Core Viewpoint - Leading Intelligent Manufacturing achieved a net profit attributable to shareholders of 930 million yuan in the first half of the year, representing a year-on-year increase of 35.94% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 365 million yuan, showing a year-on-year growth of 61.02% but a quarter-on-quarter decline of 35.48% [1] - AI terminal business generated revenue of approximately 20.865 billion yuan, with a year-on-year growth of 17.26% and a gross margin of about 16.89%, an increase of 0.34 percentage points year-on-year [1] Segment Performance - The automotive and low-altitude economy sectors achieved revenue of 1.183 billion yuan, reflecting a year-on-year increase of 38.41% and a gross margin improvement of 13.27 percentage points [1] - Other business segments generated approximately 1.577 billion yuan in revenue, with the clean energy business alone reaching 1.382 billion yuan, a significant year-on-year growth of 247.58% [1] New Business Development - The company made significant progress in new business areas, including robots, servers, thermal management, and foldable screens, launching several core components and solutions such as humanoid robot parts and high-power chargers [1]

Core Insights - The report highlights the strong performance of Lingyi iTech, with a significant increase in revenue and net profit for the first half of 2025, indicating robust growth in its AI terminal business and other segments [1][2]. Financial Performance - For the first half of 2025, Lingyi iTech reported revenue of 23.625 billion yuan, a year-on-year increase of 23.35%, and a net profit attributable to shareholders of 930 million yuan, up 35.94% [1]. - In Q2 2025, the company achieved revenue of 12.131 billion yuan, reflecting a year-on-year growth of 29.91% and a quarter-on-quarter increase of 5.54% [1]. - The net profit for Q2 2025 was 365 million yuan, showing a year-on-year increase of 61.02%, although it declined by 35.48% quarter-on-quarter [1]. Business Segments - The AI terminal business generated approximately 20.865 billion yuan in revenue, marking a year-on-year growth of 17.26%, with a gross margin of 16.89%, an increase of 0.34 percentage points [2]. - The automotive and low-altitude economy sectors achieved revenue of 1.183 billion yuan, up 38.41% year-on-year, with a gross margin increase of 13.27 percentage points [2]. - Other business segments, including clean energy, reported revenue of 1.382 billion yuan, a substantial year-on-year increase of 247.58% [2]. New Business Developments - The company made significant progress in new business areas, including humanoid robots, servers, thermal management, and foldable screens, launching several core components and solutions [3]. - Lingyi iTech's "Lingzhi Team" achieved notable success at the 2025 World Humanoid Robot Games, winning two gold medals and one bronze [3]. Investment Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is 2.2 billion, 2.89 billion, and 3.32 billion yuan, respectively, with corresponding EPS of 0.31, 0.41, and 0.47 yuan per share [4]. - The report maintains a "buy" rating for Lingyi iTech, reflecting confidence in its growth trajectory and market position [4].