Core Viewpoint - The company, Jingchen Co., has submitted an application for issuing overseas listed shares (H-shares) and listing on the Hong Kong Stock Exchange, aiming to expand its international capital market presence and enhance brand influence [2] Group 1: Company Overview - Jingchen Co. is a leading global system-level semiconductor design manufacturer, focusing on intelligent terminal control and connectivity solutions across various scenarios such as smart homes, smart offices, and smart transportation [2][3] - The company has been engaged in SoC chip design for 30 years, developing a comprehensive self-research technology matrix that includes various functional modules like NPU, video/audio codecs, and memory systems [3] Group 2: Market Position and Achievements - As of June 30, 2025, the company has shipped over 1 billion chips, establishing a strong market presence in the smart home sector [4] - According to Frost & Sullivan, in 2024, one in three smart set-top boxes and one in five smart TVs globally will use the company's chips, indicating significant market penetration [5] Group 3: Financial Performance - The revenue generated from the company's top five customers for the years 2022, 2023, and 2024, as well as the first half of 2025, were RMB 3.21 billion, RMB 3.519 billion, RMB 3.752 billion, and RMB 2.207 billion, respectively, accounting for 57.9%, 65.5%, 63.3%, and 66.3% of total revenue [5] - The revenue from the largest customer for the same periods was RMB 955.9 million, RMB 1.3174 billion, RMB 1.1099 billion, and RMB 678.2 million, representing 17.3%, 24.5%, 18.8%, and 20.4% of total revenue [5] Group 4: Supplier Relationships - The company primarily sources from wafer foundries and chip packaging/testing service providers, with procurement amounts from the top five suppliers being RMB 3.6788 billion, RMB 2.8179 billion, RMB 3.2596 billion, and RMB 2.1186 billion, constituting 91.2%, 86.6%, 88.0%, and 78.9% of total procurement [6] - The procurement from the largest supplier for the same periods was RMB 2.3798 billion, RMB 1.7768 billion, RMB 1.8447 billion, and RMB 1.3281 billion, making up 59.0%, 54.6%, 49.8%, and 49.4% of total procurement [6]

Summary of the Conference Call on the Chinese Semiconductor Industry Industry Overview - The conference call focused on the **Chinese semiconductor industry** and its recent performance, particularly in the context of the A-share market, which saw an **11% increase** in the semiconductor sector since September [1][3]. Key Insights and Arguments 1. **Optimistic Supply Chain Feedback**: Recent supply chain surveys indicate a positive outlook from wafer fabrication equipment (WFE) companies, foundries, and OSAT/test service providers, despite a cautious stance from most semiconductor design firms regarding overall demand in sectors like automotive, home appliances, and smartphones [1][3]. 2. **AIoT Device Growth**: The emergence of AIoT devices is expected to maintain robust shipments through 2026, largely driven by the development of domestic AI technologies in China [1][3]. 3. **Valuation Adjustments**: Anticipation of long-term catalysts, particularly in AI-enabled sectors, suggests an upward adjustment in the valuation of the Chinese semiconductor sector, with a specific focus on WFE companies [1][3]. 4. **Preferred Sub-sectors**: The report highlights WFE as a preferred sub-sector, with **Zhongwei Company** (中微公司) identified as a top pick, alongside **Omnivision** (豪威集团) and **Wentai Technology** (闻泰科技) due to their attractive valuations and growth catalysts [1][3]. 5. **Capacity Utilization Trends**: The capacity utilization rate is expected to rise in Q4 2025, supported by domestic and overseas AI-related demand, while overall prices are projected to remain stable [3][3]. 6. **WFE Demand Outlook**: WFE imports in China showed a **12% year-on-year increase** in August, reinforcing a positive outlook for overall capital expenditures [3][3]. 7. **Smartphone Demand Stagnation**: While flagship smartphones are set for release in Q4 2025, the demand for Android smartphones appears weak, potentially leading to increased price competition in smartphone components [3][3]. 8. **Emerging Applications**: The demand for CMOS image sensors from **Omnivision** is expected to grow due to new applications like action cameras and AI/AR glasses, which could enhance sales and profitability [3][3]. 9. **Domestic AI Chip Growth**: The report emphasizes the long-term growth potential for domestic AI chip manufacturers, which is expected to benefit the overall semiconductor supply chain [3][3]. 10. **Profit Growth Guidance**: Companies visited during the research, such as Zhongwei Company and others, indicated accelerated profit growth due to increased domestic AI chip supply and capacity [3][3]. Additional Important Information - The report includes a list of companies visited during the research, highlighting their business descriptions and stock codes, which provides context for the insights shared [6][3]. - The document also contains historical price-to-earnings (P/E) ratios for various semiconductor sub-sectors, indicating market trends and investor sentiment [10][11][14][12]. This summary encapsulates the key points discussed in the conference call regarding the Chinese semiconductor industry, focusing on market trends, company performance, and future outlooks.

