Core Viewpoint - The revaluation of Chinese technology assets has become a central theme in the market since the beginning of the year, with Lingxiong Technology being highlighted for its unique business model and potential value growth in the context of this trend [1] Group 1: Technology Barriers and Potential Value Revaluation - Lingxiong Technology operates as a leading service provider in the Device as a Service (DaaS) industry, focusing on IT equipment operation and management, which aligns with the increasing market demand for resource efficiency and cost reduction [2] - The company integrates cutting-edge technologies such as big data and AI into its operations, enhancing resource allocation and improving equipment utilization rates, thereby increasing its competitive edge [2][3] - Lingxiong Technology has played a significant role in drafting multiple industry and national standards, indicating its technological leadership and influence in the sector [3] Group 2: Scale Effect Driving Profit Structure Optimization - The business model of Lingxiong Technology, which encompasses the entire lifecycle management of equipment, exhibits clear scale effects, leading to a reduction in unit costs as business volume increases [4] - The company reported an average revenue contribution of 69,200 yuan per equipment recycling customer in 2024, reflecting a 6.5% year-on-year increase [5] - As equipment depreciation periods end, the company expects a significant reduction in operational costs, which will enhance its profit margins [5] Group 3: ESG Premium Yet to Be Realized - Lingxiong Technology's business model aligns with environmental protection and sustainable development, contributing to significant carbon reduction, with over 83,700 tons of net carbon reduction reported in 2024 [6][7] - The company is well-positioned to benefit from favorable policies promoting carbon neutrality and resource recycling, which supports its business growth [7] - The market has not fully recognized the company's contributions to ESG, indicating a potential undervaluation that could lead to future revaluation as awareness increases [7]

Core Viewpoint - The DaaS (Device as a Service) industry in China is focusing on sustainable development through technological innovation, emphasizing the importance of a circular economy and low-carbon practices in the context of the "dual carbon" goals set by the government [1][2] Group 1: Event Overview - The first DaaS industry forum in China was held on June 5, focusing on "Full Green Commitment - Empowering Sustainable Development through Technological Innovation" [1] - The forum was co-hosted by Lingxiong Technology Group, the China Small and Medium Enterprises Association DaaS Service Professional Committee, and other organizations [1] Group 2: Industry Insights - The DaaS model inherently supports the concept of a circular economy by managing the entire lifecycle of equipment, utilizing remanufacturing technology, and promoting digital operations to reduce waste [1] - Lingxiong Technology is highlighted as a practitioner in the DaaS industry, contributing to sustainable development through the circular use of devices and low-carbon innovations [1] Group 3: Challenges and Opportunities - The current transition period for circular economy development in China is critical, with many enterprises shifting green development from an option to a necessity [2] - Continuous efforts in technological innovation, standard establishment, and business model development are essential for achieving high-quality growth in the industry [2] - The need for collective action across society is emphasized, indicating that green development requires collaboration rather than isolated efforts [2]

Core Viewpoint - Lingxiong Technology (02436.HK) has reported a record revenue of approximately 2.372 billion RMB for 2024, marking a year-on-year growth of about 32.3%, showcasing its resilience in a challenging macroeconomic environment [1] Group 1: Financial Performance - Revenue for 2024 reached approximately 2.372 billion RMB, a year-on-year increase of 32.3% [1] - Gross profit increased by 33% to approximately 196 million RMB [1] - Adjusted EBITDA grew by 17.6% to approximately 283 million RMB [1] - Equipment recycling business revenue rose by 42.7% to approximately 1.836 billion RMB [2] - Equipment subscription service revenue increased by 9.1% to approximately 380 million RMB [2] - Total equipment subscription volume grew by 7.5% to approximately 6.176 million units [2] Group 2: Business Model and Strategy - The DaaS business model demonstrates strong resilience and operational excellence, allowing the company to navigate complex economic cycles [1][3] - Lingxiong Technology focuses on enhancing customer service and experience, which is crucial for maintaining its competitive edge [1][3] - The company has built a closed-loop DaaS ecosystem that generates significant synergies and supports its subscription services [3] Group 3: Digital Transformation and Innovation - Lingxiong Technology is advancing its digital transformation, enhancing operational efficiency through a fully integrated digital chain [4] - The launch of the Xiaoxiong Ubao APP improves internal operational efficiency by facilitating customer maintenance actions [4] - The integration of AI technology is expected to significantly enhance customer service efficiency and quality [4][5] Group 4: Market Outlook and Growth Potential - The DaaS industry is experiencing a favorable window of opportunity due to increasing enterprise demand and supportive government policies [6][7] - The market penetration rate for DaaS services is projected to rise from approximately 5% to 10% over the next five years [7] - Lingxiong Technology is well-positioned to benefit from the anticipated growth in the DaaS market, with significant potential for revenue and profit expansion [7]

Core Viewpoint - Lingxiong Technology, the first stock in China's DaaS industry, reported a revenue of approximately 2.372 billion RMB for 2024, marking a year-on-year growth of about 32.3%, and continues to lead the industry for several consecutive years [1] Group 1: Financial Performance - Revenue for 2024 reached approximately 2.372 billion RMB, a year-on-year increase of about 32.3% [1] - Gross profit increased significantly by 33% to approximately 196 million RMB [1] - Adjusted EBITDA grew by 17.6% to approximately 283 million RMB [1] - The equipment recycling business revenue rose by 42.7% to approximately 1.836 billion RMB [3] - Equipment subscription service revenue increased by 9.1% to approximately 380 million RMB [3] - Gross margin for equipment subscription services improved to about 24.6% [7] Group 2: Business Model and Market Position - Lingxiong Technology is recognized as the largest enterprise-level DaaS provider in China, demonstrating resilience through its DaaS business model [1][2] - The DaaS service model can reduce initial investment by 97.4% compared to traditional methods and lower operational costs by 10% to 30% over three years [3] - The company has maintained its industry-leading position since 2021, with a consistent focus on customer needs and service innovation [4] Group 3: Strategic Initiatives and Innovations - The launch of the Xiaoxiong Ubao APP enhances internal operational efficiency and customer maintenance [7] - The integration of AI technology is expected to significantly improve customer service efficiency and quality [7] - The development of a SaaS-based IT asset management system has been recognized as a high-tech product in Guangdong Province for 2024 [7] Group 4: Industry Outlook - The DaaS market in China is projected to grow significantly, with market penetration expected to rise from about 5% to 10% in the next five years [9] - Government policies promoting equipment updates and green transitions are expected to bolster the DaaS industry [8] - The demand for DaaS services is anticipated to increase as companies seek to reduce costs and improve efficiency [8]

Group 1 - Lingxiong Technology Group Limited, a leading company in the Device as a Service (DaaS) industry, has donated teaching equipment to a primary school in Guangdong Province, marking an important initiative for corporate social responsibility [1][2] - The donation consists of 50 standardized computers and supporting facilities, which were refurbished from second-hand units using advanced IT remanufacturing technology [1][2] - The company has a history of contributing to rural education and digital infrastructure development across various regions in China, leveraging its DaaS service model and IT equipment remanufacturing capabilities [2] Group 2 - The donation event was attended by key figures including the chairman of Lingxiong Technology, highlighting the company's commitment to social engagement and gratitude towards community support [1][2] - Lingxiong Technology, as the parent company of Bear U Rental, has been recognized as a national-level specialized and innovative "little giant" enterprise, emphasizing its significant role in the industry [2] - The initiative aims to enhance educational resources in rural areas and support the broader goal of rural revitalization through technological innovation [2]