广和通（300638）(00638)发布公告，根据香港法例第571W章证券及期货(稳定价格)规则第9(2)条，本公 司宣布，有关全球发售的稳定价格期于2025年11月16日(星期日)(即递交香港公开发售申请截止日期后第 30日)结束。 稳定价格操作人、其联属人士或代其行事的任何人士于稳定价格期内进行的稳定价格行动载列如下： (1)在国际发售中超额分配合共2026.2万股H股，约占任何超额配股权获行使前全球发售项下初步提呈发 售的发售股份总数的15%; (2)于稳定价格期间先后在市场上以介乎每股H股17.30港元至21.50港元的价格购买合共2026.2万股H股 (约占任何超额配股权获行使前全球发售项下初步可供认购的发售股份总数的15%)。稳定价格操作人、 其联属人士或代其行事的任何人士于稳定价格期内在市场上作出的最后一次购买于2025年11月14日(星 期五)进行，价格为每股H股20.34港元。 保荐人兼整体协调人(代表国际承销商)于稳定价格期内并无行使超额配股权，且超额配股权于2025年11 月16日(星期日)失效。因此，并无或不会根据超额配股权发行H股。 ...

Core Viewpoint - The company, Guanghe Tong (00638), announced the end of its stabilization period for global offerings on November 16, 2025, in accordance with Hong Kong laws [1] Summary by Relevant Sections - **Stabilization Actions** - During the stabilization period, a total of 20.262 million H-shares were over-allocated in the international offering, representing approximately 15% of the total shares initially offered before the exercise of any over-allotment options [1] - The stabilization operator purchased a total of 20.262 million H-shares in the market at prices ranging from HKD 17.30 to HKD 21.50 per share, also accounting for about 15% of the total shares initially available for subscription before the exercise of any over-allotment options [1] - The last purchase made by the stabilization operator during this period occurred on November 14, 2025, at a price of HKD 20.34 per share [1] - **Over-allotment Options** - The sponsor and overall coordinator did not exercise the over-allotment option during the stabilization period, and this option will expire on November 16, 2025 [1] - As a result, no H-shares will be issued or are expected to be issued under the over-allotment option [1]

Core Viewpoint - Guanghe Tong (00638.HK) announced the end of the stabilization period for its global offering on November 16, 2025, with no exercise of the over-allotment option by the underwriters during this period [1] Summary by Relevant Sections - **Stabilization Period**: The stabilization period for the global offering will conclude on November 16, 2025, which is 30 days after the deadline for submitting applications for the Hong Kong public offering [1] - **Over-allotment Option**: The underwriters did not exercise the over-allotment option during the stabilization period, and this option will expire on November 16, 2025 [1] - **H Shares Issuance**: As a result of the above, there will be no issuance of H shares based on the over-allotment option [1]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Guanghetong, indicating a decline in stock price and significant net outflow of funds [1][2] - As of November 14, Guanghetong's stock price decreased by 2.03% to 25.58 CNY per share, with a total market capitalization of 23.036 billion CNY [1] - Year-to-date, Guanghetong's stock has increased by 29.19%, but it has seen a decline of 0.93% over the last five trading days and 9.45% over the last 20 days [1] Group 2 - Guanghetong, established on November 11, 1999, specializes in wireless communication modules and related solutions, with 99.38% of its revenue coming from this segment [2] - The company operates within the communication equipment sector and is involved in various concepts such as vehicle networking, eSIM, and low-altitude economy [2] - For the period from January to September 2025, Guanghetong reported a revenue of 5.366 billion CNY, a year-on-year decrease of 13.69%, and a net profit of 316 million CNY, down 51.50% year-on-year [2] Group 3 - Since its A-share listing, Guanghetong has distributed a total of 869 million CNY in dividends, with 620 million CNY distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.553 million shares [3] - The Southern CSI 1000 ETF reduced its holdings by 50,000 shares, while the Huaxia CSI 1000 ETF has exited the top ten circulating shareholders list [3]

Core Viewpoint - Guanghe Tong (00638.HK) experienced a significant increase in stock price, rising over 6% in the afternoon session, with a current increase of 3.67% to HKD 19.2, and a trading volume of HKD 26.8294 million [1] Group 1 - The stock price of Guanghe Tong rose over 6% in the afternoon [1] - As of the report, the stock is up 3.67% at HKD 19.2 [1] - The trading volume reached HKD 26.8294 million [1]

Core Viewpoint - Guanghe Tong (300638) has seen a significant increase in stock price following strategic partnerships aimed at advancing the consumer AI glasses industry and enhancing its technological capabilities [1] Group 1: Strategic Partnerships - On October 27, Guanghe Tong announced a strategic collaboration with leading AR glasses technology company XREAL to promote the consumer-grade AI glasses industry [1] - The partnership aims to leverage both companies' technological strengths and manufacturing capabilities to accelerate innovation and large-scale implementation in the AR+AI consumer ecosystem [1] - Additionally, Guanghe Tong has formed a strategic alliance with Hesai Technology to jointly release a multi-modal perception and control solution based on LiDAR technology [1] Group 2: Market Performance and Growth Potential - Guanghe Tong's stock rose over 6% in the afternoon trading session, with a current increase of 3.67%, trading at 19.2 HKD and a transaction volume of 26.82 million HKD [1] - According to Shenwan Hongyuan, Guanghe Tong is positioned as a core player in the global IoT module market, with expectations for continued performance growth driven by AI/robotics and automotive/FWA deployments [1] - China Merchants Securities noted that Guanghe Tong's successful listing on the Hong Kong Stock Exchange and completed financing enhances its strength, positioning the company to capitalize on the accelerating trends in edge intelligence [1]

