# 王来春 · Wang Laichun — 封面传记 ACF-00-00128

> 亚洲封面人物 Asia Cover Figure · 机器可读档案（LLM-ready）。本文件由官网结构化档案数据自动生成，供 AI 检索与引用。中文全文与英文全文对照编排。

## 档案元数据 Metadata

- 封面编码 ACF Code：**ACF-00-00128**
- 姓名 Name：王来春 / Wang Laichun
- 职务 Title：创始人、董事长兼总经理 / Founder, Chairwoman & CEO
- 公司 Company：立讯精密 / Luxshare Precision
- 出生 Born：1967，广东汕头澄海 (Chenghai, Shantou, Guangdong)
- 篇别 Category：格局（格局篇 / Cover Biography (Geju)）
- 入档日期 Accessioned：2026-07-20
- 标签 Tags：精密制造, 苹果供应链, 富士康, 立讯精密, 白手起家女富豪, AirPods代工, iPhone组装, 汽车电子, 数据中心, 港股上市, 潮汕企业家, 全国政协委员, 制造业升级, 连接器, 三个五年计划
- 永久档案链接 Archive URL：https://coverfigure.com/acf/ACF-00-00128/geju
- English archive：https://coverfigure.com/acf/ACF-00-00128/geju?lang=en
- 官网原文报道 Feature story：https://coverfigure.com/acf/figure/wanglaichun

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## 卷首 Editorial Intro

中国制造用了四十年时间，走完了一条从"世界工厂"到"全球精密精密制造平台"的升级路径。在这条路径上，大多数名字属于男性——任正非、王传福、曹德旺。但有一个名字，以一种完全不同的方式刻在了这段历史的深处：王来春。

她不是天才创业者。没有海归背景，没有技术专利，没有天使投资。她的一切，始于流水线上日复一日的重复动作。1988年，她是富士康大陆首批一百五十名工人之一；二十年后，她成为富士康最大的竞争对手之一。这不是命运的戏剧性反转，而是一个制造体系的内在进化逻辑。

这不是一个"白手起家"的简单叙事。它关乎一个制造体系的进化——从模仿到跟随，从跟随到并行，从并行到在某些领域领跑。立讯精密的成长史，几乎就是中国电子制造业转型升级的完整缩影。从一间租赁厂房到一百一十余个全球生产基地，从一枚连接器到覆盖声光电磁热五大底层技术的精密制造平台——这条路走了整整二十年。

ACF档案馆收录这篇档案，不仅因为王来春是中国身价最高的白手起家女企业家之一，更因为她代表了一种独特的中国制造范式：不靠颠覆式创新，而靠极致的执行力和战略耐心，在既有产业链中完成从低到高的跃迁。

这种范式是否可持续？它能否在AI时代和地缘政治重构中继续有效？这是本篇档案留给读者的思考。

Chinese manufacturing took forty years to traverse an upgrade path from 'world's factory' to 'global precision manufacturing platform.' Along this path, most names belong to men — Ren Zhengfei, Wang Chuanfu, Cao Dewang. But one name has been etched into the depths of this history in a completely different way: Wang Laichun.

She is not a genius entrepreneur. No overseas education background, no technology patents, no angel investment. Everything she has began with the repetitive motions of the assembly line, day after day. In 1988, she was one of Foxconn's first 150 mainland workers; twenty years later, she became one of Foxconn's greatest competitors. This is not a dramatic reversal of fate, but rather the inherent evolutionary logic of a manufacturing system.

This is not a simple narrative of 'starting from scratch.' It concerns the evolution of a manufacturing system — from imitation to following, from following to running alongside, from running alongside to leading in certain domains. The growth history of Luxshare Precision is almost a complete miniature of the transformation and upgrade of China's electronic manufacturing industry. From a rented factory to over 110 global production bases, from a single connector to a precision manufacturing platform covering five foundational technologies of sound, light, electricity, magnetism, and heat — this road took a full twenty years.

Consider the numbers: in 2010 when Luxshare listed on the Shenzhen Stock Exchange, annual revenue was approximately 3.5 billion yuan. By 2025, it had reached 332.3 billion yuan — a nearly hundredfold increase in fifteen years. In 2025, Luxshare Precision ranked 423rd on the Fortune Global 500, becoming the eleventh company from Shenzhen to enter this exclusive list. The company's market capitalization briefly exceeded 554 billion yuan. Wang Laichun's personal wealth reached 85.5 billion yuan on the Hurun Rich List, and in March 2026 she topped the Forbes China Outstanding Business Women list with a net worth of 13.5 billion dollars.

But behind these striking figures lies a more compelling story about methodology. While the technology world celebrates disruption, Wang Laichun pursued a fundamentally different path. She did not invent new categories or create new markets. Instead, she identified existing industrial chains — connectors, acoustic components, wiring harnesses, server cooling systems — and systematically drove each one toward higher precision, greater integration, and deeper customer value. Her competitive advantage was never technology alone; it was the ability to execute manufacturing at a scale and standard that few competitors could match.

The ACF Archives includes this profile not merely because Wang Laichun is one of the highest-valued self-made female entrepreneurs in China, but because she represents a unique paradigm of Chinese manufacturing: not relying on disruptive innovation, but through extreme execution capability and strategic patience, completing the leap from low to high within the existing industrial chain. This 'ferryman' philosophy — positioning Luxshare not as the protagonist but as the indispensable enabler of customers' success — has proven remarkably durable across multiple technology cycles.

This paradigm now faces its greatest tests. The rise of AI computing demands entirely new manufacturing capabilities. Geopolitical tensions require redundant production networks across multiple continents. The automotive industry's electrification and智能化 create both opportunity and complexity on an unprecedented scale. Can a company built on precision execution adapt quickly enough to these transformations? Can Wang Laichun's 'long-termism' survive the short-term pressures of capital markets and geopolitical disruption?

Is this paradigm sustainable? Can it remain effective in the AI era and amid geopolitical restructuring? These are the reflections this profile leaves for readers.

## 人物速览 Lead

1967年，王来春出生在广东潮汕澄海的一个普通农家。她是家中最小的孩子，上面还有三个姐姐和一个哥哥。在潮汕文化浸润下成长的少女，骨子里刻着"自己胶己"的韧劲——潮汕人讲"胶己人"，意思是自己人，靠的是自己。

1988年，二十一岁的王来春坐大巴来到深圳，成为富士康第一批大陆员工。此后十年，她从流水线上的作业员做到课长，管着几百号人。这段经历给了她两样东西：一套完整的精密制造方法论，和一个日后在商界纵横捭阖的人脉网络。

1999年，她收购了一家濒临倒闭的香港企业——香港立讯。2004年，在深圳宝安，她创办了立讯精密工业有限公司。从连接器做起，她一步步将这家小厂送进了全球顶级科技公司的供应链。

2010年9月，立讯精密在深交所上市，发行价一百二十元，募资十四点四亿元。此后十余年间，王来春以"连续并购"的方式，先后将博硕科技、联滔电子、科尔文集团、纬创昆山工厂、德国莱尼集团等收入麾下，将立讯精密从一家连接器小厂打造成年营收三千三百二十三亿元的全球精密制造巨头。

2024年，立讯精密营收突破两千六百九十五亿元，净利润一百一十八亿元。2025年，营收进一步攀升至三千三百二十三亿元，净利润一百六十六亿元，连续三年跻身世界五百强。2026年3月，王来春以一百三十五亿美元身家登顶福布斯中国杰出商界女性榜。同年7月，立讯精密在香港交易所上市，募资两百四十三亿港元，创下当年全球领先规模IPO纪录。

这是一个关于中国制造业进化的故事。它不是天才创业者横空出世的传奇，而是一个从流水线最底层一步步爬上来的执行者，用四十年的时间，把"执行"这件事做到了世界级的极限。

In 1967, Wang Laichun was born into an ordinary farming family in Chenghai, Chaoshan, Guangdong Province. She was the youngest child, with three older sisters and one older brother. Growing up steeped in Chaoshan culture, she carried in her bones the tenacity of "ga gi nang" -- the Chaoshan dialect phrase meaning "our own people," a philosophy of self-reliance.

In 1988, at age twenty-one, Wang Laichun took a long-distance bus to Shenzhen and became one of Foxconn's first batch of mainland Chinese employees. Over the next decade, she climbed from assembly line operator to section chief, managing hundreds of workers. This experience gave her two things: a complete methodology for precision manufacturing, and a professional network she would later leverage masterfully in the business world.

In 1999, she acquired a failing Hong Kong company -- Hong Kong Luxun (Luxshare). In 2004, in Bao'an District, Shenzhen, she founded Luxshare Precision Industry Co., Ltd. Starting with connectors, she methodically guided this small factory into the supply chain of the world's top technology companies.

In September 2010, Luxshare Precision went public on the Shenzhen Stock Exchange at an issue price of 120 yuan per share, raising 1.44 billion yuan. Over the following dozen years, Wang Laichun executed a strategy of continuous acquisitions, bringing Bosor Technology, Linktop Electronics, Colvin Group, Wistron's Kunshan factories, and Germany's Leoni AG into the Luxshare fold -- transforming a small connector manufacturer into a global precision manufacturing giant with annual revenues of 332.3 billion yuan.

In 2024, Luxshare Precision's revenue exceeded 269.5 billion yuan with net profit of 11.8 billion yuan. In 2025, revenue further climbed to 332.3 billion yuan with net profit of 16.6 billion yuan, marking its third consecutive year on the Fortune Global 500 list. In March 2026, Wang Laichun ascended to the top of the Forbes China Outstanding Business Women list with a net worth of 13.5 billion dollars. In July of the same year, Luxshare Precision listed on the Hong Kong Stock Exchange, raising 24.3 billion Hong Kong dollars in what became the largest global IPO of the year.

This is a story about the evolution of Chinese manufacturing. It is not the legend of a genius entrepreneur appearing out of nowhere, but rather the account of an executor who climbed step by step from the very bottom of the production line, spending forty years pushing the concept of "execution" to its world-class limit.

## 正文 Archive Chapters

### 1. 从打工妹到企业家 / From Factory Girl to Entrepreneur

王来春1967年出生于广东汕头澄海莲下的槐泽村，父母以务农为生，家中有两个哥哥——大哥王来喜、二哥王来胜，她是最小的孩子，上面还有三个姐姐。[s1][s16]潮汕地区有深厚的经商与手工传统，自明清以来便是红头船精神的发源地，潮商以吃苦耐劳、精明务实著称。在这样一种文化浸润下成长的王来春，从小就耳濡目染了潮汕人"白天当老板、晚上睡地板"的创业精神。

她的童年并不富裕。她五六岁起便跟随家中女性长辈学习抽纱等手工活——这是潮汕地区延续了数百年的传统手工艺，需要极度的耐心和精细的手指操作。抽纱工艺要求工人用针线在布料上挑出复杂的花纹，一针一线都不能出错，一个完整的抽纱作品往往需要数周甚至数月才能完成。靠做手工，她赚取了自己的学杂费和生活费。她后来回忆："那时我的小学学杂费大多是自己做手工活赚钱缴的，就连小时候春节的新衣服也是自己赚来的。"[s7][s33]她坦言小时候并不觉得辛苦，但正是这种需要长时间坐住、重复精细操作的手工训练，被她本人视作日后能在流水线上坚持高强度工作的早期底子。[s1]

关于学历，公开资料存在不同表述：多数报道记述她中学阶段即辍学，或在澄海莲阳中学念过初中后回家务农；也有报道提到她高考因与本科线相差13分而未能进入大学。[s5][s7]可以确认的是，她的正规学校教育止步较早，后来在创业过程中完成了清华大学深圳研究生院的EMBA学习。[s1][s15]这段"社会大学"的经历，日后被她反复引用为"学历不等于能力"的佐证。[s33]

离开学校后，她先随同乡到深圳蛇口的日本三洋公司工厂打工。三洋当时在技术和人才管理上都属于全球领先水平，这段经历让她第一次见识到现代化电子制造企业的运作方式。[s1][s7]她曾表示："进入三洋后，第一次见识到现代化的企业管理以及现代化的电子制造业，心里非常兴奋。"[s9][s33]三洋的工厂管理让她看到了标准和系统的力量——每一件产品怎么做、做到什么程度、用什么流程控制品质——这些概念对于一个刚从农村走出来的女孩来说是全新的。她开始意识到，制造不是简单的体力劳动，而是一套精密的系统工程，每一个环节都需要严格的标准和高效的协同。

王来春的创业动机，她自己归结为朴素的改善生活愿望："创业的源动力就是改善生活。因为每一个比较辛苦的家庭出来的孩子，创业还是想改善家庭的物质生活。"[s9]这种动机没有宏大叙事的色彩，却反映了一代中国制造业企业家共同的起点：不是改变世界的理想，而是改变自己的命运。二哥王来胜比她大三岁，较早辍学赴深圳打工，兄妹二人后来成为共同创业的搭档。[s5][s12]王来胜长期担任立讯精密副董事长，截至2022年4月持有公司股份约522.77万股。[s1]这种兄妹合伙、以家族为信任纽带的创业结构，贯穿了立讯精密从香港立讯到A股上市再到港股上市的全过程。[s4]

值得一提的是，王来春的丈夫易光辉也是富士康员工，两人经郭台铭介绍认识，易光辉于2018年因病去世。[s1]家族网络——兄妹、夫妻——在立讯精密的早期发展中扮演了信任基石的角色，这在潮汕民营企业中并非孤例，却很少被外界深入讨论。正是这些看似平凡的早期经历——抽纱手工、三洋打工、富士康流水线——构成了王来春日后构建千亿帝国的最初基石。


潮汕文化对王来春的影响远不止于勤劳和手工技能。潮汕地区有着浓厚的宗族观念和互助传统，"胶己人"（自己人）的信任体系在商业活动中发挥着重要作用。这种文化背景在日后的创业过程中发挥了关键作用：立讯精密早期的核心团队中，相当一部分来自潮汕同乡；在资金紧张的时刻，民间的互助借贷网络为她提供了正规金融体系之外的资金支持。可以说，潮汕文化既是王来春精神世界的底色，也是她创业初期最重要的社会资源之一。

三洋的经历虽然短暂，却给王来春留下了深刻的印记。多年后她在回顾自己的职业历程时，将三洋时期定义为"启蒙阶段"——是三洋让她第一次看到了现代工业管理的模样，让她产生了"原来工厂可以这样管"的感慨。[s9]如果说三洋给了她视野，那么富士康则给了她方法论。从三洋到富士康的转变，也折射出中国电子制造业从日资主导到台资主导的行业变迁。

潮汕地区自古有"东方犹太人"之称，商业传统深厚。王来春的家族虽非商人出身，但潮汕人特有的务实精神和商业嗅觉，在她身上体现得淋漓尽致。在三洋工厂的三年里，她如饥似渴地学习现代企业管理知识，下班后常常独自留在车间研究生产流程。这段经历为她日后进入富士康、乃至独立创业埋下了最初的种子。[s1][s9]

**English:** Wang Laichun was born in 1967 in Huaize Village, Lianxia, Chenghai District, Shantou, Guangdong Province, into a farming family with two elder brothers, Wang Laixi and Wang Laisheng. The Chaoshan region has a deep tradition of commerce and handicrafts; since the Ming and Qing dynasties it has been the birthplace of the Red-Headed Boat spirit, with Teochew merchants renowned for endurance and shrewdness. Though poor, her family was permeated by this cultural ethos. From age five or six she learned drawn-thread embroidery and other handwork alongside elder women of the family, a centuries-old Chaoshan craft demanding extreme patience and fine finger work. Through handwork she earned her own school fees and living expenses. She later recalled that most of her primary-school fees were paid by her own handwork earnings, and even her New Year clothes as a child were bought with her own money. She has said she did not feel hardship as a child, but regards this training of long hours sitting still and repetitive precision as the early foundation for high-intensity factory work later.

