记者丨杨坪 实习生陈慧 编辑|巫燕玲 继立讯精密、蓝思科技后，又一果链龙头赴港IPO。 近日，港交所官网显示，广东领益智造股份有限公司（以下简称"领益智造"）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。 作为这家近千亿市值公司的掌舵人——被称为"深圳女王"的曾芳勤，在经历近二十年来的创业生涯后， 也即将收获其人生中的首个IPO。 图/ 领益智造官网 此前，领益智造登陆A股市场，主要是通过借壳上市的方式。2017年，其以207亿元借壳江粉磁材，在 2018年2月获得证监会无条件通过。 七年来，领益智造营收翻了一倍，市值增长超过四倍。尤其是今年以来，公司在具身智能的布局取得了 一系列进展，股价年内上涨超过60%。 根据弗若斯特沙利文资料，以2024年收入计，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。 这便是领益智造发展的"起点"。 在遍地"草根"的80/90年代，曾芳勤的个人履历颇为亮眼。她出生于广东深圳，武汉大学毕业后不甘国 企的"平庸"生活，远赴美国攻读硕士学位，归国后曾出任美时精密公司中国区总经理，深度涉足精密件 制造业。 做出 ...

在今年5月，联想集团已经率先在中国发布了联想天禧个人超级智能体，并全力推进"一体多端"战略， 持续领跑AI终端市场，打造了具备异构计算能力的AI PC、AI手机、AI平板和AIoT等多种AI终端，为用 户提供了全场景、无缝联接的AI体验。 11月20日，联想集团公布截至2025年9月30日的2025/26财年第二财季业绩：当季营收同比增长15%至 1464亿元人民币，创下财季历史新高。经调整后的净利润同比增长25%，达36.6亿元人民币。 在业绩发布会上，联想集团董事长兼CEO杨元庆表示，明年1月6日将在联想创新科技大会上在全球范围 内推出个人超级智能体，"它不但能协同各类可穿戴与环境感知设备，听你所听，见你所见，记你所经 历；还能调度各种便携式设备和个人可信计算中枢，通过个性化的算法与模型，持续学习你的习惯、预 测意图，做到"思你所想，行你所愿"，最终成为你的个人智能双胞胎。" ...

2025 年，是荣耀独立运营的第五年，亦是中国"十四五"规划的收官之年。两个关键时间节点的重叠，并非偶然的时间巧合，而是产业周期与企业战 略的深度共振——当 AI 技术从实验室的概念探索，正式迈入产业融合的"深水区"，全球科技巨头纷纷角逐 AI 与硬件的结合边界，一场围绕"下一代 AI 终端"的形态革命与场景争夺战，已在行业深处悄然启幕。 而荣耀的第五年，恰好成为观察中国科技品牌如何在这场变革中抢占先机、定义未来的最佳窗口。五年前，荣耀在大众认知中尚是定位中低端的互 联网品牌；历经五年深耕，如今的荣耀已完成品牌形象的根本性跃迁——今年3月，荣耀CEO李健在世界移动通信大会上正式发布"阿尔法战略",宣布 从智能手机制造商向全球领先的AI终端生态公司转型,并承诺五年投入超100亿美元用于生态建设。通过这一前瞻性的战略布局，表明了荣耀的野心不 止于打造一部更聪明的手机，更是要以技术为锚点，引领整个AI终端产业的进化方向。 01 从AI Phone到Robot Phone：成为端侧AI技术落地消费级市场的先行者 荣耀的产品逻辑早已跳出传统消费电子的"参数竞赛"，转而以"探索 AI 终端新物种"为核心，重新定义人机交互 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 37.59 billion yuan for the third quarter of 2024, representing a year-on-year growth of 19.25%. The net profit attributable to shareholders was 1.941 billion yuan, up 37.66% year-on-year, while the net profit after deducting non-recurring items was 1.503 billion yuan, an increase of 26.67% [5][6]. - In the third quarter alone, the company achieved a revenue of 13.965 billion yuan, a year-on-year increase of 12.91%, with a net profit of 1.012 billion yuan, reflecting a growth of 39.28% year-on-year. The net profit after non-recurring items was 897 million yuan, up 46.47% year-on-year [5][6]. - The company's gross margin improved to 16.61%, an increase of 0.74 percentage points year-on-year, with a gross margin of 19.20% in the third quarter, up 1.99 percentage points year-on-year and 4.19 percentage points quarter-on-quarter [12]. - The company is expanding its business across four key areas: robotics, AI glasses, foldable screens, and servers, with significant growth in AI-related products and automotive business [12]. Financial Performance - The company’s revenue is projected to reach 44.21 billion yuan in 2027, with a net profit attributable to shareholders expected to be 2.539 billion yuan in 2025 and 3.438 billion yuan in 2026 [16]. - The company has made a strategic acquisition of Zhejiang Xianglong for 2.404 billion yuan, which will enhance its automotive business and align with trends in electrification and intelligence in the automotive sector [12].

