Core Viewpoint - The semiconductor market is experiencing robust growth driven by emerging technologies such as AI, 5G, IoT, and automotive electronics, leading to a strong demand for high-performance, low-power chips [1] Industry Overview - The global semiconductor packaging and testing market is projected to grow from 649.4 billion RMB in 2024 to 933 billion RMB by 2029, with a compound annual growth rate (CAGR) of 7.5% [1] - The trend of vertical specialization is deepening within the industry, with more companies adopting a fabless model to focus on complex chip design while outsourcing manufacturing and testing [1] Company Profile - Jiangsu Xinde Semiconductor Technology Co., Ltd. (Xinde Semiconductor) was established in September 2020 and has accumulated significant experience in packaging technology, covering advanced packaging capabilities such as QFN, BGA, LGA, WLP, and 2.5D/3D [2] - Xinde Semiconductor has received recognition from several well-known clients, contributing to its revenue growth, although its profitability remains a concern as it seeks to enter the capital market [2] Financial Performance - Xinde Semiconductor's revenue has shown rapid growth, with figures of 269 million RMB in 2022, 509 million RMB in 2023, and a projected 827 million RMB in 2024, reflecting a strong upward trend [3] - For the first half of this year, the company reported revenue of 475 million RMB, a year-on-year increase of 20% [3] - The majority of Xinde Semiconductor's revenue comes from packaging products and testing services, which accounted for over 99% during the reporting period [4] Revenue Breakdown - The revenue from QFN and BGA products has consistently been the largest, with their respective shares being 31.1% and 31.8% in the first half of 2025 [4] - The company has seen an increase in revenue from LGA and WLP products, with their shares rising from 17.9% and 10.6% in 2022 to 20.1% and 17% in the first half of 2025 [4] Market Position - Xinde Semiconductor ranks seventh in the Chinese general-purpose semiconductor OSAT market, with a market share of approximately 0.6% as of 2024 [8] - The company is one of the few providers in China that has integrated all advanced packaging technologies, positioning itself for growth despite being a newer entrant in the market [3][8] Strategic Initiatives - Xinde Semiconductor plans to strategically expand into overseas markets, targeting regions such as Taiwan, South Korea, Japan, Southeast Asia, the United States, and Germany to establish a solid business foundation [10] - The company aims to enhance its competitive edge through a comprehensive R&D strategy focused on high-performance packaging solutions and innovative technologies [9]

Core Viewpoint - The semiconductor market is experiencing robust growth driven by emerging technologies such as AI, 5G, IoT, and automotive electronics, leading to a strong demand for high-performance, low-power chips [1] Industry Overview - The global semiconductor packaging and testing market is projected to grow from 649.4 billion RMB in 2024 to 933.0 billion RMB by 2029, with a compound annual growth rate (CAGR) of 7.5% [1] - The trend towards vertical specialization in the semiconductor industry is deepening, with more companies adopting a fabless model to focus on complex chip design while outsourcing manufacturing and testing [1] Company Profile - Jiangsu Xinde Semiconductor Technology Co., Ltd. (referred to as "Xinde Semiconductor") was established in September 2020 and has accumulated extensive experience in packaging technology, covering advanced packaging capabilities such as QFN, BGA, LGA, WLP, and 2.5D/3D [2] - Xinde Semiconductor has received recognition from several well-known clients, contributing to its revenue growth [2] Financial Performance - Xinde Semiconductor's revenue has shown rapid growth, with figures of 269 million RMB in 2022, 509 million RMB in 2023, and a projected 827 million RMB in 2024, reflecting a strong upward trend [3] - For the first half of this year, the company's revenue reached 475 million RMB, a year-on-year increase of 20% [3] Revenue Structure - Over 99% of Xinde Semiconductor's revenue comes from packaging products and testing services, with QFN and BGA products being the primary revenue contributors [4] - The revenue share from LGA and WLP products has been increasing, with their respective contributions rising from 17.9% and 10.6% in 2022 to 18.2% and 18.5% in 2024 [4] Market Position - Xinde Semiconductor ranks seventh in the Chinese general-purpose semiconductor OSAT market, holding a market share of approximately 0.6% as of 2024 [8] - The company is the newest player among the top eight competitors in this field, which collectively dominate over 50% of the market share [8] R&D Strategy - The company focuses on R&D as a key strategy to enhance its competitive edge, covering high-performance 2.5D/3D packaging solutions, high-precision optical sensing solutions, automotive-grade packaging technology, innovative glass substrate technology, and iterative development of existing technologies [9] Market Expansion Plans - Xinde Semiconductor plans to strategically expand into overseas markets, targeting regions such as Taiwan, South Korea, Japan, Southeast Asia, the United States, and Germany to establish a solid business foundation [10] - The upcoming listing on the Hong Kong Stock Exchange is expected to attract more attention to Xinde Semiconductor, presenting both opportunities and challenges for the company [10]