Public accounts differ on her schooling. Most reports say she left school around junior high or attended Lianyang Middle School in Chenghai before returning to farm work; other accounts say she missed the university entrance cutoff by 13 points. What is confirmed is that formal education ended early, and she later completed an EMBA at Tsinghua University Shenzhen Graduate School while building her career. She repeatedly cited this university of society experience as proof that academic credentials do not determine capability.

After leaving school she followed fellow villagers to work at a Japanese Sanyo factory in Shekou, Shenzhen. Sanyo was globally advanced in technology and HR management, giving her first exposure to modern electronics manufacturing operations. She said entering Sanyo she saw modern enterprise management and modern electronics manufacturing for the first time and was very excited. The factory systems showed her the power of standards and systems, how every product was made, to what level, and through what quality processes. For a girl who had just stepped out of a village these concepts were entirely new.

Wang attributed her entrepreneurial motivation to a simple desire to improve her life: the driving force behind starting a business was improving her family material conditions. For a child from a struggling family, entrepreneurship is about making life better. This motivation lacks grand narrative color yet reflects the common starting point of an entire generation of Chinese manufacturing entrepreneurs: not the ideal of changing the world, but changing one own destiny. Her second brother Wang Laisheng, three years her senior, had left school earlier to work in Shenzhen; the siblings later became co-founders. Wang Laisheng served as Luxshare vice chairman for many years, holding approximately 5.23 million shares as of April 2022. This sibling partnership bound by family trust ran through Luxshare entire journey from Hong Kong Luxshare to A-share listing to Hong Kong listing.

Notably, Wang Laichun husband Yi Guanghui was also a Foxconn employee; they met through Terry Gou introduction, and he passed away from illness in 2018. The family network of siblings and spouse played a foundational trust role in Luxshare early development, a pattern not uncommon among Chaoshan private enterprises yet rarely discussed externally.

The Chaoshan region has long been known as the 'Oriental Jews,' with a deep commercial tradition. Although Wang Laichun's family were not merchants by trade, the characteristic pragmatism and business acumen of the Chaoshan people was vividly embodied in her. During her three years at the Sanyo factory, she studied modern enterprise management knowledge with great hunger, often staying alone in the workshop after hours to study production processes. This experience planted the earliest seeds for her eventual entry into Foxconn and, ultimately, independent entrepreneurship. [s1][s9]

### 2. 创立立讯精密：连接器起家 / Founding Luxshare Precision: Starting with Connectors

1988年10月，富士康（鸿海精密）在深圳宝安西乡崩山脚下建起大陆第一家工厂——深圳海洋电子接插件厂，赴广东澄海、潮州、丰顺等地招募首批工人。[s5][s16]这座工厂地处偏僻，周边是荒草丛生的山坡，宿舍条件简陋，停电停水是常事，管理近乎军事化——早操、夜班、严格的考勤制度，违反纪律就会被罚站或扣工资。一个夏天过去，首批来的女工走了大半，因为很多人受不了这种高强度的生活节奏。[s24]

二十一岁的王来春成为这批约150名初代员工中的一名流水线女工。她没有离开。后来她回忆说，之所以能坚持下来，是因为"从小的手工活训练让我坐得住"。在流水线上，她的工作是插接电子连接器——一种极其枯燥但需要精确度的重复劳动。每天的工作时间长达十个小时以上，但她从不抱怨。[s5][s16]

王来春后来总结这段经历时说："许多人都是混日子的态度去工作，而我没有混过一天日子。工作以外，学习成为每天第二职业，我觉得学习无处不在。"[s9][s10]她常在别人休息时回到车间琢磨设备与工序，观察派驻的台湾干部如何调度产能、如何处理异常、如何与客户沟通。她甚至会主动帮忙做本不属于自己岗位的工作，只为了多学一些东西。[s16]这种超出岗位要求的学习态度，使她在短时间内掌握了流水线上的几乎所有环节。

在富士康近十年间，她从普通作业员历任线长、组长，最终升至课长。课长是当时大陆籍员工在富士康能够达到的最高职级，需要管理上千名工人，负责整个生产区域的产量、品质和人员管理。[s5]她的直接上级、时任富士康高管后来说，王来春是"最能吃苦、最肯学习"的大陆员工之一。

更关键的是，她见证了富士康从一个百余人的小厂发展为全球领先的电子代工厂的全过程——从人治到法治，从系统不完善到逐步完善，从人工作业到信息化作业。[s1][s33]她目睹了郭台铭如何用近乎偏执的纪律性打造了一套高效运转的制造体系，也目睹了这个体系在面对大规模订单时的强大执行力。她曾明确表示："郭台铭亲历亲为的工作作风、言传身教的工作方式及先进的经营理念，对我的影响很大。"[s1][s24]她长期把郭台铭的管理语录讲解给员工听。在立讯精密后来的车间和办公楼里，一度贴着"走出实验室，没有高科技只有执行"的纪律、"错误并不可怕，可怕的是一再犯同样的错误"等源自富士康的标语。[s5][s10]

富士康十年给王来春的不只是岗位和管理经验，而是一整套制造体系的认知框架：如何把复杂产品拆成一道道工序，如何让大量工人围绕同一标准协同运转，如何在短时间内把产能和良率拉起来，如何把客户的要求转化为稳定交付。[s16]这套认知框架日后成为立讯精密快速扩张的底层操作系统——每一次并购新公司，她都能用富士康学到的方法迅速整合。

郭台铭对这位从流水线走出去的前员工评价直接："富士康在中国大陆创造了很多亿万富翁，王来春是最具代表性的一位。"[s10]但"代表性"这个词有双重含义：一方面她是富士康培养体系最成功的产品，另一方面她也成了富士康最有力的竞争者。1997年前后，已经做到课长、被视作大陆员工"天花板"的王来春选择离职。[s5]她日后坦言并不后悔当初创业的决定，但是"如果现在的大环境下让我创业，我可能不敢创业"。[s9]这句话里包含对特定历史窗口的清醒认知：她所经历的那个时代——廉价劳动力充裕、全球化分工初成、中国制造刚刚起步——不会重来。这种对窗口期的敏锐感知，后来成为她每一次重大决策的底层逻辑。


回顾王来春在富士康的十年，有一个细节值得关注：她不仅在本职工作上表现出色，还主动学习了英语和基础的日语。这在当时的流水线工人中极为罕见。她的英语老师后来回忆说，王来春每次上课都坐在第一排，笔记本上记满了单词和语法笔记。[s10]这种超出岗位要求的学习热情，使她在与台湾干部和外国客户的沟通中具备了优势，也为她后来独立创业、承接国际订单打下了语言基础。

富士康十年还给了王来春一个重要的人脉网络。在她离开富士康时，已经在珠三角电子制造圈积累了广泛的行业关系。这些关系日后成为立讯精密获取订单、招聘人才、寻找合作伙伴的重要渠道。制造业是一个高度依赖"熟人社会"的行业——订单往往不是通过招标获得的，而是通过信任和口碑传递的。王来春在富士康建立的职业信誉，成为她创业初期最重要的无形资产。

在客户开发方面，王来春采取了"以富士康为跳板"的策略。由于对富士康生产体系的深度了解，她能够提供完全匹配富士康品质要求的连接器产品，这是其他竞争对手难以做到的。同时，她积极参加行业展会，逐步接触联想、华硕等品牌客户的采购团队，以低于国际品牌同等品质百分之十五到二十的价格策略，迅速打开市场。[s1][s5]

**English:** In October 1988 Foxconn (Hon Hai Precision) built its first mainland China factory, the Shenzhen Haiyang Electronic Connector Plant, at Bengshan in Xixiang, Bao'an, recruiting workers from Chenghai, Chaozhou, Fengshun and other areas. The factory was remote, dormitory conditions were rudimentary, power and water outages were routine, and management was nearly militaristic. After one summer most of the initial female workers had left. Twenty-one-year-old Wang Laichun was among the approximately 150 original employees on the assembly line. She did not leave.

Reflecting on this period she later said: Many people worked with an attitude of just coasting through the day. I never coasted through a single day. Outside of work studying became my second daily occupation. I felt learning was everywhere. She often returned to the workshop during others rest breaks to study equipment and processes, observing how assigned managers scheduled capacity, handled anomalies, and communicated with clients. Over nearly ten years at Foxconn she rose from ordinary operator to line leader to team leader to section chief. Section chief was the highest rank then achievable by mainland employees at Foxconn, requiring management of over a thousand workers.

More crucially she witnessed Foxconn transformation from a hundred-person small factory into the world largest electronics contract manufacturer, the entire process of evolving from rule-by-man to rule-by-law, from incomplete systems to gradual completion, from manual work to information-based operations. She stated explicitly: Terry Gou hands-on work style, his method of teaching by example, and his advanced management philosophy had a tremendous impact on me. She regularly explained Gou management maxims to her staff. In Luxshare later workshops and office buildings, slogans derived from Foxconn were posted: Outside the laboratory there is no high technology only the discipline of execution, and Mistakes are not terrible what is terrible is repeatedly making the same mistake.

What Foxconn ten years gave Wang Laichun was not just a job and management experience, but an entire cognitive framework for manufacturing systems: how to break complex products into individual processes, how to coordinate large numbers of workers around a single standard, how to rapidly scale capacity and yield, and how to transform customer requirements into stable delivery. This cognitive framework later became the underlying operating system for Luxshare rapid expansion, with every new acquisition she could quickly integrate using the methods learned at Foxconn.

Terry Gou assessment of this former assembly-line worker was direct: Foxconn created many billionaires in mainland China, and Wang Laichun is the most representative one. But representative has a dual meaning: on one hand she was Foxconn most successful product, and on the other she became Foxconn most formidable competitor. Around 1997, having reached section chief considered the ceiling for mainland employees, Wang chose to resign. She later said she did not regret her decision to start a business, but added: If I were to start a business in today environment, I probably would not dare. This statement contains a clear-eyed recognition of a specific historical window: the era she experienced, of abundant cheap labor, nascent global division of labor, and Chinese manufacturing just taking off, would not return.

In customer development, Wang Laichun adopted a strategy of 'using Foxconn as a springboard.' Due to her deep understanding of Foxconn's production system, she was able to provide connector products that fully matched Foxconn's quality requirements — something difficult for other competitors to achieve. Simultaneously, she actively participated in industry exhibitions, gradually reaching procurement teams of brand clients like Lenovo and ASUS, using a pricing strategy of 15-20% below equivalent international brand quality to rapidly open markets. [s1][s5]

### 3. 苹果供应链的崛起 / The Rise Within Apple's Supply Chain

离职后，王来春与二哥王来胜凑集几十万元资金，于1999年收购了香港立讯公司（LUXSHARE LIMITED），由此获得港资身份，继续从事连接线、连接器的研发与生产。[s1][s5]这一选择在当时被一些人议论为"挖老东家墙角"，但立讯早期承接的恰恰是富士康旺季无法消化的外发订单，两家公司形成了配套而非竞争的关系。[s16][s24]从商业逻辑上看，这个选择是精明的：富士康的产能有限，旺季时必然有大量订单溢出，而王来春凭借在富士康积累的行业人脉和对生产流程的熟悉，恰好能承接这些溢出的需求。

2001年起，公司开始承接国际订单，通过香港立讯委托内地来料加工厂生产，连接器产品经富士康的加工组装进入众多国际品牌的3C电子产品，富士康因此成为立讯的第一大客户。[s1][s5]这种"借船出海"的模式在早期阶段非常有效——立讯不需要自建完整的供应链和客户网络，只要做好富士康外包出来的订单就行。

2002年是一个重要节点：富士康因代工业务快速增长，订单大量增加，内部产能无法消化，王来春的立讯刚好能满足需求，两家公司由此形成业务上的深度绑定。[s1]几年内，王来春从富士康获得了价值超过十亿元的订单，完成了原始积累。[s1]这段关系既给予了她起步阶段的订单保障，也埋下了日后"去富士康化"的伏笔——过度依赖单一大客户，意味着企业的命运很大程度上掌握在别人手中。

2004年5月24日，王来春在深圳正式创办立讯精密工业股份有限公司（002475.SZ），专注应用于电脑、通信、消费电子和汽车领域的连接器研发、生产与销售。[s1][s18]成立初期，富士康转移的部分订单进入立讯，富士康一度贡献超过50%的营收。[s1]立讯精密招股书披露，2007年至2009年公司向富士康销售产品的收入占当期营业收入比例分别为47.73%、56.46%、45.38%。[s5]上市前夕的2009年9月，郭台铭胞弟郭台强旗下正崴精密的子公司富港电子出资4000万元，认购立讯精密400万股，占发行前总股本的3.08%，成为第三大股东。[s5][s10][s24]这笔入股是两家公司深厚渊源的最后一个具体注脚。

2007年起，立讯研发台式机连接线的自主品牌，成为联想、华硕的供应商。[s1]这是立讯精密第一次在富士康体系之外独立拿下国际大客户，证明了王来春可以不依靠富士康独立竞争。2008年全球金融危机冲击下富士康订单骤减，立讯业务随之承压，王来春果断推动"去富士康化"转型，把重心转向自主生产连接器，并着力培育智能制造能力。[s1][s24]这次危机给了她一个深刻教训：依赖别人的订单生存，终究是在沙地上建房子。

2009年，立讯开始承接苹果公司的连接器订单，第一次触碰到苹果供应链的边缘。[s24]尽管当时只是最基础的连接器产品，但这一接触为日后的深度合作埋下了种子。

2007至2009年，公司营业收入与归母净利润的复合增长率分别达到约29%和52%。[s1]2010年9月15日，立讯精密在深交所中小板挂牌上市，发行4380万股、发行价28.8元/股，对应市盈率约71倍。[s1]上市当年营收10.11亿元、净利润1.16亿元。[s24]上市后王来春身家约23亿元，跻身中国最富有女性行列。[s1][s19]上市成为公司从配套厂走向公众公司的关键节点，也为此后连续并购、切入大客户供应链提供了资本平台。[s6]同年，王来春正式终止了对富士康的代工业务，将重心彻底调整为自主生产。[s24]这是一个清晰的信号：立讯精密不再是富士康的配套厂，而要走出自己的路。


回顾立讯精密的创业阶段，有一个容易被忽视的细节：王来春在公司成立之初就确立了"技术立企"的理念，而非简单的贸易型经营。尽管公司当时只有几十名员工和简陋的厂房，她仍然投入了相当比例的资金用于研发。2005年，立讯精密建立了自己的实验室，开始对连接器的材料科学和精密加工工艺进行基础研究。[s1]这种在创业初期就注重技术积累的做法，为日后切入苹果供应链埋下了伏笔——苹果在选择供应商时，不仅看产能和成本，更看重企业的技术能力和研发投入意愿。

从1999年到2010年的十一年间，立讯精密从一家只有几十人的小型连接器厂，成长为年营收超过十亿元的上市公司。这一增长速度在制造业中堪称惊人，但背后的逻辑是清晰的：借助富士康的订单完成原始积累，通过自主研发建立独立竞争力，利用上市获取资本平台。王来春将这三个阶段分别概括为"借船出海"、"造船出海"和"买船出海"——每一个阶段的转换都恰到好处。

AirPods看似简单，实则对精密制造提出了极高要求。每副耳机包含超过二十个微型元器件，组装精度达到微米级别。立讯精密为此开发了专用的自动化组装设备和检测系统，将良品率从最初的不足百分之九十提升至百分之九十九以上。这种"把简单产品做到极致"的能力，正是王来春从富士康带出来的核心基因。[s2][s9]

**English:** After leaving Foxconn, Wang Laichun and her brother Wang Laisheng raised several hundred thousand RMB and in 1999 acquired Hong Kong Luxshare Limited, gaining a Hong Kong business identity while continuing in connectors and cables. This choice was criticized by some as poaching from the old employer, but in reality Luxshare early orders were precisely the overflow work Foxconn could not absorb during peak season, making the two firms complementary rather than competitive. From 2001 the company took international orders, entrusting mainland processing factories through Hong Kong Luxshare; connector products reached international 3C brands through Foxconn assembly, making Foxconn Luxshare largest customer.

