智通財經APP訊，瑞聲科技(02018)發佈公告，於2026年1月6日該公司斥資400.12萬港元回購10萬股，回 購價格爲每股39.22-40.18港元。 ...

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 第 1 頁 共 6 頁 v 1.3.0 FF305 確認 不適用 第一章節註釋： 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： 2026年1月6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） ...

截至月份: 2025年12月31日 狀態: 新提交 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 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: 2026年1月6日 I. 法定/註冊股本變動 FF301 | 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 | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 | USD | | ...

Core Insights - The development of China's supply chain has surpassed expectations, with suppliers now engaging in innovation and research, moving beyond mere assembly and manufacturing roles [3][50] - Suppliers are increasingly responsible for significant technological advancements in smartphones and automobiles, indicating a shift in the industry dynamics where suppliers can perform tasks traditionally handled by manufacturers [3][50] Group 1: Supplier Innovations - Companies like Pixelworks are providing advanced gaming chips that are not developed by manufacturers but sourced from suppliers, showcasing the depth of innovation within the supply chain [3][5] - Chip design firms such as Chipone Microelectronics offer customized solutions for GPU, NPU, and DSP, allowing manufacturers to differentiate their products without relying solely on major chip suppliers like Qualcomm [10][17] - Surface coating technologies from suppliers like Aresen are enhancing the durability and aesthetics of smartphone components, demonstrating the critical role of suppliers in product differentiation [19][22] Group 2: Material and Design Advancements - Lens manufacturers like Lens Technology are influencing smartphone design by providing high-quality glass covers, which have revolutionized the market since their inception [24][25] - The use of advanced materials and coatings, such as titanium nitride for foldable screen hinges, illustrates how industrial technologies are being adapted for consumer electronics [22][24] - Companies are leveraging their expertise in materials to create unique product features, such as high thermal conductivity coatings for gaming smartphones [19][22] Group 3: Expansion into New Markets - Suppliers like AAC Technologies are diversifying their offerings beyond traditional components, entering the automotive sector with high-quality audio systems [30][32] - The acquisition of companies like Premium Sound Solutions by AAC Technologies highlights the trend of suppliers expanding their business models to include new markets [30][32] - The integration of AR technologies into products by suppliers such as AAC Technologies, through acquisitions like Dispelix, indicates a strategic move towards high-tech applications [43][46] Group 4: Industry Dynamics and Future Outlook - The evolution of the supply chain has led to a scenario where manufacturers increasingly rely on suppliers for core competencies, shifting the competitive landscape [50] - The collaboration between manufacturers and suppliers is essential for driving innovation and meeting the demands of modern consumer electronics [50] - The narrative of suppliers as mere assembly partners is outdated, as they now play a pivotal role in shaping the future of technology and product development [50]

Core Viewpoint - Company has signed a final agreement to acquire shares and other equity securities of Dispelix Oy, a leader in AR diffractive waveguide technology, with the transaction expected to be completed in the first half of 2026 [1][2] Group 1: Acquisition Details - The acquisition aims to combine Dispelix's expertise in waveguide design and manufacturing with the company's strengths in optics, precision manufacturing, and system-level integration, creating strong synergies [1] - The company's global presence and close partnerships with leading smart device companies will further enhance technology implementation and market expansion [1] Group 2: Industry Trends and Innovations - In the context of the accelerating evolution of "AI + terminal," AI functionalities are transitioning from software to integrated hardware-software experiences [2] - The company is deepening its core layout in the "AI + perception" field, leveraging years of expertise in acoustic, haptic, and optical multi-dimensional perception technologies to provide stronger performance and faster responses [2] Group 3: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 310.18 billion RMB (+13.5%), 351.8 billion RMB (+13.4%), and 399.72 billion RMB (+13.6%) respectively [2] - Projected net profits for the same period are 24.97 billion RMB (+38.9%), 29.68 billion RMB (+18.9%), and 35.67 billion RMB (+20.2%) [2] - The average net profit growth rate over the next three years is forecasted to be 26% [2] Group 4: Valuation and Rating - A 24x PE valuation for 2025 is considered reasonable, leading to a target price of 55.56 HKD per share, indicating a potential upside of 44.7% from the current price [2]

Group 1 - The core viewpoint of the report is that the company maintains a "Buy" rating for AAC Technologies (02018) with a target price of HKD 55.56, following its acquisition of AR diffractive waveguide technology leader Dispelix to enhance its presence in the "AI + Perception" field [1] - The acquisition of Dispelix is expected to be completed in the first half of 2026, allowing the company to combine Dispelix's expertise in waveguide design and manufacturing with its own strengths in optics, precision manufacturing, and system-level integration, creating strong synergies [2] - The company aims to innovate products in smart terminals such as smartphones, wearable devices, and smart cars, leveraging its deep experience in multi-dimensional perception technologies like acoustics, haptics, and optics to provide enhanced performance and responsiveness [2] Group 2 - The company has achieved breakthroughs in optical products, with the WLG single-mold comprehensive output increasing by 6-7 times after process and major equipment upgrades, significantly surpassing traditional technologies in yield, precision, and optical performance [3] - The newly developed 1G6PWLG lens and super-light-passing prism have been adopted in the latest flagship models of clients, showcasing superior optical performance, including larger apertures, higher resolution, and thinner lens thickness compared to traditional optical lenses [3] - The super-light-passing prism, manufactured using the company's WLG integrated forming technology, increases light intake by 30%, enhancing the shooting effect of periscope telephoto lenses in complex lighting conditions while reducing module size by 10%, thus compressing smartphone thickness [3]

