Core Viewpoint - 德昌电机控股将于2026年1月6日派发截至2025年9月30日止6个月的中期股息每股0.17港元 [1] Summary by Category - **Dividend Announcement** - The company will distribute an interim dividend of HKD 0.17 per share [1]

第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 德昌電機控股有限公司 | | 股份代號 | 00179 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年9月30日止六個月之中期股息 | | 公告日期 | 2025年11月12日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2026年3月31日 | | 宣派股息的報告期末 | 2025年9月30日 | | 宣派股息 | 每 股 0.17 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.17 HKD | | ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was $1,833 million, a decrease of 1% compared to the same period last year[2]. - Gross profit was $441 million, representing 24.0% of revenue, up from 23.6% in the previous year[2]. - Adjusted EBITDA was $159 million, or 8.7% of revenue, down from 9.5% in the previous year[2]. - Net profit attributable to shareholders increased by 3% to $133 million, or $0.1421 per share[2]. - Basic net profit decreased by 8% to $123 million after excluding unrealized gains or losses related to exchange rate fluctuations and restructuring costs[2]. - Free cash flow from operations was $174 million, compared to $144 million in the previous year[2]. - The company's operating profit for the first half of the 25/26 fiscal year was $156.2 million, a decrease of $1.7 million compared to the previous year[33]. - Shareholders' profit for the first half of the 25/26 fiscal year was $133.3 million, an increase of 3% from $129.6 million in the previous year[34]. - The gross profit margin improved to 24.0% in the first half of the 25/26 fiscal year, compared to 23.6% in the previous year[33]. - The company reported a profit of $133.3 million for the six months ended September 30, 2025, compared to a profit of $129.6 million for the same period in 2024, reflecting a year-over-year increase of approximately 2.1%[111]. - Total comprehensive income for the six months ended September 30, 2025, amounted to $158.4 million, compared to $136.4 million for the same period in 2024, representing a growth of about 16.1%[112]. Revenue Segmentation - The automotive segment accounted for 84% of total revenue, with a 3% decline in revenue at constant exchange rates[4]. - The industrial products segment represented 16% of total revenue, with stable sales compared to the previous year[8]. - Revenue for the first half of the 25/26 fiscal year decreased by $20.7 million or 1% to $1,833.5 million compared to $1,854.2 million in the previous fiscal year[18]. - Automotive product segment revenue decreased by $41.4 million or 3% (excluding foreign exchange effects), maintaining an 84% share of total revenue[22]. - Total revenue for the automotive products segment was $1,541,991 thousand for the six months ended September 30, 2025, slightly down from $1,564,418 thousand in 2024, reflecting a decrease of 1.4%[122]. - The industrial products segment generated revenue of $291,492 thousand, a marginal increase from $289,750 thousand in the same period last year, showing a growth of 0.6%[122]. Cash Flow and Liquidity - Free cash flow from operations rose from $144 million to $174 million, driven by a decline in working capital, which outweighed the increase in capital expenditures[11]. - Cash and cash equivalents increased by $141.9 million to $932.5 million as of September 30, 2025, compared to $790.6 million on March 31, 2025[55]. - The company reported a net cash from operating activities for the six months ended September 30, 2025, was $290,001 thousand, up from $222,780 thousand in 2024, indicating a year-over-year increase of 30.2%[114]. - The cash and cash equivalents at the end of the period increased to $932,483 thousand, up from $687,658 thousand in 2024, representing a growth of 35.5%[114]. Debt and Financing - Total debt to capital ratio remains stable at 11%, with cash balance of $932 million as of September 30, 2025[12]. - The company has $1,019.8 million in available and undrawn credit facilities as of September 30, 2025[57]. - The company repaid a net amount of $1.7 million in loans, significantly lower than the $203.8 million net repayment in the previous fiscal year[51]. - The total loan amount as of September 30, 2025, was $359,683 thousand, slightly up from $359,335 thousand on March 31, 2025, indicating a marginal increase of 0.1%[158]. - The company secured a $400 million financing agreement in August 2023, which includes $200 million in term loan financing and $200 million in revolving credit financing[158]. Shareholder Information - The board declared an interim dividend of HKD 0.17 per share, equivalent to USD 0.0218 per share, to be distributed on January 6, 2026[13]. - The company paid a final dividend of $52.1 million for the fiscal year 2024/25, maintaining the same amount as the previous year[66]. - The company announced an interim dividend of $20.3 million for the first half of the fiscal year 2025/26, consistent with the previous year's interim dividend[66]. - The company’s shares have a par value of HKD 0.05[92]. - The total number of issued ordinary shares as of September 30, 2025, was 1,760.0 million, unchanged from March 31, 2025, with a par value of HKD 0.05 per share[168]. Operational Efficiency - The management team is focusing on reducing indirect production costs and investing in innovative drive system solutions for high-growth markets such as robotics and data center thermal management[31]. - Operating expenses as a percentage of revenue remained stable at 14.1% compared to 14.0% in the previous year[37]. - The company incurred a loss of $21.6 million related to hedging instruments during the six months ended September 30, 2025[111]. - The company recognized a foreign exchange gain of $45.1 million from the translation of subsidiaries for the six months ended September 30, 2025[111]. Market Outlook - The company expects moderate revenue growth in the second half of the fiscal year despite a highly uncertain macroeconomic outlook, assuming pragmatic agreements in ongoing US-China trade negotiations[14]. - In the Asia-Pacific region, revenue decreased by 6%, primarily due to declining demand for non-local automotive brands in China and pricing measures to maintain competitiveness[26]. - In Europe, the Middle East, and Africa, revenue slightly declined by 1%, with sales of cooling management and visual application systems decreasing, offset by growth in brake system applications and powder metal components[26]. - In the Americas, revenue also slightly declined by 1%, driven by weak demand from several customers and the phase-out of certain product lines, although this was offset by growth in powder metal components and cooling management applications[26]. Corporate Governance - The company has complied with the corporate governance code as of September 30, 2025, except for specific circumstances regarding the rotation of directors[85]. - The roles of the Chairman and CEO are held by the same individual, Dr. Wang Suizhong, which the board believes is in the best interest of the company[86]. - The company has adhered to the standard code for securities trading as outlined in the listing rules[89].

