Core Viewpoint - Goldman Sachs maintains a positive outlook on AAC Technologies (02018) due to the expanding applications of edge AI devices in its components, including acoustic devices, MEMS microphones, and haptic feedback devices [1] Group 1: AI Smartphone Solutions - The collaboration between ZTE and ByteDance's Doubao has led to the launch of the AI smartphone prototype Nubia M153, enhancing the importance of acoustic devices in AI smartphones [2] - AAC Technologies provides solutions such as X-axis linear motors and dual speakers to optimize user experience when interacting with AI assistants via voice commands [2] - The increased computational power of AI smartphones is driving growth in thermal management needs, benefiting AAC Technologies' vapor chamber (VC) business [2] Group 2: AI/AR Glasses - Voice commands play a crucial role in AI/AR glasses, exemplified by Alibaba's new AI glasses, Quark S1, which utilize a multi-microphone setup for voice interaction [3] - The design characteristics of miniaturization, thinness, and lightweight features are critical for user comfort and battery life, directly impacting daily usage time [3] - AAC Technologies can achieve miniaturization and low power operation without sacrificing voice performance, positioning the company favorably in the market [3] - The anticipated increase in camera numbers and the application of optical combiners in AR glasses present new growth opportunities for AAC Technologies [3] Group 3: Innovative Edge AI Devices - Continuous upgrades of foundational large models are generating various innovative edge AI devices, broadening AAC Technologies' terminal market [4] - Voice commands are identified as a core function for all edge AI devices, benefiting AAC Technologies' acoustic and microphone businesses [4] - The company can customize solutions for AI devices, such as a 70 dB high-quality low-power microphone and a "three-in-one" prism solution for enhanced visual signals [4] - Observations indicate that AI foundational model suppliers are developing customized versions for edge devices, aiming for low-latency operation and enhanced AI functionalities [4] Group 4: Valuation - Goldman Sachs assigns a "buy" rating to AAC Technologies with a 12-month target price of HKD 68.6 [5]

Group 1 - The core viewpoint of the news is that the company is accelerating the commercialization of AR technology through the acquisition of Finnish waveguide company Dispelix, enhancing its capabilities in AI and perception technology [1][2] - The acquisition of Dispelix is expected to be completed in the first half of 2026, making it a wholly-owned subsidiary, and aims to deepen the synergy between the two companies, leveraging Dispelix's expertise in waveguide design and manufacturing [2] - The collaboration with leading OEM clients to develop the next generation of AR devices and the partnership with major mobile ecosystem builders will strengthen the company's position in the global market for diffraction optics [2] Group 2 - The company is empowering the "Doubao AI phone" with core hardware, facilitating the evolution from a "tool" to an "intelligent agent," showcasing advancements in AI interaction [3] - The collaboration with ZTE to launch the Doubao AI phone prototype demonstrates the integration of high-performance linear motors and dual speaker systems to enhance user experience [3] - The company is also focusing on multi-sensory solutions for next-generation AI phones and wearable devices, continuing to innovate in the "AI + perception" space [3] Group 3 - The Quark AI glasses S1, launched by Alibaba, features a high-precision pickup system co-created with the company, addressing industry pain points in voice interaction [4] - The innovative microphone array and bone conduction technology provide significant advantages in size reduction and power consumption, enhancing the user experience in various environments [4] - The advanced algorithms implemented in the Quark AI glasses ensure low false wake rates, allowing for seamless interaction in noisy settings [4] Group 4 - The company is projected to achieve revenues of 32.2 billion, 36 billion, and 40 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 2.5 billion, 3 billion, and 3.3 billion yuan [5]

Core Viewpoint - Goldman Sachs maintains a positive outlook on AAC Technologies (02018) due to the expanding application of edge AI devices in its components, including acoustic devices, MEMS microphones, and haptic feedback devices [1] Group 1: AI Smartphone Solutions - The collaboration between ZTE and ByteDance's Doubao has led to the launch of the AI smartphone prototype Nubia M153, enhancing the importance of acoustic devices in AI smartphones [2] - AAC Technologies provides solutions such as X-axis linear motors and dual speakers to optimize user experience when interacting with AI assistants via voice commands [2] - The increased computational power of AI smartphones is driving growth in thermal management needs, benefiting AAC Technologies' vapor chamber (VC) business [2] Group 2: AI/AR Glasses - Voice commands play a crucial role in AI/AR glasses, exemplified by Alibaba's new AI glasses, Quark S1, which utilize a multi-microphone solution for voice interaction [3] - The design requirements for AI/AR glasses emphasize miniaturization, thinness, and low power consumption, which directly affect user comfort and battery life [3] - AAC Technologies can achieve small, thin, and lightweight designs without compromising voice performance, presenting growth opportunities in the AR glasses market [3] Group 3: Innovative Edge AI Devices - Continuous upgrades of foundational large models are creating various innovative edge AI devices, expanding AAC Technologies' terminal market [4] - Voice commands are identified as a core function for all edge AI devices, benefiting AAC Technologies' acoustic and microphone businesses [4] - Customized solutions for AI devices, such as a 70 dB high-quality low-power microphone and a "three-in-one" prism solution for enhanced visual signals, are being developed [4] Group 4: Valuation - Goldman Sachs has assigned a "buy" rating to AAC Technologies with a 12-month target price of HKD 68.6 [4]