Core Viewpoint - Xiaomi is focusing on high-end market expansion with the launch of the Xiaomi 17 series smartphones and a range of new IoT products, aiming to compete directly with Apple’s iPhone by 2025 [1][2][4]. Mobile Phones - Xiaomi launched the Xiaomi 17 series, including three models: Xiaomi 17, 17 Pro, and 17 Pro Max, all equipped with the fifth-generation Snapdragon 8 chip and starting prices of 4499, 4999, and 5999 yuan respectively [1]. - The Xiaomi 17 features a 6.3-inch display, a 7000mAh battery, and a Leica triple-camera system [1]. - The Xiaomi 17 Pro series includes advanced features such as a new back screen and enhanced camera capabilities, while the 17 Pro Max boasts a 6.9-inch display and a 7500mAh battery [1]. IoT Products - Xiaomi introduced several high-end IoT products, including the Xiaomi Pad 8 series starting at 2199 yuan, featuring the Snapdragon 8 chip and a 9200mAh battery [2]. - The S Pro Mini LED 2026 series television was launched with advanced specifications, including 2880 backlight zones and a peak brightness of 5200 nits, starting at 5199 yuan [2]. - The company also released a high-end French refrigerator and a washing machine, further enhancing its AIoT ecosystem [2]. Automotive - Xiaomi's YU7 model has delivered over 40,000 units, and the company has launched a customization service for its vehicles, allowing for personalized options [3]. - The customization includes various exterior colors, interior designs, and unique features, enhancing consumer experience [3]. - The company anticipates increased delivery rates as production capacity ramps up at its Beijing factory [3]. Financial Outlook - Xiaomi is projected to achieve total revenues of billions for the years 2025, 2026, and 2027, with adjusted net profits also expected to grow significantly [4]. - The company aims to rank among the top five global automotive manufacturers by 2035, supported by its expanding vehicle lineup and international market growth [4].

Investment Rating - The report maintains a "Strong Buy" rating for Xiaomi Group [1] Core Views - Xiaomi has launched the Xiaomi 17 series, which includes significant upgrades across all models, aiming to compete directly with the iPhone in the high-end market [5] - The company is expanding its IoT product line with new high-end devices, including tablets, TVs, and smart home appliances, enhancing its AIoT ecosystem [5] - Xiaomi's automotive segment is gaining traction, with over 40,000 units of the YU7 model delivered and the introduction of customized services for its vehicles [5] - The report forecasts substantial revenue growth for Xiaomi, projecting total revenues of 489.9 billion, 660.3 billion, and 823.3 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 43.1 billion, 63.5 billion, and 86.6 billion yuan for the same years [6][9] Summary by Sections Company Overview - Xiaomi Group is positioned as one of the top three smartphone manufacturers globally and the largest AIoT smart hardware platform [5] Financial Performance - The report provides a detailed financial forecast, estimating total revenue growth of 34% in 2025 and 35% in 2026, with net profit growth of 66% and 54% respectively [6][9] - Key financial metrics include a projected PE ratio of 35.7 for 2025, decreasing to 16.7 by 2027, indicating improving valuation over time [6][10] Product Development - The Xiaomi 17 series features three models with advanced specifications, including the Snapdragon 8 processor and significant battery capacity [5] - The introduction of high-end IoT products, such as the Xiaomi Pad 8 series and the S Pro Mini LED TV, reflects Xiaomi's strategy to enhance its product offerings [5] Automotive Segment - The automotive division is expected to grow, with the YU7 model's delivery numbers indicating strong market acceptance and the potential for further expansion through customized services [5]

