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之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會因本公佈全部或任何部分內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 於開曼群島註冊成立之有限公司 ) * 授出購股權 本公佈乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 17.06A條, 17.06B條及17.06C條而作出。 偉仕佳杰控股有限公司（「本公司」）董事會（「董事會」）宣佈，於二零二五年六月二 十三日，本公司根據於二零一五年六月二十三日採納之購股權計劃，向員工參與者，涵蓋 全體董事（「承授人」）合共授出29,400,000份購股權（「購股權」），承授人接受後可 據此認購本公司股本中每股面值0.10港元之普通股（「股份」）。授出購股權詳情如下： 授出日期： 二零二五年六月二十三日（「授出日期」） 授出購股權之行使價： 每股7.29港元（「行使價」），為(i)聯交所在2025年6 月23日（即授出日期）發佈的每日報價表所載的每股收 市價7.25港元；(ii) 聯交所在授出日期前五個交易日發 佈的每日報價表所載的每股平均收市價7.29港元 ...

步入2025年，怡亚通探索创新发展机遇，尤其针对AI前沿方向，持续推动算力供应链完善进程。目 前，怡亚通已培育出多个极具前景的"科创企业"。公司参股的港股上市公司伟仕佳杰（00856.HK）， 深度布局亚太地区AI算力服务、技术创新与云计算服务；战略投资的联芸科技（688449.SH）于2024年 成功上市，在存储控制器市场占据着重要地位。 2024 年怡亚通跨境业务收入58.71亿元，下一步将推动 "铁海联运""跨境电商保税仓"等模式落地，跨境 生态扩容将有望带动公司海外收入占比提升。与此同时，资金还将用于怡亚通出海赛道加速突破与补 充。公司2024年支持埃塞俄比亚200台新能源汽车供应链项目、加速"中老泰"等国际铁路联运方案网络 建设，该类项目将为怡亚通带来新的增长空间。 除出海业务扩张提升财务表现外，此次借款利率显著低于市场平均融资成本的利率水平，还预计可为怡 亚通节省较为可观的财务费用，并推动流动比率提升，增强抗风险能力。 值得注意的是，控股股东此次为怡亚通提供资金"加持"，体现出"以融促产"担当，将金融资源精准滴灌 至外贸供应链关键环节，为同类企业提供"政策+资本"双轮驱动范式。 怡亚通(00218 ...

Group 1: Macro Insights - The Federal Reserve maintained the federal funds rate target range at 4.25%-4.5%, marking the fourth consecutive meeting without changes, aligning with market expectations. However, inflationary concerns have intensified, leading to downward revisions in economic growth forecasts for 2025 and 2026, alongside an increase in unemployment rate predictions and price index forecasts [2][10][11] - The impact of tariffs on inflation has not yet fully materialized, indicating significant uncertainty regarding future inflation trends. Tariff measures require time to affect consumer prices, and geopolitical issues in the Middle East may further exacerbate inflation [2][10][11] - The market is currently exhibiting signs of stagflation trading, with expectations of a potential recovery trading phase in the latter half of the year as tax reduction measures and debt ceiling increases are implemented [3][12] Group 2: Nuclear Fusion Industry - Shanghai Superconductor's IPO application has been accepted, signaling an acceleration in the industrialization of nuclear fusion. The company is a leading producer of high-temperature superconducting materials, holding over 80% of the domestic market share for second-generation high-temperature superconducting tapes [5][20][22] - The global market for high-temperature superconducting materials is projected to grow from 790 million yuan in 2024 to over 10.5 billion yuan by 2030, driven by applications in controllable nuclear fusion and other downstream industries [6][22][23] - Shanghai Superconductor's revenue is expected to grow significantly, with projections of 240 million yuan in 2024, representing a year-on-year increase of 187.4%. The company is anticipated to achieve profitability in 2024 after previous losses [6][22][23] Group 3: Automotive Industry - The heavy truck market in China is showing signs of recovery, with a projected 16% year-on-year increase in sales to 1.06 million units in 2025, driven by the implementation of the vehicle replacement policy [17][18] - In May 2025, domestic heavy truck sales reached 89,000 units, reflecting a year-on-year increase of 13.6%. The market is expected to benefit from the ongoing vehicle replacement initiatives [18][19] Group 4: Chemical Industry - The demand for photoinitiators is increasing due to their expanding application scenarios, leading to rising product prices. Key companies in this sector include Jiuri New Materials, Yangfan New Materials, and Qiangli New Materials [34][35] - The photoinitiator market is expected to grow rapidly, driven by environmental regulations and the emergence of new applications such as 3D printing [35]