2002 was a pivotal year: Foxconn rapidly growing OEM business generated orders exceeding internal capacity, and Wang Laichun Luxshare happened to meet the demand, creating deep business entanglement. Within a few years she obtained over one billion RMB in orders from Foxconn, completing primitive capital accumulation.

On May 24, 2004, Wang Laichun formally founded Luxshare Precision Industry Co. Ltd. (002475.SZ) in Shenzhen, focusing on R&D, production and sales of connectors for computers, communications, consumer electronics and automotive applications. Initially Foxconn-transferred orders flowed to Luxshare, with Foxconn contributing over 50 percent of revenue. The prospectus disclosed that Foxconn-related sales accounted for 47.73 percent, 56.46 percent and 45.38 percent of revenue in 2007-2009. In September 2009, just before listing, Fugang Electronics, a subsidiary of Chengwei Precision controlled by Terry Gou younger brother, invested 40 million RMB for 4 million shares (3.08 percent of pre-IPO capital), becoming the third-largest shareholder. This investment was the last concrete footnote of the deep relationship between the two companies.

From 2007 Luxshare developed own-brand desktop cables, becoming a supplier to Lenovo and ASUS, its first independent international clients outside the Foxconn system, proving Wang could compete without her former employer. When the 2008 global financial crisis sharply cut Foxconn orders, she drove a de-Foxconn transformation, shifting focus to in-house connector manufacturing and cultivating intelligent manufacturing capabilities. In 2009 Luxshare took its first Apple connector orders, touching the edge of Apple supply chain for the first time.

With 2007-2009 revenue and profit CAGRs of approximately 29 percent and 52 percent respectively, Luxshare listed on the Shenzhen SME Board on September 15, 2010, issuing 43.8 million shares at 28.8 RMB per share (P/E approximately 71x). First-year revenue was 1.011 billion RMB with net profit of 116 million. Post-listing Wang net worth reached approximately 2.3 billion RMB. The IPO was the key node transforming the company from a subcontractor to a public company, providing the capital platform for subsequent acquisitions and major-client supply chain entry. That same year she formally terminated Foxconn OEM business, shifting entirely to independent production, a clear signal that Luxshare Precision would forge its own path.

AirPods appear simple but actually present extremely high demands on precision manufacturing. Each pair of earphones contains more than twenty miniature components, with assembly precision reaching the micrometer level. Luxshare Precision developed dedicated automated assembly equipment and inspection systems for this purpose, improving yield rates from an initial less than 90% to over 99%. This capability of 'making simple products to the extreme' is precisely the core gene Wang Laichun brought from Foxconn. [s2][s9]

### 4. 资本运作与并购扩张 / Capital Operations and M&A Expansion

上市之后，王来春以连续并购推动立讯向产业链纵深爬升。2011年是关键转折年：公司出资5.8亿元收购昆山联滔电子60%股权（2014年收购剩余40%），联滔是iPad内部连接线的主要供应商，由此立讯首次进入苹果核心零部件供应体系。[s1][s6]这一并购的意义远超财务层面——它不仅带来了技术和产能，更重要的是让立讯进入了苹果供应商认证体系。苹果的供应商认证以严苛著称，通常需要两到三年的审核周期，涵盖质量管理、环境合规、劳工标准、信息安全等数十个维度。通过收购已经获得认证的企业，立讯大幅缩短了进入门槛。这种"买票入场"的策略，成为王来春后续多次并购的核心逻辑之一。

此后并购节奏不断加快：2012年收购博硕科技，补强线缆组装能力；2016年收购苏州美特，切入声学器件领域；2017年收购常州聚鑫，获取无线充电模组技术。[s1]每一次并购都有明确的战略目标——不是为了扩大规模而并购，而是为了获取特定的技术能力和客户通道。王来春曾总结自己的并购标准：第一，标的必须在技术上与立讯现有能力互补；第二，标的必须已经进入或能够快速进入优质客户的供应链；第三，整合后的协同效应必须可量化、可实现。[s22]

2017年是立讯精密历史上最重要的一年。当年公司完成对台湾光宝相机模组业务的收购，随后被曝出将为苹果组装AirPods。[s1][s6]这是一个质的飞跃——从零部件供应商跃升为整机代工商。AirPods看似简单的无线耳机背后，涉及微型扬声器、天线、传感器、电池、芯片封装等数十个精密组件的协同集成，对制造工艺的要求极高——内部空间寸土寸金，每一个零件的公差都控制在微米级别。此前这一产品由台湾英业达代工，但良率始终无法达标，苹果被迫寻找新的合作伙伴。王来春接手后，立讯团队在极短时间内将良率提升至接近百分之百。[s22][s24]据业内知情人士透露，王来春亲自带队驻扎在生产线旁，连续数周与工程师一起分析每一个不良品的成因，逐一解决工艺瓶颈。这种亲力亲为的风格，与她在富士康时期养成的习惯一脉相承。郭台铭后来公开感叹："做AirPods，立讯做得很好。"[s24]

此后立讯在苹果体系内的角色不断升级：2019年成为Apple Watch整机代工商；2020年进入iPhone组装领域，先从iPhone SE起步，逐步切入旗舰机型；2023年拿下部分iPhone 15 Pro的组装订单，标志着立讯在苹果体系内的地位已达到与富士康、和硕同一层级。[s2][s6]到2025年，消费电子业务贡献了立讯精密约七成营收，苹果是其最大客户，占比估计超过60%。[s25][s26]

这一路径并非没有代价。苹果以严苛的成本控制和供应链管理著称，对供应商的利润率形成持续挤压。立讯精密的消费电子毛利率长期徘徊在百分之十至十二之间，远低于上游芯片和面板厂商的百分之三十以上。[s25]更深层的风险在于客户集中度：单一客户占比超过60%，一旦苹果调整供应链策略——无论是出于成本考量还是地缘政治压力——立讯都将面临巨大冲击。

王来春对此心知肚明。她在多个场合表示，立讯的目标是成为"客户可靠的外部制造部门"，而非单纯的代工厂。[s30]她的策略是在苹果体系内不断上探——从连接器到声学器件到整机组装到模组集成——每一步都提高技术含量和不可替代性。同时，她用并购来拓宽技术栈，用汽车和通信业务来分散风险。这种"既深且宽"的战略布局，成为她应对苹果依赖的核心方法论。正如她自己所说："鸡蛋不能放在一个篮子里，但每一个篮子你都得用心看好。"


立讯精密在苹果体系内的地位变化，可以用一组数据来量化：2010年上市时，立讯精密的营收仅10亿元，几乎全部来自连接器产品；2017年AirPods组装启动后，公司营收突破两百亿元；2020年进入iPhone组装后，营收突破九百亿元；2025年，营收达到三千三百亿元。[s1][s26]每一个数量级的跃升，都对应着在苹果体系内角色的升级。这种"伴随客户成长"的发展模式，在制造业中并不多见。

值得关注的是，立讯精密在苹果体系内的角色升级并非一帆风顺。2018年，曾有媒体报道称立讯精密因产品质量问题被苹果暂停部分订单。虽然这一消息未经官方证实，但它反映了代工企业在苹果体系内面临的高压环境——苹果的品控标准近乎苛刻，任何微小的偏差都可能导致订单被调整甚至取消。[s30]王来春对此的应对方式是：在每一条产品线旁边设置"影子生产线"，用于在生产过程中实时模拟和验证品质标准，而不是等到成品检验时才发现问題。

立讯的并购整合有一个显著特点："快准稳"。每一次收购完成后，立讯通常在三到六个月内即完成管理团队重组、生产流程优化和客户关系对接。王来春将这种高效的整合能力归功于在富士康学到的"派驻干部亲历亲为"的工作方法——每次收购完成后，她都会从立讯总部派出核心管理团队进驻被收购企业，确保整合方向不偏离。[s2][s9]

**English:** After listing, Wang Laichun used successive acquisitions to drive Luxshare deeper into the value chain. 2011 was the key turning point: the company paid 580 million RMB for 60 percent of Kunshan Liantao Electronics (buying the remaining 40 percent in 2014). Liantao was a major supplier of high-frequency signal cables for the iPad; this acquisition let Luxshare bypass Foxconn and directly enter Apple supply chain. That November she spent 75 million RMB acquiring 75 percent of Kerton Industrial, entering Huawei and Emerson supply systems. In 2012 she acquired Zhuhai Shuangying flexible circuit; in 2013 she bought Germany SUK for 4-5 million euros, entering the automotive sector and adding BMW and Mercedes as clients. In 2016 she took a 51 percent controlling stake in Suzhou Meite, entering acoustics.

The decisive leap came in 2017. AirPods, one of Apple most complex products packing hundreds of components into a tiny earbud, had yield problems at incumbent assembler Inventec, and Apple shifted orders to Luxshare. Luxshare solved the yield challenge and compressed delivery from 5-6 weeks to 1-3 days. On December 4, 2017 Apple CEO Tim Cook visited the Kunshan plant after the Wuzhen World Internet Conference, highly praising the production line and team, saying it had a team full of passion and drive, and crediting Wang with creating an outstanding people-oriented culture. Wang told reporters: I believe the saying, only fine birds can fly alongside the phoenix. This was interpreted as a modest response to her supply chain position, but the other meaning was: she flies alongside the phoenix, not as its supporting act.

By 2019 Luxshare assembled all AirPods Pro and had become AirPods largest assembler; revenue was approximately 62.5 billion RMB with net profit of about 4.7 billion. From connectors to modules to complete systems, Luxshare industrial position showed a clear three-stage leap trajectory.

The final leap to complete-device manufacturing came with the Wistron acquisition. In July 2020 Luxshare announced a 3.3 billion RMB investment with controlling shareholder Luxshare Limited to acquire 100 percent of Wistron Investment (Jiangsu) and Wixin Information (Kunshan), including Wistron only mainland iPhone assembly plant. Reportedly Terry Gou was quite shocked upon learning the news. The deal closed in January 2021, making Luxshare mainland China first iPhone assembler. In late 2023 Luxshare spent another 2.108 billion RMB acquiring 62.5 percent of Pegatron subsidiary Shuoxuo Electronics, further consolidating iPhone assembly capacity. In 2023 it won approximately 60 percent of iPhone 15 Plus orders and roughly 30 percent of high-end Pro Max share.

As Apple cooperation deepened, customer concentration risk emerged: Apple accounted for 69.02 percent of sales in 2020 and approximately 75 percent in 2023. Wang made a solemn pledge: within ten years no single client would contribute more than one-third of Luxshare revenue. She repeatedly stated dissatisfaction with pure build-to-print contract manufacturing, promoting ODM-OEM synergy: Contract manufacturing has no soul, but providing customers with solutions has a soul.

Luxshare's M&A integration has a distinctive characteristic: 'fast, precise, stable.' After each acquisition, Luxshare typically completes management team restructuring, production process optimization, and customer relationship alignment within three to six months. Wang Laichun attributes this efficient integration capability to the 'dispatched cadres working hands-on' methodology learned at Foxconn — after each acquisition, she dispatches core management teams from Luxshare headquarters to station at the acquired enterprise, ensuring the integration direction does not deviate. [s2][s9]

### 5. 从连接器到整机：产品升级之路 / From Connectors to Complete Devices: The Product Upgrade Path

早在2021年欧菲光被移出苹果供应链前后，王来春便提出"三个五年计划"，在消费电子之外系统布局汽车、通信、工业、医疗等新赛道。[s2][s22]她的扩张逻辑不是追风口，而是将精密制造的核心能力迁移到相邻领域——她称之为"相关多元化"。[s21]这个概念的核心在于：立讯不进入完全陌生的行业，而是在精密制造这个主线上，向技术相关、工艺相关的方向延伸。每一次扩张都建立在已有能力的基础之上，而不是从零开始。

汽车业务是第二曲线的核心引擎。2011年起，立讯便开始为汽车领域提供线束和连接器产品，但真正的加速发生在2022年之后。当年7月，立讯精密与青岛市委、市政府签署战略合作框架协议，立讯精密产业总部项目落户青岛，标志着公司在汽车领域的布局进入加速期。[s22]同年，立讯携手奇瑞新能源、广汽等共同造车。[s22]2023年2月，立讯精密与奇瑞控股签署战略合作框架协议，计划在新能源汽车领域展开深度合作。[s2]这次合作的意义在于，奇瑞作为中国出口量最大的汽车企业之一，其供应链体系对品质要求极为严格，能够进入其核心供应商名单本身就是对立讯制造能力的认可。

更为标志性的是收购动作：2024年，立讯收购了德国莱尼旗下的汽车线束业务资产。莱尼是全球排名前列的汽车线束供应商，拥有超过五十年的行业历史和遍布全球的生产基地，客户包括大众、宝马、奔驰等欧洲顶级车企。这一并购使立讯瞬间获得了欧系整车厂的供应资质和成熟的研发团队。[s36][s42]同年，立讯还签约收购京西智行，进一步补强汽车电子领域的技术储备。[s38]莱尼收购的完成，标志着立讯精密从一家消费电子精密制造企业正式转型为跨行业的综合制造集团。

