New Stock News | Lingyi Itech (002600.SZ) submitted a filing to the Hong Kong Stock Exchange, ranking first in the global market for high-precision functional components in AI terminal equipment industry.

On November 20th, Guangdong Lingyi Itech Co., Ltd. (002600.SZ) filed for listing on the main board of the Hong Kong Stock Exchange, with Guotai Junan Finance Limited as its exclusive sponsor. According to the prospectus, based on data from Frost & Sullivan, Lingyi Itech ranks first in the global AI terminal equipment high-precision functional component market and third in the global AI terminal equipment high-precision intelligent manufacturing platform industry, based on 2024 revenue. According to the prospectus, Lingyi Itech is a leading global AI hardware intelligent manufacturing platform, dedicated to providing global customers with one-stop intelligent manufacturing services and solutions. With a new manufacturing core philosophy of lean, data-driven, automated, and green, the company has created a full chain product matrix covering core materials, precision functional components, modules, and boutique assemblies, widely used in AI hardware (including AI terminal equipment, Siasun Robot & Automation, and enterprise commercial servers), automotive, and low airspace economy, among other core cutting-edge fields. As the "invisible champion behind giants," Lingyi Itech has built a "large-scale, high-standard, high-complexity" production system, relying on collaborative research and development, rapid response, and globally distributed research and production bases, becoming an important part of the AI hardware ecosystem and receiving supply chain awards from multiple global top customers. As of September 30, 2025, the company's customers include leaders in the global AI terminal equipment industry, new energy vehicle (NEV) industry, social networking industry, extended reality (XR) industry, and other industries. From 2018 to 2025, the company has been listed on the Fortune China 500 list for eight consecutive years. The key business highlights of Lingyi Itech include: Lingyi Itech has made deep inroads in AI hardware, especially in the fields of AI hardware, automotive, and low airspace economy. To create the "Nth growth curve," the company has focused on "man" - humanoid Siasun Robot & Automation, "eye" - AI glasses and XR devices, "fold" - foldable screen devices, and "serve" - servers, accumulating expertise in crucial areas supporting AI hardware (batteries, thermal management, and fast charging). With a dual-circulation system of "localized operation and global delivery," Lingyi Itech has achieved efficient penetration and rapid response to global markets. Through a systematic three-tier R&D architecture and over 30 global R&D centers, the company has formed international technological collaborative capabilities. Leveraging over 50 global production bases and delivery centers, Lingyi Itech has established a localized supply chain network covering key regions. In terms of sales, Lingyi Itech sells products directly to customers without any external distributors. The company's business center (including business, product management, and customer service departments) is responsible for developing new customers and obtaining product orders. The business center, consisting of 1,001 employees, serves domestic and international customers, most of whom have backgrounds in business, technology, and industrial knowledge. For key overseas customers, several members of the company's business center are based overseas to directly communicate with customers' technical teams on research and project progress, understand overseas markets, and regularly report overseas customer needs to the company. Additionally, Lingyi Itech maintains close communication with their local teams in mainland China regarding production and after-sales services. Financial Information: Revenue For the nine months ending on September 30 in 2022, 2023, 2024, and 2025, Lingyi Itech's revenue was approximately RMB 34.503 billion, RMB 34.154 billion, RMB 44.26 billion, and RMB 37.59 billion, respectively. Profit: For the nine months ending on September 30 in 2022, 2023, 2024, and 2025, the company's annual or period profits were approximately RMB 15.6 billion, RMB 20.14 billion, RMB 17.61 billion, and RMB 19.66 billion, respectively. Gross Profit and Gross Profit Margin For the nine months ending on September 30 in 2022, 2023, 2024, and 2025, the company's gross profit was approximately RMB 6.821 billion, RMB 6.394 billion, RMB 6.393 billion, and RMB 5.909 billion, with gross profit margins of 19.8%, 18.7%, 14.4%, and 15.7%, respectively. Industry Overview Lingyi Itech operates in the vast and highly competitive global core AI hardware high-precision intelligent manufacturing platform industry, mainly including competition in AI terminal equipment, enterprise-level commercial servers, and intelligent Siasun Robot & Automation. According to a Frost & Sullivan report, the market size of the global AI terminal equipment high-precision intelligent manufacturing platform market increased from $262.8 billion in 2020 to $301.9 billion in 2024, with a compound annual growth rate of 3.5%. This upward trend is driven by the continuous improvement of AI computing power and the increasing richness of applications, leading to a demand for high-precision intelligent manufacturing of AI terminal equipment. The market size is expected to grow from $325.9 billion in 2025 to $441.3 billion in 2029, with a compound annual growth rate of 7.9% from 2025 to 2029. From 2020 to 2024, the market size of intelligent Siasun Robot & Automation high-precision intelligent manufacturing platform industry globally increased from $24.7 billion to $33.5 billion, with a compound annual growth rate of 7.9%. Looking ahead, with the rapid development of intelligent Siasun Robot & Automation, the market size is expected to further grow from $38.1 billion in 2025 to $67.3 billion in 2029, with a compound annual growth rate of 15.3%. Benefiting from the growing demand for computing power and the accelerated deployment of ultra-large-scale high-power data centers by global AI giants and large cloud service providers, the global enterprise-level commercial server high-precision intelligent manufacturing platform market has rapidly expanded from $2.3 billion in 2020 to $19.5 billion in 2024, with a compound annual growth rate of 71.4%. Looking ahead, as the demand for high-performance AI computing infrastructure continues to increase, the market is expected to grow further, with the market size expected to reach $92.3 billion by 2029, with a compound annual growth rate of 36.2% from 2025 onwards. Board of Directors Information Lingyi Itech's board of directors consists of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors. The directors are appointed for a term of three years and can be re-elected continuously. In accordance with relevant Chinese laws and regulations, the maximum term for reappointment of independent non-executive directors is six years. Shareholding Structure As of the last practical date, the company is directly owned by Ms. Zeng Fangqin (Ms. Zeng) and Ling Sheng Investment, with approximately 1.98% and 56.66% ownership, respectively. Ling Sheng Investment is wholly owned by Ms. Zeng. Therefore, Ms. Zeng and Ling Sheng Investment are considered a group of controlling shareholders, collectively holding approximately 58.64% of the company's issued share capital as of the last practical date. As of the last practical date, Ling Sheng Investment has pledged 252,100,000 A shares to various regulated financial institutions in China to obtain financing provided by Ling Sheng Investment, accounting for approximately 3.45% of the company's issued share capital. Other subsidiary companies consist of a total of 89 subsidiaries established in different jurisdictions. Advisory Team Exclusive Sponsor: Guotai Junan Finance Limited Legal Counsel: Cooley HK for Hong Kong laws and US laws; Jiayuan Law Firm for Chinese laws Exclusive Sponsor and Coordinated Legal Counsel: Zhong Lun Law Firm Limited Liability Partnership for Hong Kong laws and Zhong Lun Law Firm for Chinese laws Auditors and Reporting Accountants: RSM Hong Kong Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Compliance Consultant: Guotai Junan Finance Limited