Black technology: a super empire spanning two worlds

Chapter 389 [The Black Technology from the Blue Star World is Worth Far More Than Trillions]

Lingjing Technology and Likang Technology both peaked on the same day, and both formed what is known as a "leopard top". The former closed at a high of 666.66 yuan, and the latter closed at a high of 9999.99 yuan.

Now, with the release of its annual report, Lingjing Technology's stock price has reached a new historical high.

Likang Technology, listed on the Beijing Stock Exchange, has seen a significant surge in its stock price over the past month, reaching a high of 5296.25 yuan, corresponding to a market capitalization of 2.46 trillion yuan.

In terms of price increase over the period, Likang Technology performed more strongly, with a cumulative annual increase of +160.70% in 2025, while Lingjing Technology's cumulative annual increase was +57.45% during the same period.

After all, Likang Technology's stock price had fallen too drastically before, halved and then halved again.

Lingjing Technology has now broken through the "leopard top" and reached a new historical high, while Likang Technology, even with a 1.6-fold increase in its annual line, has only climbed halfway up the mountain, and there is still nearly a 100% increase to go before reaching the leopard top of 9999.99 yuan.

If it weren't for the series of positive policies implemented last month for the humanoid robot industry chain, which reversed Likang Technology's predicament, it might still be stuck at the 2000 yuan price point.

As usual, Lingjing Technology also announced its dividend plan for the second half of the year when it released its annual report.

As is customary, Lingjing Technology will distribute one-third of its net profit as cash dividends. The company's net profit for the second half of the year reached an astonishing 6315.02 billion yuan. The announced dividend for the second half of the year is 2109.24 billion yuan, with a cash dividend of 24.30 yuan per 10 shares.

The company's total dividend payout in 2024 reached 2921.688 billion yuan, surpassing the world's largest bank to become the strongest dividend payer in the A-share market. This was the first time the company had surpassed and was nearly three times the amount of the labor union's dividend payout in the same year.

What's most shocking is that such a large cash dividend only accounts for one-third of the company's annual net profit.

As Lingjing Technology's largest shareholder, HP Fund holds 53.28% of the equity.

Last year, HP Fund received 1556.67 billion yuan in dividends based on its shareholding ratio. The institution's expenditure budget for last year was just over 1200 billion yuan, and it couldn't even spend all the cash dividends it received from Lingjing Technology.

They now have over 4000 billion yuan in cash on hand, and that number is growing. Their stake in Lingjing Technology has reached a nominal value of 31.14 trillion yuan, and they also have 5% of Likang Technology shares donated by Zhou Chengyang.

The current HP Fund really has more money than it can spend, and the more it spends, the more it seems to grow.

However, Xiao Yu would not allow HP Fund to sell the shares and realize cash. Even if the nominal value is high, it is still just paper wealth if it is not cashed out. Moreover, if HP Fund were to announce a reduction in holdings, Lingjing Technology's stock price would definitely plummet.

But there is no doubt that HP Fund holds shares in Lingjing Technology worth more than 30 trillion yuan, making it a major cornerstone for Dongda in the field of people's livelihood.

It is precisely because Xiao Yu transferred these shares to HP Fund that Lingjing Technology has been able to grow to such a large size.

……

After reaching a record high of 673.37 yuan, Lingjing Technology's stock price entered a correction phase again.

Despite the exceptionally strong annual report, the market responded with a 20% limit-up after the report's release, and the next day there was a premium of over 7%, resulting in a market capitalization increase of 13 trillion yuan in just two days.

However, it's clear that the funds are no longer sufficient to drive the price up.

Clearly, the capital market believes that Lingjing Technology's current risks outweigh its opportunities.

People aren't worried about the company's growth potential, nor are they worried about a reversal in Lingjing Technology's fundamental logic. Rather, they have some doubts about whether it can maintain its exaggerated growth rate of doubling every two years.

If Lingjing Technology can maintain its terrifying growth rate from 2024, with revenue still increasing by 144% to 2.14 trillion yuan, then its total revenue in 2025 would reach a staggering 5.22 trillion yuan. With a net profit margin still at 40%, that would mean over 2 trillion yuan in net profit. That's incredible! If that's the case, it'll be phenomenal.

沃尔玛在去年的营收6481亿美元折合人民币4.67万亿，灵镜科技要是在2O25年的营收巨增5.22万亿，那就是直接把蝉联世界五百强榜首十一年的沃尔玛集团给挑落马下。

It will become the world's number one super behemoth in terms of market capitalization, revenue, and profit.

Market funds believe that even if Lingjing Technology can create miracles, it is unlikely to be this exaggerated. Moreover, the global environment this year is getting worse and worse, and the price of gold has gone crazy. Everyone is worried about whether Amelika can handle its debt in June.

In conclusion, if Lingjing Technology cannot maintain its doubling growth rate by 2025, its valuation will need to be lowered, as its current static price-to-earnings ratio has soared to 66 times.

Market funds believe that Lingjing Technology's current PE valuation of less than 70 times is relatively reasonable, and any higher would be very risky.

Last year's valuation was driven up to 160 times PE because the previous value was low, but this year's report immediately filled the gap with a PE valuation of over 100 times.

However, the company's revenue has now reached 2.14 trillion yuan, and its net profit has reached 8700 billion yuan, both of which are astronomical figures.

The larger the previous value, the more it means that even if it doubles, the value will be completely different from the previous two years.

After all, doubling 1 yuan is only 2 yuan, but doubling 1 trillion yuan is an astronomical figure of 2 trillion yuan.

Most market investors now believe that as the previous value gets larger and larger, Lingjing Technology's growth rate will definitely decline in the future, and it is impossible to maintain such a terrifying growth rate every year.

Lingjing Technology currently has a market capitalization of 58 trillion yuan. If it doubles again, it will reach 116 trillion yuan, which is an unprecedented figure. No investor dares to imagine such a scene; it's simply a myth.

While others might not dare to dream of it, Xiao Yu was absolutely confident that Lingjing Technology would reach a market value of trillions in the foreseeable future.

Just kidding, with the support of the entire Blue Star world behind it, its value is far more than trillions.
However, others must know this, so the market is generally cautiously optimistic. The key is to see how the first quarter report performs and whether it can exceed expectations again.

In previous years, Lingjing Technology disclosed its annual report and first-quarter report at the same time.

However, this year the annual report was released separately first, while the first quarter financial report has not yet been released. It is now the middle and late March, and the first quarter financial report will be released no later than April 30. Calculated from the latest release date, there is still nearly a month and a half.

Investors are also waiting for Lingjing Technology to release its Q2 25 financial report. Its performance will affect the flow of funds.

……

March 20, headquarters of AVIC Linfei Company.

Xiao Yu appeared at the J-36 fighter jet production line. He and Chen Zaiqing arrived at the entrance of the factory workshop. As the automatic sensor door slowly rose, more than 700 industrial robots and a number of workers wearing anti-static work clothes were working together in precision inside the 20-meter-high factory.

The production room is kept at a constant temperature, and the air is filled with the unique scent of titanium alloy cutting fluid. Overhead, more than 3000 intelligent adjustment chambers slide silently along the tracks, and the pulsed production line runs through it.

Wearing the same work clothes, Xiao Yu calmly stepped into the factory. The automatic sensor door behind him slowly closed. Xiao Yu asked, "How is the production of the first batch of aircraft progressing?"

……

(End of this chapter)