FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 匯聚科技有限公司 呈交日期： 2025年11月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01729 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫 ...

每经AI快讯，汇聚科技(01729.HK)涨近6%，截至发稿，涨5.72%，报14.79港元，成交额1.72亿港元。 （文章来源：每日经济新闻） ...

消息面上，当地时间周二，谷歌重磅推出Gemini 3，推理与多模态理解能力进一步提升，该模型几乎在 所有评测指标上均取得领先，部分指标甚至较此前最强的GPT-5.1、Sonnet4.5等模型大幅领先。此外， 微软、英伟达和人工智能初创公司Anthropic宣布建立战略合作伙伴关系，英伟达和微软将投资 Anthropic，英伟达承诺投资不超过100亿美元，微软承诺向Anthropi投资至多50亿美元。有分析认为， 谷歌Gemini 3重磅升级，巨头算力合作落地，或为AI算力产业链带来催化。 招商证券此前研报指出，AI算力需求旺盛，汇聚科技绝佳卡位MPO光通信和AI服务器等赛道，迎接高 质量成长。该行指出，MPO业务是公司核心利润来源，技术行业领先，目前16芯MPO已形成批量出 货，卡位海外云厂供应链，是谷歌体系主力供应商，公司MPO产品需求旺盛（光纤收入24/25H1同比高 增43%/35%），且盈利能力远高于公司平均水平，在未来大客户持续拓张和海外产能建设以及技术迭代 大势下，该行判断MPO业务未来数年高速成长无忧。 汇聚科技(01729)涨近6%，截至发稿，涨5.72%，报14.79港元，成交额1.72亿港 ...

招商证券此前研报指出，AI算力需求旺盛，汇聚科技绝佳卡位MPO光通信和AI服务器等赛道，迎接高 质量成长。该行指出，MPO业务是公司核心利润来源，技术行业领先，目前16芯MPO已形成批量出 货，卡位海外云厂供应链，是谷歌体系主力供应商，公司MPO产品需求旺盛（光纤收入24/25H1同比高 增43%/35%），且盈利能力远高于公司平均水平，在未来大客户持续拓张和海外产能建设以及技术迭代 大势下，该行判断MPO业务未来数年高速成长无忧。 智通财经APP获悉，汇聚科技(01729)涨近6%，截至发稿，涨5.72%，报14.79港元，成交额1.72亿港元。 消息面上，当地时间周二，谷歌重磅推出Gemini 3，推理与多模态理解能力进一步提升，该模型几乎在 所有评测指标上均取得领先，部分指标甚至较此前最强的GPT-5.1、Sonnet4.5等模型大幅领先。此外， 微软、英伟达和人工智能初创公司Anthropic宣布建立战略合作伙伴关系，英伟达和微软将投资 Anthropic，英伟达承诺投资不超过100亿美元，微软承诺向Anthropi投资至多50亿美元。有分析认为， 谷歌Gemini 3重磅升级，巨头算力合作落地，或为 ...

Group 1 - The company signed a supplemental master supply agreement with Luxshare Precision to increase the annual cap and extend the contract term until December 31, 2028 [1] - The existing annual caps for the years ending December 31, 2026, and December 31, 2027, were revised from HKD 240 million each to HKD 1,598 million and HKD 1,758 million respectively, with a proposed annual cap of HKD 1,934 million for the year ending December 31, 2028 [1] - Other terms of the agreement remain unchanged [1] Group 2 - The company also entered into a master supply agreement with Luxshare on November 12, 2025, which will be effective from January 1, 2026, to December 31, 2028 [2] - The annual caps for the Luxshare master supply agreement for the years 2026 to 2028 are proposed to be HKD 10 million, HKD 11 million, and HKD 12 million respectively [2] - The previous BCS master supply agreement will terminate on January 1, 2026, as BCS is a subsidiary of Luxshare [2]

