消息面上，比亚迪电子公布2025年前三季度业绩，营业额为1232.85亿元，同比增长0.95%；母公司权益 拥有人应占溢利约31.37亿元，同比增长2.4%。美银证券发布研报称，比亚迪电子第三季业绩逊预期， 净利14亿元人民币(下同)，按季增27%，按年减9%，仅达该行和市场全年预估的29%和27%，低于过去 三年同期32-38%的水平。美银证券将比亚迪电子2025至2027年盈利预测下调4至8%，以反映第三季度增 长放缓及前景平淡。 比亚迪（002594）电子(00285)跌近3%，截至发稿，跌2.51%，报36.45港元，成交额8.35亿港元。 ...

Core Viewpoint - BYD Electronics (00285) is expected to face performance challenges in Q3 and Q4 of 2025 due to changes in metal casing materials from US clients and a slowdown in BYD automotive shipments. However, strong growth is anticipated in the metal casing business by 2026, driven by foldable titanium alloy phone casings, along with breakthroughs in AI server business from liquid cooling systems and high-voltage direct current modules. The company is expected to achieve sustainable growth through multiple driving factors [1] Financial Projections - The target price for BYD Electronics has been revised down from HKD 52.9 to HKD 48 [1] - Earnings forecasts for 2025, 2026, and 2027 have been reduced by 8%, 9%, and 10% respectively [1] Market Position - The company maintains a "Outperform" rating despite the downward adjustments in earnings forecasts [1]

Core Viewpoint - The report from Credit Lyonnais indicates that BYD Electronics (00285) will face challenges in Q3 and Q4 of 2025 due to changes in metal casing materials for U.S. clients and a slowdown in BYD's automotive shipments. However, a strong growth in the metal casing business is expected in 2026, driven by foldable titanium alloy phone casings, along with breakthroughs in AI server business from liquid cooling systems and high-voltage DC modules. The company is anticipated to achieve sustainable growth through multiple driving factors. The rating remains "Outperform," but profit forecasts for 2025 to 2027 have been lowered by 8%, 9%, and 10%, respectively, with the target price adjusted from HKD 52.9 to HKD 48 [1]. Group 1 - BYD Electronics' performance in Q3 and Q4 of 2025 will be impacted by changes in metal casing materials and a slowdown in automotive shipments [1] - Strong growth in the metal casing business is anticipated in 2026, primarily driven by foldable titanium alloy phone casings [1] - Breakthroughs in AI server business are expected from liquid cooling systems and high-voltage DC modules [1] Group 2 - BYD Electronics is projected to achieve sustainable growth through multiple driving factors [1] - The rating for BYD Electronics remains "Outperform" despite the adjustments in profit forecasts [1] - Profit forecasts for 2025 to 2027 have been reduced by 8%, 9%, and 10%, with the target price revised to HKD 48 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that BYD Electronics' performance in Q3 and Q4 will be impacted by changes in metal casing materials for American clients and a slowdown in BYD automotive shipments. However, strong growth in the metal casing business is expected by 2026, driven by foldable titanium alloy phone casings, while the AI server business will benefit from the shipment of liquid cooling systems and high-voltage direct current modules [1] Group 1 - BYD Electronics is anticipated to experience sustainable growth due to multiple driving factors [1] - The forecast for earnings from 2025 to 2027 has been revised down by 8%, 9%, and 10% respectively [1] - The target price has been adjusted from HKD 52.9 to HKD 48 [1] Group 2 - The metal casing business is expected to see strong growth primarily due to the demand for foldable titanium alloy casings [1] - The AI server business is projected to achieve breakthroughs through the shipment of liquid cooling systems and high-voltage direct current modules [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.15%), COSCO Shipping Energy (70.14%), and GCL-Poly Energy (70.09%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are CNOOC (+2.183 billion), SMIC (+2.136 billion), and Tencent (+1.679 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are Alibaba (-1.659 billion), Tracker Fund (-1.405 billion), and CSPC Pharmaceutical (-1.324 billion) [1][3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 9.876 billion shares, 71.15% [2] - COSCO Shipping Energy (01138): 909 million shares, 70.14% [2] - GCL-Poly Energy (01330): 283 million shares, 70.09% [2] - Other notable companies include China Shenhua (67.76%) and Tianjin Capital Environmental Protection (66.42%) [2] Recent Increases in Holdings - CNOOC (00883): +2.183 billion, +10.9063 million shares [2] - SMIC (00981): +2.136 billion, +2.6983 million shares [2] - Tencent (00700): +1.679 billion, +257.85 thousand shares [2] - Other companies with significant increases include China Mobile (+1.498 billion) and Meituan (+1.186 billion) [2] Recent Decreases in Holdings - Alibaba (09988): -1.659 billion, -964.24 thousand shares [3] - Tracker Fund (02800): -1.405 billion, -5.3224 million shares [3] - CSPC Pharmaceutical (01093): -1.324 billion, -17.72074 million shares [3] - Other companies with notable decreases include Li Auto (-894 million) and BYD Company (-370 million) [3]