Core Viewpoint - The company, 伟仕佳杰, is positioned as a leading technology service platform in the ICT industry within the Asia-Pacific region, benefiting from the AI wave and the digital transformation of enterprises, with a recovery in demand and emerging growth in Southeast Asia's computing power export [1]. Investment Highlights - The company is initiating coverage with a "Buy" rating, projecting revenues of HKD 1030.30 million, HKD 1183.70 million, and HKD 1365.14 million for 2025-2027, reflecting year-on-year growth of +15.7%, +14.9%, and +15.3% respectively, with EPS of HKD 0.86, HKD 1.08, and HKD 1.43 [2]. Company Overview - 伟仕佳杰 is a significant technology product channel developer and technical solution integrator in the Asia-Pacific region, with a service network covering the Belt and Road Initiative, serving 1.9 billion people through 50,000 channel partners. The company collaborates with over 300 Fortune 500 technology firms, including Huawei, Alibaba, and Microsoft, across twelve key areas such as cloud computing, AI, data storage, and cybersecurity. The financial data indicates a CAGR of 7.7% in revenue and 9.9% in net profit from 2015 to 2024, with a 16-17% year-on-year revenue growth and a 28-29% increase in net profit attributable to shareholders in Q1 2025 [3]. Logical Framework - The traditional business is benefiting from the AI wave, with the company’s AI computing power management platform and other systems upgraded to adapt to DeepSeek's full series of large models. The company employs a dual-driven strategy of "full-stack services + ecological collaboration" to create a comprehensive cloud service system [4]. - The company has established a strong presence in the Southeast Asian market through a localized operational model, maintaining stable core management and long-term strategic partnerships with upstream and downstream ecosystem partners. It has built a vast and reliable channel network, ranking high in market shares across Thailand, Singapore, Indonesia, the Philippines, and Malaysia, supporting numerous leading domestic technology brands in their overseas expansion [4].

Summary of Weishi Jiajie Conference Call Company Overview - Weishi Jiajie operates in the ICT industry, focusing on distribution for foreign brands entering the Chinese market and domestic brands expanding overseas. The company was established in 1991 and is headquartered in Beijing, listed on the Hong Kong Stock Exchange since 2002 with a compound annual growth rate (CAGR) of 24% since then [2][3][5]. Financial Performance - In 2024, Weishi Jiajie's revenue reached HKD 89 billion, a year-on-year increase of 21%, with net profit at HKD 1.05 billion, up 14%. The return on equity (ROE) has been maintained above 10% for 23 consecutive years [2][5]. - For Q1 2025, revenue grew by 16%, gross profit increased by 20%, and net profit rose by 28% [2][5]. - The company has a cash reserve of approximately HKD 3.9 billion and total liabilities around 70%, indicating strong capital management [2][6]. Market Dynamics - Weishi Jiajie has a significant presence in Southeast Asia, with a market growth rate of 74% compared to 4% in China. The Southeast Asian market contributes over 50% to the company's profits [2][3][12]. - The company is the largest distributor for brands like iFLYTEK, Huawei, and Lenovo in Southeast Asia, with overseas sales accounting for about 24-25% of total sales [2][4]. Strategic Initiatives - The company is expanding its cloud services and computing power business, having acquired Cloud Star Data, which contributed 4% to total revenue in 2024, with expectations of 60-70% growth in 2025 [2][4]. - Weishi Jiajie is considering entering the automotive distribution sector, particularly electric vehicles, leveraging its existing distribution network in Southeast Asia [3][13][14]. Competitive Landscape - The company faces competition from firms like Digital China, Ingram Micro, and Tech Data. However, its established relationships and experience in channel management provide a competitive edge [3][19][20]. - The gross margin in Southeast Asia is slightly higher due to favorable distributor conditions, with profits from this region expected to exceed 50% in 2025 [11][12]. Future Outlook - Weishi Jiajie anticipates a revenue growth of 20% and profit growth of 30% over the next three years, with a projected net profit of HKD 1.25 billion in 2025 [3][16]. - The company is also exploring opportunities in Vietnam and plans to maintain its focus on the Southeast Asian market, which is expected to grow significantly due to low penetration rates and increasing demand for ICT solutions [9][21]. Investment Appeal - The company's valuation is considered low, with a price-to-earnings (PE) ratio of approximately 8-9 times and a dividend payout ratio of 30-40%, making it attractive to investors seeking defensive yet growth-oriented opportunities [3][10].

