Core Viewpoint - The company Hard Egg Innovation (00400) announced a proposed spin-off and A-share listing of its subsidiary, Keton Technology, on a Chinese stock exchange, which is expected to enhance investor assessment of the remaining group's value focused on AIoT business [1] Group 1: Proposed Spin-off and Listing - Keton Technology plans to issue new shares and list on a Chinese stock exchange, leading to a reduction in the company's equity stake in Keton Technology [1] - The Hong Kong Stock Exchange confirmed on November 21, 2025, that the company can proceed with the proposed spin-off and A-share listing under Listing Rule 15 [1] Group 2: Financial Implications - The proposed spin-off and A-share listing will be treated as a sale of the company's equity stake in Keton Technology as defined under Listing Rule 14.29 [1] - The company believes that the spin-off will benefit its financial position, as Keton Technology's business scale has developed sufficiently to achieve independent listing status, while continuing to be a subsidiary [1]

Core Viewpoint - The company, Hard Egg Innovation (00400), announced plans for a proposed spin-off and A-share listing of its subsidiary, Keton Technology, on a Chinese stock exchange, which is expected to enhance investor assessment of the remaining group's value focused on AIoT business [1] Group 1: Proposed Spin-off and Listing - Keton Technology intends to issue new shares and list on a Chinese stock exchange, leading to a reduction in the company's equity stake in Keton Technology [1] - The proposed spin-off and A-share listing will be treated as a sale of the company's equity in Keton Technology as defined by listing rules [1] - The company believes that the spin-off will allow for better valuation of the remaining group focused on AIoT business [1] Group 2: Financial Implications - The business scale of Keton Technology has developed sufficiently to achieve independent listing status [1] - Keton Technology will continue to be a subsidiary of the company, and its income statement and balance sheet items will remain consolidated in the company's financial reports post-spin-off [1] - The board of directors believes that this status will benefit the company [1]

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，概不對因本公告全部或任何部分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。 INGDAN, INC. 硬 蛋 創 新 （ 於開曼群島註冊成立的有限公司） （股份代號：400） 建議分拆深圳市科通技術股份有限公司及 建議A股上市的最新進展 茲提述本公司日期為2025年3月27日的公告，內容有關科通技術於中國一間證券交易所進 行建議分拆及建議A股上市。 董事會欣然宣佈，於2025年11月21日，聯交所確認本公司可根據上市規則第15項應用指 引進行建議分拆及建議A股上市。 科 通技 術 擬 發行 新 股 份 及於 中 國 一間 證 券 交 易所 上 市 。建 議 分 拆及 建 議 A 股 上 市 將導 致 本 公司 於 科 通技 術 的 股 權減 少 ， 而倘 落 實 ， 則建 議 分 拆及 建 議 A 股 上 市將 構 成 視 作出 售 （ 定義見上市規則第14.29條）本公司於科通技術的股權。 基 於本 公 司 於本 公 告 日 期可 得 的 資料 ， 預 期 建議 分 拆 及建 ...

Group 1 - Fubo Group (03738) increased by over 9% after launching AI music detection services on November 21 [1] - Hard Egg Innovation (00400) rose nearly 8% as it reported a revenue of approximately RMB 3.332 billion for Q3 2025, a year-on-year increase of about 22.1% [1] - ZTO Express (02057) saw a rise of over 4% following a report indicating a Q3 revenue and adjusted net profit growth of 11% and 7% year-on-year, respectively [1] - Qiniu Intelligent (02567) increased by 5% due to its core advantage in integrated MPaaS technology, supporting one-stop audio and video solutions [1] Group 2 - HAPO Pharmaceuticals-B (02142) rose nearly 5% after announcing an expanded collaboration with AstraZeneca for new generation biotherapies [2] - Junshi Biosciences (01877) increased by over 5% after achieving primary research endpoints in a clinical study for its drug JS001sc [2] - Dazhong Public Utilities (01635) rose over 8% following the announcement of the successful IPO of Moer Thread, marking a record high issuance price in the A-share market [2] Group 3 - Airline stocks faced declines, with China Eastern Airlines (00670) dropping nearly 6% and China Southern Airlines (01055) down nearly 3% due to a significant increase in flight cancellations to Japan [3] Group 4 - Alibaba-W (09988) increased by over 3% after its app surpassed 10 million downloads within a week of public testing [4] - Xiaomi Group-W (01810) rose over 5% as its founder invested over HKD 100 million to increase his stake to 23.26%, reflecting confidence in the company's growth potential [4] Group 5 - U.S. storage stocks saw collective gains, with SanDisk (SNDK.US) up 13.33% and Western Digital (WDC.US) up 8.43%, following a bullish outlook from Bank of America [5] - Qudian (QD.US) rose 10.3% after reporting a Q3 diluted earnings per ADS of RMB 2.47, exceeding last year's figure [5] - WeRide (WRD.US) surged 14.72% with a 144% year-on-year revenue growth to RMB 171 million for Q3, attributed to fleet expansion [5] Group 6 - Lotus (LOT.US) fell 1.57% after reporting a narrower loss of USD 0.10 per share for Q3, with sales declining to USD 137 million [6] - Chinese concept stocks mostly rose, with HSAI (HSAI.US) up 18.08% and Alibaba (BABA.US) up 5.1%, driven by significant partnerships in the ADAS sector [6] Group 7 - Major tech stocks in the U.S. saw gains, with Google A (GOOGL.US) up 6.31% and Tesla (TSLA.US) up 6.82%, following advancements in AI technology [7]

