The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of BEIJING DELTAPHONE TECHNOLOGY CO., LIMITED 北京德風新征程科技股份有限公司 (the "Company") (A joint stock company incorporated in t ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分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。 BEIJING DELTAPHONE TECHNOLOGY CO., LIMITED 北京德風新征程科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據呈交香港公司註冊處處長註冊的本公 司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (i) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中 的資料作出任何投資決定； (ii) 在聯交所網站登載本文件 ...

Core Insights - Home Control is leveraging its strong international foundation and flexible global layout to demonstrate a robust growth trajectory in the smart control and IoT sectors [1][2] - The company has transitioned from smart home solutions to health technology, aiming to establish a significant presence in the healthcare IoT market [4][5] Group 1: Company Background - Home Control has over 30 years of experience in smart control and IoT technology, providing products and system solutions to more than 300 global clients, with cumulative shipments exceeding 1.5 billion units across over 40 countries [2] - The management team combines European engineering rigor with Asian manufacturing efficiency, allowing the company to maintain high delivery capabilities and stable gross margin structures despite global supply chain fluctuations [2][3] Group 2: R&D and Manufacturing - The company operates dual R&D centers in Singapore and China, with the Singapore team focusing on foundational engineering and system architecture, while the China center emphasizes product implementation and customer customization [3] - Home Control has established manufacturing bases in China, Brazil, India, and Cambodia, creating a distributed production network that enhances delivery flexibility and mitigates supply chain risks [3] Group 3: Strategic Growth in Healthcare - Since 2019, Home Control has entered the healthcare sector, with a notable performance expected in 2024 and continued growth into 2025, including the establishment of a Hong Kong subsidiary, Orbiva, focused on home health solutions [4] - The global healthcare IT market is projected to grow from $587.9 billion in 2025 to $1.225 trillion by 2029, with a compound annual growth rate of 20.2%, providing a substantial market opportunity for Home Control's health technology initiatives [5] Group 4: Future Outlook - Home Control is positioned at the intersection of smart manufacturing and healthcare, with a focus on innovation, quality, and flexibility, potentially leading to a revaluation and value reconstruction for long-term investors [6]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index has seen a strong increase of 1.04%, with notable gains from stocks such as Fudan Microelectronics (up 3.43%) and Lanke Technology (up 3.24%) [1] - OpenAI has announced the launch of its flagship GPT-5.1 model, aimed at enhancing the intelligence and user experience of ChatGPT, with the rollout starting this week [1] - Quark has scheduled the launch of its AI glasses for November 27, with pre-sales ranking first in various categories during the Double 11 shopping festival [1] Industry Analysis - The Quark AI glasses S1 integrate Alibaba's Qwen closed-source model and offer deep integration with core applications like Alipay and Taobao, covering high-frequency use cases such as payment and navigation [2] - Domestic AI models like MiniMax M2 and DeepSeek show stronger adaptability in the A-share market compared to international models like GPT-5, indicating that investment strategies should be tailored to specific market conditions [2] - The global sales of AI smart glasses surged by 370% year-on-year in Q3 2025, signaling a high-growth phase for the industry, with key components like optical displays and storage benefiting directly [2] Fund Performance - The Sci-Tech AI ETF has experienced a significant scale increase of 32.45 billion yuan over the past six months [3] - The ETF's share count grew by 4.32 million shares in the past week, with a total net inflow of 331 million yuan over four days, averaging 82.87 million yuan daily [4] - The underlying index of the ETF consists of 30 major companies in the AI sector, with the top ten stocks accounting for 70.92% of the index [4]

