Core Viewpoint - The company continues to benefit from the strong demand for AI computing power, showing 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 was approximately RMB 3.3321 billion, representing an increase of about 22.1% year-on-year [1] - The operating profit for the same period was approximately RMB 127.9 million, reflecting a year-on-year growth of about 34.7% [1] - For the nine months ending September 30, 2025, the total revenue reached approximately RMB 10.0086 billion, which is a year-on-year increase of about 42.0% [1] - The operating profit for the nine-month period was approximately RMB 403.5 million, showing a year-on-year growth of about 24.8% [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） 本集團於2025年第三季度 的未經審核營運概要 本公告載列硬蛋創新（「本公司」或「硬蛋」）及其附屬公司（「本集團」）截至2025年9月30日止 三個月期間的未經審核營運概要。 本公 告乃根 據香 港聯合 交易所 有限 公司證 券上市 規則（「 上市規 則」）第 13.09 (2) (a) 條及證 券 及期貨條例（ 香港法例第571章 ）第XIVA部項下的內幕消息條文（ 定義見上市規則 ）的規定而 作出。 本公司欣然報告，於2025年第三季度，本集團繼續受惠於AI算力的龐大需求。截⾄2025年 9⽉30⽇⽌三個⽉期間收益約達人民幣3,332.1百萬元，較2024年同期的人民幣2,728.7百萬元 增加約22.1%；經營溢利約為人民幣127.9百萬元，按年增長約34.7%。截至2025年9月30日 止 九 個 ...

Core Insights - The "Golden Bull Award" was presented to Hard Egg Innovation (00400.HK) for its outstanding leadership and high growth in the AI computing supply chain sector, reflecting strong market performance with a stock price increase of over 130% year-to-date as of November 7, 2025 [1][3] Company Performance - In the first half of 2025, Hard Egg Innovation reported revenues of 6.677 billion yuan, a year-on-year increase of 54.5%, and a net profit of 190 million yuan [4] - The company has successfully transitioned from a chip trading platform to a technology integration platform, indicating significant performance growth [4] Product Development - The company’s KPL Lab has developed self-researched SOM-level products based on core chips from NVIDIA and Xilinx, which are positioned to meet international standards in AI edge computing [4] - These high-margin self-researched products are being delivered in bulk to clients in customs and banking sectors, and are also being promoted in new fields such as robotics, medical devices, and autonomous driving [4] Strategic Direction - The CEO of Hard Egg Innovation emphasized that winning the "Golden Bull Award" is a recognition of the company's past achievements and market performance, providing new momentum for continued focus on the AI computing sector [4] - The company plans to strengthen collaborations with top global manufacturers and enhance its self-research capabilities through KPL Lab, aiming to provide high-value-added services to clients in emerging production sectors [4]

Core Insights - Hard Egg Innovation (00400.HK) has shown impressive stock performance, with a year-to-date increase of over 122% as of November 10, 2023 [1] Company Strategy - The Chairman and CEO, Kang Jingwei, emphasized the rapid development phase of the global AI industry and the company's commitment to strengthening partnerships with top global manufacturers [1] - Hard Egg Innovation plans to leverage its Kepler Research Institute to enhance its self-research capabilities and aims to provide high-value-added services to clients in cutting-edge production sectors [1]

Core Insights - The article discusses the emergence and growth of the Internet of Things (IoT) industry, highlighting its potential to transform various sectors and enhance connectivity [1] Group 1: Industry Overview - The IoT market is expected to experience significant growth, driven by advancements in technology and increasing demand for connected devices [1] - Key sectors benefiting from IoT include healthcare, manufacturing, and smart cities, which are leveraging IoT solutions to improve efficiency and data management [1] Group 2: Company Implications - Companies involved in IoT development are likely to see increased investment opportunities as businesses seek to integrate IoT solutions into their operations [1] - The competitive landscape is evolving, with both established tech firms and startups entering the IoT space, leading to innovation and diverse offerings [1]

