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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 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） 本公司董事（「董事」）會（「董事會」）欣然知會本公司股東（「股東」）及潛在投資 者，根據董事會就本集團截至2025年6月30日止六個月（「本期間」）之未經審核 綜合管理賬目的初步審閱及董事會現時可得的其他資料，集團預計本期間將 錄得不超過人民幣5.0百萬元的淨利潤，較2024年同期約人民幣40.6百萬元的淨 虧損顯著改善。據董事會所知，本期間顯著由虧轉盈主要(i)得益於集團持續拓 展服務規模，本期間收入較2024年同期的約人民幣942.6百萬元相比增加不少於 人民幣150.0百萬元；及(ii)在各業務板塊推動精細化費用管理措施及流程優化， 並通過數字化提升運營效率，從而實現本期間合計運營費用較2024年同期約人 民幣138.9百萬元相比減少不少於人民幣20.0百萬元。 ...

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 353,259,000 | | | 0 | | 353,259,000 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | 353,259,000 | | | 0 | | 353,259,000 | 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8月4日 I. 法定/ ...

Core Viewpoint - Lingxiong Technology Group Limited is actively contributing to rural education in Guangdong by donating teaching computers to schools, demonstrating its commitment to social responsibility and sustainable development in the DaaS industry [1][2] Group 1: Company Initiatives - Lingxiong Technology has donated a batch of teaching computers to Luhua Future School in Guangdong, continuing its support for rural education after a previous donation in March [1] - The company is recognized as a leading DaaS provider in China, focusing on high-quality development and social contributions through various initiatives [2] - The donation aims to enhance the school's information technology teaching capabilities and promote educational development in the mountainous areas of eastern Guangdong [1] Group 2: Industry Position - As the largest enterprise-level DaaS supplier in China, Lingxiong Technology has developed a comprehensive digital DaaS service model, offering services such as device subscription, IT technology subscription, and equipment recycling [2] - The company has helped thousands of enterprises achieve cost reduction and efficiency improvement through its innovative services [2] - Lingxiong Technology emphasizes the importance of a circular economy and has significantly increased the utilization rate of IT equipment through advanced remanufacturing technology [2]

Core Viewpoint - The company, Lingxiong Technology, has evolved from a small stall in Huaqiangbei to a leading player in the DaaS (Device as a Service) market, with a focus on IT office equipment services and a growing emphasis on AI computing power rental as a second growth engine [1][2][3]. Group 1: Company Growth and Market Position - Lingxiong Technology has established a nationwide service network covering 19 key cities in China, with a total device subscription exceeding 6.17 million units [1][4]. - The company operates in a "long slope, thick snow" market, indicating a steady growth trajectory despite short-term market fluctuations [3][4]. - The DaaS market in China has a penetration rate of only about 5%, suggesting significant growth potential as the company aims to serve a larger portion of the over 58 million small and medium-sized enterprises (SMEs) in the country [4][5]. Group 2: Business Model and Revenue Streams - The DaaS model combines device subscription, IT services, and recycling, allowing for full lifecycle management of IT assets [12][21]. - The company has maintained a double-digit compound annual growth rate (CAGR) even during challenging periods, with expectations for continued revenue growth in 2024 [5][16]. - Lingxiong Technology's strategy includes expanding service offerings based on customer needs, such as introducing AI computing power rental services [6][21]. Group 3: Competitive Advantages and Market Strategy - The company emphasizes "service density," "customer stickiness," and "cost advantages" as key competitive factors in the AI computing power rental market [9][10]. - Lingxiong Technology has established partnerships with strategic investors like JD.com and Tencent, enhancing customer acquisition and operational efficiency [4][14]. - The company aims to deepen market penetration by increasing service density within existing customer bases rather than pursuing rapid geographic expansion [21][22]. Group 4: Future Outlook and International Expansion - The company plans to serve 100,000 enterprises and reach 1 million device subscriptions within three years, with a long-term goal of serving 1 million enterprises [23][24]. - Lingxiong Technology is exploring international expansion, primarily by following its clients abroad, which minimizes risk [24][25]. - The company recognizes the importance of data in AI applications and is focused on enhancing its digital transformation to support future growth [7][11].

