A股上市公司领益智造（002600）（SZ002600，股价13.05元，市值953.47亿元）于11月20日向港交所呈 交了IPO（首次公开募股）申请文件，国泰海通和国泰君安国际为联席保荐人，这距离公司9月29日公 告筹划发行H股事项仅过去不到两个月。 招股书显示，领益智造拟将此次港股IPO募集资金用于进一步提升研发能力、通过设备投资提升产能及 升级核心生产工艺；为支持行业资源整合而进行的战略投资及收购；扩展海内外的生产基础设施以及用 于营运资金及一般企业用途。 《每日经济新闻》查阅领益智造招股书发现，2022年至2024年及今年前三季度（以下简称"报告期 内"），公司在境内的收入占比呈不断下滑的趋势，同期境外收入占比不断上升。此外，报告期内，公 司的客户和供应商存在重叠情况。 海外营收占比不断上升 招股书显示，领益智造是一家AI（人工智能）硬件智能制造平台公司，致力于为全球客户提供一站式 智能制造服务及解决方案。公司打造了覆盖从核心材料、精密功能件、模组到精品组装的全链条产品矩 阵，广泛应用于AI硬件、汽车以及低空经济等领域。 领益智造招股书援引弗若斯特沙利文资料称，以2024年收入计，领益智造在全球AI ...

近日，广东领益智造股份有限公司（下称"领益智造"，SZ:002600）递交招股书，报考在港交所主板上市。据贝多商业&贝多财经了解，领益智造是一家A股 上市公司，于2018年登陆A股资本市场，股票代码为"002600"。 特别说明的是，领益智造并非直接上市，而是"借壳"江粉磁材（全称为"广东江粉磁材股份有限公司"）。其中，江粉磁材于2011年7月15日在深圳证券交易 所主板上市，2018年被反向收购，并于2018年3月更名为"领益智造"。 早前，领益智造曾发布公告，称通过发行可转债及支付现金的方式，向常州优融汽车科技有限公司等8名交易对方购买其合计持有的江苏科达精密机械设备 有限公司（下称"江苏科达"）66.46%股权，并拟向不超过35名特定对象发行股份募集配套资金。 2025年8月，该并购计划上会审核通过。但在11月7日，领益智造则发布公告，称该公司与交易对方签署协议，向深圳证券交易所撤回原交易申请文件，并调 整原购买资产方案为现金方式收购江苏科达控制权。 对于拟对原购买资产方案进行调整的主要原因，领益智造在公告中表示，"基于当前市场环境及公司资本运作规划，为切实维护公司和广大投资者利益，经 审慎研究，公司决 ...

来源：洞察IPO 上交所 ShangHai 深交所 ShenZhen 11月18日-11月24日，上交所科创板有1家公司上市；深交所创业板有1家公司上市。 数据来源：公开信息；图表制作：洞察IPO 1.恒坤新材：致力于集成电路领域关键材料的研发与产业化应用，是中国境内少数具备 12 英寸集成电路晶圆制造关键材料研发和量产能力的创新企业之 一，主要从事光刻材料和前驱体材料等产品的研发、生产和销售。上市首日股价收涨310.61%，截至11月24日收报50.54元/股，较发行价14.99元/股涨 237.16%，总市值约227亿元。 数据来源：公开信息；图表制作：洞察IPO 1.南网数字：主要从事为电力能源等行业客户提供数字化建设综合解决方案。上市首日股价收涨224.78%，截至11月24日收报20.51元/股，较发行价5.69元/ 股涨260.46%，总市值约652亿元。 通过上市委员会审议会议 11月18日-11月24日，上交所科创板有2家公司过会；深交所无公司过会。 数据来源：公开信息；图表制作：洞察IPO 1.振石股份：一家主要从事清洁能源领域纤维增强材料研发、生产及销售的企业。公司自成立以来，围绕清洁能源 ...

