Luxshare Precision Industry reports record revenue and profits with expanded partnership with Apple

"Little Foxconn" is experiencing massive financial gains as a supply chain partner to Apple.

As reported by Nikkei Asia, Luxshare Precision Industry held its financial earnings call on Tuesday and, with it, revealed record revenues and profits in the first half of 2021.

The Guangdong-based company sometimes called "Little Foxconn," which has been deepening its relationship with Apple and is assembling iPhones for the U.S. technology giant for the first time this year, said first-half revenue grew more than 30% from a year ago to 48.14 billion yuan ($7.42 billion). Net profit was up 22% to 3.08 billion yuan.

The company says that, despite the pandemic and the global chip shortage, they are expecting to continue their short-term plans without much impact.

"Some of our businesses were postponed due to multiple external factors," Luxshare said in a stock exchange filing. "But looking ahead to the second half of this year, we are determined to continue to carry out our five-year corporate growth plan though the external uncertainties are expected to stay."

Luxshare Precision Industry is one of the growing number of suppliers that Apple is working with in China. According to the report, Apple now has more supply chain partners in China and Hong Kong than it does in Taiwan.

Luxshare began its relationship with Apple in 2013 by supplying connectors before becoming an assembler of AirPod headphones in 2017 and of Apple Watches in 2019. Luxshare will build up to 3% of the upcoming iPhone 13 series including the premium model that is expected to be called the iPhone 13 Pro.

Apple is expected to launch a number of devices this fall, starting with the iPhone 13 in September at a virtual event.