LY iTECH(SZ:002600) Zheng Quan Shi Bao·2025-09-29 19:52Core Viewpoint - Leyi Intelligent Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and competitiveness [2][4]. Company Summary - As of September 29, Leyi Intelligent Manufacturing announced its intention to issue H-shares and list in Hong Kong, aiming to expand its overseas business and improve its international profile [2]. - The company is currently in discussions with intermediaries regarding the H-share issuance, with details yet to be finalized [2]. - The H-share issuance will require approval from the board and shareholders, as well as regulatory review from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2]. - Leyi Intelligent Manufacturing provides precision components and smart manufacturing solutions, with Apple as a significant client, and its products are used in consumer electronics, automotive, and robotics sectors [2]. Financial Performance - In the first half of 2025, Leyi Intelligent Manufacturing reported revenue of 23.625 billion yuan, a year-on-year increase of 23.35%, and a net profit attributable to shareholders of 930 million yuan, up 35.94% [3]. - Domestic and international sales accounted for 25.79% and 74.21% of total sales, respectively [3]. - The AI terminal business generated revenue of 20.865 billion yuan, growing 17.26% year-on-year, while the automotive and low-altitude economy business saw revenue of 1.183 billion yuan, up 38.41% with a gross margin increase of 13.27 percentage points [3]. - Other business segments achieved revenue of approximately 1.577 billion yuan, reflecting a significant growth of 212.98% [3]. Market Context - On September 29, Leyi Intelligent Manufacturing's stock price hit the daily limit, closing at 16.18 yuan per share, with a total market capitalization of 116.7 billion yuan [4]. - The consumer electronics supply chain is experiencing a trend of companies planning to list in Hong Kong, driven by changing global trade dynamics and increasing local service demands [4]. - Other companies such as Lens Technology, Luxshare Precision, and GoerTek have also announced plans for Hong Kong listings, indicating a broader industry trend [4]. - Industry experts suggest that supply chain companies with global production capabilities and localized operations will be more competitive, and listing in Hong Kong is a key strategy for deepening global expansion [4].