在 " 果链 " 江湖中，还有一个低调玩家，苹果全系列产品的数千种零部件都出自它手，它是苹果最核心供应商之一。可比起前两者，这家公司的 知名度和话题度相去甚远。 这家公司叫领益智造，与公司一样低调的，是其创始人曾芳勤。41 岁创业，60 岁将公司带向千亿市值，个人财富近 700 亿，位列广东江门女首 富，却很少出现在公众视野。 近日，低调的领益智造引发市场热议，其宣布以 8.75 亿元收购液冷企业立敏达 35% 股权，超 34 倍的溢价引发广泛关注。而更让业界关注的是， 被收购的立敏达并非无名之辈，而是英伟达产业链的一员。 这不是一次偶然的并购。从消费电子到新能源汽车，从光伏储能到人形机器人，领益智造通过一次次收购等完成了多元赛道布局，如今更是瞄准 英伟达产业链，曾芳勤的棋局到底藏着怎样的逻辑？ 34 倍溢价并购 提起 " 果链 " 巨头，立讯精密、蓝思科技的名字总被反复提及，王来春、周群飞的创业故事也早已家喻户晓。 辞掉 " 铁饭碗 "，41 岁创业逆袭江门女首富 1965 年出生的曾芳勤，人生本来可以很 " 稳 "。大学毕业后，她进入深圳一家国企从事渔业管理，很快从普通员工做到副总经理，端着人人羡慕 的 ...

Core Viewpoint - Lingyi Zhizhao is shifting its focus to the Hong Kong stock market after years of fluctuations in the A-share capital market, aiming to diversify its capital sources and reduce reliance on major clients [4]. Group 1: Market Position and Financial Performance - Lingyi Zhizhao leads in market share within the consumer electronics and AI terminal hardware sectors, with a comprehensive manufacturing capability covering structural components, modules, thermal management, and batteries [3][6]. - The company's revenue from 2022 to 2024 is projected to be 34.5 billion, 34.1 billion, and 44.2 billion respectively, with gross profits of 7.15 billion, 6.805 billion, and 6.974 billion, indicating a stable revenue growth trend [6]. - The gross margin for the same period is maintained above 15%, showing a downward trend from 20.73% to 15.77%, while net margins are projected at 4.61%, 6%, and 3.98% [6]. Group 2: Revenue Structure and Client Dependency - In the first three quarters of 2025, Lingyi Zhizhao's revenue reached approximately 37.6 billion, with a net profit of 1.941 billion and a gross margin of 16.61% [7]. - The revenue structure is heavily reliant on AI terminals, which accounted for about 92.13% of total revenue in 2024, with the highest contribution coming from imaging display business [7][8]. - A significant portion of the company's revenue comes from a few major clients, with the top five clients contributing 49.1%, 52.0%, 56.0%, and 56.4% of total revenue over the reporting periods [8]. Group 3: Acquisition and Market Strategy - Lingyi Zhizhao recently adjusted its acquisition plan for Jiangsu Keda, changing from a convertible bond and cash method to a cash-only acquisition, raising questions about the valuation of the target company [10]. - The acquisition of Jiangsu Keda, which was seen as a breakthrough for Lingyi's automotive business, faced scrutiny due to discrepancies in revenue growth and profitability compared to industry peers [12]. - The company’s historical focus on simple structural components has evolved into a multi-process supply chain integration capability, driven by close ties with end brands and rapid response to market demands [14].