Core Viewpoint - The revaluation of Chinese technology assets has become a central theme in the market since the beginning of the year, with Lingxiong Technology being highlighted for its unique business model and potential value growth in the context of this trend [1] Group 1: Technology Barriers and Potential Value Revaluation - Lingxiong Technology operates as a leading service provider in the Device as a Service (DaaS) industry, focusing on IT equipment operation and management, which aligns with the increasing market demand for resource efficiency and cost reduction [2] - The company integrates cutting-edge technologies such as big data and AI into its operations, enhancing resource allocation and improving equipment utilization rates, thereby increasing its competitive edge [2][3] - Lingxiong Technology has played a significant role in drafting multiple industry and national standards, indicating its technological leadership and influence in the sector [3] Group 2: Scale Effect Driving Profit Structure Optimization - The business model of Lingxiong Technology, which encompasses the entire lifecycle management of equipment, exhibits clear scale effects, leading to a reduction in unit costs as business volume increases [4] - The company reported an average revenue contribution of 69,200 yuan per equipment recycling customer in 2024, reflecting a 6.5% year-on-year increase [5] - As equipment depreciation periods end, the company expects a significant reduction in operational costs, which will enhance its profit margins [5] Group 3: ESG Premium Yet to Be Realized - Lingxiong Technology's business model aligns with environmental protection and sustainable development, contributing to significant carbon reduction, with over 83,700 tons of net carbon reduction reported in 2024 [6][7] - The company is well-positioned to benefit from favorable policies promoting carbon neutrality and resource recycling, which supports its business growth [7] - The market has not fully recognized the company's contributions to ESG, indicating a potential undervaluation that could lead to future revaluation as awareness increases [7]

Core Insights - 2025 is anticipated to be the "commercialization year of AI agents," with the global IT industry undergoing a value reassessment driven by AI computing power demand [1] - The DaaS (Device as a Service) model is emerging as a crucial player in the IT equipment innovation cycle, addressing the challenges posed by skyrocketing computing power needs and rapid hardware updates [2][3] Industry Trends - The global IT industry is projected to grow at 9% in 2025, significantly outpacing the global GDP growth of 3% [1] - Major companies like Tencent and Alibaba are investing heavily in computing infrastructure, indicating a new cycle of IT equipment innovation [1] - The rapid iteration of AI models is increasing the demand for computing power, creating a dilemma for enterprises regarding ROI and hardware investments [2] DaaS Model Advantages - The DaaS model offers flexible deployment options, alleviating cash flow pressures for enterprises by allowing them to rent rather than purchase equipment [4] - Companies like Lingxiong Technology report that their DaaS services can save clients up to 97.4% in initial investment compared to traditional purchasing methods, and 30% in total costs over three years [4] - DaaS providers are positioned to help enterprises manage the challenges of hardware iteration cycles and budget constraints, enabling a "use without ownership" operational model [7] Environmental and Economic Impact - The DaaS model supports a circular economy by managing the entire lifecycle of devices, including leasing, recycling, refurbishing, and reselling [8][9] - Lingxiong Technology's ESG report indicates that their refurbishment efforts contributed to a net carbon reduction of over 83,700 tons in 2024 [10] - The establishment of national standards for second-hand electronic products is expected to enhance trust and promote the development of the circular economy [12] Market Growth Potential - The DaaS market in China is expected to grow at a compound annual growth rate of over 30%, potentially exceeding 100 billion yuan by 2025 [14] - DaaS companies are likely to attract more capital as ESG considerations become increasingly important in investment evaluations [17] - The shift towards service-based IT infrastructure is predicted to accelerate, with 65% of IT investments expected to transition to service models by 2026 [18]

Core Viewpoint - The article emphasizes the importance of sustainable development and the role of leading companies in the DaaS (Device as a Service) industry, particularly focusing on the initiatives taken by Lingxiong Technology to promote green and low-carbon economic practices [1][2]. Group 1: Sustainable Development Initiatives - Lingxiong Technology hosted a forum on World Environment Day to discuss new models and paths for green low-carbon economy, highlighting the significance of technological innovation and collaboration in achieving sustainability [1]. - The company aims to reduce carbon emissions significantly, with a target of net carbon reduction of over 83,000 tons in 2024, reflecting the growing emphasis on sustainable practices in the IT equipment sector [2]. Group 2: Circular Economy and DaaS Model - Lingxiong Technology integrates circular economy principles into its business strategy, offering a comprehensive lifecycle management model that includes equipment recovery, subscription services, and IT technology services [3]. - The company recycles over a million second-hand IT devices annually from top internet firms in China, extending the lifespan of refurbished devices by 3 to 5 years, which contributes to significant reductions in carbon emissions [3]. Group 3: Industry Standards and Collaboration - The DaaS industry in China is experiencing steady growth, with a compound annual growth rate exceeding 32%, and is projected to surpass 100 billion yuan by 2025, necessitating collaborative efforts for sustainable development [4]. - Lingxiong Technology has taken the lead in establishing industry standards, including the first national standard for office computer recycling and reuse, which enhances market transparency and promotes resource recycling [5]. - The company emphasizes the need for cross-industry collaboration to integrate sustainability into product design and establish trust mechanisms in second-hand markets, advocating for a collective effort to turn green initiatives into actionable solutions [5].

