PC PARTNER GROUP LIMITED 栢能集團有限公司* (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (SGX-ST Stock Code 新加坡交易所股票代碼: PCT) (HKEX Stock Code 港交所股份代號: 1263) N O T I F I C AT I O N L E T T E R 通 知 信 函 各位非登記股東( 附註 )： 栢能集團有限公司*（「本公司」） – 2025 中期報告（「本次公司通訊文件」）之發布通知 本公司的本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「 香港交易所」）網站 （www.hkexnews.hk）及本公司網站（www.pcpartner.com），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於 本公司網址上的本次公司通訊文件出現困難， 閣下可將要求（註明 閣下的姓名、地址及要求）以電郵方式發 送到本公司之電郵地址 pcpartner.ecom@computershare.com.hk 或以書面方式郵寄致本公司的 ...

PC PARTNER GROUP LIMITED 栢能集團有限公司* (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (SGX-ST Stock Code 新加坡交易所股票代碼: PCT) (HKEX Stock Code 港交所股份代號: 1263) N O T I F I C AT I O N L E T T E R 通 知 信 函 各位登記股東： 栢能集團有限公司*（「本公司」） – 2025 中期報告（「本次公司通訊文件」）之發布通知 本公司的本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「 香港交易所」）網站 （www.hkexnews.hk）及本公司網站（www.pcpartner.com），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於 本公司網址上的本次公司通訊文件出現困難， 閣下可將要求（註明 閣下的姓名、地址及要求）以電郵方式發 送到本公司之電郵地址 pcpartner.ecom@computershare.com.hk 或以書面方式郵寄致本公司的香港股份過戶登 ...