Group 1 - The article suggests that the A-share market has historically experienced short bear markets and long bull markets, with bear markets not exceeding one year, and significant profits expected from 2019-2021 and 2023-2025 [3] - The current market downturn has led to a 40% loss for market participants, with a notable decline in stock prices, particularly in the technology sector, which has seen a 30% drop [4] - The bear market of 2022 was characterized as highly structured, with high-dividend sectors, especially coal, performing well against the trend [5] Group 2 - The bull market from 2023-2025 is expected to be more structured than the previous one, with a focus on the technology sector, although the overall market performance may be less widespread [7] - The article anticipates that the current downturn will primarily affect the AI hardware-centric technology sector, while other sectors may experience limited declines, with high-dividend stocks potentially performing well [8] - A V-shaped recovery is anticipated, similar to the one seen in April 2022, but it is expected to occur after significant market declines and may be influenced by external factors such as Nvidia's market performance [9][10] Group 3 - The timing for a potential V-shaped recovery is projected to be around February, coinciding with earnings forecasts, which could signal a market turnaround [11] - The technology sector is expected to lead the recovery, particularly in areas related to AI applications, such as robotics and consumer electronics [12][13] - Despite the anticipated recovery, the article warns that further declines may follow, leading to a second low point before the bear market concludes [14]

Core Viewpoint - Foxconn is shifting its focus from electric vehicle manufacturing to AI infrastructure, recognizing the challenges in the EV market and the growth potential in AI hardware and services [15][25][40]. Group 1: AI Infrastructure Investments - Foxconn's chairman Liu Yangwei announced a partnership with OpenAI to design and manufacture AI hardware in the U.S., emphasizing the need for new architectures in AI data centers [7][9]. - The company is building a $1.4 billion AI supercomputing center in Taiwan, expected to be operational by mid-2026, utilizing NVIDIA's latest GPU technology [9][15]. - Foxconn's AI business has surpassed its traditional consumer electronics revenue for two consecutive quarters, marking a significant shift in its growth engine [15][27]. Group 2: Challenges in the Electric Vehicle Market - Foxconn has faced difficulties in the EV sector, including unstable customer relationships and low industry profitability, leading to a reassessment of its strategy [16][19][21]. - The company initially aimed to capture 5% of the global EV market by 2025 but has struggled with production and commercialization [16][20]. - The competitive landscape in China's EV market is fragmented, with many players and ongoing price wars, complicating Foxconn's efforts to replicate its smartphone success [21][22][29]. Group 3: Strategic Shift and Future Outlook - Liu Yangwei believes the upcoming consolidation in the EV market will create opportunities for Foxconn to adopt a contract manufacturing model similar to the PC industry [23][29]. - The company is positioning itself as a key player in the AI infrastructure space, which aligns with its core competencies and offers a more stable growth path [34][40]. - Foxconn aims to become the "TSMC of the EV industry," focusing on efficient, standardized manufacturing and supply chain management rather than brand competition [39][40].

Core Viewpoint - Lingyi Technology has submitted its listing application to the Hong Kong Stock Exchange, with Cathay Pacific Securities as the sole sponsor, indicating a strategic move to enhance its market presence and capital base [1]. Group 1: Company Overview - Lingyi Technology's market value has increased by 69.45% in 2025, with profits for the first three quarters surpassing the entire profit of 2024 [3][11]. - The company is a leading AI hardware intelligent manufacturing platform, with a comprehensive product matrix covering core materials, precision components, modules, and assembly, applied in cutting-edge fields such as AI terminal devices and robotics [9]. Group 2: Financial Performance - Revenue figures for Lingyi Technology from 2022 to 2025 are as follows: 345.03 billion, 341.54 billion, 442.6 billion, and 375.9 billion respectively, with profits of approximately 15.6 million, 20.14 million, 17.61 million, and 19.66 million [11]. - The AI hardware business is the main revenue driver, contributing 407.8 billion in 2024, a year-on-year increase of 32.8%, accounting for 92.1% of total revenue [11]. Group 3: Market Position and Globalization - Lingyi Technology ranks first in the global high-precision components market for AI terminal devices and third in the global AI intelligent manufacturing platform market, reflecting its strong competitive position [9]. - The proportion of overseas revenue has increased from 37.9% in 2024 to 47.3% in the first three quarters of 2025, indicating a significant global expansion [12]. Group 4: Challenges and Future Plans - The company's gross margin has declined from 19.8% in 2022 to 14.4% in 2024, attributed to rising raw material costs, intensified industry competition, and changes in product structure [13]. - The upcoming H-share listing aims to raise funds for enhancing R&D capabilities, upgrading production capacity, strategic investments, and expanding domestic and international production infrastructure [14].

