Group 1 - Hong Kong chip stocks continue to decline, with Horizon Robotics (09660.HK) dropping over 4.3% [1] - Jingmen Semiconductor (02878.HK) fell more than 2.2% [1] - ASMPT (00522.HK) and SMIC (00981.HK) both experienced declines of over 1% [1]

Group 1: Major Contracts and Financial Performance - China Railway Group (00390.HK) recently won multiple major engineering contracts with a total bid amount of approximately RMB 91.2 billion, accounting for about 8.52% of the company's revenue under Chinese accounting standards for 2021 [1] - China People's Insurance Group (01339.HK) reported a total insurance premium income of RMB 452.46 billion from January to August 2022, representing a year-on-year growth of 9.89% [2] - China Coal Energy (01898.HK) announced that its coal sales volume in August reached 25.96 million tons, a year-on-year increase of 1.3%, while coal production was 10.92 million tons, up 22.3% year-on-year [3] Group 2: Share Buybacks and Stake Increases - Bohai Bank (09668.HK) announced that several employees plan to voluntarily purchase at least 25 million H-shares using their own funds, reflecting confidence in the bank's long-term business development [4] - China Communications Construction (01800.HK) disclosed that its controlling shareholder has cumulatively increased its stake by approximately 264.47 million H-shares, representing 1.64% of the company's total issued shares [5] - Shougang Holding (00697.HK) reported that its major shareholder has entered into an agreement to sell 728 million shares to Beijing Guoguan Investment Holdings, which will acquire about 10% of the company's total issued shares [6] Group 3: Market Activities and Corporate Actions - Jianye Real Estate (00832.HK) announced plans to repurchase shares in the open market based on market conditions [7] - China Pacific Insurance (02601.HK) reported cumulative original insurance business income of RMB 290.9 billion from January to August [8] - China Property & Casualty Insurance (02328.HK) reported a premium income of RMB 340.25 billion from January to August, reflecting a year-on-year growth of 9.8% [9]

Core Viewpoint - Goldman Sachs economists predict that the RMB/USD exchange rate will reach 7.20, 7.10, and 7.00 in three, six, and twelve months respectively, indicating a potential appreciation of 3% over the next twelve months [1] Group 1: Companies Likely to Benefit from RMB Appreciation - The list of Hong Kong-listed companies that may benefit from RMB appreciation includes: GDS Holdings Limited (09698), Zijin Mining Group (02899), China Jinmao Holdings Group (00817), Dongyue Group (00189), China Southern Airlines (01055), Baidu Group (09888), China Feihe (06186), and Tencent Holdings (00700) [1] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume (ADVT) exceeding $5 million 2) Industries reliant on USD imports, such as aviation, petrochemicals, construction, staple foods, and tourism, or having over 20% of debt in USD 3) Overseas revenue exposure below 30% 4) No foreign exchange gains during the RMB depreciation period in 2024 5) Low correlation of returns with exchange rate fluctuations [1] Group 2: Companies Likely to Underperform in RMB Appreciation - The list of Hong Kong-listed companies that may underperform during RMB appreciation includes: Haier Smart Home (06690), PetroChina Company Limited (00857), WuXi AppTec (03933), ASMPT Limited (00522), Yue Yuen Industrial Holdings (00551), Sinotruk (Hong Kong) Limited (03808), Shenzhou International Group Holdings Limited (02313), and Minth Group Limited (00425) [2] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume exceeding $5 million 2) Overseas revenue exposure exceeding 30% 3) USD debt level below 5% 4) No foreign exchange losses during the RMB depreciation period in 2024 5) High correlation of returns with exchange rate fluctuations [2]

ASMPT Conference Call Summary Company Overview - ASMPT operates primarily in two segments: Semiconductor Solutions and SMT Solutions. The gross margin for Semiconductor Solutions is approximately 40%-45%, while SMT Solutions is around 30% [2][5]. Key Insights - **Impact of Tariffs**: The direct impact of tariffs on ASMPT is limited, but indirect effects need monitoring. Customer investment decisions are influenced by tariff uncertainties. The company utilizes a flexible shipping strategy from global production bases (including China, Singapore, and Malaysia) to mitigate tariff issues. A thaw in US-China relations may affect future tariff policies [2][6]. - **Market Contribution**: The US market accounts for 16% of ASMPT's total revenue, which is relatively small. The establishment of TSMC's factory in Arizona is expected to positively influence the US market. ASMPT's ability to adjust production bases is crucial in responding to tariffs, but customer investment willingness remains a concern [2][7][10]. - **Technological Advancements**: ASMPT's TTEC equipment has made progress in the memory and logic markets, securing significant orders from leading customers and establishing collaborations with Korean clients and a US CPU company in the TCB field, moving towards mass production [2][11]. - **Hybrid Bonding vs. TCB**: Hybrid bonding technology is not yet widely adopted due to its higher costs compared to TCB. TCB is expected to maintain its advantage in the next two to three years. ASMPT plans to launch next-generation Hybrid Bonding technology and remains optimistic about TCB's long-term prospects, projecting a market size of $1 billion by 2027 [2][12][13]. Financial Performance - **Q1 2025 Performance**: ASMPT's revenue in Q1 2025 met expectations, with new orders increasing by approximately 3% quarter-over-quarter. The overall gross margin recovered to 40.9%, with significant advancements in advanced packaging, particularly in TCB [3]. - **Operating Expenses**: Operating expenses are expected to increase by HKD 350 million in 2025, primarily for R&D and business system optimization [4][17]. - **Gross Margin Trends**: The gross margin for ASMPT solutions rebounded from 42.6% in Q4 to 46.3% in Q1, driven by the advanced packaging market, especially HBM [20]. Market Outlook - **Semiconductor Industry Recovery**: The semiconductor industry is anticipated to begin recovering in the first half of 2025, although tariff issues create uncertainty regarding the exact timing of this recovery. ASMPT is particularly confident in the advanced packaging business, especially TCB [4][21]. - **China Market Demand**: ASMPT's subsidiary, Aoxin Technology, focuses on the Chinese market, which accounted for 38% of total group revenue in 2024, indicating strong demand for advanced packaging in China [4][14]. Additional Considerations - **SMT Market Performance**: The SMT market has been declining since 2023, but there was a rebound in orders in Q1. Future recovery is dependent on the automotive and industrial sectors [19]. - **Panel Level Packaging (PLP)**: ASMPT offers PLP products, but this area is still in the early stages of development [18]. - **Acquisitions and Collaborations**: ASMPT's acquisition of a 9% stake in Biesse and collaboration with EV Group highlight the positive outlook for advanced packaging and the company's focus on industry partnerships [16].

ASMPT LIMITED （於開曼群島註冊成立之有限公司） （股份代號：0522） 董事名單與其角色及職能 ASMPT Limited 董事會成員載列 如下： 獨立非執行董事 樂錦壯 （主席） 張仰學 蕭潔雲 許明明 非執行董事 Hichem M'Saad Paulus Antonius Henricus Verhagen 執行董事 黃梓达 （行政總裁 ） Guenter Walter Lauber 審核委員會、薪酬委員會及提名委員會的成員載 列 如下： | | 董事 | 審核 | 薪酬 | 提名 | | --- | --- | --- | --- | --- | | | 委員會 | 委員會 | 委員會 | 委員會 | | 董事 | | | | | | 樂錦壯 | | M | C | | | 張仰學 | | | M | C | | 蕭潔雲 | | C | | | | 許明明 | | M | | M | | Hichem M'Saad | | | M | M | | Paulus Antonius Henricus Verhagen | | M | | | 附註： C 相關委員會主席 M 相關委員會成員 香港 ...

（於開曼群島註冊成立之有限公司） （股份代號：0522） 於二零二五年五月七日舉行的 二零二五年股東週年大會投票表決結果 、 委任獨立非執行董事 (A) 於二零二五年五月七日舉行的二零二五年股東週年大會投票表決結果 ASMPT Limited（「本公司」）於二零二五年五月七日舉行之二零二五年股東週 年大會（「股東週年大會」）上，列載於二零二五年四月一日之股東週年大會通 告內擬提呈的所有決議案獲本公司之股東（「股東」）以投票方式表決通過。除 Hichem M'Saad博士及Paulus Antonius Henricus Verhagen先生沒有出席股東週 年大會外，本公司全部董事均親身或透過視頻會議出席股東週年大會。 股東週年大會投票表決結果如下： 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。 ASMPT LIMITED 概無任何股東就股東週年大會上提呈的決議案投票須受任何限制。 本公司之香港股份過戶登記處卓佳證券登記有限公司於股東週年大會上擔任點 ...