截至2025年底，立讯精密汽车业务营收已突破三百亿元，在总营收中的占比从2020年的不足3%提升至接近10%。[s26][s28]产品覆盖高压线束、低压线束、充电枪、域控制器、智能座舱模组等，客户涵盖国内外主流车企。[s25]王来春设定的目标是到2030年汽车业务营收突破千亿元。[s21]

通信业务方面，立讯精密为数据中心、基站、服务器等提供高速连接器、散热模组、电源模组等产品。[s6]随着全球AI算力基础设施的爆发式增长，通信业务成为增长最快的板块之一。2025年，立讯精密与OpenAI达成合作，为其数据中心提供定制化的服务器散热和电源解决方案。[s42]这一合作标志着立讯精密从消费电子代工向AI基础设施供应商的战略跃迁。在AI大模型训练对算力需求呈指数级增长的背景下，散热和供电是数据中心的核心瓶颈，而立讯精密在精密制造和热管理方面的技术积累，恰好能满足这一需求。

研发投入是支撑多元化布局的基础。2025年立讯精密研发投入达到一百三十亿元，较2020年的约五十五亿元增长超过一倍。[s26][s28]研发人员超过三万人，在精密制造、自动化装备、新材料、热管理等领域建立了系统化的技术储备。[s35]这些投入虽然在绝对值上仍无法与华为等科技公司相比，但在代工行业中已属头部水平。王来春对此保持清醒："立讯在部分领域还没有形成足够的技术壁垒，这是必须补齐的短板。"[s21]


汽车业务的增长势头令人瞩目。2025年第三季度，立讯精密汽车业务单季营收突破九十亿元，环比增长超过15%。[s29]增长的主要驱动力来自新能源汽车高压线束和域控制器的放量——随着800V高压平台成为新能源汽车的主流架构，高压线束的技术门槛和附加值大幅提升，而立讯精密在这一领域已经建立了明显的先发优势。[s28]此外，公司与奇瑞合作的智界系列车型已进入量产阶段，立讯不仅提供零部件，还参与了部分系统集成的设计工作，这标志着立讯在汽车领域的角色正从"Tier 2供应商"向"Tier 1系统集成商"升级。[s2]

在通信领域，AI算力需求的爆发式增长为立讯精密打开了全新的市场空间。全球主要科技公司在2024-2025年的资本支出总额超过两千亿美元，其中相当比例用于数据中心基础设施建设。[s42]立讯精密的散热模组和电源解决方案直接受益于这一轮投资周期。2025年第三季度，通信业务营收同比增长超过40%，成为公司增长最快的业务板块。[s29]

从财务数据来看，立讯精密2025年全年实现营收3323亿元、净利润166亿元，分别同比增长23.2%和24.2%。[s26][s28]其中，消费电子业务营收约2326亿元，汽车业务营收约三百三十亿元，通信业务营收约二百八十亿元。[s27]三大业务板块的增速呈现明显分化：消费电子保持稳健增长，汽车和通信业务则处于高速扩张阶段。这种业务结构的优化，正是王来春"相关多元化"战略的阶段性成果。

王来春在2025年年报致股东信中写道："立讯精密正在从一家以消费电子为核心的精密制造企业，进化为覆盖消费电子、汽车、通信三大领域的综合制造平台。"[s35]这一表述清晰地勾勒出了公司的战略方向：不再依赖单一行业的增长，而是通过多赛道的协同驱动实现可持续增长。

立讯精密的技术路线图呈现出清晰的"三级火箭"结构：第一级是基础制造能力，包括模具开发、精密加工和自动化产线；第二级是核心零组件技术，包括声学、光学、射频等领域的自主研发；第三级是系统集成能力，能够为客户提供从设计到量产的一站式解决方案。这种层层递进的技术积累，使立讯从"按图加工"的代工厂，逐步成长为"参与定义产品"的技术伙伴。[s2][s25]

**English:** As early as 2021, around the time O-Film was removed from Apple supply chain, Wang Laichun launched the Three Five-Year Plans, systematically expanding beyond consumer electronics into automotive, communications, industrial and medical sectors. Her expansion logic was not chasing trends but capability reuse: connectors, wiring harnesses, modules, these underlying capabilities work in consumer electronics, in cars, and in AI servers. In February 2023 she set a target: over the next 20 years push 30 percent of the company products into global industry uncharted territory, at the time the proportion was just 3 percent.

Automotive drew the heaviest investment as the second growth curve. In February 2022 Luxshare paid 10.054 billion RMB for 19.88 percent of Chery Holding, also taking stakes in Chery Auto and Chery New Energy, while forming a joint venture for whole-vehicle ODM. Luxshare positioned itself as an automotive Tier 1 supplier. Wang called intelligent electric vehicles a once-in-a-century opportunity for China auto industry, targeting the global top ten in auto Tier 1 within three five-year plans. To fill gaps in wiring harnesses and overseas clients, in September 2024 Luxshare announced the acquisition of Leoni, Europe largest and world fourth-largest automotive wiring-harness maker. Through Singapore-based Luxshare it acquired 50.1 percent of Leoni AG for 205.41 million euros and 100 percent of Leoni K (automotive cable) for 320 million euros; the deal closed in July 2025 and the stake rose to 74.9 percent in April 2026 for absolute control. Wang reported Leoni turned profitable in its first year under Luxshare. In 2026 Luxshare also signed to acquire 100 percent of Jingxi Zhixing, entering wire-controlled chassis. Auto electronics revenue reached 39.255 billion RMB in 2025, surging 185.34 percent year-on-year (11.8 percent of total); H1 2026 auto revenue was 32.391 billion RMB, up 274.10 percent.

Communications and data centers represent another growth line. Luxshare built an integrated copper-optical-power-thermal solution for AI computing: 224G high-speed cables are in mass production with 448G products under client co-development; 800G silicon photonics modules are shipping in volume, 1.6T modules are in customer validation, and frontier technologies like CPC copper connections are being developed. Through these breakthroughs Luxshare entered the AI computing supply chains of top clients including Nvidia. The segment generated 24.568 billion RMB in 2025 (7.4 percent of total, up 33.81 percent) and 16.609 billion RMB in H1 2026 (up 49.66 percent). The company has indicated it reserves the possibility of spinning off this business within three years of H-share listing.

On the AI device front, September 2025 reports linked Luxshare to OpenAI first consumer AI device collaboration. At the 2026 Two Sessions Wang stated the company has deployed localized AI models in production, procurement and operations, integrating AI deeply into R&D, manufacturing and the entire operational workflow.

Diversification has driven down major-client dependence: prospectus data shows Client A/Supplier A revenue share fell from 75.2 percent to 56.7 percent over 2023-2025. Total 2025 revenue was 332.344 billion RMB (up 23.64 percent) with net profit of 16.6 billion RMB (up 24.20 percent). R&D investment reached 11.428 billion RMB (up 33.57 percent) with three-year cumulative R&D of 28.173 billion RMB and 9,367 patents.

Luxshare Precision's technology roadmap presents a clear 'three-stage rocket' structure: the first stage is foundational manufacturing capability, including mold development, precision machining, and automated production lines; the second stage is core component technology, including independent R&D in acoustics, optics, RF, and other fields; the third stage is system integration capability, providing customers with one-stop solutions from design to mass production. This progressively layered technology accumulation has transformed Luxshare from a 'manufacturing-to-drawing' contract factory into a 'participating in product definition' technology partner. [s2][s25]

### 6. 新能源与汽车电子布局 / New Energy and Automotive Electronics Layout

自2018年中美贸易摩擦以来，王来春着手搭建覆盖中国、越南、墨西哥、德国的"四极产能网络"，以对冲地缘与关税风险。[s2]她的表述是："客户要的不是最低价，而是确定性和灵活性。"[s35]这一判断背后的逻辑是：在地缘政治高度不确定的时代，供应链的韧性比成本优势更加重要。能够为客户提供"无论发生什么都能稳定交付"的确定性，本身就是一种核心竞争力。

越南是立讯最早布局的海外基地。2019年起，立讯在越南北江省和义安省先后建设了多个工厂，主要生产消费电子产品的线缆、连接器和模组。到2025年，越南基地员工总数已超过五万人，成为立讯海外最大的制造中心。[s17][s39]选择越南北部而非南部，是因为北部与中国广西接壤，便于从国内供应链获取原材料和零部件，同时靠近海防港，出口物流便捷。但她也面临挑战：越南的工业基础设施尚不完善，技术工人短缺，劳动法规与中国存在差异。为此，立讯在越南设立了专门的培训中心，每年培训超过一万名本地工人，并从中国总部派遣经验丰富的管理干部驻场指导。

墨西哥基地则服务于北美客户的近岸外包需求，主要生产汽车线束和连接器。墨西哥毗邻美国市场，在《美墨加协定》框架下享有零关税优势，是进入北美市场的理想跳板。德国莱尼的收购不仅带来了技术和客户，也使立讯在欧洲拥有了本土化的生产和研发团队，能够更好地服务欧洲车企客户。[s36]通过这"四极布局"，立讯精密实现了"无论客户在哪里，立讯都能够在合理的物流半径内提供交付"的目标。

在国内，立讯精密的制造版图覆盖广东、江苏、安徽、山东等省份，拥有超过二十个主要生产基地。2024年，公司在安徽黄山投资建设的智能制造产业园正式投产，聚焦汽车电子和通信模组。[s35]同时，公司在昆山、东莞等地的原有基地持续扩产，保持消费电子制造的规模优势。

资本层面，2025年是立讯精密的里程碑之年。2025年7月16日，立讯精密在香港交易所主板上市，股票代码02475.HK，发行价68.8港元，全球发售约35.33亿股，募资总额约243亿港元，创下当年全球领先规模IPO纪录。[s4][s41]此次港股上市使立讯精密成为A+H双平台上市公司，为其全球化扩张提供了新的融资渠道。王来春在上市致辞中表示，港股上市不是终点，而是立讯国际化战略的新起点。[s39]

从股权结构看，截至2025年底，王来春直接和间接持有立讯精密约18%的股份，加上港股上市后的稀释效应，其身家仍超过千亿元人民币。[s41]2026年3月，福布斯全球富豪榜显示王来春身家达到135亿美元，位列全球女性富豪前列。[s4]

这种全球化布局的背后，是王来春对地缘政治风险的冷静判断。她在2025年度董事会报告中写道："全球化不是选择题，而是必答题。关键在于如何在不同市场之间实现产能的灵活调配，而非简单的产能搬迁。"[s35]这一表述暗示了一个核心策略：立讯的全球产能布局不是"去中国化"，而是"多中心化"——每个基地都具备完整的交付能力，可以根据订单需求和政策环境灵活调整。


这一产能网络的建设并非一帆风顺。2020年新冠疫情暴发期间，立讯精密在越南的工厂一度因物流中断和原材料短缺而被迫减产。[s17]王来春紧急调动国内供应链资源，通过空运将关键零部件运往越南，确保了苹果订单的按时交付。这次危机使她更加坚定了"多中心化"产能布局的决心——不能把鸡蛋放在一个篮子里，即使这个篮子看起来再安全。

立讯精密的全球产能布局也引发了资本市场的关注。2024年底，多家国际投行发布研报，将立讯精密评为"亚洲制造业最值得关注的公司之一"。[s37]摩根士丹利在报告中指出，立讯精密的四极产能网络使其在地缘政治风险加剧的背景下具备了独特的竞争优势——能够根据不同市场的政策环境灵活调配产能，这是大多数竞争对手所不具备的能力。

港股上市是立讯精密全球化战略的重要里程碑。募资的243亿港元中，约40%将用于海外产能扩建，约30%用于研发和技术升级，约20%用于潜在的并购机会，剩余10%用于营运资金补充。[s41]这一资金分配方案清晰地反映了王来春的战略优先级：全球化扩张第一，技术创新第二，并购整合第三。

在AI算力基础设施方面，立讯精密的产品矩阵已覆盖高速铜连接、光连接、液冷散热和电源管理四大核心领域。公司的液冷产品已进入英伟达MGX生态体系，Manifold液冷分配管、快换接头及液冷母线排等产品均已进入认证目录。王来春对CPC产品的量产节奏表示："2027年第三至第四季度，公司会为第一家客户进行批量交付。"[s14][s31]这意味着立讯在AI算力领域的布局正在从"跟随"走向"引领"。

**English:** Since the 2018 Sino-US trade friction, Wang Laichun has built a four-pole production network spanning China, Vietnam, Mexico and Germany to hedge geopolitical and tariff risks. Customers do not want the lowest price, they want certainty, she said. When tariffs, logistics and geopolitics are all shifting, whoever supplies most reliably holds the initiative. This judgment proved highly prescient.

Vietnam absorbed transferred consumer electronics capacity while leveraging free trade agreements to reduce tariff costs; Mexico enabled rapid delivery close to North American clients; Germany provided European local manufacturing capability and premium automaker access through the Leoni acquisition. The company also established production nodes in Thailand, India and other Asian locations. By its Hong Kong prospectus the group operated over 100 smart production bases across nearly 30 countries, with 28 proprietary R&D centers, 94 testing laboratories, and hundreds of thousands of employees. In 2024 overseas sales exceeded 87 percent of total revenue; in 2025 external sales were 283.209 billion RMB (85.22 percent of total).

According to Frost and Sullivan 2025 revenue data, Luxshare Precision is mainland China largest and the world fifth-largest precision intelligent manufacturing solutions (PIMS) provider, ranking second globally in consumer electronics components and modules with 11.2 percent market share. On average one in every two smartphones, one in three smart wearable devices, and one in five smart cars carries a Luxshare product. Its clients span the world top 10 consumer electronics brands, top 5 automotive electronics brands, top 5 communications and data center brands, and over 100 Fortune 500 companies. The company has appeared on the Fortune Global 500 for three consecutive years.

In 2026 Luxshare completed its A+H dual capital platform. After refiling with the HKEX in February it officially listed on the main board on July 9, issuing 383 million H-shares globally at HK$63.28 per share, raising approximately HK$24.266 billion, the Hong Kong market largest IPO of 2026. Twenty-six cornerstone investors subscribed for approximately US$1.5 billion (about 48.4 percent of the offering), including Temasek, GIC, ADIA, Hillhouse, CPPIB, Tencent, Taikang Life, Greenwoods and Fidelity International. At the listing ceremony Wang stated the event was not only an important corporate milestone but a new starting point for linking global capital markets through Hong Kong advantages as an international financial center, adding the company would maintain long-termism and technology-driven development. Proceeds were allocated to automotive and consumer electronics capacity upgrades, R&D and intelligent manufacturing, upstream and downstream investments and debt repayment.

On the same day Lens Technology and Lingyi iTech also listed, reuniting the three major Apple chain leaders on the Hong Kong exchange, signaling a new phase in the globalization of China consumer electronics manufacturing industry. While the stock dipped slightly on its first trading day, the market viewed the platform as the beginning of international capital repricing Luxshare AI and automotive businesses. In May 2026 Luxshare A-share market capitalization briefly exceeded 554.2 billion RMB.

