LY iTECH(SZ:002600) Guo Ji Jin Rong Bao·2025-11-21 13:18Core Viewpoint - Lingyi Technology has submitted an application for listing on the Hong Kong Stock Exchange, with Cathay Securities as the sole sponsor, following a significant increase in its market value and profitability in 2025 [1][2]. Company Overview - Lingyi Technology's history traces back to its wholly-owned subsidiary, Lingsheng Electronics, established in China, with its current controlling shareholder and CEO, Fang Qinqin, becoming the controlling shareholder in 2011 [3]. - The company went public through a reverse acquisition of Guangdong Jiangfan Magnetic Materials in February 2018, with a stock code of 002600.SZ [4]. Financial Performance - Lingyi Technology's market capitalization increased by 69.45% in 2025, reaching a total market value of 95 billion yuan as of November 21, 2025 [2][7]. - The company's revenue for 2022, 2023, 2024, and the first three quarters of 2025 were 34.5 billion yuan, 34.2 billion yuan, 44.3 billion yuan, and 37.6 billion yuan, respectively, with profits of approximately 1.56 billion yuan, 2.01 billion yuan, 1.76 billion yuan, and 1.97 billion yuan [8]. Business Segments - AI hardware business is the main revenue source, contributing 40.78 billion yuan in 2024, a year-on-year increase of 32.8%, accounting for 92.1% of total revenue [8]. - The company's overseas revenue share increased from 37.9% in 2024 to 47.3% in the first three quarters of 2025, indicating a more significant global presence [8]. Profitability Metrics - Lingyi Technology's gross margin declined from 19.8% in 2022 to 14.4% in 2024, with a total decrease of 5.4 percentage points over three years [9]. - The company attributes the decline in gross margin to rising raw material costs, intensified industry price competition, and changes in product structure [10]. Future Plans - The funds raised from the H-share listing will primarily be used to enhance R&D capabilities, upgrade production capacity, make strategic investments and acquisitions, expand domestic and international production infrastructure, and supplement working capital [10].