蓝思科技宣布赴港IPO的消息引发资本市场强烈震动，公告次日A股股价暴跌8.16%。市场质疑的核心直 指其融资动机：2021年150亿元定增资金尚未完全投入使用，近40亿元仍躺在账上，却急于港股再融资 补血。 A股定增"烂尾"与H股上市疑云 蓝思科技港股募资必要性引发市场关注。 2021年定增原计划投向智能穿戴、车载玻璃等项目，但截至2024年9月，募投项目多次延期，部分承诺 投资额被调低，23亿元用于补充流动资金，超过监管要求的30%红线。 财报显示，公司账上货币资金95.12亿元，但短期借款与长期借款合计157.66亿元，呈现"大存大贷"矛 盾。与此同时，上市以来累计现金分红74.81亿元，实控人周群飞家族分走近47亿元。 蓝思科技宣称港股上市旨在"推进全球化战略"，但苹果要求2025年前供应商25%产能转移至中国以外地 区，其越南工厂良率较国内低5-8个百分点，海外扩张能力尚未验证。 投资者担忧H股发行将摊薄A股估值（当前A股动态市盈率24倍，港股可比公司仅18-20倍），且港股科 技股流动性仅为A股1/3，可能引发定价权旁落。 业务隐忧：苹果依赖症与新兴业务的增收不增利困局 一方面，公司苹果订单依赖症未 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve revenue of 69.897 billion yuan in 2024, representing a year-on-year growth of 28.27%, and a net profit of 3.624 billion yuan, with a year-on-year increase of 19.94% [1] - The company is increasing its R&D investment, with a focus on advanced technologies in areas such as foldable smartphones, humanoid robots, AI glasses, smart cars, and smart retail [1][3] - The assembly business is rapidly growing, with smartphone and computer revenue increasing by 28.6% year-on-year, and the assembly-focused Xiangtan Lansi's revenue soaring by 97.4% year-on-year [2] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 23.669 billion yuan, a year-on-year increase of 14.44% and a quarter-on-quarter increase of 36.33%, with a net profit of 1.253 billion yuan, down 8.67% year-on-year and 17.01% quarter-on-quarter [1] - The company’s R&D expenses for 2024 are projected to be 2.785 billion yuan, a 20.21% increase year-on-year [1] Business Segments - The smart automotive and cockpit business is expected to grow by 19% year-on-year, with revenue reaching 5.935 billion yuan [2] - The company has over 30 smart automotive clients and maintains a vertically integrated supply chain, with products like central control modules and wireless charging modules experiencing rapid growth [2] Emerging Fields - The company is accelerating its industrialization in emerging fields such as humanoid robots and AI glasses, having already delivered humanoid robot products in bulk and established a strategic partnership for AI glasses assembly [3] - The company aims to provide a one-stop vertical integration service for the robotics industry, leveraging its strengths in new materials and precision assembly [3] Profit Forecast - The projected net profits for 2025-2027 are 5.146 billion yuan, 6.433 billion yuan, and 7.343 billion yuan, with year-on-year growth rates of 42.0%, 25.0%, and 14.1% respectively [3][4]

上证报中国证券网讯 3月31日晚间，蓝思科技向港交所递交招股书，独家保荐人为中信证券。此前，蓝 思科技曾在深交所公告，为进一步推进全球化战略布局，提升国际品牌形象，增强综合竞争力，拟发行 境外上市外资股（H股）股票。蓝思科技此次若顺利赴港上市，"A+H"公司将又添一员。 招股书显示，蓝思科技是业内领先的智能终端全产业链一站式精密制造解决方案提供商。得益于在消费 电子和智能汽车领域积累的技术和能力，蓝思科技拓展了新的业务领域，成为行业内首批承接人形机器 人及AI眼镜、XR头显关键核心部件量产及整机组装的公司之一。 蓝思科技的收入主要来自提供各类智能终端精密制造解决方案，客户主要是消费电子和智能汽车行业的 全球品牌公司。2022年至2024年，蓝思科技分别实现收入466.99亿元、544.91亿元、698.97亿元；分别 实现年度利润25.2亿元、30.42亿元、36.77亿元。 | | 2022年 | | 2023年 | | 2024年 | | | --- | --- | --- | --- | --- | --- | --- | | | 人民幣元 | శ్రీ | 人民幣元 | % | 人民幣元 | % | ...

