Summary of the Conference Call for Lens Technology (蓝思科技) Industry and Company Overview - Lens Technology is a leading player in the consumer electronics and automotive sectors, with a strong focus on precision manufacturing for smart devices, including smartphones, computers, smart cars, and servers [2][3]. Key Financial Highlights - Revenue is projected to increase from 45.2 billion to 69.8 billion CNY, while profit is expected to rise from 2 billion to 3.6 billion CNY, indicating robust growth momentum [2][3]. Core Business Insights - The company maintains close collaborations with major North American clients in the consumer electronics sector and is actively expanding its AI glasses business through partnerships with Rokid, Meta, and Apple, suggesting stable growth in this area [2][3]. - In the automotive sector, Lens Technology offers a diverse product line, including smart cockpit glass, B-pillars, body structural components, and rearview mirrors, with partnerships established with leading clients like Tesla and Xiaomi, indicating a promising market outlook [2][4]. - Since 2016, the company has provided joint modules, dexterous hands, and complete assembly services to various robotics companies, accumulating significant technical expertise for future developments in the robotics field [2][5]. New Business Developments - Through acquisitions of Feimei Gao International and Yuanshi Technology, Lens Technology has rapidly entered the AI server market, forming an integrated capability for material module assembly and securing orders from specific domestic and international clients, which is expected to become a new growth engine [2][5]. - The company has made significant progress in commercial aerospace, with established shipments of satellite protection glass and radiation-proof glass to North American clients, while also expanding its domestic market presence [4][6]. Future Growth Directions - Lens Technology plans to continue its focus on multiple sectors, including consumer electronics, new terminal glasses, new energy vehicles, robotics, AI servers, and commercial aerospace. The upcoming 20th-anniversary special edition release from Apple is expected to significantly benefit the company as a core structural component supplier [7]. - New business lines such as automotive laminated glass, humanoid robot joint modules, and liquid-cooled AI servers are anticipated to become additional growth points [7].

文｜野马财经 刘俊群 王来春作为立讯精密（002475.SZ）的掌舵人，其创业故事早已广为人知。她在19岁时就辍学进厂，凭 三十年打拼将立讯精密打造成千亿市值的"果链巨头"。她的胞弟王来喜虽名声不及姐姐，却也凭借在立 讯精密长期积累的经验，成功开拓出自己的事业疆土。 姐弟二人分工明确，王来春继续执掌立讯精密，深耕精密制造领域；王来喜则带领立景创新开拓创新科 技赛道。此外，两人又相互帮助，王来春亲自坐镇弟弟公司立景创新董事长之位，同时，立景创新的核 心高管团队中，从董事长到营销、财务、生产等关键岗位，清一色来自立讯精密体系，每位都拥有超过 十年的"立讯系"烙印。 一个家族，两家IPO，"立讯系"的商业版图，正在资本市场掀起新的造富风暴。 01、绑定"果链"，年入279亿冲刺IPO 你的iPhone后置镜头拍出的氛围感照片，或是MacBook前置摄像头里清晰的视频会议画面，很可能都经 过同一家中国公司之手。"精密光学解决方案商"立景创新科技股份有限公司（下称"立景创新"），为众 多消费电子设备装上了"视觉心脏"，产品涵盖摄像头模块、显示模块等。 这家公司几乎无处不在，全球每六台笔记本电脑中，就有一台使用它生产的摄 ...

高管清一色立讯精密"老将"。 作者｜刘俊群 编辑｜刘钦文 2025年的港股IPO赛道，"立讯系"的家族版图扩张大戏正走向高潮。前脚"果链巨头"立讯精密官宣赴港 布局"A+H"，后脚其"兄弟公司"立景创新递交《招股书》，王氏家族的"双IPO"棋局正式落子。 这一切的背后，离不开两位关键人物：从富士康流水线女工逆袭成为"潮汕女首富"的王来春，以及她的 胞弟、立景创新创始人王来喜。 王来春作为立讯精密（002475.SZ）的掌舵人，其创业故事早已广为人知。她在19岁时就辍学进厂，凭 三十年打拼将立讯精密打造成千亿市值的"果链巨头"。她的胞弟王来喜虽名声不及姐姐，却也凭借在立 讯精密长期积累的经验，成功开拓出自己的事业疆土。 姐弟二人分工明确，王来春继续执掌立讯精密，深耕精密制造领域；王来喜则带领立景创新开拓创新科 技赛道。此外，两人又相互帮助，王来春亲自坐镇弟弟公司立景创新董事长之位，同时，立景创新的核 心高管团队中，从董事长到营销、财务、生产等关键岗位，清一色来自立讯精密体系，每位都拥有超过 十年的"立讯系"烙印。 一个家族，两家IPO，"立讯系"的商业版图，正在资本市场掀起新的造富风暴。 01 绑定"果链" 年 ...

