Group 1 - The core viewpoint of the news is that Lingxiong Technology has been recognized as the "Most Investment Potential Listed Company in Hong Kong" at the "2025 China Listed Company Reputation List" event, highlighting its strong position in the DaaS industry and the capital market's recognition of its investment value and growth potential [1][3]. - The "China Listed Company Reputation List" has been held for fifteen consecutive years, focusing on selecting benchmark listed companies that lead industry transformation through technological innovation and create long-term value through excellent governance [3]. - Lingxiong Technology is the largest enterprise-level DaaS service provider in China and the first listed company in the DaaS industry, demonstrating high-quality growth and operational efficiency [3][4]. Group 2 - Lingxiong Technology has maintained a high compound annual growth rate in revenue over the past few years, consistently ranking first in the industry. For the first half of 2025, the company's revenue grew approximately 18.5% year-on-year, reaching 1.117 billion yuan, setting a new historical high for the same period [3][4]. - The DaaS market in China has experienced a compound annual growth rate of over 30% in recent years and is expected to exceed 100 billion yuan by 2025, reaching 138.2 billion yuan by 2026, becoming an important force for high-quality economic growth [4]. - Lingxiong Technology plans to focus on customer service, expand its market presence in key regions, and enhance operational efficiency to create new value for customers, while also seizing new development opportunities in the macroeconomic environment to sustain high-quality growth [4].

近日，由每日经济新闻主办的"2025中国上市公司口碑榜"正式揭晓。凌雄科技从众多上市公司中脱颖而出，入 选"港股最具投资潜力上市公司"。 作为资本市场极具公信力的年度评选，"中国上市公司口碑榜" 已连续举办十五届，本届评选以 "智创未来 价值领 航" 为主题，旨在遴选以科技创新引领产业变革、以卓越治理创造长期价值、在全球竞争中展现韧性与影响力的 标杆上市公司。 据悉，作为我国最大的企业级DaaS服务商、DaaS行业第一股，凌雄科技近年来持续优化产品与服务，在夯实优秀 基本面的基础上，不断驱动经营质效持续进阶，用持续增长的经营业绩向资本市场传递其作为行业龙头的长期投 资价值。 数据显示，凌雄科技营收过去几年始终保持较高的年复合增长率，持续多年稳居行业第一。以2025年上半年为 例，凌雄科技营收同比增长约18.5%达11.17亿元，再创同期历史新高。 凌雄科技优异的营运成绩，离不开DaaS行业的快速发展。凌雄研究院等机构数据显示，过去几年，我国DaaS市场 规模保持30%以上的复合年增长率，并将在2025年突破千亿元，在2026年达到1382亿元，成为我国经济高质量增 长的重要力量。 凌雄研究院相关负责人表示，受 ...

12月10日，由中国经营报社主办的"2025中国数据要素高质量发展论坛"在北京举行。 深圳国家高技术产业创新中心大数据平台与信息部部长、中国科学技术情报学会创新情报专业委员会主 任委员卢春江在论坛圆桌对话环节表示，在企业转型的场景化服务过程中，新业务不断迸发，传统智库 运营模式如做调查、访谈的形式在业务中的占比逐渐下降，但是数据化形式的新兴业务，以及以模型化 形式向客户交付，反而可能会成为第二增长曲线。 卢春江介绍，深圳国家高技术产业创新中心是一个科技产业智库，成立于1992年，由国家发改委与深圳 市政府共同设立，目前团队有300人，长期服务于深圳和大湾区政府领域的科技产业决策。智库服务两 类群体，一类是政府部门，一类是金融机构与大型企业的战略部门。 近年来，智库业务进行数字化转型，打造了全国首个创新产业情报领域的高质量数据集HiTech data，开 创"数据驱动、情报赋能"的科技产业决策新范式。数据集有效数据400亿条，日更新量超600万条，整合 了1.1亿个机构、1.4亿个专利、100亿个舆情及3900万个人才数据，融合自然语言处理与机器学习技术， 开发超100个产业分析模型，构建7.8亿个实体、百亿级 ...

