Group 1: Company Performance and Outlook - The company expects stable order growth in 2026, following a positive performance in 2025 [2] - The gross profit margin for the first half of 2025 is reported at 42%, influenced by product prices and costs [2][3] - The company aims to enhance gross margin through R&D innovation, improving product quality, and reducing inventory [3] Group 2: Project Developments - The Jiangsu Gaoxin chip project is progressing, with new product lines and facilities under installation, aiming for production commencement soon [4] - The company is increasing customer reserves for its 6-8 inch polished wafer project, focusing on power devices and integrated circuits [6] Group 3: Production and Market Strategy - Production plans are dynamically adjusted based on sales orders and market forecasts, ensuring capacity meets customer demands [7] - The company is responding to fluctuating market demands by optimizing product quality and expanding customer relationships [8][9] - Current production pace is tight, with plans to recruit and train staff to ensure timely delivery of products [9] Group 4: Raw Material Management - The company monitors raw material price fluctuations and collaborates with suppliers to mitigate impacts on operations [5] Group 5: Pricing Strategy - Product pricing is influenced by market supply and demand, with current prices for standard products remaining stable [9]

Investment Rating - Industry rating: Recommended [4] Core Insights - The traditional business of operators continues to face pressure, with profitability shrinking due to the macroeconomic environment and high penetration of 5G. However, the digital transformation and intelligence initiatives are showing initial results, leading to a steady increase in revenue and stable profit growth due to cost reduction and decreased depreciation [1][18]. Revenue and Profitability - In 2025, the revenue of major operators remained stable: China Mobile achieved revenue of 1,050.2 billion, a year-on-year increase of 0.9%; China Telecom's operating revenue was 529.6 billion, showing a slight increase; China Unicom's revenue reached 392.2 billion, with a year-on-year growth of 0.7% [6]. - Profit growth slightly declined: In 2025, China Unicom's net profit attributable to shareholders was 9.13 billion, up 1.1% year-on-year; China Telecom's net profit was 33.2 billion, up 0.5%; China Mobile's net profit was 137.1 billion, a slight decrease of 0.9% [6]. Traditional Business Performance - Mobile communication service revenue for China Mobile decreased by 1.0% to 714.9 billion, with mobile ARPU slightly declining to 46.8 yuan/month/household. However, family broadband revenue grew by 8.0%, and enterprise broadband revenue increased by 6.7% [7]. - China Telecom's mobile communication service revenue increased by 1.0% to 204.5 billion, maintaining stable ARPU at 45.1 yuan/month/household [7]. Growth in Intelligent Services - Revenue from computing services and intelligent services is continuously increasing. China Mobile's computing service revenue grew by 11.1% to 89.8 billion, accounting for 10.0% of total revenue, while intelligent service revenue increased by 5.3% to 90.8 billion [9]. - China Telecom's intelligent revenue reached 12.3 billion, growing by 38.2%, indicating a shift towards token-based operations [9]. Capital Expenditure Trends - Capital expenditures are expected to continue decreasing, with the share of intelligent computing networks exceeding 35% [10][12]. - In 2025, China Mobile's capital expenditure was 150.9 billion, a decrease of 8.0%, while China Telecom's was 80.4 billion, with a projected decrease of 9.2% in 2026 [12][14]. Dividend Policy - The three major operators emphasize shareholder returns, with increasing dividend payout ratios: China Telecom, China Mobile, and China Unicom's interim dividends were 0.272, 5.27 (HKD), and 0.417 yuan, respectively, with year-on-year growth rates of 4.7%, 3.5%, and 3.1% [15].

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。 CHINA MICRO SEMICON (SHENZHEN) LIMITED 中 微 半 導 體（ 深 圳 ）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） 的申請版本 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，不會 向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據 於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。該文件的文本將於發售期內向公眾人士分 發。 (a) 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所 載資料作出任何投資決定； (b) 在聯交所網站登載本文件或任何補充、修訂或更換附頁，並不引起本公司、其獨家保薦人、整體協調 人、顧問或包銷團成員在香港或任何其他司法權區必須進行發售活動的責任。本公司最終會否進行 任何發售仍屬未知之數 ...

Core Viewpoint - The company has demonstrated robust growth in 2025, achieving record revenue and optimizing its product structure amidst a recovering global semiconductor industry and rising demand in AI and new energy sectors [1][2]. Financial Performance - In 2025, the company reported revenue of 17.291 billion yuan, a year-on-year increase of 20.18%, and a net profit attributable to shareholders of 377 million yuan [1]. - The net cash flow from operating activities reached 5.065 billion yuan, reflecting a significant year-on-year growth of 40.38%, indicating strong cash flow health [1]. - The company's wafer shipment volume (equivalent to 8-inch) grew by 18.4% year-on-year, with sales revenue increasing by 19.9% [1]. Production Capacity and Expansion - 2025 was a critical year for the company's capacity expansion, with the FAB9 project achieving rapid ramp-up in production, reaching over 40,000 wafers in December [2]. - The first phase of FAB9's capacity target was successfully achieved by the end of 2025, with plans for the second phase to be completed by Q3 2026 [2][5]. - The company maintained over 100% average capacity utilization for both 8-inch and 12-inch production lines, positioning itself as an industry leader [1]. Technology and Product Development - The company focuses on five key specialty process platforms, including embedded non-volatile memory and power management, which have all shown significant growth [2][3]. - The embedded non-volatile memory platform saw double-digit growth in both shipment volume and sales, driven by increased demand in consumer and automotive electronics [2]. - The independent flash memory platform's sales revenue grew by 44.5%, with a notable increase in the shipment proportion of 48nm NOR Flash products [2]. Market and Customer Structure - In 2025, revenue from mainland China and Hong Kong accounted for 82.19% of total revenue, while North America saw a year-on-year growth of 31.42%, indicating successful overseas market expansion [6]. - Consumer electronics represented 63.81% of the revenue, while industrial and automotive electronics accounted for 22.21%, reflecting a balanced application structure [6]. Research and Development - The company invested 1.994 billion yuan in R&D in 2025, a year-on-year increase of 21.37%, representing 11.53% of its revenue [5]. - By the end of 2025, the company had authorized a total of 4,913 patents, with 306 new patents granted during the year, reinforcing its technological barriers [5].

