2025 中期報告 AAC 瑞聲科技是感知體驗解決方案的領導 者，以打造感知體驗技術的未來為企業目 標。瑞聲科技堅持技術創新，注重全球佈 局，經過數十年的行業深耕，我們與國內外 終端客戶建立緊密、長期、穩定的戰略合作 關係，在聲學、光學、電磁傳動、傳感器及 半導體、精密製造等領域擁有強大的綜合 競爭力。瑞聲科技的使命是創造極緻體驗， 願景是創造多元化價值和成為體驗科技的 領導者。在感知科學上，瑞聲科技不斷創 新，打造各類全新的交互體驗，為行業注入 新的活力。瑞聲科技將在智能手機、智能汽 車、虛擬現實、增強現實、智能家居等多行 業持續發力，開創感知體驗新紀元。 www.aactechnologies.com 本中期報告之中英文版本如有不一致，概以英文版本為準。 此中期報告乃使用環保紙印刷。 (於開曼群島註冊成立之有限公司) 股票代號: 2018 中期報告 2025 執行董事 潘政民先生（行政總裁） 莫祖權先生（常務董事） 目 錄 | 關於瑞聲科技 | | | --- | --- | | 公司資料 | 2 | | 核心發展戰略 | 3 | | 財務摘要 | 4 | | 中期回顧 | 5 | | 全球佈局 | 8 ...

Group 1 - The core viewpoint of the reports indicates that the Hong Kong stock market is gaining attention from both domestic and foreign funds, entering a bullish phase [1] - The long-term bull market for Hong Kong stocks was established in Q4 of last year and is currently in the mid-stage, with liquidity and valuation cycles showing signs of improvement [1] - The liquidity cycle is approximately at the mid-point, with a generally loose adjustment expected over the next 1-2 years [1] - After three years of bear market, Hong Kong stocks are experiencing a valuation recovery, currently at the upper mid-level after more than a year of continuous recovery [1] - The earnings cycle has just begun to recover from the bottom, with major recovery concentrated in structurally prosperous sectors [1] Group 2 - Foreign institutions are optimistic about the prospects of the Hong Kong stock market, with Goldman Sachs maintaining an "overweight" stance on Chinese stocks [2] - Standard Chartered Bank has an "overweight" rating for Chinese stocks in its 2025 Global Market Outlook [2] - Morgan Stanley highlights that key sectors such as artificial intelligence, semiconductors, humanoid robots, and new consumption are primarily traded in Hong Kong and A-shares, attracting unprecedented interest from investors [2] - Key investment targets in the Hong Kong market include core growth sectors like internet, innovative pharmaceuticals, new consumption, and technology, which are expected to drive overall valuation increases [2] - Specific companies to watch include Xiaomi Group, Lenovo Group, AAC Technologies, SMIC, and BYD [2]

Group 1 - The core viewpoint of the reports indicates that the Hong Kong stock market is entering a bullish phase, with increasing attention from both domestic and foreign capital [1] - The long-term bull market for Hong Kong stocks was established in Q4 of last year, currently at a mid-point, with liquidity and valuation cycles showing signs of recovery [1] - The liquidity cycle is approximately at the mid-point, with expectations of overall easing in the next 1-2 years [1] - After three years of bear market, Hong Kong stocks are experiencing a valuation recovery, currently at the upper mid-range after over a year of continuous repair [1] - The earnings cycle has just begun to recover from the bottom, primarily in structurally prosperous sectors [1] Group 2 - Several foreign institutions have expressed a positive outlook on the Hong Kong stock market, with Goldman Sachs maintaining an "overweight" stance on Chinese stocks [2] - Standard Chartered Bank has kept an "overweight" rating on Chinese stocks in its 2025 Global Market Outlook [2] - Morgan Stanley noted that key sectors such as artificial intelligence, semiconductors, humanoid robots, and new consumption are primarily traded in Hong Kong and A-shares, attracting unprecedented interest from investors [2] Group 3 - Key investment targets in the Hong Kong market include core growth sectors such as internet, innovative pharmaceuticals, new consumption, and technology, which are expected to drive overall valuation increases [2] - Specific companies to focus on include: - Consumer electronics: Xiaomi Group (01810), Lenovo Group (00992), AAC Technologies (02018), SMIC (00981), and GoerTek (01415) [2] - Information technology services: VST Holdings (00856), Kingdee International (00268), and Jiufeng Intelligent Investment Holdings (09636) [2] - AI and robotics: Fourth Paradigm (06682), SenseTime (00020), and UBTECH (09880) [2] - New energy vehicles: BYD Company (01211) and Leapmotor (09863) [2]

