Market Overview - A-shares experienced a significant rally, with the Shanghai Composite Index achieving an 8-day winning streak and reaching a new high since December 2021, closing at 3683.46 points, up 0.48% [1] - The total trading volume in the A-share market exceeded 2 trillion yuan for the first time since February 27, with a total of 21,756 billion yuan traded [1] - The Hong Kong stock market also saw substantial gains, with the Hang Seng Index rising over 2% and the Hang Seng Tech Index increasing over 3% [1] AI Industry - AI-related stocks surged, with notable gains including Guangku Technology and Robotech both hitting the 20% limit up, and Industrial Fulian also reaching the limit up [2][4] - Industrial Fulian reported a revenue of 360.76 billion yuan for the first half of 2025, a year-on-year increase of 35.58%, and a net profit of 12.11 billion yuan, up 38.61% [4][5] - The demand for AI servers is expected to grow significantly, driven by increased capital expenditures from major North American cloud service providers [4][5] Innovative Pharmaceuticals - The innovative drug sector saw strong performance, with Shouyao Holdings hitting the 20% limit up, and other companies like Microchip Biotech and WuXi AppTec also posting significant gains [6][8] - The National Medical Insurance Administration has established a "new drug pricing mechanism," which is expected to provide innovative drug manufacturers with greater pricing flexibility and efficiency [8] Humanoid Robotics - The humanoid robotics sector showed renewed activity, with companies like Shenglan Co. and Jieke Co. seeing substantial increases in stock prices [9][11] - The World Robot Conference held in Beijing highlighted advancements in embodied intelligent robots, with local governments offering subsidies for robot purchases [9][11] - The industry is expected to benefit from various supportive policies and events, including the upcoming World Humanoid Robot Games and other robotics-related conferences [11]

Core Insights - FIT HON TENG reported a revenue of $2.305 billion for the six months ending June 30, 2025, representing a year-on-year growth of 11.53% [2] - The profit attributable to the company's owners was $31.511 million, a decrease of 3.11% compared to the previous year, with basic earnings per share at $0.44 [2] - Revenue from the smartphone and system terminal product market experienced a decline, while the cloud network infrastructure, computer and consumer electronics, and electric vehicle markets saw growth, with the electric vehicle market showing the most significant increase of 102.3% [2]

Group 1 - The company reported a revenue of $2.305 billion for the six months ending June 30, 2025, representing a year-on-year increase of 11.53% [1] - Profit attributable to the company's owners was $31.511 million, showing a year-on-year decrease of 3.11% [1] - Basic earnings per share were $0.0044 [1] Group 2 - Revenue from the smartphone terminal market decreased by 12.1% [1] - Revenue from the cloud network infrastructure terminal market increased by 35.7% [1] - Revenue from the computer and consumer electronics terminal market increased by 14.3% [1] - Revenue from the electric vehicle terminal market increased by 102.3% [1] - Revenue from the system terminal products market decreased by 12.4% [1]

在五个主要终端市场中，智能手机终端市场产生的营收减少12.1%，云端网路设施终端市场产生的营收 增加35.7%，电脑及消费性电子终端市场产生的营收增加14.3%，电动汽车终端市场产生的营收增加 102.3%，及系统终端产品终端市场产生的营收减少12.4%。 FIT HON TENG(06088)发布截至2025年6月30日止6个月中期业绩，该集团取得营收23.05亿美元，同比 增加11.53%;公司拥有人应占利润3151.1万美元，同比减少3.11%;每股基本盈利0.44美分。 ...