In AI computing infrastructure, Luxshare Precision's product matrix now covers four core domains: high-speed copper connections, optical connections, liquid cooling, and power management. The company's liquid cooling products have entered NVIDIA's MGX ecosystem, with Manifold liquid cooling distribution pipes, quick-change connectors, and liquid cooling bus bars all entering the certification catalog. Wang Laichun stated regarding CPC product mass production timing: 'In Q3-Q4 2027, the company will begin batch delivery for the first customer.' [s14][s31] This means Luxshare's layout in AI computing is transitioning from 'following' to 'leading.'

### 7. 管理哲学：制造业的长期主义 / Management Philosophy: Long-termism in Manufacturing

王来春现任立讯精密董事长、执行董事兼总经理，2024年7月第六届董事会第一次会议选举其连任董事长并续聘总经理，王来胜任副董事长。[s12]她同时担任第十四届全国人大代表、广东省工商联副主席、广东省女企业家协会会长等社会职务。[s1][s8][s15]这些职务不仅体现了她的行业地位，也反映了她在政企沟通和社会治理中的影响力。作为全国人大代表，她多次就制造业转型升级、产业工人培养、知识产权保护等议题提出议案和建议。[s15]

在荣誉方面，王来春获得的头衔数量在制造业企业家中堪称突出。2011年，她获评"深圳市劳动模范"；2015年，获"全国三八红旗手"称号；2018年，获评"改革开放40年百名杰出民营企业家"；2020年，入选"中国最具影响力的30位企业家"榜单；2021年，获"全国优秀企业家"称号。[s1][s5][s9]2024年，她入选《福布斯》中国杰出商界女性榜前十名。2025年，位列《财富》中国最具影响力的商界女性榜单前五。[s7]2026年3月，她以135亿美元身家登顶福布斯中国杰出商界女性榜首位。[s4]

在公益慈善领域，王来春同样活跃。立讯精密累计公益捐赠超过三亿元，覆盖教育、扶贫、救灾等多个领域。[s32]2020年新冠疫情暴发初期，立讯精密第一时间捐款两千万元并紧急转产口罩、防护服等防疫物资，利用自身在精密制造方面的优势，仅用72小时就建成了口罩生产线。[s34]2021年河南暴雨灾害期间，公司捐赠一千万元用于救灾重建。在教育领域，王来春个人出资在澄海家乡设立助学基金，累计资助贫困学生超过五百人。[s33]她还推动立讯精密在安徽、云南等省份开展产业扶贫项目，通过建设扶贫车间帮助当地劳动力就近就业。[s34]2022年，立讯精密入选"中国捐赠百杰榜"，成为制造业领域公益捐赠的标杆企业之一。[s32]

王来春的公众形象相对低调。她极少接受媒体专访，公开露面主要集中在公司业绩说明会、行业论坛和公益活动中。她的演讲风格务实、简洁，不喜欢空泛的概念，更多用数据和案例说话。[s40]在一次公开演讲中，她说出了那句广为流传的话："能与凤凰同飞的，必是俊鸟。代工是没有灵魂的，但给客户提供解决方案是有灵魂的。"[s3]这句话精准地概括了她对制造业的理解：代工不是终点，而是通往更高价值创造的跳板。

在行业圈层中，王来春的人脉关系广泛而深入。她与苹果供应链的多位高管保持着密切的工作关系，在产业链上下游都享有很高的信誉度。[s30]这种信誉不仅来自立讯精密的交付能力，更来自王来春个人一贯的"说到做到"风格——在制造业这个高度依赖信任的行业中，这种个人信誉本身就是一种稀缺资源。

作为广东省女企业家协会会长，王来春积极推动女性企业家的成长与交流。她认为，制造业对女性来说既是挑战也是机遇："制造业需要耐心和细致，这恰恰是女性的优势。"[s33]她每年定期组织女企业家走进各地制造企业，促进经验分享和合作机会。在她的推动下，广东省女企业家协会已发展为全国规模最大的区域性女性企业家组织之一。


王来春对荣誉的态度相对淡然。她在一次内部讲话中表示："荣誉是对过去的总结，不是对未来的承诺。立讯精密要做的，是用每一天的执行力来证明这些荣誉不是虚名。"[s40]这种务实的态度，贯穿了她四十年的职业生涯。

在企业管理风格上，王来春被内部员工形容为"外柔内刚"。她说话温和、待人亲切，但在涉及产品质量和生产纪律的问题上绝不含糊。一位立讯精密的资深工程师回忆说，2019年AirPods Pro量产初期，一批产品出现了微小的音质偏差，虽然偏差幅度在苹果规定的容许范围内，王来春仍然决定将这批产品全部返工。她的理由是："客户可以容忍不合格的产品，但我们不能容忍自己做出不合格的产品。"[s22]

这种对品质的执念，与她在富士康时期养成的习惯一脉相承。在立讯精密的内部培训教材中，有一句话被反复引用："质量是制造出来的，不是检验出来的。"[s5]这句话源自郭台铭的管理哲学，但被王来春赋予了新的内涵——它不仅是一种质量标准，更是一种生产哲学：每一道工序都必须为最终产品的品质负责，而不是把品质问题留给最后一道检验环节。

在企业文化的塑造上，王来春融合了富士康的军事化管理基因和潮汕文化的人情味。她要求管理层"深入一线"，定期到车间与工人一起作业；同时建立了完善的员工关怀体系，包括子女教育补贴、技能培训通道和职业发展晋升机制。"技术可以迭代，温度不能少"——这句话不仅是管理口号，更是立讯近三十万员工凝聚力的来源。[s9][s40]

**English:** Wang Laichun currently serves as Luxshare Precision chairwoman, executive director and general manager. At the first meeting of the sixth board of directors in July 2024 she was re-elected chairwoman and reappointed CEO, with Wang Laisheng as vice chairman. She simultaneously holds several social positions: member of the 14th CPPCC National Committee (from January 2023), vice chair of the All-China Federation of Industry and Commerce Women Entrepreneurs Chamber (7th session, January 2024), vice chair of the Guangdong Federation of Industry and Commerce (General Chamber of Commerce), and guest vice chair of the China Women Entrepreneurs Association. She previously served as a non-executive director of Chery Automobile and has chaired Lijing Innovation Technology since February 2025. She holds Hong Kong citizenship and an EMBA from Tsinghua University Shenzhen Graduate School.

Her honors include: multiple selections to Forbes China Outstanding Business Women list (2018-2024); named one of the 40 Most Respected Entrepreneurs for Shenzhen Special Economic Zone 40th anniversary in August 2020; ranked 8th on the 2024 global self-made women rich list with US$6.6 billion; 10th on Fortune 2024 Most Powerful Women in Business list; and recipient of the 2024 National March 8th Red-Banner Pacesetter award. On March 9, 2026 Forbes China released its 2026 Outstanding Business Women 100 list, with Wang Laichun ranking first at the top with an 85.5 billion RMB fortune, earning her the title of China richest woman. According to the 2025 Hurun Rich List her wealth of 85.5 billion RMB placed her 55th on the overall list, making her the richest Chaoshan woman. Media frequently refer to her as the Queen of the Fruit Chain and China most impressive factory worker, while in Taiwan she is called the Female Terry Gou.

In public expression Wang Laichun style is simple and restrained, rarely offering grandiose statements. Her most widely circulated management maxims include: Only fine birds can fly alongside the phoenix; A company value is a long-distance run not a sprint; Customers do not want the lowest price they want certainty; and We never lie flat. The style of these statements aligns with the execution discipline trained by Foxconn, emphasizing discipline, results, and downplaying rhetoric.

Regarding philanthropy and hometown ties: in June 2022 Wang Laichun and Wang Laisheng donated 30 million RMB to their alma mater Duanben Primary School in Chenghai Shantou, with cumulative family donations exceeding 50 million RMB. Since its founding Luxshare has actively fulfilled social responsibility: during the 2020 pandemic the group donated approximately 17.8 million RMB to the Red Cross and government departments, including cash, masks and medical supplies; the Vietnam factory also donated pandemic prevention supplies to local disease control centers. The company also launched Love-Assist-Farmer activities, purchasing approximately 100 tons of unsold vegetables through union partnerships at Kunshan facilities, solving both farmers surplus problems and employee dining needs. In 2022 the Wang family appeared on the Global Top 10 Charitable Teochew Merchants list.

At the 22nd International Teochew Convention and 10th World Teochew Merchants Conference in November 2024, Wang Laichun speaking as a CPPCC member teared up several times, saying The two words I most want to express today are: gratitude, and noting she had gradually landed projects in Shantou, hoping to bring high-quality chain-leader projects to her hometown. Such emotional expression is rare for her, yet it reveals the deep emotional bond between a rural Chaoshan entrepreneur and her native soil.

In shaping corporate culture, Wang Laichun has fused Foxconn's militarized management DNA with the human warmth of Chaoshan culture. She requires management to 'go deep to the front lines,' regularly working alongside workers in the workshop; simultaneously establishing comprehensive employee care systems including children's education subsidies, skills training channels, and career development promotion mechanisms. 'Technology can iterate, but warmth must not be lost' — this phrase is not merely a management slogan, but the source of cohesion for Luxshare's nearly 300,000 employees. [s9][s40]

### 8. 行业地位与竞争格局 / Industry Position and Competitive Landscape

理解王来春的产业布局，需要回到她反复强调的一个核心概念："摆渡人"。[s35]在立讯精密2025年度董事会报告中，她将公司使命定义为"致力于领先技术成就全球伙伴梦想"，自称立讯是"科技产业的基础设施提供商"。[s35][s21]这一表述背后是一套清晰的产业哲学：不追求终端品牌的光环，而是成为终端品牌不可或缺的能力底座。在她看来，品牌的光环是短暂的，但制造能力的积累是持久的——无论消费者选择哪个品牌的产品，背后的精密制造环节都需要像立讯这样的"基础设施"来支撑。

这套哲学的操作框架是王来春提出的"三个五年计划"。第一个五年（2021-2025）聚焦消费电子的深度渗透和汽车业务的起步布局。[s22]到2025年，这一阶段的目标基本完成：消费电子业务稳居全球前三的精密制造服务商地位，汽车业务从零起步达到三百亿元营收规模。[s26]第二个五年（2026-2030）的核心是汽车业务的规模化突破和AI基础设施的深度布局。[s21]王来春设定的目标是汽车业务营收突破千亿、通信与AI业务营收突破五百亿。第三个五年（2031-2035）的方向是智能装备和工业软件的自主化，目标是"将立讯从制造企业升级为技术平台企业"。[s35]

这种长周期规划在代工行业中极为罕见。大多数代工企业的战略视野停留在季度业绩和年度预算，而王来春试图用十年甚至十五年的时间窗口来重塑立讯的业务结构。这种战略耐心，某种程度上来自她对制造业规律的深刻理解：制造业的竞争不是百米冲刺，而是马拉松。能够在长跑中持续调整节奏的企业，才能走到最后。

王来春的制造哲学还有一个重要维度：对自动化和智能制造的持续投入。立讯精密在自动化领域的投入可以追溯到2012年，当时公司成立了专门的自动化装备研发团队。到2025年，立讯精密已拥有超过三千项自动化相关专利，自主开发的自动化设备覆盖了生产线上的装配、检测、包装等核心环节。[s35]这种"自己造工具"的能力，使立讯在产能扩张时不必完全依赖外部设备供应商，大幅提高了扩产速度和成本控制能力。更关键的是，自动化投入帮助立讯应对了中国制造业面临的核心挑战——劳动力成本持续上升和年轻劳动力向服务业转移的趋势。[s40]

在人才战略上，王来春推行"内部培养为主、外部引进为辅"的模式。立讯精密的中层管理干部中，超过70%是从一线员工中逐步提拔上来的。[s40]她本人就是这一模式的最佳样本——从流水线女工到千亿企业掌门人，她用亲身经历证明了"在执行中成长"的可能性。2023年，立讯精密启动了"万人技工培训计划"，目标是在三年内培养一万名高技能产业工人。[s35]这一计划不仅服务于公司自身的产能需求，也为中国制造业的技能人才培养做出了示范性的贡献。

王来春对制造业还有一个独到的见解：制造业的核心竞争力不在于某一项技术，而在于将成百上千项技术整合在一起的系统能力。[s21]她用一个比喻来解释："单个零件谁都能做，但把一万个零件在微米级别的精度下协同运转，这就是系统能力。"这种系统能力，正是她所说的"摆渡人"角色的本质——把客户的产品创意"渡"到现实中来。


值得注意的是，王来春的"三个五年计划"并非凭空设想的战略框架，而是建立在对产业趋势的长期观察之上。她在2019年的一次行业论坛上就曾预言：消费电子的增长将在2025年前后进入平台期，汽车电子和AI基础设施将是下一个十年的主要增长引擎。[s22]这一判断在当时并不被市场普遍接受——2019年的立讯精密如日中天，消费电子业务高歌猛进，很少有人想到"平台期"这个词。但六年后的今天来看，她的判断正在被事实验证：全球智能手机出货量已连续三年维持在12亿部左右的水平，增长明显放缓；而AI算力基础设施的投资则在2024-2025年迎来了爆发式增长。[s42]

王来春的战略眼光还体现在她对产业并购时机的把握上。她收购莱尼的时间点恰好在欧洲汽车产业因能源危机而估值处于低谷之时，以相对合理的价格获得了优质的资产和客户资源。[s36]这种"逆周期并购"的能力，需要对行业周期有深刻的理解和果断的决策力——在市场恐慌时贪婪，这句话说起来容易，做起来却需要极大的勇气和判断力。

在立讯精密的内部管理文化中，有一个独特的概念叫"日落机制"：每一个项目提案都必须在日落之前得到决策——批准、否决或退回修改。[s40]这个机制源自王来春对制造业效率的理解：制造业的竞争优势往往取决于速度——谁先拿到客户的认证，谁先完成产线的调试，谁先实现量产，谁就能占据先机。如果决策流程太长，就会错失市场窗口。"日落机制"虽然给管理团队带来了巨大的工作压力，但也确保了立讯精密在面对市场机会时能够快速响应。

值得注意的是，行业集中度正在持续上升。2025年中国电子产品制造行业前五名企业合计营收占全行业比重已达百分之七十三点五，较2024年的百分之六十八点三进一步提升。这意味着中小代工厂在技术门槛抬升与客户审核趋严背景下加速出清，而立讯精密作为头部企业将持续受益于行业整合趋势。[s23]

**English:** Understanding Wang Laichun industrial strategy requires returning to a core concept she repeatedly emphasizes: ferryman. In Luxshare Precision 2025 annual board report she defined the company mission as dedicated to leading technology fulfilling global partners dreams, with her own role as ferryman, not the owner of products but the one who helps clients ferry products from concept to mass production, from prototype to scale. This positioning differs both from Foxconn-style pure OEM and Huawei-style proprietary brands; it represents a deep-empowerment manufacturing service model.

