Group 1 - Semiconductor stocks in Hong Kong showed strong performance, with notable gains in several companies [1] - Shun Tai Holdings surged over 18%, while SMIC and Shanghai Fudan both increased by over 8% [1][2] - Other companies like Jingmen Semiconductor, Huahong Semiconductor, and Hongguang Semiconductor also experienced significant increases, ranging from 3% to 6% [1][2] Group 2 - Shun Tai Holdings (code: 01335) rose by 18.32% to a price of 0.155, with a total market capitalization of 3.77 billion [2] - SMIC (code: 00981) increased by 8.98% to 61.300, with a market cap of 4895.62 billion [2] - Shanghai Fudan (code: 01385) saw an 8.77% rise to 37.960, with a market value of 311.81 billion [2] - Jingmen Semiconductor (code: 02878) gained 6.00% to 0.530, with a market cap of 13.24 billion [2] - Huahong Semiconductor (code: 01347) increased by 5.78% to 55.800, with a total market value of 965.05 billion [2] - Hongguang Semiconductor (code: 06908) rose by 3.33% to 0.620, with a market cap of 5.82 billion [2]

格隆汇8月19日丨硬蛋创新(00400.HK)公布，谨定于2025年8月29日(星期五)举行董事会会议，以考虑及 通过公司及其附属公司截至2025年6月30日止六个月的中期业绩，及派发中期股息(如有)，以及处理其 他事项。 ...

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。 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） 硬蛋創新（「本公司」）董事會（「董事會」）兹通告謹定於2025年8月29日（ 星期五 ）舉行董事會 會 議 ， 以 考 慮 及 通過 本 公 司 及 其 附 屬 公 司 截 至 2025 年 6 月 30 日 止 六 個 月的 中 期 業 績 ， 及 派 發中期股息（ 如有），以及處理其他事項。 承董事會命 硬蛋創新 主席、執行董事兼首席執行官 康敬偉 香港，2025年8月19日 於本公告日期，本公司執行董事為康敬偉先生、胡麟祥先生及郭莉華女士；及本公司獨立非執行董事為葉忻 先生、馬啟元博士及郝純一先生。 董事會召開日期 ...

致：香港交易及結算所有限公司 公司名稱: 硬蛋創新 (根據開曼群島法律註冊成立的有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00400 | 說明 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | USD | 0.0000001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | USD | | | | 本月底結存 | | | 500,000,000,000 | USD | 0.0000001 USD | | 50,000 | FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 本月底法定/註冊股本總額： USD ...

Group 1 - Nvidia and Hede Innovation held an online seminar focusing on humanoid robots and their integrated hardware and software solutions [1] - The upcoming flagship platform, Jetson Thor, is set to launch in August, emphasizing edge AI computing for humanoid robots [1] - Nvidia's three computing platforms—DGX, Jetson, and Omniverse—provide a comprehensive solution for training, simulation optimization, and deployment of embodied robots [1] Group 2 - Humanoid robots are seen as a key hardware node for breakthroughs in embodied artificial intelligence, with global spending in the robotics sector projected to approach $370 billion by 2028, growing at a CAGR of 13.2% [2] - Hede Innovation is a core supplier in the AI computing supply chain, representing major brands like Nvidia, Intel, and Microsoft, and is focusing on the Jetson series for edge AI applications [2] - The performance of Hede Innovation is expected to benefit from the leadership of Nvidia Jetson products in the edge AI field, reinforcing its core position in the AI computing supply chain [3]

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

Group 1: Macro Insights - The June manufacturing PMI continues to rebound from a low level but remains in the contraction zone, while the non-manufacturing PMI shows a slight increase [3] - Both supply and demand have rebounded, with domestic demand recovering more significantly; import and export orders have also increased but are still in the contraction zone [3] - The overall view indicates that the internal repair momentum is weakening, and July will see a combination of four factors that need close monitoring, including US tariff negotiations and the political bureau meeting [3] Group 2: Strategy and Recommendations - The market outlook for July suggests active participation in breakthroughs while emphasizing performance pricing; despite the uncertainties from tariffs, interest rate cuts, policies, and mid-year reports, there is still value in trading breakthroughs [4] - It is recommended to increase trading positions to capitalize on potential breakthroughs, focusing on strong breakout directions driven by capital synergy and catalysts, while prioritizing performance certainty in investment allocations [4] Group 3: Sector Performance - The top-performing sectors in January, March, and over the past year include Communications (14.1%, 10.7%, 34.4%), Defense and Military (10.9%, 15.0%, 34.7%), and Electronics (8.9%, 0.7%, 36.0%) [1] - The bottom-performing sectors include Food and Beverage (-5.9%, -6.2%, 1.0%), Home Appliances (-3.0%, -5.3%, 14.7%), and Coal (-1.2%, -1.9%, -20.8%) [1] Group 4: Company-Specific