```markdown [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Financial Highlights for the Six Months Ended June 30, 2025 Financial Highlights for the Six Months Ended June 30, 2025 | Metric | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 2,305 million USD | 2,067 million USD | +11.5% | | Profit | 30 million USD | 33 million USD | -7.5% | | Basic EPS | 0.44 cents | 0.46 cents | -3.4% | | Interim Dividend | None | None | - | [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) [Condensed Consolidated Interim Income Statement](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Income%20Statement) For the six months ended June 30, 2025, the Group's revenue increased by **11.5%** year-on-year to **$2.305 billion**; however, due to increased cost of sales, administrative expenses, and income tax expense, profit for the period decreased by **7.5%** year-on-year to **$30.21 million**, and basic earnings per share declined from **0.46 cents** to **0.44 cents** Key Income Statement Items (thousand USD) | Item | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 2,304,962 | 2,066,760 | +11.5% | | Gross Profit | 428,517 | 421,193 | +1.7% | | Operating Profit | 105,119 | 93,175 | +12.8% | | Profit Before Tax | 80,491 | 61,395 | +31.1% | | Profit for the Period | 30,213 | 32,672 | -7.5% | | Profit Attributable to Owners of the Company | 31,511 | 32,524 | -3.1% | | Basic EPS (cents) | 0.44 | 0.46 | -4.3% | [Condensed Consolidated Interim Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Comprehensive%20Income%20Statement) Total comprehensive income for the period shifted from a loss of **$51.78 million** in the prior period to an income of **$71.44 million**, primarily driven by a **$41.31 million** foreign currency exchange gain, compared to an **$84.55 million** exchange loss in the prior period - Foreign currency exchange differences were the primary factor influencing the change in total comprehensive income, shifting from a loss of **$84.55 million** in the prior period to a gain of **$41.31 million** in the current period[5](index=5&type=chunk) [Condensed Consolidated Interim Balance Sheet](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Balance%20Sheet) As of June 30, 2025, the Group's total assets increased to **$5.736 billion** and total liabilities increased to **$3.182 billion**, with asset growth primarily from property, plant, and equipment and inventory, and liability growth mainly from increased bank borrowings Key Balance Sheet Items (thousand USD) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,736,239 | 5,470,183 | +4.9% | | Total Liabilities | 3,182,084 | 2,987,095 | +6.5% | | Total Equity | 2,554,155 | 2,483,088 | +2.9% | [Notes to Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Interim%20Financial%20Information) [Segment Information](index=7&type=section&id=4%20Segment%20Information) The Group's operations are divided into two main segments, Semi-finished Products and Consumer Goods, with Semi-finished Products contributing the vast majority of revenue; by product line, Automotive business doubled due to acquisition, and Cloud and Network Infrastructure business performed strongly driven by AI demand, while the US remained the largest market despite a year-on-year decline, with growth recorded in China, Taiwan, and parts of Europe [Revenue by Operating Segment](index=8&type=section&id=Revenue%20by%20Operating%20Segment) Revenue from the Semi-finished Products segment increased by **14.3%** year-on-year to **$2.018 billion**, while the Consumer Goods segment's revenue decreased by **4.7%** year-on-year to **$287 million** Revenue from External Customers (thousand USD) | Operating Segment | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Semi-finished Products | 2,018,217 | 1,765,915 | +14.3% | | Consumer Goods | 286,745 | 300,845 | -4.7% | | **Total** | **2,304,962** | **2,066,760** | **+11.5%** | [Revenue by Product Line](index=9&type=section&id=Revenue%20by%20Product%20Line) Automotive and Cloud and Network Infrastructure businesses were the primary growth drivers, with revenues increasing by **102.3%** and **35.7%** year-on-year respectively, while Smartphone and System Terminal Products businesses experienced revenue declines Revenue by Product Line (thousand USD) | Product Line | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Automotive | 459,755 | 227,270 | +102.3% | | Cloud and Network Infrastructure | 353,901 | 260,729 | +35.7% | | Computer and Consumer Electronics | 432,403 | 378,226 | +14.3% | | Smartphone | 365,123 | 415,228 | -12.1% | | System Terminal Products | 588,516 | 671,576 | -12.4% | [Revenue by Geographical Region](index=9&type=section&id=Revenue%20by%20Geographical%20Region) Revenue from the US market decreased by **10.4%** year-on-year but remained the largest market, while China, Singapore, Germany, and