智通财经APP讯，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。 ...

格隆汇12月8日丨瑞声科技(02018.HK)发布公告，2025年12月8日耗资392.61万港元回购10万股，回购价 格每股39.08-39.4港元。 ...

Core Viewpoint - The report from Zhongyou Securities highlights that AAC Technologies (02018) has fully acquired the Finnish optical waveguide company Dispelix, accelerating the commercialization of AR technology. The company is also empowering the "Doubao AI phone" and Quark AI glasses with its core hardware, promoting the evolution of AI interaction towards an integrated software and hardware approach, thereby strengthening its "AI + perception" strategy. The rating remains "Buy" [1][6]. Group 1: Acquisition of Dispelix - AAC Technologies has signed a final agreement to acquire shares and other equity securities of Dispelix Oy, a leader in AR diffraction waveguide technology, with the transaction expected to complete in the first half of 2026, making Dispelix a wholly-owned subsidiary [7][8]. - 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 AAC's strengths in optics, precision manufacturing, and system-level integration [7][8]. - The collaboration will leverage AAC's global presence and key customer resources to accelerate the global commercialization of AR waveguide technology in consumer and enterprise wearable devices [8]. Group 2: Empowering Doubao AI Phone - On December 1, ByteDance's Doubao launched the engineering prototype of the Doubao AI phone, the nubia M153, which supports voice and side button wake-up methods, simulating human operations to complete complex tasks across applications [2][8]. - AAC Technologies plays a crucial role by providing high-performance X-axis linear motors and dual speaker systems, enhancing the natural and trustworthy smart interaction experience [2][8]. - This collaboration aligns with the trend of AI functionality transitioning from software to an integrated software and hardware approach, further strengthened by the acquisition of Dispelix [2][8]. Group 3: Quark AI Glasses S1 - Alibaba launched its first self-developed flagship dual-display AI glasses, the Quark AI glasses S1, on November 27, 2025, focusing on a super AI assistant experience with a lightweight design [4][9]. - The Quark team collaborated with AAC Technologies to create a high-precision pickup system featuring a 5-microphone array and bone conduction technology, reducing size by 25% and power consumption by 50% [4][9]. - This innovative system achieves a signal-to-noise ratio (SNR) of 77dB, enabling precise voice capture while minimizing noise interference, thus enhancing user interaction in various environments [4][9]. Group 4: Financial Projections - The company is projected to achieve revenues of 32.2 billion, 36 billion, and 40 billion yuan, and net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the years 2025, 2026, and 2027 respectively, maintaining a "Buy" rating [5][10].

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： 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8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 | | | | | | | | | | | 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 ...

Group 1 - The core viewpoint of the news is that the company is accelerating the commercialization of AR technology through the acquisition of Finnish optical waveguide company Dispelix, while also enhancing its AI capabilities in mobile and wearable devices [1][2] - The acquisition of Dispelix is expected to be completed in the first half of 2026, allowing the company to leverage Dispelix's expertise in optical waveguide design and manufacturing, combined with its own strengths in optical and precision manufacturing [2] - The collaboration with leading OEM clients aims to develop the next generation of AR devices and advance XR reference design hardware platforms, reinforcing the company's market leadership in diffractive optics [2] Group 2 - The company is empowering the "Doubao AI phone" through its core hardware, facilitating the evolution from a "tool" to an "intelligent agent" with advanced interaction capabilities [3] - The collaboration with ByteDance and ZTE has resulted in the launch of the Doubao AI phone, which supports complex tasks through voice and side-button activation, enhancing user experience [3] - The company is also focusing on multi-sensory solutions for next-generation AI phones and wearable devices, aligning with the trend of integrating AI capabilities into hardware [3] Group 3 - The Quark AI glasses S1, launched by Alibaba, feature a high-precision audio pickup system co-created with the company, which includes a 5-microphone array and bone conduction technology [4] - This innovative audio system reduces size by 25% and power consumption by 50%, while achieving a signal-to-noise ratio of 77dB, enabling clear voice interaction in noisy environments [4] - The glasses aim to provide a seamless AI assistant experience, allowing users to interact naturally and efficiently in various scenarios [4] Group 4 - 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 [5] - The investment rating remains at "buy," indicating confidence in the company's growth trajectory [5]

