200亿上海手机代工巨头冲刺港股IPO，最大客户小米持股4.94%

量子位01-12

具体而言，智能手机是公司业务的主要动力，提供从产品概念设计、硬件开发、软件开发到测试验证的全流程研发服务，以及规模化生产制造支持。根弗若斯特沙利文的资料，2024年，龙旗的智能手机ODM出货量达1.73亿台。同年，在以出货量计的智能手机前十品牌中，龙旗和其中八家都建立了业务合作，并且平均合作年限都在五年以上。AI PC方面，龙旗科技已组建AI PC产品研发、生产制造、质量管理等端到端专业团队，完成...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260112122446a4b908df&s=b><strong>量子位</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>具体而言，智能手机是公司业务的主要动力，提供从产品概念设计、硬件开发、软件开发到测试验证的全流程研发服务，以及规模化生产制造支持。根弗若斯特沙利文的资料，2024年，龙旗的智能手机ODM出货量达1.73亿台。同年，在以出货量计的智能手机前十品牌中，龙旗和其中八家都建立了业务合作，并且平均合作年限都在五年以上。AI PC方面，龙旗科技已组建AI PC产品研发、生产制造、质量管理等端到端专业团队，完成...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260112122446a4b908df&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0345775950.USD","symbol_name":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) 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PC产品研发、生产制造、质量管理等端到端专业团队，完成全面布局。2024年第三季度，龙旗推出了首款搭载高通骁龙处理器的笔记本电脑产品，以实现商用和消费领域AI应用的拓展。汽车电子方面，公司自2022年成立汽车电子业务团队以来，已与小米、蔚来等OEM及一级客户建立合作伙伴关系，获得超过十个定点项目。最后在新兴品类中，龙旗科技正在积极布局AI与智能制造领域，并且在AIoT等方面进展迅猛。2024年，龙旗已和互联网头部客户合作，推出多款智能眼镜，总出货量已经超过200万台；据弗若斯特沙利文的资料，公司在智能手表/手环、智能眼镜等领域的出货量已跃居行业前二。到目前为止，龙旗的客户涵盖小米、三星、联想、荣耀、OPPO、vivo等品牌；其中，小米是龙旗的最大客户。以2024年消费电子ODM出货量计，龙旗是全球第二大的消费电子ODM厂商，占据22.4%的市场份额。第一则是同样位于上海，并已在A股上市，正在冲刺港股IPO的华勤技术。而龙旗在智能手机ODM出货量的市占率达32.6%，已是全球最大的智能手机ODM厂商。这样的市场份额，在财务层面为龙旗科技带来了怎样的收获？上海龙旗科技财务表现如何？2022年~2024年，公司营业收入分别为293.4亿元、271.9亿元和463.8亿元。今年前9个月，公司营业收入为313.3亿元，同比下滑10.3%。2024年的猛涨是因为5G手机放量及AIoT爆发，2025年的下降则是因为战略调整，放弃低毛利订单。按照产品类型划分收入，可以划为智能手机、AIoT及其他产品、平板电脑等。其中，智能手机是公司主要的收入来源，2022年~2024年已经今年前9个月，相关收入分别为242.7亿元、218.2亿元、361.3亿元以及217亿元，分别占同期总收入的82.7%、80.3%、77.9%和69.3%。AIoT及其他产品增速更明显，2022年~2024年以及今年前三季度，分别为公司贡献了6.5%、9.2%、12%、17.9%的收入，占比逐步扩大。而同期，平板电脑收入比重则为9.5%、9.2%、8%和9.5%，维持较稳定水平。