Core Viewpoint - The company reported significant growth in revenue and net profit for 1H25, driven by increased production of iPhone camera modules and iPad camera share gains [1][2]. Group 1: Financial Performance - Revenue for 1H25 reached $1.36 billion, a substantial increase of 132% year-on-year, primarily due to low base effects and increased production of iPhone rear camera modules [1]. - Gross margin for 1H25 was 11.4%, remaining stable compared to the 11.5% gross margin in 2H24, indicating an improvement in pricing pressure [1]. - Net profit for 1H25 was $67 million, a year-on-year increase of 320%, resulting in a net profit margin of 5.0%, up from 2.7% in 1H24, reflecting a clear recovery in profitability [1]. Group 2: Competitive Positioning - The company has a significant advantage in profit margins compared to competitors, particularly LG Innotech, whose gross margins have been declining, with figures of approximately 7.9%, 7.2%, and 5.0% for 2023, 2024, and 1H25 respectively [2]. - In contrast, the company reported gross margins of 13.8%, 11.7%, and 11.4% for the same periods, highlighting superior product yield management and cost optimization capabilities [2]. Group 3: Future Outlook - In 2H25, the company is expected to benefit from the sales peak of iPhone products, with anticipated upgrades in camera technology for the iPhone 17 Pro series, including an increase in the telephoto camera resolution from 12MP to 48MP [3]. - The company is also expected to enhance its market share in the rear ultra-wide and telephoto camera segments due to its leading yield and automation capabilities [3]. - Looking towards 2026 and beyond, the company plans to enter the foldable iPhone camera module market and aims to become a core supplier for various wearable devices for Apple [4]. - The company is also exploring opportunities in the robotics and smart driving sectors, leveraging its optical packaging technology [4]. Group 4: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 to $190 million, $230 million, and $340 million, reflecting a downward revision of 6%, 12%, and 9% respectively, due to increased R&D investments [4]. - Despite the adjustments, the company maintains a positive outlook on its market share growth in the CCM sector and the expansion into diverse product categories, sustaining a "buy" rating [4].

Core Viewpoint - The company reported a significant increase in revenue and net profit for 1H25, exceeding both internal and market expectations, driven by new product introductions and market share gains [1] Revenue Performance - 1H25 revenue grew by 132% year-on-year to $1.36 billion, while net profit attributable to shareholders increased by 320% to $67 million, slightly surpassing expectations [1] - The revenue growth is attributed to the company's entry into the supply chain for ultra-wide-angle and periscope camera modules for major clients starting in 2H24, alongside a strong performance in front camera supplies [1] Profitability Analysis - The gross margin for 1H25 decreased by 0.8 percentage points to 11.4%, while the operating expense ratio increased by 4.8 percentage points to 5.2% due to scale effects, leading to a net profit margin increase of 2.2 percentage points to 5.0% [1] - The income tax expense for 1H25 was $17.61 million, with $10 million attributed to withholding tax on dividend income from regions outside Hong Kong, indicating strong operational performance when excluding this factor [1] Development Trends - The company is expected to benefit from the steady growth of mobile rear cameras and product upgrades in 2H25, with potential for further market share gains in ultra-wide-angle and periscope modules [1] - Future growth is anticipated from three trends: upgrades in periscope long-focus specifications, expansion of ultra-wide-angle supplies to standard models, and further market share increases in high-end models [1] Optical Innovation - The trend of optical innovation across multiple devices is becoming clearer, with AI enabling advancements in optical technology, particularly in headphones, glasses, and mixed reality products [2] - The company is well-positioned to benefit from these innovations due to its strong manufacturing and production management capabilities, which have historically led to successful product introductions and market share gains [2] Profit Forecast and Valuation - The company maintains profit forecasts of $203 million and $244 million for 2025 and 2026, respectively, with current stock prices reflecting a P/E ratio of 17.5x for 2025 and 14.5x for 2026 [2] - The target price is set at HKD 36.6, corresponding to a P/E of 20.2x and 16.7x for 2025 and 2026, indicating a potential upside of 15% from current stock prices [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding market benchmarks by more than 15% over the next 6-12 months [5]. Core Insights - The company reported a significant revenue increase of 132% year-on-year for 1H25, reaching $1.36 billion, driven by the production of iPhone camera modules and increased market share in iPad rear cameras [1]. - The gross margin for 1H25 was 11.4%, remaining stable compared to the 11.5% in the peak season of 2H24, suggesting an improvement in pricing pressure [1]. - Net profit for 1H25 surged by 320% year-on-year to $67 million, with a net profit margin of 5.0%, up from 2.7% in 1H24, indicating a clear recovery in profitability [1]. Summary by Sections Financial Performance - Revenue for 1H25 was $1.36 billion, a 132% increase year-on-year, attributed to low base effects and increased production of iPhone camera modules [1]. - The gross margin for 1H25 was 11.4%, consistent with the previous peak season, reflecting improved pricing conditions [1]. - The company’s net profit reached $67 million in 1H25, marking a 320% increase year-on-year, with a net profit margin improvement of 2.3 percentage points [1]. Competitive Positioning - The company has a significant advantage in profit margins compared to competitors like LG Innotech, whose margins have been declining, with 1H25 margins at 5.0% compared to the company's 11.4% [2]. - This margin advantage positions the company favorably for future order acquisitions, as it can maintain competitive pricing without resorting to drastic price cuts [2]. Future Outlook - The company is expected to benefit from the upcoming iPhone product launches in 2H25, with anticipated upgrades in camera specifications that could enhance average selling prices (ASP) [3]. - Long-term growth prospects include entering the foldable iPhone camera module market by 2026 and expanding into wearable technology and robotics, leveraging existing relationships with major clients like Apple [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards to $190 million, $226 million, and $343 million respectively, reflecting increased R&D investments [5]. - Despite the downward adjustments, the company is expected to continue gaining market share in the CCM sector and diversify its product offerings, supporting a positive long-term growth outlook [5].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue and net profit exceeding market expectations, driven by the growth of its rear camera business [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of $1.36 billion, representing a year-on-year increase of 132.2% [1]. - The net profit attributable to shareholders was $67.4 million, up 320.21% year-on-year [1]. - The gross margin stood at 11.47%, a decrease of 0.82 percentage points year-on-year, while the net margin was 4.93%, an increase of 2.20 percentage points year-on-year [1]. Business Growth Drivers - The significant revenue growth was attributed to the rear camera business entering a ramp-up phase, with the company capturing over 30% market share in new iPhone ultra-wide and periscope lenses [1]. - The company’s competitive advantages in yield, cost, and efficiency have allowed it to further increase its market share [1]. - The company is expected to continue benefiting from optical upgrades in Apple products, including iPhones, wearables, and smart home devices, driving future growth [2]. Future Outlook - The company anticipates strong support for its performance in the second half of 2025 from new product launches, including the iPhone 17, which will feature periscope upgrades and ultra-wide lenses [2]. - Profitability is expected to improve further as production rates increase in the second half of the year [2]. - The company is actively engaging in new business areas such as AR/VR and robotics, which are expected to provide long-term growth opportunities [2]. Market Position - The company is projected to achieve revenues of $3.815 billion, $5.009 billion, and $7.038 billion in 2025, 2026, and 2027, respectively, with net profits revised to $200 million, $270 million, and $365 million for the same years [2]. - The current market valuation corresponds to price-to-earnings ratios of 17.6, 13.0, and 9.6 for 2025, 2026, and 2027, indicating that the company is undervalued compared to comparable peers in the Hong Kong and A-share markets [2].