Group 1 - The Guangfa Hengsheng Hong Kong Stock Connect Technology Themed ETF (code: 159262) is currently open for subscription, with a fundraising cap of 3 billion RMB, and the deadline for subscription is June 20 [1] - The ETF closely tracks the Hang Seng Hong Kong Stock Connect Technology Themed Index, which consists of 30 Hong Kong-listed technology companies, focusing on core technology sectors such as software services and semiconductors [1] - As of June 16, 2025, the total market capitalization of the index constituents exceeded 9.7 trillion HKD, accounting for approximately 12% of the total market capitalization of Hong Kong stocks [1] Group 2 - Goldman Sachs has reiterated its bullish stance, predicting a return of global funds to China and identifying ten major companies in the Chinese stock market, which include Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Heng Rui Pharmaceutical, Ctrip, and Anta [2] - The forecast indicates that the earnings of these ten companies will grow by 13% over the next two years, with a price-to-earnings ratio of 16 times, showcasing strong growth potential and investment value [2] - Guangfa Securities notes that since 2005, the technology sector in Hong Kong has shown significant excess returns relative to the market, with high elasticity and sustainability during various market cycles [2]

Core Viewpoint - The company experienced a significant decline in performance in 2024, with a notable drop in net profit and cash flow, attributed to increased operational costs and a challenging market environment [2][14][20]. Financial Performance - In 2024, the company achieved operating revenue of 294 million RMB, a year-on-year increase of 0.93%, but the net profit attributable to shareholders was only 1.63 million RMB, down 96.17% [2][15]. - The net cash flow from operating activities was -63.39 million RMB, a decline of 493.39% compared to the previous year [2][15]. - The company’s gross profit margin decreased from 74.19% to 72.64%, reflecting increased costs [15][20]. Business Segments - Revenue from cybersecurity products and services, as well as from the cyberspace mapping business, both saw a decline of 5-6% year-on-year [2][10]. - The newly acquired satellite internet security business generated revenue of 17.94 million RMB in 2024 [2][10]. Customer and Sales Analysis - The company provided detailed information on its top five customers, including contract amounts and sales models, indicating a focus on direct sales and channel partnerships [3][4]. - The sales model includes direct sales to end-users and channel sales through various partnerships [7][10]. Market Context - The overall cybersecurity market in China faced challenges, with 29 listed companies reporting a total revenue decline of 5% in 2024, and 17 companies reported losses, indicating a tough competitive landscape [7][18]. - The company’s performance aligns with industry trends, where many peers also experienced significant profit declines [18][20]. Strategic Initiatives - The company is investing heavily in expanding its sales and R&D teams to enhance its competitive position, with a focus on long-term growth despite short-term financial pressures [14][19]. - The satellite internet security business is seen as a strategic growth area, leveraging existing capabilities in cybersecurity and mapping technologies [12][13][20].

Group 1: Company Overview - Company is a leading technology product solutions and IT service platform in the Asia-Pacific region, positioned as an IT distributor connecting upstream brand manufacturers with downstream channel partners [1] - The company has established deep partnerships with over 300 Fortune 500 brands and covers more than 50,000 sales channels, showcasing its significant competitive advantage [1] Group 2: Market Growth and Opportunities - The Southeast Asian market is experiencing explosive growth driven by increasing digital demand, cloud service expansion, and AI technologies, with the company actively expanding its distribution channels in eight Southeast Asian countries [2] - The company's revenue and profit from Southeast Asia have reached new highs over the past six years, with profits exceeding 500 million HKD and a continuous increase in revenue contribution from this region [2] Group 3: Financial Performance and Projections - The company is expected to achieve revenues of 99.65 billion HKD, 111.09 billion HKD, and 122.96 billion HKD in 2025, 2026, and 2027 respectively, with net profits projected to reach 1.16 billion HKD, 1.3 billion HKD, and 1.5 billion HKD in the same years [3] - The target price is set at 9.16 HKD, representing a potential upside of 46.6% from the current price, with corresponding price-to-earnings ratios of 11.4x and 10.1x for 2025 and 2026 [3] Group 4: Competitive Positioning - The company has established deep collaborations with leading cloud service providers such as Alibaba Cloud, Huawei Cloud, and AWS, positioning itself to benefit from the rapid growth of the cloud computing industry [2] - Despite being smaller in overall revenue compared to peers like Digital China, the company has surpassed them in net profit, indicating strong profitability [2]

