Core Viewpoint - Lixun Precision is a leading precision manufacturing technology company that plans to use funds from its Hong Kong IPO to expand production capacity, upgrade existing facilities, invest in technology research and development, and enhance smart manufacturing capabilities [3][11]. Financial Performance - Lixun Precision's revenue has shown consistent growth, with figures of 214.03 billion yuan, 231.91 billion yuan, and 268.79 billion yuan for the years 2022, 2023, and 2024 respectively [4][6]. - Gross profit for the same years was 25.49 billion yuan, 25.74 billion yuan, and 27.07 billion yuan, with corresponding gross margins of 11.9%, 11.1%, and 10.1% [4][6]. - Net profit figures were 10.49 billion yuan, 12.24 billion yuan, and 14.58 billion yuan for 2022, 2023, and 2024 respectively [4][6]. Business Segments - The consumer electronics segment is the primary revenue source for Lixun Precision, contributing 190.95 billion yuan, 204.68 billion yuan, and 233.10 billion yuan in 2022, 2023, and 2024, accounting for 89.2%, 88.3%, and 86.7% of total revenue [6][8]. - Automotive electronics and communication/data center segments also contributed, with revenues of 6.15 billion yuan, 9.25 billion yuan, and 12.83 billion yuan for automotive electronics, and 12.83 billion yuan, 14.54 billion yuan, and 18.36 billion yuan for communication/data center in the same years [6][8]. Customer Concentration - Lixun Precision's revenue is highly concentrated, with the top five customers contributing approximately 177.9 billion yuan, 191.2 billion yuan, and 211.0 billion yuan, representing 83.1%, 82.4%, and 78.5% of total revenue for 2022, 2023, and 2024 respectively [8]. - The largest customer alone accounted for 73.3%, 75.2%, and 70.7% of total revenue during the same period [8]. Research and Development - Research and development expenditures were 8.45 billion yuan, 8.19 billion yuan, and 8.56 billion yuan for 2022, 2023, and 2024, representing 3.9%, 3.5%, and 3.2% of total revenue [6][8].

Group 1: Market Overview - A new wealth creation wave is emerging in the Chinese capital market, with the "A+H" listing model gaining popularity by 2025, leading many companies to wealth peaks [1] - As of the first half of 2025, 42 companies successfully listed on the Hong Kong stock market, with leading A-share companies like CATL and Haidilao raising over 100 billion HKD, accounting for 72% of the total fundraising in the Hong Kong market [1] Group 2: Company Profile - Luxshare Precision - Luxshare Precision, a leading player in the "fruit chain" with a market value exceeding 300 billion CNY, has submitted a listing application to the Hong Kong Stock Exchange, potentially becoming a major winner in the second half of 2025 [1] - The company has experienced significant growth since its A-share debut in 2010, with its market value increasing from 6.9 billion CNY to over 300 billion CNY, representing a more than 40-fold increase over the past decade [2] Group 3: Leadership and Personal Wealth - Founder Wang Laichun's personal wealth has surged alongside Luxshare Precision's market value, ranking 13th on the "2025 New Fortune 500 Wealth Creation List" with assets of 131.52 billion CNY [4] - Wang Laichun's journey from a factory worker at Foxconn to a successful entrepreneur highlights her resilience and strategic vision, which have been crucial to the company's success [4][5] Group 4: Business Strategy and Market Position - Luxshare Precision has established a strong position in the global smart terminal supply chain, leveraging its experience from Foxconn and focusing on building unique technological barriers [5] - The company has diversified its business by expanding into automotive electronics and communication sectors, with automotive electronics experiencing a year-on-year growth of 98.9% in Q1 2025 [6] - The successful listing on the Hong Kong market is expected to provide Luxshare Precision with more financing channels and broader development opportunities, supported by its strong performance and market advantages [6]