Core Viewpoint - Goldman Sachs maintains a positive outlook on AAC Technologies (02018) due to the expanding applications of edge AI devices in its components, including acoustic devices, MEMS microphones, and haptic feedback devices [1] Group 1: AI Smartphone Solutions - The collaboration between ZTE and ByteDance's Doubao has led to the launch of the AI smartphone prototype Nubia M153, enhancing the importance of acoustic devices in AI smartphones [2] - AAC Technologies provides solutions such as X-axis linear motors and dual speakers to optimize user experience when interacting with AI assistants via voice commands [2] - The increased computational power of AI smartphones is driving growth in thermal management needs, benefiting AAC Technologies' vapor chamber (VC) business [2] Group 2: AI/AR Glasses - Voice commands play a crucial role in AI/AR glasses, exemplified by Alibaba's new AI glasses, Quark S1, which utilize a multi-microphone setup for voice interaction [3] - The design characteristics of miniaturization, thinness, and lightweight features are critical for user comfort and battery life, directly impacting daily usage time [3] - AAC Technologies can achieve miniaturization and low power operation without sacrificing voice performance, positioning the company favorably in the market [3] - The anticipated increase in camera numbers and the application of optical combiners in AR glasses present new growth opportunities for AAC Technologies [3] Group 3: Innovative Edge AI Devices - Continuous upgrades of foundational large models are generating various innovative edge AI devices, broadening AAC Technologies' terminal market [4] - Voice commands are identified as a core function for all edge AI devices, benefiting AAC Technologies' acoustic and microphone businesses [4] - The company can customize solutions for AI devices, such as a 70 dB high-quality low-power microphone and a "three-in-one" prism solution for enhanced visual signals [4] - Observations indicate that AI foundational model suppliers are developing customized versions for edge devices, aiming for low-latency operation and enhanced AI functionalities [4] Group 4: Valuation - Goldman Sachs assigns a "buy" rating to AAC Technologies with a 12-month target price of HKD 68.6 [5]

Group 1 - The core viewpoint of the news is that the company is accelerating the commercialization of AR technology through the acquisition of Finnish waveguide company Dispelix, enhancing its capabilities in AI and perception technology [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 deepen the synergy between the two companies, leveraging Dispelix's expertise in waveguide design and manufacturing [2] - The collaboration with leading OEM clients to develop the next generation of AR devices and the partnership with major mobile ecosystem builders will strengthen the company's position in the global market for diffraction optics [2] Group 2 - The company is empowering the "Doubao AI phone" with core hardware, facilitating the evolution from a "tool" to an "intelligent agent," showcasing advancements in AI interaction [3] - The collaboration with ZTE to launch the Doubao AI phone prototype demonstrates the integration of high-performance linear motors and dual speaker systems to enhance user experience [3] - The company is also focusing on multi-sensory solutions for next-generation AI phones and wearable devices, continuing to innovate in the "AI + perception" space [3] Group 3 - The Quark AI glasses S1, launched by Alibaba, features a high-precision pickup system co-created with the company, addressing industry pain points in voice interaction [4] - The innovative microphone array and bone conduction technology provide significant advantages in size reduction and power consumption, enhancing the user experience in various environments [4] - The advanced algorithms implemented in the Quark AI glasses ensure low false wake rates, allowing for seamless interaction in noisy settings [4] Group 4 - 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 [5]

Core Viewpoint - Goldman Sachs maintains a positive outlook on AAC Technologies (02018) due to the expanding application of edge AI devices in its components, including acoustic devices, MEMS microphones, and haptic feedback devices [1] Group 1: AI Smartphone Solutions - The collaboration between ZTE and ByteDance's Doubao has led to the launch of the AI smartphone prototype Nubia M153, enhancing the importance of acoustic devices in AI smartphones [2] - AAC Technologies provides solutions such as X-axis linear motors and dual speakers to optimize user experience when interacting with AI assistants via voice commands [2] - The increased computational power of AI smartphones is driving growth in thermal management needs, benefiting AAC Technologies' vapor chamber (VC) business [2] Group 2: AI/AR Glasses - Voice commands play a crucial role in AI/AR glasses, exemplified by Alibaba's new AI glasses, Quark S1, which utilize a multi-microphone solution for voice interaction [3] - The design requirements for AI/AR glasses emphasize miniaturization, thinness, and low power consumption, which directly affect user comfort and battery life [3] - AAC Technologies can achieve small, thin, and lightweight designs without compromising voice performance, presenting growth opportunities in the AR glasses market [3] Group 3: Innovative Edge AI Devices - Continuous upgrades of foundational large models are creating various innovative edge AI devices, expanding AAC Technologies' terminal market [4] - Voice commands are identified as a core function for all edge AI devices, benefiting AAC Technologies' acoustic and microphone businesses [4] - Customized solutions for AI devices, such as a 70 dB high-quality low-power microphone and a "three-in-one" prism solution for enhanced visual signals, are being developed [4] Group 4: Valuation - Goldman Sachs has assigned a "buy" rating to AAC Technologies with a 12-month target price of HKD 68.6 [4]