Ireland markets achieved significant growth Revenue by Geographical Region (thousand USD) | Region | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | United States | 812,496 | 906,525 | -10.4% | | China | 382,372 | 347,731 | +9.9% | | Taiwan | 204,742 | 185,138 | +10.6% | | Singapore | 133,002 | 72,077 | +84.5% | | Germany | 79,629 | 37,071 | +114.8% | | Ireland | 79,959 | 39,031 | +104.9% | [Major Customers](index=10&type=section&id=Major%20Customers) The Group has a high reliance on major customers, with two key clients collectively contributing over **43%** of total revenue, where Customer A's revenue decreased while Customer B's revenue increased Major Customer Revenue Contribution (thousand USD) | Customer | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Customer A | 717,741 | 812,794 | -11.7% | | Customer B | 284,238 | 244,853 | +16.1% | [Other Gains and Expenses](index=12&type=section&id=6%20Other%20Gains%20-%20Net) The period recorded goodwill impairment losses of **$20.94 million** and property, plant, and equipment impairment losses of **$5.38 million**, primarily related to the acoustics business, which faces a pessimistic outlook due to challenges in raw material supply, production efficiency, and trade policies, leading to recoverable amounts of assets being lower than their carrying values - Due to severe challenges and failure to meet budget targets in the acoustics business, the Group conducted an impairment assessment, recognizing goodwill impairment losses of approximately **$20.94 million** and property, plant, and equipment impairment losses of **$5.38 million**[27](index=27&type=chunk) [Dividends](index=15&type=section&id=9%20Dividends) The Board did not declare any interim dividend for the six months ended June 30, 2025, consistent with the policy in the prior period - The company did not declare an interim dividend for 2025[32](index=32&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Business Overview and Outlook](index=17&type=section&id=Business%20Overview%20and%20Outlook) The Group's first-half revenue grew by **11.5%**, primarily driven by strong growth in Automotive business (**+102.3%**) and Cloud and Network Infrastructure business (**+35.7%**), benefiting from the acquisition of Auto-Kabel and demand from the AI server market; looking ahead, the company is optimistic about long-term opportunities from the AI wave and will continue to invest in 5GAIoT, acoustics, and electric vehicle sectors, while remaining cautious about macroeconomic uncertainties - Cloud and Network Infrastructure business revenue increased by **35.7%** year-on-year, benefiting from AI server demand[36](index=36&type=chunk) - Automotive business revenue significantly increased by **102.3%** year-on-year due to the successful acquisition of Auto-Kabel Group[37](index=37&type=chunk) - The company expects the connector industry to recover with the AI wave driving the consumer electronics industry, and will continue to invest in end markets such as 5GAIoT, acoustics, and electric vehicles[42](index=42&type=chunk) [Operating Results](index=20&type=section&id=Operating%20Results) Despite an **11.5%** revenue increase, profit decreased by **7.5%**, primarily due to a decline in gross margin from **20.4%** to **18.6%** and a substantial **75.0%** year-on-year increase in income tax expense, with the gross margin decline attributed to product mix changes and exchange rate impacts, and increased taxes stemming from withholding tax on profit distributions from Chinese subsidiaries Revenue Share by End Market | End Market | H1 2025 Share | H1 2024 Share | | :--- | :--- | :--- | | System Terminal Products | 25.5% | 32.5% | | Automotive | 19.9% | 11.0% | | Computer and Consumer Electronics | 18.8% | 18.3% | | Smartphone | 15.8% | 20.1% | | Cloud and Network Infrastructure | 15.4% | 12.6% | - Gross margin decreased from **20.4%** in the prior period to **18.6%**, primarily due to changes in product mix and exchange rate impacts[47](index=47&type=chunk) - Income tax expense increased by **75.0%** year-on-year, mainly due to withholding tax expenses on profit distributions from Chinese subsidiaries and increased operating profit in certain regions[52](index=52&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) The company's financial position is robust, though leverage has increased; as of period-end, cash and cash equivalents were **$1.101 billion**, total bank borrowings increased to **$1.823 billion**, and the debt-to-equity ratio (net debt/total capital) rose from **15.4%** at year-end to **22.1%**, with capital expenditure increasing year-on-year to **$275 million**, primarily for new production facilities Liquidity Metrics | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,101 million USD | 1,113 million USD | | Total Bank Borrowings | 1,823 