Core Viewpoint - Guanghe Tong (00638) has seen a significant increase in stock price following strategic partnerships aimed at advancing the consumer-grade AI glasses industry and enhancing its technological capabilities [1] Group 1: Strategic Partnerships - On October 27, Guanghe Tong announced a strategic collaboration with leading AR glasses technology company XREAL to drive innovation in the consumer-grade AI glasses sector [1] - Additionally, Guanghe Tong has formed a strategic partnership with Hesai Technology to jointly release a multi-modal perception and control solution based on LiDAR technology [1] Group 2: Market Performance and Growth Potential - Guanghe Tong's stock rose over 6% in the afternoon trading session, with a current price of 19.2 HKD and a trading volume of 26.82 million HKD [1] - According to Shenwan Hongyuan, Guanghe Tong is positioned as a core player in the global IoT module market, with expected performance growth driven by AI/robotics and automotive/FWA deployments [1] - China Merchants Securities noted that Guanghe Tong's successful listing on the Hong Kong Stock Exchange and completed financing are expected to enhance its strength and growth potential in the rapidly developing edge intelligence industry [1]

Group 1 - The Hong Kong IPO market has seen 87 new listings this year, raising over 240 billion HKD, making it the leading exchange globally for IPO fundraising [1][2] - A total of 16 A-share companies have successfully listed on the Hong Kong Stock Exchange this year, with over 80 more in the pipeline, indicating a significant trend of A+H listings [1][3] - The successful listings are predominantly from leading companies in their respective industries, with most having a market capitalization exceeding 20 billion HKD [3][4] Group 2 - Notable companies like CATL, Heng Rui Pharmaceutical, and Sai Lisi have raised substantial funds, with CATL alone accounting for over 30% of the total fundraising from A+H listed companies [4][5] - The majority of the A+H listed companies are concentrated in the technology and consumer sectors, reflecting a strategic focus on these core areas [4][9] - The performance of newly listed companies has been strong, with 12 out of 16 stocks rising or remaining stable on their first trading day [4][10] Group 3 - There has been a notable trend of H-shares trading at a premium over A-shares for some leading companies, indicating strong international investor confidence [5][9] - A record 302 companies have submitted IPO applications to the Hong Kong Stock Exchange this year, highlighting a robust interest in the market [6][8] - The influx of A-share companies seeking to list in Hong Kong is expected to enhance the quality and liquidity of the Hong Kong market [9][11]

Core Insights - The company reported a revenue of 5.366 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.69%, but a 7.32% increase in continuing operations revenue when excluding the impact of a specific business segment [1] - The net profit attributable to shareholders was 316 million yuan, down 51.50% year-on-year, with a 2.19% decline in continuing operations net profit when excluding the same business segment [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 1.659 billion yuan, a year-on-year decrease of 22.56% and a quarter-on-quarter decrease of 10.41% [2] - The net profit attributable to shareholders for Q3 2025 was 98 million yuan, reflecting a year-on-year decrease of 69.14% and a quarter-on-quarter decrease of 1.82% [2] Group 2: AI and Industry Collaboration - The company is enhancing its collaboration with industry partners to accelerate the deployment of AI across various sectors, focusing on high-quality development in the AI toy industry [2] - The company has developed mature solutions for AI toys, including communication modules and upgraded product offerings, with successful mass production of specific module solutions [2] Group 3: AI and Robotics Development - The company is actively investing in edge AI technology and has launched the Fibocom AI Stack platform, integrating various AI models to enhance product competitiveness [3] - The company has successfully mass-produced its intelligent lawnmower solutions, which integrate advanced technologies, and anticipates significant growth in this sector next year [3] Group 4: Profit Forecast and Investment Outlook - The company projects net profits of 442 million yuan, 627 million yuan, and 821 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.49, 0.70, and 0.91 yuan [4] - The current stock price corresponds to PE ratios of 53, 37, and 28 for the years 2025, 2026, and 2027, indicating a positive outlook for future performance [4]

Core Insights - The Hang Seng AH Premium Index has slightly rebounded to 118.42 points as of November 7, following a low of 115.44 points on October 2, indicating a shift in market dynamics for A+H shares [1] Group 1: Recent H-Share Listings - Several well-known A-share companies have recently listed on the Hong Kong stock market, contributing to the AH Premium Index's movements [2] - Junsheng Electronics, listed on November 6, aims to raise funds for automotive intelligent solutions, smart manufacturing, and global expansion, but has seen a cumulative drop of 15.91% since listing, with an A-share premium of 71.63% over H-shares [2] - Seres, which listed on November 5, has experienced a cumulative decline of 13.31%, with an A-share premium of 33.41% over H-shares [2] Group 2: Premium Structure and Trends - The AH premium structure has become more differentiated, with five A+H stocks showing "price inversion" as of November 7, including Ningde Times and Midea Group, with Ningde Times showing the largest premium inversion at -22.303% [4] - The overall trend indicates that the phenomenon of A-shares having premiums over H-shares exceeding 300% has disappeared, with only 30 out of 166 A+H stocks having premiums over 100% [5] - The premium rates for some companies, such as Hongye Futures and Sinopec Oilfield Services, exceed 200%, while others like WuXi AppTec and Zijin Mining have premiums below 5% [5] Group 3: Expansion of A+H Market - The pace of expansion in the A+H market is accelerating, with companies like Baile Tianheng starting their IPO process and planning to raise up to 3.358 billion HKD [6] - The A+H market is becoming a crucial link between A-share and H-share markets, providing investors with more cross-market investment options [7] - Differences in investor structures and trading mechanisms between A-shares and H-shares are fundamental factors contributing to the observed price disparities [7]