Insights - Hard Egg Innovation (00400.HK) is identified as a rare AI computing chip supplier, focusing on a hardware and software platform layout, with a projected revenue of 10.13 billion yuan and a net profit of 190 million yuan for 2024 [13] - The company is expected to benefit from the growing demand for AI chips, with a projected revenue growth of 12.36 billion yuan, 15.63 billion yuan, and 19.48 billion yuan from 2025 to 2027 [16] Group 5: Emerging Trends - The new tobacco industry is rapidly developing, driven by harm reduction and product enhancement, with potential market sizes of 18.7 billion and 11.3 billion USD in the US and China, respectively, under conservative penetration assumptions [12] - The approval of important virtual asset licenses is accelerating financial innovation, with Guotai Junan International becoming the first Hong Kong-based broker to provide comprehensive virtual asset trading services [18]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 10,129.1 million, representing a year-on-year increase of 14.3% compared to RMB 8,863.4 million in 2023[13] - Gross profit decreased by 13.6% to RMB 889.4 million from RMB 1,029.9 million in the previous year[13] - Profit for the year was RMB 273.5 million, down 14.5% from RMB 319.9 million in 2023[13] - Earnings per share (EPS) decreased to RMB 0.139 (basic) and RMB 0.138 (diluted), reflecting a decline of 9.7% and 10.4% respectively compared to the previous year[13] - The Group recorded revenue of approximately RMB10,129.1 million, representing an increase of approximately 14.3% compared to RMB8,863.4 million for the same period in 2023[27] - Gross profit was approximately RMB889.4 million, reflecting a year-on-year decrease of approximately 13.6%[29] - Profit from operations was approximately RMB427.9 million, representing a year-on-year decrease of approximately 14.5%[29] - Net profit after tax was approximately RMB273.5 million, marking a year-on-year decrease of approximately 8.0%[29] - Profit attributable to equity shareholders of the Company was approximately RMB189.9 million, down by approximately RMB20.8 million from RMB210.7 million in 2023[69] - Other income, gains, and losses for the year ended December 31, 2024, were approximately RMB24.1 million, a decrease of approximately 54.4% from RMB52.9 million in 2023[73] Market Trends and Opportunities - The company is focusing on the integration of AI technology and the physical economy, anticipating sustained high demand for chips[20] - Comtech is actively participating in the global computing power network, enhancing chip solutions through self-developed AI technologies and large language models[18] - Global chip sales reached a record high of US$627.6 billion in 2024, with a year-on-year increase of 19.1%[31] - The Americas, China, and Asia Pacific regions saw annual chip sales increases of 44.8%, 18.3%, and 12.5%, respectively[31] - The World Semiconductor Trade Statistics (WSTS) predicts global chip sales will rise to US$697.2 billion in 2025, an annual increase of 11.2%[31] - The global AI market spending is projected to reach $632 billion by 2028, with a CAGR of approximately 29.0%[44] - China's AI industry market demand is estimated to reach RMB5.6 trillion by 2030, with total investment projected to exceed RMB10 trillion between 2024 and 2030[44] Strategic Initiatives - The company plans to expand its international cooperation and strategic investment opportunities to enhance market competitiveness[21] - The Group aims to enhance market competitiveness through international cooperation and strategic investment opportunities[24] - The Group is focused on five major fields downstream, including smart vehicles and digital infrastructure, to leverage synergy advantages[23] - The Group aims to strengthen innovation and technology investment to improve customer loyalty and satisfaction[21] - The Group plans to pursue strategic partnerships and acquisitions to enhance business operations and expand its user and revenue base[62] - The Group aims to develop new complementary services to improve customer service and increase repeat purchase rates among newly acquired customers[61] Research and Development - The Group has developed a proprietary smart battery management system to optimize battery performance in the new energy sector[22] - Comtech has developed proprietary AI technology and LLMs, enhancing product performance and reliability through intelligent and automated solutions in chip selection and system integration[36] - Ingdan focuses on the research and