Core Viewpoint - The competition between Gree Electric and Xiaomi in the air conditioning market is intensifying, with Gree facing declining revenues and profits while Xiaomi is making significant inroads into the market [1][3][20]. Financial Performance - Gree Electric reported a revenue of 1376.54 billion yuan for the first three quarters, a year-on-year decline of 6.62%, and a net profit of 214.61 billion yuan, down 2.27% [3]. - In Q3, Gree's revenue was 98.55 billion yuan, with a year-on-year decline of 15.09%, and a net profit of 70.49 billion yuan, down 9.92% [4]. - Gree's reliance on its air conditioning business is significant, with projections indicating that by mid-2025, this segment will account for 78.38% of its revenue [5]. Market Position and Competition - Xiaomi has entered the air conditioning market aggressively, briefly surpassing Gree in online sales in June [3][20]. - Gree's market share in the air conditioning sector is currently at 17%, ranking second behind Midea, which holds 29% [20]. Diversification Efforts - Gree has attempted diversification into mobile phones and electric vehicles, but these efforts have not yet yielded significant results [9]. - The company has invested in high-end machine tools and chips, but these sectors have not yet contributed meaningfully to revenue [9]. Channel Strategy - Gree is undergoing a channel reform to adapt to the changing retail landscape, moving from a traditional dealer model to a more integrated online and offline retail approach [12][15]. - The company has launched new retail formats and is transitioning to a flatter, more digital sales structure [16]. Product Strategy - Gree has introduced lower-priced products to compete in the mid-range market, such as the "Jinghong" brand air conditioner priced at 1899 yuan [18]. - Despite these efforts, Gree does not hold a leading position in the AIoT or mid-range product segments [18]. R&D and Innovation - Gree has increased its R&D spending, with expenditures rising from 54 billion yuan to 56.2 billion yuan year-on-year [20]. - The company aims to better translate its R&D outcomes into marketable products that meet consumer demand [20]. Dividend Policy - Despite declining revenues and profits, Gree Electric maintains a high dividend payout, proposing a cash dividend of 10 yuan per 10 shares, totaling 55.85 billion yuan [21].

Core Viewpoint - The concept of a "good house" is evolving from mere size to a comprehensive upgrade focusing on "green, safe, comfortable, and intelligent" dimensions, reflecting the public's increasing demand for quality living standards [1][2][5] Group 1: Smart Living Standards - The definition of a "good house" now includes the ability to actively sense and respond to residents' needs, showcasing a new living experience that is proactive and service-oriented [2][3] - The exhibition highlighted various smart scenarios, such as AI door locks that recognize family members and automatically adjust lighting and music, creating a personalized homecoming atmosphere [2][3] Group 2: Technological Innovation - The exhibition presented a user-centered, AIoT-supported technology system that transitions the industry from mere functionality to quality experience [3][4] - Innovative products showcased include the Casarte refrigerator with AI capabilities to identify food and remind users of freshness, and a washing machine that allows independent washing and drying for different fabrics [3][4] Group 3: Collaboration with State-Owned Enterprises - Haier's collaboration with five state-owned enterprises to create national-level model homes demonstrates its ability to integrate technology into real-life scenarios and meet diverse housing needs [4][5] - The model homes include flexible designs for various living situations, focusing on safety, comfort, and economic viability, showcasing a replicable and scalable approach to housing standards [4][5] Group 4: Quality of Life Enhancement - The advancements in smart home technology reflect a shift in public expectations from basic housing availability to a focus on quality and improvement in living conditions [5] - Haier's three core capabilities—smart scenario construction, technological innovation, and personalized applicability—are driving the acceleration of high-quality housing into households, marking a new phase of high-quality development in China's housing construction [5]

Core Viewpoint - The focus of AI competition has shifted towards terminal application scenarios, with a significant price reduction in large models driving innovation and expanding the user base and usage scenarios [3]. Group 1: AI Application Development - Since 2025, the competition in large models has transitioned into a price-competitive phase, stimulating innovation at the application level and attracting developers to AI application development [3]. - AI is empowering hardware in two main directions: enhancing traditional consumer electronics like smartphones and PCs to facilitate AI applications, and creating new hardware products such as the AI Pin by Humane, which interacts through voice and gestures [4]. Group 2: AIoT Ecosystem - AI technology is crucial for the realization of AIoT, transforming the early IoT focus on simple device connectivity into intelligent connections that enable devices to make autonomous decisions [4]. - AI algorithms, including deep learning and natural language processing, are essential for extracting digital value from the vast amounts of data generated by terminal devices, advancing IoT from mere connectivity to intelligent interconnectivity [4]. Group 3: Future Directions in AI Hardware - The main directions for the evolution of edge AI devices include more efficient model architectures, integrated storage and computing, edge-cloud collaborative inference, and privacy enhancement technologies [5]. - The performance of AI semiconductor hardware, including power consumption, low latency, and environmental resilience, along with semiconductor architecture design, are core elements for hardware evolution [5]. Group 4: Competitive Landscape in AI Semiconductor - The edge AI semiconductor market is becoming competitive, with domestic manufacturers gaining traction in wearable and smart home sectors, leveraging their advantages in audio and video processing [6]. - The next generation of memory technologies, such as MRAM and ReRAM, is nearing practical application, and domestic manufacturers are actively pursuing customized storage solutions to meet the specific needs of edge AI [6].

