Core Viewpoint - The company, Guangdong Lingyi Intelligent Manufacturing Co., Ltd., has announced that its convertible bond, "Lingyi Convertible Bond," is expected to meet the conditions for redemption due to the stock price performance over the past 30 trading days [1][4]. Summary by Sections Convertible Bond Basic Information - The company issued 21,374,181 convertible bonds with a face value of 100 RMB each, raising a total of up to 2,137.4181 million RMB [2]. - The bonds will be listed on the Shenzhen Stock Exchange starting December 6, 2024, under the name "Lingyi Convertible Bond" and code "127107" [2]. - The conversion period for the bonds is from May 22, 2025, to November 17, 2030 [2][3]. Conditional Redemption Terms - The company has the right to redeem all or part of the unconverted bonds if either of the following conditions is met: 1. The stock price is at least 130% of the conversion price for at least 15 out of 30 consecutive trading days [4]. 2. The unconverted balance of the bonds is less than 30 million RMB [4]. Expected Trigger for Conditional Redemption - From August 19, 2025, to September 1, 2025, the company's stock has closed at or above 11.87 RMB (130% of the conversion price) for 10 out of 30 trading days, indicating a potential trigger for the redemption clause [4][5]. Other Matters - Investors seeking more information about the "Lingyi Convertible Bond" can refer to the full prospectus available on the company's official disclosure platform [4].

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-123 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股份回购方案概述 广东领益智造股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开第 六届董事会第十一次会议，审议通过了《关于回购公司股份方案的议案》，同意 公司以自有资金及回购专项贷款回购部分公司股份；回购股份的种类为公司已发 行上市的人民币普通股（A 股）股票，回购股份的资金总额不低于人民币 2 亿元 （含），不超过人民币 4 亿元（含），回购股份的价格不超过人民币 13.18 元/股（含 本数）。公司已在中国证券登记结算有限责任公司深圳分公司开立了回购专用证 券账户，并分别于 2025 年 4 月 15 日及 2025 年 4 月 19 日披露了《关于回购公司 股份方案的公告》《回购报告书》，具体内容详见巨潮资讯网（www.cninfo.com.c ...

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-122 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 关于"领益转债"预计满足赎回条件的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、当期转股价格：9.13 元/股 2、转股期限：2025 年 5 月 22 日至 2030 年 11 月 17 日 经深交所同意，2024 年 12 月 6 日起公司 213,741.81 万元可转债在深交所挂 牌交易，债券简称"领益转债"，债券代码"127107"。 （三）可转债转股期限 根据相关法律法规规定及《募集说明书》的约定，"领益转债"转股期间为 自可转债发行结束之日（2024 年 11 月 22 日，T+4 日）起满六个月后的第一个 交易日起至可转换公司债券到期日止，即 2025 年 5 月 22 日至 2030 年 11 月 17 日。 3、自 2025 年 8 月 19 日至 2025 年 9 月 1 日，广东领益智造股份有限公 ...

Core Insights - The company, Lingyi Zhizao (002600.SZ), reported a total operating revenue of 23.625 billion yuan for the first half of 2025, marking a year-on-year increase of 23.35% and ranking 8th among disclosed peers [1] - The net profit attributable to shareholders reached 930 million yuan, reflecting a year-on-year growth of 35.94% and also ranking 8th among peers [1] - The net cash flow from operating activities was 1.673 billion yuan, ranking 3rd among disclosed peers [1] Financial Metrics - The latest debt-to-asset ratio stands at 56.41% [3] - The gross profit margin is 15.08%, an increase of 0.08 percentage points from the same period last year [3] - The return on equity (ROE) is 4.56%, which is an increase of 0.84 percentage points year-on-year, ranking 29th among peers [3] - The diluted earnings per share (EPS) is 0.13 yuan, up by 30.00% compared to the same period last year [3] - The total asset turnover ratio is 0.51 times, reflecting a year-on-year increase of 2.30% and ranking 13th among peers [3] - The inventory turnover ratio is 3.38 times, an increase of 19.31% year-on-year, ranking 18th among peers [3] Shareholder Structure - The number of shareholders is 298,800, with the top ten shareholders holding 4.611 billion shares, accounting for 65.79% of the total share capital [3] - The largest shareholder, Lingsheng Investment (Jiangsu) Co., Ltd., holds 59.07% of the shares [3]

