Core Viewpoint - Lingyi Zhi Manufacturing (领益智造) is advancing its H-share listing on the Hong Kong Stock Exchange, aiming to enhance its funding sources and support future expansion while improving its global influence and talent retention [1] Group 1: H-Share Listing and Strategic Goals - The application for H-share listing was submitted on November 20, 2025, to align with the company's 2030 strategic goals [1] - The listing is expected to provide additional fundraising platforms and broaden potential cross-border acquisition channels [1] - The company aims to enhance its business image and global impact through this listing [1] Group 2: Use of Proceeds - A portion of the funds raised will be allocated to enhance R&D capabilities, increase production capacity, and upgrade core manufacturing processes [1] - Investments will focus on emerging markets, particularly in high-density AI computing servers, humanoid robot hardware, and AI optical communication infrastructure [1][2] - Additional funds will support strategic investments and acquisitions in high-growth technology verticals, including servers, humanoid robots, and AI optical communication infrastructure [2] Group 3: AI Server and Hardware Manufacturing - Lingyi Zhi Manufacturing plans to expand its production capacity for AI server power supplies, which are critical components of data center infrastructure [2] - The company aims to introduce next-generation systems with high power density and efficiency to meet the growing demand for AI computing [2] - In the field of embodied AI, the company will enhance its vertical integration capabilities in precision component manufacturing and system-level assembly [2][3] Group 4: Future Growth and Product Strategy - The company is positioned as a leading AI hardware intelligent manufacturing platform, providing one-stop smart manufacturing services [3] - Lingyi Zhi Manufacturing focuses on modularity, reusability, and scalability across various products and applications [3] - The strategic focus includes four emerging application areas: humanoid robots, AI glasses, foldable screens, and servers, aiming to create a multi-scenario growth pattern [3]

来源：活报告 2025年以来，港股市场已有86只新股IPO上市（另有1只DeSPAC、1只介绍上市、2只转板），合计募资 约2508.84亿港元。最近一周（11月16日~11月22日），1家上市，3家招股，4家聆讯，6家递表。 11月17日，中伟新材(2698.HK)成功登陆港交所，上市首日微跌0.12%，全天成交5.67亿港元；AH新股 继续遇冷，截至上市首周，中伟新材股价累计下跌16%。 最近一周，创新实业、量化派、海伟股份等3家公司招股。其中，创新实业完成招股并已暗盘交易，创 新实业于11月21日的暗盘交易中股价大涨，辉立暗盘收报14.35元，上涨30.57%，总成交额3.47亿港 元；富途暗盘收报13.85元，上涨26.02%，总成交额2.75亿港元。 量化派、海伟股份仍在招股中，截至11月23日16时，量化派孖展认购倍数已超3600倍，海伟股份孖展认 购倍数已超800倍。 最近一周，4家公司通过港交所聆讯，包括纳芯微(AH)、乐摩科技、遇见小面、金岩高新。 6家公司递表，分别为海澜之家(AH)、领益智造(AH)、蔓迪国际、诺比侃、东山精密（AH）、卡诺普 （18C）。 一、新股上市（1家） 最近一周 ...

11月20日晚，领益智造发布公告，公司当日向港交所递交了发行H股股票并在香港联交所主板挂牌上市的申请。 领益智造成立于2006年，2018年登陆深交所，公司是国内领先的AI硬件智能制造平台，致力于为全球客户提供一站式智能制造 服务及解决方案，产品主要包括精密功能件、结构件及模组等，广泛应用于AI终端设备、机器人、企业级商用服务器、汽车及 低空经济等前沿领域。 根据弗若斯特沙利文资料，以2024年收入计算，领益智造在全球AI终端设备高精密功能件市场行业中排名第一，在全球AI终端 设备高精密智能制造平台行业中排名第三。依托协同研发、快速响应及遍布全球的研发生产基地，领益智造已成为AI硬件生态 的重要组成部分，主要客户涵盖全球市值最大的AI终端设备公司、新能源汽车公司、社交网络公司等。 据招股书，2022年、2023年、2024年、2025年前三季度，领益智造营业收入分别为345.03亿元、341.54亿元、442.60亿元、 375.90亿元；净利润分别为15.60亿元、20.14亿元、17.61亿元、19.66亿元。 | | | | 截至12月31日止年度 | | | | | 截至9月30日止九個月 | | | ...