Group 1 - The core viewpoint of the report is that the company maintains a "Buy" rating for AAC Technologies (02018) with a target price of HKD 55.56, following its acquisition of AR diffraction waveguide technology leader Dispelix to deepen its layout in the "AI + Perception" field [1] - The acquisition of Dispelix is expected to be completed in the first half of 2026, which will combine Dispelix's expertise in waveguide design and manufacturing with the company's strengths in optics, precision manufacturing, and system-level integration, creating strong synergies [1][2] - The company aims to build a new paradigm for smart terminals around "AI + Perception," continuously driving product innovation in smartphones, wearable devices, and smart cars, thereby expanding its development space [2] Group 2 - The company has achieved breakthroughs in optical products, with the WLG single-mold comprehensive output increasing by 6-7 times after process and major equipment mold upgrades, significantly surpassing traditional technologies in yield, precision, and optical performance [3] - The newly developed 1G6PWLG lens and super-light-gathering prism have been adopted in mainstream flagship models, showcasing superior optical performance, including larger apertures, higher resolution, and thinner lens thickness compared to traditional optical lenses [3] - The super-light-gathering prism, manufactured using the company's WLG integrated forming technology, increases light intake by 30%, enhancing the shooting effect of periscope telephoto lenses in complex lighting environments while reducing module size by 10%, thus compressing smartphone thickness [3]

Core Insights - The MEMS micro-nano manufacturing components industry is experiencing rapid growth due to increased penetration in consumer electronics, automotive electronics, industrial automation, and healthcare sectors, with the global market expected to reach 7.3 billion yuan by 2025 and 7.7 billion yuan by 2026 [1][5][10] Industry Definition and Classification - MEMS (Micro-Electro-Mechanical Systems) combines electronic and mechanical technologies to create devices at micro or nano scales, enabling smart and integrated systems [2][3] - Key components include sensors, acoustic modules, optical modules, pressure sensors, and inertial sensors, characterized by miniaturization, integration, and mass production [3][4] Current Industry Status - The MEMS micro-nano manufacturing components market is expanding, driven by technological advancements and increasing demand for miniaturized and intelligent devices [4][5] - The largest segment within this market is sensors, followed by acoustic modules, with significant growth projected in various subcategories [5] Industry Chain - The upstream of the MEMS industry includes high-grade metals, silicon-based materials, polymers, and precision equipment, with high technical barriers and reliance on imports for some high-end materials [6] - The midstream focuses on the production of MEMS components, characterized by high technology barriers and added value [6] - The downstream applications span aerospace, automotive, biomedical, and consumer electronics sectors [6] Competitive Landscape - The MEMS micro-nano manufacturing components market in China is primarily dominated by foreign companies, with domestic firms accelerating their efforts to replace imports and enhance core technologies [7] - Key players include AAC Technologies, Huazhong University of Science and Technology, Goertek, and others, with ongoing advancements in various segments [7][8] Development Trends - The MEMS industry is evolving towards micro-nano precision manufacturing of integrated functional components, emphasizing miniaturization, integration, and mass production [9][10] - Future growth is anticipated as technological advancements lower production costs and expand applications across various sectors, including IoT, consumer electronics, and automotive industries [10]

Group 1 - Major investment banks like Goldman Sachs, Morgan Stanley, and UBS are optimistic about the global stock market outlook for 2026, expecting double-digit gains in both developed and emerging markets due to strong earnings growth, declining interest rates, and reduced policy headwinds [1] - The United States is projected to maintain its position as the global growth engine, driven by a resilient economy and an AI-driven supercycle that is leading to record capital expenditures and rapid earnings expansion [1] - The momentum of the AI industry is spreading globally across various sectors including technology, utilities, banking, healthcare, and logistics, creating both winners and losers amid an already imbalanced K-shaped economy [1] Group 2 - Goldman Sachs has released a list of recommended stocks for investment based on the Earnings Revision Leading Indicator (ERLI), which includes companies such as AIA Group (01299.HK), Xiaomi Group-W (01810.HK), Lenovo Group (00992.HK), and Hong Kong Exchanges and Clearing (00388.HK) [1] - Other notable stocks on the list include China Ping An (02318.HK), Zijin Mining (02899.HK), Techtronic Industries (00669.HK), and China Pacific Insurance (02601.HK) [1] - Additional companies mentioned are ZTO Express-W (02057.HK), Luoyang Molybdenum (03993.HK), Hua Hong Semiconductor (01347.HK), and China Aluminum (02600.HK) [1]

Group 1 - The core point of the article is that AAC Technologies has been actively repurchasing its shares, with a total of 100 repurchase transactions this year, amounting to 28.12 million shares and a total expenditure of HKD 1.089 billion [1][4] - On December 31, the company repurchased 150,000 shares at a price range of HKD 39.080 to HKD 39.780, totaling HKD 5.9033 million [1] - The stock price closed at HKD 39.000 on the same day, reflecting a decrease of 0.56%, with a total trading volume of HKD 126 million [1] Group 2 - Since December 30, the company has conducted repurchases for two consecutive days, totaling 186,000 shares and an expenditure of HKD 7.3006 million [1] - The stock has seen a cumulative increase of 1.56% during this period [1] - The detailed repurchase history includes various dates, share quantities, and prices, indicating a consistent strategy to buy back shares at different price points [2][3]