Core Viewpoint - The company, Quectel, has established a strong technical foundation and rich customer resources in the fields of vehicle networking, satellite communication, and AIoT, indicating a positive outlook for its operations and order situation [2] Group 1: Company Operations - The overall order situation of the company is good, and production activities are being carried out normally and orderly [2] - The company's Changzhou factory is currently operating at full capacity, and it collaborates with multiple global foundries to meet customer demands [2] - The company plans to disclose specific operational details in its first-quarter report for 2026 [2]

Core Viewpoint - Huqin Technology (603296.SH) plans to submit its listing application to the Hong Kong Stock Exchange by September 2025, aiming to raise approximately $600 million to $800 million (around HKD 46.8 billion to HKD 62.4 billion) [1] Group 1: Company Overview - Huqin Technology was established in August 2005 and went public on the Shanghai Stock Exchange in August 2023 [1] - The company is a leading technology-driven smart product platform, providing end-to-end solutions across the entire value chain [1] - Huqin Technology has strategically developed a "3+N+3" smart product matrix, focusing on three main pillars: smartphones, laptops, and servers [1] - The company has expanded into three product series: mobile terminals and AIoT, computing business, and data center business [1] - Huqin Technology is recognized as one of the most comprehensive smart product ODM platforms globally and is the only ODM manufacturer with leading market positions in smartphones, tablets, smart wearables, laptops, and data infrastructure products [1] Group 2: Financial Performance - For the fiscal years 2022, 2023, and 2024, as well as for the six months ending June 30, 2025, Huqin Technology reported revenues of approximately CNY 92.646 billion, CNY 85.338 billion, CNY 109.878 billion, and CNY 83.939 billion respectively [2] - The company's profits for the same periods were approximately CNY 2.514 billion, CNY 2.657 billion, CNY 2.916 billion, and CNY 1.908 billion respectively [2]

Core Viewpoint - The recent regulatory documents from Chinese authorities signify a shift in the approach to digital asset regulation, moving from strict prohibition to a framework that allows for compliance and controlled utilization of tokenization of real-world assets (RWA) [1][15]. Regulatory Framework - The primary focus of the regulatory documents is on virtual currencies and RWA activities, explicitly prohibiting the tokenization of real-world assets within China and related services, which are deemed illegal financial activities [2][7]. - The documents establish a differentiated regulatory approach, allowing RWA activities under specific conditions while maintaining strict prohibitions on virtual currency operations [3][10]. Definition and Scope - RWA tokenization is defined as the use of cryptographic technology and distributed ledger to convert ownership and rights into tokens for issuance and trading [5]. - The distinction between asset digitization and tokenization is crucial, as the former does not fall under the regulatory scope, while the latter does [4][5]. Compliance Obligations - The regulations impose specific compliance obligations on various market participants, including financial institutions and technology service providers, to ensure that they do not engage in unauthorized RWA activities [9][11]. - For compliant cross-border RWA activities, technology service providers must adhere to legal frameworks, enhance risk management, and report their activities to relevant authorities [11]. Data Security and Cross-Border Concerns - The documents emphasize the importance of data security and the risks associated with cross-border data flows, particularly when domestic asset data is used in foreign financial contexts [12][13]. - Companies must ensure the legality of data transfers and classify data appropriately, especially when it pertains to sensitive information related to asset tokenization [13][14]. Implications for AIoT Companies - AIoT companies must recognize the potential implications of their data usage, especially if their outputs are utilized in RWA activities, as this could subject them to regulatory scrutiny [6][14]. - The regulatory framework necessitates that AIoT firms proactively clarify their data usage and ensure compliance with the new obligations set forth in the regulatory documents [15].

