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 Huaqin Co., Ltd. 華勤技術股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liab ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's profitability continues to improve, with a focus on the long-term growth potential of smart glasses [1][8] - Despite a slight decline in revenue due to decreased smartphone sales, the company is increasing its R&D investments, particularly in new product categories [2][3] - The company is experiencing growth in its AIoT segment, driven by the rapid expansion of AI glasses, and is actively developing new products in the wearable technology space [8][9] Financial Summary - For the first half of 2025, the company reported revenue of 199.08 billion yuan, a year-on-year decrease of 10.65%, and a net profit attributable to shareholders of 3.56 billion yuan, an increase of 5.01% [1] - The company's gross margin for the first half of 2025 was 8.14%, up 1.64 percentage points year-on-year, while the net margin was 1.79%, an increase of 0.29 percentage points [2] - Revenue projections for 2025 to 2027 show a recovery trend, with expected revenues of 45.69 billion yuan in 2025, 53.13 billion yuan in 2026, and 65.35 billion yuan in 2027, reflecting growth rates of -1.5%, 16.3%, and 23.0% respectively [1][10] Product Performance - The smartphone segment saw a revenue decline of 22.28% year-on-year, while the AIoT segment grew by 45.26% [2] - The company has successfully launched multiple high-end tablet products and is enhancing its capabilities in AI innovation applications related to tablets [3] - In the AIPC sector, the company has secured mass production orders from four leading clients, with a target for AIPC revenue to account for 30% of total revenue by 2030 [3][8] Market Position - The company is actively expanding its presence in the overseas automotive electronics market and has successfully launched several products for major clients [3][8] - The report highlights the company's strategic partnerships and collaborations with leading firms in the XR space to enhance its competitive edge [8]

Core Viewpoint - The company, Jingchen Co., Ltd. (688099), announced the acquisition of 100% equity in Chip Micro Semiconductor (Jiaxing) Co., Ltd. for a total consideration of 316 million yuan, aiming to enhance its capabilities in the AIoT sector and expand its product offerings in communication technology [1][2]. Group 1: Acquisition Details - The acquisition will allow Chip Micro to become a wholly-owned subsidiary of Jingchen, integrating its technology and R&D teams into the company's operations [1]. - Chip Micro has a strong presence in wireless communication, with six chip models already in production, contributing to revenue in IoT modules and smart devices [1]. Group 2: Strategic Goals - Jingchen aims to deepen the integration of wide-area network (WAN) AIoT applications by combining WAN communication technology with its platform-level SoC technology [2]. - The company plans to leverage its partnerships with over 250 global operators to expand its AIoT smart terminal offerings across various sectors, including smart cities and public safety [2]. Group 3: Financial Performance - In the first half of the year, Jingchen reported revenue of 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit of 497 million yuan, up 37.12% [3]. - The company achieved a record high quarterly shipment of nearly 50 million units in Q2, with system-level SoC chips accounting for approximately 44 million units [3]. Group 4: Future Outlook - Jingchen expects stable growth in gross margin due to ongoing high-intensity R&D investments in key areas such as smart connectivity and intelligent automotive solutions [3]. - The company plans to continue investing in AI-related fields, anticipating the launch of new high-performance products with AI capabilities, which will drive future revenue growth [3].

Core Viewpoint - The company plans to acquire 100% equity of ChipMic Semiconductor (Jiaxing) Co., Ltd. for a total consideration of RMB 316.11 million, which will make ChipMic a wholly-owned subsidiary and included in the company's consolidated financial statements [1] Group 1: Acquisition Details - The acquisition price is set at RMB 316.11 million, and upon completion, ChipMic will be fully integrated into the company's operations [1] - ChipMic possesses a strong core team and established R&D capabilities in the wireless communication sector, with six chip models already completed and generating revenue in IoT modules and smart student cards [1] Group 2: Strategic Benefits - The acquisition will enhance the company's technical capabilities in cellular communication and Wi-Fi technology, creating a multi-dimensional communication technology stack that includes "cellular communication + optical communication + Wi-Fi" [1] - The integration of ChipMic's communication technology will expand the company's AIoT product applications in wide-area network (WAN) scenarios, leveraging the company's existing partnerships with over 250 global operators [1] Group 3: Product Development - The combined technology will meet the high intelligence, high data volume, and high computing power demands in the automotive sector, facilitating advanced communication solutions for smart cockpits and assisted driving [1] - The integration will also enhance the company's W series product line, advancing towards higher bandwidth Wi-Fi 7 and lower power consumption Wi-Fi 1x1 products [1]

