LEO(SZ:002131) Chang Jiang Shang Bao·2025-09-09 06:15Core Viewpoint - Liou Co., Ltd. is advancing its IPO in Hong Kong to enhance its global strategy and brand recognition, while its profitability is significantly affected by the stock price of Li Auto [1][4][10]. Financial Performance - In the first half of 2025, Liou Co., Ltd. reported revenue of 9.635 billion yuan, a year-on-year decrease of 9.62%, while net profit reached 478 million yuan, a year-on-year increase of 164.28% [1][11]. - The company has experienced three years of losses in the past four years, with significant fluctuations in profitability largely due to its holdings in Li Auto stock [10][12]. - For 2021 and 2022, Liou Co., Ltd. reported revenues of 20.281 billion yuan and 20.268 billion yuan, with net losses of 1.019 billion yuan and 441 million yuan, respectively [6][11]. Impact of Li Auto Stock - The stock price of Li Auto has declined approximately 13% since July 2025, resulting in a market value loss of about 28.1 billion HKD [2][15]. - If Li Auto's stock price does not recover significantly, Liou Co., Ltd.'s net profit in the third quarter may be adversely affected, potentially leading to another loss [3][16]. Global Strategy and IPO - Liou Co., Ltd. announced its intention to list on the Hong Kong Stock Exchange to support its global expansion and enhance capital operations [1][4]. - The company is considering the interests of existing shareholders and market conditions to determine the timing of the IPO [4][5]. Business Segments - Liou Co., Ltd. operates in two main segments: mechanical manufacturing and digital marketing [4]. - The manufacturing segment reported revenue of 2.131 billion yuan in the first half of 2025, a decrease of 5.04%, while the internet business generated 7.477 billion yuan, down 10.9% [11].