Core Viewpoint - The company Lingyi iTech (领益智造) announced a share reduction plan by shareholder Ms. Zeng Fangqin, who intends to sell up to 36 million shares over a three-month period due to personal financial needs, representing 0.49% of the company's total share capital excluding repurchased shares [1][2]. Group 1: Shareholder Information - Ms. Zeng Fangqin plans to reduce her holdings from February 7, 2026, to May 6, 2026, through block trading [1]. - As of now, Ms. Zeng holds 144.54 million shares, accounting for 1.98% of the total share capital, while her associated entity, Lingsheng Investment (Jiangsu) Co., Ltd., holds 4139.52 million shares, representing 56.74% [2]. Group 2: Company Background - Lingyi iTech's business includes AI smartphones, foldable phones, AIPC, tablets, imaging displays, materials, battery power, thermal management, AI glasses, XR wearable devices, premium assembly, sensors, and robotics [2]. - Ms. Zeng, born in 1965 and a graduate of Wuhan University, founded Lingsheng Electronics Technology, the predecessor of Lingyi iTech, in 2006 and led the company into the Apple supply chain [2]. Group 3: Financial Performance - The company's revenue from 2021 to 2024 was 30.38 billion, 34.49 billion, 34.12 billion, and 44.21 billion yuan, respectively, with net profits of 1.18 billion, 1.60 billion, 2.05 billion, and 1.75 billion yuan [3]. - For the first three quarters of 2025, the company reported total revenue of 37.59 billion yuan, a year-on-year increase of 19.25%, and a net profit of 1.94 billion yuan, up 37.66% [4]. Group 4: Market Activity - On November 20, 2025, Lingyi iTech submitted an application for a Hong Kong stock listing, aiming for a dual listing in both A-share and H-share markets, marking its second attempt to list on the Hong Kong Stock Exchange [5].

Core Viewpoint - Lingyi Technology is seeking a dual listing on the Hong Kong Stock Exchange, positioning itself as a global core AI hardware precision manufacturing platform, despite its business structure remaining largely unchanged [1]. Group 1: Company Overview - Lingyi Technology was established in 2006 and initially entered the consumer electronics market through die-cutting technology, later becoming part of Apple's supply chain in 2008 [2]. - The company achieved a significant revenue increase from 22.5 billion yuan in 2018 to 44.2 billion yuan in 2024, effectively doubling its revenue [2]. - The reliance on major clients has increased, with revenue from the top five clients rising from 44.26% in 2020 to 56.04% in the first three quarters of 2025 [2]. Group 2: Financial Performance - Despite doubling revenue, the net profit attributable to shareholders has fluctuated, decreasing from 1.894 billion yuan in 2019 to 1.753 billion yuan in 2024, with a peak of no more than 2.3 billion yuan [3]. - The gross margin has declined from over 22% in 2019-2020 to around 15% in recent years, with 2024's gross margin at 15.77% and the first three quarters of 2025 at 16.61% [3]. Group 3: Market Challenges - The company has faced significant impacts from shifts in downstream customer procurement needs, particularly in 2021 and 2024, leading to a drop in overall gross margin [5]. - The performance and stock price of Lingyi Technology are heavily influenced by its major clients, a common issue among "fruit chain" companies [6]. Group 4: Diversification Efforts - To mitigate reliance on Apple, Lingyi Technology is pursuing diversification through acquisitions and investments, targeting automotive and intelligent robotics sectors [12]. - Recent acquisitions include a 95% stake in Zhejiang Jintai for 38 million yuan and stakes in Jiangsu Keda and Zhejiang Xianglong for 3.32 billion yuan and 2.404 billion yuan, respectively [13]. - The automotive business, while growing rapidly, accounted for only 5% of total revenue in the first half of 2025, indicating a slow diversification process [15]. Group 5: Business Structure and Revenue Breakdown - In 2024, the revenue from AI terminal products reached 40.731 billion yuan, while automotive and low-altitude economy segments generated 2.117 billion yuan [14]. - The automotive sector's gross margin is significantly lower than traditional business lines, with 2024's gross margin at only 1.71% [15].

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