Core Viewpoint - Lingyi Technology has submitted an application for listing on the Hong Kong Stock Exchange, with Cathay Securities as the sole sponsor, following a significant increase in its market value and profitability in 2025 [1][2]. Company Overview - Lingyi Technology's history traces back to its wholly-owned subsidiary, Lingsheng Electronics, established in China, with its current controlling shareholder and CEO, Fang Qinqin, becoming the controlling shareholder in 2011 [3]. - The company went public through a reverse acquisition of Guangdong Jiangfan Magnetic Materials in February 2018, with a stock code of 002600.SZ [4]. Financial Performance - Lingyi Technology's market capitalization increased by 69.45% in 2025, reaching a total market value of 95 billion yuan as of November 21, 2025 [2][7]. - The company's revenue for 2022, 2023, 2024, and the first three quarters of 2025 were 34.5 billion yuan, 34.2 billion yuan, 44.3 billion yuan, and 37.6 billion yuan, respectively, with profits of approximately 1.56 billion yuan, 2.01 billion yuan, 1.76 billion yuan, and 1.97 billion yuan [8]. Business Segments - AI hardware business is the main revenue source, contributing 40.78 billion yuan in 2024, a year-on-year increase of 32.8%, accounting for 92.1% of total revenue [8]. - The company's overseas revenue share increased from 37.9% in 2024 to 47.3% in the first three quarters of 2025, indicating a more significant global presence [8]. Profitability Metrics - Lingyi Technology's gross margin declined from 19.8% in 2022 to 14.4% in 2024, with a total decrease of 5.4 percentage points over three years [9]. - The company attributes the decline in gross margin to rising raw material costs, intensified industry price competition, and changes in product structure [10]. Future Plans - The funds raised from the H-share listing will primarily be used to enhance R&D capabilities, upgrade production capacity, make strategic investments and acquisitions, expand domestic and international production infrastructure, and supplement working capital [10].

雷递网 雷建平 11月21日 广东领益智造股份有限公司（简称："领益智造"）日前递交招股书，准备在港交所上市。 领益智造已在A股上市，截至今日收盘，股价为13元，市值为950亿元。 招股书显示，领益智造2022年、2023年、2024年营收分别为345亿元、341.54亿、442.6亿；毛利分别为68.2亿元、63.94亿元、63.93亿元； 领益智造于2022年概无向其权益股东宣派或派付股息。于2023年，领益智造向其权益股东宣派股息10.17亿元。2024年，公司向其权益股东宣派股息2.1 亿。截至2025年9月30日止九个月期间，领益智造向其权益股东宣派股息2.86亿，其中1.4亿元已于同期派付。 在《2025胡润女企业家榜》中，领益智造实控人曾芳勤以695亿元跻身榜单第6名的高位，成为年度前十的新面孔。 9个月营收375.9亿 利润19.66亿 领益智造是一家AI硬件智能制造平台，致力于提供一站式智能制造服务及解决方案。自搭上"果链"成为消费电子巨头后，领益智造从涉足光伏、新能源汽 车产业，到投身于机器人、服务器等AI终端产业，一直在不断前行。 领益智造打造了覆盖从核心材料、精密功能件、模组到精品组装 ...

