Core Viewpoint - The article emphasizes the growing importance of thermal management solutions in the electronics industry, driven by advancements in high-end smartphones, AI computing demands, and the increasing power density of electric vehicle control systems. The thermal materials industry is rapidly evolving, showcasing a vibrant ecosystem of domestic companies and innovative technologies [2]. Listed Companies - Feirongda (300602) is a leading expert in electromagnetic shielding and thermal management solutions, providing a complete product chain from thermal conductive materials to liquid cooling plates and heat spreaders. The company serves major clients like Huawei and BYD in the communication and new energy sectors [3][5]. - Siquan New Materials (301489) focuses on thermal management materials, offering a comprehensive range of products including graphite heat dissipation films and modules. The company has notable clients such as Xiaomi and Google [18][20]. - Suzhou Tianmai (301626) is recognized for its comprehensive thermal management solutions, with a strong emphasis on self-developed thermal interface materials and gel products, serving clients like Huawei and BYD [22][23]. - Zhongshi Technology (300684) specializes in high-performance synthetic graphite thermal solutions, becoming a core supplier for top global consumer electronics brands like Apple. The company reported significant revenue growth in 2024 [26][28]. - Lingyi Zhi Zao (002600) provides intelligent manufacturing services, with thermal management business revenue reaching 4.107 billion in 2024, showcasing a diverse product range [30][34]. - AAC Technologies (02018) leads in perception experience solutions, with its thermal business achieving substantial growth, particularly in the smartphone market [35]. - Shuo Beide (300322) offers antennas and thermal devices, reporting a revenue of 1.28 billion from thermal products in 2024 [36]. Financial Performance - Feirongda reported a revenue of 5.031 billion in 2024, with a net profit of 173 million, reflecting a 15.76% year-on-year growth [17]. - Siquan New Materials achieved a revenue of 656 million in 2024, marking a 51.10% increase compared to the previous year [21]. - Suzhou Tianmai's revenue for 2024 was 942 million, with a slight increase of 1.62% year-on-year [25]. - Zhongshi Technology's revenue reached 15.66 billion in 2024, with a net profit of 2.01 billion, indicating a 24.51% growth [29]. - Lingyi Zhi Zao's total revenue for 2024 was 442 billion, with a net profit of 17.59 billion, showing a 29.56% increase [34]. - AAC Technologies reported a revenue of 326 million from its thermal business, a 40.1% increase [35]. - Shuo Beide's thermal device revenue was 1.28 billion in 2024, with a total revenue of 18.6 billion [36]. Industry Trends - The thermal materials industry is characterized by rapid technological advancements and increasing domestic production capabilities, driven by the demand for efficient thermal management solutions in various high-tech applications [2]. - The article highlights the competitive landscape of the thermal materials sector, with numerous companies innovating to meet the growing needs of the electronics and automotive industries [2][3].

FF301 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 本月底法定/註冊股本總額： USD 50,000,000 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 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10月2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) | 02018 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | | 50,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本 ...

Core Viewpoint - AAC Technologies (02018.HK) announced changes in its board composition, effective from October 1, 2025, with the appointment of non-executive director Wu Chunyan to the nomination committee and the departure of independent non-executive director Guo Lingguang from the same committee [1] Group 1 - Wu Chunyan will join the nomination committee as a member starting from October 1, 2025 [1] - Guo Lingguang will no longer serve as a member of the nomination committee effective from the same date [1]

Group 1 - The company announced that starting from October 1, 2025, Ms. Wu Chunyan will be appointed as a member of the Nomination Committee [1] - Independent non-executive director Mr. Guo Lingguang will no longer serve as a member of the Nomination Committee [1]

Core Viewpoint - The announcement from AAC Technologies (02018) indicates a change in the composition of its nomination committee, with the appointment of a new member and the departure of an existing member [1] Group 1 - Ms. Wu Chunyan has been appointed as a member of the nomination committee effective from October 1, 2025 [1] - Mr. Guo Lingguang will no longer serve as a member of the nomination committee [1]

潘政民先生 （行政總裁） 莫祖權先生 （常務董事） 非執行董事： 吳春媛女士 獨立非執行董事： （於開曼群島註冊成立之有限公司） （股份代號：2018） 董事名單與其角色和職能 瑞聲科技控股有限公司董事會（「董事會」）成員載列如下： 執行董事： | | 委員會 | | | | | --- | --- | --- | --- | --- | | | 審核及風險 | 薪酬 | 提名 | 可持續發展 | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | | 張宏江先生 | M | M | C | | | 郭琳廣先生 | C | M | | M | | 彭志遠先生 | M | C | M | M | | 吳春媛女士 | | | M | M | | 莫祖權先生 | | | | C | 附註： C 有關委員會主席 M 有關委員會成員 香港，2025年10月1日 張宏江先生 （董事會主席） 郭琳廣先生 彭志遠先生 董事會設有四個委員會。下表提供相關董事會成員在這些委員會中所擔任的職位： ...

