Core Viewpoint - Leading AI terminal hardware supplier Lingyi iTech is accelerating its international market expansion by applying for a listing on the Hong Kong Stock Exchange, aiming to enhance its global presence and competitiveness [1][2]. Group 1: International Market Expansion - Lingyi iTech submitted its application for an H-share listing on November 20, 2025, with the goal of furthering its international strategy and expanding overseas business [1][2]. - The company operates in over 30 countries and regions, with overseas revenue accounting for 47.3% of total revenue in the first nine months of 2025 [1][3]. Group 2: Financial Performance - For the third quarter of 2025, Lingyi iTech reported revenue of 13.965 billion yuan, a year-on-year increase of 12.91% and a quarter-on-quarter increase of 15.1%, marking the fifth consecutive quarter of revenue exceeding 10 billion yuan [1][6]. - In the first three quarters of 2025, the company achieved a record high revenue of 37.59 billion yuan, representing a year-on-year growth of 19.25% [6]. Group 3: Research and Development - As of September 30, 2025, Lingyi iTech has established over 30 R&D centers globally, employing a team of 7,370 and holding 2,024 patents, including 502 invention patents [4][5]. - The company's R&D expenses from 2022 to the first nine months of 2025 totaled 7.662 billion yuan, with a fluctuating R&D expense ratio [5]. Group 4: Strategic Acquisitions - Lingyi iTech has been actively pursuing acquisitions to enhance its competitiveness, including the acquisition of Jiangsu Keda and Zhejiang Xianglong, which will help the company transition from Tier 2 to Tier 1 in the automotive sector [5][6]. - The company aims to use the funds raised from the IPO for R&D enhancement, capacity upgrades, strategic investments, and operational funding [3]. Group 5: Share Buyback and Employee Incentives - To promote sustainable development and enhance team cohesion, Lingyi iTech has initiated a share buyback program, with a total amount not less than 200 million yuan and not exceeding 400 million yuan for employee stock ownership plans [7]. - As of October 31, 2025, the company has repurchased 38.23 million shares, accounting for 0.53% of total shares, with a total transaction amount of 320 million yuan [7].

Core Insights - Guangdong Lingyi Intelligent Manufacturing Co., Ltd. (Lingyi Intelligent Manufacturing) has submitted its prospectus to the Hong Kong Stock Exchange, with Guotai Junan Securities as its sole sponsor [2] - The company is positioned as an AI hardware intelligent manufacturing platform, providing comprehensive smart manufacturing services and solutions globally [2] - Lingyi Intelligent Manufacturing ranks first in the global market for high-precision components for AI terminal devices and third in the high-precision intelligent manufacturing platform sector [2] Financial Performance - Revenue for Lingyi Intelligent Manufacturing from 2022 to 2024 is projected to be 34.503 billion yuan, 34.154 billion yuan, and 44.260 billion yuan respectively, with net profits of 1.56 billion yuan, 2.014 billion yuan, and 1.761 billion yuan [2][3] - For the first three quarters of 2025, the company reported revenue of 37.590 billion yuan, a year-on-year increase of 19.25%, and a profit of 1.966 billion yuan, up 39.64% [2][3] Cost Structure - The cost of sales as a percentage of revenue has been relatively stable, with 80.2% in 2022, 81.3% in 2023, and projected at 85.6% in 2024 [3] - Gross profit margins have shown slight fluctuations, with 19.8% in 2022, 18.7% in 2023, and an estimated 14.4% in 2024 [3] Leadership and Ownership - The company is led by Zeng Fangqin, who has extensive experience in enterprise management and intelligent manufacturing, having founded Lingyi Technology in 2012 [4] - Zeng Fangqin and Ling Sheng Investment hold approximately 58.64% of the company's issued share capital, making them the controlling shareholders [3] Recognition - Zeng Fangqin was ranked sixth on the 2025 Hurun Richest Women in China list, with a wealth of 69.5 billion yuan, making her the second richest woman in Shenzhen [5][6][7]

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