{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","ticker":"002475.SZ","updated_at":"2026-07-12T03:42:38.067434+00:00","canonical":"https://valuechain.wiki/luxshare","same_as":["https://finance.yahoo.com/quote/002475.SZ"],"citable":"밸류체인 그래프 기준 Luxshare의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 41곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Luxshare Precision is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 41 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"선전증시 · 정밀 EMS · AI 인터커넥트(224G)","kicker_en":"Shenzhen · precision EMS · AI interconnect (224G)","lead":"아이폰 조립에서 출발해 AI 데이터센터 고속 인터커넥트·전력·냉각으로 무게중심을 옮기는 중국 정밀제조(EMS) 대기업이다. 2025년 매출 ¥3,323억(+24%) 중 통신·데이터센터가 ¥246억(+34%)으로 가장 빠르게 큰다. 자체 224G KOOLIO/Intrepid 케이블 카트리지로 엔비디아 GB200에 진입했고, DAC·ACC 고속 동케이블에서 천억위안급 증분시장의 20~30% 점유가 기대된다 — 관건은 저마진 애플 조립 의존에서 고부가 AI 인터커넥트로의 이익 구조 전환이다.","lead_en":"A Chinese precision-manufacturing (EMS) major shifting its center of gravity from iPhone assembly to AI-datacenter high-speed interconnect, power and cooling. Of 2025 revenue of RMB 332.3B (+24%), comms/datacenter is the fastest-growing at RMB 24.6B (+34%). Its own 224G KOOLIO/Intrepid cable cartridges have entered NVIDIA GB200, and in DAC/ACC high-speed copper cables it is expected to take 20-30% of a RMB-100B-plus incremental market — the swing factor is the profit-mix shift from low-margin Apple assembly to higher-value AI interconnect.","segments":{"parts":[{"desc":"자체 224G KOOLIO/Intrepid 케이블로 AI 클러스터에 공급, GB200 진입. DAC·ACC 동케이블 증분시장 20~30% 점유 기대 — 이익 구조를 바꿀 고부가 축.","name":"커넥터·인터커넥트(224G)"},{"desc":"아이폰 전 시리즈 조립·부품(무선충전·음향·리니어모터). 매출의 현금 기반이나 애플 단일 고객 집중·저마진이 한계.","name":"아이폰 조립"},{"desc":"인터커넥트에서 데이터센터 전력·냉각으로 확장 — AI 랙 콘텐츠를 넓혀 대당 매출을 키우는 축.","name":"전력·냉각"}],"total":"2025 매출 ¥332.3B (+24%)","concentration":"애플 조립 + 엔비디아 GB200 진입."},"segments_en":{"parts":[{"desc":"Own 224G KOOLIO/Intrepid cables into AI clusters, entered GB200; expected 20-30% of the DAC/ACC copper-cable incremental market — the high-value axis set to reshape the profit mix.","name":"Connectors/interconnect (224G)"},{"desc":"Full iPhone assembly and components (wireless charging, acoustics, linear motors) — the cash base, but constrained by single-customer Apple concentration and thin margins.","name":"iPhone assembly"},{"desc":"Expanding from interconnect into datacenter power and cooling — widening AI-rack content to lift revenue per system.","name":"Power/cooling"}],"total":"2025 revenue RMB 332.3B 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GB200 세대 콘텐츠 램프와 애플 의존 완화 속도이며, 미·중 공급망 재편이 양방향 리스크다.","analysis_en":"Luxshare's thesis is a profit-mix shift from low-margin assembler to AI-interconnect component maker. The core of 2025 revenue of RMB 332.3B (+24%) is still full-series iPhone assembly — a low-margin cash base tied to a single customer, Apple. The re-rating driver is comms/datacenter (RMB 24.6B, +34%), the high-value axis where its own 224G cable cartridges have entered NVIDIA GB200 and it is expected to take 20-30% of the DAC/ACC copper-cable incremental market. It is also diversifying customers and geography via Meta VR contract manufacturing ($520M Vietnam investment). The swing factors are the GB200-generation content ramp and the pace of reducing Apple dependence, with US-China supply-chain realignment a two-way risk.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"Apple","counterparty_slug":"apple","confidence":"high","metric":null,"note":"아이폰 전 시리즈 조립·부품(무선충전·음향·리니어모터) — 매출의 현금 기반이나 단일 고객 집중·저마진이라 다변화 대상.","note_en":"Full iPhone assembly and components (wireless charging, acoustics, linear motors) — the revenue cash base, but a single-customer, low-margin concentration it is diversifying away from.","sources":[{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"filing","lang":"en","published_at":"2026-04-24","url":"https://www.prnewswire.com/news-releases/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform-302753004.html","title":"Luxshare 2025 실적(EMS·AI 데이터센터)","title_en":"Luxshare 2025 performance (EMS, AI datacenter)","excerpt":"아이폰 전 시리즈 조립·부품(무선충전·음향·리니어모터).","excerpt_en":"Full iPhone assembly and components (wireless charging, acoustics, linear motors)."},{"stance":"confirms","publisher":"Grokipedia","publisher_en":"Grokipedia","kind":"research","lang":"zh","published_at":"2026-01-01","url":"https://grokipedia.com/page/Luxshare","title":"立讯精密(Luxshare, 커넥터·EMS)","title_en":"Luxshare Precision (connectors, EMS)","excerpt":"아이폰 전 시리즈 조립·부품(무선충전·음향·리니어모터).","excerpt_en":"Full iPhone assembly and components (wireless charging, acoustics, linear motors)."}]},{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"엔비디아 GB200용 224G 커넥터·인터커넥트·전력·냉각 부품 공급. 