智通财经APP讯，英诺赛科(02577)发布公告，配售协议项下的所有条件已获达成，且配售已于2025年10 月17日完成。合共2070万股新H股(分别占紧随配售完成后经配发及发行配售股份扩大后的已发行H股及 已发行股份总数的约3.94%及约2.26%)已按照配售协议所载条款并在其条件规限下按配售价每股H股 75.58港元成功配售予不少于6名承配人。 ...

英诺赛科(02577)发布公告，配售协议项下的所有条件已获达成，且配售已于2025年10月17日完成。合 共2070万股新H股(分别占紧随配售完成后经配发及发行配售股份扩大后的已发行H股及已发行股份总数 的约3.94%及约2.26%)已按照配售协议所载条款并在其条件规限下按配售价每股H股75.58港元成功配售 予不少于6名承配人。 ...

英諾賽科（蘇州）科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 章程 | | 章程 | 3 | | --- | --- | --- | | 第一章 | 總則 | 3 | | 第二章 | 經營宗旨和範圍 | 4 | | 第三章 | 股份 | 5 | | 第一節 | 股份發行 | 5 | | 第二節 | 股份增減和回購 | 9 | | 第三節 | 股份轉讓 | 11 | | 第四章 | 股東和股東會 | 12 | | 第一節 | 股東的一般規定 | 12 | | 第二節 | 控股股東和實際控制人 | 16 | | 第三節 | 股東會的一般規定 | 17 | | 第四節 | 股東會的召集 | 20 | | 第五節 | 股東會的提案與通知 | 21 | | 第六節 | 股東會的召開 | 23 | | 第七節 | 股東會的表決和決議 | 27 | | 第五章 | 董事和董事會 | 31 | | 第一節 | 董事的一般規定 | 31 | | 第二節 | 董事會 | 35 | | 第三節 | 獨立董事 | 40 | | 第四節 | 董事會專門委員會 | 40 | | 第六章 | 總經理及其他高級管理人員 | ...

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告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約，亦並非擬用作邀請提出 相關要約或邀請。本公告或其任何副本概不得直接或間接帶入美國或於美國（包括其領土及屬 地、美國任何州及哥倫比亞特區）派發。尤其是，本公告並不構成亦並非在美國或其他地方出 售證券的要約或招攬購買或認購證券的任何要約。除非已根據1933年美國證券法（經修訂）登記 或獲豁免登記，否則證券不得在美國提呈發售或出售。於美國進行的任何證券公開發售將僅以 招股章程的方式進行，該招股章程可向發行人或出售證券持有人取得，並載有發行人及管理層 的詳細資料以及財務資料。本公司無意於美國公開發售本公告所述證券。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2577） 完成根據一 ...

截至发稿，英诺赛科(02577.HK)跌5.39%、中芯国际(00981.HK)跌4.33%、华虹半导体(01347.HK)跌 3.68%、上海复旦(01385.HK)跌3.40%。 ...

Core Viewpoint - The report from Citi highlights NVIDIA's promotion of a new 800VDC AI server architecture aimed at improving power efficiency, expected to launch in 2027 [1] Group 1: Market Potential - The design demonstrates the demand for gallium nitride (GaN) in AI servers, with an estimated total addressable market (TAM) of $10 billion [1] - Innovasea, in collaboration with NVIDIA, is identified as the only supplier capable of providing a complete GaN solution [1] Group 2: Company Performance - Innovasea holds a 30% market share, translating to a potential revenue share of approximately $21 billion [1] - Citi has raised its target price for Innovasea to HKD 113.6, reiterating a "outperform" rating [1]

Summary of Innoscience Conference Call Company Overview - **Company**: Innoscience (英诺赛科) - **Industry**: Gallium Nitride (GaN) Power Chips - **Market Position**: Leading player in the GaN power chip sector, expected to benefit from long-term growth drivers such as AI data centers, humanoid robots, and electric vehicles [1][2] Key Insights Market Potential - **GaN Market Size**: Projected to reach $346 million in 2024, compared to the overall semiconductor market of $631 billion [1] - **Growth Rate**: Expected to achieve a compound annual growth rate (CAGR) of 49% from 2024 to 2029, driven by factors including: - 800V high-voltage direct current (HVDC) power conversion in data centers - Increased servo motor usage in humanoid robots - Growing applications in electric vehicles (onboard chargers, LiDAR, DC-DC converters) - Demand for fast charging in consumer electronics [1] Competitive Landscape - **Market Share**: Innoscience is projected to capture 31% of the GaN revenue market share in 2024 [10] - **Business Model**: Utilizes a vertically integrated manufacturing model (IDM), providing advantages in technology synchronization, capacity stability, and cost efficiency [2] - **Strategic Partnerships**: Collaborations with leading clients such as NVIDIA for AI data centers, Hesai Technology and Suton for electric vehicles, and Zhiyuan Robotics for humanoid robots [2] Financial Performance - **Stock Performance**: Since the announcement of the partnership with NVIDIA on July 31, 2025, the stock price has nearly doubled, reflecting high market expectations [3][11] - **Valuation**: Current valuation at 34 times the expected sales for 2026, above the historical average of 26 times since its listing in December 2024 [3][10] - **Profitability Outlook**: Expected to remain in a loss position until 2025/26, with a gradual improvement in gross margins anticipated by 2026/27 [2][16] Risks and Challenges - **Competition**: Other manufacturers like Infineon are also expanding capacity, which may pressure pricing and profitability [2][14] - **Capacity Utilization**: Global GaN capacity is expected to grow from 100,000 wafers per month in 2024 to 345,000 in 2029, but utilization rates may remain below 60% over the next five years [2][14] - **Market Validation**: Uncertainty exists regarding the validation of Innoscience's products by NVIDIA and the allocation of orders, which could impact revenue growth [14][21] Investment Recommendation - **Rating**: Initiated coverage with an Equal-weight (EW) rating and a target price of HKD 95 [3][10] - **Investment Strategy**: Suggested to adopt a wait-and-see approach due to the current stock price reflecting high expectations and potential risks associated with competition and market validation [10][11] Additional Considerations - **Long-term Growth Potential**: Despite current challenges, the long-term outlook for Innoscience remains positive due to the high growth potential of the GaN market [1][2] - **Market Dynamics**: The balance between supply and demand will be crucial in determining pricing and profitability in the GaN sector over the coming years [14][15]