New Stock Issuance - New stock issuance for AiFenda (301575) is priced at 27.69 RMB, effective from September 1, 2025[1] - Fushun Special Steel (600399) is undergoing a tender offer from August 12 to September 10, 2025[1] - KaiPu Cloud (688228) has a recent announcement regarding its stock[1] Market Alerts - Significant abnormal fluctuations reported for Siquan New Materials (301489) on August 22, 2025[1] - New announcements for various stocks including Xinhua Jin (600735) and Jishi Media (601929) on August 30, 2025[1] - Multiple stocks including ST Guohua (000004) and ST Huayang (603825) have recent updates as of August 29, 2025[1] Trading Insights - The report includes links to detailed announcements for stocks experiencing significant market activity, such as ST Zhongji (000972) and ST Yilanzhong (300096)[1] - The document highlights the importance of monitoring stock performance and related announcements for investment decisions[1]

Core Viewpoint - The rare earth industry is experiencing fluctuations in stock performance, with the market influenced by supply-side regulations and increasing demand from various sectors, including automotive and electronics [1][5]. Group 1: Market Performance - As of September 1, 2025, the China Rare Earth Industry Index decreased by 0.58%, with mixed performance among constituent stocks [1]. - Xiamen Tungsten Industry led the gains with a rise of 5.78%, while Shenghe Resources saw the largest decline at 4.60% [1][7]. - The rare earth ETF, Jiashi, experienced a weekly increase of 10.67% as of August 29, 2025 [1]. Group 2: Liquidity and Fund Performance - The Jiashi rare earth ETF had a turnover rate of 5.82% and a transaction volume of 478 million yuan [4]. - The fund's latest scale reached 8.256 billion yuan, marking a new high since its inception, and it holds the top position among comparable funds [4]. - Over the past year, the Jiashi ETF's net value increased by 121.12%, ranking it in the top 3.25% among index equity funds [4]. Group 3: Supply and Demand Dynamics - The release of the "Interim Measures for Total Quantity Control Management of Rare Earth Mining and Separation" on August 22 has intensified supply-side controls [5]. - Demand for rare earth products is expected to grow due to advancements in industries such as automotive, 3C electronics, and emerging sectors like humanoid robots and aerospace [5]. - Following the implementation of export controls in April 2025, there has been a recovery in the export volume of certain rare earth products, with significant price increases observed in overseas markets [5]. Group 4: Key Stocks and Weightings - The top ten weighted stocks in the China Rare Earth Industry Index account for 62.15% of the index, with Northern Rare Earth and China Rare Earth being the largest contributors [4]. - The performance of these stocks varies, with Northern Rare Earth down by 0.46% and China Aluminum up by 0.89% as of the latest data [7].

Core Viewpoint - Leading Intelligent Manufacturing achieved a net profit attributable to shareholders of 930 million yuan in the first half of the year, representing a year-on-year increase of 35.94% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 365 million yuan, showing a year-on-year growth of 61.02% but a quarter-on-quarter decline of 35.48% [1] - AI terminal business generated revenue of approximately 20.865 billion yuan, with a year-on-year growth of 17.26% and a gross margin of about 16.89%, an increase of 0.34 percentage points year-on-year [1] Segment Performance - The automotive and low-altitude economy sectors achieved revenue of 1.183 billion yuan, reflecting a year-on-year increase of 38.41% and a gross margin improvement of 13.27 percentage points [1] - Other business segments generated approximately 1.577 billion yuan in revenue, with the clean energy business alone reaching 1.382 billion yuan, a significant year-on-year growth of 247.58% [1] New Business Development - The company made significant progress in new business areas, including robots, servers, thermal management, and foldable screens, launching several core components and solutions such as humanoid robot parts and high-power chargers [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company achieved a revenue of 23.63 billion yuan in H1 2025, representing a year-on-year growth of 23.4%, with a net profit attributable to shareholders of 0.93 billion yuan, up 35.9% year-on-year [1]. - The AI terminal sector shows a clear growth trend, with AI hardware terminal revenue reaching 20.9 billion yuan, a 17% increase year-on-year, benefiting from the innovation cycle of major clients [1][2]. - The automotive sector saw significant growth, with revenue reaching 1.18 billion yuan, a 38% increase year-on-year, and the company is expected to turn losses into profits in this segment [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 23.63 billion yuan and a net profit of 0.93 billion yuan, exceeding market expectations [1]. - The company forecasts net profits of 2.3 billion yuan and 3.1 billion yuan for 2025 and 2026, respectively, driven by continuous growth in major client business and new business expansion [3]. Business Segments - **AI Hardware**: The company is actively involved in the AI terminal market, with a focus on components for robots, AI glasses, foldable screens, and servers, which are expected to drive future growth [2]. - **Automotive Sector**: The company is expanding its product offerings in the automotive space, including battery components and charging products, and is expected to maintain high growth rates [3]. Market Position - The company has established itself as a key player in the market by forming strategic partnerships with major clients and enhancing its product offerings across various segments [2][3].