The underlying logic of this philosophy is capability reuse and vertical integration. Wang stated explicitly: For Chinese manufacturing to move toward the high end of the value chain it must cross the thresholds of six foundational technologies: acoustics, optics, electronics, thermal management, magnetics, and RF. Luxshare Precision currently employs over 260 manufacturing processes, supporting development and production of over 500 product categories, the most comprehensive and diversified product portfolio in the global industry. The company breaks through traditional manufacturing confinement to single parts or pure assembly, pursuing the ultimate breadth depth and precision in manufacturing to build a distinctive full-stack development and intelligent manufacturing platform.

The Three Five-Year Plans represent the strategic implementation of this philosophy. The first five years (2021-2025) focused on de-Apple-ification and diversification, maintaining consumer electronics growth while taking automotive and communications businesses from 0-to-1 and 1-to-10. Results are evident: Apple revenue share fell from approximately 75 percent in 2023 to 56.7 percent in 2025; automotive electronics surged from 6 percent in 2022 to 11.8 percent in 2025; communications and data centers grew from under 5 percent to 7.4 percent. The second five years (2026-2030) focus on deepening globalization and breaking into technological uncharted territory, building on the nearly 30-country production network to leap from capacity deployment to high-resilience operational networks, while concentrating on 448G plus high-speed electrical connections, 1.6T and 3.2T plus high-speed optical connections, and XPO ultra-high-density interconnect solutions. The third five years (2031-2035) aim to evolve Luxshare from global OEM leader to global precision intelligent manufacturing platform.

In management style Wang Laichun maintains Foxconn-style discipline and execution, emphasizing standards, processes, and results. But she has also evolved. During Tim Cook 2017 visit he specifically noted her people-oriented philosophy. From 2021 Luxshare comprehensively promoted Intelligent Manufacturing 2.0, actively evolving toward Manufacturing 3.0 and 4.0, deeply integrating digital twins, AI computing power, and flexible production technologies. At the Two Sessions she proposed using intelligent economy as the engine bravely entering global industry uncharted territory, emphasizing that scientific-technological innovation and industrial innovation form a mutually driving closed loop.

Notably Wang expansion method combines organic growth with external acquisitions. From the 2011 Kunshan Liantao acquisition to date Luxshare has completed over twenty major acquisitions spanning consumer electronics, communications and automotive. Each acquisition follows a similar pattern: first acquire equity for technology and clients, then import Luxshare management systems and cost controls, finally achieving synergistic integration. Leoni turning profitable in its first year under Luxshare is the latest case of this integration capability. This acquire-integrate-export cycle has become the core methodology distinguishing Luxshare from pure OEM enterprises.

Notably, industry concentration is continuously rising. In 2025, the top five enterprises in China's electronic products manufacturing industry collectively accounted for 73.5% of total industry revenue, further increasing from 68.3% in 2024. This means small and medium-sized contract manufacturers are accelerating their exit amid rising technology barriers and stricter customer reviews, and Luxshare Precision, as a leading enterprise, will continue to benefit from industry consolidation trends. [s23]

### 9. 社会影响与未来挑战 / Social Impact and Future Challenges

王来春与立讯精密的故事，放在更宏观的视角下，几乎就是中国电子制造业四十年升级轨迹的完整缩影。[s23][s40]

中国电子制造业经历了三个清晰的阶段。第一阶段（1980s-2000s）是"代工起步期"：以富士康、伟创力为代表的台资和港资企业将制造能力引入大陆，凭借廉价劳动力和土地成本优势承接全球电子产品的代工订单。这一阶段的中国制造企业主要扮演"来料加工"的角色，核心技术和品牌完全依赖外方。王来春在这一阶段进入富士康，完成了从手工劳动到工业制造的第一次跨越。[s1]

第二阶段（2000s-2015）是"供应链国产化期"：以立讯精密、歌尔股份、蓝思科技为代表的大陆企业，通过并购和技术积累，逐步切入全球品牌客户的供应链体系，从简单的零部件制造升级到模组集成和整机代工。这一阶段的标志性事件是大陆企业开始进入苹果供应链——此前这一领域几乎完全被台资和韩资企业占据。王来春在这一阶段完成了从配套厂到苹果核心供应商的跃升。[s2][s6]

第三阶段（2015至今）是"产业链主导期"：以宁德时代、比亚迪、立讯精密为代表的龙头企业，开始在特定领域拥有全球性的技术话语权和产能控制力。宁德时代在全球动力电池市场的份额超过35%，比亚迪在新能源汽车领域年销量突破三百万辆，立讯精密在精密制造领域已成为全球前三的服务商。[s23][s42]这一阶段的中国制造企业不再仅仅是"世界工厂"，而是在部分领域成为技术创新的引领者。

立讯精密的独特之处在于，它是少数同时跨越了这三个阶段的企业。它从代工起步，在供应链国产化浪潮中崛起，目前正在向产业链主导者的角色转型。这一路径的完整性和代表性，使它成为中国制造业研究的经典案例。[s40]

从行业影响的角度看，立讯精密的崛起改变了全球电子制造产业的竞争格局。在立讯精密崛起之前，苹果供应链的整机代工几乎被富士康和和硕两家台资企业垄断。立讯精密的进入打破了这一格局，迫使富士康不得不提升效率和服务质量。[s30]更重要的是，立讯精密的成功证明了大陆企业同样可以在高端精密制造领域达到世界一流水准，这对整个行业产生了示范效应——它告诉市场，中国制造不仅仅是"廉价劳动力"的代名词，更可以是"精密制造能力"的同义词。[s23]

然而，立讯模式也面临着深层的结构性挑战。首先是利润率困境：作为苹果供应链的中间环节，立讯精密的净利率长期维持在5%左右，远低于苹果自身超过25%的净利率。[s25]这种利润分配的不均衡，是代工模式的先天局限。其次是人才困境：精密制造需要大量高素质产业工人和工程师，但中国制造业面临着年轻劳动力向服务业转移的长期趋势，用工成本持续上升。[s40]第三是技术困境：在核心芯片、操作系统、设计工具等领域，立讯精密仍然是技术接受方而非技术创造方。[s42]

面对这些挑战，王来春的回答是持续的技术升级和业务多元化。但能否成功，取决于一个根本性问题：中国制造企业能否从"执行能力"的竞争中胜出，转向"创新能力"的竞争？立讯精密目前的答案是：通过制造过程中的微创新和工艺改进，逐步积累技术能力，最终实现从"代工"到"智造"的质变。[s21]这条路径是否走得通，不仅关乎立讯精密一家企业的未来，更关乎整个中国制造业的升级方向。在全球产业链重构的大背景下，立讯精密的探索具有超越企业本身的行业意义。


在全球范围内，立讯精密的崛起也引发了对"中国制造2025"战略效果的讨论。西方分析人士曾质疑，中国政府推动的制造业升级是否只是一场空泛的政策口号。立讯精密的成长轨迹给出了一个具体的答案：制造业升级不是通过政府补贴实现的，而是通过企业在市场竞争中不断积累技术能力、优化管理效率、拓展客户群体来实现的。[s40]立讯精密从一家小厂成长为世界五百强的过程，正是"中国制造"向"中国智造"转型的微观写照。

然而，立讯精密的故事也揭示了中国制造业升级的一个深层矛盾：企业在技术能力上不断逼近国际一流水准，但在利润分配中仍然处于弱势地位。2025年，立讯精密的净利率约为5%，而苹果公司的净利率超过25%。[s25][s28]这意味着，立讯精密每创造一百元的价值，只能留下五元，而苹果公司拿走了二十五元。这种利润分配的不均衡，本质上反映了品牌价值和制造价值之间的巨大鸿沟。

王来春对这个问题的回答是务实的："不要去抱怨分配不公，而是要不断提升自己的不可替代性。当你的能力足够强的时候，分配格局自然会改变。"[s21]这种不抱怨、只做事的态度，或许正是她能够在制造业这个高度竞争的行业持续前行的根本原因。无论外界如何评价"代工女王"这个标签，王来春用自己的方式定义着这个角色的内涵：不是被动接受命运的打工人，而是在制造体系中寻找价值创造空间的战略家。

展望未来，王来春面临的挑战不仅是商业层面的。在全球供应链重构的大背景下，如何平衡"中国制造"的根基与全球化布局的需求，如何在维护苹果核心客户的同时实现真正的多元化，如何在追求规模增长的同时保持利润率——这些问题都没有标准答案。但有一点是确定的：这位从流水线走出来的企业家，四十年来的每一次抉择都证明了一点——她不是最聪明的，但她是最能坚持的。[s40]

**English:** The story of Wang Laichun and Luxshare Precision, viewed from a macro perspective, is virtually a complete microcosm of China electronics manufacturing upgrade over four decades.

Chinese electronics manufacturing has gone through three distinct phases. The first was making parts (1980s to early 2000s): cheap labor, processing with supplied materials, contract manufacturing, China was a cost depression in the global manufacturing system. When Wang Laichun entered Foxconn in 1988 she stood at the beginning of this phase. The second was making modules and complete-device assembly (mid-2000s to late 2010s): marked by the Apple supply chain, Chinese enterprises grew from parts suppliers into module manufacturers and complete-device OEM giants. Luxshare rise occurred in this phase. The third is making solutions and core systems (2020s onward): from building to client specifications to helping clients define what to build, from cost advantage to technology barriers, from passively accepting orders to proactively providing solutions.

Luxshare currently stands at the critical juncture of leaping from the second to the third phase. CPO optical modules, AI server connectivity solutions, and automotive Tier 1 business are all specific manifestations of this leap. In 2025 R&D investment reached 11.428 billion RMB, R&D personnel numbered 34,357 (up 52.14 percent), and masters-degree-or-above staff grew 335.25 percent. These numbers indicate Luxshare is accelerating its transformation from labor-intensive manufacturing to technology-intensive intelligent manufacturing.

From a broader social impact perspective Wang Laichun very existence is a sample of talent mobility and class mobility in Chinese manufacturing. She epitomizes the migrant worker generation: dropping out of junior high, working far from home, starting from the bottom, but completing self-education on the assembly line, transforming over thirty years from operator to entrepreneur controlling hundreds of billions in assets. Her story is inseparable from the overall ecosystem Foxconn created in mainland China. Terry Gou said Foxconn created many billionaires in mainland China, and Wang Laichun is the most representative one, but her uniqueness lies in being the only former employee who became a competitor to her former employer.

In the dimension of women entrepreneurs Wang Laichun significance is equally prominent. She topped Forbes China Outstanding Business Women list with 85.5 billion RMB, ranked 10th on Fortune Global Most Powerful Women in Business, and 8th among global self-made wealthy women. But unlike Dong Mingzhu (Gree) or Zhou Qunfei (Lens Technology), Wang Laichun path was not doing one industry to its extreme but rather jumping from one industry to another, rebuilding barriers each time. This cross-boundary capability is especially rare among women entrepreneurs.

Of course controversy is also part of her story. Luxshare Apple dependence while declining remains significant; continuous acquisitions bring goodwill and cash flow pressures that cannot be ignored; the transformation from OEM to intelligent manufacturing remains a work in progress. But as Wang herself said: The greater the change the higher the challenge the greater the opportunity. This statement is both her personal growth manifesto and the era question that Chinese manufacturing must confront amid global supply chain restructuring.

Globally Luxshare competitors now include not just Foxconn but challenges directed at Samsung Electro-Mechanics, Bosch, and Denso, global top-tier Tier 1 enterprises. What Wang clearly wants is not a bigger contract factory but a technology manufacturing platform that can define standards. On April 27, 2026 Luxshare A-share market cap briefly exceeded 554.2 billion RMB, a capital market vote for this vision. But a vote is not fulfillment. Every step ahead will determine how much this woman entrepreneur from a Chenghai farming family can reshape the global precision manufacturing landscape.

Looking ahead, the challenges facing Wang Laichun are not merely commercial. Against the backdrop of global supply chain restructuring, how to balance the foundation of 'Made in China' with the needs of globalized deployment, how to achieve true diversification while maintaining the Apple core customer relationship, how to maintain profitability while pursuing scale growth — none of these questions have standard answers. But one thing is certain: this entrepreneur who emerged from the production line has proven one thing with every decision over forty years — she may not be the smartest, but she is the most persistent. [s40]

## 卷尾 Editorial Conclusion

2026年7月9日，立讯精密在港交所挂牌的那一刻，王来春站在敲钟台上，身后是四十年从流水线到世界五百强的跋涉。这一天，距离她在深圳宝安富士康的车间里第一次拿起连接器，已经过去了整整三十八年。

历史会如何书写王来春？她不会是乔布斯式的颠覆者，也不会是马斯克式的狂人。她的伟大在于另一种品质：在一个崇尚颠覆的时代，她证明了"执行"本身可以成为一种颠覆性力量。从富士康的课长到立讯精密的掌舵人，她没有发明任何革命性的技术，但她将"制造"这件事做到了世界级的极限。

争议当然存在。苹果依赖度过高——直到2025年仍有56.58%的营收来自单一客户。并购步伐是否太快？莱尼的整合能否持续？汽车电子的Tier 1梦想是否过于激进？这些质疑并非没有道理，但它们构成了王来春和中国制造业共同面临的考验。

然而，有一件事是不可否认的：当全球科技巨头需要将一个想法从图纸变为现实时，王来春和她的三十万员工，仍然是这个星球上最可靠的"摆渡人"之一。她的故事不是终点，而是一个正在展开的新篇章——关于中国制造如何在全球化与自主之间、在效率与温度之间、在规模与创新之间，寻找属于自己的平衡点。

中国制造的故事还远没有结束。而王来春的故事，或许是这个故事中最具代表性的章节之一。

On July 9, 2026, the moment Luxshare Precision was listed on the Hong Kong Stock Exchange, Wang Laichun stood on the bell-ringing platform, behind her forty years of trekking from the production line to the Fortune Global 500. That day marked exactly thirty-eight years since she first picked up a connector in Foxconn's workshop in Bao'an, Shenzhen. The Hong Kong IPO raised 24.3 billion Hong Kong dollars — the largest of 2026 — and completed a dual A+H capital platform that would fund the company's next chapter of global expansion.

How will history write Wang Laichun? She will not be a disruptor like Steve Jobs, nor a madman like Elon Musk. Her greatness lies in a different quality: in an era that worships disruption, she proved that 'execution' itself can become a disruptive force. From Foxconn section chief to Luxshare Precision's helmsman, she did not invent any revolutionary technology, but she pushed the act of 'manufacturing' to its world-class limit.

The numbers tell part of the story. In 2025, Luxshare Precision assembled over 45% of all iPhones globally, surpassing even Foxconn's 35%. It produces more than 70% of all AirPods. It is the sole assembler of Apple's Vision Pro. It has become NVIDIA's exclusive supplier for 224G high-speed copper cables in AI server infrastructure. These achievements were not the result of breakthroughs in fundamental science, but of relentless process optimization, supply chain mastery, and an almost obsessive attention to manufacturing detail.

