（股份代號：6088） 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 承董事會命 鴻騰六零八八精密科技股份有限公司* 董事會主席 盧松青 （於開曼群島以鴻騰精密科技股份有限公司的名稱註冊成立的有限公司， 並以鴻騰六零八八精密科技股份有限公司於香港經營業務） 自願性公告 此乃鴻騰六零八八精密科技股份有限公司（「本公司」）作出的自願性公告。 本公司董事會（「董事會」）欣然宣佈，本公司的直接全資附屬公司Foxconn Interconnect Technology Singapore Pte. Ltd.（「FIT Singapore」）將以FIT Singapore 的直接全資附屬公司富譽電子科技（淮安）有限公司（「富譽淮安」）的15,000,000美 元可分配利潤轉換為實收資本額，惟須待相關主管機關批准。 * 於開曼群島以鴻騰精密科技股份有限公司的名稱註冊成立的有限公司，並以鴻騰六零八八 精密科技股份有限公司於香港經營業務 香港，二零二六年三月三十一日 ...

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。 （於開曼群島以鴻騰精密科技股份有限公司的名稱註冊成立的有限公司， 並以鴻騰六零八八精密科技股份有限公司於香港經營業務） 此乃鴻騰六零八八精密科技股份有限公司（「本公司」，連同其附屬公司統稱「本集 團」）作出的自願性公告。 本公司董事會（「董事會」）欣然宣佈，於二零二六年三月三十日，本公司簽署 Origin Wireless, Inc.（「OWI」）股東通過書面同意採取行動，據此，本公司有條件 同意出售，而ADT Inc.（本公司之獨立第三方）有條件同意購買1,250,000股OWI A 輪優先股（每股2.83美元）及2,261,905股OWI B-1輪優先股（每股7.03美元）（「交易 事項」）。交易事項的總代價不會超過21.97百萬美元，其中包括19.42百萬美元的 代價及最高2.55百萬美元的託管金額。本公司預計將在交易事項中錄得其他全面 收入收益最高9.7百萬美元（除稅及開支前）。交易事項完成後， ...

Core Viewpoint - Hongteng Precision (06088) has seen a significant stock increase of nearly 15%, currently trading at 6.78 HKD with a transaction volume of 484 million HKD, driven by positive market reactions to new technology announcements at the GTC 2026 conference [1] Group 1: Company Developments - The company’s cloud network infrastructure business reported a year-on-year revenue growth of 37.6%, primarily benefiting from increased demand for AI, which has boosted the shipment of copper-based components in the server market [1] - The introduction of the next-generation Feynman system, featuring new GPU, LPU, and a new CPU named Rosa, is seen as a confirmation of the "light and copper coexistence" technology route, contrasting previous market expectations of a "light in, copper out" trend [1] Group 2: Future Outlook - Looking ahead to 2026, the company plans to focus on the development of high-speed connectors and cable modules, deepening collaborations with leading chip manufacturers to comprehensively cover the optical interconnection field [1] - The cloud computing business is expected to remain a major growth driver, with its revenue share anticipated to further increase [1]

Core Viewpoint - Hongteng Precision (06088) has seen a significant stock price increase of nearly 15%, currently trading at HKD 6.78 with a transaction volume of HKD 484 million, driven by positive market reactions to advancements in technology announced at the GTC 2026 conference [1] Group 1: Company Performance - The company's cloud network infrastructure business reported a year-on-year revenue growth of 37.6%, primarily benefiting from increased demand for AI, which has led to a rise in shipments of copper-based components for servers [1] - The company is focusing on the development of high-speed connectors and cable modules, aiming to deepen collaborations with leading chip manufacturers to comprehensively cover the optical interconnection field [1] Group 2: Market Trends - The announcement of the next-generation Feynman system, featuring new GPU, LPU, and CPU technologies, has been interpreted by the market as a confirmation of a "dual-light and copper" technology route, contrasting previous expectations of a "light in, copper out" trend [1] - The cloud computing business is expected to remain a major growth driver, with its revenue share anticipated to further increase [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.3 [4][5]. Core Insights - The company reported a revenue of USD 5.0 billion for 2025, reflecting a year-over-year increase of 12.4%, driven by the growth in AI server demand and the full-year consolidation of Auto-Kabel [1]. - The gross margin was 18.9%, a decrease of 0.84 percentage points year-over-year, while the net profit attributable to shareholders reached USD 156 million, which was 12% below Bloomberg consensus estimates [1]. - The company expects significant growth in its cloud network infrastructure and automotive business, projecting over 15% revenue growth in the automotive sector for 2026 [1][3]. Summary by Relevant Sections Financial Performance - For 2H25, the company achieved revenue of USD 2.698 billion, a year-over-year increase of 13.0%, with a gross margin of 19.2% [1]. - The net profit for 2H25 was USD 125 million, up 2.8% year-over-year [1]. Cloud Network Infrastructure - Revenue from cloud network infrastructure in 2H25 was USD 459 million, showing a year-over-year increase of 39.1% [2]. - AI contributed approximately 6% to the revenue, with expectations of continued strong growth driven by demand for AI servers and high-bandwidth interconnect solutions [2]. Automotive and Other Businesses - Automotive revenue in 2H25 reached USD 473 million, a significant year-over-year increase of 86.5%, primarily due to the consolidation of Auto-Kabel [3]. - The smartphone segment saw a decline in revenue to USD 459 million, down 13.0% year-over-year, while the computer and consumer electronics segment remained stable with revenue of USD 437 million [3]. Future Projections - The company anticipates revenue growth for cloud network infrastructure to reach USD 9.9 billion, USD 12.5 billion, and USD 16.3 billion from 2026 to 2028, respectively [2]. - The projected net profit attributable to shareholders for 2026, 2027, and 2028 is expected to be USD 187 million, USD 246 million, and USD 279 million, respectively [4][8].