[Company Profile](index=3&type=section&id=Company%20Profile) PC Partner is a leading manufacturer of computer electronic products, specializing in graphics cards, motherboards, and mini PCs, while also providing EMS to global brands [Company Profile](index=3&type=section&id=Company%20Profile) PC Partner is a leading manufacturer of computer electronic products, specializing in graphics cards, motherboards, and mini PCs, while also providing EMS to global brands - PC Partner is a leading manufacturer of computer electronic products, with core products including **graphics cards, motherboards, and mini PCs**[7](index=7&type=chunk) - The company also provides **one-stop Electronic Manufacturing Services (EMS)** for globally renowned brands[7](index=7&type=chunk) - Leveraging excellent R&D capabilities and advanced production facilities, the company continuously launches innovative products to maintain its industry-leading position[7](index=7&type=chunk) [Company Information](index=4&type=section&id=Company%20Information) This section outlines key corporate governance and operational information, including board members, committee compositions, company secretary, auditors, legal advisors, registered office, and principal bankers [Company Information](index=4&type=section&id=Company%20Information) This section outlines key corporate governance and operational information, including board members, committee compositions, company secretary, auditors, legal advisors, registered office, and principal bankers - The Board of Directors comprises executive directors (including Chairman and CEO Mr. Wang Xihao), non-executive directors, and independent non-executive directors[8](index=8&type=chunk) - The company has established an Audit Committee, Executive Committee, Remuneration Committee, and Nomination Committee to ensure a robust corporate governance structure[8](index=8&type=chunk) - The company's headquarters are in Singapore, with principal places of business in Hong Kong, and share registrars located in both Singapore and Hong Kong[10](index=10&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, financial results, future outlook, and potential risks and uncertainties [Business Review](index=6&type=section&id=Business%20Review) The Group manufactures and promotes proprietary graphics card brands and provides ODM/OEM services, expanding into Southeast Asia with new facilities and a Singapore listing, driven by strong demand from PC gaming and AI - The Group manufactures ODM/OEM graphics cards and promotes its proprietary brands ZOTAC, Inno3D, and Manli graphics cards and other products[12](index=12&type=chunk) - The company strategically relocated its headquarters to Singapore and obtained a secondary listing on the Singapore Exchange, while establishing new manufacturing facilities in Batam, Indonesia, to expand into the Southeast Asian market[14](index=14&type=chunk) - The graphics card industry is driven by technological advancements in PC gaming, e-sports, streaming, and AI acceleration, leading to sustained demand growth[13](index=13&type=chunk) [Business Performance](index=7&type=section&id=Business%20Performance) The Group's revenue increased by 28.5% year-on-year to HKD 6,355.3 million in the first half of FY2025, primarily driven by increased graphics card sales, especially strong performance in branded business 2025 First Half Fiscal Year Business Performance | Indicator | 2025 First Half Fiscal Year (Million HKD) | 2024 First Half Fiscal Year (Million HKD) | Change (Million HKD) | Growth (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 6,355.3 | 4,944.2 | 1,411.1 | 28.5% | | Graphics Card Sales | 5,770.3 | 4,088.7 | 1,681.6 | 41.1% | | Branded Business Sales | 4,961.0 | 3,094.3 | 1,866.7 | 60.3% | - Strong demand for RTX 50 series graphics cards, coupled with the company's successful acquisition of the latest top-tier RTX 5090 GPU after relocating its headquarters and secondary listing, drove a robust rebound in proprietary branded graphics card sales[15](index=15&type=chunk) [Business Compliance](index=7&type=section&id=Business%20Compliance) The Group's operating entities consistently comply with relevant laws and regulations and fulfill social responsibilities under ISO and RBA standards - The Group's operating entities consistently comply with laws and regulations and fulfill social responsibilities under ISO9001, ISO14001, ISO45001, QC080000, ISO13485, and RBA codes[16](index=16&type=chunk) [Financial Overview](index=8&type=section&id=Financial%20Overview) The Group's revenue increased by 28.5% to HKD 6,355.3 million in the first half of FY2025, with profit attributable to owners growing by 29.0% to HKD 250.4 million, while gross margin slightly decreased to 10.5% 2025 First Half Fiscal Year Key Financial Data | Indicator | 2025 First Half Fiscal Year (Million HKD) | 2024 First Half Fiscal Year (Million HKD) | Change (Million HKD) | Growth (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 6,355.3 | 4,944.2 | 1,411.1 | 28.5% | | Gross Profit | 669.5 | 558.4 | 111.1 | 19.9% | | Gross Margin | 10.5% | 11.3% | -0.8% | - | | Profit Before Income Tax | 305.3 | 228.5 | 76.8 | 33.6% | | Profit for the Period Attributable to Owners of the Company | 250.4 | 194.1 | 56.3 | 29.0% | | Net Profit Margin | 3.9% | 3.9% | 0.0% | - | | Earnings Per Share (HKD) | 0.645 | 0.500 | 0.145 | 29.0% | | Net Asset Value Per Share (HKD) | 7.899 | 7.379 | 0.520 | 7.1% | 2025 First Half Fiscal Year Revenue Composition | Revenue Source | Proportion | | :--- | :--- | | Graphics Cards | 90.8% | | Other PC-related Products and Components | 4.6% | | EMS | 4.6% | | Region | Proportion | | :--- | :--- | | Asia Pacific | 40.1% | | China | 21.6% | | NALA | 13.2% | | EMEAI | 25.1% | [Outlook](index=10&type=section&id=Outlook) The company anticipates strong demand for RTX 50 series graphics cards, but global semiconductor chip capacity is constrained by AI chip demand, with plans to delist from HKEX after Singapore Exchange approval for primary listing - Demand for NVIDIA RTX 50 series graphics cards (based on Blackwell architecture) is expected to remain strong in the second half of FY2025 due to higher gaming performance and AI integration capabilities[24](index=24&type=chunk) - The graphics card business faces constrained global semiconductor chip supply due to intense competition for capacity from the immense demand for AI chips[24](index=24&type=chunk) - The company has become a member of the NVIDIA Partner Network and received approval for primary listing on the Singapore Exchange, with plans to delist from the Hong Kong Stock Exchange within the current fiscal year[24](index=24&type=chunk) [Potential Risks and Uncertainties](index=10&type=section&id=Potential%20Risks%20and%20Uncertainties) The Group faces multiple risks, including high reliance on NVIDIA, intense industry competition, loss of key personnel, manufacturing disruptions, material cost volatility, revenue concentration in graphics cards, trade tariffs, and global economic uncertainty [Concentration Risk on NVIDIA as Primary GPU Supplier](index=10&type=section&id=Concentration%20Risk%20on%20NVIDIA%20as%20Primary%20GPU%20Supplier) The Group's high reliance on NVIDIA for GPUs, accounting for approximately 68.5% of total procurement, poses significant business and financial risks from any supply disruptions or NVIDIA's shift to AI applications - NVIDIA is the Group's largest GPU supplier, with procurement accounting for approximately **68.5% of total procurement**, posing a high concentration risk[25](index=25&type=chunk) - NVIDIA's shift in business focus towards AI applications may lead to prioritization of AI-related products, affecting the Group's access to gaming GPU supplies[26](index=26&type=chunk) - Any disruption in the relationship with NVIDIA or supply interruptions could have a material adverse effect on the Group's business, financial condition, and prospects[26](index=26&type=chunk)[27](index=27&type=chunk) [Intense Industry Competition and Risk of Market Share Loss](index=11&type=section&id=Intense%20Industry%20Competition%20and%20Risk%20of%20Market%20Share%20Loss) The computer electronics manufacturing industry is highly competitive with short product lifecycles, and failure to adapt to market dynamics or new technologies may lead to market share and revenue loss - The Group operates in a highly competitive industry with continuously shortening product lifecycles, and failure to adapt to market dynamics or emerging technologies may result in falling behind competitors[27](index=27&type=chunk) - Major competitors may possess greater financial resources, raw material supply advantages, economies of scale, and brand recognition, leading to risks of declining profit margins or lost sales for the Group[28](index=28&type=chunk) [Reliance on Executive Directors and Key Management Personnel](index=11&type=section&id=Reliance%20on%20Executive%20Directors%20and%20Key%20Management%20Personnel) The Group's performance is highly dependent on the continued service of its executive directors, senior management, and sales representatives, and their departure without suitable replacements could severely impair operations - The Group's performance depends on the continued service and performance of its executive directors, senior management, and sales representatives[29](index=29&type=chunk) - The departure of any key management personnel without suitable replacements could have a material adverse effect on the Group's business, financial condition, and prospects[29](index=29&type=chunk)