Market Overview - The Hang Seng Index rose by 0.61%, gaining 161 points to close at 26,406 points, while the Hang Seng Tech Index increased by 0.12%. The morning trading volume in Hong Kong reached 114.1 billion HKD [1]. Company Highlights - China Duty Free Group (601888) (01880) saw a surge of over 13% as the new duty-free policy in Hainan shows positive effects, with institutions suggesting a potential industry turning point [1]. - Pop Mart (09992) increased by over 6% due to gradual capacity expansion, with management expecting stronger sales performance in Q4 [1]. - Dongyang Sunshine Pharmaceutical (600673) (06887) rose by over 4% as flu activity is on the rise, and institutions are optimistic about the company's innovative pipeline development [1]. - China Liansu (02128) gained over 5% as the company is expected to benefit significantly from urban pipeline upgrades under the 14th Five-Year Plan [1]. - Hou Shang Ayi (02589) increased by over 8% after the company proposed adopting an H-share incentive plan, successfully entering the "10,000-store club" [1]. - Education stocks performed well, with institutions noting overall good performance in the education sector and the potential for AI+ education to enhance valuation. China Education Holdings (00839) rose by 8%, Thinking Academy (01769) by 3.3%, and New Oriental-S (09901) by 3.25% [1]. - Ruipu Lanjun (00666) increased by over 6% as global demand for energy storage remains strong, with the company reporting over 50 GWh of energy storage battery shipments in the first three quarters [1]. - Gilead Sciences-B (01672) rose by over 6% after being included in the MSCI Global Small Cap Index, with significant weight loss effects from ASC30 [1]. - Goldwind Technology (002202) (02208) fell by over 5% as a major shareholder, Harmony Health, plans to further reduce its stake by up to 1%, following a previous reduction at the end of last month [1]. - Robotics concept stocks declined, with DCH Holdings (00179) dropping over 4% and Sanhua Intelligent Controls (002050) (02050) falling over 3% [1].