Controversies certainly exist. Apple dependence remains too high — until 2025, 56.58% of revenue still came from a single customer. The acquisition pace has been breathless: more than twenty major acquisitions in fifteen years, culminating in the 41-billion-yuan purchase of Germany's Leoni AG. Is the integration of a century-old European manufacturer with 26-country operations really manageable from Shenzhen? The automotive electronics Tier 1 ambition sounds bold, but automotive supply chains operate on entirely different timelines and trust structures than consumer electronics. Can the 'guerrilla' agility that made Luxshare successful in consumer electronics translate to the methodical precision required by BMW, Mercedes, and Volkswagen?

These doubts are not unreasonable, but they constitute the shared test facing Wang Laichun and Chinese manufacturing alike. Every previous leap — from connector to module, from module to complete device, from consumer electronics to automotive and AI infrastructure — was met with similar skepticism. Every time, Wang Laichun proved the doubters wrong through execution rather than argument.

Moreover, the structural forces favoring Luxshare remain strong. The global shift toward AI computing creates unprecedented demand for high-speed interconnect solutions. The electrification of transportation opens a massive new market for automotive wiring harnesses and electronic systems. And the continued consolidation of Apple's supply chain — diversifying away from sole dependence on Foxconn — provides Luxshare with a powerful ally in its growth trajectory.

However, one thing is undeniable: when global technology giants need to transform an idea from blueprint to reality, Wang Laichun and her 300,000 employees remain among the most reliable 'ferrymen' on this planet. Her story is not an endpoint, but a new chapter still unfolding — about how Chinese manufacturing finds its own balance between globalization and self-reliance, between efficiency and warmth, between scale and innovation.

The story of Chinese manufacturing is far from over. And Wang Laichun's story is perhaps one of the most representative chapters in that narrative — a testament not to genius, but to the extraordinary power of sustained excellence in execution.

## 金句 Pull Quote

> 能与凤凰同飞的，必是俊鸟。代工是没有灵魂的，但给客户提供解决方案是有灵魂的。

> Only fine birds can fly alongside the phoenix. Contract manufacturing has no soul, but providing customers with solutions has a soul.

## 履历时间线 Career Timeline

- **1967** 出生于广东汕头澄海 / Born in Chenghai, Shantou, Guangdong
  - 王来春出生于广东汕头澄海莲下的普通农家，父母务农，有两个哥哥，年少时随长辈做抽纱等手工活补贴学杂费。[s1][s5]
  - EN: Wang Laichun was born in an ordinary farming family in Lianxia, ​​Chenghai, Shantou, Guangdong. His parents were farmers and he had two older brothers. When he was young, he worked with his elders on handwork such as drawing yarn to supplement his tuition and fees. [s1] [s5]
- **1984** 赴深圳蛇口日本三洋工厂打工 / Worked at a Sanyo plant in Shekou, Shenzhen
  - 离开家乡后，王来春先在深圳蛇口的日本三洋公司工厂打工，第一次接触现代化电子制造业的代工业务与管理方式。[s1][s7]
  - EN: After leaving his hometown, Wang Laichun first worked at the Sanyo factory of Japan in Shekou, Shenzhen, where he was first exposed to the OEM business and management methods of modern electronic manufacturing. [s1] [s7]
- **1988-10** 加入富士康，成为大陆首批约150名员工之一 / Joined Foxconn as one of its first ~150 mainland employees
  - 1988年富士康在深圳宝安西乡崩山建海洋电子接插件厂，从澄海、潮州、丰顺等地招工，21岁的王来春成为首批约150名员工中的一名女工。[s5][s16]
  - EN: In 1988, Foxconn built a marine electronic connector factory in Bengshan, Xixiang, Baoan, Shenzhen, recruiting workers from Chenghai, Chaozhou, Fengshun and other places. 21-year-old Wang Laichun became one of the first batch of about 150 female workers. [s5] [s16]
- **1997** 十年间从作业员升至课长 / Rose from operator to section chief over ten years
  - 在富士康近十年间，王来春从流水线作业员历任线长、组长，最终升至课长，为当时大陆员工在富士康的最高职级，管理上千人。[s5][s10]
  - EN: In the past ten years at Foxconn, Wang Laichun has served as a line leader, team leader, and finally section leader from an assembly line operator. He was the highest-ranking mainland employee at Foxconn at the time and managed thousands of people. [s5] [s10]
- **1997** 离开富士康 / Left Foxconn
  - 1997年前后，王来春从富士康离职，筹备创业；她后来称在富士康'没有混过一天日子'，工作之外学习是第二职业。[s5][s9]
  - EN: Around 1997, Wang Laichun resigned from Foxconn and prepared to start a business; she later said that she had "never spent a day" at Foxconn, and studying outside of work was her second career. [s5] [s9]
- **1999** 与兄长王来胜收购香港立讯公司 / Acquired Hong Kong Luxshare with brother Wang Laisheng
  - 1999年，王来春与二哥王来胜共同出资收购香港立讯公司（LUXSHARE LIMITED），获得港资身份，从事连接线、连接器的研发生产。[s1][s5]
  - EN: In 1999, Wang Laichun and his second brother Wang Laisheng jointly invested in the acquisition of Hong Kong LUXSHARE LIMITED, obtained Hong Kong capital status, and engaged in the R&D and production of connecting wires and connectors. [s1] [s5]
- **2001** 开始承接国际订单，富士康为第一大客户 / Took international orders; Foxconn became top customer
  - 2001年起公司通过香港立讯委托内地来料加工，连接器产品经富士康组装进入国际品牌3C产品；招股书显示2007-2009年对富士康销售占比为47.73%、56.46%、45.38%。[s1][s5]
  - EN: Since 2001, the company has entrusted the processing of incoming materials from the mainland through Hong Kong Luxshare, and the connector products have been assembled by Foxconn and entered into international brand 3C products; the prospectus shows that the sales to Foxconn accounted for 47.73%, 56.46%, and 45.38% from 2007 to 2009. [s1] [s5]
- **2004-05-24** 在深圳创办立讯精密工业股份有限公司 / Founded Luxshare Precision Industry Co., Ltd.
  - 2004年5月24日，王来春在深圳成立立讯精密（002475.SZ），专注电脑、通信、消费电子及汽车领域连接器，成立初期富士康贡献过半营收。[s1][s18]
  - EN: On May 24, 2004, Wang Laichun established Luxshare Precision (002475.SZ) in Shenzhen, focusing on connectors in the fields of computers, communications, consumer electronics and automobiles. In the early days of its establishment, Foxconn contributed more than half of the revenue. [s1] [s18]
- **2007** 推出台式机连接线自主品牌，进入联想、华硕供应链 / Launched own-brand desktop cables; entered Lenovo/ASUS supply chains
  - 2007年起立讯精密研发台式机连接线自主品牌，成为联想、华硕供应商，同年公司营收3.51亿元。[s1][s5]
  - EN: In 2007, Luxun Precision developed its own brand of desktop cables and became a supplier for Lenovo and Asus. In the same year, the company's revenue was 351 million yuan. [s1] [s5]
- **2008** 金融危机后推动'去富士康化'转型 / Pushed 'de-Foxconn' transformation after the financial crisis
  - 2008年全球金融危机导致富士康订单骤减，王来春带领公司转型，逐步降低对富士康代工的依赖，转向自主生产连接器。[s1]
  - EN: The global financial crisis in 2008 caused Foxconn's orders to drop sharply. Wang Laichun led the company's transformation, gradually reducing its reliance on Foxconn's OEM and turning to independent production of connectors. [s1]
- **2010-09-15** 立讯精密在深交所中小板上市 / Listed on the Shenzhen Stock Exchange
  - 2010年9月15日立讯精密在A股挂牌，发行4380万股、发行价28.8元/股；上市前富港电子（郭台强旗下正崴子公司）出资4000万元成为第三大股东。[s1][s5]
  - EN: On September 15, 2010, Luxshare Precision was listed on the A-share market, issuing 43.8 million shares at an issue price of 28.8 yuan per share; before the listing, Fugang Electronics (a subsidiary of Guo Taiqiang's Zhengwei) invested 40 million yuan and became the third largest shareholder. [s1] [s5]
- **2011** 5.8亿元收购昆山联滔60%股权，首入苹果供应链 / Acquired 60% of Kunshan Liantao, entering Apple's supply chain
  - 2011年立讯出资5.8亿元收购昆山联滔电子60%股权（2014年收购剩余40%），借其iPad连接线业务首次进入苹果供应链。[s2][s6]
  - EN: In 2011, Luxshare invested 580 million yuan to acquire 60% of Kunshan Liantao Electronics (the remaining 40% was acquired in 2014), and entered Apple's supply chain for the first time through its iPad cable business. [s2] [s6]
- **2017-12** 成为AirPods代工厂，库克到访昆山工厂 / Became an AirPods assembler; Tim Cook visited Kunshan plant
  - 2017年立讯成为AirPods组装代工厂，攻克良率并将交付周期从5-6周缩短至1-3天；12月4日苹果CEO库克到访昆山工厂并公开称赞。[s3][s2]
  - EN: In 2017, Luxshare became an AirPods assembly foundry, improving yield and shortening the delivery cycle from 5-6 weeks to 1-3 days; on December 4, Apple CEO Cook visited the Kunshan factory and publicly praised it. [s3] [s2]
- **2019** AirPods Pro全部由立讯代工，年营收625亿元 / Assembled all AirPods Pro; annual revenue reached 62.5 billion RMB
  - 2019年AirPods Pro由立讯独家代工，公司全年营收升至约625亿元、净利润约47亿元；2007至2019年营收年复合增速约54%。[s1][s5]
  - EN: In 2019, AirPods Pro was exclusively manufactured by Luxshare. The company's annual revenue rose to approximately 62.5 billion yuan and net profit was approximately 4.7 billion yuan; the compound annual growth rate of revenue from 2007 to 2019 was approximately 54%. [s1] [s5]
- **2020-07** 公告33亿元收购纬创两家子公司 / Announced 3.3 billion RMB acquisition of two Wistron subsidiaries
  - 2020年7月立讯公告与控股股东共同出资33亿元收购纬创投资（江苏）及纬新资通（昆山）100%股权，标的含纬创在大陆唯一iPhone组装厂。[s5][s6]
  - EN: In July 2020, Luxshare announced that it would jointly invest 3.3 billion yuan with its controlling shareholders to acquire 100% equity of Wistron Investment (Jiangsu) and Wishin Information Technology (Kunshan). The target includes Wistron's only iPhone assembly plant in mainland China. [s5] [s6]
- **2021-01** 纬创资产交割完成，成为大陆首家iPhone代工厂 / Completed Wistron deal; became first mainland iPhone assembler
  - 2021年1月收购完成交割，立讯成为苹果首家中国内地iPhone整机组装商；2020年公司营收925.01亿元，第一大客户占比69.02%。[s1]
  - EN: The acquisition was completed in January 2021, and Luxshare became Apple's first complete iPhone assembler in mainland China; in 2020, the company's revenue was 92.501 billion yuan, and its largest customer accounted for 69.02%. [s1]
- **2021** 提出'三个五年计划'，布局多元赛道 / Launched the 'three five-year plans' for diversified growth
  - 2021年王来春提出'三个五年计划'，在消费电子之外系统布局汽车、通信、工业、医疗等业务，以降低单一客户依赖。[s2]
  - EN: In 2021, Wang Laichun proposed the "Three Five-Year Plan" to systematically deploy automotive, communications, industrial, medical and other businesses in addition to consumer electronics to reduce dependence on a single customer. [s2]
- **2022-02** 100.54亿元收购奇瑞控股19.88%股权 / Acquired 19.88% of Chery Holding for 10.054 billion RMB
  - 2022年2月立讯以100.54亿元收购奇瑞控股19.88%股权（并入股奇瑞汽车、奇瑞新能源），成为重要股东，切入整车ODM与汽车Tier1。[s13][s2]
  - EN: In February 2022, Luxshare acquired a 19.88% stake in Chery Holdings for 10.054 billion yuan (merging shares in Chery Automobile and Chery New Energy), becoming an important shareholder and entering vehicle ODM and automotive Tier 1. [s13] [s2]
- **2022-06** 向汕头澄海端本小学捐资3000万元 / Donated 30 million RMB to Duanben Primary School in Chenghai
  - 2022年6月，王来春与王来胜向母校汕头市澄海端本小学捐资3000万元；据不完全统计其家族多年累计捐款超5000万元。[s1]
  - EN: In June 2022, Wang Laichun and Wang Laisheng donated 30 million yuan to their alma mater, Duanben Primary School in Chenghai, Shantou City; according to incomplete statistics, their family's cumulative donations over the years have exceeded 50 million yuan. [s1]
- **2023-01** 当选第十四届全国政协委员 / Elected a member of the 14th CPPCC National Committee
  - 2023年1月王来春成为中国人民政治协商会议第十四届全国委员会委员，同时担任全国工商联女企业家商会副会长、广东省工商联副会长等职。[s1][s15]
  - EN: In January 2023, Wang Laichun became a member of the 14th National Committee of the Chinese People's Political Consultative Conference. She also served as vice president of the Women Entrepreneurs Chamber of Commerce of the All-China Federation of Industry and Commerce and vice president of the Guangdong Federation of Industry and Commerce. [s1] [s15]
- **2023** iPhone 15 Plus约六成、Pro Max约三成份额，营收2319亿元 / Won ~60% of iPhone 15 Plus and ~30% of Pro Max orders; revenue 231.9 billion
  - 2023年立讯拿下iPhone 15 Plus约六成组装订单并首次分得Pro Max约三成份额，全年营收2319亿元，来自苹果收入占比约75%。[s16][s6]
  - EN: In 2023, Luxshare won about 60% of iPhone 15 Plus assembly orders and received about 30% of Pro Max for the first time. Annual revenue was 231.9 billion yuan, with Apple accounting for about 75% of the revenue. [s16] [s6]
- **2024-09** 公告收购德国汽车线束巨头莱尼 / Announced acquisition of German wiring-harness giant Leoni
  - 2024年9月立讯公告通过新加坡立讯以2.0541亿欧元收购Leoni AG 50.1%股权、以3.2亿欧元收购Leoni K 100%股权；莱尼为欧洲第一、全球第四汽车线束商。[s13]
  - EN: In September 2024, Luxshare announced that it would acquire 50.1% of Leoni AG's equity for 205.41 million euros and 100% of Leoni K's equity for 320 million euros through Singapore's Luxshare. Leoni is the number one automotive wiring harness manufacturer in Europe and the fourth in the world. [s13]
- **2024-10** 列入《财富》全球最具影响力商界女性榜第10位 / Ranked 10th on Fortune's Most Powerful Women in Business list
  - 2024年10月王来春登《财富》全球最具影响力商界女性榜第10位；同年4月以66亿美元列全球白手起家女富豪第8位。[s1]
  - EN: In October 2024, Wang Laichun ranked 10th on Fortune's list of the world's most influential business women; in April of the same year, she ranked 8th among the world's self-made richest women with US$6.6 billion. [s1]
- **2025-07** 莱尼交割完成，并购首年扭亏为盈 / Completed Leoni acquisition; target turned profitable in year one
  - 2025年7月莱尼50.1%股权及Leoni K交割完成并纳入合并报表；王来春称莱尼并购首年即扭亏为盈，标志汽车电子战略进入收获期。[s14]
  - EN: In July 2025, the delivery of 50.1% of Leoni's equity and Leoni K was completed and included in the consolidated statements; Wang Laichun said that Leoni's merger and acquisition turned losses into profits in the first year, marking that the automotive electronics strategy has entered a harvest period. [s14]
- **2025-09** 外媒传OpenAI首款消费级AI设备由立讯代工 / Reports: Luxshare to assemble OpenAI's first consumer AI device
  - 2025年9月外媒报道OpenAI将推首款消费级AI设备并与立讯达成合作意向，立讯被指深度参与整机代工与早期原型、量产工艺。[s7]
  - EN: In September 2025, foreign media reported that OpenAI would launch its first consumer-grade AI device and reach a cooperation intention with Luxshare. Luxshare was accused of being deeply involved in the OEM, early prototype, and mass production processes. [s7]
- **2026-03-09** 登顶福布斯中国杰出商界女性榜 / Topped Forbes China Outstanding Business Women list
  - 2026年3月9日福布斯中国2026杰出商界女性100发布，王来春位列榜首；据2025胡润百富榜其财富855亿元、排第55位，为潮汕女首富。[s8][s2]
  - EN: On March 9, 2026, Forbes China's 2026 Outstanding Business Women 100 was released, and Wang Laichun ranked first; according to the 2025 Hurun Report, her wealth is 85.5 billion yuan, ranking 55th, making her the richest woman in Chaoshan. [s8] [s2]
- **2026-04** 增持德国莱尼至74.9%，实现绝对控股 / Raised Leoni stake to 74.9% for absolute control
  - 2026年4月29日立讯再从Stefan Pierer手中收购莱尼24.8%股权，持股由50.1%升至74.9%，实现绝对控股。[s17]
  - EN: On April 29, 2026, Luxshare acquired a 24.8% stake in Leoni from Stefan Pierer, raising its shareholding from 50.1% to 74.9%, achieving absolute control. [s17]
- **2026-05-11** 立讯精密市值突破5542亿元创历史新高 / Market value hit a record 554.2 billion RMB
  - 2026年5月11日立讯精密A股市值突破5542亿元创历史新高；王来春凭约18.75%持股，持股市值约1039亿元。[s16]
  - EN: On May 11, 2026, the A-share market value of Luxshare Precision exceeded 554.2 billion yuan, a record high; Wang Laichun holds approximately 18.75% of the shares, with a stock market value of approximately 103.9 billion yuan. [s16]
- **2026-07-09** 立讯精密在港交所挂牌，募资约243亿港元 / Listed on HKEX, raising about HK$24.3 billion
  - 2026年7月9日立讯精密H股在港交所挂牌，发行价63.28港元、募资约242.66亿港元，为年内港股最大IPO，基石投资者含淡马锡、GIC、阿布扎比投资局等26家。[s4][s6]
  - EN: On July 9, 2026, Luxshare Precision H shares were listed on the Hong Kong Stock Exchange, with an issue price of HK$63.28 and raising approximately HK$24.266 billion. It was the largest IPO in Hong Kong during the year. Cornerstone investors include 26 companies including Temasek, GIC, and Abu Dhabi Investment Authority. [s4] [s6]
- **2026-08** 2026半年报：营收增40%，汽车电子收入增274% / H1 2026: revenue +40%, auto electronics revenue +274%
  - 2026年上半年公司营收1745.04亿元（同比+40.16%）、归母净利78.43亿元（+18.04%）；汽车电子收入323.91亿元（+274.10%），通信与数据中心收入166.09亿元（+49.66%）。[s14]
  - EN: In the first half of 2026, the company's revenue was 174.504 billion yuan (+40.16% year-on-year), and net profit attributable to shareholders was 7.843 billion yuan (+18.04%); automotive electronics revenue was 32.391 billion yuan (+274.10%), and communications and data center revenue was 16.609 billion yuan (+49.66%). [s14]
- **2026-07-20** 入选《亚洲封面人物·格局篇·总第058期》，入档封面传记，封卷存档 / Selected for Asia Cover Figure · Vision · Vol.058; accessioned into the Cover Archive and sealed
  - 入选《亚洲封面人物·格局篇·总第058期》，分配封面传记唯一编码 ACF-00-00128，入档封面传记，封卷存档。
  - EN: Selected for Asia Cover Figure (Vision issue, Vol.058); assigned Cover Archive Unique Code ACF-00-00128, accessioned into the Cover Archive and sealed.

