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: 2026年2月28日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 丘鈦科技（集團）有限公司 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | | --- | --- | | 已符合適用的公眾持股量要求（見下方） | ✔ | | 未符合適用的公眾持股量要求（見下方） | | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17.37B條或第25.21B條（視情況而定）所載的有關股份類別的最低公眾持股量要求為： | | | 適用的公眾持股量門檻 初始指定門檻 - 上市股份所屬類別的已發行股份總數(不包括庫存股份)的25% | | | 額外信息 | | 呈交日期: 2026年3月24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 ...

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: 2026年1月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 丘鈦科技（集團）有限公司 呈交日期: 2026年3月24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) | 01478 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | ...

Investment Rating - The report maintains an "Outperform" rating for Q Technology (01478) [1] Core Insights - Q Technology is expected to achieve a 435% year-on-year increase in net profit for 2025, which is at the high end of the profit forecast [1] - Adjusted net profit, excluding disposal gains, is projected to grow by 144% to 682 million RMB [1] - The shipment volume and revenue from non-mobile camera modules for 2025 are both expected to exceed company guidance, with strong growth anticipated to continue into 2026 [1] - Despite facing adverse industry factors, the company expects mobile camera module shipments to increase by over 5% year-on-year [1] Summary by Relevant Sections - **Profit Forecast**: Q Technology's net profit is forecasted to grow significantly, with a 435% increase expected for 2025, aligning with the upper range of profit predictions [1] - **Adjusted Profit**: The adjusted net profit, after excluding one-time gains, is anticipated to reach 682 million RMB, reflecting a substantial 144% growth year-on-year [1] - **Product Performance**: The company is projecting higher-than-guided shipment volumes and revenues for non-mobile camera modules, indicating robust performance and growth potential into 2026 [1] - **Market Outlook**: The company remains optimistic about the mobile camera module market, forecasting a shipment increase of over 5% despite industry challenges [1]

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。 Q TECHNOLOGY (GROUP) COMPANY LIMITED （股份代號：1478） 丘鈦科技(集團)有限公 司 （於開曼群島註冊成立的有限公司） 變更香港主要營業地點之地址 丘鈦科技（集團）有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣 佈，自二零二六年三月二十日起，本公司香港主要營業地點之地址將變更為 香港新界沙田安心街11號華順廣場17樓07室。本公司之傳真號碼將變更為 +852 2151 6083，而電話號碼將維持不變(+852 2151 6082)。 承董事會命 丘鈦科技（集團）有限公司 主席兼執行董事 何寧寧 香港，二零二六年三月十九日 於本公告日期，執行董事為何寧寧先生（主席）、胡三木先生（行政總裁）及范富強先生，獨立 非執行董事為初家祥先生、付曉敏先生及許曉澄女士。 ...