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng, with a target price of HK$7.42, representing a potential upside of 35.8% from the current price of HK$5.46 [3][13]. Core Insights - FIT Hon Teng's FY25 revenue increased by 12% year-over-year to US$5.0 billion, which is largely in line with expectations, while net profit grew by 2% year-over-year to US$156 million, falling short of both the report's and consensus estimates by 8% and 12% respectively, primarily due to a higher effective tax rate [1][8]. - Management expressed optimism regarding the cloud and datacenter segments, forecasting a 70% year-over-year revenue growth for these areas in FY26, and has raised the guidance for the cloud revenue mix for FY26-28 to mid-20%/high-20%/low-30% [1][7]. - The report highlights upcoming catalysts such as GTC/OFC events and AI server product launches, which are expected to drive further growth [1][13]. Financial Performance Summary - FY25 revenue was reported at US$5,003 million, reflecting a 12.4% year-over-year growth, while net profit was US$156.7 million, a modest increase of 1.5% year-over-year [2][8]. - The gross profit margin for FY25 was 18.9%, slightly down from 19.7% in FY24, while the operating profit margin decreased to 5.7% from 7.3% in FY24 [8][10]. - For FY26, revenue is projected to reach US$5.754 billion, with a year-over-year growth of 15%, and net profit is expected to increase significantly to US$315.2 million, representing a 101.2% growth [2][10]. Segment Performance - The cloud/datacenter segment showed strong momentum with a 38% year-over-year growth, driven by AI connectivity solutions and new AI server deliveries [7][9]. - The automotive segment experienced a remarkable 94% year-over-year growth, attributed to the consolidation of the Auto-Kabel business [7][9]. - The smartphone segment faced a decline of 13% year-over-year, while consumer interconnects grew by 7% year-over-year, indicating mixed performance across different product lines [7][9]. Valuation Metrics - The report indicates an attractive valuation with a P/E ratio of 15.7x for FY26 and 11.5x for FY27, suggesting potential for re-rating as AI revenue contributions increase [1][13]. - The target price of HK$7.42 is based on a P/E of 21x for FY26, reflecting a higher valuation multiple due to the anticipated increase in AI revenue mix [3][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of USD 5.003 billion for 2025, representing a year-on-year growth of 12.4%, and a net profit of USD 156 million, which is a 1.9% increase year-on-year [7] - Traditional business segments are under pressure, with smartphone revenue declining by 12.6% due to changes in high-end product specifications, while system terminal product revenue fell by 4.3% due to supply chain disruptions [7] - The AI and automotive sectors are identified as core growth engines, with cloud network facilities revenue increasing by 37.6% and automotive revenue soaring by 94.0% due to the full-year consolidation of Auto-Kabel Group [7] - The company aims to focus on high-end connectors and cable module development, enhancing partnerships with leading chip manufacturers, and expects cloud computing to continue as a major growth driver [7] - Revenue projections for 2026-2028 are USD 5.798 billion, USD 6.769 billion, and USD 7.854 billion, with net profits of USD 279 million, USD 405 million, and USD 515 million respectively, corresponding to PE ratios of 18.26, 12.59, and 9.92 [7] Financial Performance Summary - Revenue growth rates are projected at 6.10% for 2024, 12.39% for 2025, 15.89% for 2026, 16.75% for 2027, and 16.03% for 2028 [6] - Net profit growth rates are expected to be 19.20% for 2024, 1.51% for 2025, 79.10% for 2026, 45.03% for 2027, and 26.93% for 2028 [6] - The company’s EPS is forecasted to increase from 0.02 in 2024 to 0.07 in 2028 [6] - The projected ROE is expected to rise from 6.22% in 2024 to 13.28% in 2028 [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [4]. Core Insights - The company achieved a revenue of $5.003 billion in 2025, representing a year-on-year growth of 12.4%. The net profit was $156 million, with a slight increase of 1.5% year-on-year [5][4]. - The cloud data center business saw a significant revenue increase of 37.6% year-on-year, driven by the demand for AI server-related products and an increase in shipments of copper-based components [2]. - The automotive (EV) business experienced a remarkable growth of 94% year-on-year, primarily due to the consolidation of Auto-Kabel's contributions [3]. Summary by Relevant Sections Revenue and Profitability - In 2025, the company reported revenues of $5.003 billion, with a gross profit of $946 million, resulting in a gross margin of 18.9%. The net profit was $156 million, reflecting a net margin of 3.1% [5][4]. - The revenue breakdown for 2025 included: smartphones at $824 million (down 13%), cloud data centers at $813 million (up 38%), computers and consumer electronics at $869 million (up 