Core Viewpoint - AAC Technologies has completed the acquisition of the second batch of shares in Premium Sound Solutions (PSS), making PSS an indirect wholly-owned subsidiary of AAC Technologies [1] Group 1: Acquisition and Market Impact - AAC Technologies acquired 80% of PSS in February last year, leading to a steady increase in its global automotive market share and the establishment of a vertically integrated solution encompassing speakers, amplifiers, algorithms, and tuning services [3] - The automotive acoustics business of AAC Technologies has seen rapid growth, with revenue reaching 3.52 billion yuan and a gross margin of 24.8% [3] - PSS's automotive speakers have captured significant market share among top-tier automotive manufacturers in Europe and the US, and after the acquisition, AAC Technologies has successfully supplied to domestic new energy vehicle companies such as Li Auto, Xiaomi, Geely, and XPeng [3] Group 2: Ratings and Market Position - Moody's has upgraded the rating outlook for AAC Technologies from "stable" to "positive," citing the ongoing synergy effects from the acquisition of PSS and improvements in the company's diversified business structure [3] - CLSA's latest research report indicates that AAC Technologies is the sole supplier of the Xiaomi SU7 smart cockpit speakers, and the Xiaomi YU7 series smart cockpit speakers are co-developed with AAC Technologies, with all units supplied by AAC Technologies [3] Group 3: PSS Company Profile - PSS, headquartered in Belgium, is a well-established European automotive acoustics company with 50 years of history and a diversified global manufacturing layout [4] - PSS serves mainstream automotive brands, including Audi, BMW, Mercedes-Benz, Land Rover, and Buick, with a global market share of 15%-20%, and a higher proportion in the mid-to-high-end market [4]

FF301 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: 瑞聲科技控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年8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) | 02018 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.01 | USD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 | USD | | 5 ...

Core Viewpoint - Moody's has confirmed AAC Technologies Holdings Inc.'s "Baa3" issuer rating and senior unsecured debt rating, upgrading its outlook from stable to positive, reflecting the company's leading position in acoustic and haptic components, improving business diversification, and strong financial health [1] Group 1: Financial Performance and Projections - Moody's expects AAC Technologies' revenue to grow approximately 10% annually over the next 12-18 months, driven by a strong product portfolio and increasing customer penetration [1] - The EBITDA margin is projected to remain around 19% in 2024, with adjusted debt to EBITDA ratio expected to decrease to approximately 2.0 times by the end of 2025 due to increasing EBITDA and stable debt levels [1] Group 2: Business Segments - In the optical business, AAC Technologies has established itself as a key supplier, with significant contributions from high-end products and improved production efficiency, expected to be a continuous profit source in the next 12-18 months [2] - The automotive business is benefiting from synergies gained from the acquisition of Premium Sound Solutions (PSS), enhancing product diversification and market exposure [2] - The optical business has achieved a CAGR of 36% since 2019, with revenue projected to exceed 5 billion RMB in 2024, and the company ranks among the top three globally in optical lens shipments [2] - The automotive acoustic business is also experiencing rapid growth, with revenue of 3.52 billion RMB and a gross margin of 24.8%, with products widely used in both traditional and luxury automotive brands [3]

Core Viewpoint - Moody's has confirmed AAC Technologies Holdings Inc.'s "Baa3" issuer rating and senior unsecured debt rating, upgrading the outlook from stable to positive, reflecting the company's leading position in acoustic and haptic components, improving business diversification, and strong financial metrics [1] Group 1: Financial Performance and Projections - Moody's expects AAC Technologies' revenue to grow approximately 10% annually over the next 12-18 months, driven by a strong product portfolio and increasing customer penetration [1] - The EBITDA margin is projected to remain around 19% in 2024, with adjusted debt to EBITDA ratio expected to decrease to approximately 2.0 times by the end of 2025 due to increasing EBITDA and stable debt levels [1] Group 2: Business Segments - In the optical business, AAC Technologies has established itself as a key supplier, with significant contributions expected from high-end products and improved operational efficiency over the next 12-18 months [2] - The optical business has achieved a CAGR of 36% from 2019, with revenue projected to exceed 5 billion RMB in 2024, and global shipments of unique WLG glass-plastic hybrid lenses expected to reach millions [2] - The automotive acoustic business is also growing rapidly, with projected revenue of 3.52 billion RMB and a gross margin of 24.8%, with products widely used by both traditional and luxury car brands [3] - AAC Technologies has completed the second tranche of share acquisition for PSS, which is now an indirect wholly-owned subsidiary [3]