Group 1 - The company has established a wholly-owned subsidiary in Hong Kong named Orbiva Limited, with the registration completed on September 22, 2025 [1] - The decision to create Orbiva Limited is driven by the increasing global demand for healthcare and the company's achievements in the healthcare sector, leveraging its expertise in IoT and smart control technologies [1] - Orbiva Limited will serve as a new strategic core for the company, focusing on expanding its healthcare-related business, including an AIoT-enabled home healthcare platform and ecosystem [1] Group 2 - The company will maintain its existing product-based healthcare business while allowing Orbiva Limited to operate independently under the original structure [1] - The new brand under Orbiva Limited will aim to integrate hardware, software, data, and services to provide comprehensive healthcare operational services [1]

Core Insights - HOME CONTROL (01747) has established a wholly-owned subsidiary named Orbiva Limited in Hong Kong to expand its healthcare business in response to growing global healthcare demands [1][2] - Orbiva Limited will focus on developing an AIoT-enabled home healthcare platform and ecosystem, integrating hardware, software, data, and services [1] Company Developments - The formation of Orbiva Limited was completed on September 22, 2025, under Hong Kong's Companies Ordinance [1] - The company aims to leverage its existing IoT and smart control technologies along with the expertise of its new board members to drive its healthcare initiatives [1] Strategic Partnerships - Orbiva Limited is exploring collaborations with renowned academic institutions for joint laboratories and other suitable forms of cooperation in technology research and development [2] - The company is in discussions with leading hardware suppliers to define and develop products, as well as engaging with fintech institutions for innovative business models [2] - The board anticipates progress in these collaborations and will continue to seek partnership opportunities in the outlined business directions [2]

Core Viewpoint - The company has established a wholly-owned subsidiary, Orbiva Limited, in Hong Kong to expand its healthcare business, leveraging its expertise in IoT and smart control technologies [1][2] Group 1: Company Establishment - Orbiva Limited was officially registered on September 22, 2025, under Hong Kong's Companies Ordinance and other applicable laws [1] - The new subsidiary will serve as a strategic core for the company, focusing on broader healthcare-related business opportunities [1] Group 2: Business Strategy - The company aims to maintain its existing product-based healthcare operations while independently operating Orbiva Limited [1] - Orbiva Limited will focus on developing an AIoT-enabled home healthcare platform and ecosystem, integrating hardware, software, data, and services [1] Group 3: Future Development - The board is optimistic about Orbiva Limited's future, exploring collaborations with renowned academic institutions for joint laboratories [2] - The company is in discussions with leading hardware suppliers for product definition and development [2] - Initial communications are underway with fintech institutions to explore innovative business models [2]

Core Viewpoint - The investment by Aishide in the flexible sensing company Saiguan Technology during a recovery period in the consumer electronics market highlights a strategic focus on high-growth sectors, particularly in the sensor market, which is projected to reach 1.3 trillion yuan in China by 2024, maintaining double-digit growth [1][2]. Group 1: Investment Rationale - Aishide's investment logic is based on the high certainty of the target company's "hardcore technology + controllable stage," with Saiguan Technology having developed a leading nano-interface capacitive technology and established a production line that has entered the supply chain of major companies like Anta [2]. - By entering at the Pre-A+ round, Aishide mitigates early-stage R&D risks while supporting Saiguan Technology's transition from initial production to scalable profitability, aligning with a rational investment strategy of "investing early, small, and in technology" [2]. Group 2: Strategic Shift - The investment signifies a shift in Aishide's growth logic from "channel dividends" to "technology empowerment + ecological synergy," enhancing its traditional channel into a "smart service entry" through Saiguan Technology's innovations [3]. - Aishide's extensive channel network, built over 20 years in the 3C industry, is expected to accelerate the commercialization of Saiguan Technology's products, while the latter's technology will enhance Aishide's service capabilities, facilitating its transformation into a "smart ecosystem builder" [3]. Group 3: Market Outlook - Aishide is currently optimizing its business structure, with significant improvements in operating cash flow expected from adjustments in low-margin businesses and strengthened AI applications [3]. - The upcoming consumer electronics peak season and the launch of new Apple products are anticipated to boost short-term performance, while investments in flexible sensing and other cutting-edge areas lay the foundation for long-term growth [3]. Group 4: Investment Sentiment - Several securities firms, including Shenwan Hongyuan and Guotai Junan, have given Aishide a "buy" rating, with predictions of steady EPS growth from 2025 to 2027, indicating potential for valuation recovery [4]. - Aishide's strategic move to capitalize on the dual trends of sensor localization and the AIoT industry explosion positions it to gain core technological resources, marking a transition from a channel-based profit model to one driven by technology and ecosystem [4].

