| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.08 | 10.00 | 39.400 | 39.080 | 392.61 | | 2025.12.05 | 15.00 | 39.220 | 38.280 | 578.97 | | 2025.12.04 | 15.00 | 39.000 | 38.640 | 582.79 | | 2025.12.03 | 15.00 | 38.880 | 38.460 | 579.47 | | 2025.12.01 | 30.00 | 38.180 | 37.680 | 1136.36 | | 2025.11.28 | 30.00 | 36.840 | 36.540 | 1100.62 | | 2025.11.27 | 15.00 | 36.920 | 36.820 | 553.38 | | 2025.11.25 | 20.00 | 37.220 | 36.920 | 741.13 | | 2025.11.24 | 30.00 | 3 ...

港股市場的科技股板塊從來不乏故事，而作為蘋果產業鏈與消費電子感知體驗的雙重龍頭，瑞聲科技(02018)近期的走勢可謂是基本面利好與技術面博弈的 完美交織。一邊是AI手機滲透率攀升、AR產業爆點臨近的業績催化，一邊是股價在高振幅中尋求突破的技術格局，這只標的正站在短期方向抉擇的關鍵節 點。截止12月8日上午11點50分，股價報39.14元，升幅1.72%。同板塊的舜宇光學（02382）跌0.15%，股價報68.5元。 支持位與阻力位：清晰的攻防佈局 當前瑞聲的支撐與阻力層級相對明確，構成了清晰的技術攻防框架。支撐端方面，37.4元作為第一支持位與MA10均線（37.83元）形成緊密呼應，構成短期 的防禦樞紐，若股價能穩守該區間，向上反彈的基礎將更為紮實；35.8元的第二支持位與前期震蕩平臺底部重合，具備較強的技術支撐力度。 阻力端的佈局更為關鍵：短期核心阻力集中在40.1元附近，該位置處於MA30均線（38.84元）與MA60均線（41.26元）之間的夾縫區域，預計會面臨一定的 套牢盤拋壓，可視為短線多空分水嶺。若能成功站上40.1元，則下一個目標將直指41.1元的第二阻力位，後者若被突破，將打開更大的上漲空間 ...

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。 ...

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 ...

中邮证券发布研报称，瑞声科技(02018)全资收购芬兰光波导企业Dispelix，加速AR技术商业化。同时， 公司以其核心硬件赋能"豆包AI手机"与夸克AI眼镜，在X轴线性马达、声学系统及创新拾音方案等领域 提供关键支持，推动AI交互向软硬一体演进，强化"AI+感知"布局。维持"买入"评级。 中邮证券主要观点如下： 收购Dispelix，加速AR光波导商业化 投资建议 该行预计公司2025/2026/2027年分别实现收入322/360/400亿元，归母净利润分别为25/30/33亿元，维 持"买入"评级。 风险提示 有关智能手机市场的风险，对若干主要客户的依赖风险，因不可预见事件及供应链困难造成的生产中断 风险，经营、技术过时以及环境、社会及管治考量风险，流动性及利率风险，外汇风险，全球贸易摩擦 风险。 以核心硬件赋能豆包AI手机，助力实现从"工具"到"智能代理"的进化 12月1日，字节跳动豆包与中兴通讯合作推出搭载豆包手机助手技术预览版的工程样机nubia M153并发 售，这款首批面向大众的"豆包AI手机"支持语音、侧边键等唤醒方式，可模拟人类操作完成跨应用复杂 任务，实现从"工具"到"智能代理"的跨代 ...

高盛发布研究报告，对瑞声科技(02018)持积极态度，原因在于端侧 AI设备在其零部件（如声学器件、 微机电系统麦克风、触觉反馈器件等）终端市场的应用不断拓展，涵盖 AI智能手机（如豆包努比亚 M153）、AI/AR 眼镜（如阿里夸克 S1）以及创新型新形态端侧 AI设备（如 Open AI 2026年推出的AI设 备）等品类。 作为全球声学领域龙头企业，瑞声科技在小型/超薄/轻量化扬声器模组及低功耗触觉反馈器件领域具备 显著优势，可支撑端侧AI设备实现与用户的语音交互。语音指令是用户与设备交互的便捷方式之一， 同时也是设备获取数据以生成相关内容（如摘要、翻译、搜索等）的核心输入方式。高盛预计，未来几 年瑞声科技将充分受益于端侧 AI 设备的发展浪潮，维持买入评级。 一、"AI+感知"解决方案赋能AI智能手机 2025年12月，中兴与字节跳动旗下豆包合作推出了AI智能手机原型机努比亚M153。用户可通过语音或 侧边按键唤醒AI助手，完成订餐、回复消息等各类任务，这使得声学器件在AI智能手机中的重要性显 著提升。作为全球声学领域的领军者，瑞声科技可提供X轴线性马达、双扬声器等解决方案，优化用户 通过语音指令与A ...