Core Viewpoint - The court ruling on January 20, 2026, determined that the Indian tax authorities had no jurisdiction over the tax investigation involving the Indian subsidiary of the company, leading to the invalidation of all subsequent procedures, including the final assessment order, which means the subsidiary is not required to pay the assessed income tax and interest [1] Group 1 - The Indian tax appeal court ruled that the tax authorities had no jurisdiction over the Indian subsidiary during the tax investigation process [1] - The ruling invalidates all subsequent procedures related to the tax assessment, allowing the Indian subsidiary to avoid paying the assessed income tax and interest [1] - The company had previously made provisions and adjustments related to the tax amount involved, totaling approximately RMB 152 million as of December 31, 2025 [1] Group 2 - The company has not yet reversed or made further adjustments to the provisions and deferred tax asset adjustments due to the ongoing appeal period [1] - The Indian tax authorities have a 90-day window from the date of the ruling to appeal to the High Court [1] - As of the announcement date, the company has not been informed of any appeal filed by the Indian tax authorities regarding the ruling [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。 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 ...

Group 1 - Hong Kong-listed Apple concept stocks collectively declined [1] - Highway Electronics (01415.HK) fell by 4.24%, closing at HKD 29.84 [1] - Q Technology (01478.HK) decreased by 3.72%, closing at HKD 9.57 [1] - BYD Electronics (00285.HK) dropped by 2.21%, closing at HKD 33.64 [1]

Core Viewpoint - Zhaoyin International published a report indicating that Q Technology is expected to see a profit increase of 400% to 450% year-on-year, surpassing both the firm's and market expectations, driven by growth in non-mobile business, upgrades in camera and fingerprint modules, gains from the disposal of Indian operations, and the turnaround of its subsidiary, New Giant Technology [1] Group 1 - The non-mobile business is anticipated to be the main growth driver, with a projected compound annual growth rate (CAGR) of 48% in revenue from fiscal years 2025 to 2027 [1] - For fiscal years 2026 and 2027, the non-mobile business is expected to contribute 40% and 47% of total revenue, respectively, compared to 28% in fiscal year 2025 [1] - The current valuation of the stock is considered attractive, leading the firm to reaffirm a "Buy" rating [1] Group 2 - The target price has been adjusted from HKD 14.5 to HKD 13.18 based on an updated target price-to-earnings ratio [1]

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].

Core Viewpoint - Cailian Technology has issued a profit warning, predicting a significant increase in net profit for 2025, which is expected to grow by 4 to 4.5 times year-on-year, reaching between 1.4 billion to 1.53 billion yuan, greatly exceeding both the firm's and market expectations [1] Financial Forecast Adjustments - Following the profit warning announcement, the firm has raised its net profit forecasts for Cailian Technology for 2025 and 2026 by 109% and 12% respectively, now estimating net profits of 1.47 billion yuan and 952 million yuan for those years, with the current year's forecast not including disposal gains [1] - Additionally, the firm has introduced revenue and net profit forecasts for 2027, projecting revenues of 27.7 billion yuan and net profits of 1.21 billion yuan [1] Rating and Target Price - The firm maintains an "outperform" rating for Cailian Technology, with a target price set at 14.97 HKD [1]

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]

Market Overview - The Hang Seng Index fell by 0.55%, down 149 points, closing at 26,850 points, while the Hang Seng Tech Index dropped by 1.83% [1] - The trading volume in the Hong Kong stock market reached HKD 163.9 billion in the morning session [1] Company Highlights - Jiexin International Resources (03858) rose over 5%, reaching a new high as black tungsten ore prices surpassed 500,000 yuan, prompting several tungsten companies to raise long-term contract prices [1] - Likin Resources (02245) increased by over 10% due to disruptions in Indonesian nickel ore quotas, while Zhongwei New Materials (02579) gained over 9% [1] - China Rare Earth Holdings (03788) experienced significant volatility, rising by 8% after announcing the termination of its spin-off listing plan and plans to rename itself "Rare Earth Gold" [1] - Ocean Park Hong Kong (02255) surged over 10%, with visitor numbers on the first day of the New Year holiday increasing by 60% year-on-year [1] - Zhipu (02513) rose over 4% after announcing a collaboration with Huawei to open-source a new generation image generation model [1] - China Heartland Fertilizer (01866) increased by over 4%, anticipating a potential global urea supply shortage, and has been actively repurchasing shares [1] - Woan Robotics (06600) gained over 7% following the release of its humanoid intelligent robot, Onero [1] - Jiantao Laminates (01888) saw a nearly 6% increase after announcing a price hike, which is expected to become a trend in the copper-clad laminate industry [1] - Qiu Tai Technology (01478) declined over 7% as Citigroup reported that the company's net profit last year fell below expectations [1] Other Notable Movements - Kanglong Chemical (03759) dropped over 5% after announcing a placement of shares at an 8.5% discount, aiming to raise nearly HKD 1.32 billion [2] - Trip.com Group (09961) plummeted over 19% due to an investigation by the State Administration for Market Regulation for alleged monopoly practices, while Same City Travel (00780) fell over 11% [2]