 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 凌雄科技集團有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年12月1日 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02436 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | ...

Core Insights - Lingxiong Technology Group's subsidiary, Lingxiong Technology (Shenzhen) Co., Ltd., has been recognized for its IT equipment intelligent maintenance system and intelligent warehousing terminal management system in the second batch of Guangdong Province's high-quality high-tech products for 2025, indicating sustained recognition of its R&D capabilities and technological innovation [1][2] Group 1 - The "Guangdong Province High-Quality High-Tech Products" certification aims to promote technological innovation and guide enterprises towards high-quality development through a rigorous evaluation process based on technical level, intellectual property, market influence, environmental considerations, and product honors [1] - Lingxiong Technology has developed a comprehensive information management platform that integrates digital technology with business development and internal operations, covering procurement, supply chain logistics, product optimization, equipment management, sales channel management, customer risk control, customer information security, and financial management [2] Group 2 - The IT equipment intelligent maintenance system utilizes AI and data service technology to transform the "leasing-operation" industry paradigm by collecting comprehensive health data of equipment and providing transparent, efficient, and reliable lifecycle maintenance services [2] - The intelligent warehousing terminal management system is based on a "total warehouse + front warehouse" two-level architecture, using AI recognition and data-driven approaches to reconstruct IT leasing warehousing standards, promoting a shift from "heavy asset inventory" to "light asset digital operations" [2] - Lingxiong Technology plans to continue investing in technological innovation and expanding its digital DaaS solutions to help more enterprises achieve cost reduction and efficiency improvement while contributing to technological innovation in Guangdong Province and nationwide [3]

Core Viewpoint - The article emphasizes the significant opportunities for the circular economy in China, driven by the government's "14th Five-Year Plan" and "15th Five-Year Plan," which focus on green and low-carbon development, ensuring carbon peak targets, and reducing pollution emissions [1][3]. Group 1: Circular Economy Background and Opportunities - The global economy is still trapped in a linear model of "extract-manufacture-dispose," with only 8.6% of economic activities achieving circularity, leading to increased resource consumption and environmental pressure [3]. - China is determined to transition its economic system towards a circular model, with policies promoting large-scale equipment updates and resource recycling, indicating a shift from extensive growth to quality and sustainable development [3]. - The implementation of favorable policies is creating a broad market for companies that can provide recycling and remanufacturing services, as the procurement and disposal methods are shifting towards "circular reuse" [4]. Group 2: DaaS Model and ESG Importance - The Device as a Service (DaaS) model is gaining traction, with current penetration in China below 5%, compared to over 50% in Europe and the U.S., indicating substantial growth potential [4]. - The DaaS model promotes resource maximization and efficient reuse, aligning with the essence of the circular economy, as companies shift from hardware ownership to subscription services [4]. - ESG (Environmental, Social, and Governance) factors are becoming crucial for companies, as environmental performance impacts financing costs and brand reputation, with firms providing quantifiable environmental benefits transitioning to strategic partners for clients [5]. Group 3: Lingxiong Technology's Value Reassessment - Lingxiong Technology, as a pioneer in the DaaS model and circular economy, is positioned for value reassessment due to its comprehensive service capabilities and standardized operations [8][10]. - The DaaS market in China is expected to grow significantly, with a compound annual growth rate exceeding 30%, potentially reaching over 100 billion yuan by 2025, benefiting companies like Lingxiong Technology [9]. - Lingxiong Technology's business model integrates ESG and circular economy principles, contributing to significant carbon reductions and extending the lifespan of refurbished equipment, making it attractive to long-term capital [10]. Group 4: Infrastructure and Market Recognition - Lingxiong Technology is building foundational capabilities for the circular economy, with a nationwide service network and standardized processes that enhance resource efficiency [11]. - The company is positioned as a critical node in the circular economy, with its full-cycle service capabilities reinforcing its strategic importance and driving market recognition of its long-term value [11]. - The value reassessment of Lingxiong Technology is rooted in the growth of the DaaS industry, the mainstreaming of ESG investments, and the establishment of circular economy infrastructure, positioning it for significant growth [11].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： HKD 10,000,000 公司名稱: 凌雄科技集團有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02436 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD ...

Core Insights - Lingxiong Technology's subsidiary, Lingxiong Technology (Shenzhen) Co., Ltd., was recognized as one of the "Top Ten Excellent Cases of Standardization Innovation Development in Guangdong Province" for its case study on reconstructing the lifecycle value chain of second-hand IT equipment through standardization [1][2] Group 1: Standardization and Innovation - The case study demonstrates Lingxiong Technology's innovative DaaS (Device as a Service) model, which manages the entire lifecycle of second-hand IT equipment from recycling to refurbishment, leasing, and technical operations [1][2] - Lingxiong Technology has participated in the formulation of multiple national standards, including the "Grading Standards for the Usability of Second-hand Electronic Products" (GB/T 45656-2025), filling gaps in the industry [2][3] - The company has contributed to a net carbon reduction of over 83,700 tons in 2024 through its standardized practices and innovative business model [2] Group 2: Industry Leadership and Contributions - As a leading DaaS service provider in China, Lingxiong Technology integrates standardization into its entire business chain, offering comprehensive services including IT equipment recycling, leasing, and management [2][3] - The company has been involved in drafting and revising over ten standards, including the "Corporate Credit Evaluation Indicators" and "Guidelines for Preparing Corporate Credit Evaluation Reports," which support the construction of the industry credit system [3] - In 2025, Lingxiong Technology was recognized as a "National Service Standardization Pilot (Trade and Circulation Special)" and a "National Second-hand Goods Circulation Pilot Enterprise," making it the only DaaS company to receive this dual recognition [4]