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Core Viewpoint - The company, China Electric Port (001287.SZ), is focusing on self-developed solutions across various application fields including artificial intelligence, new energy, AIoT, automotive electronics, industrial electronics, and open-source hardware [1] Group 1: Product Development - The company has developed multiple solutions and products, including AI intelligent computing modules, high-performance high-power wireless HID modules, next-generation smart voice IoT modules, and wireless audio modules [1] - The company is committed to continuous innovation by focusing on key applications and general technology self-research solutions and products [1] Group 2: Business Strategy - The company aims to build a value-added service platform to enhance supply chain insights and demand capabilities [1] - The company is working on establishing an ecological collaborative network to expand resource advantages in the industrial and supply chains, gather innovative resources, and incubate new products and solutions [1]

Group 1: Company Overview and Product Lines - The company has approximately 130 authorized brand product lines, including domestic semiconductor brands such as Ziguang, Spreadtrum, and others, as well as international brands like NVIDIA, AMD, and Qualcomm [2][3]. Group 2: Internationalization Strategy - The company is establishing a subsidiary in Singapore to serve as a hub for its international operations, enhancing collaboration with upstream and downstream enterprises [4]. Group 3: Competitive Advantages and Development Focus - The company integrates top international brands and quality domestic resources, creating a strong brand influence and comprehensive product categories, which cover deep market needs across various industries [5]. - It aims to optimize profit structures and enhance performance contributions by focusing on sectors like artificial intelligence, automotive electronics, and renewable energy [5]. Group 4: Innovation and Application Development - The company has developed self-research solutions in areas such as AI, renewable energy, and automotive electronics, including various development boards and application solutions [6]. - Future innovation efforts will focus on key applications, value-added service platforms, and building a collaborative ecosystem to enhance supply chain resource advantages [6].

居家办公多屏协同的普及、个人数据存储隐私需求的提升以及出行充电便捷性的高频诉求，推动全球科 技消费电子市场正从"单一功能"向"全场景适配"加速转型，细分赛道的龙头企业也随之迎来新的发展机 遇与资本布局窗口。 招股书显示，绿联科技成立于2012年，公司是一家科技消费电子品牌企业，依托充电创意产品、智能办 公产品、智能影音产品和智能存储产品四大产品类别，全方位覆盖家庭、出行、办公、娱乐等各类日常 应用场景。 公司业务足迹遍及全球180多个国家和地区。招股书数据显示，公司海外市场收入占比呈现逐年提升的 趋势，2023年、2024年及2025年前三季度分别为50.4%、57.5%、59.6%。公司在香港、美国、德国、日 本等地设立全资子公司，组建本地化销售与服务团队，精准对接当地用户需求，优化产品设计与服务体 验。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2423年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民景于元 ...

Core Insights - The article discusses the transformation of the technology industry driven by the integration of AI into various end-user devices, highlighting the critical role of domestic System-on-Chip (SoC) manufacturers in this shift [1][2]. Group 1: AI Migration to Edge Devices - The migration of AI capabilities from cloud to edge devices is driven by technological maturity, demand pressures, and cost optimization [2][3]. - Technological advancements, particularly in specialized Neural Processing Units (NPU), have enabled significant improvements in edge device performance, overcoming previous limitations related to power consumption and size [2][3]. - Consumer demand for personalized and real-time AI experiences, along with stringent requirements in industrial applications, has accelerated the adoption of edge AI solutions [2][3]. Group 2: Cost Optimization and Market Growth - The reduction in production costs due to semiconductor industry maturation has made edge AI more economically viable, fostering a positive cycle of cost reduction and widespread adoption [3]. - The year 2023 marks the beginning of edge AI technology deployment, with significant growth expected in 2024 and a projected explosion in market size by 2025, which is anticipated to be recognized as the "Year of Edge AI" [3][4]. Group 3: Performance of Domestic SoC Companies - Six domestic SoC companies, referred to as the "Six Little Dragons," have shown robust performance in the first three quarters of 2025, with most achieving revenue and net profit growth [4][5]. - Notable companies include: - **Rockchip**: Projected revenue of 43.87 to 44.27 billion yuan for 2025, with a net profit increase of 71.97% to 85.42% [6]. - **Allwinner Technology**: Expected net profit growth of 50.53% to 76.92% for 2025 [6]. - **Zhongke Blue Communication**: Anticipated revenue growth of 0.60% to 1.70% for 2025 [6]. Group 4: Company-Specific Insights - **Rockchip**: Positioned as a leader in edge AI with a comprehensive AI development ecosystem, serving major clients like SONY and Xiaomi [7]. - **Amlogic**: Dominates the smart home terminal market, with significant revenue from multimedia SoC chips and a strong client base including Xiaomi and Haier [8][9]. - **Espressif Systems**: Focuses on smart home applications, utilizing an open-source model to lower AI development barriers for clients [10][11]. - **Allwinner Technology**: Specializes in visual AI applications, leveraging its expertise in multimedia chips for various consumer and industrial applications [12]. - **Hengxuan Technology**: A leader in audio AI, providing low-power wireless SoC chips for a range of smart devices [13]. - **Zhongke Blue Communication**: Competes in the audio AI SoC market with a focus on cost control and high value [14]. Group 5: Future Trends in Edge AI - AI glasses are identified as a key application area for edge AI, with the potential for significant market growth as technology matures [15][16]. - Various SoC solutions for AI glasses are emerging, including high-performance systems and cost-effective MCU-based designs, indicating a competitive landscape among domestic manufacturers [16][17].

