公司名稱： 瑞聲科技控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期： 2025年12月10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) | 02018 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | ...

Group 1 - The core viewpoint of the news is that AAC Technologies is accelerating the commercialization of AR technology through the acquisition of Finnish waveguide company Dispelix, enhancing its capabilities in AI and perception integration [1][2]. - The acquisition of Dispelix is expected to be completed in the first half of 2026, making it a wholly-owned subsidiary, and aims to leverage both companies' strengths in optical design and manufacturing [2]. - AAC Technologies is collaborating with leading OEMs to develop next-generation AR devices and is working with major mobile ecosystem builders to advance XR reference design hardware platforms [2]. Group 2 - The company is empowering the "Doubao AI Phone" by providing core hardware support, facilitating the evolution from a "tool" to an "intelligent agent" [3]. - The Doubao AI Phone, developed in collaboration with ZTE, features advanced voice interaction capabilities and aims to create a natural and trustworthy smart interaction experience [3]. - AAC Technologies is enhancing its optical and XR layout through the acquisition of Dispelix, which will support the development of next-generation AI phones and wearable devices [3]. Group 3 - AAC Technologies is collaborating with Alibaba on the Quark AI Glasses S1, which features a high-precision microphone system designed to improve voice interaction experiences [4]. - The innovative microphone system includes a 5-microphone array and bone conduction technology, reducing size by 25% and power consumption by 50%, while achieving a high signal-to-noise ratio [4]. - This collaboration aims to provide users with a seamless interaction experience in various environments, enabling precise command execution [4]. Group 4 - The investment outlook for AAC Technologies is positive, with projected revenues of 32.2 billion, 36 billion, and 40 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the same years [5].

Group 1 - The company has signed a final agreement to acquire Finnish AR diffraction waveguide technology leader Dispelix Oy, aiming to accelerate the commercialization of AR waveguide technology in consumer and enterprise wearable devices [1] - The acquisition is expected to be completed in the first half of 2026, with Dispelix becoming a wholly-owned subsidiary, enhancing the company's capabilities in optical, precision manufacturing, and system-level integration [1] - The collaboration with Dispelix, established since 2022, aims to leverage both parties' strengths to develop next-generation AR devices and support global commercialization efforts [1] Group 2 - The company has partnered with ZTE to launch the "Doubao AI Phone," which features advanced voice interaction capabilities, marking a shift from a "tool" to an "intelligent agent" [2] - The Doubao AI Phone utilizes self-developed high-performance X-axis linear motors and dual speaker systems to enhance user interaction experiences [2] - The company is also collaborating with leading firms to provide diverse perception solutions for next-generation AI phones and wearable devices, focusing on "AI + perception" innovations [2] Group 3 - The company has co-created a high-precision pickup system for Alibaba's Quark AI glasses S1, featuring a 5-microphone array and bone conduction technology to improve voice interaction [2] - The Quark AI glasses S1 are designed to offer a lightweight experience and advanced features, enhancing user interaction in various environments [2] - The innovative audio solution reduces size by 25% and power consumption by 50%, ensuring clear communication even in noisy settings [2] Group 4 - The company projects revenues of 32.2 billion, 36 billion, and 40 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the same years [2]

自12月3日以来公司已连续5日进行回购，合计回购70.00万股，累计回购金额2705.70万港元。 其间该股 累计下跌3.24%。 今年以来该股累计进行91次回购，合计回购2681.85万股，累计回购金额10.39亿港元。（数据宝） | 2025.04.07 | 121.00 | 35.900 | 28.500 | 4017.96 | | --- | --- | --- | --- | --- | | 2025.04.03 | 74.20 | 44.850 | 39.550 | 3076.98 | | 2025.04.02 | 5.55 | 48.000 | 45.850 | 258.17 | | 2025.04.01 | 11.25 | 47.250 | 45.650 | 519.48 | | 2025.03.31 | 48.30 | 47.500 | 45.850 | 2245.34 | | 2025.03.28 | 50.35 | 48.650 | 46.650 | 2382.73 | | 2025.03.27 | 3.20 | 49.200 | 47.600 | 154.61 | | 2025.03. ...

格隆汇12月9日丨瑞声科技(02018.HK)发布公告，2025年12月9日耗资571.9万港元回购15万股，回购价 格每股37.74-38.52港元。 ...

FF305 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) | 02018 | 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（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年12月8 ...