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company's net profit for H1 2025 exceeded expectations, with a significant year-on-year growth of 320%, reaching 0.67 billion USD [5] - The revenue for H1 2025 was 1.36 billion USD, representing a year-on-year increase of 132%, slightly above expectations [5] - The company is expected to benefit from the increasing market share among overseas major clients, with projected net profits for 2025, 2026, and 2027 revised upwards to 1.81 billion USD, 2.39 billion USD, and 3.09 billion USD respectively, indicating growth rates of 52.4%, 32.0%, and 29.1% [4][5] Financial Summary and Valuation Metrics - Revenue projections for 2025, 2026, and 2027 are 3.188 billion USD, 4.018 billion USD, and 5.281 billion USD, with year-on-year growth rates of 27.8%, 26.0%, and 31.5% respectively [7] - The company's gross margin is projected to be 11.5% in 2025, slightly declining to 10.9% by 2027 [7] - The price-to-earnings (P/E) ratio is expected to decrease from 20.0 in 2025 to 11.8 by 2027, indicating a more attractive valuation over time [7]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2]. Core Views - The company reported a revenue of 1.36 billion USD for H1 2025, representing a year-on-year increase of 132.2%, and a net profit of 67.4 million USD, up 320.21% year-on-year, exceeding market expectations [1][5]. - The growth in revenue is primarily driven by the ramp-up of rear camera business, with the company capturing over 30% market share in new iPhone models [5]. - Future growth is anticipated from new optical innovations in Apple products, including the iPhone 17, which is expected to further enhance the company's market share and revenue [5]. - The company is also actively expanding into AR/VR and robotics, which opens up long-term growth opportunities [5]. Financial Data and Valuation - The projected total revenue for the company is expected to grow from 3.815 billion USD in 2025 to 7.038 billion USD by 2027, with corresponding net profits increasing from 200 million USD to 365 million USD [1][5]. - The company's PE ratio is projected to decrease from 17.6 in 2025 to 9.6 in 2027, indicating a potential undervaluation compared to peers in the Hong Kong and A-share markets [5][16]. - The company’s return on equity (ROE) is expected to rise from 23.0% in 2024 to 30.6% by 2027, reflecting improved profitability [16]. Performance Metrics - The company achieved a gross margin of 11.47% in H1 2025, with a net margin of 4.93%, showing stable profitability despite seasonal fluctuations [5]. - The asset-liability ratio is projected to increase from 63.7% in 2024 to 67.5% in 2025, indicating a rising leverage position [16]. - The company’s cash flow from operating activities is expected to improve significantly, reaching 179 million USD in 2025 [13].

Performance Summary - China Petroleum & Chemical Corporation (00386.HK) reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou Technology (01024.HK) achieved a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, with a net profit of 8.9 billion yuan, up 9.9% year-on-year [2] - China National Pharmaceutical Group (01099.HK) recorded a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 295 million yuan, an increase of 1.02% year-on-year [2] - Miniso Group (09896.HK) reported a revenue of 9.393 billion yuan, a growth of 21.1% year-on-year, but a net profit of 906 million yuan, down 22.6% year-on-year [2] - Tuhu (09690.HK) had a revenue of 7.9 billion yuan, an increase of 10.5% year-on-year, with an adjusted net profit of 410 million yuan, up 14.6% year-on-year, and the number of stores increased to 7,205 [2] - Bilibili Inc. (09626.HK) reported a second-quarter revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 219 million yuan, turning from a loss of 609 million yuan in the same period last year [2] - Zaitong (00062.HK) achieved a revenue of 4.226 billion HKD, an increase of 3.98% year-on-year, and a net profit of 190 million HKD, up 57.94% year-on-year [2] - Xincheng Power (01148.HK) reported