Group 1: Beike-W Real Estate Services - Beike-W reported a net income of RMB 94.6 billion (USD 13.5 billion) for 2025, a year-on-year increase of 1.2% [3] - The net profit for 2025 was RMB 2.991 billion (USD 428 million), a decrease of 26.7% year-on-year, while the adjusted net profit was RMB 5.017 billion (USD 717 million), down 30.4% year-on-year [3] - Total transaction volume for 2025 was RMB 31,833 billion (USD 4,552 billion), a decrease of 5.0% year-on-year, with existing home transactions down 4.2% and new home transactions down 8.2% [4] - The number of stores increased by 18.5% year-on-year to 61,139, and the number of active agents grew by 4.6% to 523,009 [4] - The efficiency of existing home and new home businesses improved, with existing home business revenue decreasing by 11.3% to RMB 25 billion (USD 3.6 billion) [5] - New home business revenue decreased by 9.1% to RMB 30.6 billion (USD 4.4 billion), but profit margin increased to 25.0% [5] - Home decoration and rental services saw revenue growth, with home decoration revenue increasing by 4.4% to RMB 15.4 billion (USD 2.2 billion) and rental services revenue growing by 52.8% to RMB 21.9 billion (USD 3.1 billion) [6] - Operating expenses decreased by 5.6% to RMB 18.1 billion (USD 2.6 billion), but operating profit margin fell from 4.0% to 2.2% due to declining gross margins [7] - The company is expected to achieve revenues of RMB 87.62 billion, RMB 89.46 billion, and RMB 93.50 billion for 2026-2028, with corresponding net profits of RMB 4.83 billion, RMB 5.56 billion, and RMB 6.26 billion [8] Group 2: Coal Industry Dynamics - In January-February 2026, coal production decreased by 0.3% year-on-year, with a total output of 760 million tons [9] - The average daily coal production was 12.93 million tons, a decrease of 41,000 tons per day compared to the previous year [10] - Electricity production increased by 4.1% year-on-year, with total generation reaching 15,718 billion kWh [10] - The demand for coal from the power sector increased, with industrial power generation growing by 3.3% year-on-year [13] - The overall coal supply decreased by 0.1% year-on-year, while demand increased by 3.1% [16] - By the end of February 2026, coal inventories at production enterprises decreased by 343,000 tons to 3.738 million tons [14] - The average price of coal at northern ports in January-February was RMB 702.40 per ton, a year-on-year decrease of 5.77% [15] - The coal mining industry is expected to see price support due to ongoing geopolitical tensions and high overseas energy prices [17] - The long-term trend for coal prices is expected to be upward, driven by rising labor costs and increased environmental investments [18] Group 3: Q Tech - Q Tech reported a revenue of RMB 20.877 billion, a year-on-year increase of 29.26%, with a net profit of approximately RMB 1.494 billion, up 435.2% [20] - The company achieved significant growth in non-mobile camera module sales, with a 171.2% increase in revenue from automotive and IoT sectors [21] - The smartphone camera module sales grew by 6.2%, with a notable increase of 270.1% in periscope camera module sales [21] - Q Tech aims for non-mobile product revenue to account for over 50% of total camera module revenue in its new five-year plan [24] - The company expects to achieve revenue of RMB 23.047 billion, RMB 24.732 billion, and RMB 26.746 billion for 2026-2028, with net profits of RMB 0.801 billion, RMB 0.898 billion, and RMB 0.972 billion [24] Group 4: Macro Financial Trends - The macro funding environment is balanced and slightly loose, with a significant drop in social financing scale in February 2026 to RMB 23,792 billion [25] - The stock market shows structural differentiation in funding supply, with equity fund issuance rebounding and leveraged funds increasing [26] - The stock financing scale decreased to RMB 2.805 billion, while the limit release scale increased to RMB 56.24 billion [27]

Investment Rating - The report maintains a "Buy" rating for Q Technology (01478.HK) with a target price of 15 HKD based on a 15x P/E for 2026 estimates [3][5]. Core Insights - Q Technology reported a revenue of approximately 20.9 billion RMB for the fiscal year 2025, representing a year-on-year growth of 29%. The gross profit margin for the year reached 7.8%, an increase of 1.7 percentage points year-on-year [1]. - The net profit for 2025 was approximately 1.49 billion RMB, which included a tax-adjusted gain of about 810 million RMB from the disposal of part of its stake in India. Excluding this one-time gain, the adjusted net profit was around 680 million RMB, with an adjusted net profit margin of 3.3% [1]. - In the mobile camera module (CCM) segment, Q Technology faced storage price pressures but managed to achieve a 3% year-on-year growth in sales volume for mobile camera modules in 2025. The company expects a sales volume growth of no less than 5% in 2026 [1]. - The non-mobile CCM segment saw significant growth, with a 111% year-on-year increase in sales volume. Non-mobile products accounted for 26.9% of camera module revenue in 2025, up 14.3 percentage points year-on-year. The company anticipates a growth of no less than 50% in non-mobile camera module sales in 2026 [2]. Financial Summary - The projected revenues for Q Technology from 2026 to 2028 are estimated at 23 billion RMB, 26.5 billion RMB, and 30.5 billion RMB, respectively, with net profits of approximately 1.01 billion RMB, 1.26 billion RMB, and 1.54 billion RMB for the same years [3][4]. - The company’s gross profit margin is expected to improve from 7.8% in 2025 to 9.1% by 2028, while the net profit margin is projected to increase from 7.2% in 2025 to 5.1% in 2028 [10][12].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved significant growth in revenue and net profit for the year 2025, with revenue reaching 20.877 billion RMB, a year-on-year increase of 29.3%, and net profit of 1.494 billion RMB, a substantial rise of 435.2% [1][4]. - The company has successfully optimized its product structure in mobile camera modules, with a notable increase in non-mobile camera module revenue, which grew by 171.2% year-on-year, contributing to 26.9% of total camera module revenue [2][3]. - The company has made significant advancements in multiple optical sectors, establishing partnerships in smart glasses, robotics, and intelligent driving, which are expected to drive future growth [3]. Summary by Sections Financial Performance - For the year 2025, the company reported a revenue of 20.877 billion RMB, with a gross margin improvement of 1.7 percentage points to 7.8% [1]. - The net profit, excluding certain one-time gains, was 680 million RMB, reflecting a 144.4% increase year-on-year [1]. Product Development - The company saw a 3.0% increase in mobile camera module shipments, with a remarkable 270.1% growth in periscope camera module shipments [2]. - Non-mobile camera module revenue reached 5.055 billion RMB, with a compound annual growth rate of 89.6% from 2021 to 2025 [2]. Market Position and Strategy - The company has established collaborations with 18 manufacturers in the smart glasses sector and has made significant inroads in the robotics and intelligent driving markets [3]. - The company aims for non-mobile camera modules to account for over 50% of total camera module revenue in its second five-year plan [2].

