Core Viewpoint - Lingxiong Technology (02436), the first DaaS (Device as a Service) company listed in China, reported a significant performance improvement in the first half of 2025, with revenue reaching 1.117 billion RMB, a year-on-year increase of approximately 18.5% [1][2][9] Financial Performance - Revenue for the first half of 2025 was approximately 1.117 billion RMB, with a gross profit of about 102 million RMB, reflecting a year-on-year growth of around 9.7% [1] - Net profit turned positive at approximately 5 million RMB, with adjusted profit reaching about 18.645 million RMB, and adjusted EBITDA increased by approximately 38.5% to 194 million RMB [1] - The company achieved a historical high in revenue for the same period, maintaining its position as the industry leader [1] Business Segments - Revenue from the equipment recycling business grew by 24.4% to approximately 848 million RMB, while equipment subscription service revenue increased by 4.5% to about 192 million RMB [1][3] - IT technology subscription services also showed steady growth, generating approximately 76 million RMB [1] - Total equipment subscriptions rose by 11.7% to about 3.475 million units [1] Strategic Factors - Lingxiong Technology's business model, focusing on full lifecycle management of devices, has proven resilient in complex economic conditions [2][4] - The management team has demonstrated exceptional operational capabilities in navigating challenging market environments [2] - The company has built strong core competencies, including a closed-loop DaaS ecosystem, a robust recycling and refurbishment supply chain, and an industry-leading intelligent risk control system [3][4] Market Trends - The DaaS market in China is expected to grow significantly, with projections indicating a market size exceeding 100 billion RMB by 2025 [9][10] - The demand for DaaS services remains strong, driven by enterprises' need for cost reduction and efficiency improvements [10][11] - The introduction of advanced AI technologies is enhancing operational efficiency and customer service quality within the DaaS sector [10][11] Industry Leadership - Lingxiong Technology has established itself as a "chain leader" in the DaaS industry, contributing to the development of industry standards and participating in national initiatives [6][7] - The company has been recognized for its contributions to the DaaS market, receiving multiple national certifications and accolades [9] Future Outlook - The DaaS market penetration rate is anticipated to rise from approximately 5% to 10% over the next five years, indicating a shift in consumer preferences towards DaaS solutions [11] - Lingxiong Technology is well-positioned to capitalize on this growth, with expectations of substantial increases in market share and revenue potential [11]
凌雄科技(02436)上半年业绩攀高向优：营收再创同期历史新高 净利润和经调整利润扭亏为盈