Core Viewpoint - The NOR Flash market is experiencing a price increase driven by rising raw material costs and improved supply-demand dynamics, with some products seeing price hikes of over 30% in less than a month [1][4]. Group 1: Price Increases and Market Dynamics - A significant price increase of at least 10% has been initiated by major NOR Flash manufacturers in the A-share market, including companies like Zhaoyi Innovation and Puran [1][4]. - The price hikes are attributed to increased costs from upstream raw materials, wafer fabrication, and packaging testing, necessitating a collaborative approach to share cost pressures with clients [1][4]. - The demand for NOR Flash is being bolstered by the rise of AI applications, which require higher average capacities and quantities, alongside improving downstream inventory levels [4]. Group 2: Company Performance and Financials - Puran reported a revenue of 1.43 billion yuan for the first three quarters of 2025, a year-on-year increase of 4.9%, but a net profit decline of 73.7% to 59.05 million yuan [3]. - In Q3, Puran's revenue was 527 million yuan, reflecting a quarter-on-quarter growth of 5.24%, but a significant year-on-year net profit decline of 79.4% [3]. - The company faced challenges from unsold inventory, leading to substantial impairment provisions that affected overall profitability [3]. Group 3: Technological Advancements and Product Offerings - Puran's NOR Flash products utilize advanced SONOS and ETOX technologies, with capacities ranging from 512 kbit to 1 Gbit, suitable for various applications including TWS headphones and automotive navigation [5]. - The company is currently negotiating price changes for NOR Flash storage chips with downstream clients, indicating some improvement in product pricing compared to Q3 [5]. Group 4: Strategic Acquisitions and Market Expansion - Puran is actively pursuing growth through acquisitions, including a planned cash purchase of controlling interest in Zhuhai Noah Changtian Storage Technology Co., which will enhance its position in the NAND market [6]. - The acquisition of SkyHigh Memory Limited, a company specializing in high-performance 2D NAND products, is expected to complement Puran's existing customer base and enhance global market competitiveness [7]. - SkyHigh's product offerings, including SLC NAND and eMMC, are aimed at high-stability and high-speed applications, which align with Puran's strategic goals in expanding its product portfolio [7].

Core Insights - The CEO of Honor Terminal Co., Ltd., Li Jian, participated in the World Internet Conference in Wuzhen, discussing innovations in the AI terminal sector and the progress of the Alpha strategy [1] Group 1 - The terminal is expected to become the core battlefield for the next generation of human-computer interaction [1]

Group 1 - The core point of the article is that Lingyi iTech (SZ 002600) held its 20th meeting of the sixth board of directors on November 7, 2025, to review proposals including adjustments to asset purchase plans [1] - For the first half of 2025, Lingyi iTech's revenue composition was as follows: AI terminals accounted for 88.32%, other segments for 6.68%, and automotive and low-altitude economy for 5.01% [1] - As of the report, Lingyi iTech's market capitalization was 108 billion yuan [1]

Core Viewpoint - Lingyi Technology has experienced a decline in stock price, dropping 2.3% to 14.84 CNY per share, with a total market capitalization of 108.42 billion CNY, and a cumulative drop of 8.23% over the past four days [1] Company Overview - Lingyi Technology, established on July 1, 1975, is located in Jiangmen City, Guangdong Province, and was listed on July 15, 2011. The company specializes in the production and sales of new electronic components, mobile phone, and computer accessories [1] - The revenue composition of Lingyi Technology is as follows: AI terminals account for 88.32%, other products 6.68%, and automotive and low-altitude economy 5.01% [1] Shareholder Information - Yongying Fund has a presence among the top ten circulating shareholders of Lingyi Technology, with its fund, Yongying Technology Smart Selection Mixed Fund A (022364), newly entering the top ten with 20.03 million shares, representing 0.28% of circulating shares [2] - The fund has incurred a floating loss of approximately 7.01 million CNY today and a total floating loss of 26.64 million CNY during the four-day decline [2] - Yongying Technology Smart Selection Mixed Fund A was established on October 30, 2024, with a latest scale of 2.278 billion CNY, achieving a year-to-date return of 201.23% and a one-year return of 249.77% [2] - The fund manager, Ren Jie, has a tenure of 1 year and 6 days, with total fund assets of 12.878 billion CNY, and has delivered a best return of 240.91% and a worst return of 9.43% during his tenure [2]

Company and Industry Summary Company Overview - The company has achieved over 10 billion RMB in battery and power revenue, benefiting from a major customer innovation cycle in the first half of 2025 [2][3] - The automotive low-altitude business accounts for 10% of total revenue [2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 37.591 billion RMB, a year-on-year increase of 19.2% [3][11] - Net profit increased by 37.66% year-on-year, with Q3 net profit exceeding 1 billion RMB, marking a record high since the company went public [3][11] - The asset-liability ratio decreased to 55% due to the redemption of convertible bonds [12] Product Development and Innovations - The company has seen significant growth in its 17 series products, particularly in thermal management and fast-charging batteries, with the 17 Pro Max unit value reaching 38-40 USD, a 50% increase year-on-year [2][4] - Innovations in thermal management include solutions such as graphite films, copper VC, stainless steel VC, and steel-copper hybrid VC, with expected unit values of 15 USD for new Apple products [2][5] - Battery packaging has been upgraded to thin steel shells for high-end models, adding 2 USD in value per battery [5] Strategic Focus Areas - The company is actively expanding into robotics and server sectors, employing a land-grab strategy and collaborating with multiple companies [2][6] - In the server market, the company focuses on thermal and power systems, participating in AMD projects and developing high-power power supplies through its subsidiary [8][20] Global Expansion - The company’s overseas production bases and R&D centers contribute over 30% of its revenue, with the Indian market generating 8 billion RMB in 2024 [9][10] - The overseas bases are expected to significantly reduce losses in 2025-2026, enhancing global competitiveness [10] Future Growth Strategy - The company aims to achieve a revenue scale of 200 billion RMB by 2030, with consumer electronics expected to account for about half of this revenue [14][15] - The growth will be supported by the automotive, low-altitude economy, robotics, and server sectors [14][16] Supply Chain Management - The company has maintained normal operations despite challenges in the Apple supply chain, with overseas production bases contributing to rapid growth [17][18] - A dual circulation strategy is employed to enhance the importance of overseas customers while developing both domestic and international markets [18][19] Robotics Business Outlook - The robotics sector is in its early stages but has significant growth potential, with expected revenue exceeding 100 million RMB this year [21] - Collaborations with various companies are expected to accelerate production and expand the business further [21] Server Business Development - The company has transitioned from consumer-grade to server-grade products, becoming a supplier for AMD and entering the NVIDIA supply chain [20] - Future goals include continued technological innovation and capacity investment to enhance revenue and profit performance [20] Conclusion - The company is well-positioned for future growth with a diversified product portfolio, strong financial performance, and strategic focus on emerging markets and technologies.

Core Viewpoint - The acquisition of a 96.15% stake in Zhejiang Xianglong for 2.404 billion yuan marks a significant step for Lingyi Zhizao in enhancing its Tier 1 position in the automotive industry, further solidifying its "vehicle-machine symbiosis" strategy [1][2]. Financial Performance - Zhejiang Xianglong is projected to achieve a revenue of 1.994 billion yuan and a net profit of 127 million yuan in 2024, with the first half of 2025 showing a revenue of 969 million yuan and a net profit of 92 million yuan [2]. - The seller guarantees that the net profit for Zhejiang Xianglong will not be less than 175 million yuan, 200 million yuan, and 225 million yuan for the years 2025 to 2027, totaling a minimum of 600 million yuan over three years [2]. Strategic Importance - This acquisition is a crucial move for Lingyi Zhizao to deepen its automotive industry layout, following previous acquisitions that have built a product matrix including power battery structural components and automotive precision structural components [2]. - The company aims to transition from Tier 2 to Tier 1 by leveraging Zhejiang Xianglong's customer resources and industry experience, aligning with the trends of electrification and intelligentization in the automotive sector [3]. Technological Synergy - Lingyi Zhizao has developed core technologies in humanoid robotics, such as servo motors and reducers, which can be reused in automotive and robotics components, creating a unique "vehicle-machine symbiosis" effect [3]. - The acquisition is expected to enrich the company's revenue structure and enhance its sustainable operational capabilities, laying the groundwork for hardware applications in AI terminals and humanoid robots [3].