Core Viewpoint - The Chinese capital market is experiencing a surge in wealth creation opportunities, particularly through the "A+H" model, with significant IPO activities in Hong Kong driven by leading A-share companies [2][3]. Group 1: IPO Activities and Market Dynamics - By mid-2025, Hong Kong has seen 42 IPOs, with leading A-share companies like CATL and Haitian Flavoring raising over 100 billion HKD, accounting for 72% of the total fundraising in Hong Kong [3]. - The "A+H" model is becoming increasingly attractive for A-share companies, prompting firms like Luxshare Precision to pursue IPOs in Hong Kong [3][4]. - Luxshare Precision, a major player in the Apple supply chain, is expected to be one of the biggest winners in the Hong Kong IPO market in the second half of 2025 [3][4]. Group 2: Company Background and Growth - Luxshare Precision was founded by Wang Laichun, who transitioned from a factory worker at Foxconn to a successful entrepreneur, leveraging opportunities in the global smart terminal market [4][5]. - The company went public in 2010 with an initial market value of 6.9 billion RMB, and its stock price has since surged over 40 times, reflecting its strong performance in the smart manufacturing sector [4][8]. - In 2024, Luxshare Precision achieved a revenue of 268.8 billion RMB, with a year-on-year growth of 15.91%, and a net profit of 13.37 billion RMB, marking a 22.03% increase [13]. Group 3: Strategic Partnerships and Market Position - Luxshare Precision has established itself as a key player in the Apple supply chain, securing significant orders for products like AirPods, which have revolutionized the wireless earphone market [10][11]. - The company has diversified its client base, reducing its reliance on Apple, with non-Apple revenue accounting for 25% of its total income by 2025 [13]. - Luxshare Precision's automotive electronics and communication businesses have shown remarkable growth, with automotive electronics revenue increasing by 98.9% in early 2025 [13]. Group 4: Future Prospects and Wealth Creation - The upcoming IPO in Hong Kong is expected to further enhance Luxshare Precision's market position and potentially increase Wang Laichun's wealth, positioning her as a leading figure in the Chinese business landscape [14][15]. - The success of the IPO could lead to a new wave of wealth creation in the market, following the trend set by other leading A-share companies [14].

Group 1 - The stock price of Luxshare Precision is reported at 42.70 yuan, an increase of 1.21% compared to the previous trading day [1] - The trading volume reached 59 billion yuan with a turnover of 1.4 million hands and a fluctuation of 3.67% [1] - Luxshare Precision is a key supplier in Apple's supply chain, focusing on the research and manufacturing of connectors, acoustic devices, and wireless charging products [1] Group 2 - Apple plans to launch the iPhone 17 series in September and is accelerating the development of innovative products such as foldable phones and AI glasses [1] - Market expectations indicate that supply chain companies will experience a new round of equipment procurement and capacity upgrade demands [1] Group 3 - On the same day, the net outflow of main funds for Luxshare Precision was 58.42 million yuan, but the cumulative net inflow over the past five days was 564 million yuan [1] - A capital inflow of 230 million yuan was observed during the closing period, indicating some investors' willingness to buy on dips [1]

Core Insights - The overall activity level of the A-share merger and acquisition market in China has slightly decreased, characterized by high frequency, diverse participants, and broad sectors [1] - A total of 80 merger and acquisition events were disclosed during the period, with a total transaction amount of 601.88 billion RMB, showing a significant increase in both the number and value of major M&A events compared to the previous period [2] - The real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts sectors are particularly active in M&A activities [2][3] - Private enterprises and local state-owned enterprises are actively engaging in horizontal integration and strategic cooperation, indicating diverse motivations for mergers and acquisitions [1][2] - The M&A market is expected to further release integration and value reconstruction potential, supported by regulatory policy optimization, economic recovery, policy encouragement, and capital market reforms [1] M&A Market Overview - The number of major M&A events in the A-share market increased by 60% compared to the previous period, with a total disclosed transaction amount of 601.88 billion RMB, representing a 187.97% increase [2] - Key sectors for M&A activities include real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts [2] - The market is entering a new phase characterized by "efficiency improvement + structural optimization," driven by policy and proactive corporate adjustments [2] Listed Companies' M&A Plans - A total of 44 listed companies announced or planned M&A activities, with an average stock price fluctuation of 7.53% over two weeks [2] - 22 companies made significant progress after announcing M&A plans, with an average stock price fluctuation of 3.76% [2] - The number of major restructuring events increased by 60% compared to the previous period, with research enthusiasm rising by 11.54% [2] Companies with Significant Progress - Companies such as Yunnan Cheng Investment and AnYuan Coal Industry have made notable advancements in their M&A plans, with various strategic objectives including asset adjustments and diversification [10][11] - The progress of these companies reflects a broader trend of active restructuring and strategic realignment within the A-share market [10][11] Market Sentiment and Performance - The restructuring index showed a fluctuation of 5.10% over the two-week period, indicating a positive sentiment in the M&A market [12] - The average price-to-earnings (PE) ratios and market values of companies involved in M&A activities vary significantly, reflecting diverse market conditions and investor sentiments [7][8]

