Lingyi iTech Manufacturing achieves record-high performance in 2025, plans to repurchase up to 400 million yuan worth of shares

Securities Times Reporter Kang Yin

On the evening of March 27, Lingyi Itech (002600) released its 2025 annual report, with revenue and profit reaching record highs. The company’s total operating revenue was 51.429 billion yuan, a year-on-year increase of 16.20%; net profit attributable to shareholders was 2.288 billion yuan, a year-on-year increase of 30.34%. Basic earnings per share were 0.33 yuan, up 32% year-on-year.

Looking at the three major business segments, in the AI terminal business, Lingyi Itech achieved revenue of approximately 44.793 billion yuan in 2025, a year-on-year increase of 9.84%. Among them, the heat dissipation business generated revenue of 5.125 billion yuan, up 24.78%; the battery power business achieved revenue of 7.579 billion yuan, up 16.90%; and the automotive and low-altitude economy business reached 2.954 billion yuan, an increase of 39.56% year-on-year, with gross margin increasing by 7.90 percentage points compared to the previous year. The company’s other businesses generated approximately 3.681 billion yuan in revenue, a year-on-year increase of 170.11%.

The company continues to increase R&D investment in high value-added products related to AI terminal hardware and to expand market share. Additionally, revenue from overseas factories has grown significantly, and profitability continues to improve.

The total cash dividend and share repurchase for 2025 amounted to 611 million yuan, accounting for 26.72% of the net profit attributable to shareholders for the year. Of this, the cumulative share repurchase totaled about 320 million yuan. Lingyi Itech also announced a share buyback plan, with a buyback amount range of 200 million to 400 million yuan, and a proposed buyback price not exceeding 21.10 yuan per share.

In January 2026, Lingyi Itech completed the acquisition of a key supplier (RVL/AVL) Readore in North America’s computing power industry, officially integrating Readore into the company’s consolidated financial statements. This marks Lingyi Itech’s full entry into the core supply chain of North American leading server liquid cooling, unlocking dual core business capabilities of “server liquid cooling + power supply,” and forming a complete closed-loop in the server industry.

As the global humanoid robot industry enters a critical stage of commercialization, demand for core components, complete machine assembly, and scene implementation is gradually releasing. Leveraging 20 years of precision manufacturing experience and full-process capabilities, Lingyi Itech is adopting a “trinity” embodied intelligence strategy, aiming to become one of the top three global manufacturers of embodied intelligence hardware.

To date, Lingyi Itech has established cooperation and supply relationships with multiple leading embodied intelligence companies in North America and over 20 domestic top firms. In 2025, it completed assembly services for more than 5,000 sets of humanoid (embodied) robot hardware and complete machines, covering core modules across the entire chain, including complete units, dexterous hands, and joint modules.

Furthermore, in 2019, Lingyi Itech established a thermal management business division, providing integrated thermal management solutions from various materials, including heat spreaders (VC) for AI terminals. The company has mass-produced products made from stainless steel, composite materials, aerospace-grade titanium, and 3D dual heat sources, aiming to significantly enhance the thermal performance limits of terminal devices.

In 2025, Lingyi Itech will focus on the business core of “human-eye-fold-service,” forming a dual circulation and dual leading pattern domestically and internationally based on its layout across 80 production bases and delivery centers in 10 countries worldwide. Moving forward, the company will be guided by its 2030 development goals, continuously strengthening multiple growth trajectories such as “edge AI + computing infrastructure + embodied intelligent robots” through a dual-drive strategy of “internal growth + external expansion.”