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。 1729 持續關連交易 本公司財務顧問 持續關連交易 立訊精密補充總供應協議 謹此提述本公司日期為二零二五年三月二十四日的公告，內容有關（其中包括）本公司與立訊 精密訂立的立訊精密總供應協議。 根據立訊精密集團及本集團的最新業務發展及規劃，預期立訊精密總供應協議項下的現有年 度上限將不足以滿足立訊精密集團的需求。因此，於二零二五年十一月十二日，本公司與立 訊精密訂立立訊精密補充總供應協議，以提高立訊精密產品供應的現有年度上限，並將合約 期限延長至截至二零二八年十二月三十一日止年度。 立訊總供應協議 謹此提述本公司日期為二零二五年三月七日的公告，內容有關（其中包括）本公司與BCS訂立 的BCS總供應協議。 根據BCS總供應協議，本集團同意按BCS集團不時要求的規格銷售產品。由於BCS為立訊的 附屬公司，但BCS的其他同系附屬公司並非BCS總供應協議的訂約方，故董事會決議於二零 根據上市規則第14A.54條 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][40]. Core Insights - Nvidia's GTC event provided a significant CAPEX guidance of $500 billion for the Blackwell-Rubin series, with North American CSPs showing a clear upward trend in capital expenditures for Q3 2025 [4][16]. - The report highlights a strong growth trend in AI infrastructure investments, with North American CSPs' capital expenditures reaching a total of $113.3 billion in Q3, marking a 75% year-on-year increase [5][17]. - The A-share communication industry is experiencing high growth in AI computing performance, although there is a mismatch between high short-term expectations and actual performance releases [5][17]. Summary by Sections Industry Dynamics - Nvidia's guidance for North American CSPs suggests CAPEX could reach $443 billion, $549 billion, and $632 billion from 2025 to 2027, with GPU shipments expected to total 20 million units [4][16]. - The report emphasizes the stability of capital markets regarding concerns over "AI bubble" investments, with Nvidia's roadmap enhancing investment certainty in areas like 1.6T optical modules and quantum computing [4][16]. A-Share Communication Industry Overview - The report notes that leading companies in optical modules, such as Zhongji Xuchuang and Xinyi Technology, continue to expand production, with stable gross margin trends despite short-term performance fluctuations [5][17]. - The bottleneck effects in core materials like optical chips are becoming more pronounced, with domestic chip manufacturers expected to gain market share as overseas giants slow down production [5][17]. Market Performance - The overall market showed mixed performance during the week of October 27 to October 31, 2025, with the Shenzhen Component Index rising by 0.67% and the communication index declining by 3.59% [11][20]. - The report identifies cloud computing as the leading sector with a weekly increase of 22.48%, followed by IDC and equipment manufacturers [11][20]. Recommended Companies - The report suggests focusing on companies in various segments, including optical devices (e.g., Guangke Technology, Shijia Photon) and AIOT solutions (e.g., Rockchip, Yiyuan Communication) [20].

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 | | | 致：香港交易及結算所有限公司 公司名稱: 匯聚科技有限公司 呈交日期: 2025年11月3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) | 01729 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.01 | HKD | | 30,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.01 | HKD | | 30,000,000 | 本月底法定/註冊股本總額： HKD 30,000,000 F ...