大湾区和长三角跨圈联动加速，人才成为关键"变量"。8月21日，由中共滁州市委宣传部、中共滁州市 委网信办主办的"网链湾区·'滁'新引力"主题招商推介活动在深圳前海落地，粤港澳大湾区一批企业家和 专家学者成为"座上宾"。 面向高层次人才及团队，给予最高100万元购房、租房和生活补贴等综合补贴，对创业人才，再给予最 高100万元创领办企业补贴。 对于高级管理人才，给予购房总额30%，最高30万元补贴。企业与高校科研院所开展合作的，按产学研 合作项目金额的20%，最高200万元给予企业补贴。对于高校毕业生同样颇具吸引力，对其购房、租 房、生活等给予全方位补贴，其中最高20万元购房补贴。 当地投资促进局公布的"区位图" 记者也注意到，上述部分高端产业跟深圳有融合交集。去年3月，深圳"20+8"产业集群上线2.0版本，继 续向新兴产业拓增量，打造形成4个万亿级、4个五千亿级、一批千亿级产业集群。其中，深圳新增低空 经济与空天产业集群，人工智能升格单列为1个产业集群，工业母机、激光与增材制造、精密仪器设备3 个产业集群合并为高端装备与仪器产业集群，瞄准高端高质高新。 实际上，两地企业已有深度联动，一批深圳知名企业已经落户 ...

胡某从未想过，和"偶像"王来春相关公司的合作，几乎将他经营18年的公司推向破产边缘。 近期，"果链巨头"立讯精密（002475）宣布赴港上市，其董事长王来春的创业故事再次成为焦点——这 位初中辍学的富士康流水线女工，以1315亿身家跻身《2025新财富500创富榜》第13位，成为潮汕女首 富，被许多人视为励志传奇。 胡某也是其中之一。2018年到2022年，他陆续向公司新员工展示了王来春印在名片上的那句话："如果 你现在觉得走的辛苦，那就证明你在走上坡路"，作为激励。 作为小供应商，出于敬重，他不敢直呼其名，交谈时只以"立讯最高层"代称。但如今，回望自己的处 境，他心情复杂，相关项目展开4年，亏损近2000万。最后一次与凤凰网《风暴眼》通话时，他反复说 道："我就像漂在海里十级大风下的一艘小船，不知道航向哪里，也不知道要怎么办。海太大了。" 01 一纸合同，为何让供应商陷入巨亏？ 2020年时，胡某接到一笔极具吸引力的大单。 他是东莞丸红电子有限公司（下称"丸红电子"）的老板。公司2007年成立，专做精密电子元件的研发、 设计与制造。听说立讯精密有对外合作项目，胡某主动迎了上去。 2020年9月，丸红电子与立 ...