development of AIoT intelligent hardware products and smart new energy batteries, enhancing battery efficiency and intelligence[175] - The company has a strong emphasis on research and development, particularly in AI technology and supply chain management services[172] Operational Efficiency - Comtech's intelligent supply chain management has improved operational efficiency while reducing costs through AI and big data analytics[36] - Continuous investment in customer service, order fulfillment, and delivery capabilities is planned to improve service reliability and response times[59] - Selling and distribution expenses increased to approximately RMB186.2 million, an increase of approximately RMB10.5 million or 6.0% from RMB175.7 million in 2023[74] - Research and development expenses rose by approximately RMB1.5 million or 1.5% to approximately RMB104.1 million for the year ended December 31, 2024, driven by increased spending on IC chip distribution and AIoT products[82] Governance and Management - The Group's founder and CEO, KANG Jingwei, has over 25 years of experience in the Internet multimedia and electronic component distribution industry[144] - The CFO, WU Lun Cheung Allen, has over 20 years of experience in auditing and commercial consulting, previously serving as Vice President of Finance at Viewtran[146] - The Group's independent non-executive director, YE Xin, has served as CTO of a leading wireless entertainment service provider from 2003 to 2006[151] - Independent non-executive director, Dr. MA Qiyuan, has over 30 years of R&D management experience and holds 30 patents[152] - The Group's management team includes individuals with advanced degrees in finance and engineering, contributing to its strategic initiatives[149][153] - The Group has a diverse board with expertise in various sectors, including technology, finance, and healthcare[151][152] Risks and Challenges - Key risks and uncertainties facing the Group are outlined, indicating potential challenges beyond the company's control[192][193] - The company derives substantially all of its revenue from purchases made by companies in China engaged in electronics manufacturing, making it vulnerable to adverse factors affecting this industry[194] - Intense competition in the Chinese electronic components procurement market is anticipated, particularly as the company develops its e-commerce platform to attract and retain customers[194] - Credit facilities provided to customers expose the company to credit risks, with collateral values potentially fluctuating due to market conditions[198] - Unforeseen external events such as political instability or economic recession could significantly impact the credit facilities available to the company, stressing its cash position[198] Corporate Developments - The company entered into a subscription agreement to issue 250,000,000 subscription shares at a price of HK$1.30 each, totaling HK$325,000,000[124] - The subscription shares represent approximately 17.93% of the existing issued share capital as of the subscription announcement date[124] - The total issued shares increased from 1,394,262,732 to 1,519,262,732 shares after the first tranche completion on February 20, 2025[129] - Following the second tranche completion on March 3, 2025, the total issued shares further increased to 1,644,262,732 shares[129] - The Group's pledged bank deposits were approximately RMB231.5 million and RMB287.7 million as of December 31, 2024, and December 31, 2023, respectively[115] - The Group has complied with all relevant laws and regulations during the year ended December 31, 2024, with no material breaches reported[183] Environmental and Social Responsibility - Environmental initiatives include recycling, energy-saving measures, and donations of old computers, with no penalties for non-compliance with regulations[189] - The Group maintains good relationships with suppliers and customers, with no significant disputes reported during the year[188]