Market Performance in Hong Kong - ZhongAn Online (06060) surged over 8%, with a cumulative increase of over 50% this month, benefiting from stablecoin legislation that positively impacts its virtual asset business [1] - Education stocks collectively rose, with China Education Group (0839) up over 5% and New Oriental (9901) up over 2% [1] - Kingsoft (03888) fell over 6% as Q1 revenue missed expectations [1] - Export stocks strengthened, with Shenzhou International (02313) rising nearly 5% amid a U.S. federal court blocking Trump's tariff policy [1] - Gold stocks collectively declined as international gold prices fell to $3,250 [1] - Apple-related stocks rose collectively, with AAC Technologies (02018), Q Technology (01478), and Sunny Optical (02382) each up over 2% [1] - Junshi Biosciences (01877) increased over 6% after receiving approval for two new indications, accelerating clinical progress of its pipeline [1] - XPeng Motors-W (09868) rose over 6% as the new MONA M03 version saw over 12,000 pre-orders within an hour [1] - Pop Mart (09992) increased over 4% as Labubu 3.0 sparked a global phenomenon, with its brand POPOP set to open its first official store [1] - CRO concept stocks strengthened, with WuXi Biologics rising over 8% and WuXi AppTec and Zai Lab each up over 4% following the U.S. International Trade Court's decision to halt Trump's tariffs [1] - Hongteng Precision (06088) rose over 6% as NVIDIA's data center revenue surged over 70%, resolving previous overheating issues [1] - Tongcheng Travel (00780) increased over 4% with accelerated net profit growth in Q1, as institutions remain optimistic about OTA platform performance [1] - WuXi AppTec-B (02126) surged over 20% after the acceptance of a new indication application for Regorafenib [1] Market Performance in U.S. - NVIDIA (NVDA.US) rose nearly 6% after reporting strong Q1 results and projecting shipments of Blackwell Ultra for Q2 of fiscal 2026 [2] - AI software provider C3.ai (AI.US) soared over 12% with Q4 revenue growth of 26% year-over-year, reaching $109 million [2] - Software giant Salesforce (CRM.US) rose nearly 6% after reporting Q1 revenue of $9.8 billion, an 8% year-over-year increase, and raising its full-year revenue guidance [2] - HP Inc. (HPQ.US) fell nearly 15% after lowering its full-year earnings forecast due to increased costs from tariffs, reporting Q2 net revenue of $13.22 billion [2] - Spero Therapeutics (SPRO.US) surged 245% after successful Phase 3 trial results for a urinary tract infection drug [2] - JZXN (JZXN.US) jumped nearly 25% as the company plans to acquire 1,000 bitcoins within the next year [2] - Joby Aviation (JOBY.US) soared over 28% after receiving a $250 million investment from Toyota, which had previously committed a total of $500 million [2] Additional U.S. Market Highlights - Abercrombie & Fitch (ANF.US) rose nearly 15% as its fiscal outlook indicated that tariffs would not impact sales [3] - ZTO Express (ZTO.US) rose over 4.5% with a Q1 net profit growth of 40.9% [5] - Manbang Group (YMM.US) initially rose over 4%, closing up 1.7%, with Q1 operating profit increasing 1.7 times [5] - Tempus AI (TEM.US) fell nearly 20% after a short-seller report questioned its AI capabilities [5]

Market Overview - The overall market is in a turbulent phase, but interest rate cuts provide a hedge, leading to strong demand for CATL (宁德时代) shares, boosting market confidence [1] - The Hang Seng Index continued to rise last week [1] - A new round of tariffs was announced by Trump, imposing a 50% tariff on the EU and a 25% tariff on non-US smartphone manufacturers starting June 1, which negatively impacts consumer electronics [1] - The upcoming Federal Reserve meeting minutes may exert pressure on US stocks if they lean hawkish [1] - The National Development and Reform Commission approved the "Green and Low-Carbon Development Action Plan for Manufacturing (2025-2027)" [1] Nuclear Energy Sector - Trump's executive order aims to promote the US nuclear power industry, leading to a surge in related company stock prices [3] - The order requires the Nuclear Regulatory Commission to reduce regulatory measures and expedite the approval of new reactors and nuclear plants [3] - China General Nuclear Power Corporation (中广核矿业) expects a revenue of 8.624 billion yuan in 2024, a year-on-year increase of 17.05%, with a pre-tax profit of 814 million yuan, up 48.3% [3] AI and Technology Sector - The AI industry is accelerating, with significant advancements in Agent commercialization, including updates to Google's Gemini 2.5 model and Anthropic's Claude 4 model [5] - Huawei's HarmonyOS PC was officially launched, marking a breakthrough in the consumer sector [6] - The potential market for HarmonyOS PCs is substantial, with an estimated annual market shipment of 40 million units in mainland China in 2024 [6] Market Data - The Hong Kong Stock Exchange reported a total of 101,082 open contracts for the Hang Seng Index futures in May, with a net open interest of 34,435 contracts [7] - Concerns over rising funding costs were raised due to a significant drop in long-term bonds in Japan and the US [7]