Group 1 - The company, Lens Technology, submitted an application for the issuance of H-shares and listing on the Hong Kong Stock Exchange, with a maximum of 7% of the total share capital to be issued [2] - Lens Technology has established long-term strategic partnerships with numerous global clients in the consumer electronics and smart automotive sectors, including Apple, Samsung, Huawei, Xiaomi, and Tesla [2] - The company is expanding its customer base and product structure through strong technical reserves, manufacturing capabilities, and efficient production processes [2] Group 2 - In 2024, Lens Technology's vertical integration strategy began to yield results, with assembly business experiencing rapid growth and increased introduction of self-owned upstream components [3] - The company achieved a revenue of 69.897 billion yuan, a year-on-year increase of 28.27%, and a net profit attributable to shareholders of 3.624 billion yuan, up 19.94% [3] - Research and development expenditure reached a record 2.785 billion yuan, focusing on advanced technologies in various fields such as foldable smartphones and AI glasses [3]

Core Insights - The company, Lens Technology (蓝思科技), has submitted an application to the Hong Kong Stock Exchange for a mainboard listing, with CITIC Securities as the sole sponsor [1] - It is a leading provider of one-stop precision manufacturing solutions for the entire industry chain of smart terminal products, focusing on technological innovation and smart manufacturing [1] - The company ranks among the leaders in the global consumer electronics precision structural components and module solutions industry, as well as in the global smart automotive interactive systems solutions industry, based on projected revenues for 2024 [1] Business Model - The company employs a direct sales model without using distributors, with sales to its top five customers accounting for 83.3%, 83.1%, and 81.1% of total sales in 2022, 2023, and 2024 respectively [2] - The largest customer’s sales contribution has decreased from 71.0% in 2022 to 49.5% in 2024, indicating a diversification in customer base [2] Supplier Relationships - The company maintains stable and long-term relationships with key raw material and equipment suppliers, with purchases from the top five suppliers accounting for 23.7%, 37.4%, and 43.6% in 2022, 2023, and 2024 respectively [2] - The largest supplier's contribution to purchases has increased from 16.2% in 2022 to 24.1% in 2024 [2] Manufacturing Capabilities - The company operates nine industrial parks globally, located in China, Vietnam, and Mexico, and produces all products in-house [2] - It integrates smart manufacturing into all production stages and has adopted automation and industrial robots, significantly enhancing production efficiency, precision, and consistency [2] - The implementation of an intelligent warehousing system has improved warehousing, logistics, and inventory management capabilities [2] Product and Service Offering - The company covers the entire industry chain from raw materials and functional structural components production to functional module bonding and smart terminal assembly [3] - It possesses advanced processing capabilities for both glass and metal, making it one of the few solution providers in the global consumer electronics supply chain with full material coverage [3] - The company offers one-stop vertical integration services from design to mass production for its clients [3]

Core Viewpoint - Lens Technology Co., Ltd. has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Group 1: Company Overview - Lens Technology is a leading provider of one-stop precision manufacturing solutions for the entire industry chain of smart terminals [4] - The company ranks first in the global consumer electronics precision structural components and modules comprehensive solutions industry, as well as in the global smart automotive interactive systems comprehensive solutions industry [4] - Since the 2000s, Lens Technology has pioneered the introduction of new materials such as glass, sapphire, and ceramics into the consumer electronics field [4] Group 2: Business Strategy - The company has established long-term strategic partnerships with leading global consumer electronics and smart automotive brands, typically engaging in product development and production 2 to 3 years before product launch [5] - Lens Technology is expanding into diverse application areas, including smart retail terminals, industrial and humanoid robots, and AI glasses/XR headsets, creating a multi-faceted business layout [5] Group 3: Financial Performance - Revenue for Lens Technology is projected to be approximately 46.699 billion RMB, 54.491 billion RMB, and 69.897 billion RMB for the years 2022, 2023, and 2024, respectively [5] - The annual profit is expected to be around 2.520 billion RMB, 3.042 billion RMB, and 3.677 billion RMB for the same years [5] - The company has a gross profit margin of 18.3% in 2022, which is expected to decrease to 14.6% by 2024 [7]

证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-034 蓝思科技股份有限公司 关于向香港联交所递交境外上市外资股（H 股）发行与上市申请 并刊发申请资料的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 蓝思科技股份有限公司（以下简称"公司"）已于 2025 年 3 月 31 日向香港 联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资股（H 股）股票并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于 同日在香港联交所网站刊登了本次发行的申请资料。该申请资料为公司按照香港 证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编 制和刊发，为草拟版本，其所载资料可能会适时作出更新和变动。 1 / 2 英文： https://www1.hkexnews.hk/app/sehk/2025/107249/documents/sehk25033102804.pdf 本公告仅为境内投资者及时了解本次发行的相关信息而作出。本公告以及刊 登于香港联交所网站的申请资料不构成也不得视作对任何个人或实体收购、购买 ...