Group 1 - The core point of the article highlights that on September 11, shareholders of Power Assets Holdings (01263) transferred shares from GF Securities Hong Kong to UOB Kay Hian (Hong Kong), with a market value of HKD 242 million, accounting for 9.58% of the total shares [1] - Power Assets Holdings reported a revenue of HKD 6.355 billion for the six months ending June 30, 2025, representing a year-on-year growth of 28.5% [1] - The company’s attributable profit to shareholders was HKD 250.4 million, reflecting a year-on-year increase of 29.0% [1] Group 2 - The basic earnings per share for Power Assets Holdings stood at HKD 0.645, with an interim dividend proposed at HKD 0.25 per share [1]

® PC PARTNER GROUP LIMITED 栢能集團有限公司 * （於開曼群島註冊成立之有限公司） （港交所股份代號：1263） （新加坡交易所股票代碼：PCT） 董事名單及其角色和功能 以下載列栢能集團有限公司的董事會（「董事會」）成員： 執行董事 王錫豪先生 （主席兼行政總裁） 王芳柏先生 （副執行總裁） 梁華根先生 （營運總監） 何乃立先生 文偉洪先生 陳艷女士 蔡思勄先生 吳成偉先生 江治強先生 關秀英女士 LOW Teck Seng教授 張俊偉先生 * 僅供識別 – 1 – 下表提供董事會成員在委員會中之職務。 | | 董事委員會 | | | | | --- | --- | --- | --- | --- | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | 執行委員會 | | 王錫豪先生 | — | — | — | C | | 王芳柏先生 | — | — | — | M | | 梁華根先生 | — | — | — | M | | 何乃立先生 | — | — | — | M | | 文偉洪先生 | — | — | — | M | | 陳艷女士 | — | C | M | — | ...