million USD | 1,538 million USD | | Current Ratio | 1.4 times | 1.4 times | | Quick Ratio | 0.9 times | 1.0 times | | Debt-to-Equity Ratio | 22.1% | 15.4% | - Capital expenditure for the first half was **$275 million**, a **30.3%** year-on-year increase (compared to **$211 million** in the prior period), primarily for establishing new production facilities and upgrading existing ones[57](index=57&type=chunk) [Human Resources and Foreign Exchange Risk](index=25&type=section&id=Human%20Resources%20and%20Foreign%20Exchange%20Risk) As of June 30, 2025, the Group's employee count was approximately **68,970**, an increase of about **11.7%** from year-end, with total employee benefit expenses growing by **15.6%** year-on-year to **$533 million**; the Group faces foreign exchange risk across multiple currencies and has adopted a prudent hedging policy, managing risk through forward foreign exchange contracts - As of June 30, 2025, the Group had approximately **68,970** employees, with total employee benefit expenses of **$533 million**[66](index=66&type=chunk) - The Group hedges foreign exchange risk by entering into forward foreign exchange contracts, with a notional principal amount of **$540 million** as of period-end[68](index=68&type=chunk) [Other Disclosures](index=26&type=section&id=Other%20Disclosures) [Audit and Governance](index=26&type=section&id=Audit%20and%20Governance) The unaudited interim financial information for the period has been reviewed by the Audit Committee and external auditor PricewaterhouseCoopers; the company complied with most provisions of the Corporate Governance Code, with the sole exception being the Chairman and Chief Executive Officer roles held by the same individual (Mr. Lu Songqing), which the Board believes contributes to strong and consistent leadership - The interim financial information has been reviewed by the Audit Committee and external auditor PricewaterhouseCoopers[69](index=69&type=chunk) - The company did not comply with Code Provision C.2.1 regarding the separation of Chairman and Chief Executive Officer roles, with Mr. Lu Songqing holding both positions; the Board believes this arrangement facilitates strong and consistent leadership[70](index=70&type=chunk) ```

Core Viewpoint - Hongteng Precision (06088) has seen a stock price increase of over 10%, currently trading at 3.49 HKD with a transaction volume of 337 million HKD, indicating strong market interest [1] Group 1: Company Performance - Industrial Fulian announced a 39% year-on-year increase in net profit for the first half of the year, with the GB200 series products ramping up production [1] - The GB200 product line is expected to achieve a cumulative production of 7,000 units by the end of the first half, with the GB300 entering sample production in the second half and anticipated mass production in Q4 [1] Group 2: Market Outlook - 招银国际 (CMB International) highlighted that as issues related to metal connections, liquid cooling leaks, and thermal bottlenecks are being resolved, the production of GB200 has accelerated since April [1] - The total estimated production for GB200 and GB300 for the year is projected to be between 20,000 and 25,000 units, indicating strong demand in the AI server market [1] Group 3: Industry Beneficiaries - Global AI server OEM/ODM leaders, including Industrial Fulian as a top-tier supplier for GB200 servers, are expected to benefit from this growth [1] - Other beneficiaries include manufacturers of server components such as connectors, interfaces, thermal management, and power management, including BYD Electronics and Hongteng Precision for their GB200/300 server connector products and liquid cooling components [1]

Core Viewpoint - The Apple concept stocks in Hong Kong experienced a general rise, driven by Apple's significant stock price increase and strong financial performance in the Greater China region [1] Group 1: Stock Performance - Apple shares rose by 4.24% to $229.35, marking a weekly increase of 13.33%, the largest since July 2020 [1] - Apple's market capitalization surged by over $400 billion, reaching $3.4 trillion, solidifying its position as the third-largest company globally, behind Nvidia and Microsoft [1] Group 2: Financial Results - In the third quarter of fiscal year 2025, Apple's revenue from the Greater China region was $15.369 billion, reflecting a year-on-year growth of 4% [1]

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7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: 鴻騰六零八八精密科技股份有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 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) | 06088 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 15,360,000,000 | USD | 0.01953125 | USD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 15,360,000,000 | USD | 0.01953125 | USD | | 300,000,000 | 本月 ...

