(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: 2018) Dear Non-registered Shareholder(s)(Note) , Notice of publication of 2025 Interim Report (the "Current Corporate Communication") and Arrangement of Electronic Dissemination of Corporate Communications The Current Corporate Communication of the Company has been published in English and Chinese languages and are available on the website of The Stock Exchange of Hong Kong Limited ("HKEX") at www.hkexnews.hk and ...

(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: 2018) Dear Registered Shareholder(s), AAC Technologies Holdings Inc. (the "Company") Notice of publication of 2025 Interim Report (the "Current Corporate Communication") and Arrangement of Electronic Dissemination of Corporate Communications The Current Corporate Communication of the Company has been published in English and Chinese languages and are available on the website of The Stock Exchange of Hong Kong Limi ...

2025 中期報告 AAC 瑞聲科技是感知體驗解決方案的領導 者，以打造感知體驗技術的未來為企業目 標。瑞聲科技堅持技術創新，注重全球佈 局，經過數十年的行業深耕，我們與國內外 終端客戶建立緊密、長期、穩定的戰略合作 關係，在聲學、光學、電磁傳動、傳感器及 半導體、精密製造等領域擁有強大的綜合 競爭力。瑞聲科技的使命是創造極緻體驗， 願景是創造多元化價值和成為體驗科技的 領導者。在感知科學上，瑞聲科技不斷創 新，打造各類全新的交互體驗，為行業注入 新的活力。瑞聲科技將在智能手機、智能汽 車、虛擬現實、增強現實、智能家居等多行 業持續發力，開創感知體驗新紀元。 www.aactechnologies.com 本中期報告之中英文版本如有不一致，概以英文版本為準。 此中期報告乃使用環保紙印刷。 (於開曼群島註冊成立之有限公司) 股票代號: 2018 中期報告 2025 執行董事 潘政民先生（行政總裁） 莫祖權先生（常務董事） 目 錄 | 關於瑞聲科技 | | | --- | --- | | 公司資料 | 2 | | 核心發展戰略 | 3 | | 財務摘要 | 4 | | 中期回顧 | 5 | | 全球佈局 | 8 ...

Group 1 - OpenAI is developing its own AI device in collaboration with a major iPhone assembler in mainland China, with discussions ongoing for component supply with local industry chain companies [1] - The device, likely named AI Pin, is expected to be a wearable badge with capabilities for sound, text, photos, and videos, along with AI processing power [1] - OpenAI's device team consists of members from Apple, making collaboration with Apple's supply chain companies a logical choice [1] Group 2 - AAC Technologies reported a revenue of RMB 13.32 billion for the first half of the year, marking an 18.4% year-on-year increase, setting a new record [1] - The company has significantly benefited from the growth of the AI industry, with multiple business segments experiencing rapid growth [1] - The MEMS microphone business is expected to see revenue growth exceeding 50% in 2025 compared to 2024 due to increased demand for voice interaction features in AI smartphones [1] Group 3 - The demand for higher cooling performance in AI smartphones is expected to drive rapid growth in AAC Technologies' thermal management business, with overseas high-end customer orders already secured [2] - The overall revenue scale of the thermal product line is projected to triple in 2025 compared to 2024 [2] - The recently released iPhone 17 Pro/Pro Max series features a VC heat spreader for enhanced cooling performance, with AAC Technologies as a core supplier [2]

