Core Insights - Lingxiong Technology, the first stock in China's DaaS (Device as a Service) industry, reported a revenue increase of approximately 18.5% year-on-year, reaching 1.117 billion RMB in the first half of 2025, with a net profit of about 5 million RMB, marking a turnaround from losses [1][2] - The company has maintained its position as the industry leader, achieving record-high revenue for the same period and demonstrating strong operational performance despite a complex macroeconomic environment [1][2] Financial Performance - Revenue for the equipment recycling business grew by 24.4% to approximately 848 million RMB, while equipment subscription services saw a 4.5% increase to about 192 million RMB [1][4] - Adjusted EBITDA surged by approximately 38.5% to 194 million RMB, indicating robust operational efficiency [1] Market Position and Strategy - Lingxiong Technology's business model, focusing on full lifecycle management of devices, has proven resilient in navigating complex economic cycles [2][5] - The company has established a strong core competency through a closed-loop DaaS ecosystem, a robust recycling and refurbishment supply chain, and an industry-leading intelligent risk control system [4][5] Industry Growth and Trends - The DaaS market in China is projected to maintain a compound annual growth rate of over 30%, with expectations to exceed 100 billion RMB by 2025 [10] - The demand for DaaS services is driven by the increasing number of enterprises and their need for cost-effective solutions amid economic pressures [5][12] Future Outlook - Lingxiong Technology is well-positioned to benefit from favorable macroeconomic conditions and government policies aimed at promoting the DaaS industry [12][13] - The company aims to enhance its market share and operational efficiency through digital transformation and AI technology integration, which will further improve customer service quality [6][13]
凌雄科技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