公司前五大客户贡献了大部分收入，例如2024年占总收入的82.2%。其中，第一大客户小米，在2022年、2023年、2024年和2025年前9个月，为龙旗贡献的收入分别为133.6亿元、115.2亿元、172.6亿元和89.5亿元。对应同期所占集团总收入比例分别为45.5%、42.4%、37.2%及28.6%。再看利润层面，2022年~2024年，公司毛利率分别为8.1%、9.5%和5.8%；2025年前9个月，公司毛利率回升到的8.3%。招股书解释，2024年毛利率明显下滑，原因包括原材料采购价因市场波动增加，以及公司的战略性市场拓展。2025年回暖，主要由于提升项目品质，并策略性放弃若干低利润项目，同时市场原料价格趋于稳定，终结2024年观察到的上涨趋势。而各产品中，AIoT及其他产品的毛利率水平相对最高，随着这部分业务的营收占比逐步扩大，未来预计也能进一步拉动整体毛利水平。2022年~2024年，公司净利润为5.62亿元、6.03亿元和4.93亿元；今年前三季度为5.14亿元，已超过去年全年水平。支出层面，研发是重中之重；研发和工程团队大约由5200名专业人员组成。2022年~2024年以及今年前三季度，公司的研发开支分别为15亿元、16.9亿元、20.8亿元和19.5亿元；对应同期占总收入的比重分别为5.1%、6.2%、4.5%和6.2%。最后在现金层面，截至今年三季度末，公司的现金及现金等价物为68.5亿元。是谁打造了这样一家上海龙头？谁打造了ODM巨头？上海龙旗科技成立于2004年，公司创始人、董事长是今年52岁的杜军红。1990年，杜军红被保送至浙江大学混合班——这个班级只招收全国高考状元和优秀学生，是竺可桢学院的前身。读完浙江大学工业自动化本科后，杜军红又在1999年拿到了浙江大学电机与电器博士学位。杜博士在消费电子领域已经有20多年经验，在创办龙旗科技之前，他曾是中兴通讯的高管，是当时中兴通讯里面晋升最快，也是最年轻的产品总经理。2004年前后，杜军红感知到消费电子行业具备巨大潜力，于是决定出走创业，带着几位中兴通讯的老同事，一起打造了上海龙旗科技。公司创立之初，主要以IDH模式（Independent Design House）起家，为手机厂商提供全套设计方案，之后逐步扩大业务范围，发展为消费电子ODM巨头。公司在资本市场迈出的第一步，实际是在成立次年，也就是2005年。彼时，龙旗通过间接持有公司100%股权的离岸投资控股实体，实现了在新加坡证券交易所上市。不过，由于市场规模有限，对公司吸引外部资金、支持研发和扩张的帮助不如国内A股市场，龙旗决定在2020年从新交所退市，转战A股。2024年3月，龙旗在上海证券交易所成功上市，当日开盘价为59.99元/股，较发行价暴涨131%；收盘价为51.92元/股，较发行价仍暴涨99.69%。而截至发稿前，龙旗在A股的股价为42.37元/股，市值为199.28亿元。另一方面，公司成立同年，龙旗就拿到了IDG资本和招商局资本的天使轮融资。小米科技、顺为资本和基石资本，则参与了龙旗的A轮融资。所以小米不仅是龙旗的最大客户，还是重要投资者，目前前者持有后者4.94%的股份。所以这一家龙头企业，在资本市场并不缺关注，而本次冲刺港股IPO募资，实则也有更深远的用途：首要目的是扩大产能，海内外市场都要提升公司的生产能力；其次是加大研发，重点加强核心技术创新，比如AI相关技术；其余部分，则分别会用作拓展市场、战略投资以及补充流动资金。如今，龙旗通过聆讯，相当于已经拿到了赴港上市的船票，港股“消费电子ODM第一股”很快就要落地了。招股书传送门：https://www1.hkexnews.hk/app/sehk/2025/108011/documents/sehk25123001114_c.pdf一键三连“点赞”“转发”“小心心”欢迎在评论区留下你的想法！—完—量子位智库2025年度“AI 100”榜单正式开启招募！和我们一起在日新月异的AI产品市场中厘清背后脉络，把握未来动向，找到真正代表中国AI实力的巅峰力量一键关注 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