领益智造成立于2006年，2018年登陆深交所，公司是国内领先的AI硬件智能制造平台，致力于为全球客户提供一站式智能制造 服务及解决方案，产品主要包括精密功能件、结构件及模组等，广泛应用于AI终端设备、机器人、企业级商用服务器、汽车及 低空经济等前沿领域。 根据弗若斯特沙利文资料，以2024年收入计算，领益智造在全球AI终端设备高精密功能件市场行业中排名第一，在全球AI终端 设备高精密智能制造平台行业中排名第三。依托协同研发、快速响应及遍布全球的研发生产基地，领益智造已成为AI硬件生态 的重要组成部分，主要客户涵盖全球市值最大的AI终端设备公司、新能源汽车公司、社交网络公司等。 据招股书，2022年、2023年、2024年、2025年前三季度，领益智造营业收入分别为345.03亿元、341.54亿元、442.60亿元、 375.90亿元；净利润分别为15.60亿元、20.14亿元、17.61亿元、19.66亿元。 11月20日晚，领益智造发布公告，公司当日向港交所递交了发行H股股票并在香港联交所主板挂牌上市的申请。 据招股书，领益智造是一家AI（人工智能）硬件智能制造平台公司，致力于为全球客户提供一站式智能制 ...

Core Viewpoint - Lingyi Technology has submitted its listing application to the Hong Kong Stock Exchange, with Cathay Pacific Securities as the sole sponsor, indicating a strategic move to enhance its market presence and capital base [1]. Group 1: Company Overview - Lingyi Technology's market value has increased by 69.45% in 2025, with profits for the first three quarters surpassing the entire profit of 2024 [3][11]. - The company is a leading AI hardware intelligent manufacturing platform, with a comprehensive product matrix covering core materials, precision components, modules, and assembly, applied in cutting-edge fields such as AI terminal devices and robotics [9]. Group 2: Financial Performance - Revenue figures for Lingyi Technology from 2022 to 2025 are as follows: 345.03 billion, 341.54 billion, 442.6 billion, and 375.9 billion respectively, with profits of approximately 15.6 million, 20.14 million, 17.61 million, and 19.66 million [11]. - The AI hardware business is the main revenue driver, contributing 407.8 billion in 2024, a year-on-year increase of 32.8%, accounting for 92.1% of total revenue [11]. Group 3: Market Position and Globalization - Lingyi Technology ranks first in the global high-precision components market for AI terminal devices and third in the global AI intelligent manufacturing platform market, reflecting its strong competitive position [9]. - The proportion of overseas revenue has increased from 37.9% in 2024 to 47.3% in the first three quarters of 2025, indicating a significant global expansion [12]. Group 4: Challenges and Future Plans - The company's gross margin has declined from 19.8% in 2022 to 14.4% in 2024, attributed to rising raw material costs, intensified industry competition, and changes in product structure [13]. - The upcoming H-share listing aims to raise funds for enhancing R&D capabilities, upgrading production capacity, strategic investments, and expanding domestic and international production infrastructure [14].