出品：新浪财经上市公司研究院 作者：光心 2025年11月27日，领益智造向香港联交所递交上市申请，谋求"A+H"上市，这是领益智造第二次对港交所发起冲刺。 早在2021年6月，领益智造便首次向港交所递交了上市申请。后于2022年4月，鉴于"资本市场环境变化并综合考虑公司实际情况及目前业务发展规划"等因 素，公司终止赴港上市。 此次上市，领益智造将自己定位为"全球核心AI硬件高精密智能製造平台"，而从业务及客户结构来看，领益智造"果链"企业的本质并未发生太大改变。 前五大客户占比超五成 "苹果依赖症"症状依旧明显 领益智造成立于2006年，成立之初主要靠模切工艺进入消费电子功能件市场。2008年，公司凭借IPod零部件切入苹果供应链，此后业绩便水涨船高。 2018年3月，领益智造通过收购江粉磁材实现借壳上市。上市以来，公司营收由2018年的225亿元增长至2024年的442亿元，营收规模实现翻倍。 然而，在这个过程中，"大客户依赖"的阴影始终挥之不去。2020年到2025年前三季度，公司来自前五大客户的营收占比分别为44.26%、45.49%、49.14%、 52.06%、56.04%，大客户占比持续提升，且 ...

来源：源媒汇 作者 | 利晋 编辑 | 苏淮 "果链女王"王来春，正在帮胞弟王来喜"组装"一个立讯精密。 立景创新科技股份有限公司（下称"立景创新"）日前在港交所主板递交了上市申请书，联席保荐人为中 信证券、中金公司。 王来春及其兄长王来胜，一起为小弟王来喜孵化长达7年的平台，终于浮出水面。 招股书显示，立景创新为一家精密光学解决方案提供商，主要面向全球消费电子、汽车电子、智慧办公 应用以及智能机器人、XR智能终端、智能眼镜等其他新兴领域的中高端光学模块及系统集成市场。 靠着立讯精密王来春家族及其背后的"果链"，短短几年，立景创新已在消费电子摄像头模块多个细分领 域拿下第一、第二名。 按立景创新2024年出货量、收入计算，全球每6台笔记本电脑就有1台搭载立景创新摄像头模块；同时， 在消费电子摄像头模块领域，立景创新位居全球厂商第2名、中国厂商第1名。其中，在笔记本电脑、平 板电脑摄像头模块上，排在全球厂商第1名。 当下，立景创新的业务正从消费电子延伸到汽车电子、办公领域。不过，无论从创立到业务拓展，立景 创新都离不开"买买买"，由此得以快速实现规模化。 这也催生了一个问题——产生了巨额负债，且以银行贷款、租赁 ...

蓝思科技 20251211 摘要 蓝思科技收购原石科技，旨在快速获取英伟达服务器机柜业务，包括机 架、滑轨、托盘等组件技术及客户认证，并获得先进液冷散热系统集成 能力，从而进入英伟达核心供应链。 原石科技是英伟达 GB200、GB300 及 NVL72 等 AI 服务器的关键供应 商，提供金属结构件，并为品达科技代工液冷板等部件。整合后，蓝思 科技将显著提升其在英伟达供应链中的份额和价值。 蓝思科技整合原石科技后，将利用其金属制成能力，扩大产能并持续为 英伟达提供服务。原石科技的供应份额和价值在未来 LUBING 体系中预 计将显著提升。 尽管品达科技未被直接收购，但其通过原石科技进行关键部件代工，与 原石科技的合作关系对蓝思科技整合后的业务至关重要，浙江工厂将全 部用于为品达业务代工。 切入英伟达机柜供应链为果链企业带来新增长点，市场价值至少 5,000 亿元，上游模组和结构端市场接近千亿。蓝思科技有望提升估值，进入 具有弹性的赛道。 Q&A 蓝思科技收购 PMG 国际有限公司的背景和意义是什么？ 蓝思科技近日与 PMG 国际签订了一项收购协议，计划通过现金或其他方式购 买 PMG 国际有限公司 100%的 ...

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the negative consumer sentiment and its impact on retail sales growth, as well as the performance of various sectors including commercial aerospace and energy [3][16]. Consumer Sentiment and Retail Sales - As of September 2025, consumer capability and willingness to spend have contributed 4.98% and -0.48% respectively to retail sales growth, indicating that subsidy policies have not effectively improved consumer sentiment [3]. - The contribution of subsidized goods to retail sales has increased significantly, with subsidized goods accounting for 57.0% of retail sales in the first ten months of 2025, compared to 48.9% in 2024 [3]. Market Performance - On December 3, 2025, the A-share market saw a collective decline, with the Shanghai Composite Index down 0.51%, Shenzhen Component down 0.78%, and ChiNext down 1.12% [16]. - The total trading volume across the three markets reached 168.37 billion yuan, an increase of 76.3 billion yuan from the previous day, with over 3,800 stocks declining [16]. Sector Analysis - The coal sector showed strength, with companies like Dayou Energy and Antai Group hitting the daily limit due to increased seasonal demand amid cold weather [16]. - The commercial aerospace sector experienced mixed performance following the ZQ-3 rocket's successful launch but failed first-stage recovery, leading to volatility in related stocks [10][16]. Investment Recommendations - The article suggests focusing on the commercial aerospace sector, particularly companies involved in rocket propulsion, satellite internet applications, and satellite manufacturing, as the industry is expected to accelerate due to favorable policies and technological advancements [11].