Group 1: Hong Kong Stocks - LeMo Technology (02539) surged nearly 17%, reaching a new high of 67.8 HKD, over 60% increase from the IPO price of 40 HKD [1] - Baixin An-B (02185) rose over 4% after announcing that its subsidiary completed the registration of the Iberis multi-polar renal artery radiofrequency ablation catheter system in New Zealand, the only product approved for both radial and femoral artery access for renal denervation [1] - Health Road (02587) increased over 2% as it announced plans to repurchase up to 100 million HKD of its shares in the open market, reflecting confidence in its business outlook [1] - Deutsche Bank Tianxia (02418) fell over 8% following a report that revealed 10 shareholders collectively held 98.9% of the company's issued H-shares, leaving only 1.1% for other investors [1] Group 2: Other Notable Stocks - Kailaiying (06821) rose nearly 2% as its Shanghai Fengxian commercial production base officially commenced operations, marking a significant upgrade in its biopharmaceutical CDMO capabilities [2] - Tianyu Semiconductor (02658) rebounded over 12% on its second day of trading, although still down 20% from its IPO price of 58 HKD [2] - Lithium stocks saw gains, with Ganfeng Lithium (01772) up 4.65%, Hongqiao Group (08137) up 2.15%, Tianqi Lithium (09696) up 3.29%, and CATL (03750) up 1.51% [2] - AAC Technologies (02018) rose nearly 2% after Alibaba launched its first self-developed flagship AI glasses, the Quark AI Glasses S1 [2] - Zhou Hei Ya (01458) increased over 5% as it announced the opening of its first overseas brand store in Malaysia on December 5, 2025 [2] Group 3: US Market Highlights - US mining stocks generally rose, with Albemarle (ALB.US) up 5.08% and MP Materials (MP.US) up 0.47%, amid reports of the US government planning to increase its stake in key mineral companies [5] - Paramount Skydance (PSKY.US) fell 9.82% after proposing a buyout of Warner Bros Discovery (WBD.US) at $30 per share, while Netflix (NFLX.US) offered $27.75 per share [5] - Intel (INTC.US) rose 2.25% after announcing it would retain its network and edge computing business, enhancing integration in AI and data center solutions [5] - Netflix (NFLX.US) dropped 2.89% while Warner Bros Discovery (WBD.US) rose 6.28% following Netflix's announcement of a $27.75 per share acquisition offer for Warner Bros [6] - Baidu (BIDU.US) increased by 5% as reports emerged that Kunlun Core is preparing for an IPO in Hong Kong, targeting early 2026 for its application [6]

Core Viewpoint - AAC Technologies (瑞声科技) shares rose nearly 3%, currently trading at HKD 38.28 with a transaction volume of HKD 71.1751 million, following the launch of Alibaba's first self-developed flagship dual-display AI glasses, Quark AI Glasses S1, which emphasizes a super AI assistant experience [1] Group 1: Product Development and Collaboration - Alibaba's Quark AI Glasses S1 features a high-precision audio pickup system developed in collaboration with AAC, consisting of 5 high-performance microphones and 1 bone conduction microphone [1] - The AI phone, Doubao, utilizes AAC's high-performance X-axis linear motor and dual speaker system to enhance immersive voice and tactile interaction experiences [1] - AAC has previously collaborated with multiple overseas large model and smart terminal companies to explore innovative paths for "AI + terminal" applications [1] Group 2: Business Expansion - In addition to its traditional strengths in acoustic and haptic devices, AAC is expanding its business boundaries by providing optical waveguides, high-end cooling systems, and other perception solutions for AI phones, XR wearable devices, and new forms of smart hardware [1]