Core Viewpoint - The market is focused on the upcoming Q3 2025 earnings reports from new car manufacturers, with Morgan Stanley predicting that performance will meet expectations, but the real interest lies in whether Q4 will show operational improvements [1] Group 1: Q3 Performance Overview - Key indicators for Q3 performance include vehicle gross margin and operational expense control, which are critical for assessing the quality of earnings [1] - NIO is expected to show a significant narrowing of losses, while Li Auto maintains profitability but with declining profits, and Xpeng's losses are projected to remain stable compared to Q2 [2] Group 2: Xpeng Motors - Xpeng's Q3 delivery volume reached 116,000 units, a 12% year-over-year increase, aligning with company guidance [3] - Revenue is expected to be 20.4 billion RMB, consistent with guidance, indicating stable average selling prices [3] - Vehicle gross margin is projected to increase slightly from 14.3% to 14.5%, with overall gross margin remaining stable at around 17.2% [3][4] Group 3: Li Auto - Li Auto's Q3 delivery volume was 93,000 units, meeting guidance, but revenue is expected to decline by 15% to 25.7 billion RMB due to changes in sales mix and increased discounts [7] - Vehicle gross margin is expected to remain at 19.4%, while overall gross margin is projected at 21%, with total gross profit around 5.4 billion RMB [8] - The company anticipates an operational loss of 200 million RMB for Q3, a significant improvement from an 800 million RMB profit in Q2, with net profit expected to be 300 million RMB [8] Group 4: NIO - NIO's Q3 delivery volume is projected at 87,000 units, a 21% quarter-over-quarter increase, with revenue expected to be 21.9 billion RMB [10] - Vehicle gross margin is anticipated to rise to 12.5%, while overall gross margin is expected to be around 10.9% [10] - NIO is expected to narrow its net loss from 5 billion RMB in Q2 to approximately 4.3 billion RMB in Q3, with operational expenses decreasing from 7 billion RMB to 6.7 billion RMB [10] - For Q4, NIO forecasts a potential delivery surge of 72% to 150,000 units, driven by new models and brand strategies [10]

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: 盈利時控股有限公司 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 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06838 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | 本月底法定 ...

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9月30日 狀態: 新提交 本月底法定/註冊股本總額： HKD 400,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 呈交日期: 2025年10月2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) | 06838 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0. ...

WINOX HOLDINGS LIMITED 盈利時控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：6838） NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholder(s)(Note 1) , Winox Holdings Limited (the "Company") - Notification of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.winox.com and the website of The Stock Exchange ...

WINOX HOLDINGS LIMITED 盈利時控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：6838） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders. 17 September 2025 Winox Holdings Limited (the "Company") – Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.winox.com and the website of The Stock Exchange ...