Core Viewpoint - Moody's has confirmed AAC Technologies Holdings Inc.'s "Baa3" issuer rating and senior unsecured debt rating, upgrading the outlook from stable to positive, reflecting the company's leading position in acoustic and haptic components, improving business diversification, and strong capital structure and liquidity [1] Group 1: Financial Performance and Projections - Moody's expects AAC Technologies' revenue to grow approximately 10% annually over the next 12-18 months, driven by a strong product portfolio and increasing customer penetration [1] - The EBITDA margin is projected to remain around 19% in 2024, with the adjusted debt-to-EBITDA ratio expected to decrease to about 2.0 times by the end of 2025 due to increasing EBITDA and stable debt levels [1] Group 2: Business Segments - In the optical business, AAC Technologies has established itself as a key supplier, with significant contributions expected from high-end products and improved operational efficiency over the next 12-18 months [2] - The automotive business is benefiting from synergies gained from the acquisition of Premium Sound Solutions (PSS), enhancing product diversification and market exposure [2] - The optical business has achieved a CAGR of 36% since 2019, with revenue expected to exceed 5 billion RMB in 2024, and the company ranks among the top three globally in optical lens shipments [2] - The automotive acoustic business is also experiencing rapid growth, with projected revenue of 3.52 billion RMB and a gross margin of 24.8% in 2024, with products widely used by both traditional and luxury car brands [3]

智通财经APP讯，瑞声科技(02018)发布公告，有关建议收购Acoustics Solutions International B.V.的公 布。建议交易事项的第二批次完成已于2025年7月31日按照买卖协议的条款进行。第二批次购买价按股 东协议厘定，而第二批次股份的总购买价为 1.286亿美元连同利息。在第二批次完成后，目标公司成为 本公司的间接全资附属公司。 ...

瑞声科技(02018)发布公告，有关建议收购Acoustics Solutions International B.V.的公布。建议交易事项的 第二批次完成已于2025年7月31日按照买卖协议的条款进行。第二批次购买价按股东协议厘定，而第二 批次股份的总购买价为1.286亿美元连同利息。在第二批次完成后，目标公司成为本公司的间接全资附 属公司。 ...

格隆汇7月31日丨瑞声科技(02018.HK)发布公告，就收购ACOUSTICS SOLUTIONS INTERNATIONAL B.V.股份事项，建议交易事项的第二批次完成已于2025年7月31日按照买卖协议的条款进行。第二批次 购买价按股东协议厘定，而第二批次股份的总购买价为1.286亿美元连同利息。在第二批次完成后，目 标公司成为公司的间接全资附属公司。 ...

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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部份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 。 承董事會命 瑞聲科技控股有限公司 主席 張宏江 香港，2025年7月31日 於本公佈日期，董事會成員為潘政民先生、莫祖權先生及吳春媛女士，以及三位 獨立非執行董事張宏江先生、郭琳廣先生及彭志遠先生。 收購ACOUSTICS SOLUTIONS INTERNATIONAL B.V. 第二批次完成 謹此提述瑞聲科技控股有限公司（「本公司」）2023年8月10日有關建議收購Acoustics Solutions International B.V.之公佈、本公司2024年1月18日之通函（「該通函」）、本 公司2024年2月6日有關股東特別大會投票表決結果及達成該等條件之公佈以及本 公司2024年2月9日之第一批次完成公佈。除文義另有所指外，本公佈所用詞彙與 該通函所界定者具有相同涵義。 董事會欣然宣佈，建議交易事項之第二批次完成已於2025年7月31日按照買賣協議 之條款進行。第二批次購買價按股東協議釐定， ...

Core Viewpoint - 招银国际 has raised the earnings per share forecast for 瑞声科技 (02018) for 2025 to 2027 by 8% to 12%, driven by better-than-expected growth in optical and precision components business, as well as improved profitability in optical products [1] Group 1: Financial Performance - 瑞声科技 is expected to achieve a year-on-year revenue growth of 24% and a net profit growth of 66% in the first half of the year, primarily due to upgrades in acoustic and haptic product specifications from major US clients, increased orders for thermal products, acquisition of automotive acoustic client orders, and improved profitability in the optical business [1] Group 2: Future Outlook - Looking ahead to the second half of this year and into 2026, 瑞声科技 is well-positioned to capitalize on new opportunities and specification upgrade trends in AI smartphones, AI glasses, automotive acoustic and optical products, and robotics, thanks to its technological leadership across multiple product lines [1] Group 3: Target Price and Rating - 招银国际 has increased the target price for 瑞声科技 from 58.78 HKD to 63.54 HKD while maintaining a "Buy" rating [1]