Summary of Key Points from the Conference Call of Lens Technology Company Overview - **Company**: Lens Technology - **Year**: 2024 - **Revenue**: 578 billion CNY, a year-on-year increase of 28.2% [2][3] - **Net Profit**: 36.24 billion CNY, a year-on-year increase of 19.94% [2][3] - **Non-recurring Net Profit**: 32.86 billion CNY, a significant increase of 46.31% [2][3] - **Operating Cash Flow**: 109 billion CNY, a year-on-year increase of 17.08% [2][3] - **Debt Ratio**: Maintained at a stable level of 39.7% [2][3] Core Business Segments 1. Smartphone and Computer Business - Contributed the majority of revenue, with a year-on-year growth of 28.63% [2][3] 2. Smart Automotive and Cockpit Business - Revenue reached 60 billion CNY, with a year-on-year growth of 18.7% [3] 3. New Smart Terminal Business - Revenue surged to 14.08 billion CNY, a remarkable growth of 754.23%, becoming a new growth driver [2][3][7] 4. Metal Business - Revenue from the Taizhou subsidiary's automotive parts business was approximately 102 billion CNY, while the Huanghua factory's non-A class metal business was around 30 billion CNY [9] Key Developments and Innovations - **Vertical Integration**: Significant achievements in vertical integration within the supply chain, enhancing operational efficiency [3] - **Automotive Glass**: Plans to relocate automotive glass production from Mexico to Vietnam and Thailand to improve profit margins [2][4] - **Foldable Screen Technology**: Leading technology in the foldable screen sector, with exclusive development of UTG glass and related protective films [5] - **AI Glasses and Humanoid Robots**: Continuous innovation in AI glasses and humanoid robots, with significant market potential [7][23] Financial Performance Insights - **Gross Margin Decline**: The decline in gross margin in Q4 2024 was attributed to changes in product structure and increased assembly business, which has lower margins [12] - **Asset Impairment**: Fixed asset impairment increased significantly due to efficiency declines and equipment aging [13][25] Future Outlook - **2025 Expectations**: Anticipated recovery in metal business growth and further expansion in new smart terminal sectors [9][18] - **Capital Expenditure**: Focused on R&D and production capacity for humanoid robots and other emerging technologies [17] - **Market Expansion**: Plans to deepen collaborations with major clients like Xiaomi and expand into new product categories [20][21] Additional Considerations - **3D Printing Applications**: Progress in 3D printing technology, with applications in watch frames and other products [22] - **Seasonal Performance**: Strong performance expected in Q1 2025, with significant growth anticipated in the second half of the year [24] This summary encapsulates the essential insights and developments from the conference call, highlighting Lens Technology's robust growth, strategic initiatives, and future prospects in various sectors.

长江商报消息 ●长江商报记者 汪静 值得关注的是，身处"果链"，在业绩总体增长的同时，本次年报中，蓝思科技对第一大客户，也就是苹 果的营收占比却在下降。2023年，苹果订单占公司总营收的比重高达57.83%，虽然苹果目前仍是蓝思 科技的最大客户，但2024年，蓝思科技来自苹果的营收为345.66亿元，占比降低至49.45%。 在此基础上，蓝思科技新业务营收飙升。2024年，蓝思科技其他智能终端收入14.08亿元，同比增长 754%。据了解，2024年，蓝思科技与支付宝合作联合开发制造"碰一下"智能支付终端产品，为这款收 款机提供玻璃盖板、整机组装等服务，目前已实现量产交付。 蓝思科技积极回馈投资者。公司披露的年度利润分配预案显示，其计划每10股拟派发现金红利4.00元 （含税），现金分红总额为19.84亿元，也就是说，其上市十年来累计分红将超94亿元。 持续拓展新客户 3月27日晚间，蓝思科技披露2024年年度报告。公告显示，蓝思科技2024年营收698.97亿元，同比增长 28.27%；净利润36.24亿元，同比增长19.94%；扣非净利润32.86亿元，同比增长46.31%。 历史数据显示，2015年—2 ...

一位知情人士曾对记者透露，上述情况属实。"在折叠方式上，苹果更青睐横折（书本型折叠），这类 产品在商务人群中外出移动办公场景下的重要性不断提升。" 蓝思科技此前在互动易曾回复投资者称，公司已布局UTG（超薄柔性玻璃）和CPI（透明聚酰亚胺）等 折叠保护屏的制造工艺，深度配合各大品牌进行研发生产，具备快速量产折叠屏手机各种材质的柔性屏 和模组的能力。 近日，蓝思科技（SZ300433，股价25.61元，市值1276亿元）发布2024年度业绩，公司2024年实现营业 收入698.97亿元，同比增长28.27%；归属于上市公司股东的净利润36.24亿元，同比增长19.94%。 蓝思科技表示："公司在整机组装领域获得更多大客户的认可和信赖，导入了新品类和新项目，以组装 为主的湘潭蓝思营业收入同比增长97.42%。"作为知名的果链企业，近年来，蓝思科技从事的苹果业务 逐渐拓展，目前为苹果生产的产品包括iPhone、Apple Watch、Mac和Apple Vision Pro等。 值得注意的是，除智能手机业务之外，近年来蓝思科技也开始积极拓展人形机器人、AI（人工智能） 眼镜等新兴领域。目前，公司已与国内及北美头部人 ...