Core Viewpoint - Q Technology (01478.HK) reported its sales data for November 2025, indicating a mixed performance in its main product categories, particularly in camera modules and fingerprint recognition modules [1] Sales Performance Summary - Total camera module sales reached 41.755 million units in November, representing a month-on-month decrease of 11.9% but a year-on-year increase of 0.4% [1] - Sales of mobile camera modules amounted to 38.053 million units, showing a month-on-month decline of 13.6% and a year-on-year decrease of 5.6% [1] - Fingerprint recognition module sales totaled 17.795 million units, with a month-on-month decrease of 3.4% and a year-on-year decline of 8.8% [1] Factors Influencing Sales - The month-on-month decline in camera module sales is attributed to customer project cycles and seasonal factors [1] - Year-on-year growth in other camera module sales is driven by increasing consumer preference for handheld imaging devices and the rising number of camera modules used in smart driving solutions [1] - Significant year-on-year growth in camera module sales for IoT and smart automotive applications is noted [1]

Core Viewpoint - Company reported a decline in mobile camera module sales for November 2025, with a total of 38.05 million units sold, representing a 13.6% decrease month-over-month and a 5.6% decrease year-over-year [1] Group 1: Camera Module Sales - Total sales of camera modules amounted to 41.75 million units, showing an 11.9% decrease month-over-month but a slight increase of 0.4% year-over-year [1] - The decline in camera module sales was attributed to customer project cycles and seasonal factors [1] - Sales of camera modules in other sectors experienced significant year-over-year growth due to increasing consumer preference for handheld imaging devices and the rising number of camera modules used in smart driving solutions [1] Group 2: Fingerprint Recognition Modules - Total sales of ultrasonic fingerprint recognition modules reached 17.79 million units, reflecting a 3.4% decrease month-over-month and an 8.8% decrease year-over-year [1] - The year-over-year growth in ultrasonic fingerprint recognition module sales was primarily driven by the continuous increase in industry penetration of domestic ultrasonic fingerprint recognition modules [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 丘鈦科技(集團)有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：1478） 自願公告 本公告乃由丘鈦科技（集團）有限公司（「本公司」，連同其附屬公司統稱「本集 團」）自願作出。除另有指明者外，本公告所採用之產品銷售數量統計口徑與本 公司日期為二零二五年十一月十一日之公告一致。 超聲波指紋識別模組產品銷售數量同比大幅增長主要是由於國產超聲波指 紋識別模組的行業滲透率持續提升。 | 本集團於二零二五年一至十一月的主營產品銷售數量如下： | | --- | | （千件） | | | | | | | 2025年本集團主營產品銷售數量 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The core focus of Q Technology is on the development of optical imaging, fingerprint recognition modules, and automotive electronic components, aiming to evolve from a consumer electronics imaging solution provider to a core component supplier for smart hardware [1] - Q Technology is committed to becoming a technology enterprise that provides integrated machine vision and human vision solutions, benefiting from optical innovation and the wave of automotive intelligence [1] - The company is expected to see steady improvement in profitability and market share due to its leading position in product manufacturing and smart manufacturing [1] Group 2 - The global smartphone camera module market is expanding, with Q Technology targeting the enhancement of camera modules with 32 million pixels and above, achieving a sales proportion of 53.4% for these high-end modules by the first half of 2025 [2] - Continuous breakthroughs in optical stabilization, periscope modules, and large chip technologies are expected to further enhance the profitability of Q Technology's smartphone camera module business [2] Group 3 - The IoT and automotive camera module markets are experiencing rapid growth, with the Chinese IoT market projected to reach $198.25 billion in 2024 and exceed $326.47 billion by 2028 [3] - Q Technology is diversifying its product offerings in the IoT sector, including camera modules, optical engines, and lidar, while also investing in emerging markets such as XR and embodied robotics [3] - In the automotive camera market, the global market size is expected to reach $27.3 billion by 2025, with Q Technology aiming to replicate its smartphone camera market position in this sector [3] Group 4 - The ultrasonic fingerprint recognition module market in China is gradually expanding, with Q Technology experiencing significant sales growth and structural improvements in 2024 [4] - The sales volume of Q Technology's ultrasonic fingerprint recognition modules in the first half of 2025 has already surpassed the total sales for the entire year of 2024, indicating a positive trend in profitability [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on the development of optical imaging, fingerprint recognition modules, and automotive electronic components, aiming to enhance its product matrix and transition from a consumer electronics imaging solution provider to a core component supplier for smart hardware [6][15]. - The company is expected to benefit from optical innovation and the wave of automotive intelligence, leading to steady improvements in profitability and market share [15]. Summary by Sections Company Overview - The company is committed to the synergistic development of imaging and fingerprint recognition, focusing on high-end manufacturing upgrades [6][15]. - It aims to grow into a technology enterprise providing integrated machine vision and human vision solutions [15]. Mobile Camera Module Business - The company holds a leading global market share in mobile camera modules, with a focus on enhancing the structure of its products [7][27]. - The market for mobile camera modules is expected to continue its stable growth, driven by increasing smartphone penetration and consumption upgrades [30][32]. - The sales proportion of high-end mobile camera modules (32M pixels and above) reached 53.4% in the first half of 2025 [7][27]. Other Camera Module Business - The IoT and automotive camera markets are expanding rapidly, with the company seeing a 47.9% year-on-year growth in sales for these modules [8][36]. - The global automotive camera module market is projected to reach USD 27.3 billion by 2025, with the company aiming to replicate its mobile camera market position in this sector [8][36]. Fingerprint Recognition Module Business - The market for ultrasonic fingerprint recognition modules is gradually expanding, with significant improvements in sales and product structure leading to increased gross margins [9][46]. - The company reported that its sales of ultrasonic fingerprint recognition modules in the first half of 2025 exceeded the total sales for 2024 [9][48]. Financial Forecast and Investment Recommendation - Revenue projections for the company are estimated at RMB 20.447 billion, RMB 22.854 billion, and RMB 26.331 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of RMB 714 million, RMB 909 million, and RMB 1.138 billion [10][12]. - The company's P/E ratios for the same years are expected to be 14.5x, 11.3x, and 9.1x, which are lower than the industry averages [10][12].

