IPO outlook | From backdoor to IPO: “Queen of Shenzhen” Zeng Fangqin's new capital game, Linyi Zhizao's profit in the first three quarters exceeded that of last year

Following Lixun Precision and Lansi Technology, another Apple supply chain giant has embarked on a listing journey to Hong Kong. Recently, the official website of the Hong Kong Stock Exchange revealed that Guangdong Lingyi Intelligent Manufacturing Co., Ltd. (hereinafter: Lingyi Intelligent Manufacturing) has officially submitted an H share listing application. This “fruit chain” leader with a market capitalization of nearly 100 billion dollars is about to enter the capital market.

What is particularly remarkable is that since this year, as the company's layout in the field of embodied intelligence gradually deepens, the market response has been enthusiastic. The stock price has risen by more than 60% during the year, and the market value is approaching the 100 billion mark. What is more noteworthy is that profits for the first three quarters of 2025 have surpassed the full year of 2024, and there are clear signs of an inflection point in performance.

Although Lingyi Intelligent Manufacturing is already well known in the A-share market, the Hong Kong stock listing has special significance for Zeng Fangqin, the person at the helm — this will be the first IPO in the life of this female entrepreneur known as the “Queen of Shenzhen.”

Profit in the first three quarters surpassed last year's share of overseas revenue and increased sharply

The Hong Kong stock IPO made by Lingyi Intelligence is also a microcosm of the “fruit chain” enterprise transformation trend. Over the past few years, Apple supply chain companies, including Lixun Precision and Lansi Technology, have sought diversified development to reduce their dependence on a single customer.

Compared with its peers, the transformation path of Lingyi Intelligent Manufacturing is quite unique. On the one hand, the company continues to be deeply involved in the consumer electronics sector to maintain competitiveness in this basic market; on the other hand, it is actively expanding emerging fields such as AI terminals, automotive electronics, and clean energy to create diversified growth poles.

This “traditional+emerging” two-wheel drive strategy enables Lingyi Intelligent Manufacturing to seize opportunities for technological change while maintaining steady operation. Judging from the performance of the capital market, this strategy has been recognized by investors.

The financial performance of Lingyi Intelligent Manufacturing revealed the effectiveness of the company's business transformation. From 2022 to 2024 and the first three quarters of 2025, the revenue of Lingyi Intelligent Manufacturing was 34.503 billion yuan, 34.154 billion yuan, 44.26 billion yuan, and 37.59 billion yuan, respectively. The profit performance was more impressive: approximately $1.56 billion, $2,014 billion, $1,761 billion, and $1,966 billion, respectively.

Profit for just three quarters of 2025 has surpassed the full year of 2024 and is close to the highest level of 2023. This data strongly confirms the success of the company's business optimization strategy.

Judging from the business structure, the AI hardware business has become the company's absolute main force. Taking 2024 as an example, the company's AI hardware business revenue was 40.78 billion yuan, up 32.8% year-on-year, accounting for 92.1% of total revenue. However, the automotive and low-altitude economy business accounts for only 4.8%, and other businesses account for 3.1%, indicating that although the company has diversified its layout, AI hardware is still the core engine of current growth.

The globalization strategy of Lingyi Intelligent Manufacturing is particularly evident in the revenue structure. The company's overseas revenue further increased from 37.9% in 2024 to 47.3% in the first three quarters of 2025, accounting for almost half of the country. This change shows that the international layout of Lingyi Intelligent Manufacturing has entered a period of harvest.

The sharp increase in overseas revenue share reflects, on the one hand, the company's achievements in actively expanding overseas markets. On the other hand, it is also closely related to the continued growth in demand for AI hardware in the international market. This change in revenue structure has also made Lingyi Intelligent Manufacturing more resistant to the risk of fluctuations in the single market economy, providing a more stable foundation for enterprise growth.

At the same time, the Hong Kong stock listing will further strengthen the company's global attributes and provide a more convenient capital platform for subsequent multinational mergers and acquisitions and expansion of overseas production capacity.

Looking at the cross-border wisdom of the manufacturing industry from the perspective of “being impressed by the human eye”

Lingyi Zhizao's Hong Kong stock fundraising manual revealed its precise strategic focus: the four core frontier fields of “human (humanoid robot), eye (XR), folding (folding screen), and service (server)”.

These four major fields do not exist in isolation, but rather are technical matrices that collaborate with each other. On the humanoid robot circuit, the company has built a number of exclusive processing production lines, including CNC, 3D printing, powder metallurgy (MIM), and die-casting process systems. The “two gold and one bronze” won at the World Humanoid Robotics Games in August 2025 is not only an award, but also a market-based verification of technical strength.

The core of Lingyi Intelligent Manufacturing's strategy is its transportable precision manufacturing capabilities. The micro precision technology that the company has accumulated in the field of consumer electronics is being amplified and applied to server cabinets. In response to the cooling requirements of high-density AI computing power servers, the company developed a unique “feathered copper bionic structure” nano heat dissipation technology. This technology migration capability is invaluable — it successfully reuses the advantages of high-precision, miniaturization, and low-power technology accumulated by the consumer electronics industry to emerging fields with more potential for growth.

The four fields of “people, eyes, folding, and service” seem to be separate; in fact, they form a close technical collaboration network. Humanoid robots represent the culmination of intelligent manufacturing and require the integration of technologies in various fields such as mechanical structure, sensor control, and artificial intelligence; XR devices are next-generation human-computer interaction entrances, which place extremely high demands on precision optics and lightweight structures. Folding screen technology involves flexible materials, precision hinges, and durability testing, while server cooling technology is directly related to computing power density and energy efficiency.

Together, these four fields point to the infrastructure of the intelligent era — whether it's the execution ability of humanoid robots, the interactive ability of XR devices, the display ability of folding screens, or the computing power of servers, they are all essential components of the future intelligent society. By creating a simultaneous layout in the four major fields, Lingyi Intelligence is actually betting on the future of the entire smart hardware ecosystem.

The many exclusive processing production lines built by Lingyi Intelligent Manufacturing reflect the deep integration of its full-chain manufacturing capabilities.

Processes such as CNC (CNC machine tools), 3D printing, powder metallurgy, and die casting are not simple assembly, but complete manufacturing systems built for different component characteristics. CNC is suitable for high-precision metal processing, 3D printing realizes rapid prototyping of complex structures, powder metallurgy meets the needs of high-strength small parts, and die-casting is suitable for large-scale production. This ability to cover the entire process enables Lingyi Intelligent Manufacturing to provide customers with a one-stop solution from design to mass production, rather than just a single stage of foundry.

Technical prowess must pass market verification in order to be converted into commercial value.

By participating in industry standard setting, international technology competitions, and cutting-edge customer cooperation, Lingyi Intelligent Manufacturing continuously verifies the advanced and practical nature of its technology, paving the way for large-scale commercialization. From technology to products, from products to commodities, Lingyi Intelligent Manufacturing is crossing the most critical stage of growth for innovative enterprises.

Breaking through the Hong Kong stock market created by Lingyi Intelligence is not only an expansion of the capital path, but also an upgrade to the strategic level. From “fruit chain” foundry to independent layout in the four major frontier fields of “impressing the human eye”. On the eve of the AI hardware explosion, its technology migration capabilities, full-chain manufacturing integration, and global revenue structure are forming a resilient growth synergy. However, the continued decline in gross margin also reminds us that on the way to breakthroughs in high-end manufacturing, technical voice and profit balance are still a long-term battle. Whether Lingyi Intelligent Manufacturing can actually transform from a “chain” enterprise to a “chain owner” enterprise, this Hong Kong stock battle will be a key litmus test.