Core Insights - The first New Leasing and New Economy Conference was held in Beijing, focusing on the theme of cultivating new productive forces in the service industry and assisting small and medium-sized enterprises (SMEs) in light asset operations [1][16] - The conference gathered over 400 representatives from government, industry leaders, and innovative enterprises to explore new paths for the new leasing economy to support the development of SMEs [1][16] Group 1: Key Themes and Objectives - The new leasing economy optimizes resource allocation and promotes green cycles through digital technology, which is crucial for fostering new productive forces in the service industry and aiding SMEs in light asset operations [2][17] - The establishment of the DaaS (Device as a Service) service committee aims to gather industry leaders to build an ecosystem, set standards, and optimize the environment for better service to millions of SMEs in China [2][17] Group 2: Strategic Insights from Key Speakers - Zhang Junkuo, a member of the National Committee of the Chinese People's Political Consultative Conference, emphasized the importance of implementing national policies to achieve high-quality development and laid out the favorable conditions for China's economic growth [4][19] - Xue Fang, an expert from the State Administration for Market Regulation, discussed the integration of digital credit into DaaS scenarios, highlighting five key areas for exploration: financing, risk control, digital consumption, education integration, and platform economy [5][19] Group 3: Innovations and Practices - Hu Zuoxiong, chairman of Lingxiong Technology Group, stated that new leasing is not merely a replacement of purchase with rental but involves a profound restructuring of asset ownership and usage rights driven by digital technology [3][18] - The DaaS model can significantly reduce initial investment by over 97% and save around 30% in operational costs within three years for SMEs [25] Group 4: Standards and Collaborations - The conference introduced two group standards: "IT Equipment Leasing Process and Service Specifications" and "IT Equipment Leasing Service Quality Evaluation," which aim to provide clear operational guidelines and a quantifiable service quality assessment framework [27] - A strategic cooperation agreement was signed between the DaaS service committee and the Xinyang SME Service Center to establish a digital transformation empowerment center for SMEs [29]

Group 1 - The "Golden Award" annual excellence company selection revealed notable leaders in various companies, including Yang Guoping from Dazhong Public Utilities, Dai Wenyuan from Fan Shi Intelligent, and Zhou Hongyi from 360, among others [1] - The "Annual Excellence Leader" award recognizes outstanding leaders who demonstrate exceptional leadership skills and contribute to the sustainable development of their companies while being socially responsible [1] - The selection process involved quantitative data analysis and expert review to determine the final results [1] Group 2 - The "Golden Award" aims to create a valuable reference list of listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

Group 1 - The core viewpoint of the news is that Lingxiong Technology has been recognized as the "Most Investment Potential Listed Company in Hong Kong" at the "2025 China Listed Company Reputation List" event, highlighting its strong position in the DaaS industry and the capital market's recognition of its investment value and growth potential [1][3]. - The "China Listed Company Reputation List" has been held for fifteen consecutive years, focusing on selecting benchmark listed companies that lead industry transformation through technological innovation and create long-term value through excellent governance [3]. - Lingxiong Technology is the largest enterprise-level DaaS service provider in China and the first listed company in the DaaS industry, demonstrating high-quality growth and operational efficiency [3][4]. Group 2 - Lingxiong Technology has maintained a high compound annual growth rate in revenue over the past few years, consistently ranking first in the industry. For the first half of 2025, the company's revenue grew approximately 18.5% year-on-year, reaching 1.117 billion yuan, setting a new historical high for the same period [3][4]. - The DaaS market in China has experienced a compound annual growth rate of over 30% in recent years and is expected to exceed 100 billion yuan by 2025, reaching 138.2 billion yuan by 2026, becoming an important force for high-quality economic growth [4]. - Lingxiong Technology plans to focus on customer service, expand its market presence in key regions, and enhance operational efficiency to create new value for customers, while also seizing new development opportunities in the macroeconomic environment to sustain high-quality growth [4].

Group 1 - The core viewpoint of the news is that Lingxiong Technology has been recognized as the "Most Investment Potential Listed Company in Hong Kong" at the "2025 China Listed Company Reputation List" event, highlighting its strong position in the DaaS industry and the capital market's recognition of its investment value and growth potential [1][3]. - The "China Listed Company Reputation List" has been held for fifteen consecutive years, focusing on selecting benchmark listed companies that lead industry transformation through technological innovation and create long-term value through excellent governance [3]. - Lingxiong Technology is the largest enterprise-level DaaS service provider in China and the first listed company in the DaaS industry, demonstrating high-quality growth and operational efficiency, with a revenue growth of approximately 18.5% year-on-year, reaching 1.117 billion yuan in the first half of 2025 [1][3]. Group 2 - The DaaS market in China has maintained a compound annual growth rate of over 30% in recent years and is expected to exceed 100 billion yuan by 2025, reaching 138.2 billion yuan by 2026, becoming a significant force for high-quality economic growth [4]. - The market penetration rate of DaaS services is projected to increase from around 5% to 10% over the next five years, indicating a significant shift in consumer awareness and habits regarding IT office equipment [4]. - Lingxiong Technology plans to focus on customer service, expand its market presence, enhance operational efficiency, and create sustainable value for shareholders while contributing to the high-quality development of the national economy [4].

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]