Core Insights - AI is driving a new technological revolution, reshaping industries and creating new business models and economic growth points [1] - The IT industry is evolving to support AI development through high-performance computing, advanced data processing tools, and intelligent products and services [1] - Traditional IT procurement and management models are becoming inadequate, leading to the rise of the Device as a Service (DaaS) model, which offers flexibility and cost efficiency [2][5] DaaS Model Overview - DaaS provides a flexible leasing model, lifecycle management, and intelligent services, helping companies reduce costs and risks associated with equipment updates [2][5] - Companies can save up to 97.4% on initial investments and 30% on total costs over three years compared to traditional procurement methods [5] - The shift from capital expenditure to operational expenditure allows for dynamic adjustment of equipment subscriptions based on business needs [5][7] Company Positioning - Lingxiong Technology is positioned as a leading player in the DaaS industry, having developed a comprehensive ecosystem for IT equipment lifecycle management [2][6] - The company has transformed equipment management from a one-time purchase to a subscription model, significantly lowering initial investment and operational risks [7] - Lingxiong Technology optimizes supply chain management through the recovery and remanufacturing of idle equipment, enhancing resource allocation efficiency [8] AI Integration and Service Enhancement - The DaaS model is enhanced by AI technology, which increases the demand for high-performance computing devices and accelerates equipment updates [11][12] - Lingxiong Technology utilizes AI for internal operations, improving customer service and risk management through automated systems and data analysis [14][15] - Externally, the company offers AI computing device leasing services, addressing the urgent demand for AI capabilities across various industries [16][17] Market Opportunities - The DaaS industry is experiencing unprecedented changes driven by AI technology, policy support, and market demand [19][20] - The Chinese AI computing market is projected to reach $25.9 billion by 2025, with a 36.2% annual growth rate [21] - Government policies promoting equipment upgrades and AI technology adoption provide significant support for companies like Lingxiong Technology [22] Competitive Landscape - Lingxiong Technology's business model is compared to Cintas Corporation (CTAS.US), which has a market capitalization exceeding $80 billion, indicating a potential undervaluation of Lingxiong Technology at a price-to-sales ratio of 0.63 [24] - The company is well-positioned to capitalize on the growing demand for AI-driven services and equipment management solutions, suggesting a strong growth potential in the AI era [24]

Core Insights - Lingxiong Technology, the parent company of Xiaoxiong U Rental, has emerged as a leading player in the DaaS (Device as a Service) sector in China, showcasing a successful evolution alongside the digital economy in Shenzhen [1][7]. Company Development - Founded in 2004 by Hu Zuoxiong in Huaqiangbei, Lingxiong Technology initially focused on DIY computer sales and second-hand computer trading, quickly becoming a market leader [4]. - The company pivoted to the IT office equipment short-term rental market after identifying a rental demand during an exhibition in 2008 [5]. - In 2013, Lingxiong introduced a long-term rental model for IT office equipment, allowing businesses to pay monthly and providing comprehensive IT services, which helped reduce initial investment by approximately 97% and operational costs by 10%-30% over three years [6]. Business Model and Achievements - By 2017, Lingxiong expanded its services to include IT equipment recycling and launched a SaaS management system in 2018, creating a closed-loop DaaS service model that manages the entire lifecycle of IT equipment [6]. - As of now, Lingxiong has assisted thousands of companies, including many Fortune 500 firms, in reducing costs and improving efficiency, with a service network covering over 380 cities and a customer satisfaction rate exceeding 98% [7]. - The company went public on the Hong Kong Stock Exchange on November 24, 2022, marking its transformation from a small business to an industry leader [7]. - In 2024, Lingxiong's revenue grew by 32.3% year-on-year to 2.372 billion yuan, and in the first half of 2025, revenue increased by approximately 18.5% to 1.117 billion yuan, maintaining its position as the industry leader [7]. Industry Impact and Social Responsibility - Lingxiong has taken on a leadership role in the DaaS industry, actively participating in the establishment of industry standards and promoting high-quality development [9]. - The company has initiated the "Credit Ease+" alliance to enhance China's social credit system and has contributed to the formulation of several national standards related to IT equipment recycling and credit evaluation [9]. - In terms of social responsibility, Lingxiong has donated teaching computers to rural schools and has implemented IT remanufacturing technologies to support digital education, contributing to sustainable development [10]. - The company has also significantly reduced carbon emissions, with a net reduction of over 83,740 tons in 2024 alone, by extending the lifecycle of IT equipment [10]. Entrepreneurial Philosophy - Hu Zuoxiong emphasizes a long-term, iterative approach to business, focusing on innovation and customer value rather than short-term gains [11]. - His leadership reflects the adaptability and resilience of Shenzhen entrepreneurs in navigating economic fluctuations and industry changes [11].

