证券日报网讯立讯精密8月29日发布公告，在公司回答调研者提问时表示，从公司所接触和从事的业务 情况来看，基于公司对从零件到模组再到成品全产业链的深入洞察，公司认为三四季度的市场需求将呈 现平稳略增的态势。同时，公司也看到客户在面对市场挑战时，能够灵活调整并采取成熟的销售策略， 这进一步增强了公司的信心。因此，公司对未来的市场需求充满信心。 （文章来源：证券日报） ...

Group 1 - The company, Luxshare Precision, announced on August 29 that it expects its capital expenditure to remain at a similar level from 2024 to 2026 [2] - Starting from the second half of 2026, the company anticipates a noticeable decline in capital expenditure [2]

（编辑 王雪儿） 证券日报网讯 立讯精密8月29日发布公告，在公司回答调研者提问时表示，从目前的情况来看，全球制 造业的格局及产能布局较为稳定。无论是越南、印度还是东南亚其他国家，已知的关税政策基本已经确 定。如果再次对产能进行大规模迁移，可能会造成制造成本的增加和供应链资源的不匹配。此前，在与 投资者交流时公司曾指出，一家公司受到关税政策影响的程度，需要将其置于对应的全球市场领域，并 从其全球布局的完整性、领先性和覆盖度来进行判断。对立讯而言，公司在东南亚、美洲、欧洲、北非 等地均有对应的产能布局，涵盖了消费电子、汽车、数据中心等多领域的产品及服务。正因如此，公司 得以从容应对关税带来的影响，保持产业竞争力。 ...

Core Viewpoint - Lixun Precision announced on August 29 that its current challenges in the optical module business are primarily related to business development rather than technology [1] Group 1: Business Development - The company is actively working to enter the supply chains of leading customers [1] - Currently, Lixun Precision's 800G and 1.6T optical module products are mainly delivered to small and medium-sized data center clients [1] - Although the company has not yet secured clear business cooperation opportunities with leading customers, this remains a key focus for the company [1] Group 2: Industry Position - The company expresses confidence in the optical module sector, noting that Chinese enterprises are leading the industry [1] - This leadership in the industry contributes to the company's optimism regarding its future prospects in the optical module market [1]

证券日报网讯 立讯精密（002475）8月29日发布公告，在公司回答调研者提问时表示，近年来，在大模 型领域持续高强度投入的推动下，越来越多的AI Agent得到广泛认可与应用，这反过来又进一步刺激了 对大模型算力的需求。基于此判断，公司认为人工智能领域在未来一段时间仍将保持高强度的投入趋 势。公司凭借在高速铜连接领域的深厚积累，目前已从原来的跟随者成长为被客户认可的技术引领者， 并成功进入全球各大客户的供应链体系，建立了技术领先的品牌形象。同时，公司在电源、散热和光连 接产品方面持续加强能力建设，不断打造公司的技术竞争力，实现在客户侧的持续突破，推动各产品线 有节奏、持续地发力。公司还加大在智能制造方面的投入，保障产品量产后的高质量交付能力。通过不 断增强研发实力、制造能力和数字化运营管理等多方面的综合能力，公司正系统构建在AI时代的核心 竞争力与护城河。客户进展方面，公司已进入所有CSP客户、芯片客户以及设备商客户。然而，每个产 品线在不同客户的深度上存在差异，这也为公司未来的持续增长提供了一个广阔的空间。 ...

Core Viewpoint - Lixun Precision has shown significant stock price growth and financial performance in 2023, indicating strong market interest and operational success [1][2]. Financial Performance - As of July 18, 2025, Lixun Precision achieved a revenue of 124.5 billion yuan, representing a year-on-year growth of 20.18% [2]. - The net profit attributable to shareholders for the same period was 6.644 billion yuan, reflecting a year-on-year increase of 23.13% [2]. - The company has distributed a total of 7.652 billion yuan in dividends since its A-share listing, with 4.530 billion yuan distributed in the last three years [3]. Stock Market Activity - On August 29, 2023, Lixun Precision's stock price increased by 2.08%, reaching 47.06 yuan per share, with a trading volume of 4.524 billion yuan [1]. - The stock has risen by 16.03% year-to-date, with a 10.21% increase over the last five trading days, 28.44% over the last 20 days, and 51.22% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -0.508 billion yuan on April 3 [1]. Shareholder Structure - As of July 18, 2025, the number of shareholders decreased to 332,300, with an average of 21,782 shares held per shareholder, which is an increase of 20.24% [2]. - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 343 million shares, a decrease of 11.4 million shares from the previous period [3]. - Various ETFs have increased their holdings, with Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF showing notable increases in shares held [3].