Investment Rating - The report assigns a neutral investment rating to ASMPT (00522.HK) based on its performance and market outlook [2][49]. Core Insights - ASMPT's Q1 2025 performance met expectations with sales revenue of $402 million, a slight year-over-year decline of 0.5% and a quarter-over-quarter decrease of 8.2%. The gross margin was 40.9%, showing a quarter-over-quarter increase of 3.71 percentage points but a year-over-year decrease of 0.97 percentage points [3][8][9]. - The company reported a total new order amount of $431 million, reflecting a quarter-over-quarter increase of 2.9% and a year-over-year increase of 4.8%, driven primarily by the surface mount technology (SMT) segment [3][8]. - For Q2 2025, ASMPT expects sales revenue to be between $410 million and $470 million, with a median forecast indicating a year-over-year increase of 3.0% and a quarter-over-quarter increase of 9.6% [17][18]. Summary by Sections 1. Q1 2025 Company Performance - **Overall Performance**: Sales revenue for Q1 2025 was $402 million, aligning with previous forecasts. The gross margin was 40.9%, with a notable quarter-over-quarter improvement [3][8]. - **Segment Performance**: - **Semiconductor Solutions**: Generated $256 million in sales, a year-over-year increase of 44.7%, benefiting from AI developments and strong TCB equipment performance [11]. - **Surface Mount Technology**: Sales were $146 million, reflecting a year-over-year decline of 35.6%, impacted by weak demand in automotive and industrial markets [13]. 2. Company Future Outlook - ASMPT anticipates a stable growth trajectory for its mainstream business, despite uncertainties related to tariffs. The company remains confident in the demand for advanced packaging (AP) and TCB solutions, particularly in AI and high-performance computing applications [17][29]. 3. Q&A Session Highlights - The company expects Q2 orders to remain consistent with previous quarters, particularly in the advanced packaging sector, driven by ongoing demand in storage and logic fields [19][20]. - The impact of tariffs on operations has been minimal so far, with some customers reassessing their investment strategies due to the tariff environment [20][29].

Group 1 - The core viewpoint is that Daiwa Capital Markets has reduced the target price for ASMPT (00522.HK) to HKD 68 and has lowered its net profit forecast for the company [1] Group 2 - The adjustment in target price reflects a more cautious outlook on ASMPT's financial performance amid changing market conditions [1] - The revision in net profit estimates indicates potential challenges the company may face in maintaining profitability [1]

Financial Data and Key Metrics Changes - The group achieved revenue of US$401.5 million, meeting the midpoint of revenue guidance [3][7] - Group bookings totaled US$431.2 million, showing a 2.9% quarter-on-quarter growth and 4.8% year-on-year growth [7] - Group gross margin exceeded 40%, rebounding due to a better product mix [6][8] - Adjusted net profit was HKD83.2 million, up 1.6% quarter-on-quarter but down 53.1% year-on-year [9] Business Line Data and Key Metrics Changes - The semiconductor (semi) segment contributed approximately 64% of the group's revenue, with revenue of US$255.6 million, up 0.6% quarter-on-quarter and 44.7% year-on-year [9][10] - Semi bookings were US$222.9 million, down 19.5% quarter-on-quarter but up 11.4% year-on-year [10][11] - The surface mount technology (SMT) segment delivered revenue of US$145.9 million, a decline of 20.3% quarter-on-quarter and 35.6% year-on-year [12] - SMT bookings were US$208.4 million, up 46.5% quarter-on-quarter, driven by strong seasonal demand [12] Market Data and Key Metrics Changes - The mainstream business continued to be affected by soft demand from automotive and industrial end markets, with growth trajectory difficult to forecast [6][14] - The company noted stabilization in the automotive and industrial end markets, although they remained soft [12][14] Company Strategy and Development Direction - The focus for 2025 is on securing additional orders from both high volume manufacturing (HVM) and logic customers [5][14] - The company remains confident in the demand for advanced packaging (AP) and TCB solutions for AI and high-performance computing applications [14][105] - The global manufacturing footprint provides flexibility to navigate potential tariff impacts [14][105] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining AP revenue and expects mainstream business to improve due to seasonality and better-than-expected Q1 bookings [14] - The indirect impact of tariffs makes the growth trajectory difficult to forecast, but management remains optimistic about the overall market growth [14][26] Other Important Information - The company completed the delivery of the bulk of ECB orders to a leading memory maker, with further orders expected [4][5] - The strong progress in DCB solidifies the company's leadership in the market [5] Q&A Session Summary Question: Booking direction in the second quarter and advanced packaging booking momentum - Management remains confident that Q2 bookings will be within a similar range compared to the last few quarters, assuming no unexpected impacts from tariffs [21][22] Question: Impact of tariffs on SMT business and capacity expansion - Management noted that while there hasn't been significant direct impact on operations, some customers are evaluating their investment timing and location due to tariffs [26][27] Question: Magnitude of orders from the second HBM customer - Orders from the second HBM customer are smaller compared to the first but are considered meaningful, with two orders already received [42] Question: Progress on chip on wafer tools and customer decisions - Management indicated significant progress from qualification to pilot production, with expectations for orders in the second half of 2025 [50][52] Question: Confidence in follow-on orders from the leading HBM customer - Management is hopeful for follow-on orders and is actively engaging with multiple HBM players [62] Question: OpEx management and future profitability - Management emphasized a balance between protecting future R&D investments and maintaining sensible cost control measures [99][100]

Q1 2025 Results Presentation 30th April 2025 Disclaimer The information contained in this presentation is provided for informational purpose only and should not be relied upon for the purpose of making any investment or for any other purpose. Some of the information used in preparing this presentation was obtained from third parties or public sources. The information contained in this presentation has not been independently verified. No representation or warranty, expressed or implied, is made as to, and no ...