InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （「本公司」） （股份代號：2577） 提名委員會職權範圍 1. 成員 2. 秘書 3. 會議通知 3.1 除非提名委員會全體成員另有協定，否則召開提名委員會會議的通知須於會 議召開前不少於兩個工作天發出。 1 1.1 本公司提名委員會（「提名委員會」）由本公司董事會（「董事會」）設立，且須由 不少於三名成員組成，而至少一名成員為不同性別。 1.2 大部分提名委員會成員應為獨立非執行董事，並符合《香港聯合交易所有限 公司證券上市規則》（「上市規則」）（經不時修訂）所規定的獨立性要求。提名 委員會主席須為董事會主席或提名委員會內的獨立非執行董事。提名委員會 成員及主席應由董事會委任及罷免。 1.3 提名委員會成員不得自行委任任何候補人出席會議或履行其職務。 1.4 提名委員會成員的委任年期須由董事會於委任之日決定。 1.5 提名委員會的會議及程序須受本公司組織章程細則中有關董事會會議程序的 規定所規管。 2.1 ...

Core Viewpoint - The semiconductor sector in Hong Kong is experiencing significant growth, with companies like Saimate Information Group (赛美特) entering the market and aiming for an IPO to enhance R&D and strategic investments [1][2][3]. Company Overview - Saimate is not a traditional chip manufacturer but a provider of intelligent manufacturing software solutions for the semiconductor industry, having developed the first and only full-stack smart manufacturing and management software solution in the industry [2][5]. - The company has successfully integrated the entire semiconductor manufacturing process and is the first domestic supplier to have a fully automated Computer Integrated Manufacturing (CIM) solution validated and put into mass production by several 12-inch wafer fabs [2][5]. Market Context - The semiconductor sector is heating up due to the domestic substitution trend, with multiple companies in the semiconductor supply chain pursuing listings on the Hong Kong Stock Exchange [1][3]. - Saimate is positioned as the largest provider of advanced industrial intelligent manufacturing software in China, with its revenue primarily derived from the semiconductor sector [5]. Financial Performance - Saimate's revenue is projected to grow from 181 million RMB in 2022 to 499 million RMB in 2024, with a net profit of 73.83 million RMB expected in 2024 [10][11]. - The company has seen a rapid increase in its customer base, growing from 223 clients at the end of 2022 to an expected 758 by mid-2025, with a compound annual growth rate of 38.1% for its intelligent manufacturing software solutions [8][10]. Investment and Valuation - Since 2021, Saimate has raised nearly 1 billion RMB across five funding rounds, with notable investors including Huawei and BYD [6][7]. - Following its C+ round financing at the end of 2023, Saimate's implied valuation reached 6.383 billion RMB [7]. Challenges and Future Outlook - Despite the overall growth in the semiconductor industry, Saimate's revenue growth has slowed, with a 9.7% increase in the first half of 2025 compared to a 74.2% increase the previous year [10][12]. - The company faces intense competition from both international giants and domestic peers, which may pressure project bidding prices and impact revenue growth [12]. - Saimate has increased its R&D investment by 32% to nearly 38.17 million RMB, indicating a commitment to technological innovation and the development of a self-developed ERP system for domestic substitution [12][13].

Group 1 - Hong Kong stocks opened slightly higher on September 23, with the Hong Kong Stock Connect Technology ETF (513860) rising by 0.23% at the time of reporting [1] - Notable gainers among the ETF's constituent stocks included InnoCare Pharma and Crystal International, both up over 3%, along with other companies like BYD Electronics and Kingsoft [1] - The Hong Kong Stock Connect Technology ETF closely tracks the CSI Hong Kong Stock Connect Technology Index, which selects 50 large-cap, high R&D investment, and fast-growing revenue technology companies to reflect the overall performance of technology leaders in the Hong Kong Stock Connect [1] Group 2 - According to Huatai Securities, the release of DeepSeek at the beginning of the year triggered the first round of revaluation of Chinese technology assets, with a second upward trend in tech stocks occurring in the third quarter due to AI concepts [2] - The recent rapid rebound in Hong Kong technology stocks is attributed to accelerated domestic AI developments, and there is potential for further improvement in market sentiment [2] - The current focus of technology companies on growth, combined with a stable domestic economic and policy environment, has reduced the equity risk premium [2]

Core Insights - The global semiconductor industry has a market size of approximately 4 trillion RMB, with power discrete devices accounting for about 5% and a compound annual growth rate of around 5% [1] - China holds nearly half of the global power semiconductor market, projected to reach a market size of 75.5 billion USD by 2025, with China contributing 29.1 billion USD, representing 38.6% of the market [1] - Jiangsu province is a key hub for China's power semiconductor industry, housing several top companies in the sector [1] Industry Overview - Power semiconductors are essential components for energy conversion and control, used in various applications from high-speed trains to consumer electronics [2] - The market for power semiconductors is driven by both traditional demand, such as consumer electronics replacements, and emerging applications like wearable devices and robotics [2] - The domestic localization rate for power semiconductors in China has increased to 15%-20%, with IGBT and SiC devices at about 35% and MOSFETs at around 15% [2] Competitive Landscape - Chinese listed companies in the power semiconductor sector are increasingly dominating global niche markets, supported by advancements in key downstream industries like new energy vehicles and 5G [3] - The competition is intensifying as domestic companies aim to fully localize high-end power semiconductors within 3 to 5 years [3] - Yangjie Technology has initiated international expansion, achieving domestic sales revenue of 4.527 billion RMB and foreign sales of 1.364 billion RMB in 2024 [3] International Expansion - Yangjie Technology operates under two brands, YG for the Asia-Pacific market and MCC for Europe and the Americas, with MCC generating over 210 million USD in sales by 2024 [3][5] - The company has established a localized R&D and manufacturing network globally, including five R&D centers and 15 wafer and packaging factories [5] - The shift towards Chinese brand suppliers in the global market presents opportunities for Chinese power semiconductor companies to increase their market share [5] Technological Advancements - The third-generation semiconductor technology is aiding Chinese companies in expanding their international market presence, exemplified by InnoSilicon's collaboration with NVIDIA [5]

Industry Overview - The global semiconductor industry has a market size of approximately 4 trillion RMB, with power discrete devices accounting for about 5% and a compound annual growth rate of around 5% [1] - China holds nearly half of the global power semiconductor market, with a projected market size of 75.5 billion USD by 2025, where the Chinese market is expected to reach 29.1 billion USD, capturing 38.6% of the market share [1] Regional Insights - Jiangsu province is a significant hub for China's power semiconductor industry, hosting major companies such as Yangjie Technology, Huazhu Microelectronics, and Suzhou Goodix [1] - The domestic power semiconductor industry has seen improvements in quality, performance, and technology standards, accelerating the "going out" strategy alongside domestic production [1] Market Dynamics - The market for power semiconductors is driven by both traditional demand from consumer electronics and emerging applications such as wearable devices and robotics, with significant growth expected from sectors like new energy vehicles and servers [2] - As of 2024, China's overall power semiconductor localization rate has increased to 15%-20%, with IGBT and SiC devices at approximately 35% and MOSFETs at about 15% [2] Competitive Landscape - Chinese power semiconductor companies are increasingly dominating global niche markets, supported by advancements in key downstream sectors like new energy vehicles and 5G [3] - Yangjie Technology has reported domestic sales revenue of 4.527 billion RMB with a gross margin of 28.33% and international sales revenue of 1.364 billion RMB with a gross margin of 45.43% [3] International Expansion - Yangjie Technology has initiated international expansion with brands YG and MCC, targeting the Asia-Pacific and European markets respectively, with MCC's sales exceeding 210 million USD by 2024 [3][5] - The company has established localized R&D, manufacturing, and sales networks globally, including five R&D centers and 15 wafer and packaging factories [5] Strategic Acquisitions - Yangjie Technology's acquisition of the MCC brand in 2015 for 20 million USD has positioned it favorably in the market, enhancing its brand recognition in both consumer and industrial applications [4] - Other companies like Wentai Technology have also pursued acquisitions to expand their global footprint, indicating a trend of consolidation in the industry [5] Technological Advancements - The third-generation semiconductor technology is aiding Chinese companies in expanding their international market presence, exemplified by InnoSilicon's collaboration with NVIDIA [5]

Market Performance Summary - Changfei Optical Fiber Cable (06869) surged over 10% following an announcement regarding unusual trading volatility, with the company stating that related business has not yet significantly impacted financial data [1] - Jitu Express-W (01519) rose over 3% after announcing a plan to repurchase up to 10% of its Class B shares, with institutions optimistic about the company's overseas market share expansion [1] - Sanhua Intelligent Control (02050) fell over 7% after rumors of PharmAGRI signing a letter of intent with Tesla to deploy up to 10,000 Optimus Gen3+ humanoid robots were denied by Musk [1] - InnoCare Pharma (02577) increased over 1% after reports of collaboration with leading companies in the robotics field, successfully launching the world's first gallium nitride robot [1] - Evergrande Property Services (06666) rose over 3% as the liquidator received acquisition offers, indicating potential separation from the Evergrande Group [1] - NIO-SW (09866) increased over 5% ahead of the NIO Day 2025 event, where the new ES8 will be officially launched, with Everbright Securities optimistic about the company's cost reduction and efficiency improvement prospects [1] - SenseTime-W (00020) rose over 4% as Goldman Sachs upgraded its expectations for SenseTime-W's ToC business expansion, driven by generative AI and innovative business development [1] Additional Company Updates - Haijia Medical (06078) increased over 7% after the founder and controlling shareholder, Zhu Yiwen, purchased 1.6648 million shares [2] - Weimob Group (02013) surged over 11% after announcing plans to raise over HKD 1.5 billion through a share placement, with Wujing Capital becoming the largest single shareholder [2] - CATL (03750) rose nearly 2% after signing a five-year comprehensive strategic cooperation agreement with Li Auto to jointly promote battery technology innovation [2] US Market Highlights - TSMC (TSM.US) rose 2.23% as reports indicated it will begin mass production of 2nm process technology by the end of the year, with Apple securing half of the capacity for 2026 [3] - Palantir (PLTR.US) increased 5.13% as insiders revealed a forthcoming five-year agreement worth GBP 750 million with the Department of Defense [3] - Novo Nordisk (NVO.US) rose 6.27% after reporting positive results from Phase III clinical trials for its oral weight loss medication [3] - Micron Technology (MU.US) increased 5.56% as forecasts predict a comprehensive price increase in the storage market for Q4 [4] - CrowdStrike (CRWD.US) surged 12.82% after launching Threat AI, the industry's first intelligent threat intelligence system [5]

Core Viewpoint - InnoSpace (02577) has seen a significant stock increase following its collaboration with a leading robotics company to launch the world's first gallium nitride (GaN) robot, indicating strong market potential and technological advancement [1] Company Performance - InnoSpace reported a sales revenue of 553 million yuan for the first half of the year, representing a year-on-year growth of 43.4% [1] - The company achieved a gross margin of 6.8%, marking a substantial improvement of 28.4 percentage points compared to the same period in 2024, and this is the first time the company recorded a positive gross margin [1] - The net loss narrowed to approximately 429 million yuan, a decrease of 12.16% year-on-year [1] Product Development - The company anticipates that the shipment of GaN chips for robots will exceed 10,000 units this year, with each robot requiring about 300 GaN chips [1] - As technology continues to evolve, the demand for GaN chips in humanoid robots is expected to rise significantly, with the usage per robot projected to increase to 1,000 chips to enable more complex movements in key areas such as fingers and waist [1] Market Trends - Sales targeting AI and data centers surged by 180% year-on-year, indicating a strong demand in these sectors [1] - The company has entered mass production for its 100V GaN applications in 48V-12V systems, showcasing its commitment to innovation and market readiness [1]

Core Viewpoint - InnoCare (02577) has partnered with a leading robotics company to launch the world's first gallium nitride (GaN) robot, which is expected to significantly increase the demand for GaN chips in humanoid robots [1] Group 1: Company Performance - InnoCare's stock rose over 5% in early trading, reaching 100.5 HKD with a trading volume of 175 million HKD [1] - The company reported a sales revenue of 553 million CNY for the first half of the year, representing a year-on-year growth of 43.4% [1] - The gross margin improved to 6.8%, a significant increase of 28.4 percentage points compared to the same period in 2024, marking the first time the company recorded a positive gross margin [1] - The net loss narrowed to approximately 429 million CNY, a decrease of 12.16% year-on-year [1] Group 2: Product Development and Market Demand - The company anticipates that the shipment of GaN chips for robots will exceed 10,000 units this year, with each robot requiring about 300 GaN chips [1] - As technology continues to evolve, the demand for GaN chips in humanoid robots is expected to rise significantly, with the usage per robot projected to increase to 1,000 chips to enable more complex movements in key areas such as fingers and waist [1] - Sales targeting AI and data centers grew by 180% year-on-year, with the 100V GaN-based 48V-12V applications entering mass production [1]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].

Group 1 - Chip stocks collectively rose, with notable increases: Beike Micro up 6.94% to HKD 58.7, Zhongdian Huada Technology up 3.8% to HKD 1.64, InnoCare up 2.41% to HKD 102, and Huahong Semiconductor up 2.16% to HKD 52 [1] - On September 13, the Ministry of Commerce announced an anti-dumping investigation on imported related analog chips from the United States, effective from September 13, 2025 [1] - The Ministry of Commerce also initiated an anti-discrimination investigation regarding the U.S. measures in the integrated circuit sector [1] Group 2 - CITIC Securities noted that major overseas manufacturers like Texas Instruments have been aggressively expanding production and implementing price measures in the domestic market, which has slowed the pace of domestic substitution in the analog chip sector [1] - The tariff events since 2025 have increased domestic customers' willingness to substitute, and the price hikes by Texas Instruments from June to August indicate a shift in competitive strategy [1] - As the anti-dumping investigation progresses, domestic manufacturers are expected to benefit from a better market environment, leading to potential recovery in profitability [1]