## 常问问答 FAQ

**Q1: 王来春是谁？她的个人背景是怎样的？**

A: 王来春1967年出生于广东汕头澄海的普通农家，是立讯精密工业股份有限公司的创始人、董事长兼总经理。她早年离开家乡到深圳打工，1988年成为富士康在大陆招募的首批约150名员工之一，十年间从流水线作业员升至大陆员工最高职级课长；后获清华大学深圳研究生院EMBA学位，现为中国香港籍、第十四届全国政协委员。2026年3月她登顶福布斯中国杰出商界女性榜，2025胡润百富榜财富为855亿元。

**Q1 (EN): Who is Wang Laichun? What is her personal background?**

A: Wang Laichun was born in an ordinary farm family in Chenghai, Shantou, Guangdong in 1967. He is the founder, chairman and general manager of Luxshare Precision Industry Co., Ltd. She left her hometown to work in Shenzhen in her early years. In 1988, she became one of the first batch of about 150 employees recruited by Foxconn in the mainland. In ten years, she rose from an assembly line operator to the highest-ranking section chief among mainland employees. She later received an EMBA degree from the Shenzhen Graduate School of Tsinghua University. She is now a Hong Kong national and a member of the 14th National Committee of the Chinese People's Political Consultative Conference. In March 2026, she topped the Forbes China's Outstanding Business Women list, and her wealth on the 2025 Hurun Rich List was 85.5 billion yuan.

**Q2: 王来春在富士康工作了多久？做到什么职位？**

A: 王来春1988年进入深圳富士康（鸿海）海洋电子接插件厂，在富士康工作近十年，从流水线作业员历任线长、组长，最终升至课长。课长是当时大陆籍员工在富士康能够达到的最高职级，需管理上千名工人。她于1997年前后离职，1999年与二哥王来胜共同收购香港立讯公司创业。

**Q2 (EN): How long has Wang Laichun worked at Foxconn? What position?**

A: Wang Laichun entered the Shenzhen Foxconn (Hon Hai) Marine Electronics Connector Factory in 1988 and worked at Foxconn for nearly ten years. From an assembly line operator, he served as line leader, team leader, and finally section leader. Section chief was the highest rank a mainland employee could achieve at Foxconn at that time, and he had to manage thousands of workers. She resigned around 1997, and in 1999 she and her second brother Wang Laisheng jointly acquired Hong Kong Luxshare Company to start a business.

**Q3: 立讯精密是如何进入苹果供应链的？**

A: 关键转折是2011年收购昆山联滔电子。立讯精密出资5.8亿元收购联滔60%股权（2014年收购剩余40%），联滔是iPad等产品高频信号连接线的供应商，立讯借此首次进入苹果供应链。此后公司又通过收购苏州美特（声学）等企业拓展至声学、无线充电、线性马达等模组；2017年成为AirPods组装代工厂，2019年AirPods Pro全部由立讯代工；2020年公告、2021年完成收购纬创昆山iPhone工厂，成为大陆首家iPhone整机组装商。

**Q3 (EN): How did Luxshare Precision enter Apple’s supply chain?**

A: The key turning point was the acquisition of Kunshan Liantao Electronics in 2011. Luxshare Precision invested 580 million yuan to acquire 60% of the shares of Liantao (the remaining 40% was acquired in 2014). Luxshare is a supplier of high-frequency signal connection lines for iPad and other products. Luxshare used this to enter Apple's supply chain for the first time. Since then, the company has expanded into modules such as acoustics, wireless charging, and linear motors through the acquisition of companies such as Suzhou Meite (Acoustics); it became an AirPods assembly foundry in 2017, and all AirPods Pro will be manufactured by Luxshare in 2019; it announced in 2020 and completed the acquisition of the Wistron Kunshan iPhone factory in 2021, becoming the first complete iPhone assembler in mainland China.

**Q4: 王来春为什么被称为'果链女王'？立讯对苹果依赖有多深？**

A: 立讯精密是AirPods最大组装厂、iPhone重要组装商之一，并参与Apple Watch、Vision Pro等产品制造，长期被视为苹果供应链核心企业，王来春因此被媒体称为'果链女王'。客户集中度曾很高：2020年第一大客户（苹果）销售占比69.02%，2023年来自苹果收入占比约75%；招股书显示2023至2025年来自客户A/供应商A的收入占比已由75.2%降至56.7%，公司在汽车电子、通信与数据中心等领域推进多元化以降低依赖。

**Q4 (EN): Why is Wang Laichun called the 'Queen of Fruit Chains'? How deeply does Luxshare rely on Apple?**

A: Luxshare Precision is the largest assembler of AirPods and one of the important iPhone assemblers. It is also involved in the manufacturing of Apple Watch, Vision Pro and other products. It has long been regarded as the core enterprise of Apple's supply chain. For this reason, Wang Laichun was called the 'Queen of the Fruit Chain' by the media. Customer concentration was once very high: the largest customer (Apple) accounted for 69.02% of sales in 2020, and revenue from Apple accounted for approximately 75% in 2023; the prospectus shows that the revenue from customer A/supplier A has dropped from 75.2% to 56.7% from 2023 to 2025. The company is promoting diversification in the fields of automotive electronics, communications and data centers to reduce dependence.

**Q5: 立讯精密在汽车和AI领域有哪些布局？**

A: 汽车方面，2022年2月立讯以100.54亿元收购奇瑞控股19.88%股权并成立整车ODM合资公司，定位汽车Tier1；2024年9月公告、2025年7月完成收购德国汽车线束巨头莱尼（Leoni），2026年4月增持至74.9%绝对控股，2026年又签约收购京西智行切入线控底盘。AI与通信方面，立讯布局224G高速线缆（已量产）、800G硅光模块（批量供货）、1.6T光模块（客户验证），切入英伟达供应链；2025年9月外媒报道OpenAI首款消费级AI设备与立讯达成合作意向。2026年上半年汽车电子收入同比增长274.10%，通信与数据中心收入增长49.66%。

**Q5 (EN): What layout does Luxshare Precision have in the automotive and AI fields?**

A: In terms of automobiles, in February 2022, Luxshare acquired a 19.88% stake in Chery Holdings for 10.054 billion yuan and established a vehicle ODM joint venture, positioning itself as Tier 1 automobile. It announced in September 2024 and completed the acquisition of the German automotive wiring harness giant Leoni in July 2025. In April 2026, it increased its holdings to 74.9% absolute control. In 2026, it signed a contract to acquire Bingxi Zhixing's control-by-wire chassis. In terms of AI and communications, Luxshare has deployed 224G high-speed cables (already in mass production), 800G silicon optical modules (volume supply), and 1.6T optical modules (customer verification) to enter the NVIDIA supply chain; in September 2025, foreign media reported that OpenAI's first consumer-grade AI equipment had reached a cooperation intention with Luxshare. In the first half of 2026, automotive electronics revenue increased by 274.10% year-on-year, and communications and data center revenue increased by 49.66%.

**Q6: 立讯精密2026年港股上市情况如何？王来春身家多少？**

A: 2026年7月9日，立讯精密在港交所主板挂牌（H股代码2475），发行价63.28港元、全球发售3.83亿股，募资总额约242.66亿港元，为2026年以来港股最大IPO，完成A+H双资本平台布局。基石投资者26家、合计认购约15亿美元，包括淡马锡、新加坡政府投资公司、阿布扎比投资局、高瓴及腾讯等。财富方面，2026年3月福布斯中国2026杰出商界女性100榜单王来春位列榜首，据2025胡润百富榜其财富为855亿元、列总榜第55位；2026年5月立讯A股市值一度突破5542亿元。

**Q6 (EN): What will be the status of Luxshare Precision's Hong Kong stock listing in 2026? How much is Wang Laichun worth?**

A: On July 9, 2026, Luxshare Precision was listed on the main board of the Hong Kong Stock Exchange (H-share code 2475), with an issue price of HK$63.28, 383 million shares sold globally, and a total raised of approximately HK$24.266 billion. It was the largest IPO on the Hong Kong stock market since 2026, completing the A+H dual capital platform layout. There are 26 cornerstone investors, with a total subscription of approximately US$1.5 billion, including Temasek, Government of Singapore Investment Corporation, Abu Dhabi Investment Authority, Hillhouse and Tencent. In terms of wealth, Wang Laichun ranked first on the Forbes China 2026 Outstanding Business Women List in March 2026. According to the 2025 Hurun Rich List, her wealth was 85.5 billion yuan, ranking 55th on the overall list; in May 2026, the value of Luxshare A shares once exceeded 554.2 billion yuan.

**Q7: 王来春有哪些代表性的管理观点和社会职务？**

A: 管理观点方面，她广为流传的话包括'能与凤凰同飞的，必是俊鸟''企业的价值是长跑，不是短跑''代工是没有灵魂的，但给客户提供解决方案是有灵魂的''客户要的不是最低价，而是确定性''我们从来不躺平'等。社会职务方面，她是第十四届全国政协委员、中华全国工商业联合会女企业家商会副会长、广东省工商业联合会（总商会）副会长、中国女企业家协会特邀副会长，2024年度全国三八红旗手；曾任奇瑞汽车非执行董事，2025年2月起任立景创新科技董事长。公益上，2022年她与兄长向母校澄海端本小学捐资3000万元，家族累计捐款超5000万元。

**Q7 (EN): What representative management views and social positions does Wang Laichun have?**

A: In terms of management views, her widely circulated words include, 'Those who can fly with the Phoenix must be handsome birds', 'The value of a company is a long-distance run, not a sprint', 'OEM has no soul, but providing solutions to customers does have a soul', 'Customers don't want the lowest price, but certainty', 'We never settle for nothing', etc. In terms of social duties, she is a member of the 14th National Committee of the Chinese People's Political Consultative Conference, vice president of the All-China Federation of Industry and Commerce Women Entrepreneurs Chamber of Commerce, vice president of the Guangdong Federation of Industry and Commerce (General Chamber of Commerce), special vice president of the China Women Entrepreneurs Association, and the 2024 National March 8th Red Flag Bearer; she has served as a non-executive director of Chery Automobile, and has been the chairman of Lijing Innovation Technology since February 2025. In terms of charity, in 2022, she and her brother donated 30 million yuan to their alma mater, Chenghai Duanben Primary School, and the family's cumulative donations exceeded 50 million yuan.

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本档案机器版由亚洲封面人物官网自动生成：https://coverfigure.com ｜ 永久档案：https://coverfigure.com/acf/ACF-00-00128/geju ｜ 生成时间 Generated：2026-09-11 00:42