Group 1 - Company signed a final agreement to acquire shares and other equity securities of Finnish AR diffraction waveguide technology leader Dispelix Oy, with the transaction expected to be completed in the first half of 2026, making Dispelix a wholly-owned subsidiary [1][3] - The acquisition stems from a long-term strategic partnership established in 2022, aiming to deepen synergies between Dispelix's expertise in waveguide design and manufacturing and the company's strengths in optics, precision manufacturing, and system-level integration [1][3] - The collaboration will leverage the company's global presence and key customer resources to accelerate the commercialization of AR waveguide technology in consumer and enterprise wearable devices [1][3] Group 2 - The company has already partnered with several leading OEM clients to develop the next generation of AR devices and is collaborating with top mobile terminal ecosystem builders to advance XR reference design hardware platforms [1][3] - Following the acquisition, Dispelix's products will enhance the company's XR product portfolio and solution capabilities, helping to solidify their global market leadership in diffraction optics [1][3] - This move is also a significant step for the company to expand into new product areas and create new growth engines [1][3] Group 3 - The company is also involved in the launch of the "Doubao AI phone" in collaboration with ZTE, which supports voice and side button wake-up methods, simulating human operations to complete complex tasks across applications [2][4] - This collaboration aligns with the trend of AI functionality transitioning from software to integrated hardware and software solutions, enhancing user experience [2][4] - The company aims to continue driving innovation across multiple fields by focusing on "AI + perception" and providing diverse perception solutions for the next generation of AI phones and wearable devices [2][4]

Core Viewpoint - The stock of AAC Technologies (02018) is currently at a critical juncture, influenced by both positive fundamentals and technical market dynamics, with a price of HKD 39.14, reflecting a 1.72% increase as of December 8 [1]. Technical Analysis - Support levels are clearly defined, with the first support at HKD 37.4, closely aligned with the MA10 moving average at HKD 37.83, providing a solid defensive base for potential upward movement [1]. - The second support level at HKD 35.8 coincides with the previous consolidation platform's bottom, offering strong technical support [1]. - Key resistance is concentrated around HKD 40.1, situated between the MA30 (HKD 38.84) and MA60 (HKD 41.26) moving averages, which may face selling pressure from trapped positions [2]. - If the stock can surpass HKD 40.1, the next target would be HKD 41.1, which, if broken, could open up further upside potential [2]. - The stock remains below the MA60, indicating that the medium to long-term trend has not fully strengthened, suggesting that any short-term rebounds will face significant challenges [2]. Investment Instruments - For investors anticipating a breakout, call warrants provide leveraged participation opportunities, with two notable products: - The call warrant (22966) has a strike price of HKD 45.88, featuring the lowest premium among similar products, making it suitable for medium-term investors confident in a breakout [5]. - The call warrant (18352) has a strike price of HKD 54.05, with a higher premium of 43.61%, requiring a strong upward trend in the underlying stock for substantial returns, appealing to high-risk speculative investors [5]. - For those expecting a potential pullback, put warrants serve as effective hedging tools: - The put warrant (19352) has a strike price of HKD 40.86 and offers the highest leverage at 1.9 times, making it a preferred choice for hedging against short-term downside risks [9]. - The put warrant (21079) also has a strike price of HKD 40.86, with slightly lower leverage at 2 times, but features the lowest premium and implied volatility among peers, making it suitable for cautious investors [9]. Summary and Market Sentiment - AAC Technologies is at a pivotal stage characterized by favorable fundamentals and a technical breakout potential, driven by AI and AR trends, with a high volatility of 10.4% indicating imminent short-term opportunities [10]. - The balance of market sentiment suggests that risks and opportunities are magnified, with investors encouraged to consider their position management strategies in light of significant price fluctuations [10].

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company is accelerating the commercialization of AR waveguide technology through the acquisition of Dispelix, which is expected to be completed in the first half of 2026. This acquisition aims to enhance synergies between Dispelix's expertise in waveguide design and the company's strengths in optics and precision manufacturing [3] - The company is collaborating with ByteDance to launch the "Doubao AI Phone," which represents a shift from a "tool" to an "intelligent agent" through advanced AI capabilities [4] - The company is also involved in the development of the Quark AI Glasses S1, which features a high-precision audio pickup system to enhance AI voice interaction experiences [5] Financial Projections - The company is projected to achieve revenues of 32.2 billion, 36 billion, and 40 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the same years [9][11] - The expected growth rates for revenue are 34% for 2025, 18% for 2026, and 12% for 2027, while net profit growth rates are projected at 143% for 2025, 41% for 2026, and 19% for 2027 [11][12]

瑞声科技(02018)发布公告，于2025年12月8日，该公司斥资392.61万港元回购10万股股份，每股回购价 39.08-39.4港元。 ...