2 1 Shi Ji Jing Ji Bao Dao·2025-11-02 04:16Core Insights - Apple's Q4 and full-year financial results for FY2025 show significant growth, with annual net profit exceeding $112 billion [1] - The Chinese supply chain companies, particularly Luxshare Precision and Lens Technology, are also performing strongly, reflecting the recovery in the global consumer electronics market [2][6] Group 1: Luxshare Precision - Luxshare Precision reported Q3 revenue of 96.41 billion yuan, a year-on-year increase of 31.03%, and a net profit of 4.87 billion yuan, up 32.49% [2] - For the first three quarters of FY2025, Luxshare's cumulative revenue reached 220.91 billion yuan, growing 24.69%, with net profit at 11.52 billion yuan, a 26.92% increase [2] - The company plans to distribute a cash dividend of 1.6 yuan per share, totaling approximately 1.165 billion yuan, which is 10.12% of its net profit for the first three quarters [3] - Luxshare is diversifying its business into automotive electronics and AI computing, enhancing its supply chain through vertical integration and smart manufacturing [3][10] Group 2: Lens Technology - Lens Technology reported Q3 revenue of 53.66 billion yuan, a year-on-year increase of 16.08%, and a net profit of 2.84 billion yuan, up 19.91% [6] - The company achieved a record high quarterly revenue of 20.70 billion yuan in Q3, reflecting strong demand driven by Apple's new product sales [6] - Lens Technology is transitioning from traditional manufacturing to AI hardware platforms, with ongoing collaborations with leading North American clients for AI glasses and other advanced technologies [8] Group 3: Industry Trends - The overall Apple supply chain is experiencing a "steady growth with differentiation," with Luxshare showing certainty in manufacturing growth and Lens Technology innovating to create new growth avenues [10] - Despite challenges in Apple's revenue in China, its supply chain companies are leveraging technological upgrades and industry expansion to capitalize on the AI-driven manufacturing era [10] - The trend of vertical integration is evident across the supply chain, although companies are making different strategic choices based on their specific supply chain roles and growth paths [10]