Core Viewpoint - The company KETON Technology, a subsidiary of Hard Egg Innovation, is attempting to restart its IPO process after previously withdrawing its application due to valuation concerns and other issues raised by the Shenzhen Stock Exchange [2][3]. Group 1: IPO Journey - KETON Technology submitted its IPO application to the Shenzhen Stock Exchange in June 2022 but had to withdraw it in April 2024 due to a sudden cancellation of the review process [3]. - The company faced scrutiny over its soaring valuation, independence issues, and a significant increase in inventory, particularly a valuation jump from approximately 350 million to 2.4 billion within two months in 2020 [3]. - The proposed fundraising of 2.049 billion yuan included 1.447 billion for expanding the distribution network, raising concerns about the balance between innovation investment and business positioning [3]. Group 2: Financial Performance - From 2020 to 2022, the company's revenue grew from 4.221 billion to 8.074 billion yuan, but net profit fell by 1.6% to 308 million yuan in 2022, indicating a "revenue without profit" situation [4]. - In the first half of 2023, both revenue and net profit declined to 3.507 billion and 122 million yuan, respectively, underperforming compared to industry averages [4]. - The company's debt levels are concerning, with asset-liability ratios increasing from 76.36% in 2020 to 83.42% in the first half of 2023, significantly higher than the industry average [4]. Group 3: Market Opportunities - Despite past setbacks, KETON Technology is experiencing growth in AI chip orders, with a revenue increase of 11.9% to 4.3214 billion yuan in the first half of 2024, driven by AI-related products [5]. - The company is shifting its focus towards AI chip distribution, capitalizing on the growing demand for AI computing power across various sectors [5]. - KETON Technology launched the "DeepSeek+AI chip" solution, providing a comprehensive service from cloud training to edge computing, aiming to meet diverse AI application needs [5]. Group 4: Leadership and Company Structure - The company's actual controller, Kang Jingwei, has been pivotal in its operations since founding KETON Technology in 2005, leveraging industry resources for growth [6]. - Following challenges, the company restructured its business model, renaming KETON Technology and focusing on AI chip distribution as a strategic move [8]. - Hard Egg Innovation holds a 66.84% stake in KETON Technology, giving Kang significant control over its direction [8].

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 10,129.1 million, representing a 14.3% increase compared to RMB 8,863.4 million in the same period of 2023[6]. - Gross profit decreased to approximately RMB 889.4 million, down 13.6% year-on-year from RMB 1,029.9 million[6]. - Operating profit was approximately RMB 427.9 million, reflecting an 8.0% decrease from RMB 465.4 million in the previous year[6]. - Net profit for the year was approximately RMB 273.5 million, a decline of 14.5% compared to RMB 319.9 million in 2023[6]. - The earnings attributable to equity shareholders of the company were approximately RMB 189.9 million, down 9.9% from RMB 210.7 million in the prior year[6]. - The company's revenue for the year ended December 31, 2024, was approximately RMB 10,129.1 million, an increase of about RMB 1,265.7 million or approximately 14.3% compared to RMB 8,863.4 million in 2023[26]. - The gross profit for the year ended December 31, 2024, was approximately RMB 889.4 million, a decrease of about 13.6% from RMB 1,029.9 million in 2023, with the gross margin dropping from 11.6% to 8.8%[28]. - The company's net profit for the year ended December 31, 2024, was approximately RMB 273.5 million, a decrease of about RMB 46.4 million from RMB 319.9 million in 2023[25]. - The profit attributable to equity shareholders for the year ended December 31, 2024, was approximately RMB 189.9 million, a decrease of about RMB 20.8 million or approximately 9.9% compared to RMB 210.7 million in 2023[35]. - The group reported a total segment profit of RMB 497,122,000 for 2024, with KOTON Technology at RMB 366,130,000 and HEDAN Technology at RMB 130,992,000[70]. - The group’s net profit attributable to shareholders for 2024 was RMB 189,854,000, compared to RMB 210,700,000 in 2023, indicating a decrease of about 9.9%[75]. Market Focus and Strategy - The company is focusing on the AI and IoT sectors, leveraging its proprietary AI technology and large language models to provide advanced chip application solutions and efficient supply chain management services[7]. - The company aims to capitalize on the growing demand for high-performance computing chips driven by AI applications and cloud computing infrastructure upgrades[9]. - The company is developing a smart battery management platform for the new energy sector, targeting the rapidly growing market for two-wheeled vehicle battery swapping and re-utilization[12]. - The company has established partnerships with over 80 leading chip manufacturers, including Nvidia, AMD-Xilinx, and Intel, to enhance its product offerings