（於開曼群島註冊成立之有限公司） （股份代號：2018） 提名委員會的組成變動 瑞聲科技控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，自2025 年10月1日起： 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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 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。 作出上述變動後，提名委員會由兩名獨立非執行董事（張宏江先生和彭志遠先生） 及一名非執行董事（吳春媛女士）組成。提名委員會主席是張宏江先生。 代表董事會 瑞聲科技控股有限公司 主席 張宏江 香港，2025年10月1日 (i) 非執行董事吳春媛女士獲委任為本公司提名委員會（「提名委員會」）成員；及 (ii) 獨立非執行董事郭琳廣先生不再擔任提名委員會成員。 上述變動乃因應香港聯合交易所有限公司證券上市規則（「上市規則」）及上市規則 附錄C1所載企業管治守則於2025年7月1日生效的修訂而作出。 於本公佈日期，董事會成員為潘政民先生、莫祖權先生及吳春媛女士，以及三位 獨立非執行董事張宏江先生、彭志遠先生及郭琳廣先生。 ...

Core Viewpoint - The new optical products developed by the company, including the 1G6P WLG lens and super light-gathering prism, have been successfully integrated into the latest flagship models released by clients, marking a significant milestone in product application [1] Group 1 - The 1G6P WLG lens is featured across the entire series of flagship models [1] - The super light-gathering prism is specifically included in the high-end models [1] - This marks the first time both WLG products have been simultaneously applied in the same mainstream flagship model [1]

Core Viewpoint - The Hong Kong stock market saw a significant increase in Apple-related stocks on September 30, with notable gains among several companies [1] Company Summaries - Hillstone Technology (丘钛科技) experienced a rise of 7.11%, reaching HKD 16.73 [1] - Sunny Optical Technology (舜宇光学) increased by 4.61%, trading at HKD 89.6 [1] - Hon Teng Precision (鸿腾精密) rose by 4.2%, with a price of HKD 6.45 [1] - AAC Technologies (瑞声科技) saw an increase of 2.56%, priced at HKD 45.64 [1]

Group 1: Hang Seng Index (HSI) - Investors believe that the strong support level is at 26,400, holding bull certificates with a redemption price of 25,900. Bearish investors expect a drop to 26,050, holding bear certificates with a redemption price of 27,078 [1] - Technical signals indicate a "sell" recommendation, with support levels at 25,800 and 25,400, while resistance is at 26,900. There are numerous bull certificates near the redemption price of 25,400, with leverage exceeding 21 times [1] - Investors are advised to compare product terms carefully, as some products with higher redemption prices may offer lower leverage and higher premiums, making them less attractive [1] Group 2: Pop Mart (09992.HK) - Investors are inquiring about the possibility of bull certificates dropping to 250 HKD, while others are optimistic about a rise to 268 HKD, holding bull certificates with a redemption price of 240 HKD [8] - The stock price rose to 261.8 HKD, with support identified at 247 HKD. The technical signal is a "buy," with resistance at 283 HKD [8] - Investors are cautioned against short-term products expiring between October and December due to significant time value decay, while longer-term products may offer better leverage [8] Group 3: Zijin Mining (02899.HK) - The stock price has been rising, reaching a high of 31.62 HKD, approaching the upper limit of the Bollinger Bands. Resistance levels are at 32.9 HKD and 33.8 HKD, with a short-term signal indicating a "sell" [15] Group 4: Contemporary Amperex Technology (03750.HK) - The stock price closed at 532 HKD, with a high of 535.5 HKD, nearing the upper limit of the Bollinger Bands. The first resistance level is at 558 HKD, with a potential second resistance at 604 HKD [21] - Investors are advised to consider products with exercise prices between 560-590 HKD, which have lower premiums and higher probabilities of moving from out-of-the-money to in-the-money [21] Group 5: Li Auto (02015.HK) - The stock price has surpassed 100 HKD, closing at 102 HKD, with technical signals indicating a "buy." Resistance levels are at 106 HKD and 110 HKD, with a target of 120 HKD [26] Group 6: AAC Technologies (02018.HK) - The stock has been declining, and the short-term trend is a "sell." Investors looking for entry points should exercise patience, with support levels at 44.2 HKD and 41.1 HKD [31]