Group 1 - The core viewpoint is that Hong Kong's robotics concept stocks are experiencing a decline, with specific companies showing significant drops in their stock prices [1][2] Group 2 - DCH Holdings (00179.HK) has seen a decrease of 6.06%, trading at 33.16 HKD [1] - Sanhua Intelligent Control (02050.HK) has dropped by 3.56%, with a current price of 36.34 HKD [1]

Core Viewpoint - The report highlights a significant decline in robotics concept stocks, with notable drops in companies such as 德昌电机控股 (Dechang Motor Holdings) and 三花智控 (Sanhua Intelligent Control) amid optimistic capacity planning for humanoid robot production by Chinese suppliers [1] Group 1: Stock Performance - 德昌电机控股 (00179) fell by 6.06%, trading at 33.16 HKD [1] - 三花智控 (02050) decreased by 3.56%, trading at 36.34 HKD [1] Group 2: Industry Insights - Goldman Sachs conducted research on nine Chinese supply chain companies, including 三花智控, to assess their capacity planning for humanoid robots [1] - Most suppliers are actively planning production capacity in China and overseas, primarily in Thailand and Mexico, with annual production capacity ranging from 100,000 to 1,000,000 robot-equivalent units [1] - This aggressive planning contrasts with Goldman Sachs' forecast of only 1.38 million humanoid robots to be shipped globally by 2035, indicating a highly optimistic outlook from supply chain companies [1] Group 3: Production Strategy - The report notes that no company has confirmed large-scale orders or a clear production timeline [1] - Suppliers are adopting a "gradual ramp-up" strategy, expanding production based on actual order fulfillment, which mitigates the risk of immediate overcapacity but represents a gamble based on expectations [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a global leader in automotive micro-motors and systems, with a complete global manufacturing system and stable Tier 1 customer resources. Revenue projections for 2026E-2028E are $3.816 billion, $4.100 billion, and $4.634 billion, respectively, with corresponding net profits of $271 million, $297 million, and $339 million. The company’s valuation shows significant attractiveness compared to A-share and global peers [7]. Summary by Sections 1. Global Leading Micro-Motor Manufacturer - The company has evolved through three stages since its establishment in 1959, transitioning from toy micro-motors to automotive electric motors and expanding into various fields through acquisitions [18]. 2. Main Business: APG Growth Amid Electrification - The company’s automotive product group (APG) is expected to see volume and price increases due to the transition from fuel vehicles to electric vehicles. The average number of motors in electric vehicles is approximately 17 times that of fuel vehicles, leading to a significant increase in single-vehicle value [8][51]. 3. Key Assumptions - The company’s APG business is projected to benefit from the growth in electric vehicle production, with global electric vehicle output expected to rise from 24.9 million units in 2024 to 40.2 million units in 2028, reflecting a CAGR of 12.7% [8]. - The humanoid robot business is anticipated to become a core supplier for domestic and international manufacturers, leveraging its global manufacturing layout and system-level motor technology [8]. - The AI data center liquid cooling pump business is expected to benefit from the growing demand for cooling efficiency, with the market projected to grow from $2 billion in 2024 to $72.89 billion by 2030 [8]. 4. Financial Forecast and Valuation - The company’s projected revenues and net profits for 2026E-2028E are $3.816 billion, $4.100 billion, and $4.634 billion, and $271 million, $297 million, and $339 million, respectively. The corresponding P/E ratios are 15.2, 13.9, and 12.2 [10][12]. 5. Market Perception - Contrary to common perceptions that the company’s growth is constrained by the automotive cycle, the report highlights the company’s capabilities in high-precision motors and fluid control systems, which provide a strong foundation for growth in emerging sectors [11]. 6. Revenue Structure and Growth - The company’s revenue structure is increasingly concentrated in the automotive sector, with APG expected to account for 84% of total revenue by 2025. The company’s global customer base includes major automotive manufacturers and high-end brands across various industries [20][33]. 7. Electric Vehicle Market Dynamics - The report indicates that the global automotive industry is transitioning from quantity growth to structural optimization, with electric vehicles becoming the primary source of growth. The penetration rate of electric vehicles is expected to rise significantly, driving revenue growth for the company [55][56]. 8. Single Vehicle Value Enhancement - The average single vehicle value for electric vehicles is projected to be significantly higher than that of fuel vehicles, with estimates of $326.5 for electric vehicles compared to $217.6 for fuel vehicles [56].