Core Viewpoint - Lingxiong Technology (02436.HK) has reported a record revenue of approximately 2.372 billion RMB for 2024, marking a year-on-year growth of about 32.3%, showcasing its resilience in a challenging macroeconomic environment [1] Group 1: Financial Performance - Revenue for 2024 reached approximately 2.372 billion RMB, a year-on-year increase of 32.3% [1] - Gross profit increased by 33% to approximately 196 million RMB [1] - Adjusted EBITDA grew by 17.6% to approximately 283 million RMB [1] - Equipment recycling business revenue rose by 42.7% to approximately 1.836 billion RMB [2] - Equipment subscription service revenue increased by 9.1% to approximately 380 million RMB [2] - Total equipment subscription volume grew by 7.5% to approximately 6.176 million units [2] Group 2: Business Model and Strategy - The DaaS business model demonstrates strong resilience and operational excellence, allowing the company to navigate complex economic cycles [1][3] - Lingxiong Technology focuses on enhancing customer service and experience, which is crucial for maintaining its competitive edge [1][3] - The company has built a closed-loop DaaS ecosystem that generates significant synergies and supports its subscription services [3] Group 3: Digital Transformation and Innovation - Lingxiong Technology is advancing its digital transformation, enhancing operational efficiency through a fully integrated digital chain [4] - The launch of the Xiaoxiong Ubao APP improves internal operational efficiency by facilitating customer maintenance actions [4] - The integration of AI technology is expected to significantly enhance customer service efficiency and quality [4][5] Group 4: Market Outlook and Growth Potential - The DaaS industry is experiencing a favorable window of opportunity due to increasing enterprise demand and supportive government policies [6][7] - The market penetration rate for DaaS services is projected to rise from approximately 5% to 10% over the next five years [7] - Lingxiong Technology is well-positioned to benefit from the anticipated growth in the DaaS market, with significant potential for revenue and profit expansion [7]