Core Insights - AI is driving a new technological revolution, reshaping industries and creating new business models and economic growth points [1] - The IT industry is evolving to support AI development through high-performance computing, advanced data processing tools, and intelligent products and services [1] - Traditional IT procurement and management models are becoming inadequate, leading to the rise of the Device as a Service (DaaS) model, which offers flexibility and cost efficiency [2][5] DaaS Model Overview - DaaS provides a flexible leasing model, lifecycle management, and intelligent services, helping companies reduce costs and risks associated with equipment updates [2][5] - Companies can save up to 97.4% on initial investments and 30% on total costs over three years compared to traditional procurement methods [5] - The shift from capital expenditure to operational expenditure allows for dynamic adjustment of equipment subscriptions based on business needs [5][7] Company Positioning - Lingxiong Technology is positioned as a leading player in the DaaS industry, having developed a comprehensive ecosystem for IT equipment lifecycle management [2][6] - The company has transformed equipment management from a one-time purchase to a subscription model, significantly lowering initial investment and operational risks [7] - Lingxiong Technology optimizes supply chain management through the recovery and remanufacturing of idle equipment, enhancing resource allocation efficiency [8] AI Integration and Service Enhancement - The DaaS model is enhanced by AI technology, which increases the demand for high-performance computing devices and accelerates equipment updates [11][12] - Lingxiong Technology utilizes AI for internal operations, improving customer service and risk management through automated systems and data analysis [14][15] - Externally, the company offers AI computing device leasing services, addressing the urgent demand for AI capabilities across various industries [16][17] Market Opportunities - The DaaS industry is experiencing unprecedented changes driven by AI technology, policy support, and market demand [19][20] - The Chinese AI computing market is projected to reach $25.9 billion by 2025, with a 36.2% annual growth rate [21] - Government policies promoting equipment upgrades and AI technology adoption provide significant support for companies like Lingxiong Technology [22] Competitive Landscape - Lingxiong Technology's business model is compared to Cintas Corporation (CTAS.US), which has a market capitalization exceeding $80 billion, indicating a potential undervaluation of Lingxiong Technology at a price-to-sales ratio of 0.63 [24] - The company is well-positioned to capitalize on the growing demand for AI-driven services and equipment management solutions, suggesting a strong growth potential in the AI era [24]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 凌雄科技集團有限公司 (於開曼群島註冊成立的有限公司) III.已發行股份及/或庫存股份變動詳情 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02436 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 1,000,000,000 | HKD | | 0.01 | ...

Core Viewpoint - The increasing attention from foreign capital towards high-quality sectors and industry leaders in China's capital market is evident, particularly in the DaaS (Device as a Service) industry, which is expected to grow significantly by 2025 [1][10]. Group 1: Market Trends and Growth - The DaaS industry in China is experiencing a rapid growth rate of over 30% annually, with the market size projected to exceed 100 billion yuan by 2025 [1][10]. - As of July, the number of Qualified Foreign Institutional Investors (QFII) reached 900, with 40 new additions this year, indicating a growing interest in new economic sectors [1]. Group 2: Company Performance - Lingxiong Technology achieved a revenue of 1.117 billion yuan in the first half of 2025, marking an 18.5% year-on-year increase, and successfully turned a profit with a net income of approximately 5 million yuan [2]. - The adjusted EBITDA for the same period rose by 38.5% to 194.5 million yuan, showcasing strong operational performance [2]. - The company's revenue from equipment recovery services grew by 24.4% to about 848 million yuan, while subscription service revenue increased by 4.5% to approximately 192 million yuan [2]. Group 3: Business Model and Strategy - Lingxiong Technology employs a comprehensive service model that includes IT equipment recovery, subscription services, and IT technology subscription services, effectively meeting market demands [4][7]. - The company has established a closed-loop DaaS service ecosystem, enhancing business synergy and value creation [7][8]. - The DaaS solutions provided by Lingxiong can reduce initial equipment investment by 97.4%, significantly alleviating cash flow pressures for enterprises [5]. Group 4: Competitive Advantages - Lingxiong Technology's competitive edge lies in its complete service system covering the entire lifecycle of IT equipment, which is crucial for achieving business synergy and deepening value [7][8]. - The company has built a nationwide recovery network, allowing it to acquire high-quality equipment resources and support its subscription services [5][9]. - The integration of AI, big data, and blockchain technologies in risk management has resulted in a consistently low bad debt rate, ensuring high-quality profits [9]. Group 5: Future Outlook - The DaaS market penetration in China is currently at 5%, with expectations to rise to 10% in the next five years, indicating substantial growth potential [10]. - Lingxiong Technology's innovative DaaS service model and solid financial performance align with foreign investors' preferences, particularly in regions with high foreign capital presence [10][11]. - The company's focus on ESG (Environmental, Social, and Governance) initiatives is likely to attract long-term capital, fostering a positive cycle of industry growth, corporate profitability, and capital recognition [11].