Core Viewpoint - AAC Technologies (瑞声科技) shares rose nearly 3%, currently trading at HKD 38.28 with a transaction volume of HKD 71.1751 million, following the launch of Alibaba's first self-developed flagship dual-display AI glasses, Quark AI Glasses S1, which emphasizes a super AI assistant experience [1] Group 1: Product Development and Collaboration - Alibaba's Quark AI Glasses S1 features a high-precision audio pickup system developed in collaboration with AAC, consisting of 5 high-performance microphones and 1 bone conduction microphone [1] - The AI phone, Doubao, utilizes AAC's high-performance X-axis linear motor and dual speaker system to enhance immersive voice and tactile interaction experiences [1] - AAC has previously collaborated with multiple overseas large model and smart terminal companies to explore innovative paths for "AI + terminal" applications [1] Group 2: Business Expansion - In addition to its traditional strengths in acoustic and haptic devices, AAC is expanding its business boundaries by providing optical waveguides, high-end cooling systems, and other perception solutions for AI phones, XR wearable devices, and new forms of smart hardware [1]

Core Viewpoint - AAC Technologies (瑞声科技) shares rose nearly 3%, currently up 2.08% at HKD 38.28, with a trading volume of HKD 71.175 million, following the launch of Alibaba's first self-developed flagship dual-display AI glasses, Quark AI Glasses S1, which emphasizes a super AI assistant experience [1] Group 1: Product Development - Alibaba's Quark AI Glasses S1 features a high-precision audio pickup system developed in collaboration with AAC, consisting of 5 high-performance microphones and 1 bone conduction microphone [1] - The AI phone, Doubao, utilizes AAC's self-developed high-performance X-axis linear motor and dual speaker system to enhance immersive voice and tactile interaction experiences [1] Group 2: Strategic Collaborations - AAC has reportedly collaborated deeply with several overseas large model and smart terminal companies to explore innovative paths for "AI + terminal" applications [1] - In addition to its traditional strengths in acoustic and haptic devices, AAC is expanding its business boundaries by providing optical waveguides, high-end cooling systems, and other perception solutions and core products for AI phones, XR wearable devices, and new forms of smart hardware [1]

Core Viewpoint - AAC Technologies (瑞声科技) shares rose nearly 3%, currently trading at 38.28 HKD, with a transaction volume of 71.1751 million HKD, following the launch of Alibaba's first self-developed flagship dual-display AI glasses, Quark AI Glasses S1, which emphasizes a super AI assistant experience [1] Group 1: Product Development - Alibaba's Quark AI Glasses S1 features a high-precision audio pickup system developed in collaboration with AAC, consisting of 5 high-performance microphones and 1 bone conduction microphone [1] - The AI phone, Doubao, utilizes AAC's high-performance X-axis linear motor and dual speaker system to enhance immersive voice and tactile interaction experiences [1] Group 2: Strategic Collaborations - AAC has engaged in deep collaborations with multiple overseas large model and smart terminal companies to explore innovative applications of "AI + terminal" [1] - The company is expanding its business boundaries by providing optical waveguides, high-end cooling systems, and other perception solutions and core products for AI phones, XR wearable devices, and new forms of smart hardware [1]

自12月3日以来公司已连续3日进行回购，合计回购45.00万股，累计回购金额1741.23万港元。 其间该股 累计下跌2.48%。 | 2025.04.16 | 90.00 | 33.500 | 32.000 | 2930.95 | | --- | --- | --- | --- | --- | | 2025.04.15 | 25.00 | 34.750 | 34.450 | 864.31 | | 2025.04.09 | 215.40 | 33.400 | 31.100 | 6950.51 | | 2025.04.08 | 260.00 | 34.900 | 32.200 | 8771.44 | | 2025.04.07 | 121.00 | 35.900 | 28.500 | 4017.96 | | 2025.04.03 | 74.20 | 44.850 | 39.550 | 3076.98 | | 2025.04.02 | 5.55 | 48.000 | 45.850 | 258.17 | | 2025.04.01 | 11.25 | 47.250 | 45.650 | 519.48 | | 2025. ...

格隆汇12月5日丨瑞声科技(02018.HK)公告，12月5日耗资579万港元回购15万股，每股购回价38.28- 39.22港元。 本文源自：格隆汇 ...

瑞声科技(02018)公布，2025年12月5日耗资约578.97万港元回购15万股股份。 ...

智通财经APP讯，瑞声科技(02018)公布，2025年12月5日耗资约578.97万港元回购15万股股份。 （原标题：瑞声科技(02018)12月5日耗资约578.97万港元回购15万股） ...