领益智造递表港交所：去年“增收不增利”

Core Viewpoint - Linyi Intelligent Manufacturing (领益智造) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, capacity enhancement, strategic investments, and operational needs, amidst a trend of increasing overseas revenue and decreasing domestic revenue [1][2][3]. Group 1: Company Overview - Linyi Intelligent Manufacturing is an AI hardware intelligent manufacturing platform that provides comprehensive manufacturing services and solutions globally [2]. - The company has established a full product matrix covering core materials, precision components, modules, and assembly, with applications in AI hardware, automotive, and low-altitude economy sectors [2]. - As of September 30, 2025, the company operates 62 regional centers, with 14 located overseas, serving over 4,000 clients across more than 30 countries and regions [2][3]. Group 2: Financial Performance - The company's revenue for the reporting period was 345.03 billion, 341.54 billion, 442.6 billion, and 375.90 billion, with corresponding profits of approximately 15.6 billion, 20.14 billion, 17.61 billion, and 19.66 billion, indicating a situation of "increased revenue without increased profit" [4]. - Despite a 29.59% revenue growth in 2024 compared to 2023, the company has seen a decline in profit margins [4]. - The revenue from the top five clients accounted for 49.1%, 52.0%, 56.0%, and 56.4% of total revenue during the reporting period, highlighting a dependency on a few major clients [4]. Group 3: Revenue Trends - The proportion of overseas revenue increased from 26.2% in 2022 to 47.3% in the first three quarters of this year, while domestic revenue decreased from 73.8% to 52.7% [3]. - The majority of the company's revenue comes from AI hardware, with its revenue share fluctuating between 87.6% and 92.1% during the reporting period [2]. Group 4: Strategic Initiatives - The funds raised from the IPO will be used for enhancing R&D capabilities, increasing production capacity, strategic investments, and general corporate purposes [1]. - The company previously considered issuing GDRs for listing on the London Stock Exchange but opted for convertible bonds as an alternative financing method [6][7].