자체 DAC·ACC 동케이블로 증분시장 20~30% 점유 기대 — 이익 구조 전환의 핵심 고객.","note_en":"Supplies 224G connectors, interconnect, power and cooling for NVIDIA GB200; its own DAC/ACC copper cables are expected to take 20-30% of the incremental market — the customer at the heart of its profit-mix shift.","sources":[{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"filing","lang":"en","published_at":"2026-04-24","url":"https://www.prnewswire.com/news-releases/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform-302753004.html","title":"Luxshare 2025 실적(EMS·AI 데이터센터)","title_en":"Luxshare 2025 performance (EMS, AI datacenter)","excerpt":"엔비디아 GB200용 커넥터·인터커넥트·전력·냉각 부품 공급(224G 케이블 카트리지).","excerpt_en":"Supplies connectors, interconnect, power and cooling for NVIDIA GB200 (224G cable cartridges)."},{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"news","lang":"en","published_at":"2024-04-30","url":"https://www.trendforce.com/news/2024/04/30/news-luxshare-reportedly-enters-nvidias-chain-eyeing-at-ai-chip-business/","title":"Luxshare, 엔비디아 GB200 공급망 진입","title_en":"Luxshare enters NVIDIA GB200 supply chain","excerpt":"엔비디아 GB200용 커넥터·인터커넥트·전력·냉각 부품 공급(224G 케이블 카트리지).","excerpt_en":"Supplies connectors, interconnect, power and cooling for NVIDIA GB200 (224G cable cartridges)."},{"stance":"mentions","publisher":"신랑재경(新浪财经)","publisher_en":"Sina Finance","kind":"news","lang":"zh","published_at":"2024-03-29","url":"https://finance.sina.com.cn/stock/relnews/cn/2024-03-29/doc-inapyawu2632739.shtml","title":"英伟达GB200\"引爆\"高速铜连接，立讯精密受益千亿增量市场","title_en":"NVIDIA GB200 ignites high-speed copper interconnect; Luxshare set to benefit","excerpt":"立讯精密的DAC·ACC 고속 동케이블이 구글·시스코 등 해외 고객을 확보했고, 엔비디아의 GH200·GB200 제품과 적극 대응 중이며, 千亿元급 고속 동케이블 증분 시장에서 20~30% 점유가 예상된다.","excerpt_en":"Luxshare's DAC and ACC high-speed copper cables have won overseas customers such as Google and Cisco and are actively engaging NVIDIA's GH200 and GB200 products, with an expected 20-30% share of the multi-hundred-billion-yuan copper interconnect market."}]},{"direction":"revenue","counterparty":"Meta Platforms","counterparty_slug":"meta","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-01-06","basis":"메타 VR 생산용 베트남 투자","value":520000000,"period":"FY2026","basis_en":"Vietnam investment for Meta VR production"},"note":"메타 VR 기기 위탁생산 — 2026년 베트남에 약 $520M을 투자해 생산 확대. 애플 밖 고객·지역 다변화 축.","note_en":"Contract manufacturer of Meta's VR devices — investing ~$520M in Vietnam in 2026 to expand output. An axis diversifying customers and geography beyond Apple.","sources":[{"stance":"confirms","publisher":"디지타임스","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-01-06","url":"https://www.digitimes.com/news/a20260106PD208/luxshare-electronics-hardware-demand-manufacturing.html","title":"Luxshare invests US$520 million in Vietnam for Meta VR production expansion","title_en":"Luxshare invests US$520 million in Vietnam for Meta VR production expansion","excerpt":"립쉰정밀이 메타 플랫폼스향 VR 기기 생산을 확대하기 위해 베트남에 약 $520M을 신규 투자한다.","excerpt_en":"Luxshare Precision is making a new round of investment of about $520M in Vietnam focused on virtual reality devices for Meta Platforms."}]},{"direction":"cost","counterparty":"증설·M&A (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"데이터센터 전력·냉각 확장과 증설·M&A — 인터커넥트에서 랙 시스템으로 콘텐츠를 넓히기 위한 투자(규모 비공개).","note_en":"Datacenter power/cooling expansion and capacity/M&A — investment to widen content from interconnect toward rack systems (scale undisclosed).","sources":[{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"filing","lang":"en","published_at":"2026-04-24","url":"https://www.prnewswire.com/news-releases/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform-302753004.html","title":"Luxshare 2025 실적(EMS·AI 데이터센터)","title_en":"Luxshare 2025 performance (EMS, AI datacenter)","excerpt":"인터커넥트→전력·냉각 확장.","excerpt_en":"Expanding interconnect into power/cooling."}]},{"direction":"cost","counterparty":"부품·소재·인건 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"부품·소재·정밀 조립 인력 — 노동·소재 원가가 조립 마진을 좌우하는 축(비공개).","note_en":"Components, materials and precision-assembly labor — the axis where labor and materials cost drive assembly margin (undisclosed).","sources":[{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"filing","lang":"en","published_at":"2026-04-24","url":"https://www.prnewswire.com/news-releases/luxshare-ict-reports-resilient-2025-performance-reinforcing-its-global-precision-manufacturing-platform-302753004.html","title":"Luxshare 2025 실적(EMS·AI 데이터센터)","title_en":"Luxshare 2025 performance (EMS, AI datacenter)","excerpt":"중국·글로벌 정밀제조 플랫폼.","excerpt_en":"China and global precision-manufacturing platform."}]}]}