Market Overview - Hong Kong stocks opened higher but closed lower, with the Hang Seng Index rising 0.24% to 26,095.05 points and a total turnover of 178.25 billion HKD [1] - The Hang Seng Tech Index fell 0.37% to 5,624.04 points, while the Hang Seng China Enterprises Index increased by 0.11% to 9,182.65 points [1] Blue Chip Performance - Galaxy Entertainment (00027) led blue-chip stocks, rising 2.81% to 40.98 HKD, contributing 3.88 points to the Hang Seng Index [2] - Other notable blue-chip performers included Hengan International (01044) up 2.69% and Budweiser APAC (01876) up 2.35% [2] - WuXi AppTec (02359) fell 3.13%, negatively impacting the index by 2.2 points [2] Sector Highlights - Macau's November gaming revenue reached 21.09 billion MOP, a 14.4% year-on-year increase, exceeding market expectations [4] - The mobile phone supply chain remained active, with notable gains in companies like AAC Technologies (02018) and BYD Electronics (00285) [4][5] - The automotive sector showed mixed results, with BYD (01211) up 2.19% while Xpeng Motors (09868) fell 5.52% [5][6] Notable Stock Movements - Conant Optical (02276) surged 10.58% to 54.85 HKD following the launch of AI glasses in collaboration with Alibaba [8] - Giga Biotech (02367) rose 8.53% after announcing a share buyback plan [9] - GAC Group (02238) increased by 7.32% due to positive management announcements regarding new battery technology and partnerships [10] - Longpan Technology (02465) saw a 4.1% increase amid industry price adjustments in lithium iron phosphate [11] - 3SBio (01530) faced pressure, dropping 4.61% after announcing a share placement to raise capital [12]

