全球领先的AI终端硬件核心供应厂商领益智造（002600）(002600.SZ)持续拓展海外市场。 日前，领益智造公告称，公司正在筹划发行H股股票并在香港联合交易所有限公司上市，进一步推动国 际化战略落地。 长江商报记者注意到，领益智造坚持创新引领和国际化发展理念，聚焦主业并向上游延伸，发力机器 人、服务器散热、AI眼镜、低空经济等第N增长曲线，筑牢企业护城河。 2025年以来，领益智造业绩稳步增长的同时，股价也持续攀升。9月30日，领益智造股价报收16.31元/ 股，年内股价累计涨幅约为104%，总市值高达1143亿元。 境外销售收入占比稳步提升 日前，领益智造公告，为进一步推动国际化战略落地，加强海外业务布局，拓宽海内外并购和融资渠 道，提高公司国际知名度，提高公司整体竞争力，公司正在筹划境外发行股份(H股)并在香港联合交易 所有限公司(以下简称"香港联交所")上市事项。 领益智造表示，截至目前，公司正在与相关中介机构就本次H股发行上市的相关工作进行商讨，相关细 节尚未确定，本次H股发行上市不会导致公司控股股东和实际控制人发生变化。 根据相关法律法规的要求，待具体方案确定后，本次H股发行上市工作尚需提交公 ...

领益智造表示，截至目前，公司正在与相关中介机构就本次H股发行上市的相关工作进行商讨，相关细 节尚未确定，本次H股发行上市不会导致公司控股股东和实际控制人发生变化。 公告显示，本次H股发行上市工作尚需提交公司董事会和股东会审议，并经中国证监会备案和香港联交 所等监管机构审核。本次H股发行上市能否通过审议、备案和审核程序并最终实施具有较大不确定性。 公司将依据相关法律法规的规定，根据本次H股发行上市的后续进展情况及时履行信息披露义务。 领益智造在全球范围内为客户提供精密功能件、结构件、模组等一站式智能制造服务及解决方案，苹果 公司为该公司重要客户，该公司产品广泛应用于消费电子、汽车、机器人等领域。 2025年上半年，领益智造营收236.25亿元，同比增长23.35%；归母净利润9.3亿元，同比增长35.94%。 其中，境内境外销售占比分别为25.79%、74.21%。 分三大业务板块来看，上半年领益智造AI终端业务实现收入208.65亿元，同比增长17.26%；汽车及低空 经济业务实现收入11.83亿元，同比增长38.41%，毛利率同比提升13.27个百分点；其他业务实现收入约 15.77亿元，同比增长212.9 ...

Core Viewpoint - Lianyi Intelligent Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and competitiveness [1] Group 1: Company Developments - Lianyi Intelligent Manufacturing announced its intention to issue H-shares and list on the Hong Kong Stock Exchange to expand its overseas business and improve its international profile [1] - The company is currently in discussions with intermediaries regarding the H-share issuance, with details yet to be finalized [1] - The H-share issuance will require approval from the company's board and shareholders, as well as regulatory review from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] Group 2: Financial Performance - In the first half of 2025, Lianyi Intelligent Manufacturing achieved revenue of 23.625 billion yuan, a year-on-year increase of 23.35%, and a net profit of 930 million yuan, up 35.94% [2] - The company's domestic and international sales accounted for 25.79% and 74.21% of total sales, respectively [2] - The AI terminal business generated revenue of 20.865 billion yuan, growing 17.26%, while the automotive and low-altitude economy sectors saw revenue of 1.183 billion yuan, up 38.41% [2] Group 3: Market Trends - The stock price of Lianyi Intelligent Manufacturing hit the daily limit, closing at 16.18 yuan per share, with a total market capitalization of 113.4 billion yuan [3] - The consumer electronics supply chain is experiencing a trend of companies planning to list in Hong Kong, driven by complex global trade dynamics and increasing local service demands [3] - Industry experts believe that companies with global production capabilities and localized operations will have a competitive edge, making the Hong Kong listing a strategic move for supply chain enterprises [3]

Group 1: Technology Development - The company is developing microchannel liquid cooling plate (MLCP) technology, which is priced 3 to 5 times higher than existing cooling solutions to address high power consumption in AI platforms [2][3] - The MLCP technology is still in the early feasibility discussion stage, with no bulk production orders received yet [3] - The company has a competitive advantage in metal etching processes, which are superior in precision and flatness compared to 3D printing [3] Group 2: Business Strategy and Growth - The company plans to explore potential acquisition opportunities that align with its long-term strategic development while ensuring organic growth [4] - The company has established supplier codes with major clients in the consumer electronics sector, including Apple, Amazon, and Google, as well as in the new energy battery sector with companies like CATL and BYD [6] - The company aims to enhance its international competitiveness by leveraging existing industry resources and increasing investment in technological innovation and R&D [6] Group 3: Financial Performance and Reporting - The company is currently operating normally and will disclose its financial performance in accordance with regulatory requirements [6] - There is no significant undisclosed information related to the company's operations from the recent investor relations activity [6]