Market Overview - After a rebound yesterday, the markets continued to rise today, with the Hang Seng Index increasing by 2.12% [1] - The potential end of the government shutdown is seen as a positive for the stock market, as President Trump urged the Republican Party to pass the spending bill quickly [1] - AI sector developments, particularly comments from NVIDIA's CEO Jensen Huang regarding China's advantages in AI, have fueled market sentiment [1] Company Performance - Hua Hong Semiconductor reported a record third-quarter revenue of $635.2 million, with expectations for fourth-quarter revenue between $650 million and $660 million [2] - The company's 12-inch wafer business now accounts for 59.3% of total revenue, driving overall growth [2] - The utilization rate of the 8-inch wafer plant is at 109.5%, indicating strong market demand in specialty processes [2] Strategic Partnerships - Ceres Power signed a manufacturing license agreement with Weichai Power for solid oxide fuel cells, aiming to produce batteries for data centers and industrial markets [3] - A strategic cooperation agreement was signed between DayOne and Weisheng Holdings to deepen collaboration in the data center sector [3] Resource Sector Developments - Major gas turbine orders in North America are projected to extend to 2030, driven by increased capital expenditure in data centers [3] - The aluminum industry is experiencing a positive trend, with companies like China Aluminum and China Hongqiao seeing stock increases of over 10% due to improved profit margins [3] Robotics and AI Applications - Xpeng Motors showcased its new generation humanoid robot, which is expected to begin commercialization next year [4] - Blues Technology has received an order for 10,000 quadruped robots, highlighting its manufacturing capabilities in the intelligent hardware sector [5] Financial Transactions - Cathay Pacific announced a share buyback agreement with Qatar Airways for approximately 9.57% of its shares, valued at HKD 6.969 billion [6] - The buyback price represents a 4% discount compared to the closing price before the announcement, which is seen as favorable for the company [6] Industry Events - The Fourth China Nuclear Energy High-Quality Development Conference will be held in November 2025, showcasing innovations in nuclear technology [7] PCB Industry Insights - Kingboard Laminates reported a revenue increase of 11% year-on-year, driven by rising prices of copper-clad laminates [8] - The company is advancing in high-end product development, with plans for new production lines for low dielectric materials [9]

Core Viewpoint - The Hong Kong stock market is experiencing a positive trend in robotics-related stocks, with several companies showing significant gains in their share prices [1] Company Performance - Sangfor Technologies (三花智控) saw an increase of 7.3%, reaching HKD 38.52 [1] - DCH Holdings (德昌电机控股) rose by 6.74%, with shares priced at HKD 36.42 [1] - Lens Technology (蓝思科技) experienced a 6.56% increase, trading at HKD 26.96 [1] - MicroPort Scientific Corporation (微创机器人-B) gained 2.76%, with shares at HKD 26.08 [1]

Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as Sanhua Intelligent Control (up 7.3% to HKD 38.52), Delta Electronics (up 6.74% to HKD 36.42), Lens Technology (up 6.56% to HKD 26.96), and MicroPort Robotics-B (up 2.76% to HKD 26.08) [1] - Recent catalysts in the robotics sector include the launch of a new generation humanoid robot by Xpeng and significant orders signed by UBTECH and Yujian [1] - The Deputy Director of the Technology Department of the Ministry of Industry and Information Technology, Yao Jia, stated that humanoid robots are considered the best form of embodied intelligence, which will profoundly change human production and lifestyle, reshaping the global industrial development pattern [1] Group 2 - Shenwan Hongyuan believes that domestic robot technology capabilities are globally leading, with more new energy vehicle companies rapidly advancing, and the launch of Xpeng's IRON robot is expected to enhance market confidence in domestic products [2] - According to Open Source Securities, the mass production of humanoid robots is imminent, with the industry expected to enter a scale manufacturing phase of tens of thousands of units by 2026 as companies like Tesla, Yuzhu, and Zhiyuan begin production [2] - In the next 5-10 years, humanoid robots are anticipated to reshape manufacturing, service industries, and household life, becoming the next universal platform following smartphones and new energy vehicles [2]