Group 1 - The top three companies with the highest short positions as of August 29 are ZTE Corporation (00763) at 16.47%, COSCO Shipping Holdings (01919) at 13.94%, and CATL (03750) at 13.88% [1][2] - The company with the largest increase in short positions is Ganfeng Lithium (01772), which rose by 2.85% to 12.46% [2][3] - The companies with the largest decrease in short positions include Hisense Home Appliances (00921), which decreased by 3.57% to 4.72%, and WuXi AppTec (02359), which decreased by 2.44% to 11.64% [3][4] Group 2 - The latest short position data shows that the top ten companies with the highest short ratios include China Ping An (02318) at 12.58% and Zijin Mining (02899) at 11.91% [2] - The companies with the most significant increases in short positions also include Huahong Semiconductor (01347) with an increase of 2.56% to 9.73% and Meitu (01357) with an increase of 1.80% to 4.85% [2] - The companies with the most significant decreases in short positions also include Weimob (02013) with a decrease of 1.66% to 9.40% and Linklogis Technology (09959) with a decrease of 1.43% to 2.76% [3][4]

| | | 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 致：香港交易及結算所有限公司 公司名稱: 栢能集團有限公司 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) | 01263 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 FF301 第 1 頁 共 10 ...

Core Viewpoint - The company experienced a significant decline in stock price despite reporting strong interim financial results, indicating potential market concerns or reactions to the news [1] Financial Performance - The company's revenue for the first half of the year was HKD 6.355 billion, representing a year-on-year increase of 28.5% [1] - The profit attributable to the company's owners was HKD 250.4 million, reflecting a year-on-year growth of 29.0% [1] - Basic earnings per share were HKD 0.645 [1] - The company proposed an interim dividend of HKD 0.25 per share [1] Business Operations - The revenue growth was primarily driven by increased sales of image display cards, particularly in the company's own brand business [1] Market Developments - The company announced its application to convert its secondary listing status on the Singapore Exchange to a primary listing status, which was conditionally approved on August 8 [1] - The conversion is set to take effect on August 20, allowing the company to have dual primary listing status on both the Hong Kong Stock Exchange and the Singapore Exchange [1]

Group 1 - The core viewpoint of the article highlights that 柏能集团 (Pangang Group) experienced a significant decline in stock price, dropping over 8% following the release of its interim results [1] - The company reported a revenue of 6.355 billion HKD for the first half of the year, representing a year-on-year increase of 28.5% [1] - The profit attributable to the company's owners was 250.4 million HKD, reflecting a year-on-year growth of 29.0% [1] - The basic earnings per share were reported at 0.645 HKD, and the company proposed an interim dividend of 0.25 HKD per share [1] Group 2 - The revenue growth was primarily driven by increased sales of image display cards, particularly in the company's own brand business [1] - The company announced its intention to convert its secondary listing status on the Singapore Exchange to a primary listing status, which was conditionally approved on August 8 [1] - The conversion is set to take effect on August 20, allowing the company to have dual primary listing status on both the Hong Kong Stock Exchange and the Singapore Exchange [1]

Core Insights - The company reported a revenue of HKD 6.355 billion for the six months ending June 30, 2025, representing a year-on-year growth of 28.5% [2] - The profit attributable to the company's owners was HKD 250.4 million, reflecting a year-on-year increase of 29.0% [2] - Basic earnings per share were HKD 0.645, and the company proposed an interim dividend of HKD 0.25 per share [2] Revenue Growth - The revenue increase was primarily driven by the sales growth of graphics display cards, particularly in the proprietary brand business [2]