Group 1: Market Overview - The Hang Seng Index experienced a rebound, closing up 368 points or 1.45%, indicating a potential recovery from recent geopolitical pressures [2][3] - The technology sector outperformed the market, with notable gains from major companies such as Tencent (+2%), Alibaba (+1.1%), and Meituan (+3.1%) [3] Group 2: Macro & Industry Dynamics - UBS predicts that the MSCI China Index is expected to outperform global markets by 5% this year, with a target of reaching 100 points by year-end, representing a potential increase of approximately 20% from current levels [6] - The Chinese economy's lower reliance on imported oil and the resilience of Chinese assets are highlighted as factors contributing to this positive outlook [6] - In February, the housing prices in 70 major cities in China fell by 3.2% year-on-year, marking the largest decline in eight months, although the monthly decline narrowed to 0.3% [7] Group 3: Company News - FWD Group reported record profits last year and expressed confidence in maintaining growth momentum, with plans to invest in business and talent [9] - Kwan Tai Group announced a significant increase in net profit by 1.7 times, with a total profit of 4.402 billion HKD for the year ending December 2025 [10] - Q Technology reported a net profit of 1.494 billion RMB, a year-on-year increase of 4.35 times, driven by a nearly 30% increase in revenue [12]

Investment Rating - The report maintains a "BUY" rating for Q-Tech, with a target price of HK$13.39, representing a 46.5% upside from the current price of HK$9.14 [3][14]. Core Insights - Q-Tech reported FY25 revenue and net profit growth of 29% and 435% YoY, respectively, driven by significant increases in non-handset CCM sales and mobile CCM ASP [1][7]. - The company anticipates continued growth in FY26, with management guiding for 5% YoY volume growth in handset CCM and 50% YoY growth in non-handset CCM, supported by advancements in technology and expansion into new markets [1][7]. - The report highlights upcoming catalysts, including increased shipments to India and new orders in the non-handset CCM segment, which are expected to drive further growth [1][14]. Financial Summary - FY25 revenue is projected at RMB 20,877 million, with a YoY growth of 29.3%, while net profit is expected to reach RMB 1,494 million, reflecting a 435% increase [2][11]. - The gross profit margin for FY25 is estimated to be 7.8%, up from 6.1% in FY24, indicating improved profitability [8][11]. - For FY26, revenue is forecasted to grow to RMB 22,563 million, with a net profit of RMB 853 million, showing a decrease from FY25 but still reflecting strong performance [2][11]. Earnings Revision - Estimates for FY26 revenue have been adjusted upwards by 5% to RMB 22,563 million, while net profit estimates have been increased by 2% to RMB 853 million [9][10]. - The report indicates a significant increase in operating profit for FY25, projected at RMB 1,739 million, a 168% increase YoY [8][11]. Valuation - The target price of HK$13.39 is based on a P/E ratio of 17x for FY26E, reflecting the company's strong growth potential in the non-mobile business segment [13][14]. - The report emphasizes that non-mobile business is expected to become a major growth driver, with a projected revenue CAGR of 57% from FY25 to FY27E [13].

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，執行董事為何寧寧先生（主席）、胡三木先生（行政總裁）及范富強先生；獨立非執行董事為初家祥先生、付曉敏 先生及許曉澄女士。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 丘鈦科技（集團）有限公司 | | 股份代號 | 01478 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | 2026年3月16日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | ...