Core Viewpoint - The company has not yet applied its precision manufacturing technologies, such as CNC machining centers, to computing power server hardware, including GPU cooling modules, due to its core business model focusing on "computing power leasing and intelligent computing center operations" rather than server manufacturing [1] Group 1: Business Model and Operations - The company's computing power business relies on centralized procurement of finished hardware rather than engaging in server production [1] - Research and development expenses are primarily focused on technological iteration and product innovation within the main business [1] Group 2: Military and Computing Power Sectors - In the military sector, investments are directed towards optimizing process programming for military support products, upgrading high-precision machining technologies, and developing specialized products [1] - An example of a specialized product is the quick-release clamp used in engine fuel lines, which facilitates domestic substitution [1] - In the computing power sector, efforts are concentrated on optimizing core server programming for intelligent computing centers, upgrading computing power scheduling algorithms, and developing software platforms aimed at improving operational efficiency and expanding application scenarios in the civilian sector [1]

Core Viewpoint - Liken Technology (00558) experienced a significant stock price increase of over 10%, currently trading at 3.54 HKD with a transaction volume of 17.14 million HKD following the release of its interim results for the period ending September 30 [1] Financial Performance - The company reported a revenue of 3.26 billion HKD, representing a year-on-year increase of 25.7% [1] - Profit attributable to equity holders decreased by 4.72% to 141 million HKD [1] - Earnings per share stood at 10.4 HKD cents, with a proposed interim dividend of 3 HKD cents per share [1] Business Segments - The die-casting machine segment, as the core pillar, generated revenue of 2.26 billion HKD, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5% [1] - The injection molding machine segment saw an overall sales revenue increase of 4.4% year-on-year [1] - The CNC machining center segment reported revenue of 77.1 million HKD, representing 2.4% of total revenue, with a year-on-year decline of 14.7% [1]

Core Viewpoint - Liken Technology (00558) experienced a significant stock price increase of over 10%, currently trading at 3.54 HKD, with a transaction volume of 17.14 million HKD following the release of its interim results for the period ending September 30 [1] Financial Performance - The company reported a revenue of 3.26 billion HKD, representing a year-on-year increase of 25.7% [1] - Profit attributable to equity holders decreased to 141 million HKD, down 4.72% year-on-year [1] - Earnings per share were reported at 10.4 HKD cents, with an interim dividend proposed at 3 HKD cents per share [1] Business Segments - The die-casting machine segment, as the core pillar, generated revenue of 2.263 billion HKD, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5% [1] - The injection molding machine segment saw an overall sales revenue increase of 4.4% year-on-year [1] - The CNC machining center segment reported revenue of 77.1 million HKD, representing 2.4% of total revenue, with a year-on-year decline of 14.7% [1]

Summary of Shenzhen Lixun Technology Conference Call Company Overview - **Company**: Shenzhen Lixun Technology - **Industry**: Manufacturing of die-casting machines and injection molding machines Key Financials - **Mid-term Revenue**: HKD 3.26 billion, a year-on-year increase of 26.5% [2][3] - **Net Profit**: HKD 170 million, with a net profit margin of 5.1% [2][3] - **Gross Profit**: HKD 770 million, with a gross profit margin of 23.5% [3] Business Segments Performance Die-Casting Machine Business - **Revenue**: HKD 2.26 billion, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5% [2][4] - **Key Drivers**: Increased demand from the new energy vehicle and smart 3C markets [4] - **Major Deliveries**: Two large machines (9,000 tons and 7,000 tons) delivered to European OEMs and Eastern European suppliers [2][4] - **Magnesium Alloy Equipment**: Sales increased by over 400%, with applications in leading manufacturers in South China and lightweight projects in Chongqing [2][4] Injection Molding Machine Business - **Revenue**: HKD 920 million, accounting for 28.2% of total revenue, with a year-on-year growth of 4.4% [2][6] - **Market Performance**: Domestic competition remains fierce, but overseas markets grew by over 25%, with Europe, North America, and emerging markets growing by 48.7%, 36.2%, and 43.3% respectively [2][12] CNC Machining Center Business - **Revenue**: HKD 80 million, a year-on-year decline of 14.6%, accounting for 2.4% of total revenue [7] Technological Advancements - **Magnesium Alloy Die-Casting Technology**: Significant advancements since the introduction of the first hot chamber magnesium die-casting machine in 2000 [8] - **Product Range**: Complete solutions from small to super-large (500 tons to 16,000 tons) [8] - **Market Applications**: Strong growth in transportation, lightweight vehicles, and emerging fields like humanoid robots and low-altitude economy [18][20] Future Plans and Market Strategy - **Focus Areas**: Strengthening positions in die-casting, injection molding, and CNC machining while increasing investment in magnesium alloy technology [9] - **New Regulations Impact**: New regulations on electric bicycles will increase demand for magnesium alloys due to weight and plastic usage restrictions [9] - **Emerging Markets**: Targeting Southeast Asia, particularly Vietnam and Indonesia, for growth opportunities [19] Competitive Advantages - **Core Competencies**: Long-term technological accumulation, comprehensive solutions, and global validation [16][17] - **Market Position**: Established as a benchmark for technology and delivery in the high-end market [17] Conclusion - **Overall Outlook**: The company is well-positioned for future growth with a focus on technological innovation and market expansion, particularly in magnesium alloy applications and overseas markets [20][24]

