TrendForce综述蓝思科技与立讯精密2026上半年业绩分化：蓝思利润近腰斩、立讯营收增40%，并回顾折叠屏iPhone UTG供应链

[News] Apple Suppliers Diverge in 1H26: Lens Profit Nearly Halves on Rising Memory Costs, Luxshare Revenue Jumps 40%
Apple suppliers in China, Lens Technology and Luxshare, saw their first-half fortunes diverge sharply, as soaring memory prices squeezed the consumer electronics supply chain. According to South China Morning Post, Lens Technology’s net profit nearly halved to RMB 577 million (US$85.8 million) in the six months through June, while revenue fell 12.4% to RMB 28.9 billion.
Lens Technology attributed the decline to rising memory costs, which weakened consumer electronics demand and prompted production cuts at its Xiangtan factory. Exchange-rate fluctuations also weighed on earnings, the report notes.
Lens Technology Eyes Growth From Foldable iPhone UTG
Foldables are seen as Lens Technology’s biggest near-term earnings catalyst. According to Chinese media outlet Caiwens, sources say the company is a key Ultra-Thin Glass (UTG) supplier for Apple’s first foldable iPhone, with an estimated 70% supply share. Shipments reportedly began at the end of 2Q26, with production set to ramp in the second half.
The opportunity could be sizable if Apple’s foldable iPhone reaches its expected production scale. Nikkei, citing sources, notes that Apple has told suppliers to prepare to produce about 10 million foldable iPhones this year, up from an earlier forecast of 7 million to 8 million units. Caiwens adds that Lens Technology’s components could be worth around $175 per foldable iPhone, about 3.5x more than in a conventional smartphone.
Risks remain, however. Caiwens notes that the foldable iPhone’s expected high price could weigh on demand, while the technical complexity of UTG could pressure yields, costs, and margins during the initial production ramp, despite Lens Technology’s central-thinning process achieving yields above 90%. Competition could also intensify. As Caiwens points out, Apple could eventually introduce a second supplier under its typical dual-sourcing strategy, potentially pressuring Lens Technology’s share and pricing.
Another potential growth area for Lens Technology is Through Glass Via (TGV) technology for AI computing, targeting next-generation advanced packaging. However, Caiwens notes that TGV remains in customer validation and has yet to reach mass production, while its partnership with Intel remains a strategic memorandum rather than firm orders. Moving from validation to meaningful revenue could take one to two years, the report adds.
Luxshare Revenue Jumps 40% on Automotive and Data Center Growth
In contrast, South China Morning Post notes that Apple supplier Luxshare Precision Industry has weathered the headwinds by diversifying beyond smartphones. First-half revenue surged 40% to RMB 174.5 billion, while net profit rose 18% to RMB 7.8 billion, driven primarily by its fast-growing automotive electronics and data center businesses. Consumer electronics accounted for 70% of revenue, down from 82% a year earlier.
Luxshare is also expanding across the AI computing supply chain. As noted by National Business Daily, its communications and data center business generated RMB 16.61 billion in first-half revenue, up 49.66% YoY, while gross margin rose to 17.29%, making it one of the company’s highest-margin core businesses. The segment covers interconnects, thermal management, and power solutions, with Luxshare’s liquid-cooling products already entering NVIDIA’s MGX ecosystem, the report adds.
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(Photo credit: Lens Technology)