Core Viewpoint - The article highlights the emergence of "invisible champion" companies driven by technological innovation in Shenzhen's Meilin Street, with HeMiao Communication being a notable example of success in the ODM sector, achieving significant global market presence and client trust [1][4]. Company Overview - HeMiao Communication, established in the early 2000s, focuses on ODM for communication devices, initially targeting emerging markets like India and Africa, and has expanded its operations globally, achieving an annual shipment of over 20 million units and serving clients in over 40 countries [1][4]. - The company went public on the Hong Kong Stock Exchange in 2019, marking a significant milestone in its growth trajectory [4]. Market Strategy - In response to market uncertainties and profit dilution in the smart terminal industry, HeMiao Communication emphasizes operational efficiency and market diversification, expanding into regions like the Middle East and Latin America to mitigate risks [4][6]. - The company is transitioning from a traditional equipment supplier to an integrated solution provider, offering "hardware + services" and embedding itself deeper into the customer value chain [4][5]. Technological Focus - HeMiao Communication is prioritizing AIoT and smart home technologies, establishing a research and development center in Shenzhen to enhance its capabilities in artificial intelligence modules and terminal devices [5][6]. Domestic Market Development - The company has evolved from a traditional OEM to a strategic partner for leading domestic tech firms, leveraging its reliable product delivery to secure collaborations with major players like Baidu, Meituan, and Zhongxing [6][8]. - HeMiao Communication's ability to provide stable and responsive solutions has been key to its transformation into a strategic partner rather than just a low-cost manufacturer [8]. Client Collaboration - In 2023, HeMiao Communication secured a customized order from Baidu, meeting stringent requirements for rapid delivery and high-volume stability, which positioned the company at the core of the domestic AIoT ecosystem [7]. - The company has also excelled in partnerships with Meituan and educational technology firms, demonstrating a commitment to understanding client needs and delivering tailored solutions [7][8]. Leadership and Social Responsibility - The Vice President of HeMiao Communication, Zhang David, also serves as a member of the local government, advocating for policies that support the tech industry and small businesses, reflecting a commitment to social responsibility alongside business success [9][10]. - Zhang emphasizes the importance of contributing to China's manufacturing reputation and fostering a sense of curiosity and global perspective among future generations [9].

Group 1 - TCL Electronics' stock rose over 7%, reaching HKD 10.76 with a trading volume of HKD 169 million [1] - In the first half of the year, TCL Electronics reported revenue of HKD 54.78 billion, a year-on-year increase of 20.4%, and adjusted net profit attributable to shareholders surged 62.0% to HKD 1.06 billion [1] - According to CINNO Research, the market share of Thunderbird's innovative AI/AR glasses in China is expected to reach 39% in the first half of 2025 [1] - Counterpoint data indicates that in the second quarter of 2025, Thunderbird's innovative AR glasses will achieve a global shipment market share of 39%, marking its first position globally [1] - TCL Electronics launched the world's first split-type smart home companion robot, TCL AiMe, at CES, showcasing its capabilities in the AI+IoT+robotics integration field [1] Group 2 - According to China Merchants Securities, the company's short-term performance is benefiting from domestic subsidy policies and the resolution of uncertainties regarding export tariffs [2] - The long-term outlook is positive due to the continuous increase in global high-end market share, advantages in global supply chain layout, and expansion of innovative businesses along with cost efficiency optimization [2] - The company is strategically positioning itself in the AIoT sector to create a second growth curve, with Thunderbird leading in the AR/XR field and achieving the highest online market share during the "618" shopping festival [2] - The launch of multiple new products in the first half of 2025 further emphasizes the company's leadership in the AI+IoT+robotics integration space [2]