Group 1 - OpenAI is developing its own AI device in collaboration with a major iPhone assembler in mainland China, with discussions ongoing for component supply with local industry chain companies [1] - The device, likely named AI Pin, is expected to be a wearable badge featuring voice, text, photo, and video capabilities, along with AI processing power [1] - The core team of OpenAI's device division consists of members from Apple, making collaboration with Apple's supply chain companies a logical choice [1] Group 2 - AAC Technologies reported a revenue of RMB 13.32 billion for the first half of the year, marking an 18.4% year-on-year increase, setting a new record [2] - The company has significantly benefited from the growth of the AI industry, with multiple business segments experiencing rapid growth [2] - The demand for voice interaction in AI smartphones has positively impacted the MEMS microphone business, with revenue expected to increase by over 50% in 2025 compared to 2024 [2] Group 3 - The higher computational power and increased power consumption of AI smartphones are driving the demand for enhanced thermal performance, which will significantly boost AAC Technologies' thermal business [2] - The latest iPhone 17 Pro/Pro Max series has adopted VC heat spreaders for the first time, greatly improving thermal performance, with AAC Technologies as a core supplier [2] - Future adjustments in Apple's product strategy may lead to the standard iPhone models also incorporating VC heat spreaders, further accelerating the growth of AAC Technologies' thermal business [2]

Core Viewpoint - 瑞声科技 is poised to benefit significantly from the strong early demand for the iPhone 17 series, as it is a key supplier in Apple's supply chain, particularly in acoustic and motor components [1][2] Group 1: Company Performance - 瑞声科技's revenue for the first half of the year reached RMB 13.32 billion, marking an 18.4% year-on-year increase, setting a new record [1] - The management indicated that the revenue scale of the thermal products line is expected to triple by 2025 compared to 2024 [1] Group 2: Market Trends - The iPhone 17 Pro/Pro Max series features a VC thermal plate for the first time, significantly enhancing heat dissipation performance, with 瑞声科技 identified as a core supplier [1] - The demand for heat dissipation solutions is anticipated to grow rapidly due to the increasing requirements from AI smartphones and adjustments in Apple's product strategy [1] Group 3: Future Outlook - 瑞声科技's revenue in the second half of the year is expected to maintain a high growth rate, not lower than the 18.4% achieved in the first half [2] - The overall gross margin for the year is projected to be no less than 22.1%, with multiple business segments such as thermal management and MEMS microphones expected to double in growth [2]

Group 1 - The Hang Seng Index fell by 0.99%, the Hang Seng Tech Index dropped by 1.18%, and the Hang Seng China Enterprises Index decreased by 1.3% on September 22, with a half-day trading volume of HKD 164.784 billion [1] - The Hong Kong Stock Connect Technology ETF (159101) experienced a flat performance, while component stocks like AAC Technologies surged over 9%, Sunny Optical Technology rose over 6%, and SMIC and WuXi Biologics increased by over 3% [1] - There has been a continuous net inflow into the Hong Kong Stock Connect Technology ETF for five consecutive trading days, with the last two days seeing a net inflow exceeding HKD 100 million [1] Group 2 - The recent interest rate cut does not signify the end of rate reductions, as the dot plot indicates two more expected cuts by 2025, which will continue to support the Hong Kong stock market and tech sector [2] - The internal drivers for the Hong Kong tech sector remain strong, with reduced competition in industries like food delivery and automotive, and a renewed focus on AI as a core narrative [2] - Recent interim reports from Hong Kong tech companies show that cloud business revenues exceeded market expectations, reinforcing the growth logic driven by AI, alongside strong future capital expenditure plans [2] Group 3 - The Hong Kong Stock Connect Technology ETF (159101) covers major internet giants like Tencent and Alibaba, as well as emerging players like Li Auto and BeiGene, providing a comprehensive investment tool for Chinese tech leaders [3] - The top five holdings account for 57% of the ETF's weight, while the top ten holdings make up 77%, indicating a concentrated yet broad exposure to key sectors including software, hardware, new consumption, innovative pharmaceuticals, and new energy vehicles [3]

Core Viewpoint - Astera Labs, Inc. (ALAB) has shown significant outperformance in the Computer and Technology sector, with a year-to-date return of 73.3%, compared to the sector average of 18.9% [4] Company Performance - Astera Labs, Inc. is currently ranked 1 (Strong Buy) in the Zacks Rank system, indicating a positive earnings outlook [3] - Over the past 90 days, the Zacks Consensus Estimate for ALAB's full-year earnings has increased by 67.9%, reflecting stronger analyst sentiment [4] - The stock has outperformed the Internet - Software industry, which has an average gain of 22.7% year-to-date [6] Sector and Industry Context - The Computer and Technology sector consists of 604 individual stocks and is ranked 5 in the Zacks Sector Rank [2] - The Internet - Software industry, to which Astera Labs belongs, includes 172 stocks and is currently ranked 71 in the Zacks Industry Rank [6] - Another notable performer in the sector is AAC Technologies Holdings Inc. (AACAY), which has a year-to-date return of 22.9% and a Zacks Rank of 2 (Buy) [5]