Group 1 - The Hong Kong stock market saw a collective decline in Apple-related stocks, with notable drops in several companies [1] - Lens Technology experienced a significant drop of 7.01%, closing at a price of 29.180 and a total market capitalization of 154.198 billion [2] - Other companies such as Hon Teng Precision, Sunny Optical Technology, and Q Tech also faced declines of over 3% [1][2] Group 2 - Hon Teng Precision fell by 4.18%, with a latest price of 6.650 and a market cap of 485.61 billion [2] - Sunny Optical Technology decreased by 3.68%, with a latest price of 83.850 and a market cap of 917.99 billion [2] - Q Tech and AAC Technologies saw declines of 3.72% and 3.13% respectively, with market caps of 181.52 billion and 560.89 billion [2]

Group 1 - OpenAI is developing its own AI device in collaboration with a major iPhone assembler in mainland China, with discussions ongoing for component supply with local industry chain companies [1] - The device, likely named AI Pin, is expected to be a wearable badge with capabilities for sound, text, photos, and videos, along with AI processing power [1] - OpenAI's device team consists of members from Apple, making collaboration with Apple's supply chain companies a logical choice [1] Group 2 - AAC Technologies reported a revenue of RMB 13.32 billion for the first half of the year, marking an 18.4% year-on-year increase, setting a new record [1] - The company has significantly benefited from the growth of the AI industry, with multiple business segments experiencing rapid growth [1] - The MEMS microphone business is expected to see revenue growth exceeding 50% in 2025 compared to 2024 due to increased demand for voice interaction features in AI smartphones [1] Group 3 - The demand for higher cooling performance in AI smartphones is expected to drive rapid growth in AAC Technologies' thermal management business, with overseas high-end customer orders already secured [2] - The overall revenue scale of the thermal product line is projected to triple in 2025 compared to 2024 [2] - The recently released iPhone 17 Pro/Pro Max series features a VC heat spreader for enhanced cooling performance, with AAC Technologies as a core supplier [2]

Group 1 - OpenAI is developing its own AI device in collaboration with a major iPhone assembler in mainland China, with discussions ongoing for component supply with local industry chain companies [1] - The device, likely named AI Pin, is expected to be a wearable badge featuring voice, text, photo, and video capabilities, along with AI processing power [1] - The core team of OpenAI's device division consists of members from Apple, making collaboration with Apple's supply chain companies a logical choice [1] Group 2 - AAC Technologies reported a revenue of RMB 13.32 billion for the first half of the year, marking an 18.4% year-on-year increase, setting a new record [2] - The company has significantly benefited from the growth of the AI industry, with multiple business segments experiencing rapid growth [2] - The demand for voice interaction in AI smartphones has positively impacted the MEMS microphone business, with revenue expected to increase by over 50% in 2025 compared to 2024 [2] Group 3 - The higher computational power and increased power consumption of AI smartphones are driving the demand for enhanced thermal performance, which will significantly boost AAC Technologies' thermal business [2] - The latest iPhone 17 Pro/Pro Max series has adopted VC heat spreaders for the first time, greatly improving thermal performance, with AAC Technologies as a core supplier [2] - Future adjustments in Apple's product strategy may lead to the standard iPhone models also incorporating VC heat spreaders, further accelerating the growth of AAC Technologies' thermal business [2]