Core Viewpoint - Hard Egg Innovation (00400) has seen a significant increase in stock price, rising over 7% due to strong financial performance driven by high demand for AI computing power [1] Financial Performance - For Q3 2025, the company reported revenue of approximately RMB 3.3321 billion, a year-on-year increase of about 22.1% [1] - Operating profit for the same period was approximately RMB 127.9 million, reflecting a year-on-year growth of about 34.7% [1] - In the first three months of 2025, the company achieved revenue of approximately RMB 10.0086 billion, a year-on-year increase of 42.0% [1] - Operating profit for this period was approximately RMB 403.5 million, showing a year-on-year growth of about 24.8% [1] Market Outlook - Guosheng Securities (002670) has released a report indicating that the demand for computing power and related software services is on the rise due to the AI wave [1] - The company is positioned well with scarce computing power resource channels and is building a closed-loop industry chain from chip to edge to cloud [1] - The Jetson product line is gradually ramping up production, with revenue projections for 2025-2027 estimated at RMB 13.36 billion, 20.03 billion, and 27.08 billion respectively [1] - Expected net profit attributable to the parent company for the same period is projected at RMB 250 million, 380 million, and 500 million respectively [1] - The company is expected to benefit from the conversion of data resources and computing chip resources, as well as the ramp-up of self-developed products, maintaining a valuation advantage [1]

每经AI快讯，硬蛋创新(00400.HK)早盘涨超7%，截至发稿，涨7.2%，报2.83港元，成交额1893.06万港 元。 ...

国盛证券此前发布研报称，AI浪潮下，算力需求及配套软件服务需求不断提升，公司掌握稀缺算力资 源渠道，打造芯-端-云产业链闭环布局，AI需求旺盛，公司Jetson等系列产品线逐步放量，预计2025- 2027年公司实现营收133.6/200.3/270.8亿元，实现归母净利润2.5/3.8/5.0亿元，看好公司后续数据资源、 算力芯片资源转化及自研产品放量，且具备估值优势，维持"买入"评级。 消息面上，硬蛋创新此前发布公告，2025年第三季度，集团继续受惠于AI算力的庞大需求，期内收益 约人民币33.321亿元，同比增加约22.1%；经营溢利约为人民币1.279亿元，同比增长约34.7%。2025年 前三个月，集团收益约人民币100.086亿元，同比增加约42.0%；经营溢利约为人民币4.035亿元，同比 增长约24.8%。 智通财经APP获悉，硬蛋创新(00400)早盘涨超7%，截至发稿，涨7.2%，报2.83港元，成交额1893.06万 港元。 ...

