渗透率提升 作为DaaS行业头部企业，凌雄科技的核心业务围绕IT设备全生命周期管理展开，构建了"IT设备回收—IT设备订阅（租 赁）—IT技术运维—设备管理SaaS（软件运营服务）"的全链条服务体系，彻底改变了传统IT设备"一次性购买、一次性使用"的 固有模式，实现了设备资源的精细化管理和高效循环利用，2024年其设备订阅量达617.6万台。 从全球范围看，DaaS并非新概念。在欧美市场，企业IT设备从一次性采购转向"按需订阅"已较为成熟。在中国，这一模式 仍处在加速渗透阶段。根据灼识咨询的预测，中国DaaS市场正快速增长，预计2026年市场规模将达到1382亿元，2021年至2026 年将维持约32%的年复合增长率。 "DaaS行业迎来前所未有的机遇窗口期。"胡祚雄表示，一方面，我国DaaS市场渗透率将在未来5年内迎来拐点，由如今的 5%左右上升到10%。届时，各市场经营主体的消费意识和习惯将会发生巨大变化，在配置IT办公设备时或将首选DaaS服务。 另一方面，我国DaaS市场规模将进入持续稳步增长快车道，未来仍将保持较高的年复合增长率。 在胡祚雄看来，企业主体数量的持续扩张，构成了DaaS需求的基本盘。2 ...

Core Insights - Lingxiong Technology, a Chinese DaaS (Device as a Service) company, reported a revenue increase of approximately 18.5% year-on-year, reaching 1.117 billion RMB in the first half of 2025 [1][3] - The company achieved a net profit of around 5 million RMB, marking a turnaround from losses, with adjusted profit reaching approximately 18.645 million RMB [1][3] - Adjusted EBITDA saw a significant increase of about 38.5%, totaling approximately 194 million RMB [1] Revenue Breakdown - The equipment recovery business experienced a customer growth of about 20% year-on-year, with revenue increasing by 24.4% to approximately 848 million RMB [3] - Revenue from equipment subscription services grew by 4.5% to around 192 million RMB, while IT technology subscription services maintained steady growth with revenue of approximately 76 million RMB [3] - Total device subscriptions increased by 11.7% year-on-year, reaching approximately 3.475 million units [3] Market Outlook - The DaaS market in China is expected to see a penetration rate increase from around 5% to 10% over the next five years, driven by changing consumer awareness and habits [3] - Lingxiong Technology's business model demonstrates resilience in complex economic cycles, supported by a capable management team [3]

Core Insights - Lingxiong Technology, the first stock in China's DaaS (Device as a Service) industry, reported a revenue increase of approximately 18.5% year-on-year, reaching 1.117 billion RMB in the first half of 2025, with a net profit of about 5 million RMB, marking a turnaround from losses [1][2] - The company has maintained its position as the industry leader, achieving record-high revenue for the same period and demonstrating strong operational performance despite a complex macroeconomic environment [1][2] Financial Performance - Revenue for the equipment recycling business grew by 24.4% to approximately 848 million RMB, while equipment subscription services saw a 4.5% increase to about 192 million RMB [1][4] - Adjusted EBITDA surged by approximately 38.5% to 194 million RMB, indicating robust operational efficiency [1] Market Position and Strategy - Lingxiong Technology's business model, focusing on full lifecycle management of devices, has proven resilient in navigating complex economic cycles [2][5] - The company has established a strong core competency through a closed-loop DaaS ecosystem, a robust recycling and refurbishment supply chain, and an industry-leading intelligent risk control system [4][5] Industry Growth and Trends - The DaaS market in China is projected to maintain a compound annual growth rate of over 30%, with expectations to exceed 100 billion RMB by 2025 [10] - The demand for DaaS services is driven by the increasing number of enterprises and their need for cost-effective solutions amid economic pressures [5][12] Future Outlook - Lingxiong Technology is well-positioned to benefit from favorable macroeconomic conditions and government policies aimed at promoting the DaaS industry [12][13] - The company aims to enhance its market share and operational efficiency through digital transformation and AI technology integration, which will further improve customer service quality [6][13]

Core Viewpoint - Lingxiong Technology, the first DaaS (Device as a Service) company listed in China, reported a significant improvement in its mid-year performance for 2025, indicating a positive trend in the DaaS market in China [1] Company Summary - Lingxiong Technology's revenue for the first half of the year increased by approximately 18.5% to 1.117 billion RMB [1] - Gross profit rose by about 9.7% to 102 million RMB [1] - The company achieved a net profit of approximately 5 million RMB, marking a turnaround from previous losses [1] - Adjusted profit reached about 18.645 million RMB, also indicating a return to profitability [1] - Adjusted EBITDA surged by approximately 38.5% to 194 million RMB [1] - Revenue from the equipment recovery business grew by 24.4% to around 848 million RMB [1] - Revenue from equipment subscription services increased by 4.5% to approximately 192 million RMB [1] - IT technology subscription services maintained steady growth, generating about 76 million RMB in revenue [1] - Total equipment subscriptions rose by 11.7% to approximately 3.475 million units [1] Industry Summary - The DaaS market in China is expected to experience a significant penetration increase from the current 5% to around 10% over the next five years [1] - The changing consumer awareness and habits regarding IT office equipment are anticipated to favor DaaS services as the preferred option [1] - The DaaS market in China is projected to enter a phase of sustained and steady growth, with Lingxiong Technology positioned as a leading player in this sector [1]

Core Viewpoint - Lingxiong Technology Group Limited is actively contributing to rural education in Guangdong by donating teaching computers to schools, demonstrating its commitment to social responsibility and sustainable development in the DaaS industry [1][2] Group 1: Company Initiatives - Lingxiong Technology has donated a batch of teaching computers to Luhua Future School in Guangdong, continuing its support for rural education after a previous donation in March [1] - The company is recognized as a leading DaaS provider in China, focusing on high-quality development and social contributions through various initiatives [2] - The donation aims to enhance the school's information technology teaching capabilities and promote educational development in the mountainous areas of eastern Guangdong [1] Group 2: Industry Position - As the largest enterprise-level DaaS supplier in China, Lingxiong Technology has developed a comprehensive digital DaaS service model, offering services such as device subscription, IT technology subscription, and equipment recycling [2] - The company has helped thousands of enterprises achieve cost reduction and efficiency improvement through its innovative services [2] - Lingxiong Technology emphasizes the importance of a circular economy and has significantly increased the utilization rate of IT equipment through advanced remanufacturing technology [2]