Core Viewpoint - 瑞声科技 (02018.HK) is currently experiencing a consolidation phase, with stock prices fluctuating between 43 and 47 HKD, indicating potential for a breakout in the near future [3][4]. Technical Analysis - The stock price has shown a neutral technical signal, with resistance levels identified at 47 HKD and 49.6 HKD, while a target price of 50 HKD requires breaking through these resistance levels [1][3]. - The stock is at a critical point in a triangular consolidation pattern, with key support at approximately 43 HKD and significant support at 42.69 HKD from the 60-day moving average [3]. - The Relative Strength Index (RSI) is at 55, indicating a balanced power between bulls and bears, but several oscillators are showing buy signals, suggesting a potential upward movement [3]. Market Sentiment and Derivative Products - Recent performance in the warrant market shows that even with minor fluctuations in the underlying stock, suitable warrant products can yield substantial returns, reflecting ongoing investor interest in 瑞声科技 [4]. - For bullish investors, two call warrants are highlighted: 中銀認購證 (18352) with a leverage of 3.07 times and a strike price of 54.04 HKD, and 法興認購證 (13937) offering a higher leverage of 6.1 times with a strike price of 52.88 HKD [6]. - For bearish investors, two put warrants are available: 瑞銀認沽證 (19352) and 花旗認沽證 (14757), both providing a leverage of 1.9 times, with strike prices of 40.86 HKD and 40.88 HKD respectively [6].

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The smart terminal market is expected to flourish, driven by the recovery in iPhone sales and the entry of large model manufacturers like Open AI, which will accelerate innovation in smart terminal categories and forms [3][8] - The iPhone 17 series has shown strong sales performance, with a fourfold increase in trade-in sales compared to the previous year, indicating a positive outlook for the supply chain [8] - Open AI's entry into AI hardware terminals is expected to enrich the product ecosystem, benefiting existing supply chain companies like Luxshare Precision and GoerTek [8] Summary by Sections Investment Suggestions and Targets - The report recommends buying shares of several companies in the AI supply chain, including Luxshare Precision (002475), Lens Technology (300433), and GoerTek (002241) among others [3] Industry Dynamics - The report highlights the potential for rapid growth in the AI hardware terminal market, with Open AI planning to launch its first device by late 2026 or early 2027, which will include various innovative products [8] - The report notes that the iPhone 17 series has prompted Apple to increase production capacity, reflecting strong market demand and potential for supply chain growth [8] - Meta's recent launch of multiple AI & AR glasses indicates a growing market for AR technology, suggesting a shift from accessory to independent smart terminal status for wearable devices [8]

Core Viewpoint - The Hang Seng Index experienced a decline, closing down 200.96 points or 0.76%, while the Hang Seng China Enterprises Index and the Red Chip Index also fell by 1.07% and 1.49% respectively, indicating a bearish trend in the market [1][2]. Market Performance - The Hang Seng Index closed at 26344.14 points, down 0.76% [2]. - The Hang Seng China Enterprises Index closed at 9370.73 points, down 1.07% [2]. - The Red Chip Index closed at 4064.4 points, down 1.49% [2]. Capital Flow - There was a net inflow of southbound funds amounting to 12.736 billion Hong Kong dollars on the same day [1]. Stock Performance - Apple-related stocks saw significant gains, with Cowell Technology and AAC Technologies both rising approximately 10%, and Sunny Optical Technology increasing by about 7% [1]. - BYD Company Limited saw a decline of 3.35% [1].

Group 1 - OpenAI is reportedly developing its own AI device in collaboration with a major iPhone assembler in mainland China [1] - The device, likely named "AIPin," is expected to be a wearable badge with capabilities for sound, text, photos, and videos, along with AI processing power [1] - OpenAI is also in discussions with suppliers such as GoerTek, Lens Technology, and AAC Technologies for component supply [1] Group 2 - The initiative is anticipated to provide new growth momentum for existing Apple supply chain companies in mainland China [1] - The target price for AAC Technologies is set at HKD 60.5 with a "high conviction to outperform the market" rating [1] - The target price for Lens Technology is set at HKD 33.7 with an "outperform" rating [1]