Core Viewpoint - Jebon Technology reported a significant revenue growth of 27.51% year-on-year for the first half of 2025, reaching 438 million yuan, despite a net loss of 38 million yuan [1]. Group 1: Financial Performance - The company achieved a revenue of 272 million yuan in the second quarter of 2025, marking a 50.89% increase year-on-year, with a net loss of 27 million yuan [1]. - The gross profit margin increased by 1.51% year-on-year, indicating successful business expansion and structural upgrades [1]. Group 2: Business Expansion and Market Position - Jebon Technology focuses on precision manufacturing products, primarily serving the consumer electronics and new energy sectors, with a notable increase in revenue reflecting its deep engagement in these areas [2]. - The global recovery in the consumer electronics industry has provided a favorable environment for the company's precision manufacturing business, with significant increases in shipments of desktops, laptops, and tablets [2]. Group 3: New Energy Sector Growth - The global sales of new energy vehicles reached 8.776 million units in the first half of 2025, a 29% increase year-on-year, driving demand for power batteries [3]. - Jebon Technology's new materials, such as carbon nanotube conductive pastes, have successfully entered the supply chains of leading battery manufacturers, contributing to rapid business growth [3]. Group 4: Strategic Investments and R&D - The company is in a strategic investment phase, which has temporarily affected net profits due to increased R&D and management expenses [4]. - Jebon Technology invested 38.131 million yuan in R&D in the first half of 2025, accounting for 8.71% of its revenue, establishing a solid technological barrier [5]. Group 5: Technological Advancements - The company has developed a comprehensive technical innovation system, including a CNAS-accredited laboratory for material testing and advanced production techniques [6]. - Jebon Technology's proprietary technologies in the new materials sector enhance the performance of lithium batteries, positioning the company favorably in the competitive landscape [7]. Group 6: Mergers and Acquisitions - The acquisition of a 51% stake in Sainogao has strengthened Jebon Technology's position in the cooling solutions market, creating synergies with its precision manufacturing business [8]. - Sainogao's established customer base and market channels provide Jebon Technology with valuable resources for growth in high-margin sectors [8]. Group 7: Future Outlook - The company is well-positioned to benefit from the ongoing growth in the consumer electronics and new energy sectors, with a dual focus on precision manufacturing and new materials [10]. - Jebon Technology's strategic geographic presence and customer-centric approach enhance its ability to respond quickly to market demands, fostering customer loyalty [11].

Company Overview - The company aims to become a trusted provider of precision manufacturing and new material application solutions, focusing on advanced precision manufacturing and new material R&D [2][3]. - The main products include precision functional parts and structural components used in consumer electronics and new energy lithium batteries [3]. Financial Performance - The company achieved a revenue of CNY 437.56 million, with a year-on-year growth of 27.51% [3]. - The net profit attributable to shareholders was -CNY 38.02 million, with a net profit of -CNY 30.09 million after deducting share-based payment expenses [3]. - The gross margin increased by 1.51% year-on-year [3]. R&D Investment - R&D expenses amounted to CNY 38.13 million, representing 8.71% of total revenue [3]. - Continuous high-intensity R&D investment is aimed at enhancing core competitiveness and responding to customer customization needs [3]. Strategic Acquisitions - The company acquired 51% of Sainuo Gaode, enhancing its business scope and customer structure [4]. - As of the report date, the company holds 49.90% of Sainuo Gaode's shares, which has been included in the consolidated financial statements [4]. Business Expansion - The company is actively developing new business areas, including CCS modules for lithium batteries and high-specific surface area carbon black products [6]. - Sainuo Gaode has achieved a supplier code from a major North American client, indicating progress in the heat dissipation component sector [7]. Inventory and Asset Management - The company recorded an inventory impairment loss of CNY 31.52 million, primarily due to poor quality during the ramp-up phase of production [8]. - The company is cautious in managing its assets and has a healthy debt ratio, allowing for potential financing opportunities [11]. Client Relationships - Major clients include Apple, Amazon, SONOS, META, and Google, with a focus on smart devices and home products [11]. - The company is working on new product development with META and has secured supplier codes for various high-profile clients [11].