Core Insights - The report highlights the strong performance of Lingyi iTech, with a significant increase in revenue and net profit for the first half of 2025, indicating robust growth in its AI terminal business and other segments [1][2]. Financial Performance - For the first half of 2025, Lingyi iTech 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% [1]. - In Q2 2025, the company achieved revenue of 12.131 billion yuan, reflecting a year-on-year growth of 29.91% and a quarter-on-quarter increase of 5.54% [1]. - The net profit for Q2 2025 was 365 million yuan, showing a year-on-year increase of 61.02%, although it declined by 35.48% quarter-on-quarter [1]. Business Segments - The AI terminal business generated approximately 20.865 billion yuan in revenue, marking a year-on-year growth of 17.26%, with a gross margin of 16.89%, an increase of 0.34 percentage points [2]. - The automotive and low-altitude economy sectors achieved revenue of 1.183 billion yuan, up 38.41% year-on-year, with a gross margin increase of 13.27 percentage points [2]. - Other business segments, including clean energy, reported revenue of 1.382 billion yuan, a substantial year-on-year increase of 247.58% [2]. New Business Developments - The company made significant progress in new business areas, including humanoid robots, servers, thermal management, and foldable screens, launching several core components and solutions [3]. - Lingyi iTech's "Lingzhi Team" achieved notable success at the 2025 World Humanoid Robot Games, winning two gold medals and one bronze [3]. Investment Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is 2.2 billion, 2.89 billion, and 3.32 billion yuan, respectively, with corresponding EPS of 0.31, 0.41, and 0.47 yuan per share [4]. - The report maintains a "buy" rating for Lingyi iTech, reflecting confidence in its growth trajectory and market position [4].

Summary of Lingyi (002600.SZ) Conference Call Company Overview - **Company**: Lingyi (002600.SZ) - **Market Cap**: Rmb108.9 billion / $15.3 billion - **Enterprise Value**: Rmb112.7 billion / $15.8 billion - **Current Price**: Rmb15.54 - **12-Month Price Target**: Rmb20.10, indicating an upside of 29.3% [1][27][38] Key Industry and Business Developments - **Expansion into AI and Foldable Phones**: Lingyi is diversifying its business from traditional smartphones to AI servers, AI devices, and foldable phone components, capitalizing on the growing adoption of these technologies. The company anticipates that AI devices and foldable phones will significantly increase dollar content, particularly in thermal components and mechanical parts [2][27]. - **New Business Contribution**: Expected contribution from new business segments (AI glasses, AI servers, foldable phone components, automotive) is projected to rise from 15% in 2024 to 28% by 2027 [2]. Financial Performance - **2Q25 Results**: - Revenue increased by 30% YoY, aligning with estimates, driven by higher dollar content in thermal solutions and smartphone precision components [3][20]. - Operating income exceeded estimates by 8%, supported by improved efficiency in automotive components and overseas factories [3][20]. - Net income rose by 58% YoY, surpassing the company's midpoint guidance [3][20]. Financial Projections - **Revenue Forecasts**: - 2024: Rmb44.21 billion - 2025E: Rmb55.73 billion - 2026E: Rmb69.05 billion - 2027E: Rmb83.48 billion [7][18][22]. - **Earnings Per Share (EPS)**: - 2025E: Rmb0.37 - 2026E: Rmb0.58 - 2027E: Rmb0.81 [7][18][22]. - **Gross Margin (GM)**: Expected to improve due to a shift in product mix towards higher-margin AI server thermal and foldable phone components [21][27]. Valuation and Investment Outlook - **Target Price Adjustment**: Price target raised to Rmb20.1 based on a target P/E multiple of 34.8x 2026E EPS, reflecting a positive outlook on the company's growth trajectory [1][27][38]. - **Investment Rating**: Maintain "Buy" rating, supported by Lingyi's leading position in precision components and its expansion into high-growth areas [1][27][38]. Risks and Considerations - **Market Risks**: Potential risks include slower-than-expected penetration of foldable phones and AI terminals, increased competition from suppliers, and a weak macroeconomic environment that could dampen market demand [38]. Conclusion Lingyi is positioned for growth through its strategic expansion into AI and foldable phone components, supported by strong financial performance and positive market trends. The company's proactive approach to diversifying its product offerings and improving operational efficiency bodes well for its future prospects.