Core Viewpoint - The event "Technology Meets Industry Innovation Dual Empowerment" highlights Wuxi's strengths in integrating technological and industrial innovation, emphasizing the importance of artificial intelligence (AI) in driving future industries and economic transformation [1][2]. Group 1: Industry and Technological Integration - Wuxi is recognized as the only national sensor network innovation demonstration zone and has established a national-level advanced manufacturing cluster in the Internet of Things (IoT) sector, showcasing its solid industrial foundation [1]. - The integration of AI with traditional industries is seen as a catalyst for creating new industries and enhancing productivity, with AI being a key driver of technological revolution and industrial transformation [1][2]. Group 2: Strategic Recommendations - The focus should be on three key areas: AIoT, embodied intelligence, and industrial intelligence, to establish Wuxi as a national innovation hub in these sectors [2]. - Specific strategies include creating a comprehensive ecosystem for AIoT, developing a full-chain system for embodied intelligence, and fostering a fusion ecology for industrial intelligence to lead the smart transformation of manufacturing [2]. Group 3: Talent Development - Talent is identified as a crucial element for driving technological and industrial innovation, necessitating a collaborative environment for various types of professionals, including researchers, financial experts, and skilled workers [2]. - The recent government policy emphasizes the need for strategic emerging industries and the acceleration of intelligent manufacturing, aligning with Wuxi's development goals [2]. Group 4: Event Overview - The "Perception Wuxi" research event was organized by Xinhua News Agency and the Wuxi Municipal Propaganda Department, aiming to explore the latest practices in the integration of technology and industry in Wuxi [3].

Investment Rating - The investment rating for the company is "Strongly Recommended" [1][13] Core Insights - The company reported a strong performance in Q3 2025, with revenue reaching 5.148 billion yuan, a year-on-year increase of 39.34%, and a net profit attributable to shareholders of 229 million yuan, up 50.72% year-on-year [4][8] - The company's smart IoT business is a significant driver of growth, with revenue from this segment increasing by 136.14% year-on-year in the first half of 2025 [9] - The launch of the Drip AI OS and AI BOX positions the company to capitalize on the automotive industry's shift towards AI-driven solutions [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 5.148 billion yuan, with a net profit of 229 million yuan and a non-GAAP net profit of 200 million yuan [4][8] - The Q3 revenue was 1.848 billion yuan, reflecting a 42.87% increase year-on-year, while the net profit for the quarter was 70.57 million yuan, up 48.26% year-on-year [8] - The company expects continued high growth in revenue and profits for the full year 2025 [8] Business Segment Performance - The smart automotive segment is expected to benefit from the Drip AI OS and AI BOX, which integrate advanced AI capabilities into vehicles [9] - The smart IoT business has developed a diverse range of products, including handheld devices, AI PCs, and robotics, contributing significantly to revenue growth [9] - The company has established a strong presence in various industries, including retail, logistics, and healthcare, through its IoT solutions [9] Earnings Forecast and Valuation - The forecasted net profits for 2025-2027 are 562 million yuan, 677 million yuan, and 831 million yuan, respectively, with corresponding EPS of 1.22 yuan, 1.47 yuan, and 1.80 yuan [9][10] - The projected P/E ratios for 2025-2027 are 54.9x, 45.5x, and 37.1x, indicating a favorable valuation outlook [9][11]

Core Viewpoint - Xiaomi Group-W (01810) has seen its stock price drop over 30% from its peak in June, with a current price of 42.1 HKD, reflecting a decline of 3.08% as of the latest report [1] Group 1: Stock Performance - The stock price of Xiaomi has decreased by over 30% since its highest point in June [1] - As of the latest report, the stock is trading at 42.1 HKD with a trading volume of 30.76 billion HKD [1] Group 2: Hedge Fund Activity - Recent data from Goldman Sachs indicates a 53% increase in short positions against Xiaomi by hedge funds over the past week [1] - The selling pressure from pension funds and hedge funds has dominated the market in the last two weeks [1] Group 3: Investor Sentiment - Investor sentiment is turning cautious ahead of Xiaomi's third-quarter earnings report scheduled for November 18 [1] - Hedge funds view Xiaomi as a consensus short/sell target in the short term due to a lack of catalysts [1] Group 4: Analyst Downgrades - Goldman Sachs has recently lowered its target price for Xiaomi, citing several factors [1] - Key reasons for the downgrade include rising storage chip prices impacting smartphone gross margins, a slowdown in AIoT business growth to single digits, and delays in the second phase of electric vehicle factory affecting deliveries [1]