7%), electric vehicles at $932 million (up 94%), and system terminal products at $1.355 billion (down 4%) [1]. Business Segments - The cloud data center segment is expected to continue its double-digit growth, with projections indicating that its revenue contribution will exceed 30% by 2028 [2]. - The automotive segment is anticipated to maintain double-digit growth, supported by the integration of Auto-Kabel's technology and resources [3]. - The system terminal products segment is expected to stabilize in 2026, with revenue growth projected between -5% to +5% [3]. Financial Forecasts - The company forecasts revenues of $5.981 billion in 2026, with a net profit of $297 million, and anticipates continued growth in subsequent years, reaching a net profit of $502 million by 2028 [5][4]. - The estimated P/E ratios for 2026, 2027, and 2028 are projected to be 17x, 13x, and 10x, respectively, indicating a favorable valuation trend [4].

Financial Performance - Revenue for the year ended December 31, 2025, was $5,003 million, an increase of 12.4% compared to $4,451 million for the year ended December 31, 2024[3] - Profit for the year ended December 31, 2025, was $157 million, a 1.9% increase from $154 million for the year ended December 31, 2024[3] - Basic earnings per share attributable to the company's owners for the year ended December 31, 2025, was 2.20 cents, up 1.4% from 2.17 cents for the year ended December 31, 2024[3] - Total comprehensive income for the year ended December 31, 2025, was $190,467 million, significantly higher than $38,284 million for the year ended December 31, 2024[5] - The company reported a pre-tax profit of $238,240 thousand for the fiscal year ending December 31, 2025, compared to $220,534 thousand in 2024, indicating a growth of 8%[18] - Net profit for the fiscal year ending December 31, 2025, was $157 million, reflecting a 1.9% increase from 2024[35] Assets and Liabilities - Total assets reached $5,930,477 million in 2025, up from $5,470,183 million in 2024[7] - Total liabilities increased to $3,244,045 million in 2025 from $2,987,095 million in 2024, reflecting a rise in financial obligations[7] - Non-current assets increased to $2,484,295 million in 2025 from $2,310,565 million in 2024[6] - The company's total liabilities as of December 31, 2025, were $3,244,045 thousand, with segment liabilities for semi-finished products at $1,206,005 thousand and consumer products at $163,125 thousand[24] - Total liabilities stand at $2,987,095,000, including $1,537,747,000 in bank borrowings[26] Revenue Breakdown by Segment - Revenue from the smartphone segment decreased to $824,332 thousand in 2025 from $942,909 thousand in 2024, reflecting a decline of 12.6%[19] - Revenue from cloud networking infrastructure increased significantly to $812,992 thousand in 2025, up 37.6% from $590,684 thousand in 2024[19] - The automotive segment saw a substantial increase in revenue, rising to $932,496 thousand in 2025 from $480,716 thousand in 2024, marking a growth of 94.5%[19] - Revenue from the cloud network infrastructure market increased by 37.6%, driven by rising demand for AI-related server components[42] - Automotive market revenue surged by 94.0%, attributed to the full-year consolidation of Auto-Kabel Group following its acquisition[42] Expenses and Costs - Research and development expenses for the year ended December 31, 2025, were $354,102 million, an increase from $330,084 million in 2024, highlighting ongoing investment in innovation[4] - Employee benefits expenses increased to $1,161,455,000 in 2025 from $926,515,000 in 2024[28] - Distribution costs and selling expenses decreased by 2.6% to $128 million, attributed to cost control measures[44] - Administrative expenses slightly decreased by 0.6% to $240 million, also due to cost control measures[45] - Gross profit rose to $946 million in 2025, up 7.6% from $879 million in 2024, despite a decrease in gross margin from 19.7% to 18.9%[43] Inventory and Receivables - Inventory as of December 31, 2025, was $1,041,510 million, compared to $904,317 million in 2024, indicating a growth in stock levels[6] - Trade receivables increased to $949,659,000 in 2025 from $916,835,000 in 2024, with a net value of $938,619,000 after impairment losses[33] - Inventory costs rose to $2,622,066,000 in 2025, compared to $2,487,151,000 in 2024[28] - Inventory increased from $904 million as of December 31, 2024, to $1,042 million as of December 31, 2025, with an average inventory turnover period of 88 days[54] - Trade receivables rose from $910 million as of December 31, 2024, to $939 million as of December 31, 2025, with an average turnover period decreasing from 71 days to 67 days[55] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending December 31, 2025[64] - The company's external auditor, PwC, confirmed that the figures in the announcement are consistent with the audited consolidated financial statements for the same period[65] - The company has complied with all