in the AI computing supply chain[9]. - The group aims to enhance revenue sources by focusing on new energy smart battery cloud services, particularly in the two-wheeler battery cloud service market[18]. - The group plans to develop an open and prosperous ecosystem for the electronic manufacturing value chain, which includes supply chain financing and cloud computing services[20]. - The group intends to increase customer loyalty and procurement volume by utilizing advanced market analysis tools to provide more efficient online and offline platforms[21]. - The group will leverage its technology service platform to continuously enhance chip application solution designs to meet the high-performance chip demand in the AI supply chain[17]. - The group is committed to accelerating the expansion of the AI industry chain by integrating its subsidiaries' capabilities in technology and services[17]. - The group aims to create a closed-loop industry ecosystem of "chip-end-cloud" to meet the demands of the AI industry chain[18]. - The group plans to monetize the data collected from customers and suppliers to provide data-driven services, enhancing its service offerings[20]. Financial Position and Assets - As of December 31, 2024, the group's current assets were approximately RMB 6,740.0 million, with cash and bank balances at RMB 839.7 million, inventories at RMB 3,510.5 million, and trade and other receivables at RMB 2,380.7 million[36]. - The current ratio as of December 31, 2024, was 1.41, down approximately 6.6% from 1.51 as of December 31, 2023[36]. - Capital expenditures for the year ended December 31, 2024, were approximately RMB 31.0 million, a decrease of about RMB 137.0 million or approximately 81.5% from RMB 168.0 million in 2023[38]. - The net debt-to-equity ratio as of December 31, 2024, was approximately 27.8%, up from 25.1% as of December 31, 2023, primarily due to an increase in bank loans during the reporting period[39]. - As of December 31, 2024, the group had no significant contingent liabilities[46]. - The group had no major investments during the reporting period, including any investments in companies valued at 5% or more of the total assets[40]. - The group had no major acquisitions or disposals during the reporting period, except for the repurchase of equity in Shenzhen Keton Technology[42]. - The total assets decreased from RMB 7,591,537,000 in 2023 to RMB 6,739,997,000 in 2024, reflecting a reduction of approximately 11.3%[52]. - The company’s total liabilities decreased from RMB 5,027,572,000 in 2023 to RMB 4,781,189,000 in 2024, a decline of about 4.9%[52]. Governance and Compliance - The company has adopted strict corporate governance principles and has complied with all applicable codes in the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[82]. - The management has not provided monthly updates to the board as required but has shared quarterly business information to keep the board informed of the company's performance and outlook[83]. - The audit committee, consisting of three independent non-executive directors, has reviewed the company's annual performance for the year ending December 31, 2024[86]. - There are no significant litigations or arbitrations involving the company as of December 31, 2024[89]. - The board does not recommend the distribution of a final dividend for the year ending December 31, 2024[90]. - The annual report for the year ending December 31, 2024, will be published on the company's website and the Hong Kong Stock Exchange website[92]. Other Financial Metrics - Research and development expenses for the year ended December 31, 2024, were approximately RMB 104.1 million, an increase of about 1.5% from RMB 102.6 million in 2023[31]. - Administrative and other operating expenses for the year ended December 31, 2024, were approximately RMB 221.7 million, a decrease of about 29.6% from RMB 315.0 million in 2023[32]. - The company recorded other income, gains, and losses of approximately RMB 24.1 million for the year ended December 31, 2024, a decrease of about 54.4% from RMB 52.9 million in 2023[29]. - The company reported a foreign exchange gain of RMB 67,742,000 in 2024, compared to a loss of RMB 5,296,000 in 2023[51]. - The group’s financial costs rose to RMB 125,260,000 in 2024 from RMB 109,295,000 in 2023, an increase of approximately 14.7%[72]. - The company did not declare or recommend any dividends for the fiscal year ending December 31, 2024[73]. - The average credit period granted by the group remained at 30 days for both 2024 and 2023[79].