Financial Performance - LX Technology Group Limited reported a revenue increase of 25% year-over-year, reaching HKD 500 million for the fiscal year 2024[1]. - The company reported a net profit of HKD 100 million, representing a 10% increase compared to the previous year[1]. - The company's revenue for the year was RMB 2,371.7 million, representing a 32.3% increase from approximately RMB 1,793.1 million in the same period of 2023[15]. - Revenue from the equipment recycling business was approximately RMB 1,835.7 million, an increase of about 42.7% compared to approximately RMB 1,286.4 million in 2023[22]. - Total revenue for the year ended December 31, 2024, was approximately RMB 2,371.7 million, an increase of about 32.3% compared to RMB 1,793.1 million in 2023[31]. - The company's gross profit for the year was approximately RMB 196.4 million, an increase of about 33.0% compared to RMB 147.6 million in 2023, attributed to the successful turnaround of the equipment recovery business[39]. - The gross margin improved slightly from approximately 8.2% in 2023 to about 8.3% in the current year[39]. - The company recorded a net loss of approximately RMB 58.3 million, a reduction from a net loss of about RMB 131.0 million in the previous year, mainly due to increased gross profit and strategic control of expenses[50]. - Adjusted EBITDA increased by approximately 17.6% from about RMB 241.0 million in 2023 to approximately RMB 283.4 million this year[52]. User Growth and Market Expansion - User data indicated a growth in active users by 40%, totaling 1.2 million users by the end of 2024[1]. - The company plans to launch three new products in the next fiscal year, targeting a market expansion of 15% in the Asia-Pacific region[1]. - Future guidance estimates a revenue growth of 20% for the next fiscal year, projecting revenues of approximately HKD 600 million[1]. - The company aims to enhance product offerings and expand market reach to meet evolving customer demands and maintain long-term growth[30]. Research and Development - LX Technology Group Limited is investing HKD 50 million in R&D for new technologies aimed at enhancing product offerings[1]. - The company aims to strengthen its capabilities in automation, data analysis, and AI-driven solutions to improve operational efficiency[21]. - The integrated AI tool introduced by the company enhances internal processes and workflow management, reducing contract risks and improving development efficiency[21]. - The company launched AI-driven dedicated servers to enhance performance and efficiency, supporting digital transformation for enterprises[16]. Corporate Governance - The company has a governance report prepared for the fiscal year ending December 31, 2024, indicating a commitment to corporate governance practices[91]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[97]. - The company has adopted a comprehensive code of conduct for securities trading, ensuring all directors strictly comply with the regulations[94]. - The independent non-executive directors exceed one-third of the board, ensuring compliance with listing rules[99]. - The company aims to enhance its corporate governance practices and ensure adherence to the corporate governance code[93]. Employee and Human Resources - As of December 31, 2024, the company had 970 full-time employees, a decrease from 1,143 employees as of December 31, 2023, due to strategic human resource optimization[71]. - Employee compensation (excluding director remuneration) for the year was approximately RMB 193.8 million, compared to RMB 192.1 million for the year ended December 31, 2023[71]. - The company encourages gender diversity in the workplace and aims to maintain the current gender ratio among employees[120]. - The board consists of seven members, with one female director, achieving gender diversity at the board level[117]. Risk Management - The company has established a risk management internal audit mechanism to oversee and evaluate risk management and internal controls[124]. - The board is responsible for the effectiveness of the risk management and internal control systems, which are reviewed at least annually[128]. - A risk control system model has been developed to assess customer creditworthiness and potential risks, integrating online smart credit evaluation and offline manual assistance[126]. Shareholder Communication - The company emphasizes effective communication with shareholders through various channels, including annual meetings and performance announcements[132]. - The company regularly updates its website to provide shareholders with the latest information on recent developments[132]. - The board is committed to reviewing and improving communication policies to safeguard shareholder interests[138]. Sustainability and ESG Initiatives - LX Technology Group Limited is committed to ESG initiatives, allocating 5% of its budget towards sustainability projects[1]. - The company continues to focus on sustainable development and circular economy principles as core business values[16]. Financial Risks and Borrowings - The company’s bank borrowings increased to RMB 531.2 million in 2024 from RMB 455.0 million in 2023, reflecting a rise of about 16.7%[65]. - The company has established a team to determine credit limits and monitor trade and lease receivables to mitigate credit risk[127]. - The group faces financial risks that could impact its business performance, which are detailed in the financial statements[151].

Core Viewpoint - Lingxiong Technology, the first stock in China's DaaS industry, reported a revenue of approximately 2.372 billion RMB for 2024, marking a year-on-year growth of about 32.3%, and continues to lead the industry for several consecutive years [1] Group 1: Financial Performance - Revenue for 2024 reached approximately 2.372 billion RMB, a year-on-year increase of about 32.3% [1] - Gross profit increased significantly by 33% to approximately 196 million RMB [1] - Adjusted EBITDA grew by 17.6% to approximately 283 million RMB [1] - The equipment recycling business revenue rose by 42.7% to approximately 1.836 billion RMB [3] - Equipment subscription service revenue increased by 9.1% to approximately 380 million RMB [3] - Gross margin for equipment subscription services improved to about 24.6% [7] Group 2: Business Model and Market Position - Lingxiong Technology is recognized as the largest enterprise-level DaaS provider in China, demonstrating resilience through its DaaS business model [1][2] - The DaaS service model can reduce initial investment by 97.4% compared to traditional methods and lower operational costs by 10% to 30% over three years [3] - The company has maintained its industry-leading position since 2021, with a consistent focus on customer needs and service innovation [4] Group 3: Strategic Initiatives and Innovations - The launch of the Xiaoxiong Ubao APP enhances internal operational efficiency and customer maintenance [7] - The integration of AI technology is expected to significantly improve customer service efficiency and quality [7] - The development of a SaaS-based IT asset management system has been recognized as a high-tech product in Guangdong Province for 2024 [7] Group 4: Industry Outlook - The DaaS market in China is projected to grow significantly, with market penetration expected to rise from about 5% to 10% in the next five years [9] - Government policies promoting equipment updates and green transitions are expected to bolster the DaaS industry [8] - The demand for DaaS services is anticipated to increase as companies seek to reduce costs and improve efficiency [8]