LY iTECH(SZ:002600) Sou Hu Cai Jing·2025-11-21 12:47Core Viewpoint - Guangdong Lingyi Intelligent Manufacturing Co., Ltd. (referred to as "Lingyi Intelligent Manufacturing") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to expand its market presence after being listed on the A-share market [2]. Financial Performance - Lingyi Intelligent Manufacturing reported revenues of RMB 34.5 billion, RMB 34.15 billion, and RMB 44.26 billion for the years 2022, 2023, and 2024 respectively, with corresponding gross profits of RMB 6.82 billion, RMB 6.39 billion, and RMB 6.39 billion [8][9]. - For the first nine months of 2025, the company achieved revenues of RMB 37.59 billion, with a gross profit of RMB 5.91 billion and an operating profit of RMB 2.59 billion, resulting in an operating profit margin of 6.9% [10][11]. Dividend Distribution - In 2023, Lingyi Intelligent Manufacturing declared dividends of RMB 1.017 billion to its shareholders, and in 2024, it plans to distribute RMB 210 million [2]. - For the nine months ending September 30, 2025, the company has already paid out RMB 140 million of the RMB 286 million in dividends declared [2]. Market Position and Strategy - Lingyi Intelligent Manufacturing is positioned as an AI hardware intelligent manufacturing platform, providing comprehensive smart manufacturing services and solutions, and has expanded into various sectors including photovoltaic, new energy vehicles, robotics, and servers [4][6]. - The company has developed a full product matrix covering core materials, precision components, modules, and assembly, targeting key areas such as AI hardware, automotive, and low-altitude economy [6][8]. Leadership and Ownership - The actual controller of Lingyi Intelligent Manufacturing, Zeng Fangqin, holds 59% of the company's shares, with the company being led by a team of executive and non-executive directors [13][16].