Core Viewpoint - AAC Technologies showcased its advancements in automotive acoustics and related technologies at the Munich International Motor Show, emphasizing its position as a key player in the automotive sound ecosystem [1][3]. Group 1: Company Developments - Since entering the automotive acoustics sector in 2018, AAC Technologies has integrated key technologies through strategic acquisitions, establishing a comprehensive acoustic ecosystem from perception to output [3]. - The company is now recognized as one of the few suppliers capable of providing end-to-end automotive acoustic solutions, including hardware, software, algorithms, and tuning services [3]. - AAC Technologies is ranked among the top ten global passenger car audio system providers and is the only Chinese company in this category [3]. Group 2: Technological Innovations - The company highlighted its collaboration with Zeekr and Naim Audio in developing the Zeekr 9X model, featuring a custom 9.2.4.8 immersive audio system with 32 speakers and 8 seat transducers, achieving a peak power of 3868W [5]. - The audio system utilizes a 3D virtual surround algorithm to enhance standard stereo sources into multi-layered auditory experiences, restoring three-dimensional spatial information [5]. - AAC Technologies presented a full-stack automotive acoustic solution based on "physical AI," demonstrating its technology's application in products like the Zeekr 9X [5]. Group 3: Market Position and Future Plans - The automotive business segment of AAC Technologies reported a year-on-year revenue growth of 13%, reaching 1.74 billion yuan, indicating its importance within the company's overall operations [5]. - The company aims to leverage global resources to assist partners like First Light Auto Parts and PSG in expanding into overseas markets, providing customized full-stack solutions to enhance the smart driving experience [6].

Core Viewpoint - 瑞声科技's mid-year performance report for 2025 shows significant revenue growth, driven by the optical business and improved profitability [1] Revenue Growth - 瑞声科技 reported a revenue of RMB 13.32 billion for the first half of the year, marking an 18.4% year-on-year increase [1] - The optical business, specifically辰瑞光学, generated revenue of RMB 2.65 billion, reflecting a 19.7% year-on-year growth [1] - The optical business has seen a compound annual growth rate (CAGR) of over 36% since its strategic focus began in 2019, with revenue increasing from RMB 1.07 billion in 2019 to RMB 5 billion in 2024 [1] High-End Strategy and Operational Efficiency - 瑞声科技's strategy to enhance the high-end segment and improve operational efficiency has led to increased shipment volumes and average selling prices (ASP) for plastic lenses and optical modules [3] - The shipment proportion of 6P and above plastic lenses exceeded 18% in the first half of the year, up from 10% in the first half of 2023 [3] - The gross margin for plastic lenses doubled to 16.7% in the first half of 2024, with improvements exceeding 10 percentage points year-on-year [3] Optical Module Performance - The optical module segment benefited from rapid shipments of mid-to-high specification products, achieving over 20% year-on-year revenue growth [4] - The shipment proportion of modules with 32M pixels or more reached over 34%, an increase of more than 3 percentage points year-on-year [4] - Sales of OIS modules exceeded RMB 800 million, with a year-on-year growth of nearly 150% [4] Unique WLG Product Development - 瑞声科技's WLG product has achieved significant breakthroughs, supporting high-end flagship models with unique production capabilities [5] - The expected shipment volume of WLG lenses in 2025 is projected to exceed 10 million units, representing a growth of over 50% year-on-year [7] - The yield rate for WLG technology has reached over 80%, indicating profitability for single lens production, with potential gross margins surpassing those of plastic lenses as production scales up [7]