Core Viewpoint - The company reported significant growth in revenue and profits for the 2025/2026 interim period, driven by strong performance in various segments, particularly in magnesium alloy equipment and strategic collaborations with leading automotive and technology firms [3][4][5]. Financial Performance - Total revenue reached 3,260.464 million HKD, with notable contributions from different product lines [3]. - Die-casting machine revenue amounted to 2,263.178 million HKD, while CNC machining center and injection molding machine revenues were 920.164 million HKD and 77.122 million HKD, respectively [4]. - Gross profit was 168 million HKD, and net profit stood at 767 million HKD [4]. - Total assets were reported at 12.61 billion HKD, with net assets of 4.18 billion HKD, reflecting year-on-year growth of 5.8% and 1.6%, respectively [4]. Business Segments - Sales revenue from die-casting machines reached 22.6 billion HKD, showing a year-on-year increase of 39.5% [5]. - Revenue from automotive clients grew by 61%, while 3C client revenue increased by 31% [5]. - Injection molding machine revenue saw a growth of 4.4%, totaling 9.2 billion HKD, and the VARIA series of dual-color machines experienced a remarkable 98% increase [5]. - Revenue from 3C/electronics clients and toy clients grew by 88% and 39%, respectively [5]. Technological Advancements - The sales revenue from magnesium alloy series equipment surged by over 400% in 2025 [6]. - The company has developed innovative semi-solid casting technology and flexible manufacturing solutions, applicable in new energy vehicles and intelligent robotics [6][8][10]. - Strategic collaborations with leading new energy vehicle companies and well-known intelligent technology firms have been established to enhance magnesium alloy applications [8][10]. Research and Development - Research and development investment totaled 127 million HKD [13]. - The company is building a global service network, with a focus on localized service hubs, and has initiated the construction of a technical service center in Indonesia [13]. - Injection molding machine sales in the Vietnamese market increased by 150% year-on-year [13].