Core Viewpoint - The article highlights the struggles of a small supplier, Hu, who faced significant financial losses due to a contract with Luxshare Precision, a major player in the electronics supply chain. The contract's terms allowed Luxshare to alter order quantities and forecasts without legal obligation, leading to Hu's company suffering nearly 20 million in losses over four years [1][3][5]. Group 1: Contractual Issues - Hu's company, Dongguan Maruhon Electronics, signed a procurement contract with Luxshare's subsidiary, Dongguan Lide Precision, in September 2020, expecting a substantial order volume of 20 million per year, which would yield a net profit margin of 20% [3][4]. - Over four years, the actual order volume was only 1,786 million, about 25% of the forecasted amount, resulting in a revenue of 30.22 million against expenditures of 53.90 million, leading to a loss of nearly 20 million [4][5][6]. - The contract included clauses that allowed Luxshare to change order quantities and forecasts without any legal obligation, which Hu deemed as "unfair terms" [5][6]. Group 2: Operational Challenges - Hu faced operational difficulties when Luxshare changed product specifications, requiring significant additional investment in mold development and equipment, which led to further financial strain [10][11][15]. - The relocation of production lines to Luxshare's facilities added logistical challenges, including increased costs and employee retention issues, as many skilled workers left due to the instability [15][30]. - The seasonal nature of orders became apparent, with significant fluctuations in demand, leading to further operational inefficiencies and employee turnover [19][22]. Group 3: Financial Strain - Hu's company experienced cash flow issues, exacerbated by the need to take loans to sustain operations and the imposition of interest on delayed payments from Luxshare [27][29]. - The shift to a longer payment cycle of 150 days required suppliers to pay interest for early payments, adding to the financial burden [27][28]. - By April 2025, Hu had paid approximately 1.36 million in interest on delayed payments, further straining the company's finances [29]. Group 4: Legal Actions and Disputes - In 2025, Hu decided to sue Luxshare and its subsidiary for the financial losses incurred, citing the unfair contract terms and operational challenges faced [35][38]. - Despite multiple attempts to seek assistance from Luxshare's leadership, Hu felt disappointed by the lack of support and resolution to his issues [34][39]. - The ongoing legal disputes and financial pressures have led to a sense of despair and uncertainty for Hu, reflecting the broader challenges faced by small suppliers in the manufacturing industry [39].

作者丨李秋涵 胡某也是其中之一。2018年到2022年，他陆续向公司新员工展示了王来春印在名片上的那句话："如果你现在觉得走的辛苦，那就证明你在走上坡 路"，作为激励。 作为小供应商，出于敬重，他不敢直呼其名，交谈时只以"立讯最高层"代称。但如今，回望自己的处境，他心情复杂，相关项目展开4年，亏损近 2000万。最后一次与凤凰网《风暴眼》通话时，他反复说道："我就像漂在海里十级大风下的一艘小船，不知道航向哪里，也不知道要怎么办。海太 大了。" 凤凰网《风暴眼》出品 爆料邮箱：all_cj@ifeng.com 胡某从未想过，和"偶像"王来春相关公司的合作，几乎将他经营18年的公司推向破产边缘。 近期，"果链巨头"立讯精密宣布赴港上市，其董事长王来春的创业故事再次成为焦点——这位初中辍学的富士康流水线女工，以1315亿身家跻身 《2025新财富500创富榜》第13位，成为潮汕女首富，被许多人视为励志传奇。 立讯精密董事长王来春 图源网络 01 一纸合同，为何让供应商陷入巨亏？ 2020年时，胡某接到一笔极具吸引力的大单。 他是东莞丸红电子有限公司（下称"丸红电子"）的老板。公司2007年成立，专做精密电子元件的研 ...

Core Viewpoint - The collaboration between Dongguan Marubeni Electronics Technology Co., Ltd. and Luxshare Precision Industry Co., Ltd. has led to significant financial losses for Marubeni due to unfulfilled order commitments and unilateral changes in project specifications, resulting in a lawsuit for compensation of approximately 33.43 million yuan [1][7][19]. Group 1: Background of the Collaboration - In 2020, Marubeni received a collaboration proposal from Luxshare's subsidiary, Luxshare Precision, promising substantial orders that led to significant investments in dedicated production lines [1][2]. - The initial project involved high-demand products with an estimated total value exceeding 50 million yuan over two years, which excited Marubeni's management [4][5]. Group 2: Issues Faced During Collaboration - After initial sample approvals, Luxshare repeatedly requested changes to product specifications, leading to increased costs and wasted investments for Marubeni [4][6]. - By March 2022, Luxshare demanded a sudden increase in production capacity, requiring Marubeni to invest an additional 1.6 million yuan in new automation equipment, while the actual orders received were significantly lower than promised [6][7]. Group 3: Legal Actions and Industry Implications - Marubeni filed a lawsuit against Luxshare and its subsidiary, seeking compensation for the total investment and expected profits lost due to the unfulfilled orders [7][8]. - The situation reflects broader issues within the high-tech manufacturing industry in China, where smaller suppliers often face challenges in maintaining equitable relationships with dominant "chain leader" companies [18][19].