"果链"巨头立讯精密（002475）上半年又交出了一份"靓丽"的业绩单。 8月25日晚间，立讯精密发布2025年半年报。财报显示，公司上半年实现营收1245.03亿元，同比增长 20.18%；归属于上市公司股东的净利润为66.44亿元，同比增长23.13%。 作为我国领先的通讯设备和企业级互连产品提供商，立讯精密成立于2004年，2009年2月，立讯精密由 有限责任公司改制为股份有限公司；2010年9月，在深交所挂牌上市。 公司核心业务包括为消费电子、汽车电子、通信与数据中心和其他领域的全球客户提供从精密零组件、 模组到系统整机的跨领域垂直一体化开发与智造解决方案。近年来，公司顺应AI重塑消费电子产业格 局的大趋势，凭借在精密制造、材料科学、系统集成领域的深度积累，形成了快速迭代能力、成本管控 能力、全球化供应链及研发创新等核心竞争力。 目前，公司正在发力下一代AI光互联技术，以系列高速光模块产品，赋能超大规模数据中心建设，持 续锻造AI算力底座，加速释放AI算力价值。分析认为，公司这种"智能制造升级"和"底层技术创新"的双 轮驱动策略，以及多元化业务战略布局，正将公司带上崭新的发展轨道。 与此同时，公司在资 ...

Financial Performance - The company achieved a revenue of CNY 124.503 billion in the first half of 2025, representing a year-on-year growth of 20.18% [6] - The net profit attributable to shareholders was CNY 6.644 billion, up 23.13% year-on-year [6] - The gross profit margin for the first half of 2025 was 11.61%, a decrease of 0.1 percentage points compared to the same period last year [6] Business Segments Consumer Electronics - Revenue from the consumer electronics segment reached CNY 97.799 billion, with a year-on-year growth of 14.32% [2] - The strategy focuses on "scene ecology, AI empowerment, and global collaboration" to enhance market position [2] Communication Business - Revenue from communication products and precision components was CNY 11.098 billion, showing a significant growth of 48.65% [3] - The company has successfully launched 224G high-speed cable products and is in the process of developing 448G products [3] Automotive Business - The automotive segment generated CNY 8.658 billion in revenue, marking an impressive growth of 82.07% [4] - The company is expanding its product lines in high-voltage and high-speed wiring harnesses, with multiple new projects expected to go into mass production in 2025 [4] Operational Efficiency - The operating expense ratio for sales, management, and research was 6.68%, a decrease of 0.3 percentage points year-on-year, attributed to scale effects from revenue growth [6] - The company reported a net cash outflow from operating activities of CNY 1.658 billion, a reduction of CNY 4.058 billion compared to the previous year [7] Strategic Initiatives - The company is enhancing its global manufacturing capabilities with production bases in countries like Vietnam, Malaysia, and Mexico to meet diverse market demands [5] - Investment in smart manufacturing and innovation is aimed at improving cost control across the entire supply chain [5] Future Outlook - The company anticipates stable and slightly increasing market demand in the second half of 2025, supported by flexible sales strategies from clients [21] - The data center business is expected to continue its rapid growth, driven by increasing demand for AI infrastructure [24]

Group 1: Company Overview - Wolong Electric Drive Group Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CICC, Huatai International, and GF Securities (Hong Kong) as joint sponsors [1] - As of June 30, 2023, Wolong Electric Drive reported revenue exceeding 8 billion yuan for the first half of the year [1] - According to Frost & Sullivan, Wolong Electric Drive ranks first in the global explosion-proof electric drive system solutions market with a market share of approximately 4.5% [1] Group 2: Market Trends - The Hong Kong stock market has seen a significant increase in equity financing, reaching approximately 287.98 billion HKD in 2023, a year-on-year increase of 350.56% [3] - The surge in capital has led to a focus on technology sectors such as artificial intelligence, robotics, new energy, and advanced manufacturing, with many core enterprises in these industries filing for IPOs [3][8] - Over 40 companies have successfully completed IPOs on the Hong Kong main board in the first half of 2023, with total IPO proceeds exceeding 106.7 billion HKD, a substantial increase of 688.56% compared to the same period last year [16] Group 3: Industry Dynamics - The Hong Kong Stock Exchange has optimized its rules to lower the listing threshold for technology companies, allowing unprofitable tech firms to be valued based on their technological potential [17] - The trend of "liquidity migration" is observed as companies move from the A-share market to Hong Kong due to tighter IPO regulations in China and more favorable conditions in Hong Kong [18] - Hong Kong serves as a global financial hub, providing companies with funding and brand endorsement for cross-border expansion, aligning with the trend of globalization in the industry [19]

国信证券研报指出，立讯精密上半年归母净利润66.44亿(YoY +23.13%)，Q2归母净利润36.01亿(YoY +23.09%，QoQ+18.30%)，公司发布了3Q25业绩预告，预计实现归母净利润42.46~ ...