鴻騰六零八八精密科技股份有限公司*（「本公司」，連同其附屬公司為「本集團」） 董事會（「董事會」）謹此宣佈，本公司將於二零二五年八月十二日（星期二）舉行董 事會會議，藉以（其中包括）(i)考慮及批准本集團截至二零二五年六月三十日止六 個月之中期業績；及(ii)考慮派發中期股息（如有）。 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 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） （股份代號：6088） 董事會會議日期 香港，二零二五年七月三十一日 截至本公告日期，董事會包括執行董事盧松青先生、盧伯卿先生及PIPKIN Chester John先生；非執行董事張傳旺先生及黃碧君女士；以及獨立非執行董事 CURWEN Peter D先生、鄧貴彰先生及陳永源先生。 * 於開曼群島以鴻騰精密科技股份有限公司的名稱註冊成 ...

Investment Rating - The industry investment rating is "Overweight" as the report anticipates that the interconnection bandwidth demand will experience rapid growth due to the "multiplier effect" [4][90]. Core Insights - The report identifies four major trends in the AI computing interconnection sector: 1. Computing hardware demand is shifting from being anchored to cloud vendors' CapEx to being anchored to the number of tokens processed. 2. The landscape of computing chips is evolving from reliance on GPUs to a coexistence of GPUs and ASICs. 3. Technological iterations are transitioning from product-level upgrades (like optical modules, PCBs, switches, and network cards) to overall upgrades at the network architecture level. 4. The focus of network interconnection upgrades is expanding from Scale Out to Scale Up, enhancing both types of networks and increasing single-chip bandwidth [5][81][85]. Summary by Sections Section 1: Market Trends - The demand for computing power is increasingly linked to the number of tokens processed rather than just cloud vendor capital expenditures [5][81]. - The growth of AI models has led to a significant increase in the demand for high-bandwidth, low-latency interconnections, particularly in the context of large-scale AI training [21][25]. Section 2: Product Innovations - New products like Sora and GB200 are driving demand for multimodal inference, with Sora requiring significantly more inference computing power compared to previous models [27][35]. - The report highlights that the performance of new interconnection technologies, such as GB200, is substantially superior to older models, enhancing overall computational efficiency [75][76]. Section 3: Capital Expenditure Trends - Capital expenditures from major cloud service providers (CSPs) are expected to continue increasing, with a notable shift towards AI computing capabilities [35][37]. - The report estimates that the ratio of NVIDIA's data center revenue from cloud vendors to the capital expenditures of five major cloud vendors has increased from 5% in Q1 2023 to approximately 30% by the second half of 2024 [37][38]. Section 4: Investment Opportunities - The report suggests that various interconnection methods, including optical, copper, and PCB connections, are likely to benefit from the anticipated growth in interconnection demand. Key companies identified include: - Optical interconnection: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yuanjie Technology, Changguang Huaxin, Changxin Bochuang, Shijia Photon, Zhizhi Technology, Taicheng Light. - Copper interconnection: Zhaolong Interconnection, Zhongji Xuchuang, Hongteng Precision. - PCB: Shenghong Technology, Jingwang Electronics, Hudian Co., Shengyi Technology [4][90].