于收到裁决之前，本公司已就有关事件涉及的税项金额进行计提拨备、对印度丘钛的递延所得税资产进 行调整及计提额外拨备(合称为拨备及递延所得税资产调整)，截至2025年12月31日，涉及金额合计约为 人民币1.52亿元。尽管已经收到上述裁决，但考虑到裁决仍在上诉期内，本公司暂未获悉印度税务相关 当局已就裁决提起上诉及当前无法判断印度税务相关当局会或不会就裁决提出上诉，因此，截至本公告 之日，本公司暂未对拨备及递延所得税资产调整进行回拨或作进一步调整。 丘钛科技(01478)发布公告，于2026年1月20日，印度丘钛收到所得税上诉法庭日期为2026年1月20日的 裁决。根据该裁决，所得税上诉法庭裁定在整个税务调查过程中，有涉及的印度税务相关当局对印度丘 钛无管辖权，据此产生的一切后续程序(包括最终评估颁令)在法律上均属无效，予以撤销，印度丘钛无 需根据最终评估颁令缴纳所得税及利息。惟印度丘钛及印度税务相关当局可于裁决作出之日起90日内向 印度高等法院提出上诉。 ...

智通财经APP讯，丘钛科技(01478)发布公告，于2026年1月20日，印度丘钛收到所得税上诉法庭日期为 2026年1月20日的裁决。根据该裁决，所得税上诉法庭裁定在整个税务调查过程中，有涉及的印度税务 相关当局对印度丘钛无管辖权，据此产生的一切后续程序(包括最终评估颁令)在法律上均属无效，予以 撤销，印度丘钛无需根据最终评估颁令缴纳所得税及利息。惟印度丘钛及印度税务相关当局可于裁决作 出之日起90日内向印度高等法院提出上诉。 于收到裁决之前，本公司已就有关事件涉及的税项金额进行计提拨备、对印度丘钛的递延所得税资产进 行调整及计提额外拨备(合称为拨备及递延所得税资产调整)，截至2025年12月31日，涉及金额合计约为 人民币1.52亿元。尽管已经收到上述裁决，但考虑到裁决仍在上诉期内，本公司暂未获悉印度税务相关 当局已就裁决提起上诉及当前无法判断印度税务相关当局会或不会就裁决提出上诉，因此，截至本公告 之日，本公司暂未对拨备及递延所得税资产调整进行回拨或作进一步调整。 ...

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。 1 於收到裁決之前，本公司已就有關事件涉及的稅項金額進行計提撥備、對印 度丘鈦的遞延所得稅資產進行調整及計提額外撥備（合稱為「撥備及遞延所得 稅資產調整」），截至二零二五年十二月三十一日，涉及金額合計約為人民幣 152,146,000元（詳情請參閱該等公告之披露，惟相關金額由於印度盧比兌人民 幣之匯率變化而隨之變化）。儘管已經收到上述裁決，但考慮到裁決仍在上訴期 內，本公司暫未獲悉印度稅務相關當局已就裁決提起上訴及當前無法判斷印度 稅務相關當局會或不會就裁決提出上訴，因此，截至本公告之日，本公司暫未 對撥備及遞延所得稅資產調整進行回撥或作進一步調整。 有關撥備及遞延所得稅資產調整僅為董事基於本公司目前最新可得之資料的 初步評估得出，其並未經本公司之獨立核數師及╱或審核委員會審閱或審核， 而印度丘鈦稅務事件仍有可能會發生變化，因此，本公司暫未對撥備及遞延所 得稅資產調整進行回撥或作進一步調整。如有進一步重 ...

（文章来源：每日经济新闻） 每经AI快讯，港股苹果概念股集体走低。高伟电子(01415.HK)跌4.24%，报29.84港元；丘钛科技 (01478.HK)跌3.72%，报9.57港元；比亚迪电子(00285.HK)跌2.21%，报33.64港元。 ...

该行预期非手机业务将成为主要增长动力，2025至27财年收入年均复合增长率达48%，并于2026及27财 年分别贡献总收入40%及47%，对比2025财年为28%。该行认为目前该股估值吸引，重申"买入"评级； 基于更新目标市盈率，目标价由14.5港元降至13.18港元。 招银国际发表研报指，丘钛科技发盈喜，预计去年盈利按年增长400%至450%，胜该行及市场预期，主 要受非手机业务增长、摄像模块及指纹模块升级、印度业务处置收益，以及旗下新巨科技盈利转亏为盈 所推动。 ...