Summary of Conference Call Notes Industry and Company Overview - The conference call discusses the Hong Kong stock market, particularly focusing on the AI computing sector and companies like 鸿腾精密 (Hontai Precision) and 汇聚科技 (HuiJu Technology) [1][3][5]. Key Points and Arguments Hong Kong Stock Market Outlook - The Hong Kong stock market is expected to perform well due to interest rate cuts, improved US-China relations, and favorable liquidity conditions [3][19]. - A significant number of quality IPOs are anticipated before the end of the year, attracting long-term foreign capital [3]. AI Computing Sector - The AI computing sector is highlighted as a key driver of the bull market, with high earnings visibility and optimistic earnings reports from US tech giants [1][3]. - Companies in the AI sector, such as 中芯华虹 (SMIC), ASMPT, and 英诺赛科 (InnoLight), are noted for their strong positions in chip manufacturing and equipment production [1][5]. 鸿腾精密 (Hontai Precision) - Hontai Precision is identified as a strategic asset within the NVIDIA supply chain, with a low valuation and significant upside potential [1][6]. - By 2026, AI business is expected to contribute 30% of revenue and 60% of profits, potentially leading to a net profit of $200 million and a market cap of approximately HKD 577-600 billion, indicating a 30% upside [1][2][6]. - The company’s traditional business is projected to contribute 70% of revenue and 40% of profits, with AI-related revenue expected to reach $360 million by 2026 [6][9]. 汇聚科技 (HuiJu Technology) - HuiJu Technology is a core supplier of optical module components, with strong growth potential in the AI computing context [1][4][11]. - Revenue projections for 2025-2027 are estimated at HKD 10.7 billion, HKD 29 billion, and HKD 32.8 billion, respectively, with net profits of HKD 700 million, HKD 1.3 billion, and HKD 1.8 billion [4][16]. - The company is expected to achieve commercial production of SNMT by the second half of 2026, with no production bottlenecks reported [12]. Market Dynamics and Comparisons - The AI sector is expected to dominate the market, with companies like 中芯国际 (SMIC) and 华虹半导体 (Hua Hong Semiconductor) being key players [19][20]. - The insurance and brokerage sectors are also highlighted, with expectations of strong performance in Q3 and Q4 due to favorable market conditions [21]. Other Important Insights - The acquisition of 德晋昌 (Dejinchang) by HuiJu Technology is seen as strategically significant for expanding into Southeast Asia, although its financial impact may be limited [15]. - The overall sentiment towards the Hong Kong market remains positive, with expectations of a strong recovery and growth in AI-related sectors [19][21]. - The potential for significant upside in valuations for both Hontai Precision and HuiJu Technology is emphasized, with long-term growth prospects being particularly strong [17][18].

Core Viewpoint - The company is positioned for significant growth driven by the increasing demand for AI computing power and the expansion of its MPO product offerings, supported by strategic acquisitions and automation enhancements in production processes [1][2][3][4]. Group 1: AI Computing and MPO Demand - The surge in AI computing power is driving high demand for MPO products, with a trend towards higher core counts and density in product offerings [1]. - The company’s fiber optic products primarily consist of MPO and LC types, with MPO fiber jumpers available in various core counts, and ongoing collaboration with clients to develop high-end specialty fiber products [1]. Group 2: Global Capacity and Production Expansion - The company has a robust global capacity reserve with production bases in key regions including the Yangtze River Delta, Pearl River Delta, and overseas locations in Vietnam and Mexico, bolstered by the acquisition of Leoni Kable [2]. - The company is expanding its production lines in the Huizhou factory to cater to major clients and is enhancing global supply capabilities through production expansions in Mexico and Europe [2]. Group 3: Technological Advancements and Automation - The company leads in MPO manufacturing technology, achieving high precision and yield in core production processes, which has garnered strong customer recognition [2]. - Significant investments in automation, supported by the Lixun Robotics team, have led to the development of various automated fiber optic equipment, which is expected to improve production efficiency and profit margins [2]. Group 4: Strategic Acquisitions and Business Growth - The acquisition of Leoni's cable solutions business is progressing well, with expectations of improved profitability and operational efficiency in the coming years [3]. - The company has signed an acquisition agreement for Dejinchang, which focuses on copper wire products, enhancing supply security and vertical integration [3]. - The server business is anticipated to maintain high growth due to the booming AI server market [3]. Group 5: Investment Rating and Financial Projections - The company maintains a "strong buy" investment rating, benefiting from its strategic positioning in the MPO optical communication and AI server sectors, with expectations of high-quality growth [4]. - Revenue projections for 2025, 2026, and 2027 are set at HKD 10.2 billion, HKD 12.9 billion, and HKD 16.6 billion, respectively, with net profits of HKD 710 million, HKD 1.21 billion, and HKD 1.7 billion, reflecting a positive outlook on profitability [4].