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告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告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。 INGDAN, INC. 硬 蛋 創 新 （ 於開曼群島註冊成立的有限公司） （股份代號：400） 有關共同開展AIoT創新企業孵化平台之諒解備忘錄 承董事會命 硬蛋創新（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）欣然宣佈，本公司 已於 2025 年 11 月6 日 與深 圳市 匯芯 股權 投資 管理 有限 公司（「匯 芯投 資」）訂 立一份不 具法 律 約束力之諒解備忘錄（ 該「諒解備忘錄」）。匯芯投資為於中華人民共和國成立之公司，並為 國家5 G中高頻器件創新中心（「NARFD」）之核心運營單位。 該 諒 解 備 忘 錄 旨 在 確 立 本 集 團 與 NARFD 之 戰 略 合 作 框 架 ， 共 同 開 展 AIoT 創 新 企 业 孵 化 平 台 。 本 集 團 將 運 用 其 在 人 工 智 能 芯 片 應 用 、 方 案 設 計 及 供 應 鏈 整 合 方 面 之 優 ...

Group 1 - Huajin Securities issued a report on November 6, giving Yongxi Electronics (688362.SH, latest price: 32.12 yuan) an "Overweight" rating [1] - The rating is supported by the breakthrough with overseas major clients and rapid growth of existing core customer base, leading to a significant quarter-on-quarter performance increase [1] - AIoT remains the primary downstream sector for the company, with the first-phase factory and second-phase FC and QFN operating at full capacity [1]

Group 1: Company Overview - Shenzhen Yidao Information Co., Ltd. is planning a major asset restructuring involving Langguo Technology, a leading provider of intelligent device technology solutions focused on interactive control and device interconnection [2] - Langguo Technology specializes in the design, research and development, production, and sales of intelligent interactive flat panel control modules and related products, catering to various smart scenarios such as education, office, and commercial applications [2] Group 2: Strategic Goals - The transaction aims to create synergies in product forms, technical capabilities, application scenarios, sales channels, and supply chain management between the companies [2] - This collaboration is expected to enhance the company's position in the AIoT and RFID sectors, extend the existing product chain, broaden market boundaries, and open new business growth opportunities [3] Group 3: Market Positioning - The company is recognized as one of the few manufacturers with independent capabilities in ultra-high frequency RFID core technology, focusing on smart data collection terminals and components [2] - The strategic move is designed to improve overall competitiveness and sustainable development capabilities of the enterprise [3]

Core Viewpoint - Zhongke Chuangda achieved a net profit attributable to shareholders of 229 million yuan in the first three quarters, representing a year-on-year increase of 50.72% [1] - In Q3, the net profit attributable to shareholders was 71 million yuan, up 48.26% year-on-year, exceeding expectations [1] Financial Performance - The company's performance continues to grow significantly due to its steadfast investment and deepening efforts in the operating system and edge intelligence sectors [1] - The smart IoT business line generated revenue of 1.27 billion yuan in the first half of the year, marking a year-on-year increase of 136.14% [1] Business Development - The development of the AIOS platform allows for the expansion and application of AI capabilities across various AI-related IoT smart hardware products, including AIPC and AI glasses [1] - The company has established vertical categories and scenarios in its IoT business, including handheld terminal devices, intelligent vision and edge computing, smart meeting systems, robots, AIPC, and wearables [1] Product Innovation - Customized mobile communication products and integrated hardware-software solutions are accelerating the rapid development of the company's AIoT platform [1] - Innovations in end-side intelligent products, such as AI video conferencing systems and AI wearable product series, are also driving the growth of the AIoT platform [1] Investment Rating - The company maintains a "Buy" rating [1]

Core Viewpoint - Citi expects Xiaomi Group-W (01810) to achieve a year-on-year revenue growth of 22% and adjusted net profit growth of 60% in Q3, reaching RMB 112.9 billion and RMB 10 billion respectively, driven by robust electric vehicle sales [1] Group 1: Financial Performance - Xiaomi's total revenue for Q3 is projected to be RMB 112.9 billion, with an adjusted net profit of RMB 10 billion, reflecting significant growth compared to the previous year [1] - For Q4, Xiaomi is anticipated to see a 15% year-on-year increase in total revenue and a 16% increase in adjusted net profit, primarily due to a recovery in smartphone sales and continued growth in electric vehicle deliveries [1] Group 2: Business Segments - The smartphone segment may experience a 3% year-on-year decline in revenue due to decreased shipments in China and India [1] - The AIoT business is expected to slow down to a 5% year-on-year growth rate, impacted by reduced subsidies for trade-in programs [1] - Electric vehicle deliveries are projected to rise to 109,000 units, with an average price of approximately RMB 260,000, and the segment may have reached breakeven [1] Group 3: Market Outlook - The approval of Xiaomi's second electric vehicle factory is seen as a catalyst for stock price revaluation, with a target price set at HKD 69 [1] - Despite challenges in the AIoT segment due to a higher base effect, the overall outlook remains positive with expectations of recovery in smartphone sales and sustained electric vehicle growth [1]

