Incentive Plan - The company granted a total of 494,595 restricted stock units under the incentive plan on December 5, 2024, with the closing price of H-shares at HKD 29.05 per share on the grant date [3]. - The number of restricted stock units granted during the reporting period represents approximately 0.82% of the weighted average number of shares issued during the reporting period, excluding treasury shares [3]. - The purchase price for the restricted stock units must generally be paid by the grantees within one month after the grant date [3].

Group 1: Index Change and Impact - The Hang Seng Index has officially renamed the "Hang Seng Information Technology Index" to the "Hang Seng Semiconductor Industry Theme Index," effective from November 7, 2025, and has included Beike Micro (2149 HK) in its constituent stocks, which is expected to bring structural benefits to the company [1] - The inclusion in the index is anticipated to enhance investor attention and liquidity for Beike Micro, as it will benefit from increased passive fund inflows and attract active management funds [1] Group 2: Strategic Adjustments and Long-term Resilience - The company has strategically adjusted its distributor network in the first half of 2025, reducing reliance on its largest overseas customer while expanding domestic partnerships, which is expected to enhance long-term supply chain resilience despite short-term sales growth pressure [2] - The strategic shift has not impacted the company's profitability, as management plans to implement a product price increase of approximately 10% in Q4 2025, which is expected to improve overall profit margins [2] Group 3: Valuation and Growth Outlook - The company is reaffirming a "buy" rating based on attractive valuations and clear catalysts, with expected net profit growth of 21% in 2025 and a net profit margin maintained above 25% [3] - The current valuation stands at 14.7 times and 11.6 times the forecasted P/E ratios for 2025 and 2026, respectively, indicating a significant discount compared to A-share and global peers, with potential for revaluation driven by favorable factors such as the reclassification into the Hang Seng Semiconductor Index [3]

2025 年 11 月 5 日 招银国际环球市场 | 睿智投资 | 公司更新 贝克微 (2149 HK) 贝克微 (2149 HK) - 纳入恒生半 整、四季度定价能力提升；重申 纳入恒生半导体指数、进行分销商战略性调整、四 "买入"评级 季度定价能力提升；重申"买入"评级 恒生指数正式将"恒生资讯科技业指数"更名为"恒生半导体行业主题指数"，并将 贝克微（2149 HK）纳入成份股，自 2025 年 11 月 7 日起生效。我们认为这将为 贝克微带来结构性利好，公司将有望受益于潜在被动资金流入提升市场流动性的 同时，吸引主动管理型基金的关注。重申"买入"评级；目标价维持 93 港元不变， 基于 26.6 倍 2025 年预测市盈率。 | (截至 12 月 31 日) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | 销售收入 (百万人民币) | 464 | 579 | 672 | 841 | 1,046 | | 同比增长 (%) | 31.6 | 24.8 | 16.1 | 25.1 | 24. ...

Core Viewpoint - The inclusion of Baker Hughes (02149) in the Hang Seng Semiconductor Index is expected to provide structural benefits, leading to potential passive fund inflows and increased market liquidity, while attracting active management funds [1] Group 1: Company Analysis - Baker Hughes has been added to the Hang Seng Semiconductor Industry Theme Index, effective from November 7, 2025 [1] - The company is projected to experience a 21% growth in net profit by 2025, with a net profit margin maintained above 25% [1] - Current valuation stands at 14.7 times and 11.6 times the forecasted price-to-earnings ratio for 2025/26, indicating a significant discount compared to A-share and global peers [1] Group 2: Market Implications - The reclassification of the Hang Seng Semiconductor Index is expected to drive valuation improvements for Baker Hughes [1] - The report emphasizes the importance of monitoring potential passive fund inflows related to the index inclusion [1] - The company's high profitability has shown resilience during previous industry downturns, highlighting its unique business model and operational excellence [1]

整、四季度定价能力提升；重申 纳入恒生半导体指数、进行分销商战略性调整、四 "买入"评级 季度定价能力提升；重申"买入"评级 恒生指数正式将"恒生资讯科技业指数"更名为"恒生半导体行业主题指数"，并将 贝克微（2149 HK）纳入成份股，自 2025 年 11 月 7 日起生效。我们认为这将为 贝克微带来结构性利好，公司将有望受益于潜在被动资金流入提升市场流动性的 同时，吸引主动管理型基金的关注。重申"买入"评级；目标价维持 93 港元不变， 基于 26.6 倍 2025 年预测市盈率。 | (截至 12 月 31 日) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | 销售收入 (百万人民币) | 464 | 579 | 672 | 841 | 1,046 | | 同比增长 (%) | 31.6 | 24.8 | 16.1 | 25.1 | 24.4 | | 毛利率 (%) | 55.4 | 53.0 | 52.4 | 52.4 | 52.4 | | 运营利润 (百万人民币) | 113.4 | ...

Group 1 - The Hang Seng Index has officially renamed the "Hang Seng Information Technology Index" to "Hang Seng Semiconductor Industry Theme Index," with Baker Hughes (02149) included in the constituent stocks effective from November 7, 2025 [1] - The report suggests that this change will provide structural benefits to Baker Hughes, potentially leading to passive capital inflows that enhance market liquidity and attract active management funds [1] - The firm maintains a "Buy" rating on Baker Hughes with a target price of HKD 93, based on a forecasted price-to-earnings ratio of 26.6 times for 2025 [1] Group 2 - The company's valuation is expected to benefit from favorable factors such as the reclassification of the Hang Seng Semiconductor Index, presenting a revaluation opportunity [1] - Investors are advised to closely monitor potential passive capital inflows related to the index inclusion [1] - During the previous industry downturn, the company's high profitability demonstrated resilience, highlighting its unique business model and excellent operational capabilities [1] Group 3 - The company is projected to achieve a 21% growth in net profit for 2025, with a net profit margin expected to remain above 25% [1] - Currently, the company's valuation stands at 14.7 times and 11.6 times the forecasted price-to-earnings ratio for 2025/26, which is significantly discounted compared to A-shares and global peers [1]

Group 1 - RAYS Capital Partners Limited increased its stake in Baker Microelectronics (02149.HK) by purchasing 57,700 shares at an average price of HKD 53.4011 per share, totaling approximately HKD 3.0812 million [1][3] - Following this transaction, RAYS Capital Partners Limited's total shareholding rose to 2.5512 million shares, increasing its ownership percentage from 13.85% to 14.17% [1][3] - The transaction occurred on October 31, 2025, as per the latest disclosure from the Hong Kong Stock Exchange [1][2]

Group 1 - RAYS Capital Partners Limited increased its stake in Baker Micro (02149) by acquiring 57,700 shares at a price of 53.4011 HKD per share, totaling approximately 3.08124 million HKD [1] - Following the acquisition, RAYS Capital's total shareholding in Baker Micro is approximately 2.5512 million shares, representing a holding percentage of 14.17% [1]

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 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蘇州貝克微電子股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02149 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 18,000,000 | RMB | | 1 RMB | | 18,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 18,000,000 | RMB | | 1 RMB | | 18,000,000 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Group 1 - The Asian Equity Special Opportunities Portfolio Master Fund Limited increased its stake in Baker Micro (02149) by purchasing 75,700 shares at a price of HKD 54.8044 per share, totaling approximately HKD 4.1487 million [1] - After the purchase, the total number of shares held by the fund is 2.222 million, representing a holding percentage of 12.34% [1]