在持续推动标准化理念与业务深度融合的过程中，凌雄科技作为DaaS行业头部企业，20多年来也坚持 以专业服务培育市场，积累了丰富行业经验与技术规范的同时，积极参与国家及行业标准的起草与修 订，进而为我国DaaS行业的标准化体系建设和高质量发展持续贡献力量。 据悉，近年来，凌雄科技已先后参编十余项标准。其中，2023年3月份，凌雄科技参与编制的《企业信 用评价指标》和《企业信用评价报告编制指南》两项国家标准发布实施，为行业信用体系建设提供了技 术支撑。2024年，凌雄科技牵头制定的全国首个《办公电脑回收再使用规范》团体标准，规范了回收机 构的资质要求、整备流程及信息溯源管理，推动二手设备流通从粗放式向精细化转型。2025年5月份， 其作为主要起草单位参与制定的国家标准《二手电子产品可用程度分级规范》（GB/T45656—2025）正 式发布，首次明确了二手IT设备的分级指标与再制造流程，填补了国内该领域的技术空白。 鉴于在二手设备流通领域的创新实践成果与推动行业标准化建设上的突出贡献，凌雄科技在2025年先后 被商务部认定为"国家级服务业标准化试点（商贸流通专项）企业""全国二手商品流通试点企业"，是 DaaS行 ...

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 | ...

随着中国资本市场对外开放进程的不断提速，外资对优质赛道与行业龙头企业的关注度持续攀升。中国 证监会最新数据显示，截至7月底，合格境外投资者（QFII）数量已达900家，今年以来新增40家。外资 对新经济领域的持仓规模稳步提升，"高成长、强确定"成为资本布局的核心偏好。 近年来，作为新经济领域的代表产业，国内DaaS（Device as a Service，设备即服务）行业正以30%以上 的年复合增长率快速崛起，2025年市场规模有望突破千亿元。作为中国DaaS行业龙头的凌雄科技 （02436.HK），凭借"行业增长红利+自身强核心竞争力"的双轮驱动模式，不仅在复杂市场环境中实现 业绩持续增长，更成为资本市场关注的潜力标的。 穿越周期的增长韧性，构筑资本关注基石 数据显示，2025年上半年凌雄科技实现营收11.17亿元，同比增长18.5%，再创同期历史新高；实现净利 润约500万元，成功扭亏为盈；经调整利润达1864.5万元，经调整EBITDA同比大增38.5%至1.94亿元； 上半年，设备回收业务营收同比增长24.4%至约8.48亿元；设备订阅服务营收同比增长4.5%至约1.92亿 元，总设备订阅量同比增长1 ...

LX Technology Group Limited 股 份代號 : 2436 (於開曼群島註冊成立的有限公司) 凌雄科技集團有限公司 2025 2025 中期報告 INTERIM REPORT (Inco rpo r a ted in the C ayman Islands with limi ted liabili ty) Stock Code : 2436 凌雄科技集團有限公司 LX Technology Group Limited INTERIM REPORT LX Technology Group Limited 目錄 | 公司資料 | 2 | | --- | --- | | 釋義 | 4 | | 主席報告 | 7 | | 管理層討論與分析 | 8 | | 企業管治及其他資料 | 20 | | 簡明綜合損益及其他全面收益表 | 32 | | 簡明綜合財務狀況表 | 33 | | 簡明綜合權益變動表 | 35 | | 簡明綜合現金流量表 | 36 | | 簡明綜合財務報表附註 | 37 | 2025中期報告 2 公司資料 董事會 執行董事 胡祚雄先生 陳修偉先生 曹維軍先生 中期報告 2025 凌雄 ...

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8月31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9月1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 HKD | | 10,000,000 | FF301 本 ...