Core Insights - Lijing Innovation Technology Co., Ltd. has officially submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on its position as the largest consumer electronics camera module supplier in China, with a valuation of 22.5 billion [2][5][7] - The company is backed by the "Luxshare family," with significant involvement from prominent investors such as Hillhouse, Sequoia, IDG, and others, indicating strong market interest [3][5][7] - Lijing Innovation has rapidly grown by replicating the successful strategies of Luxshare Precision, particularly through acquisitions, and has established itself as a key player in the "fruit chain" supply chain [9][10][17] Company Background - Founded in 2018, Lijing Innovation is led by Wang Laixi, who has a background in Luxshare Precision, where he served as General Manager [3][4] - The company initially gained attention by acquiring the camera module division of Lite-On Technology for $360 million, which allowed it to enter the supply chain for major smartphone manufacturers like Huawei [4][10] Financial Performance - Lijing Innovation has completed five rounds of financing before its IPO, raising over 5.2 billion RMB, with a post-investment valuation reaching 22.5 billion RMB [5][7] - The company reported revenues of 12.75 billion RMB, 15.25 billion RMB, and projected revenues of 27.91 billion RMB for 2022, 2023, and 2024 respectively, with a significant portion of revenue coming from major clients like Apple [12][15][16] Market Position - According to Frost & Sullivan, Lijing Innovation ranks second globally and first among Chinese manufacturers in the consumer electronics camera module sector, with a strong presence in high-end smartphone camera modules [9][10] - The company has diversified its product offerings and is expanding into emerging fields such as automotive electronics and smart devices [9][11] Future Plans - The IPO proceeds are intended for R&D in precision optical products, upgrading smart manufacturing platforms, and expanding into upstream quality targets within the industry [16][17] - Lijing Innovation's strategy includes further acquisitions to enhance its market share and operational capabilities in various sectors, including automotive and industrial vision [11][12]

Core Insights - The consumer electronics sector is showing mixed performance, with Longying Precision leading gains at 3.24% and Industrial Fulian experiencing the largest decline [1] - iPhone sales in China accounted for 25% of smartphone sales in October 2025, driven by strong performance of the iPhone 17 series, which saw a year-on-year growth of 37% [1] - China Galaxy Securities suggests that the consumer electronics sector has become more cost-effective after adjustments, recommending low-position investments in Apple supply chain-related stocks and monitoring new investment opportunities in AI glasses and other emerging consumer electronics [1] Index and ETF Information - As of October 31, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 56.3% of the index, including Luxshare Precision, Cambricon Technologies, and Industrial Fulian [2] - The Consumer Electronics ETF closely tracks the CSI Consumer Electronics Theme Index, which includes 50 listed companies involved in component production and consumer electronics design and manufacturing [1][2]

Core Insights - Apple's iPhone 17 series has achieved a strong start in China, capturing 25% of the smartphone market share in October, with a year-on-year sales increase of 37% [1] - The overall smartphone sales in China grew by 8% in October, driven by Apple's performance and local brands [1] - The iPhone 17 series is expected to continue its strong sales momentum, especially with the upcoming holiday season [1] Production and Supply Chain - Apple has planned sufficient production capacity for the iPhone 17 series, with an estimated production of 54 million units in Q3 and an increase to 79 million units in Q4, totaling 133 million units for the year [2] - The production assembly of the iPhone 17 series is split between China (84%) and India (14%), highlighting China's critical role in the supply chain [2] - Over 50% of the 187 core companies in Apple's 2024 supply chain list are based in China, indicating the importance of Chinese suppliers [2] Financial Performance - Apple's Q4 2025 revenue reached $102.466 billion, an 8% increase from $94.930 billion in the same period last year, with net profit soaring by 86% to $27.466 billion [2] - CEO Tim Cook anticipates record revenue for the quarter ending in December, marking the best performance since the iPhone's launch [2] Market Performance - The iPhone 17 series has also seen a 14% increase in sales in the U.S. market compared to the previous generation within the first ten days of launch [3] - The base model of the iPhone 17 has become a significant growth driver in China, with sales nearly doubling compared to the previous model [3] - The success of the iPhone 17 series is expected to lead to a new cycle of growth for Apple's supply chain in China, with more new products anticipated in 2026-2027 [3] Related Stocks - Lens Technology (蓝思科技) has been rated "outperform" with a target price of HKD 36.5, benefiting from the innovation cycle of major clients [4] - GoerTek (高伟电子) derives 98.1% of its revenue from Apple, showcasing strong customer loyalty and collaboration within the supply chain [4] - BYD Electronics (比亚迪电子) is positioned to benefit from increased production for Apple products, including potential battery supply [4] Future Outlook - Companies like AAC Technologies (瑞声科技) and Sunny Optical (舜宇光学科技) are expected to see profit margin improvements and increased demand for components due to the new iPhone series and a recovering Android market [5]