applicable corporate governance code provisions, except for the separation of the roles of Chairman and CEO, which are held by the same individual[66] - The board of directors is committed to maintaining high standards of corporate governance and will continue to evaluate the separation of the roles of Chairman and CEO as necessary[66] Market Outlook and Strategy - The company anticipates stable market demand in 2026, despite ongoing economic uncertainties and inflation pressures[39] - The automotive sector is expected to maintain demand for advanced interconnect solutions, driven by the integration of electric vehicles and autonomous driving technologies[39] - The company is focusing on developing innovative interconnect solutions to meet evolving industry demands, particularly in data centers[38] - The company aims to expand its global brand recognition and market share in response to the growing demand for high-performance connectors and cables[38] Cash Flow and Capital Expenditures - The company's net cash generated from operating activities for the fiscal year 2025 was $267 million, while cash used in investing activities was $483 million, and cash generated from financing activities was $109 million[51] - Capital expenditures for the fiscal year 2025 were $420 million, down from $496 million in 2024, primarily for establishing new production facilities and upgrading existing ones[52] - As of December 31, 2025, the company's cash and cash equivalents amounted to $1,067 million, a decrease from $1,113 million as of December 31, 2024[50] Foreign Exchange and Risk Management - The company faces significant foreign exchange risks due to operations in multiple currencies, including USD, EUR, TWD, and RMB, which can impact financial performance[62] - The company has adopted a prudent foreign exchange hedging policy, with a nominal principal amount of $400 million in forward foreign exchange contracts as of December 31, 2025[63]

Core Insights - The article emphasizes the increasing importance of SerDes technology in AI infrastructure, highlighting its role in enhancing data exchange efficiency among GPUs and other components in large-scale systems [2][5][10] - Companies like Broadcom and Marvell dominate the ASIC design market due to their advanced SerDes capabilities, which create significant competitive advantages [6][8][9] Summary by Sections SerDes Technology - SerDes (Serializer/Deserializer) is a critical technology for high-speed data transmission, allowing for efficient chip-to-chip communication with fewer connections [4] - The evolution of SerDes from earlier standards to current high-speed versions (e.g., 224Gbps) reflects its growing significance in various applications, including AI, high-performance computing, and networking [5][6] Market Leaders - Broadcom and Marvell capture 80% of the ASIC market profits, largely due to their expertise in SerDes technology, which provides a competitive edge in connection stability [6][8] - Broadcom's Tomahawk series exemplifies high-performance SerDes integration, with the upcoming Tomahawk 6 expected to push the boundaries of data center interconnectivity [6][8] - Marvell's advancements in SerDes, particularly for Chiplet designs, position it favorably in the server and storage controller markets [7][9] Competitive Landscape - Broadcom's AI revenue is projected to reach $25 billion in 2026, while Marvell aims for over $5 billion, indicating a significant market share disparity [7][9] - New entrants like MediaTek are emerging, leveraging their SerDes technology to secure contracts with major players like Google [8][9] GPU Manufacturers - NVIDIA and AMD are also enhancing their SerDes capabilities, with NVIDIA's NVLink technology evolving to support higher bandwidths essential for AI workloads [11][12] - AMD's strategy focuses on open standards like PCIe and CXL, contrasting with NVIDIA's proprietary approach, indicating a diverse competitive landscape [12][13] Emerging Companies - New companies such as Credo, Astera Labs, and Alphawave Semi are gaining traction in the high-speed interconnect market, driven by the demand for efficient SerDes solutions [14][15][16] - Credo's focus on analog front-end optimization and Astera Labs' intelligent connectivity solutions highlight innovative approaches to address signal integrity challenges in AI data centers [15][16] Industry Trends - The shift towards 448G SerDes technology is becoming a focal point for future developments in AI infrastructure, with companies like Marvell and NVIDIA leading the charge [21][23] - The transition to optical interconnects (CPO) is anticipated as a necessary evolution to meet the demands of high-speed data transmission, further emphasizing the critical role of SerDes technology [23][24] Conclusion - The article concludes that the AI computing revolution is fundamentally tied to advancements in high-speed interconnect technology, with SerDes being a key determinant of scalability in AI systems [26]