Financial Performance and Key Metrics - Chunghwa Telecom reported a full year revenue of TWD 236.11 billion for 2025, marking a 2.7% increase compared to 2024, driven by strong mobile device sales and robust performance in the ICT sector [19][20] - The company's EPS for 2025 reached TWD 4.99, up from TWD 4.8 in the previous year, representing an eight-year high [3][21] - Fourth quarter revenue was TWD 65.65 billion, a 0.5% year-over-year increase, making it the highest fourth quarter revenue in nearly a decade [17][18] Business Segment Performance - Mobile revenue market share increased to 41%, with a subscriber market share of 39.7%, driven by growth in postpaid subscribers [7] - Fixed broadband ARPU reached NT$819 per month, a 3.8% increase year-over-year, supported by high-speed upgrade promotions [8] - ICT revenue declined by 6% year-over-year in the fourth quarter, but full year ICT revenues still recorded robust growth [10][11] Market Performance - The 5G subscriber market share increased to 39.2%, with a penetration rate of 46.4% among smartphone users by the end of 2025 [7] - Revenue from South Asia and Southeast Asia markets increased by 12% year-over-year, while international subsidiaries' revenue decreased by 7% due to lower demand for voice services [14] Company Strategy and Industry Competition - Chunghwa Telecom plans to focus on extending pre-6G opportunities in AIoT, satellite, and big data services, expecting combined revenue to surpass TWD 10 billion in 2026 [5] - The company aims to enhance its satellite services and has secured contracts for government projects, indicating a strategic move towards expanding its service offerings [13] Management Comments on Operating Environment and Future Outlook - Management expressed confidence entering 2026, citing a stable mobile market and successful strategies for ARPU enhancement in fixed broadband [4] - The company anticipates a 2% revenue growth for 2026, driven by core business momentum and digital transformation opportunities in the ICT sector [25] Other Important Information - Chunghwa Telecom received multiple awards for its ESG accomplishments and was recognized as one of the World's Most Trustworthy Companies in 2025 [6] - The company secured a 20-year corporate power purchase agreement for renewable energy, supporting its commitment to achieving net zero by 2045 [6] Q&A Session Summary Question: Details on the increase in non-mobile CapEx for 2026 - Management explained that the increase is primarily due to fixed line maintenance, satellite, cables, and IDC investments [31][34] Question: Clarification on the increase in operating costs - The increase is attributed to investments in human resources, particularly for AI-related talents, and uncertainties regarding electricity costs in Taiwan [32] Question: Request for more detailed breakdown of non-mobile CapEx - Management acknowledged the request for greater detail in future disclosures regarding non-mobile CapEx allocations [36]

February 3, 2026 © Chunghwa Telecom 4Q 2025 Operating Results NOTE CONCERNING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward- looking statements can be identified by terminology such a ...