a revenue of 2.804 billion yuan, an increase of 7.06% year-on-year, but a net profit of 16.49 million yuan, down 25.49% year-on-year [2] - Fourth Paradigm (06682.HK) achieved a revenue of 2.626 billion yuan, an increase of 40.71% year-on-year, with an adjusted net loss of 44 million yuan, narrowing by approximately 71.2% from a loss of 152 million yuan in the same period last year [2] - Meilian Group (01200.HK) reported a revenue of 2.518 billion HKD, a decrease of 24.1% year-on-year, and a net profit of 151 million HKD, down 13% year-on-year [2] - Baisheng Group (03368.HK) achieved a revenue of 1.963 billion yuan, an increase of 0.93% year-on-year, and a net profit of 22.468 million yuan, turning from a loss of 18.641 million yuan in the same period last year [2] - Yuexiu Services (06626.HK) reported a revenue of approximately 1.962 billion yuan, a slight increase of 0.09% year-on-year, with a net profit of approximately 240 million yuan [2] - Yika (09923.HK) achieved a revenue of 1.64 billion yuan, an increase of 4% year-on-year, and a net profit of 43.075 million yuan, up 36.2% year-on-year [2] - Gaoweidianzi (01415.HK) reported a revenue of 1.36 billion USD, an increase of 132.2% year-on-year, with a net profit of 67.398 million USD, up approximately 320% year-on-year [2] - BOC Aviation (02588.HK) achieved a revenue of 1.242 billion USD, an increase of 6% year-on-year, but a net profit of 342 million USD, down 26% year-on-year [2] - Jiuxing Holdings (01836.HK) reported a revenue of 775 million USD, an increase of 0.7% year-on-year, but a net profit of 78.633 million USD, down 14.5% year-on-year [2] - Sinopec Kantons Holdings (00934.HK) reported a revenue of approximately 307 million HKD, a decrease of 7.2% year-on-year, and a net profit of approximately 563 million HKD, down 17.8% year-on-year [2] - Great Wall Holdings (00583.HK) issued a profit warning, expecting a mid-term net loss of 266 million to 294 million HKD, a significant shift from profit to loss [2] Company News - Shengye (06069.HK) has initiated a global strategic layout to build an AI + international supply chain technology platform [2] - Yuan Zheng Technology (02488.HK) plans to develop a strategic layout for equipment assetization and related RWA applications [2] - Oconview Biosciences (01477.HK) announced that the second Phase III clinical trial of OT-301 has reached its primary endpoint [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 928,000 shares at a cost of 551 million HKD, with a buyback price ranging from 590 to 597 HKD [2] - HSBC Holdings (00005.HK) repurchased approximately 1.33 million shares at a cost of about 132 million HKD, with a buyback price ranging from 98.6 to 99.55 HKD [2] - Techtronic Industries (00669.HK) repurchased approximately 25,000 shares at a cost of about 25.085 million HKD, with a buyback price ranging from 99.5 to 101.6 HKD [2] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 22.4935 million HKD, with a buyback price ranging from 111.8 to 112.8 HKD [2]

高偉電子控股有限公司 Cowell e Holdings Inc. （「本公司」） （於開曼群島註冊成立的有限公司） （股份代號：1415） 提名委員會職權範圍 （董事會於2025年8月21日採納） 1 組成 5 職責 本公司董事會（「董事會」）於2015年2月4日組成並成立提名委員會（「提名委 員會」），提名委員會的職權範圍包括但不限於權限、責任及具體職責，概 述如下。 2 成員 3 秘書 3.1 本公司的公司秘書或其代名人應為提名委員會的秘書。 – 1 – 2.1 提名委員會成員須由董事會委任，並應由至少三(3)名成員組成，而當 中大多數成員須為本公司獨立非執行董事。提名委員會須有至少一 名不同性別的董事。 2.2 提名委員會須由董事會主席或本公司獨立非執行董事擔任主席（「主 席」）。 2.3 提名委員會會議的法定人數須為兩(2)名成員，其中一(1)名須為本公司 獨立非執行董事。提名委員會會議按正當程序召開，而出席人數達法 定數目的會議即具有足夠能力行使提名委員會所獲賦予或可行使的 全部或任何授權、權力及酌情權。成員須親身或透過（包括但不限於） 電話或視像會議等電子通訊方式出席會議。 4 職權 – 2 – ...

高偉電子控股有限公司 Cowell e Holdings Inc. （股份代號：1415） （「本公司」） （於開曼群島註冊成立的有限公司） 審核委員會職權範圍 （董事會於2015年2月4日採納，並於2019年1月24日、 2022年12月29日及2025年8月21日修訂） 與本公司核數師的關係 5.1 主要負責就外聘核數師的委聘、重新委聘及罷免向董事會作出推薦 建議、批准外聘核數師的酬金及委聘條款，及處理任何有關該外聘核 數師辭任或解僱該核數師的問題； – 2 – 1 組成 本公司董事會（「董事會」）於2015年2月4日組成並成立審核委員會（「審核委 員會」），審核委員會的職權範圍包括但不限於權限、責任及具體職責，概 述如下。 – 1 – 2 成員 2.1 審核委員會成員須由董事會委任，並應由至少三(3)名成員（均須為本 公司非執行董事）組成。 2.2 審核委員會大多數成員須為獨立非執行董事，且當中至少一(1)名須 按照香港聯合交易所有限公司證券上市規則（「上市規則」）第3.10(2)條 規定具備適當的專業資格或具備適當的會計或相關的財務管理專長。 2.3 審核委員會須由本公司獨立非執行董事擔任主席（「主席 ...