Core Viewpoint - BYD Electronics (00285) reported its performance for the first three quarters of 2025, showing modest growth in revenue and profit [1] Financial Performance - The company's revenue reached 123.285 billion yuan, reflecting a year-on-year increase of 0.95% [1] - The profit attributable to equity holders of the parent company was approximately 3.137 billion yuan, representing a year-on-year growth of 2.4% [1] - Earnings per share stood at 1.39 yuan [1]

Group 1 - The core viewpoint of the article highlights BYD Electronics' performance for the first three quarters of 2025, showing a slight increase in revenue and profit [1] - The company's revenue reached 123.285 billion, reflecting a year-on-year growth of 0.95% [1] - The profit attributable to equity holders of the parent company was approximately 3.137 billion, marking a year-on-year increase of 2.4% [1] - Earnings per share stood at 1.39 [1]

（根據公司條例於香港註冊成立的有限公司） （股份代號：285） （「本公司」） 提名委員會職權範圍 （由二零二五年十月三十日起修訂） 組織 1. 董事會決議於2007年11月29日於董事會轄下成立一提名委員會（「委員會」）。 成員 2. 委員會所有成員須由本公司董事會（「董事會」）委任，董事會亦可全權酌情罷 免委員會成員。委員會須最少包括三名董事。 3. 委員會成員須以獨立非執行董事佔大多數。委員會須至少有一名不同性別 的成員。 4. 委員會主席須為董事會主席或獨立非執行董事。 5. 根據不時修訂的《香港聯合交易所有限公司證券上市規則》，或監管當局不 時制訂的其他適用守則、規則或規例，董事會可不時更改委員會的組合。 7. 委員會有權尋求外界的獨立專業意見以履行其責任，費用由本公司支付。 8. 委員會應獲提供充足資源以履行其職責。 職責 2 9. 委員會應履行以下職責： (a) 物色具備合適資格可擔任董事的人士，並挑選提名有關人士出任董事 或就此向董事會提供意見，確保董事會及本公司股東獲提供被提名者 的充分履歷資料，讓他們根據充分的資料而作出決定； (b) 至少每年檢討董事會的表現、架構、人數、組成及多元化性、 ...

Core Viewpoint - BYD Electronics (00285.HK) reported a revenue of RMB 123.285 billion for the nine months ending September 30, 2025, reflecting a year-on-year growth of 0.95% [1] - The profit attributable to equity holders of the parent company was RMB 3.137 billion, representing a year-on-year increase of 2.40%, with earnings per share at RMB 1.39 [1] Financial Performance - Revenue for the nine-month period reached RMB 123.285 billion, showing a slight increase of 0.95% compared to the previous year [1] - The net profit attributable to shareholders was RMB 3.137 billion, which is a 2.40% increase year-on-year [1] - Earnings per share stood at RMB 1.39 [1]

（根據公司條例於香港註冊成立的有限公司） （股份代號：285） （本公司） 薪酬委員會職權範圍 （由二零二五年十月三十日起修訂） 組織 1. 董事會決議於董事會轄下成立一薪酬委員會（「委員會」）。 成員 秘書 6. 秘書須為公司秘書。 1 2. 委員會所有成員須由本公司董事會（「董事會」）委任，董事會亦可全權酌情罷 免委員會成員。委員會須最少包括三名董事。 3. 委員會大多數成員（「成員」）須為獨立非執行董事。 4. 委員會主席須為獨立非執行董事。 5. 根據不時修訂的《香港聯合交易所有限公司證券上市規則》（「《上市規 則》」），或監管當局不時制訂的其他適用守則、規則或規例，董事會可不時 更改委員會的組合。 權限 職責 2 7. 委員會須直接向董事會匯報，並於需要時就其對執行董事和高級管理人員 作出的薪酬建議諮詢本公司主席及/或行政總裁以作出澄清。 8. 委員會有權尋求外界的獨立專業意見，並可在有需要的情況下，邀請具備 有關經驗及專長的外界人士參與會議。 9. 委員會應獲提供充足資源以履行其職責。 10. 委員會的職責包括以下方面： (a) 就本公司董事及高級管理人員的整體薪酬政策及架構，以及就制訂薪 酬政策 ...