Core Viewpoint - The global capital markets have seen a rare phenomenon where both technology stocks and gold have risen simultaneously, reflecting the deep intertwining of "uncertainty" and "certainty" during economic transformation. Gold serves as a safety net against global economic divergence and geopolitical risks, while technology stocks represent market bets on future growth driven by industrial transformation and technological breakthroughs [1]. Group 1: Performance Fundamentals - The company has established a solid performance foundation through "multi-business synergy + global layout," demonstrating strong anti-cyclical capabilities amid global economic divergence and intensified domestic competition. In the first half of the 2025-2026 fiscal year, the company achieved a revenue of HKD 3.26 billion, a year-on-year increase of 25.7%, and a net profit of HKD 168 million, up 1.1% year-on-year [2]. - The core business of die-casting machines generated revenue of HKD 2.26 billion, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5%. The die-casting segment's profit reached HKD 230 million, up 35.3% year-on-year, continuing to lead industry development [2][3]. - The company's die-casting machine business has maintained stable demand by focusing on key growth sectors such as new energy vehicles and new materials, leveraging its technological advantages to secure orders from leading clients [2]. Group 2: Business Segments - The injection molding machine business achieved revenue of HKD 920 million, a year-on-year increase of 4.4%, with notable product structure optimization. For instance, the FA3550T large two-plate injection molding machine was customized for a client in the new energy vehicle sector, addressing market lightweight demands [4]. - The CNC machining center business has enhanced market reach through continuous product performance iterations and management optimization [4]. - The company has successfully penetrated emerging markets, with injection molding machine sales in Vietnam increasing by 150% year-on-year, and has established strong partnerships with leading clients in various sectors [5]. Group 3: Growth Drivers - The company is actively positioning itself in the magnesium alloy sector, which has become a core material for lightweight transformation in industries such as automotive and robotics. The sales revenue of magnesium alloy equipment is expected to grow over 400% by 2025 [7][8]. - The TPI technology developed by the company enhances component strength by 30%, making it a core supplier for leading automotive manufacturers. Recent collaborations in the humanoid robot sector further demonstrate the company's strategic foresight [10][11]. - The company has also ventured into the field of amorphous alloys, developing specialized die-casting units that meet the stringent requirements of high-strength and high-elasticity components for various applications [12]. Group 4: Valuation Potential - The company's dynamic price-to-earnings ratio stands at 12.78 times, positioned at the 30.31 percentile, indicating that the current valuation does not fully reflect its growth premium. The company has shown steady revenue growth despite a complex environment, with new businesses like magnesium alloys entering a rapid growth phase [13]. Conclusion - The company, as a leader in high-end equipment manufacturing, possesses both performance certainty supported by diverse business operations and long-term growth potential driven by technology. Its positioning as a "scarce value target" in the manufacturing upgrade wave is becoming increasingly clear, with ongoing advancements in new business areas likely to lead to further valuation reassessment [15].

Core Insights - The company reported a revenue of HKD 3.26 billion for the six months ending September 30, 2025, representing a year-on-year increase of 25.7% [1] - The profit attributable to equity holders was HKD 141 million, a decrease of 4.72% compared to the previous year [1] - Earnings per share were HKD 0.104, and the company proposed an interim dividend of HKD 0.03 per share [1] Business Segment Performance - The die-casting machine segment generated revenue of HKD 2.263 billion, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5%, serving as the main growth driver [1] - The injection molding machine segment saw an overall sales revenue increase of 4.4% year-on-year [1] - The CNC machining center segment reported revenue of HKD 77.1 million, making up 2.4% of total revenue [1]