Group 1 - The company, JieBang Technology, focuses on the research, production, and sales of precision manufacturing products, including precision functional parts, structural parts, and VC thermal plates [2] - The products are primarily used in smart phones, laptops, all-in-one computers, tablets, and smart home devices [2] - The company's subsidiary, Dongguan Sainuo Gaode Etching Technology Co., Ltd., has obtained a supplier code from a major North American client and is set to mass-produce next-generation smartphone VC thermal plate components in 2024 [2] Group 2 - The collaboration with the major client is progressing smoothly, and the company will continue to support the client in the development of next-generation mobile phone and tablet VC thermal plate components [2]

Group 1 - The company participated in an institutional research meeting on August 27, 2025, with various investment firms and asset management companies attending [1] - The company is focusing on the consumer electronics smart terminal business, which is expected to see growth due to advancements in I technology, leading to new consumer demands and market opportunities [2] - The company provides precision functional components and structural parts for smart terminals, including smartphones and laptops, and anticipates an increase in business orders due to new product launches [2] Group 2 - The company supplies precision functional components and structural parts for the electric vehicle industry, including battery module components and high-voltage connection assemblies [3] - The company is exploring opportunities in the humanoid robot sector and is planning to accelerate business development based on market demand [4] Group 3 - The company is advancing its hydrogen fuel cell business, having completed the production line for metal bipolar plates and achieved mass production for a client project in 2024 [5] - The company serves leading clients in the global consumer electronics, electric vehicle, and information storage industries, providing precision components and related design and manufacturing services [5] Group 4 - The company's mid-2025 financial report shows a main revenue of 2.189 billion yuan, a year-on-year decrease of 9.36%, and a net profit attributable to shareholders of 61.87 million yuan, down 64.61% [5] - In Q2 2025, the company reported a single-quarter revenue of 1.102 billion yuan, a decline of 11.94%, and a net profit of 30.65 million yuan, down 55.79% [5] - The company's debt ratio stands at 29.07%, with investment income of 8.8845 million yuan and a gross margin of 19.3% [5]

Core Insights - Boshuo Technology's stock increased by 2.48% on August 26, with a trading volume of 350 million yuan [1] - The company reported a net financing outflow of 3.8 million yuan on the same day, with a total financing and securities balance of 146 million yuan [1] Financing Summary - On August 26, Boshuo Technology had a financing buy-in of 40.25 million yuan, while the current financing balance is 146 million yuan, accounting for 2.13% of the circulating market value [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] Securities Lending Summary - On August 26, there were no shares repaid or sold in the securities lending market, with a remaining quantity of 1,400 shares and a balance of 56,700 yuan, which is below the 20th percentile of the past year [1] Company Overview - Boshuo Technology, established on August 26, 2016, and listed on February 26, 2021, is located in Longgang District, Shenzhen, Guangdong Province [1] - The company's main business involves the design, research and development, production, and sales of functional electronic components, with revenue composition as follows: precision functional parts 76.07%, intelligent automation equipment 22.85%, and others 1.08% [1] Shareholder Information - As of August 20, the number of shareholders for Boshuo Technology reached 17,300, an increase of 21.47%, while the average circulating shares per person decreased by 17.68% to 8,735 shares [2] - For the first half of 2025, the company achieved a revenue of 591 million yuan, a year-on-year increase of 9.03%, and a net profit attributable to shareholders of 97.52 million yuan, a year-on-year increase of 0.61% [2] Dividend Information - Since its A-share listing, Boshuo Technology has distributed a total of 592 million yuan in dividends, with 372 million yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, new institutional shareholders include Jinying Technology Innovation Stock A, holding 544,700 shares, and Penghua Dual Debt and Profit Bond A, holding 480,000 shares [2] - Hong Kong Central Clearing Limited, the tenth largest circulating shareholder, reduced its holdings by 548,400 shares [2]

Core Viewpoint - 博硕科技 reported a revenue increase of 9.03% year-on-year for the first half of 2025, with a net profit growth of 0.61%, indicating stable financial performance despite challenges in cash flow and receivables management [1][5]. Financial Performance - The total revenue for the first half of 2025 reached 5.91 billion yuan, compared to 5.42 billion yuan in the same period of 2024, reflecting a growth of 9.03% [1]. - The net profit attributable to shareholders was 975.20 million yuan, slightly up from 969.28 million yuan in 2024, marking a growth of 0.61% [1]. - The gross profit margin improved to 35.59%, an increase of 1.5% year-on-year, while the net profit margin decreased to 16.31%, down by 4.74% [1]. - The company reported a significant decrease in operating cash flow per share, which fell by 52.16% to 0.47 yuan [1]. Receivables and Cash Flow - The accounts receivable amounted to 4.65 billion yuan, down 11.08% from the previous year, but still represented 219.95% of the net profit, indicating a high level of receivables relative to profit [1][4]. - The net cash flow from operating activities decreased by 52.15%, attributed to a reduction in cash received from customers compared to the previous year [3]. Strategic Developments - The company has been actively expanding its overseas customer base and enhancing cooperation with high-quality clients, particularly in the smart wearable sector, which has seen significant revenue growth [5]. - The strategic adjustment in the smart automation equipment business is ongoing, with a focus on optical and R/VR fields, contributing to sales revenue [5]. Investment Metrics - The return on invested capital (ROIC) for the previous year was reported at 7.78%, indicating average capital returns, with a historical median ROIC of 34.5% since the company went public [4]. - Analysts project the company's performance for 2025 to reach 2.67 billion yuan in revenue, with an average earnings per share estimate of 1.58 yuan [4].