2018年2月，领益智造透过反向收购广东江粉磁材在深交所上市，股票代码为002600.SZ，截至2025年11月10日，曾芳勤直接及间接透过领胜投资控制领益 智造已发行股本总额的58.64%，为实际控制人。 从股价表现来看，被反向收购前的上市公司于2011年7月15日登陆深交所，首发价8元，上市首日就迎来149.38%的上涨，总市值约63.4亿元。 领益智造通过收购登陆A股后，公司估值约480多亿元，到2020年12月达到一个小高峰，总市值突破1010亿元，2024年12月底市值回落到560.65亿元。 2025年，领益智造大幅回升，年内上涨69.45%，截至11月21日收盘，公司总市值达到950亿元。 11月20日，广东领益智造（002600）股份有限公司(下称"领益智造"，证券代码：002600)向港交所递交上市申请书，国泰海通为独家保荐人。 记者注意到，这家"借壳上市"的公司年内市值上涨69.45%，2025年三个季度利润已超2024年。 借壳上市 招股书显示，领益智造的历史可追溯至其全资子公司领胜电子在中国注册成立时，领益智造的控股股东、董事长、执行董事兼总经理曾芳勤于2011年成为 领胜电子的控股股 ...

雷递网 雷建平 11月21日 广东领益智造股份有限公司（简称："领益智造"）日前递交招股书，准备在港交所上市。 领益智造已在A股上市，截至今日收盘，股价为13元，市值为950亿元。 招股书显示，领益智造2022年、2023年、2024年营收分别为345亿元、341.54亿、442.6亿；毛利分别为68.2亿元、63.94亿元、63.93亿元； 领益智造于2022年概无向其权益股东宣派或派付股息。于2023年，领益智造向其权益股东宣派股息10.17亿元。2024年，公司向其权益股东宣派股息2.1 亿。截至2025年9月30日止九个月期间，领益智造向其权益股东宣派股息2.86亿，其中1.4亿元已于同期派付。 在《2025胡润女企业家榜》中，领益智造实控人曾芳勤以695亿元跻身榜单第6名的高位，成为年度前十的新面孔。 9个月营收375.9亿 利润19.66亿 领益智造是一家AI硬件智能制造平台，致力于提供一站式智能制造服务及解决方案。自搭上"果链"成为消费电子巨头后，领益智造从涉足光伏、新能源汽 车产业，到投身于机器人、服务器等AI终端产业，一直在不断前行。 领益智造打造了覆盖从核心材料、精密功能件、模组到精品组装 ...

Core Viewpoint - The company Lingyi iTech has submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence in the AI and low-altitude economy sectors while facing challenges in profit margins [1][4]. Group 1: Company Overview - Lingyi iTech was established in 2006 and went public on the Shenzhen Stock Exchange in February 2018, initially focusing on consumer electronics die-cut products [1]. - The company has developed a comprehensive product matrix covering core materials, precision components, modules, and assembly, with applications in AI hardware, automotive, and low-altitude economy sectors [1]. - According to Frost & Sullivan, Lingyi iTech ranks first in the global AI terminal device high-precision components market with a market share of 6.7% and third in the high-precision intelligent manufacturing platform market with a 1.5% share [1]. Group 2: Financial Performance - Revenue from AI hardware business constituted 91.2%, 89.9%, 92.7%, and 87.6% of total revenue from 2022 to the first three quarters of 2025, while automotive and low-altitude economy business contributed 3.1%, 4.1%, 4.8%, 4.5%, and 5.2% respectively [1]. - The company's revenue for 2022, 2023, and 2024 was reported at 34.503 billion, 34.154 billion, and 44.26 billion yuan, with net profits of 1.571 billion, 2.023 billion, and 1.755 billion yuan respectively [4]. - In 2023, revenue decreased by 0.35% year-on-year, while net profit increased by 26.78%. In 2024, revenue grew by 30.48% year-on-year, but net profit decreased by 14.42% [4]. Group 3: Profit Margins - The company's gross margin has been declining, with figures of 19.8%, 18.7%, and 14.4% from 2022 to 2024. The gross margin for AI hardware was 21.2%, 20.6%, and 16.2%, while for automotive and low-altitude economy it was 3.3%, 1.9%, and 0.6% [2][3]. - The decline in gross margin is attributed to a competitive pricing strategy aimed at capturing market share for new products that have not yet achieved full economies of scale [4]. Group 4: IPO Purpose - The funds raised from the IPO will be used to enhance R&D capabilities, increase production capacity through equipment investment, support strategic investments and acquisitions, expand production facilities domestically and internationally, and for working capital and general corporate purposes [5].

