Before midday on 6 November, Lingyi iTech bought back another 1.807 million of its own shares for RMB 21.22 million. Against daily turnover measured in hundreds of billions of renminbi across the A-share market, that line barely registers.
The cumulative figure does. From 26 March to midday on 6 November the Shenzhen company repurchased 43.37 million shares for RMB 560 million at an average of about RMB 12.92. That day the stock traded between RMB 11.58 and RMB 11.80. The company has been buying above the market.
Editor’s note: This is an adapted translation of the original OFweek report. It has been trimmed and restructured for readability for an international business audience. The full original (in Chinese) is at https://robot.ofweek.com/2026-11/ART-8321201-12003-30710828.html.
The same day, a policy change
On 6 November the relending rate for share buybacks and major shareholder purchases was cut to 1 per cent and converted from a temporary arrangement into a standing facility. Put the two facts together and the buyback stops being the story. The story is what a company with a RMB 12.92 average cost is paying for while the tape says RMB 11.58.
The first nine months of 2026: revenue RMB 40.671 billion, up 8.20 per cent. Net profit attributable to shareholders RMB 1.917 billion, down 1.27 per cent. Gross profit rose 19.26 per cent and gross margin improved 1.70 percentage points to a record, while R&D spending rose 25.72 per cent to RMB 2.244 billion, aimed at foldable display hardware, vapour chambers, server liquid cooling and power, and embodied AI robots.
The third quarter turned. Revenue was RMB 15.522 billion, up 11.15 per cent, the eleventh consecutive quarter of year-on-year growth. Net profit was RMB 1.15 billion, up 14 per cent, with both revenue and profit at records. The margin improvement is starting to reach the profit line.
Three lines moving from layout to delivery
Lingyi describes itself as an AI hardware intelligent manufacturing platform spanning edge AI, physical AI, AI compute and automotive. On its own that reads like a concept deck. On execution it reads differently.
On foldables it supplies hinge precision parts, display support plates, ultra-thin vapour chambers and stainless steel battery shell modules, and it is a core supplier on the customer’s first foldable. Per-unit value on a foldable is several times that of a slab phone.
In AI compute, the January 2026 acquisition of Liminda took it into server liquid cooling and power, making it an RVL and AVL supplier to a leading North American compute customer with quick-disconnect connectors, manifolds, cold plates and phase-change modules. Liminda exhibited at OCP Global Summit 2026 as an NVIDIA MGX ecosystem partner, and AMD graphics cooling modules are already shipping in volume.
In physical AI, the first humanoids came off its Beijing line in the first half of 2026. The Beijing plant is planned for 10,000 units in 2026 and 20,000 in 2027, with assembly lines already running in Chengdu, Zhengzhou, Dongguan and overseas. It supplies machined parts, core components, joint modules and complete assembly across CNC, 3D printing, powder metallurgy and die casting.
The gap between the buyback price and the analyst target
The buyback programme was lifted from RMB 200 to 400 million up to RMB 400 to 800 million, and the company kept buying near RMB 11. Ten institutions covering the stock in the past six months carry an average 2026 target price of RMB 16.50 and average net profit forecast of RMB 3 billion, more than 30 per cent growth. Guolian Minsheng projects RMB 3.0 billion, RMB 4.3 billion and RMB 5.9 billion for 2026 to 2028.
The risks are on the same page. Financial expenses for the nine months were RMB 876 million, up 174.67 per cent, with exchange losses part of the drag. The 10,000-unit humanoid plan is ambitious against an industry still in early commercialisation, with a timing gap between capacity and order flow. Liquid cooling is tied to one North American customer whose capital spending cycle and the politics around it both feed straight into orders.
A 1 per cent relending rate gives a company with an industrial logic a cheaper tool for managing its own valuation. The tool does not deliver. The product does. The next three data points are foldable volume, liquid cooling share inside Rubin racks, and humanoid line utilisation.