Core Insights - The company is enhancing its layout across the entire industry chain of chips, endpoints, and cloud services, achieving significant growth in H1 2025 with a revenue of 6.676 billion yuan, a year-on-year increase of 54.5%, and a net profit of 132 million yuan, up 17.2% [1] - The demand for AI-driven chips is surging due to the exponential growth in computing power requirements, with global computing power expected to reach 14,130 EFlops by 2029, and the AI chip market projected to grow to $400 billion by 2027 [2] - The company is positioned to leverage the growing demand for physical AI and has developed self-research System on Module (SoM) products to tap into the edge AI market, which is expected to exceed $3.22 billion by 2025 [4] Group 1 - The company utilizes its self-developed AI large language model and industry knowledge base to provide cutting-edge chip application technology solutions and supply chain management services [1] - The company aims to transition from being an industry connector to a technology enabler, establishing a closed-loop industry chain in the AI era [1] - The company has a strong market presence in the AI chip distribution sector, which is crucial given the current reliance on imported AI chips in China [2] Group 2 - The company is focusing on vertical expansion in the supply chain and has developed self-research SoM products based on core chips like NVIDIA Jetson and Xilinx FPGA [4] - The company has already achieved bulk shipments of its self-research products to clients in various sectors, including customs and banking [4] - The company forecasts significant revenue growth from 2025 to 2027, with expected revenues of 13.36 billion yuan, 20.03 billion yuan, and 27.08 billion yuan, respectively [4]

Core Viewpoint - Hard Egg Innovation (00400) has entered a non-binding memorandum of understanding with Shenzhen Huixin Equity Investment Management Co., Ltd. to establish a strategic cooperation framework for AIoT innovation enterprise incubation [1] Group 1: Company Developments - Hard Egg Innovation's stock rose by 3.32% to HKD 2.8, with a trading volume of HKD 11.13 million [1] - The memorandum aims to leverage the strengths of Hard Egg Innovation in AI chip applications, solution design, and supply chain integration alongside NARFD's research and incubation resources [1] Group 2: Strategic Implications - The collaboration is expected to create a complete industrial ecosystem for AIoT startups by combining technological, capital, industrial resources, and government support [1] - This partnership is anticipated to strengthen Hard Egg Innovation's position in the AI hardware industry, expand market coverage, and accelerate the commercialization of innovative AI products [1]

Core Viewpoint - Hard Egg Innovation (00400) has entered a non-binding memorandum of understanding with Shenzhen Huixin Equity Investment Management Co., Ltd. to establish a strategic cooperation framework for AIoT innovation enterprise incubation [1] Group 1: Company Developments - Hard Egg Innovation's stock rose by 3.32% to HKD 2.8, with a trading volume of HKD 11.13 million [1] - The memorandum aims to leverage the strengths of Hard Egg Innovation in AI chip applications, solution design, and supply chain integration alongside NARFD's research and incubation resources [1] Group 2: Strategic Implications - The collaboration is expected to create a complementary advantage in technology, capital, industrial resources, and government support for both parties [1] - This partnership will help build a complete industrial ecosystem for AIoT startups, enhancing Hard Egg Innovation's position in the AI hardware industry and expanding market coverage [1] - The initiative is anticipated to accelerate the commercialization of innovative AI products and lay a solid foundation for a long-term strategic partnership and sustainable development [1]

Group 1: Fixed Income and Banking - The report discusses the increasing mismatch in the duration of bank assets and liabilities, leading to pressure on liquidity indicators and constraints on asset allocation behavior [5] - It highlights that the increase in long-duration bond holdings raises interest rate risk indicators [5] Group 2: Beauty and Personal Care - The company, founded in 2001, has become the third-largest domestic cosmetics group in China, with flagship brand "Natural Hall" consistently ranking among the top two domestic brands from 2013 to 2024 [6] - Revenue has shown a steady growth trend, with figures of 4.29 billion, 4.44 billion, and 4.60 billion yuan for 2022, 2023, and 2024 respectively, and adjusted net profits of 139 million, 313 million, and 203 million yuan [6] - The company primarily relies on online channels, with 68.8% of revenue from online sales in the first half of 2025, and has over 37.7 million registered members [6] Group 3: Agriculture, Forestry, Animal Husbandry, and Fishery - As of the end of Q3 2025, the heavy allocation in agriculture, forestry, animal husbandry, and fishery stocks decreased to 0.78%, down 0.58 percentage points from the previous quarter [8] - The report indicates a significant reduction in allocations for the breeding and feed sectors, with breeding at 0.31% and feed at 0.40% [9] - Investment suggestions include focusing on leading companies in the breeding sector and stable profitability in the planting sector, with specific recommendations for stocks like Muyuan Foods and New Hope [10] Group 4: Light Industry Manufacturing - The company is recognized as a leader in the global consumer-grade 3D printing equipment market, with a strong competitive advantage through its product offerings and technology [12] - It has established a comprehensive sales system covering approximately 140 countries and regions, with a network of 2,163 distributors [12] Group 5: Electronics - The company has achieved significant revenue growth, with a reported revenue of 6.676 billion yuan in the first half of 2025, marking a 54.5% year-on-year increase [15] - The report emphasizes the explosive demand for AI computing power, predicting that the global AI chip market could reach $400 billion by 2027 [16]

