Following Luxshare Precision and Lens Technology, another Apple supply chain giant has embarked on its journey to list in Hong Kong. Recently, the Hong Kong Stock Exchange disclosed that Lingyi Itech (Guangdong) Company (hereinafter referred to as Lingyi Itech) has officially submitted its H-share listing application. This nearly hundred-billion-market-cap "Apple supply chain" leader is set to make another strategic move in the capital markets. Notably, this year, as the company deepened its presence in the embodied AI sector, market enthusiasm has surged, driving its stock price up over 60% year-to-date and pushing its market cap close to the 100-billion-yuan mark. More strikingly, its profits for the first three quarters of 2025 have already surpassed those of the entire 2024 fiscal year, signaling a clear inflection point in performance.
While Lingyi Itech is already well-known in the A-share market, this Hong Kong listing holds special significance for its leader, Zeng Fangqin—dubbed the "Queen of Shenzhen"—marking her first IPO as an entrepreneur.
**Nine-Month Profits Outpace Full-Year 2024, Overseas Revenue Share Expands Significantly** Lingyi Itech’s Hong Kong IPO also reflects a broader trend among Apple supply chain companies seeking transformation. In recent years, firms like Luxshare Precision and Lens Technology have diversified to reduce reliance on a single client. Lingyi Itech’s approach stands out: while continuing to dominate consumer electronics, it has aggressively expanded into AI hardware, automotive electronics, and clean energy, creating multiple growth drivers. This "traditional + emerging" dual-engine strategy has allowed the company to maintain stability while capitalizing on technological shifts—a balance investors have rewarded.
Financially, Lingyi Itech’s transformation is paying off. From 2022 to 2024 and the first three quarters of 2025, its revenue was RMB 34.503 billion, RMB 34.154 billion, RMB 44.26 billion, and RMB 37.59 billion, respectively. Profit growth is even more remarkable: approximately RMB 1.56 billion, RMB 2.014 billion, RMB 1.761 billion, and RMB 1.966 billion over the same periods. The 2025 nine-month profit has already eclipsed 2024’s full-year results and nears the 2023 peak, underscoring the success of its business optimization.
AI hardware now dominates its revenue mix. In 2024, this segment contributed RMB 40.78 billion, up 32.8% year-on-year, accounting for 92.1% of total revenue. Automotive and low-altitude economy businesses made up just 4.8%, with other segments at 3.1%, highlighting AI hardware as the core growth engine despite diversification efforts.
Globalization is another bright spot: overseas revenue rose from 37.9% in 2024 to 47.3% in the first three quarters of 2025, nearly half of total income. This shift reflects both successful international expansion and growing global demand for AI hardware, while also insulating the company from regional economic volatility. The Hong Kong listing will further bolster its global footprint, facilitating cross-border M&A and overseas capacity growth.
**From "Human-Eye-Fold-Serve" to Cross-Industry Manufacturing Prowess** Lingyi Itech’s prospectus reveals a sharp strategic focus: four cutting-edge fields—humanoid robots ("Human"), XR devices ("Eye"), foldable screens ("Fold"), and servers ("Serve"). These areas form a synergistic tech matrix rather than isolated bets.
In humanoid robots, the company has built dedicated production lines covering CNC, 3D printing, metal injection molding (MIM), and die-casting. Its "two golds and one bronze" at the 2025 World Humanoid Robot Games weren’t just accolades—they validated its technical prowess.
The key lies in transferable precision manufacturing capabilities. Miniaturization expertise honed in consumer electronics now powers innovations like "feather-inspired copper nanostructures" for high-density AI server cooling. This ability to repurpose high-precision, low-power tech into high-growth sectors is invaluable.
The four focus areas interlock tightly: humanoid robots fuse mechanics, sensors, and AI; XR demands precision optics and lightweight designs; foldable screens rely on flexible materials and durable hinges; server cooling impacts computing density and energy efficiency. Together, they underpin smart-era infrastructure.
Lingyi Itech’s multi-process production lines—CNC for precision metalwork, 3D printing for rapid prototyping, MIM for high-strength micro-parts, and die-casting for mass production—enable end-to-end solutions, not just contract manufacturing.
Market validation is critical. Through industry standards participation, tech competitions, and partnerships, Lingyi Itech is bridging the gap from innovation to commercialization.
**Conclusion: A Strategic Leap, Challenges Ahead** Lingyi Itech’s Hong Kong listing isn’t just about capital—it’s a strategic elevation from Apple supplier to pioneer in "Human-Eye-Fold-Serve" domains. On the cusp of an AI hardware boom, its tech adaptability, integrated manufacturing, and global revenue mix position it for resilient growth. Yet, persistent gross margin declines remind us that balancing technological leadership and profitability remains a long game. Whether Lingyi Itech can evolve from a "chain" player to a "chain leader" will be tested in this pivotal Hong Kong chapter.
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