Investment Rating - The investment rating for the company is "Buy" [41] Core Insights - The company, Sanrui Intelligent (301696.SZ), specializes in the research, production, and sales of drone electric power systems and robot power systems, with projected revenues of CNY 5.34 billion, CNY 8.31 billion, and CNY 10.75 billion for 2023, 2024, and 2025 respectively, reflecting year-over-year growth rates of 47.61%, 55.77%, and 29.25% [8][10] - The company has established itself as a leader in the drone electric power system sector, being one of the few globally to achieve full-category self-research and production capabilities, which is crucial for the efficiency and reliability of drone operations [30][31] - The company is also expanding its robot power system business, which has become a significant growth driver, with a compound annual growth rate of 29.39% from 2022 to 2024 [32] Financial Performance - The company achieved a net profit of CNY 1.72 billion, CNY 3.33 billion, and CNY 4.21 billion for 2023, 2024, and 2025 respectively, with year-over-year growth rates of 52.69%, 92.96%, and 26.73% [10][36] - For the first half of 2025, the main revenue sources were drone power systems (CNY 372 million, 85.76%), robot power systems (CNY 37 million, 8.45%), and accessories (CNY 25 million, 5.79%) [10] Industry Overview - The global market for civil drone electric power systems (excluding power batteries) is projected to grow from CNY 43.11 billion in 2019 to CNY 103.08 billion by 2024, with a compound annual growth rate of 19.05% [17][20] - The Chinese market for civil drone electric power systems is expected to grow from CNY 16.79 billion in 2019 to CNY 46.19 billion by 2024, with a compound annual growth rate of 22.43% [21] - The robot power system industry is also experiencing rapid growth, driven by advancements in automation and the increasing demand for robots in various sectors [27][28]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the **connector industry** and its growth potential, particularly in the context of **high-performance modules** and **AI data centers** [1][2][3][4][5][6]. Core Insights and Arguments - **Copper Interconnect Value in GB200 NVL72 Cabinet**: The value contribution of copper interconnects in the GB200 NVL72 cabinet is estimated to be between **4% and 10%**. The average value of a single cable is projected to increase from **$200** to between **$500 and $1,000** as AEC solutions penetrate the market [1][3]. - **224G High-Performance Module Market**: The domestic market for 224G high-performance modules is expected to reach between **100 billion and 200 billion RMB** by **2027**. This growth is driven by advancements in chip technology from leading domestic companies [1][3]. - **Global Server Power Supply Market Growth**: The global server power supply market is projected to grow at a **CAGR of over 60%** from **2025 to 2028**, with the market size expected to exceed **100 billion RMB** by **2028**. The growth is primarily driven by the increasing shipment of AI chips and rising power consumption per chip [1][6]. - **ADI's Expansion into Power Modules**: ADI is accelerating its expansion into power modules, with a **doubling of business** expected in **Q1 2026**. New Power Solutions is anticipated to support a revenue target of **1.475 billion RMB** in **2026** [1][6][9]. - **Market Dynamics for AI Server Power Supplies**: The competitive landscape for AI server power supplies is evolving, with new entrants emerging due to rapid market expansion. This presents opportunities for latecomers to capture market share [6][7]. Additional Important Insights - **Technological Trends in Aviation Systems**: The aviation industry is experiencing significant technological changes, with avionics systems transitioning towards modular, integrated, and software-driven solutions. This shift is expected to increase the value contribution of avionics systems in aircraft from **20% to over 50%** [13][16]. - **C919 Aircraft System Localization**: The C919 aircraft's avionics systems currently have a localization rate of **25% to 30%**. The company has signed contracts for **432 aircraft** and is working on achieving airworthiness certification, which will enhance the value contribution of its systems [14][15]. - **New Power Solutions' Market Position**: New Power Solutions is positioned as a leading player in the high-performance power supply sector, with significant growth expected from collaborations with ADI. The company aims to achieve a revenue target of **1.475 billion RMB** in **2026**, primarily driven by data center business [9][10]. Conclusion - The future growth of the connector and power supply industries is driven by technological advancements, increasing demand for high-performance modules, and the ongoing transition towards AI and digital solutions. Companies like ADI and New Power Solutions are well-positioned to capitalize on these trends, while the aviation sector is also set to benefit from increased localization and technological integration [1][6][16].

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - It aims to become a global expert in IoT intelligent application solutions, adhering to the mission of "empowering everything with wisdom" [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up by 0.81% [2] - For the first three quarters of 2025, the revenue reached CNY 1.272 billion, a 21.66% increase year-on-year, with a net profit of CNY 180 million, reflecting a 33.95% growth [2] Group 3: Product Development and Market Strategy - The smart sleep terminal product, which tracks and analyzes sleep states, is currently being promoted in the domestic market, with some product certifications completed [2] - The company is expanding its overseas market presence, particularly in smart vehicle terminals, and has entered the supplier system of an overseas automotive brand [2] - In the domestic market, the company anticipates performance growth due to the implementation of "single Beidou" policies in various regions [3] Group 4: Supply Chain Management - The company has prioritized inventory and supply chain management, maintaining a strategic stock of key raw materials to meet short-term needs [3] - The impact of rising prices of storage chips on the company is limited, as these components constitute a small portion of the overall operating costs [4] Group 5: Market Position - The company has the highest number of product models listed among terminal manufacturers in the commercial vehicle monitoring terminal sector, with five models included in a national quality statistics report [4] - It is one of the early entrants in the passenger vehicle positioning terminal market, particularly in the automotive finance sector [4]

