The Zhitong Finance App learned that on the evening of August 28, Lingyi Intelligent Manufacturing (01688) released the 2026 semi-annual report. In the first half of 2026, the company's revenue reached a record high, achieving operating income of 25.149 billion yuan, an increase of 6.45% year on year, and revenue growth for ten consecutive quarters; net profit to mother was 764 million yuan, down 17.88% year on year. The company's gross profit for the first half of 2026 was 4.206 billion yuan, up 18.07% year on year, a record high; gross profit margin was 16.73%, up 1.65 percentage points year on year.
According to the announcement, the company spent 1,442 billion yuan on R&D in the first half of 2026, an increase of 27.86% over the previous year. It mainly focuses on technology development for new projects in the AI terminal business, especially increasing investment in projects related to folding screen hardware, VC cooling hardware, server liquid cooling and cooling, server power supplies, and self-contained intelligent robots.
Looking at the revenue structure, the company's AI hardware-related business revenue was about 20.464 billion yuan, accounting for 81.37% of total revenue. Among them, battery power (including end side and AI computing power server power) business revenue was 3,928 billion yuan, up 12.73% year on year; thermal management (end side and AI computing power server cooling) business revenue was 2,920 billion yuan, a significant increase of 43.46% year on year; automobile and low altitude economy business revenue was 3,528 billion yuan, up 198.26% year on year, and gross margin increased by about 6.25 percentage points year on year.
End-side AI business: multi-category product iteration, folding screen, thermal management to achieve large-scale delivery
2026 is regarded by the industry as the “first year without creases” for folding screens. Lingyi Intelligent Manufacturing is deeply involved in the R&D and processing technology of various advanced materials for different application scenarios to meet the performance, weight, and strength requirements of folding screen terminals. During the reporting period, the company supplied core precision parts related to next-generation folding terminal products to major customers in North America, including precision hinge structural parts, screen support plates, ultra-thin heat-sharing plates, and ultra-thin stainless steel battery case modules with flanges.
In the field of thermal management, the company provides integrated thermal management solutions from multi-material heat transfer plates (VC) to AI terminals for leading global technology customers. The matrix of stainless steel, composite materials, aerospace-grade titanium, and 3D dual-heat source multi-shape homogenizer plates developed and manufactured by the company continued to iterate. During the reporting period, mass production of high-heat dissipation performance homogenizing plates was achieved, and the delivery scale of integrated mid-frame heat sharing plates continued to grow. Among them, the company's representative product, the 3D dual heat source heat sink, has landed on the flagship models of leading domestic manufacturers, and can be used separately to dissipate heat for system-level chips and camera modules.
In the first half of the year, revenue related to XR wearables from Lingyi Smart Manufacturing reached 1,794 billion yuan, an increase of 17.72% over the previous year. The company fully covers core hardware products such as soft functional parts, injection molding parts, cooling solutions, and chargers for smart wearable devices such as AR, VR, MR and AI glasses, and works closely with terminal brands to become a leading supplier of core hardware and key technology for smart wearable devices.
The physical AI and AIDC computing power business simultaneously achieved mass production breakthroughs, and two new tracks entered the mass delivery stage
As the second growth curve, AIDC computing power hardware completed the acquisition of Liminda Electronic Technology Co., Ltd. (Readore) in January 2026 to supplement server liquid cooling hardware capabilities. Liminda is mainly engaged in core hardware such as server liquid-cooled quick-release connectors (UQD), liquid-cooled manifold manifolds, single-phase liquid cooling and cooling modules (server liquid cooling plate and optical module cold plate), phase change liquid cooling modules, server heat dissipation plates (VC and 3DVC), and bus bars. As a core supplier of leading North American computing power customers, it continues to deliver server liquid cooling and power related products in batches to leading overseas computing power companies and ecological partners. At the same time, the subsidiary Xilcon Server Universal Redundant Power Supply (CRPS) achieved mass production and shipment, forming a complete product matrix of “liquid cooling+power” integrated cooling and power.
On the physical AI (humanoid robot) circuit, the company implements the trinity of “core component research and development, full-dimensional intelligent hardware manufacturing services, and industrial scenario implementation development”, and is committed to becoming the “top 3 virtual intelligent hardware manufacturer in the world”. During the reporting period, the company's intelligent manufacturing bases in Beijing, Chengdu, Zhengzhou and overseas were put into operation one after another. It has mass-produced and delivered products such as core components, joint modules, and complete machines for humanoid robots, and its influence in the industry continues to grow. Up to now, the company has completed thousands of hardware/machine assembly services for many leading intelligent enterprises, and provided application implementation development and complete machine assembly services for a variety of robots.
Among them, Honor Robot “Lightning” won the 2026 Beijing Yizhuang Humanoid Robot Half Marathon. Lingyi Intelligent Manufacturing provided the model with core structural parts and surface treatment-related products and services. In addition to providing complete machine support to the outside world, the company's internal intelligent industrial applications have also been upgraded. Various industrial robots have been deployed in core production processes such as loading and unloading, AOI inspection, and CNC processing. Plate exchange, tool change, IPQC sampling inspection, and size inspection during the CNC online unloading process have achieved an overall labor savings of 40%; AOI inspection Achieve comprehensive transformation cost savings of 30%-50%.
On June 26, 2026, the company landed on the main board of the Hong Kong Stock Exchange and officially built an A+H dual capital platform. The capital raised will focus on the three major directions of server liquid cooling capacity expansion, humanoid robot manufacturing base upgrade, and cutting-edge precision process research and development. At the level of shareholder returns, the company continues to implement measures such as dividends and share repurchases. A cash dividend of 145 million yuan will actually be distributed in 2025, and a cash dividend of 162 million yuan will be distributed in the 2026 half year. In terms of repurchases, as of June 30, Lingyi Zhizao had repurchased a total of 311 million yuan of A-shares, and then raised the maximum amount of A-share repurchase capital to 480 million yuan; as of July 31, 2026, the company had accumulated repurchases of 439 million yuan. At the same time, the board of directors of the company deliberated and approved requesting authorization from the shareholders' meeting to take the opportunity to repurchase no more than 10% of the issued H shares (excluding treasury shares) to enhance returns for H share shareholders.