Core Viewpoint - The global capital markets have seen a rare phenomenon where both technology stocks and gold have risen simultaneously, reflecting the deep intertwining of "uncertainty" and "certainty" during economic transformation. Gold serves as a safe haven against global economic divergence and geopolitical risks, while technology stocks represent bets on future growth driven by industrial transformation and technological breakthroughs. In this context, assets with both certainty and growth potential, such as Lijin Technology, are increasingly valuable as it solidifies its foundation through diversified businesses and opens up growth space through technological breakthroughs [1] Group 1: Performance and Business Structure - Lijin Technology has built a solid performance foundation through "multi-business synergy + global layout," demonstrating strong anti-cyclical capabilities amid global economic divergence and intensified domestic competition. In the first half of the 2025-2026 fiscal year, the company achieved a revenue of HKD 3.26 billion, a year-on-year increase of 25.7%, and a net profit of HKD 168 million, up 1.1% year-on-year [2] - The company's business structure, centered around die-casting machines, injection molding machines, and CNC machining centers, creates significant synergy across technical research, customer resources, and market channels, effectively mitigating risks from single industry fluctuations. The die-casting machine segment, as the core pillar, generated HKD 2.26 billion in revenue, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5% [2] Group 2: Market Trends and Innovations - In the automotive sector, Lijin Technology has leveraged its technological advantages to secure orders from leading clients, with its ultra-large die-casting machines holding over 90% of the global market share. Revenue from automotive clients in the die-casting machine segment grew by 31% year-on-year, serving as the main growth driver for this business unit [3] - The injection molding machine segment achieved a revenue of HKD 920 million, a year-on-year increase of 4.4%, with notable product structure optimization. The FA3550T large two-plate injection molding machine, customized for the production of plastic battery boxes for electric vehicles, meets market lightweight demands through "plastic instead of steel" technology [4] - The CNC machining center business has enhanced market reach through continuous product performance iterations, management optimization, and sales channel expansion [5] Group 3: Global Expansion and Market Opportunities - Lijin Technology has effectively capitalized on manufacturing upgrades in emerging markets, leveraging RCEP policy benefits for deep global layout. In Southeast Asia, sales of injection molding machines in Vietnam increased by 150% year-on-year, reflecting strong demand [6] - The company has successfully delivered a 7000T ultra-large intelligent die-casting unit to a leading global automotive supplier for large-scale production of electric vehicle battery boxes and body structure components in Eastern Europe. Additionally, a 9000T ultra-large die-casting machine was delivered to a European luxury automotive brand, further solidifying the company's delivery capabilities and market position in high-end manufacturing [7][8] Group 4: Technological Advancements and Future Growth - Lijin Technology's breakthroughs in magnesium alloy die-casting and precision manufacturing align with industry trends such as lightweighting in electric vehicles and humanoid robots, opening up long-term growth potential [9][10] - The company has positioned itself in the magnesium alloy sector, with sales of magnesium alloy equipment expected to grow over 400% by 2025. The TPI magnesium alloy semi-solid thixotropic forming equipment has gained international recognition, enhancing the company's competitive edge [11][14] - The strategic collaboration with humanoid robot manufacturers focuses on lightweighting, utilizing TPI magnesium alloy forming technology to meet the demands for weight reduction and strength enhancement [17] Group 5: Valuation and Market Position - Currently, the company's dynamic price-to-earnings ratio stands at 12.78, positioned at the 30.31 percentile, indicating that the valuation does not fully reflect the growth premium. The company's revenue continues to rise steadily, and new businesses are accelerating, suggesting potential for valuation improvement [21] - Lijin Technology is increasingly recognized as a "scarce value target" in the high-end equipment manufacturing sector, with its multi-business support providing performance certainty and technological-driven long-term growth potential [23]

Core Viewpoint - The company reported a revenue of HKD 3.26 billion for the six months ending September 30, 2025, representing a year-on-year increase of 25.7% [1] Financial Performance - The profit attributable to equity holders decreased by 4.72% to HKD 141 million [1] - Earnings per share were HKD 0.104, with an interim dividend proposed at HKD 0.03 per share [1] - Gross profit reached HKD 767 million, with a gross margin improvement of 3 percentage points [1] - Net profit was HKD 167.7 million, resulting in a net profit margin of 5.1% [1] Business Segments - The die-casting machine segment, as the core pillar, generated revenue of HKD 2.263 billion, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5% [1] - The injection molding machine segment saw a sales revenue increase of 4.4% year-on-year [1] - The CNC machining center segment reported revenue of HKD 77.1 million, representing a year-on-year decline of 14.7% [1]

Core Insights - The company reported a revenue of HKD 3.26 billion for the six months ending September 30, 2025, representing a year-on-year increase of 25.7% [1] - Profit attributable to equity holders decreased by 4.72% to HKD 141 million, with earnings per share at HKD 0.104 and an interim dividend of HKD 0.03 proposed [1] Financial Performance - The company achieved a gross profit of HKD 767 million, improving the gross margin by 3 percentage points compared to the same period last year [1] - Net profit for the period was HKD 167.7 million, with a net profit margin of 5.1%, indicating a steady enhancement in profitability [1] Business Segment Analysis - The die-casting machine segment, as the core pillar, generated revenue of HKD 2.263 billion, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5% [1] - The injection molding machine segment saw a sales revenue increase of 4.4% year-on-year [1] - The CNC machining center segment reported revenue of HKD 77.1 million, representing a decline of 14.7% [1]