Core Viewpoint - Lixun Precision has successfully captured market opportunities with key AI end-side customers, both domestically and internationally, and is confident in becoming the primary supplier for these brand clients [1] Group 1 - The company emphasizes its ability to seize market opportunities regardless of whether they are active or passive [1] - The success in becoming the primary supplier depends on the brand clients' capabilities in models, ecosystems, and internal hardware teams [1] - The company plans to adjust its strategies based on clients' hardware investment conditions [1] Group 2 - The focus is on leveraging the company's advantages to position itself effectively in the market [1]

Core Viewpoint - Lixun Precision announced that the impact of memory price fluctuations is mitigated as costs are locked in during ODM quotations, and DRAM costs and processing are managed by brand clients, independent of the company's ODM business with Andro [1] Group 1 - The company emphasized that the ODM capabilities of Wentai are essential for future AI edge product development, requiring stronger ODM/JDM capabilities [1] - Wentai possesses a large ODM engineering team of two to three thousand people and a vast procurement supply chain for mobile phones and tablets, enabling rapid support for the company's AI edge product development [1]

Core Viewpoint - 嘉利国际 reported a revenue of HKD 1.609 billion for the six months ending September 30, 2025, representing a year-on-year growth of 5.4% [1] - The net profit was HKD 102 million, showing a slight decline of 0.1% compared to the previous year [1] - The company proposed an interim dividend of HKD 0.015 per share [1] Financial Performance - Revenue for the period reached HKD 1.609 billion, up 5.4% year-on-year [1] - Net profit stood at HKD 102 million, a decrease of 0.1% year-on-year [1] - Basic earnings per share were HKD 0.05, with an interim dividend proposed at HKD 0.015 per share [1] Business Development - 嘉利国际 is one of the earliest entrants in the server market, leveraging over 40 years of experience in metal and plastic engineering [1] - The company has become a preferred partner for several international server brands due to its strong engineering R&D capabilities and mature mold manufacturing strength [1] - 嘉利国际 has been included in Nvidia's list of server chassis and cabinet component suppliers, successfully delivering multiple prototype products to support Nvidia's AI server platform and data center deployment [1] - The company has also begun delivering ASIC-related server products, marking a significant milestone in entering the core supply chain for AI servers, which is expected to drive future order growth [1]

证券日报网讯 立讯精密（002475）11月26日发布公告，在公司回答调研者提问时表示，公司相信，众 多客户选择立讯精密作为首选合作伙伴，是基于公司多方面的优势，包括全球化的布局、垂直整合能力 以及在稳定性、大规模量产方面的可靠交付，这些都为客户带来了极大的信心。此外，公司提供的从 OEM到ODM的双轨赋能模式，在行业内是独一无二的。这些综合能力使公司能够为这些新兴的软件驱 动型客户提供更深度的硬件集成支持。 ...

Core Viewpoint - Lixun Precision (002475) announced on November 26 that it views optical modules as a form of "connection," differing in form from electrical connections, and believes that the technical barriers for electrical connections are higher than those for optical modules [1] Group 1 - The company emphasizes that electrical connections must be developed from the signal source, indicating a strategic approach to their development process [1] - The company asserts that high commercial profits do not necessarily correlate with higher technical difficulty, suggesting a nuanced understanding of market dynamics [1] - The market for optical modules exists, and the company believes that the technical barriers are not as high as those encountered in electrical connections, which may present new business opportunities [1] Group 2 - The company expresses confidence in gaining customer recognition and support from core partners, which provides a strong rationale for pursuing the optical module business [1]

证券日报网讯 立讯精密（002475）11月26日发布公告，在公司回答调研者提问时表示，通信和数据中 心业务板块成长是一个渐进的过程。如果从一个更长的周期来看，比如一至三年，通信业务的成长态势 确实与2016-2017年的消费电子业务相似。但这并不意味着明年一二季度就一定会出现爆发式增长。也 许在未来的几个季度中，会有两三个甚至三四个季度出现爆发式增长。 ...

Core Viewpoint - Lixun Precision (002475) emphasizes its leadership in developing signal sources for electrical connections, distinguishing itself from competitors in optical connections, and highlights its comprehensive capabilities in power supply and thermal management solutions [1] Group 1: Electrical Connections - The company leads the development of signal sources for both active and passive electrical connections, which is technically more advanced than optical connections [1] - Lixun Precision is one of the few companies globally capable of producing electrical connections, optical connections, power supplies, and thermal management solutions simultaneously, providing greater flexibility and synergy in problem-solving [1] Group 2: Power Supply and Thermal Management - Recent discussions among high-level clients have focused on power supply and thermal management, reflecting historical planning for future computing power growth [1] - The company has achieved zero defect rates in millions of batches for low-voltage power supply modules, showcasing its advanced smart manufacturing capabilities [1] - The reliability of power supplies is critical for AI computing power, as any issues are quickly detected, which underscores the importance of the company's organizational and investment strategies [1]

Core Viewpoint - Lixun Precision (002475) announced that its long-term cooperation model with key clients allows for stability in demand despite fluctuations in storage chip prices [1] Group 1: Business Model - The company has established long-term locking agreements with top clients for high-end and mid-to-high-end product lines, typically lasting two to three years [1] - As a B2B supplier, the company cannot absorb costs arising from fluctuations in raw material prices, exchange rates, or other macroeconomic factors [1] Group 2: Client Demand - The company has observed that its key clients have not indicated a need to reduce production capacity for the second half of the year due to rising storage chip prices, suggesting their ability to secure orders [1]

证券日报网讯立讯精密（002475）11月26日发布公告，在公司回答调研者提问时表示，关于NPO技术路 线，公司认为它只是众多技术路线中的一种，并且从公司个人的技术观点来看，NPO最不可能成为大量 应用的主流技术路线。它可能仅作为CPO(Co-packagedOptics)的一个过渡版本，在少量实验性场景中使 用。公司坚信CPO才是未来主流的场景。即使NPO能够实现量产，其在全场景中的应用比例也不会超过 10%。公司团队一直与湾区的AI算力客户(CSP)技术专家进行密切的交叉学习和验证，以确保公司在整 个技术路线判断上不出现偏差。公司对团队在市场发展趋势判断上的客观性非常有信心。 ...

（文章来源：证券日报） 证券日报网讯立讯精密11月26日发布公告，在公司回答调研者提问时表示，公司始终致力于市场分析， 优先选择价值最高、资源匹配度最佳的客户，并深知任何新产品都需要经历严谨的验证过程。对于产 能，公司从未有过担忧。在新的业务领域，公司一定会根据实际需求匹配相应的资源。 ...