Core Insights - Lingxiong Technology, the parent company of Xiaoxiong U Rental, has emerged as a leading player in the DaaS (Device as a Service) sector in China, showcasing a successful evolution alongside the digital economy in Shenzhen [1][7]. Company Development - Founded in 2004 by Hu Zuoxiong in Huaqiangbei, Lingxiong Technology initially focused on DIY computer sales and second-hand computer trading, quickly becoming a market leader [4]. - The company pivoted to the IT office equipment short-term rental market after identifying a rental demand during an exhibition in 2008 [5]. - In 2013, Lingxiong introduced a long-term rental model for IT office equipment, allowing businesses to pay monthly and providing comprehensive IT services, which helped reduce initial investment by approximately 97% and operational costs by 10%-30% over three years [6]. Business Model and Achievements - By 2017, Lingxiong expanded its services to include IT equipment recycling and launched a SaaS management system in 2018, creating a closed-loop DaaS service model that manages the entire lifecycle of IT equipment [6]. - As of now, Lingxiong has assisted thousands of companies, including many Fortune 500 firms, in reducing costs and improving efficiency, with a service network covering over 380 cities and a customer satisfaction rate exceeding 98% [7]. - The company went public on the Hong Kong Stock Exchange on November 24, 2022, marking its transformation from a small business to an industry leader [7]. - In 2024, Lingxiong's revenue grew by 32.3% year-on-year to 2.372 billion yuan, and in the first half of 2025, revenue increased by approximately 18.5% to 1.117 billion yuan, maintaining its position as the industry leader [7]. Industry Impact and Social Responsibility - Lingxiong has taken on a leadership role in the DaaS industry, actively participating in the establishment of industry standards and promoting high-quality development [9]. - The company has initiated the "Credit Ease+" alliance to enhance China's social credit system and has contributed to the formulation of several national standards related to IT equipment recycling and credit evaluation [9]. - In terms of social responsibility, Lingxiong has donated teaching computers to rural schools and has implemented IT remanufacturing technologies to support digital education, contributing to sustainable development [10]. - The company has also significantly reduced carbon emissions, with a net reduction of over 83,740 tons in 2024 alone, by extending the lifecycle of IT equipment [10]. Entrepreneurial Philosophy - Hu Zuoxiong emphasizes a long-term, iterative approach to business, focusing on innovation and customer value rather than short-term gains [11]. - His leadership reflects the adaptability and resilience of Shenzhen entrepreneurs in navigating economic fluctuations and industry changes [11].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 由於本集團的設備回收業務及設備訂閱業務擴張，董事會預期，2024年購買框 架協議項下有關向京東集團購買全新及二手設備的交易金額將會增加，而截 至2027年12月31日止三個年度的現有年度上限可能不足以涵蓋有關交易金額。 因此，於2025年8月27日（交易時段後），本公司與北京京東訂立了補充協議（「補 充協議」），以修訂2024年購買框架協議的現有年度上限（「現有年度上限」）。 除修訂現有年度上限外，2024年購買框架協議的所有其他條款保持不變。有關 2024年購買框架協議的主要條款，請參閱重續持續關連交易公告。 LX Technology Group Limited 凌雄科技集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2436） 持續關連交易 — 修訂2024年購買框架協議的年度上限 緒言 茲提述本公司日期為2024年12月27日的公告（「重續持續關連交易公告」）。除文 義另有界定外，本 ...

Core Insights - Lingxiong Technology, a Chinese DaaS (Device as a Service) company, reported a revenue increase of approximately 18.5% year-on-year, reaching 1.117 billion RMB in the first half of 2025 [1][3] - The company achieved a net profit of around 5 million RMB, marking a turnaround from losses, with adjusted profit reaching approximately 18.645 million RMB [1][3] - Adjusted EBITDA saw a significant increase of about 38.5%, totaling approximately 194 million RMB [1] Revenue Breakdown - The equipment recovery business experienced a customer growth of about 20% year-on-year, with revenue increasing by 24.4% to approximately 848 million RMB [3] - Revenue from equipment subscription services grew by 4.5% to around 192 million RMB, while IT technology subscription services maintained steady growth with revenue of approximately 76 million RMB [3] - Total device subscriptions increased by 11.7% year-on-year, reaching approximately 3.475 million units [3] Market Outlook - The DaaS market in China is expected to see a penetration rate increase from around 5% to 10% over the next five years, driven by changing consumer awareness and habits [3] - Lingxiong Technology's business model demonstrates resilience in complex economic cycles, supported by a capable management team [3]

Core Insights - Lingxiong Technology, the first stock in China's DaaS (Device as a Service) industry, reported a revenue increase of approximately 18.5% year-on-year, reaching 1.117 billion RMB in the first half of 2025, with a net profit of about 5 million RMB, marking a turnaround from losses [1][2] - The company has maintained its position as the industry leader, achieving record-high revenue for the same period and demonstrating strong operational performance despite a complex macroeconomic environment [1][2] Financial Performance - Revenue for the equipment recycling business grew by 24.4% to approximately 848 million RMB, while equipment subscription services saw a 4.5% increase to about 192 million RMB [1][4] - Adjusted EBITDA surged by approximately 38.5% to 194 million RMB, indicating robust operational efficiency [1] Market Position and Strategy - Lingxiong Technology's business model, focusing on full lifecycle management of devices, has proven resilient in navigating complex economic cycles [2][5] - The company has established a strong core competency through a closed-loop DaaS ecosystem, a robust recycling and refurbishment supply chain, and an industry-leading intelligent risk control system [4][5] Industry Growth and Trends - The DaaS market in China is projected to maintain a compound annual growth rate of over 30%, with expectations to exceed 100 billion RMB by 2025 [10] - The demand for DaaS services is driven by the increasing number of enterprises and their need for cost-effective solutions amid economic pressures [5][12] Future Outlook - Lingxiong Technology is well-positioned to benefit from favorable macroeconomic conditions and government policies aimed at promoting the DaaS industry [12][13] - The company aims to enhance its market share and operational efficiency through digital transformation and AI technology integration, which will further improve customer service quality [6][13]