Group 1 - Qualcomm announced the acquisition of EdgeImpulse to enhance its developer product portfolio and strengthen its position in the AI sector, particularly for IoT applications [2] - The acquisition is expected to complement Qualcomm's IoT transformation strategy, which includes a comprehensive chipset roadmap, unified software architecture, and a range of services and developer resources [2] - Qualcomm's general manager emphasized the importance of practical solutions that enable developers and businesses to leverage AI capabilities for digital transformation across various industries [2] Group 2 - Qualcomm's IoT solutions consist of a comprehensive chipset roadmap, unified software architecture, service suites, developer resources, and an ecosystem of partners [4] - The company has adjusted its strategy to meet diverse IoT demands, providing integrated solutions that combine services, software, and hardware across multiple verticals [4] - EdgeImpulse's end-to-end AI platform allows over 170,000 developers to create, deploy, and monitor AI models on various edge devices with minimal coding required [6] Group 3 - Qualcomm plans to enable developers on the EdgeImpulse platform to utilize its Dragonwing™ processors, which offer superior AI inference and processing capabilities [7] - Integration with Qualcomm's AI Hub enhances model optimization, improving inference performance by up to 4 times while reducing model size and memory usage [7] - EdgeImpulse will continue to operate under its existing brand while providing support to developers and ecosystem partners [7]

Group 1: Financial Performance - In 2025, the company's gross profit margin remained around 40%, but net profit declined due to a decrease in operating income and changes in product structure, resulting in a gross profit reduction of ¥51.77 million [1] - The increase in period expenses was primarily due to sustained R&D investment and marketing efforts, alongside a decrease in exchange gains of ¥15.69 million [1] - The company reported a significant increase in inventory impairment provisions and a reduction in government subsidies, impacting profitability [2] Group 2: Response to Tariff Challenges - The company has implemented measures to address tariff-related issues, including accelerating global capacity layout by transferring some production to Vietnam and Indonesia, which has been operational for nearly two years [2][3] - The production capacity in overseas bases, such as Vietnam and Malaysia, has reached a significant proportion, effectively mitigating risks associated with tariff fluctuations [3] Group 3: Customer and Market Strategy - Some major clients have adjusted their procurement strategies due to tariff impacts, leading to a cautious demand outlook [4] - The company is diversifying into emerging businesses, such as IoT applications for animal tracking and video telematics, to sustain growth and enhance market position [5] Group 4: Future Outlook and Growth Areas - The company anticipates revenue recovery in the second half of 2025, driven by the gradual release of production capacity in Indonesia and collaboration with the Vietnam base [5] - The focus on market diversification includes applications in automotive finance, smart logistics, and public transportation, with a complete product qualification covering major global markets [5] Group 5: Profitability Goals and Incentives - The company aims to restore net profit margins in 2026 through cost control, product price increases, and the expansion of high-margin new businesses [6] - A new equity incentive plan has been introduced to align the interests of core team members with long-term company performance, promoting sustainable high-quality development [6]

Group 1: Company Overview and Financial Performance - The company specializes in the research, development, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized and innovative" small giant [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - For the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, a year-on-year increase of 21.66%, and a net profit of CNY 180 million, an increase of 33.95% [2] Group 2: Growth Strategies and Future Prospects - The company is advancing its "going abroad" strategy for smart vehicle terminals, increasing the number of overseas clients and entering the qualified supplier system of an overseas automotive brand [3] - The domestic commercial vehicle monitoring terminal market is experiencing a product upgrade wave, with policies promoting "single Beidou" replacements in regions like Hunan, Hubei, and Shandong, which may contribute to revenue growth in 2026 [3] - The smart sleep terminal business is expected to grow steadily as sales expand into the Chinese market [3] - The company aims to strengthen its market position in smart shared bicycle products and seek collaborations with more electric bicycle brands [3] Group 3: Cloud Management Platform Development - The company is developing a unified cloud management platform to address the fragmentation in the IoT industry, which poses challenges in device integration and user experience [4][5] - This platform will allow users to customize and manage various terminal products effectively, enhancing operational efficiency [5] Group 4: Product Innovations - The smart sleep terminal product tracks and analyzes users' sleep states, adjusting temperature based on individual needs to optimize sleep quality [5] - The sales regions for the smart sleep terminal are continuously increasing, with specific market promotion progress to be disclosed through official channels [5]