Core Viewpoint - A-shares experienced a significant decline on November 21, with the Shanghai Composite Index dropping over 2% and closing at a loss of 2.45% [2][3] Market Performance - The Shanghai Composite Index fell by 2.45%, the Shenzhen Component Index by 3.41%, and the ChiNext Index by 4.02% [2] - Sectors such as internet and media entertainment saw gains, while materials, chemicals, semiconductors, and electrical equipment faced declines [2] Causes of Decline - Multiple factors contributed to the adjustment in A-shares, including external risks and internal structural contradictions [3] - Concerns over an AI bubble and the impact of U.S. Federal Reserve interest rate expectations led to a decrease in global risk appetite [3][4] - The market is currently in a policy and earnings vacuum, lacking new catalysts following the third-quarter report disclosures [3] - The recent performance of the U.S. stock market, particularly the drop in major indices, negatively affected investor sentiment in the Asia-Pacific region, including A-shares [4] Future Outlook - Short-term market movements may continue to be volatile, but there is a long-term optimistic view on the potential for new highs in indices [5][6] - The domestic liquidity environment remains reasonably ample, and corporate earnings are gradually confirming a bottom [6] - The potential for a clearer path to interest rate cuts by the U.S. Federal Reserve could alleviate external pressures [6] Investment Strategy - A balanced investment strategy is recommended, focusing on sectors benefiting from "anti-involution," AI, and overseas expansion concepts [8] - Investors are advised to maintain a rational perspective on short-term fluctuations and adhere to value investment principles [7] - Emphasis on diversifying investments and setting stop-loss targets to manage risk exposure effectively [7]

Core Viewpoint - The company Lingyi iTech has submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence in the AI and low-altitude economy sectors while facing challenges in profit margins [1][4]. Group 1: Company Overview - Lingyi iTech was established in 2006 and went public on the Shenzhen Stock Exchange in February 2018, initially focusing on consumer electronics die-cut products [1]. - The company has developed a comprehensive product matrix covering core materials, precision components, modules, and assembly, with applications in AI hardware, automotive, and low-altitude economy sectors [1]. - According to Frost & Sullivan, Lingyi iTech ranks first in the global AI terminal device high-precision components market with a market share of 6.7% and third in the high-precision intelligent manufacturing platform market with a 1.5% share [1]. Group 2: Financial Performance - Revenue from AI hardware business constituted 91.2%, 89.9%, 92.7%, and 87.6% of total revenue from 2022 to the first three quarters of 2025, while automotive and low-altitude economy business contributed 3.1%, 4.1%, 4.8%, 4.5%, and 5.2% respectively [1]. - The company's revenue for 2022, 2023, and 2024 was reported at 34.503 billion, 34.154 billion, and 44.26 billion yuan, with net profits of 1.571 billion, 2.023 billion, and 1.755 billion yuan respectively [4]. - In 2023, revenue decreased by 0.35% year-on-year, while net profit increased by 26.78%. In 2024, revenue grew by 30.48% year-on-year, but net profit decreased by 14.42% [4]. Group 3: Profit Margins - The company's gross margin has been declining, with figures of 19.8%, 18.7%, and 14.4% from 2022 to 2024. The gross margin for AI hardware was 21.2%, 20.6%, and 16.2%, while for automotive and low-altitude economy it was 3.3%, 1.9%, and 0.6% [2][3]. - The decline in gross margin is attributed to a competitive pricing strategy aimed at capturing market share for new products that have not yet achieved full economies of scale [4]. Group 4: IPO Purpose - The funds raised from the IPO will be used to enhance R&D capabilities, increase production capacity through equipment investment, support strategic investments and acquisitions, expand production facilities domestically and internationally, and for working capital and general corporate purposes [5].