Financial Performance - Revenue for the six months ended June 30, 2025, increased by 0.6% to HKD 324,228,000 compared to HKD 322,245,000 in the same period last year[6] - Gross profit decreased by 16.1% to HKD 57,508,000, with a gross margin decline of 3.6 percentage points to 17.7%[13] - The company reported a loss of HKD 13,821,000 for the period, compared to a profit of HKD 9,255,000 in the previous year, resulting in a basic loss per share of HKD 2.3[14] - Revenue from smart wearable device frames and parts increased significantly by 54.7% to HKD 81,314,000, while revenue from straps and fashion accessories decreased by 5.9% and 47.0%, respectively[12][10] - Total comprehensive income for the period amounted to HKD 14,985,000, compared to a total comprehensive loss of HKD 14,123,000 in the previous year[36] - The company reported a loss before tax of HKD 13,248,000, compared to a profit of HKD 12,583,000 in the previous year[36] - Net loss for the period was HKD 13,821,000, a significant decline from a profit of HKD 9,255,000 in the same period last year[36] - The company declared dividends of HKD 12,000,000 during the period, impacting retained earnings[38] - The company did not recommend an interim dividend for the six months ending June 30, 2025, compared to HKD 3,000,000 in the previous year[53] Assets and Liabilities - Total assets as of June 30, 2025, were HKD 1,167,253,000, a slight decrease of 0.2% from HKD 1,169,745,000[6] - The total borrowings increased by 8.1% to HKD 73,306,000, while net assets rose by 1.6% to HKD 957,720,000[6] - The group’s asset-liability ratio was 0.06 as of June 30, 2025, unchanged from December 31, 2024[26] - The group had bank borrowings of HKD 73,306,000 as of June 30, 2025, an increase from HKD 67,783,000 as of December 31, 2024, with all borrowings classified as current liabilities[25] - The group’s cash and cash equivalents were HKD 200,205,000 as of June 30, 2025, down from HKD 222,249,000 as of December 31, 2024[25] - The company’s cash and cash equivalents at the end of the period were HKD 129,555,000, down from HKD 247,683,000 at the end of the previous period[39] Operational Efficiency - The company implemented a workforce streamlining plan, resulting in severance payments of approximately HKD 10,336,000 during the period[9] - The group aims to enhance operational efficiency and resource utilization to improve profitability amidst global economic challenges[31] - Total employee costs, including directors' remuneration, were HKD 140,126,000 for the period, compared to HKD 124,708,000 for the previous year[30] - The company’s total employee costs increased to HKD 140,126,000 from HKD 124,708,000, an increase of 12.3% year-over-year[48] Research and Development - Research and development expenses increased by 77.4% to HKD 15,414,000, indicating a focus on innovation[19] - Research and development expenses rose to HKD 15,414,000, an increase of 77.5% compared to HKD 8,687,000 in the prior year[36] Shareholder Information - As of June 30, 2025, the total number of ordinary shares held by directors and senior management in the company is 398,040,000, representing approximately 66.34% of the total issued share capital[74] - Ming Fung Investment Limited holds 396,000,000 shares, accounting for 66.00% of the total issued share capital[77] - The company’s major shareholders include Sheng Hung Holdings Limited, which owns 51,000,000 shares, representing 8.50% of the total issued share capital[77] - The legal and beneficial ownership of Ming Fung Group (Hong Kong) Limited is 60% by Mr. Yao, and 40% by Ms. Luo, with both entities holding significant stakes in Ming Fung Investment Limited[76] - Mr. Li, the managing director, holds approximately 8.82% of Sheng Hung Holdings Limited's total issued share capital[78] - Mr. Yao, the vice chairman, has a beneficial ownership of approximately 11.77% in Sheng Hung Holdings Limited[78] - Ms. Deng holds approximately 44.12% of Sheng Hung Holdings Limited's total issued share capital[79] - Mr. Chen has a beneficial ownership of approximately 35.29% in Sheng Hung Holdings Limited[80] - David Michael Webb and Karen Anne Webb collectively own 48,164,000 shares, with significant portions held through their companies[81] - The company is not aware of any other individuals or entities holding or deemed to hold interests in its shares as of June 30, 2025[81] Corporate Governance - The company has established a high level of corporate governance and has complied with all applicable provisions of the corporate governance code during the reporting period[70] - The board of directors includes a mix of executive and independent non-executive directors, with recent changes made to comply with updated listing rules regarding gender diversity[71] - The internal audit team plays a crucial role in assessing the effectiveness of the group's risk management and internal control systems, reporting quarterly to the audit committee[72] - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the six months ended June 30, 2025[73] Financing Activities - The company raised and repaid bank loans totaling HKD 7,562,000 during the current interim period, compared to HKD 3,370,000 in the same period last year[62] - The company has a total bank loan balance of HKD 73,306,000 as of June 30, 2025, compared to HKD 67,783,000 as of December 31, 2024[62] - As of June 30, 2025, the outstanding loan amount under financing arrangements was zero, with available undrawn financing of HKD 2,000,000[86] Inventory and Receivables - As of June 30, 2025, the group recorded inventory balance of HKD 74,995,000, an increase of 16.7% compared to HKD 64,244,000 as of December 31, 2024[22] - Trade receivables amounted to HKD 113,081,000 as of June 30, 2025, down from HKD 166,055,000 as of December 31, 2024, with a turnover period of 77.9 days[23] - Trade payables were HKD 94,320,000 as of June 30, 2025, decreased from HKD 116,514,000 as of December 31, 2024, with a turnover period of 71.5 days[24] - The total amount of trade and other receivables was HKD 215,263,000 as of June 30, 2025, compared to HKD 231,926,000 as of December 31, 2024[57] - Trade receivables amounted to HKD 114,610,000 as of June 30, 2025, down from HKD 169,004,000 as of December 31, 2024, reflecting a decrease of approximately 32%[57] - Trade payables decreased to HKD 94,320,000 as of June 30, 2025, from HKD 116,514,000 as of December 31, 2024, indicating a reduction of about 19%[61] Capital Expenditures - The company invested HKD 43,426,000 in property, plant, and equipment during the current interim period, an increase from HKD 18,748,000 in the previous year[55] - The company has capital commitments for the acquisition of property, plant, and equipment amounting to HKD 49,437,000 as of June 30, 2025, up from HKD 46,935,000 as of December 31, 2024[65]

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8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: 盈利時控股有限公司 呈交日期: 2025年9月1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) | 06838 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | FF301 F ...

Group 1 - The company reported a revenue of HKD 324 million for the mid-year 2025, representing a year-on-year increase of 0.6% [1] - The company experienced a net loss of HKD 13.82 million, compared to a profit of HKD 9.255 million in the same period last year [1] - The basic loss per share was HKD 0.023 [1] Group 2 - The gross profit margin decreased by 3.6 percentage points to 17.7%, down from 21.3% in 2024 [1] - The decline in gross profit margin is attributed to aggressive price cuts by domestic manufacturers, leading to intensified market competition [1]