不止于“果链”：AI与汽车双“引擎”驱动，立讯精密上半年营收净利大增

Core Insights - Lixun Precision has achieved significant market penetration, with one in two smartphones, one in three wearable devices, and one in five smart cars using its products by 2024 [1] - The company reported a revenue of 124.5 billion yuan for the first half of 2025, a year-on-year increase of 20.18%, and a net profit of 6.644 billion yuan, up 23.13% [1] - The company has submitted an application for listing on the Hong Kong Stock Exchange, aiming to support its next phase of global development [1] Business Performance - The communications and automotive sectors are driving high growth, while the consumer electronics segment remains stable [2] - The communications and data center business generated 11.098 billion yuan in revenue, a 48.65% increase, benefiting from the acceleration of global AI infrastructure [2] - Automotive products and precision components achieved revenue of 8.658 billion yuan, marking an 82.07% increase [3] Technological Advancements - Lixun has made significant progress in high-speed connectivity products, with 224G cables in mass production and 448G products in preliminary research with major clients [3] - The company has successfully launched 800G silicon optical modules and is validating 1.6T products with clients [3] - The thermal management business has transitioned to large-scale commercialization, with expected revenue and profit doubling in 2025 [3] Strategic Developments - The company completed acquisitions of subsidiaries from Wintime Technology, expanding its customer base beyond Apple [6] - Lixun is actively collaborating in emerging fields such as AR/VR, AI glasses, and consumer-grade 3D printing [6] - The company has established a global manufacturing network across 29 countries, enhancing supply chain resilience [7][8] Capital Market Strategy - Lixun's upcoming IPO in Hong Kong is seen as a strategic move to secure resources for global expansion [9][10] - The funds raised will be allocated to enhance production capacity in automotive and consumer electronics sectors, as well as support upstream and downstream integration [10] - The company ranks fourth globally and first in mainland China in the precision manufacturing solutions industry, reflecting its strong market position [10]