Core Insights - The article highlights the significant achievements of Shenzhen as a hub for innovation and economic development over the past 45 years, particularly emphasizing the rise of the DaaS (Device as a Service) industry and the role of Lingxiong Technology as a key player in this sector [1][2][4]. Company Overview - Lingxiong Technology, founded in 2004, evolved from a small second-hand computer sales business in Huaqiangbei to a leading company in the DaaS industry, focusing on IT equipment lifecycle management [2][3]. - The company has developed a comprehensive DaaS model that includes short-term and long-term equipment subscription services, equipment recycling, and IT management SaaS solutions, establishing itself as a pioneer in the digital and closed-loop DaaS business model in China [2][3]. Industry Growth - The DaaS model allows companies to reduce initial investment costs by up to 97.4% and save 30% on total costs over three years compared to traditional purchasing methods, thereby enhancing operational efficiency [3]. - The DaaS market in China has been growing at a compound annual growth rate of over 30%, with projections indicating it will exceed 100 billion yuan by 2025 and reach 138.2 billion yuan by 2026 [6]. Environmental Impact - Lingxiong Technology's DaaS model contributes to green development by promoting the recycling and reuse of IT equipment, achieving a net carbon reduction of over 83,700 tons in 2024 and extending the lifespan of 1.41 million refurbished devices [6]. Standardization and Credit System - The company is actively involved in establishing industry standards and a credit system to enhance the DaaS ecosystem, including the implementation of national standards for enterprise credit evaluation and recycling practices [5][6].

Core Viewpoint - The company, Lingxiong Technology, has evolved from a small stall in Huaqiangbei to a leading player in the DaaS (Device as a Service) market, with a focus on IT office equipment services and a growing emphasis on AI computing power rental as a second growth engine [1][2][3]. Group 1: Company Growth and Market Position - Lingxiong Technology has established a nationwide service network covering 19 key cities in China, with a total device subscription exceeding 6.17 million units [1][4]. - The company operates in a "long slope, thick snow" market, indicating a steady growth trajectory despite short-term market fluctuations [3][4]. - The DaaS market in China has a penetration rate of only about 5%, suggesting significant growth potential as the company aims to serve a larger portion of the over 58 million small and medium-sized enterprises (SMEs) in the country [4][5]. Group 2: Business Model and Revenue Streams - The DaaS model combines device subscription, IT services, and recycling, allowing for full lifecycle management of IT assets [12][21]. - The company has maintained a double-digit compound annual growth rate (CAGR) even during challenging periods, with expectations for continued revenue growth in 2024 [5][16]. - Lingxiong Technology's strategy includes expanding service offerings based on customer needs, such as introducing AI computing power rental services [6][21]. Group 3: Competitive Advantages and Market Strategy - The company emphasizes "service density," "customer stickiness," and "cost advantages" as key competitive factors in the AI computing power rental market [9][10]. - Lingxiong Technology has established partnerships with strategic investors like JD.com and Tencent, enhancing customer acquisition and operational efficiency [4][14]. - The company aims to deepen market penetration by increasing service density within existing customer bases rather than pursuing rapid geographic expansion [21][22]. Group 4: Future Outlook and International Expansion - The company plans to serve 100,000 enterprises and reach 1 million device subscriptions within three years, with a long-term goal of serving 1 million enterprises [23][24]. - Lingxiong Technology is exploring international expansion, primarily by following its clients abroad, which minimizes risk [24][25]. - The company recognizes the importance of data in AI applications and is focused on enhancing its digital transformation to support future growth [7][11].

Group 1 - The core viewpoint emphasizes that multiple listed companies are actively engaging in the circular economy sector under the "dual carbon" goals, showcasing significant development potential and market value across various industries [1] Group 2 - The DaaS (Device as a Service) model is leading a new trend in equipment recycling, with Lingxiong Technology being a key player, providing comprehensive services that significantly enhance IT equipment utilization [3] - DaaS solutions can reduce initial investment by over 97% compared to traditional IT equipment procurement methods and save around 30% in operational costs over three years [3] - Lingxiong Technology's philosophy reflects the core idea of circular economy: "limited resources, infinite cycles" [3] Group 3 - Various listed companies are exploring diverse paths in the circular economy, with Guqi Down Materials focusing on the harmless and resourceful reuse of by-products from the upstream livestock and slaughtering industry [4] - Yingke Recycling specializes in the full industry chain of recycled plastics, holding key technologies in foam reduction and PET "bottle-to-bottle" recycling, with plans to expand into other plastic recycling areas [4] - Mingtai Aluminum is building a low-carbon circular green economy with a closed-loop industry chain from raw material recovery to deep processing, increasing the proportion of recycled aluminum products [4] - The use of recycled aluminum products aligns with global environmental and sustainable development strategies, effectively reducing carbon emissions and production costs while enhancing market competitiveness [4]