Core Insights - The company reported a strong performance in Q3 2025, with total revenue exceeding 10 billion yuan, representing a year-on-year growth of 42% [1] - Operating profit reached approximately 400 million yuan, indicating a significant enhancement in profitability [1] - The growth is primarily driven by robust demand in the AI computing supply chain business and accelerated commercialization of self-developed products, particularly the System on Module (SOM) [1] Business Performance - The company is a key supplier in the AI computing supply chain, collaborating deeply with renowned chip manufacturers such as NVIDIA, Xilinx, Intel, AMD, Sandisk, and Microsoft [1] - It has achieved notable results in two core business areas: "AI infrastructure" and "AI intelligent terminals," providing high-performance GPU cluster solutions to leading internet companies like Meituan and participating in national computing infrastructure projects [1] - The company is also expanding into high-growth sectors such as humanoid robots and autonomous driving, offering customized AI solutions at the edge [1] Self-Developed Products - The self-developed SOM products have been successfully implemented in high-standard scenarios such as customs and banks, achieving mass delivery [2] - This success reflects the company's technical integration capabilities and an upgrade in its business model [2] - The company plans to continue iterating and upgrading its SOM product matrix around the next generation of AI core chips, positioning it as a core pillar for future growth [2]

Core Viewpoint - The company continues to benefit from the strong demand for AI computing power, reporting significant revenue and profit growth in the third quarter of 2025 compared to the same period in 2024 [1] Financial Performance - For the three months ending September 30, 2025, the company's revenue reached approximately RMB 3.332 billion, an increase of about 22.1% from RMB 2.729 billion in the same period of 2024 [1] - Operating profit for the same period was approximately RMB 128 million, reflecting a year-on-year growth of about 34.7% [1] - For the nine months ending September 30, 2025, revenue was approximately RMB 10.009 billion, up about 42.0% from RMB 7.05 billion in 2024 [1] - Operating profit for the nine-month period was approximately RMB 403.5 million, representing a year-on-year increase of about 24.8% [1] Business Development Highlights - The company provided advanced solutions for Meituan to build a high-performance GPU cluster, utilizing Leaf-Spine architecture and InfiniBand technology to ensure high bandwidth, low latency, and scalability [2] - The cloud AI infrastructure integrates advanced CPU, GPU, and 100G-400G network cards, supporting over 8,000 GPU nodes, 640 switches, and 30,000 optical modules [2] - Other notable projects include developing FPGA-accelerated low-latency computing systems for local AI applications, creating humanoid robot control platforms, and providing automotive-grade AI computing solutions for self-driving cars [2] Future Outlook - The company plans to deepen its core capabilities in AI chip applications and self-developed AI products [3] - Long-term strategies include entering fields such as intellectual property (IP) development, AI computing services, strategic investments, training and certification programs, marketing services, and international operations [3] - The company aims to optimize its revenue structure and leverage national support policies to seize new business opportunities, laying a solid foundation for continued growth in the coming year [3]

Core Insights - The company, Hard Egg Innovation, reported significant revenue growth driven by the increasing demand for AI computing power, with Q3 2025 revenue reaching approximately RMB 3.332 billion, a 22.1% increase from RMB 2.729 billion in Q3 2024 [1] - The company continues to leverage opportunities in the AI supply chain, focusing on AI infrastructure and edge AI solutions, while maintaining partnerships with over 100 leading semiconductor companies [1][2] - Future plans include deepening capabilities in AI chip applications and self-developed AI products, as well as entering new fields such as intellectual property development and international operations [3] Financial Performance - For the three months ending September 30, 2025, the operating profit was approximately RMB 128 million, reflecting a year-on-year growth of 34.7% [1] - For the nine months ending September 30, 2025, total revenue was approximately RMB 10.009 billion, a 42.0% increase from RMB 7.05 billion in the same period of 2024 [1] - The operating profit for the nine-month period was approximately RMB 403.5 million, showing a year-on-year increase of 24.8% [1] Business Development Highlights - Hard Egg provided advanced solutions for Meituan, establishing a high-performance GPU cluster that supports over 8,000 GPU nodes and integrates advanced CPU, GPU, and 100G-400G network cards [2] - The company has developed various innovative projects, including FPGA-accelerated low-latency computing systems for local AI security and AI computing solutions for autonomous vehicles [2] - The company is well-positioned to capture the next wave of AI industrialization, supported by strong chip supply partnerships and a vast customer network [2] Future Outlook - The company aims to enhance its core capabilities in AI chip applications and self-developed AI products while optimizing its revenue structure [3] - Plans to explore new business opportunities arising from national support policies are expected to lay a solid foundation for continued growth in the coming year [3]