Core Viewpoint - Citi expects Xiaomi Group-W (01810) to achieve a year-on-year revenue growth of 22% and a 60% increase in adjusted net profit in Q3, reaching RMB 112.9 billion and RMB 10 billion respectively, driven by robust electric vehicle sales [1] Group 1: Financial Performance - Q3 total revenue is projected to be RMB 112.9 billion, with adjusted net profit at RMB 10 billion, reflecting a year-on-year growth of 22% and 60% respectively [1] - For Q4, total revenue and adjusted net profit are expected to grow by 15% and 16% year-on-year, attributed to a recovery in smartphone sales and continued growth in electric vehicle deliveries [1] Group 2: Electric Vehicle Segment - The approval of Xiaomi's second electric vehicle factory is anticipated to act as a catalyst for stock price revaluation [1] - Electric vehicle deliveries are expected to rise to 109,000 units, with an average price of approximately RMB 260,000, and the segment may have already achieved breakeven [1] Group 3: Smartphone and AIoT Business - Xiaomi's smartphone revenue may decline by 3% year-on-year due to decreased shipments in China and India [1] - The AIoT business is projected to slow down to a year-on-year growth of 5% due to reduced subsidies for trade-ins [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 5.148 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 39.34%. The net profit attributable to shareholders reached 229 million yuan, an increase of 50.72% year-on-year [4] - The third quarter performance exceeded expectations, with a revenue of 1.848 billion yuan, up 42.87% year-on-year, and a net profit of 71 million yuan, reflecting a 48.26% increase year-on-year [9] - The company is focusing on AI applications in automotive technology, launching the AIBOX product in collaboration with Geely, which utilizes NVIDIA's platform for real-time AI operations in vehicles [9] - The IoT business is rapidly expanding, with a revenue of 1.27 billion yuan in the first half of the year, marking a 136.14% increase year-on-year [9] Financial Summary - The company’s projected earnings per share (EPS) for 2025-2027 are 1.08, 1.30, and 1.61 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 63.92, 53.04, and 42.61 [6] - Revenue projections for 2025-2027 are 75.51 billion, 90.84 billion, and 105.15 billion yuan, with growth rates of 40.23%, 20.30%, and 15.76% respectively [10] - The company’s net profit attributable to shareholders is expected to reach 495.25 million yuan in 2025, with a growth rate of 21.55% [10]

Investment Rating - The report maintains a "Buy" rating for 瑞芯微 (603893) [4][7] Core Insights - The company reported a revenue of 3.141 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 45.46%. The net profit attributable to the parent company reached 780 million yuan, up 121.65% year-on-year [2][4] - The AIoT industry is experiencing strong long-term growth momentum, driven by continuous iterations of AI technology and the expansion of application scenarios [2][3] - The company is focusing on the development of the RK3688 chip to initiate a new growth cycle, while also advancing the RK3668 chip to enhance design efficiency and reduce costs for clients [3] Financial Forecasts - Revenue projections for the company are estimated at 4.36 billion yuan in 2025, 5.57 billion yuan in 2026, and 6.97 billion yuan in 2027. The net profit attributable to the parent company is expected to be 1.082 billion yuan in 2025, 1.445 billion yuan in 2026, and 1.853 billion yuan in 2027 [4][6] - The report indicates significant growth rates, with a projected net profit growth of 341.01% in 2025 and 81.96% in 2026 [6][11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - In the first three quarters of 2025, the company achieved revenue of 31.332 billion yuan, a year-on-year decline of 10.28%, while the net profit attributable to shareholders was 507 million yuan, an increase of 17.74% [2][5] - The gross margin for the first three quarters of 2025 was 8.59%, with a net profit margin of 1.62% [2][5] - The gross margin for Q3 2025 was 9.38%, a year-on-year increase of 4 percentage points [12] - The smartphone business revenue was 7.682 billion yuan in Q3 2025, a year-on-year decline of 21.96% but a quarter-on-quarter increase of 5.50% [12] - AIoT product revenue in Q3 2025 reached 2.282 billion yuan, a year-on-year increase of 47.17% [12] - The company is focusing on high-quality development by abandoning low-margin smartphone orders, leading to a continuous improvement in gross margin over four consecutive quarters [12] - The company is expanding its collaboration in the smart glasses sector, with significant growth expected in the AI glasses market, projected to grow at a compound annual growth rate of over 60% from 2024 to 2029 [12] - The company is also advancing its "1+2+X" strategy in AIPC and automotive electronics, with new products launched and projects in mass production [12] Financial Summary - The company forecasts net profits attributable to shareholders of 654 million yuan, 907 million yuan, and 1.3 billion yuan for 2025, 2026, and 2027 respectively [12]

Core Points - Guangzhou's state-owned enterprises have formed specialized teams to support the 15th National Games, with 41,000 participants providing services such as event support, hotel reception, and public transportation, contributing over 100 million yuan in sponsorships [1][2] Event Support - The renovation and upgrade of 17 venues for the National Games cover an area of 280,000 square meters, completed on time and with quality assurance [2] - The Pearl River Industrial Group led the operational design and flow optimization for 30 venues, producing over 13,000 design drawings, with the Guangzhou Sports Center being the first to start and complete renovations [2] - Guangzhou Double Fish Company established a service team for table tennis equipment, ensuring 24/7 communication for equipment adjustments and emergency responses [2][3] Digital Integration - Smart technologies are integrated into venue construction, including cashless payment systems and real-time traffic monitoring, improving traffic capacity by 49% [4] - The Guangzhou Digital Technology Group implemented smart upgrades at key venues, utilizing AIoT technology for efficient management and real-time data collection [4][5] Cultural and Tourism Integration - State-owned enterprises operate over 40,000 electronic screens promoting the National Games, with themed public transport options serving as mobile promotional platforms [7] - The Lingnan Group's travel agency has created over 100 themed travel routes, linking event tickets with local attractions and cultural experiences, attracting over 18,000 visitors [8]