Group 1 - The core viewpoint of the article is that Zhaoyin International maintains a "buy" rating for Hillstone Technology (01478) while lowering the target price from HKD 14.5 to HKD 13.18 due to updated valuation metrics [1] - Hillstone Technology is expected to report a significant profit increase of 400% to 450% year-on-year, driven by growth in non-mobile business, upgrades in camera modules and fingerprint modules, gains from the disposal of its Indian business, and a turnaround in profitability for its subsidiary, New Giant Technology [1] - The non-mobile business is projected to be the main growth driver, with an average annual compound growth rate of 48% in revenue from fiscal years 2025 to 2027, contributing 40% and 47% to total revenue in fiscal years 2026 and 2027, respectively, compared to 28% in fiscal year 2025 [1]

Core Viewpoint - The company, Qiu Tai Technology, has issued a positive profit forecast, expecting a year-on-year growth of 400-450% in net profit attributable to shareholders for 2025, amounting to approximately 1.4-1.53 billion yuan, significantly exceeding market expectations [1]. Group 1: Key Drivers of Growth - The primary reason for the exceeding expectations is attributed to a one-time gain from the sale of 51.08% of its stake in India, completed in September [1]. - Excluding this impact, operational profit is also expected to show significant growth, driven by an increase in the proportion of high-end products in mobile camera modules (CCM) and fingerprint recognition modules (FPM), leading to higher average selling prices (ASP) and gross margins [1]. Group 2: Non-Mobile Product Performance - The non-mobile product shipment volume is expected to double year-on-year, with 25.59 million non-mobile CCM units projected for 2025, representing a 111% increase, and a 163% increase in the second half of 2025 [1]. - This growth is primarily driven by strong demand for handheld shooting devices, impressive sales from automotive clients in the second half, and the company's expansion into other IoT fields such as AI glasses and robotics [1]. Group 3: Mobile Product Performance - The mobile product shipment volume is projected to grow steadily, with 435 million mobile CCM units expected in 2025, a 3% year-on-year increase [2]. - Despite a decrease in the proportion of shipments over 32MP to 48% due to increased overseas client share, sales of high-end periscope and OIS modules are expected to grow significantly [2]. - For FPM, the overall shipment volume is expected to reach 203 million units in 2025, a 26% increase, with ultrasonic FPM shipments projected at 41.55 million units, reflecting a 389% year-on-year growth, effectively improving product added value [2]. Group 4: Profit Forecast and Valuation - Based on the profit forecast, the company has raised its net profit estimates for 2025 and 2026 by 109% and 12% to 1.469 billion and 952 million yuan respectively, with a projected revenue of 27.7 billion yuan and net profit of 1.21 billion yuan for 2027 [2]. - The current stock price corresponds to a P/E ratio of 11.5 times for 2026 and 8.9 times for 2027, maintaining an outperform rating with a target price of 14.97 HKD, indicating a potential upside of 46.5% from the current price [2].

格隆汇1月16日｜中金发表研究报告指，丘钛科技发盈喜，预测2025年纯利将按年增长4倍至4.5倍，达 到14亿至15.3亿元，大幅超出该行及市场预期。因应最新盈喜公告，中金将丘钛2025年及2026年纯利预 测分别上调109%及12%，至14.7亿元及9.52亿元，当中今年预测尚未计入处置收益。中金亦新增2027年 收入及纯利预测为277亿及12.1亿元，维持"跑赢行业"评级，目标价为14.97港元。 来源：格隆汇APP ...

Core Viewpoint - 招银国际 reaffirms "Buy" rating for丘钛科技 (01478) with a target price of HKD 13.18, reflecting a 17x FY26E P/E ratio, down from 19.5x FY25E P/E due to headwinds in the smartphone industry [1] Group 1: Company Performance -丘钛科技 expects a profit increase of 400-450% year-on-year for 2025, exceeding both the bank's and market expectations, driven mainly by growth in non-mobile businesses (handheld devices, automotive, XR) and upgrades in camera and fingerprint modules [1] - The company anticipates that non-mobile business will become the main growth driver, with FY26E/27E revenue expected to grow by 42%/30%, contributing 40%/47% to total revenue in FY26/27E [1] Group 2: Market Dynamics - Recent catalysts for丘钛科技 include orders from IoT clients, handheld devices, drones, and FY26E performance guidance [1] - The growth in non-mobile segments is driven by demand from IoT clients for drones and handheld devices, as well as specification upgrades [1]

Core Viewpoint - 招银国际 reaffirms a "Buy" rating for丘钛科技 (01478) with a target price of HKD 13.18, reflecting a 17x P/E for FY26E, down from 19.5x for FY25E, primarily due to headwinds in the smartphone industry [1] Group 1: Company Performance -丘钛科技 expects a profit increase of 400-450% year-on-year for 2025, exceeding both the firm's and market expectations, driven mainly by growth in non-mobile businesses (handheld devices, automotive, XR) and upgrades in camera and fingerprint modules [1] - The company anticipates that non-mobile business will become the main growth driver, with projected revenue growth of 42% and 30% for FY26E and FY27E respectively, supported by demand from IoT clients and specification upgrades [1] Group 2: Market Dynamics - The stock is currently trading at 13.2x and 10.5x P/E for FY26E and FY27E, respectively, which the firm considers attractive [1] - Recent catalysts include orders from IoT clients, handheld devices, drones, and guidance for FY26E performance [1]