Company News - BeiGene reported total revenue of approximately $3.845 billion for the first nine months, a year-on-year increase of 43%. Adjusted net profit was approximately $693 million, marking a return to profitability. In Q3, revenue reached $1.412 billion, up 41% year-on-year, with adjusted net profit of approximately $304 million, a 489% increase year-on-year. The growth is primarily attributed to the sales increase of BeiYueZe® in the US and Europe, with the US remaining the largest market for the company. The full-year revenue guidance is set at $5.1 billion to $5.3 billion, reflecting strong growth expectations from BeiYueZe® in the US and continued expansion in Europe and other key global markets [2] - Yidu International Holdings announced an earnings upgrade, expecting a profit attributable to shareholders of approximately HKD 1.2 billion for the first half, representing an increase year-on-year [3] - Hua Hong Semiconductor reported sales revenue of $635 million for Q3 2025, a year-on-year increase of 20.7%. However, net profit decreased by 42.6% to $25.725 million [4] - Autohome's net profit attributable to the parent company for Q3 was approximately RMB 436.6 million, with online marketing and other business revenues increasing by 32.1% year-on-year [5] - Xinyi International reported a cumulative net operating income of approximately HKD 13.981 billion for the first ten months, a year-on-year decrease of about 5.3%, with October revenue at HKD 1.457 billion [6] - Dongfeng Motor Group's cumulative vehicle sales for the first ten months reached 1.501 million units, a year-on-year decline of approximately 1.6%. However, sales of new energy vehicles increased by approximately 37.1% to 421,400 units [7] - China Overseas Land & Investment reported a cumulative contracted property sales amount of approximately RMB 189.165 billion for the first ten months, a year-on-year decrease of 21.3% [8] - Poly Property Group reported a cumulative contracted sales amount of RMB 43.8 billion for the first ten months, a year-on-year decrease of 10.43% [9] - Gemdale reported a cumulative contracted sales amount of approximately RMB 9.125 billion for the first ten months, a year-on-year decrease of 43.93% [10] - Sunac China reported a cumulative contract sales amount of approximately RMB 32.77 billion for the first ten months, a year-on-year decline of 25.1% [11] - Guoyin Financial Leasing plans to purchase 1,198 units of domestic information technology computing equipment for a total consideration of RMB 1.04 billion [12] - Youjia Innovation recently received project designation notifications from a globally renowned automotive group's joint venture and luxury brand, with a total order amount of approximately RMB 320 million [13] - Swire Properties reported a rental rate of 96% for Taikoo Place in Q3, with a rental reduction of 13%. Other Swire properties had an occupancy rate of 90%, with a rental reduction of 15% [14] - Zhongshen Construction Industry plans to acquire 100% equity of Huajian Development Co., Ltd. for approximately HKD 213.6 million [15] - Hard Egg Innovation signed a memorandum of understanding with Huixin Investment to jointly develop an AIoT innovation enterprise incubation platform [16] - Damai Entertainment expects mid-term net profit to increase to no less than RMB 500 million, compared to RMB 337 million last year [17] - Cafe de Coral Group issued a profit warning, expecting mid-term profit attributable to shareholders to decline by 65% to 70% [18] - Qingci Games signed a game licensing transfer agreement with Disney, obtaining authorization to develop and publish the game "Disney: Book of Legends," expected to launch in 2026 across various regions [19] - Now Medical Technology's subsidiary signed a strategic cooperation framework agreement with Medtronic Changzhou to promote clinical applications of real-time navigation tracking endoscopic technology in China [19] - Zhaoke Ophthalmology-B signed a distribution agreement with PT FERRON for the commercialization of BRIMOCHOL PF in Indonesia, receiving an upfront payment and potential milestone payments [19] - Shoujia Technology signed a strategic framework cooperation agreement with Stardust Intelligence, covering the development of humanoid robot tendon and related fields [20] Buyback Dynamics - Helen's decided to exercise its share buyback authorization, planning to repurchase up to 127 million shares [21] - China Feihe repurchased 6.806 million shares for a total of approximately HKD 29.4298 million, with a buyback price of HKD 4.29 to HKD 4.35 [22] - Kintor Pharmaceutical repurchased 1.734 million shares for a total of approximately HKD 26.3078 million, with a buyback price of HKD 14.35 to HKD 15.8 [23] - COSCO Shipping Holdings repurchased 1.53 million shares for a total of approximately HKD 20.9869 million, with a buyback price of HKD 13.57 to HKD 13.84 [24] - Sinopec repurchased 2.398 million H-shares for a total of approximately HKD 10.1066 million, with a buyback price of HKD 4.20 to HKD 4.23 [25]