Group 1: Company Overview - Morgan Stanley initiates coverage on InnoPhase (02577) with an Equal Weight rating and a target price of HKD 95, noting that the stock price has nearly doubled since the announcement of its partnership with NVIDIA in July 2025, while the Hang Seng Index rose by 8% during the same period [1] - InnoPhase is expected to benefit from long-term growth drivers such as AI data centers, humanoid robots, and electric vehicles, although the current stock price reflects much of the growth potential already [1][3] Group 2: Market Potential - The GaN (Gallium Nitride) market is projected to reach a total potential market size of USD 346 million in 2024, within the broader semiconductor industry valued at USD 631 billion, with a forecasted compound annual growth rate (CAGR) of 49% from 2024 to 2029 [2] - Key growth factors for the GaN market include the adoption of 800V high-voltage DC power conversion in data centers, increased use of servomotors in humanoid robots, applications in electric vehicles (such as onboard chargers and LiDAR), and the demand for fast charging in consumer electronics [2] Group 3: Competitive Landscape - InnoPhase's vertical integration manufacturing model provides advantages in technology synchronization, stable production capacity, and cost efficiency, leading to an expected growth rate that surpasses the overall market [3] - Strategic partnerships with leading clients, including NVIDIA for AI data centers, Hesai Technology and Supcon for electric vehicles, and Zhiyuan Robotics for humanoid robots, highlight InnoPhase's technological leadership and strong growth potential [3] Group 4: Industry Challenges - The global GaN production capacity is projected to increase from 100,000 wafers per month in 2024 to 345,000 wafers per month by 2029, indicating potential oversupply in the market [4] - Despite an anticipated increase in capacity utilization, the overall utilization rate is expected to remain below 60% over the next five years, which may pressure pricing and profitability in the GaN market [4] - InnoPhase's gross margin is expected to improve moderately by 2026/27, reflecting the ongoing competitive pressures and potential for overcapacity [4]

Group 1 - Morgan Stanley initiates coverage on InnoLux (02577) with an Equal Weight rating and a target price of HKD 95, noting that the stock price has nearly doubled since the announcement of its partnership with NVIDIA in July 2025, while the Hang Seng Index rose by 8% during the same period [1] - The firm believes that the growth opportunities in NVIDIA's AI data centers are largely reflected in the current stock price, but there remains uncertainty regarding validation and order allocation [1] - InnoLux is expected to benefit from several long-term growth drivers, including AI data centers, humanoid robots, and electric vehicles, although industry competition remains fierce and current valuations reflect high market expectations [1] Group 2 - The gallium nitride (GaN) market is a niche segment within the semiconductor industry, with a projected total potential market size of USD 346 million in 2024, compared to the overall semiconductor industry size of USD 631 billion [2] - Driven by multiple factors, the GaN market is forecasted to achieve a 49% compound annual growth rate from 2024 to 2029, with key drivers including 800V high-voltage DC power conversion in data centers, increasing servo motor usage in humanoid robots, growing applications in electric vehicles (such as onboard chargers, lidar, and DC-DC converters), and fast charging demands in consumer electronics [2] Group 3 - InnoLux is positioned to expand its market share in the rapidly growing GaN market due to its vertically integrated manufacturing model, which provides superior technology alignment, stable production capacity, and cost advantages in large-scale production [3] - The company is expected to outpace the overall market growth, supported by strategic collaborations with leading downstream clients, such as NVIDIA for AI data centers, Hesai Technology and Supcon for electric vehicles, and Zhiyuan Robotics for humanoid robots [3] - Additionally, strategic partnerships with STMicroelectronics are expected to aid in expanding overseas business [3] Group 4 - Despite long-term growth potential, competition and potential overcapacity may persist in the GaN market, with other manufacturers like Infineon also expanding production [4] - According to the supply-demand model constructed by the firm, global capacity is projected to increase from 100,000 wafers per month in 2024 to 345,000 wafers per month by 2029 (based on 6-inch wafers) [4] - While the overall capacity utilization rate for GaN may improve, it is expected to remain below 60% over the next five years, indicating that pricing and profitability in the GaN market may face pressure [4]

Group 1 - The Hang Seng Index opened up by 0.31%, while the Hang Seng Tech Index rose by 0.56% [1] - Technology stocks experienced a collective rebound, with Hua Hong Semiconductor increasing by nearly 3% [1] - Precious metals continued to surge, with Chifeng Jilong Gold Mining and Shandong Gold both opening up by 4% [1] - InnoCare Pharma saw a significant jump, opening up nearly 15% [1]