Group 1: Recent IPOs - Zhongwei Co., a new energy materials company, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 3.544 billion by offering about 104 million shares [1] - Jiansu, a supply chain management service provider, submitted an IPO application to the SEC for a Nasdaq listing, focusing on the plastic and chemical industries in China [2] - Defeng Technology, an independent AIoT provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy and manufacturing sectors [3] - Kanop, an industrial robotics company, applied for an IPO on the Hong Kong Stock Exchange, ranking first among Chinese welding robot manufacturers [4] - NobiKan, an AI company, refiled for an IPO on the Hong Kong Stock Exchange after previous applications lapsed, focusing on AI and digital twin technologies [5] - Dongshan Precision, a PCB supplier for edge AI devices, submitted an IPO application to the Hong Kong Stock Exchange, aiming to become a leading supplier in the sector [6] - Mandi International, a consumer healthcare company, filed for an IPO on the Hong Kong Stock Exchange, leading the market in hair health products [7] - Lingyi Intelligent Manufacturing, an AI hardware platform, applied for an IPO on the Hong Kong Stock Exchange, ranking first in high-precision components for AI terminal devices [8] Group 2: Upcoming IPOs - Quantitative Platform is set to launch its IPO from November 19 to November 24, aiming to raise approximately HKD 131 million [9] - Haiwei Electronics plans to conduct its IPO from November 20 to November 25, targeting to raise around HKD 440 million [10] Group 3: Recent Hearings - Yujian Xiaomian, a modern Chinese noodle brand, passed the listing hearing on the Hong Kong Stock Exchange, operating 440 restaurants in mainland China and 11 in Hong Kong [11] - Jinyan High-tech, a kaolin company, also passed the listing hearing, focusing on the production of calcined kaolin products [12] - Naxin Micro, a provider of analog chips, passed the listing hearing, specializing in automotive electronics and consumer electronics [13] - Lemo, a smart massage service provider, passed the listing hearing, leading the market in smart massage services in mainland China [14] Group 4: Market Developments - The Singapore Exchange and Nasdaq announced a collaboration to simplify dual listings, aiming to launch a "Global Listing Board" by mid-2026 [15]

广东：到2027年人工智能核心产业规模超过4400亿元，算力规模超过60EFLOPS 广东省人民政府印发《广东省国家数字经济创新发展试验区建设方案（2025—2027年）》，其中提出，到 2027年，数字经济发展水平稳居全国首位，数字经济核心产业增加值占GDP比重超过16%，打造3个具有国 际竞争力的万亿级数字产业集群，培育若干高价值数字产业新赛道，数据产业规模年均复合增长率超15%， 人工智能核心产业规模超过4400亿元，规模以上工业企业数字化转型突破6万家，算力规模超过60EFLOPS （每秒浮点运算次数），将广东打造为国际一流数字经济发展高地，将粤港澳大湾区建设为全球数字化水平 最高的湾区。 我国首台套绿氢煤化工项目全面投运 11月20日，中国大唐多伦15万千瓦风光储制氢一体化示范项目全面进入市场化运营，这是国内首个绿氢耦合 煤化工示范项目。"绿电制氢+余电上网" 的协同模式成功落地，为煤化工行业绿色转型提供了可复制的实践 样本。 今年中欧班列中通道通行量突破3500，创历史新高 2025年11月20日，一列满载55个集装箱的中欧班列从内蒙古二连浩特铁路口岸启程，驶向俄罗斯，标志着今 年中欧班列中通道通 ...