Core Viewpoint - The mobile industry chain continues to experience an upward trend, with several key companies showing significant stock price increases [1] Company Performance - AAC Technologies (瑞声科技) saw a stock price increase of 5.37%, reaching HKD 40 [1] - BYD Electronics (比亚迪电子) increased by 2.78%, with a stock price of HKD 34.74 [1] - GoerTek (高伟电子) rose by 2.67%, now priced at HKD 30.8 [1] - Q Tech (丘钛科技) experienced a 2.93% increase, with shares priced at HKD 9.83 [1]

Group 1: Market Performance - The consumer electronics sector in the Hong Kong stock market showed strong performance, with notable gains from several companies including AAC Technologies (6.74%), Q Technology (4.40%), and GoerTek (3.80%) [1] - Specific stock price movements include AAC Technologies at 40.520 (+6.74%), Q Technology at 9.970 (+4.40%), and GoerTek at 31.140 (+3.80%) [2] Group 2: New Product Launch - Doubao, a subsidiary of ByteDance, has launched the Doubao Phone Assistant, marking a significant breakthrough in collaboration with smartphone manufacturers at the operating system level [3] - The Doubao Phone Assistant is designed for a smoother interaction experience and smarter functionality, differing from typical application-layer AI assistants [3] Group 3: Business Developments - Lens Technology has secured exclusive supply rights for key precision structural components and LIPO screen packaging for the Doubao phone, with the order value exceeding 100 million yuan and accounting for over 10% of the total device cost [4] - This project is expected to contribute significantly to Lens Technology's revenue growth as the Doubao phone is officially launched and iterated [4] Group 4: Industry Trends - Apple is reportedly preparing to launch its first foldable iPhone, the iPhone Fold, which is currently in the engineering verification and pre-production phase, with a potential release by the end of next year [5] - Market research predicts that global shipments of foldable smartphones will exceed 70 million units by 2025, with an annual growth rate surpassing 50%, driven by Apple's entry into the market [5]

Core Viewpoint - The mobile industry chain continues to rise, driven by the collaboration between AI model developers and mobile hardware manufacturers, marking a significant phase in the integration of AI technology into smartphones [1] Group 1: Stock Performance - AAC Technologies (02018) increased by 5.37%, reaching HKD 40 - BYD Electronics (00285) rose by 2.78%, reaching HKD 34.74 - GoerTek (01415) saw a 2.67% increase, reaching HKD 30.8 - Q Technology (01478) grew by 2.93%, reaching HKD 9.83 [1] Group 2: Industry Developments - On December 1, ByteDance's AI assistant "Doubao" and ZTE announced the launch of a small batch sale of Nubia brand engineering prototypes equipped with Doubao technology [1] - The arrival of the AI smartphone era is seen as a key differentiator in the future consumer electronics market, according to a report by Galaxy Securities [1] - Various manufacturers are releasing AI models and focusing on generative AI smartphones, with domestic brands in China prioritizing this trend to capture a broader market and enhance product value [1]

Core Viewpoint - The mobile industry chain continues to rise, driven by the collaboration between AI model developers and mobile hardware manufacturers, marking a significant phase in the integration of AI technology into smartphones [1] Group 1: Market Performance - Companies such as AAC Technologies (02018) saw a stock increase of 5.37%, reaching HKD 40; BYD Electronics (00285) rose by 2.78% to HKD 34.74; GoerTek (01415) increased by 2.67% to HKD 30.8; and Q Technology (01478) gained 2.93%, reaching HKD 9.83 [1] Group 2: Industry Developments - On December 1, ByteDance's AI assistant "Doubao" and ZTE announced the launch of a small batch sale of Nubia brand engineering prototypes equipped with Doubao's mobile assistant technology preview version, indicating a deep cross-industry collaboration [1] - According to a report from Galaxy Securities, the advent of the AI smartphone era signifies that AI will become a key differentiating factor in the future consumer electronics market [1] - Multiple manufacturers have released AI large models, focusing on generative AI smartphones, with domestic brands in China placing significant emphasis on seizing broader market opportunities during this new innovation cycle to enhance product value and solidify brand market position [1]