本文转载自侃见财经 值班编辑｜ 江江 以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 视觉 | 诺言 港股牛市的浪潮之下，A股各龙头企业开始加速港股IPO。 7月2日晚，"果链"龙头立讯精密发布公告称，公司正在筹划境外发行股份并在香港联合交易所有限公司 上市事项。公司正在与相关中介机构就本次H股发行上市的具体推进工作进行商讨，相关细节尚未确 定，本次H股发行上市不会导致公司控股股东和实际控制人发生变化。 | 证券代码:002475 | 证券简称:立讯精密 | 公告编号:2025-085 | | --- | --- | --- | | 债券代码:128136 | 债券简称:立讯转债 | | 此前，有多家媒体报道称，立讯精密正在与中金公司、中信证券以及高盛集团就香港上市事宜展开合 作。 据知情人士透露，立讯精密最快将于今年在港交所进行IPO，融资逾10亿美元。该知情人士称，相关事 宜仍在讨论中，股票发行规模和时间可能会有所变动。他还表示，其他银行也可能加入担任立讯精密的 承销商。 实际上，由于今年以来港股市场表现良好，A股各行业的头部公司加速赴港上市。因此，立讯精密选择 启动港股IPO并 ...

Core Viewpoint - Lens Technology (300433.SZ) is advancing its H-share IPO process in Hong Kong, aiming to raise approximately 43 billion RMB to enhance its global strategy and diversify its product offerings [1][7]. Group 1: IPO Details - The IPO will involve a base issuance of approximately 262 million shares, with a price range set between 17.38 HKD and 18.18 HKD, potentially raising around 46.63 billion HKD (approximately 43 billion RMB) if the midpoint price is used [1][7]. - The IPO process has progressed rapidly, taking about 100 days from the announcement to the start of the offering [7]. - The offering is set to conclude on July 4, with the price announcement on July 8 and trading commencing on July 9 [8]. Group 2: Strategic Objectives - The company aims to allocate 28% of the raised funds to expand its overseas business and 48% to diversify its product and service offerings [10]. - Lens Technology plans to establish new production lines in Vietnam and Thailand for smart terminal components and smart automotive products, expected to be operational by the end of 2025 [10]. Group 3: Diversification and Revenue Trends - The company is actively reducing its reliance on Apple, with sales to Apple decreasing from 71% in 2022 to 49.45% in 2024 [2][12]. - Revenue from smartphones and computers still constitutes about 82% of total revenue in 2023 and 2024, but the company anticipates further diversification in the coming years [12]. - Lens Technology's revenue has shown consistent growth, with figures of 466.99 billion RMB in 2022, 544.91 billion RMB in 2023, and projected 698.97 billion RMB in 2024, alongside net profits increasing from 24.48 billion RMB to 36.24 billion RMB over the same period [12].

Core Viewpoint - Lens Technology, a leading player in the Apple supply chain, is entering the Hong Kong IPO phase, with the offering scheduled from June 30 to July 4, 2025, and expected trading to begin on July 9, 2025 [1] Group 1: IPO Details - The company plans to issue approximately 262 million H-shares, with 28.84 million shares for Hong Kong and around 233 million shares for international offerings [1] - The expected price range for the shares is between HKD 17.38 and HKD 18.18, with a trading unit of 200 shares [1] - The anticipated net proceeds from the IPO, based on a median price of HKD 17.78, are estimated to be approximately HKD 45.90 billion after expenses [2] Group 2: Use of Proceeds - About 48% of the funds raised will be used to enrich and expand the product and service portfolio, 28% for expanding overseas operations, 14% for enhancing vertical integration and smart manufacturing capabilities, and 10% for working capital and other general corporate purposes [2] Group 3: Market Context and Investor Sentiment - The Hong Kong IPO market is currently attracting significant attention, with many consumer electronics companies pursuing listings [1] - The pricing of Lens Technology's shares reflects a discount of about 25% compared to its A-share price, which aligns with the general trend of Hong Kong shares trading at a discount to A-shares [2] - Previous listings, such as CATL and Hansoh Pharma, have seen their H-shares outperform A-shares, raising investor expectations for Lens Technology [2] Group 4: Cornerstone Investors - The IPO has attracted notable cornerstone investors, with a total subscription amount of approximately USD 191 million (around HKD 1.49 billion) from various well-known investment institutions [3] - Key investors include Xiaomi, UBS AM Singapore, and Oaktree, among others, with Xiaomi and Seiyun Electric each committing USD 10 million [3][4] Group 5: Strategic Goals - The company aims to diversify its financing channels and has broader strategic ambitions, including expanding and optimizing production capacity, enhancing global presence, and improving smart manufacturing systems [6] - Plans include establishing new production lines in Vietnam and Thailand for smart terminal components and smart automotive products, with operations expected to commence by the end of 2025 [6][7] Group 6: Client Diversification - Lens Technology is actively working to reduce its reliance on Apple, with sales to its largest client projected to decrease from 71% in 2022 to below 50% by 2025 [8] - The company is focusing on expanding its customer base and product offerings, including investments in next-generation smart terminal technologies and other sectors like smart automotive and VR products [8][9]

各位老铁，这里是帮主郑重的复盘分享时间。今天不少朋友问我，A股果链板块跌跌撞撞，到底是抄底机会还是价值陷阱？今天咱们不整虚的，直接上干 货，拆解这场供应链变局里的生存法则。 先说个大实话：苹果产业链从来就不是铁饭碗。去年苹果砍单AirPods的传闻一出，歌尔股份股价直接坐了三折过山车。但最近风向有点微妙——关税豁免 政策刚落地，立讯精密的越南工厂就接到苹果追加的AirPods Pro 3订单。这背后藏着什么门道？我给大家划三个关键信号。 信号一：技术升级才是真护城河 苹果今年要推的iPhone 17 Pro有个狠招——把AI功能锁死在Pro机型。这招有多损？直接让标准版用户想换机都得加钱。但这对供应链来说反而是好事，单 机价值量蹭蹭往上涨。 看立讯精密就懂了，它吃下Pro系列70%的组装订单，光是精密连接器这一块，毛利就比普通机型高出5个点。再看蓝思科技，给Vision Pro供的微晶玻璃盖 板，抗摔性能直接翻三倍，长沙工厂刚扩的10条产线全开满。 但这里头有个坑：光会代工没用。去年欧菲光被踢出苹果供应链，股价直接腰斩。所以得看企业有没有绑定苹果的"黑科技"，比如水晶光电给Vision Pro供 的光波导镜片 ...

【环球网科技综合报道】全球智能手表市场正经历一场"去苹果化"变革。5月7日，根据Counterpoint最新数据显示，2024年Apple Watch全球出货量同比暴跌 19%，除印度市场外，北美、欧洲、亚太等核心市场全线溃败。值得一提的是，在苹果出货量连续五年下滑的同时，三星、华为、谷歌等竞争对手的高端产 品线却逆势增长，凸显苹果在技术创新与产品策略上的双重困境。 作为苹果智能手表最大市场，北美地区贡献了超半数出货量，但2024年却成为拖累全球表现的核心因素。Counterpoint指出，苹果在售价超300美元的高端智 能手表领域份额同比萎缩8%，第四季度更是连续第五个季度出货量下滑。与之形成鲜明对比的是，三星Galaxy Watch Ultra系列凭借钛金属机身与健康监测 功能抢占高端用户，华为Watch GT系列则以"长续航+性价比"策略攻占中端市场。 Counterpoint方面称，两大产品策略失误加速了苹果的衰落。一方面，Watch Series 10升级幅度有限，消费者换新动力不足；另一方面，旗舰款Watch Ultra 3 与入门款Watch SE双双缺席2024年新品阵容。作为苹果出货量"压舱 ...

作为与立讯精密、歌尔股份并称为"果链三巨头"的 蓝思科技 （下称"公司"）， 日前正式提交港股招股书，拟通过"A+H"双上市模式开启新 征程。 回溯过往，公司在与苹果多年的深度绑定中，尽享苹果生态带来的营收红利，从2011年到2024年，营收实现了从60亿元到698亿元的跨越。 不过，客户高度集中的风险如影随形。典型案例是2016年第一季度，或受苹果订单波动影响，公司营收同比下滑35.84%，净利润下滑 59.32%。 为降低风险，近年来公司开启去"苹果化"进程，积极押注智能汽车、智能穿戴等新兴赛道。但2024年，公司新能源车业务毛利率降至 10.17%；智能穿戴业务营收占比不足5%。另外，公司新布局的机器人零部件虽已启动量产，或将面临市场规模有限、商业模式尚未确定等 挑战。 此次赴港募资的核心投向——产能全球化布局与智能制造升级，既是对苹果供应链"去中国化"战略的回应，也折射出企业转型的迫切性。 值 得关注的是，公司此前在A股定增资金使用上存在争议，叠加"大存大贷"的财务结构，使得此次港股IPO的市场接受度充满变数。 去"苹果化"之路不易 据了解，公司专注于玻璃、蓝宝石、陶瓷等外观结构及功能组件的生产、配套 ...