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor [1]. Company Overview - Beijing Junzheng is a leading global provider of "computing + storage + analog" chips, catering to markets such as automotive electronics, industrial medical, AIoT, and smart security [2][3]. - The company has developed high-performance, low-power computing chips for AIoT and smart security, high-quality, reliable storage chips (including DRAM, SRAM, NOR Flash, and NAND Flash) primarily for automotive electronics and industrial medical applications, and a variety of high-specification analog chips [3]. Market Position - According to Frost & Sullivan, the company ranks sixth globally and first among companies headquartered in mainland China in the niche DRAM supply market for automotive applications, fourth in the global market for automotive-grade SRAM, and third in the global market for automotive-grade NOR Flash [3]. - The company is also ranked first globally in the battery IP-Cam SoC supplier market [3]. Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of approximately RMB 5.41 billion, RMB 4.53 billion, and RMB 4.21 billion, respectively [4]. - The net profit for the same periods was approximately RMB 779 million, RMB 516 million, and RMB 364 million, respectively [4]. - The company’s revenue for the six months ending June 30, 2024, and 2025 is projected to be RMB 2.11 billion and RMB 2.25 billion, respectively [4][5].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Consumer Appliances Sector - **Event**: A-Share Conference and consumer tour held on September 1-4, 2025, involving major companies like Midea, Haier, Hisense, and Gongniu [2][3] Core Insights 1. **Intensified Domestic Competition**: - Midea has shifted its strategy from profitability to top-line growth, indicating increased competition in the air conditioning (AC) sector for the second half of 2025, which may pressure margins for smaller brands and Gree [3][6] - Hisense also noted heightened competition and potential pricing adjustments [3][6] 2. **Focus on Premiumization**: - Premium brands from Midea and Haier are experiencing robust sales growth, with Midea's premium brands generating a 60% year-over-year revenue increase to approximately RMB 10 billion in the first half of 2025 [3][6] 3. **Direct-to-Consumer (DTC) Transformation**: - Midea is enhancing customer engagement and traffic acquisition to improve operating profit margins (OPM) after establishing infrastructure [3][7] - Haier is leveraging digital inventory management to improve channel turnover and reduce stock-keeping units (SKUs) [3][12] 4. **Investor Interest in Arashi (Insta360)**: - Arashi, a leader in 360/action cameras, is gaining attention due to its software advantages in image processing, which are seen as a competitive edge over DJI [3][20][21] - Sales of Insta360 products surged following DJI's launch of a competing product, indicating a positive market response [3][20] 5. **Cautious Outlook for Appliance Sector**: - The overall outlook for China's appliance sector is cautious, anticipating a post-subsidy downcycle from Q3 2025 to 2027, with intensified competition impacting profitability [4][6] Company-Specific Highlights Midea - **Overseas Growth**: Midea is optimistic about its growth prospects in 2H25 and 2026, particularly in overseas markets, despite the diminishing impact of trade-in subsidies [6][8] - **Premium Brand Performance**: Revenue from premium brands is expected to grow by 10-20% even as subsidy benefits fade [6] Haier - **Retail Transformation**: Haier is focused on improving its retail operations and expects to benefit from the ongoing retail transformation in China [10][12] - **US Market Performance**: Haier reported low-single-digit revenue growth in the US, driven by price increases and market share gains [13][14] Hisense - **Stable Margins**: Despite price drops in the HVAC sector, Hisense anticipates stable margins in 2H25 due to reduced material costs and improved manufacturing efficiency [15][16] Gongniu - **Channel Transformation**: Gongniu plans to expand its flagship stores from 2,200 to approximately 3,000 by the end of 2025, focusing on improving store efficiency [17][18] - **New Product Development**: The company is exploring new energy solutions and smart lighting products, aiming to enhance its market presence [19] Additional Insights - **Ziel Home Furnishing**: Ziel is experiencing strong overseas sales, particularly in Europe and North America, despite challenges from rising US tariffs [23][24] - **Aqara's Smart Home Solutions**: Aqara is leveraging AIoT for product innovation, which could drive growth in the smart home segment [26][27] Risks and Considerations - **Market Risks**: The main risks for the consumer appliances sector include potential impacts from China's property market curbs, raw material price increases, and changes in US tax policy affecting exports [29]

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 Ingenic Semiconductor Co., Ltd. 北京君正集成電路股份有限公司 (the "Company") (A joint stock company incorporated in the People's ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In the first half of 2025, the company achieved revenue of 634 million yuan, a year-on-year increase of 47.53%, and a net profit attributable to shareholders of 101 million yuan, a significant increase of 831.03% compared to the same period last year [2][4] - The second quarter of 2025 saw the company achieve a revenue of 349 million yuan, a year-on-year increase of 41.68% and a quarter-on-quarter increase of 22.38%, with a net profit of 75 million yuan, reflecting a year-on-year increase of 573.34% and a quarter-on-quarter increase of 189.99% [2][4] - The company is entering a high-growth phase driven by increased demand, high capacity utilization, and rapid expansion [4] Summary by Sections Financial Performance - For 2025H1, the company reported a net profit of 101 million yuan, with a non-recurring net profit of 54 million yuan, showing a year-on-year increase of 1173.61% [2][4] - In 2025Q2, the gross margin reached 35.99%, an increase of 5.93 percentage points year-on-year, and the net margin was 21.53%, a significant increase of 17 percentage points year-on-year [4] Industry Outlook - The semiconductor industry is expected to continue its optimistic growth trajectory, driven by high growth in AIoT, industrial control, and automotive electronics [4] - The demand for high-end chips and high-reliability chip testing is increasing as many domestic high-end chips enter mass production [4] Expansion Strategy - The company is focusing on high-performance chip testing and has announced a convertible bond project to further procure high-end core equipment [4] - Capital expenditures in 2025Q2 reached 594 million yuan, a year-on-year increase of 77.71%, indicating aggressive expansion in its three major bases [4] Revenue and Profit Forecast - The company is projected to achieve revenues of 1.62 billion yuan, 2.16 billion yuan, and 2.98 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 275 million yuan, 418 million yuan, and 670 million yuan [4]

Core Viewpoint - Hansang Technology has successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market, showcasing its dual characteristics of "high growth and scarcity" along with strong financial performance and stable customer structure [1] Financial Performance - From 2022 to 2024, Hansang Technology's main business revenue is projected to be 1.374 billion, 1.023 billion, and 1.442 billion yuan respectively, with a year-on-year growth of over 40% in 2024, indicating robust operational capability [3] - The net profit attributable to shareholders for the same period is expected to be 190 million, 136 million, and 254 million yuan, achieving a compound annual growth rate of 15.8% from 2022 to 2024, reflecting an increase in product added value [3] - The comprehensive gross profit margin is anticipated to rise to 32.50% in 2024, an increase of nearly 4 percentage points from 2022, demonstrating enhanced core competitiveness [3] Long-term Growth Potential - The average compound annual growth rates for main business revenue and net profit from 2020 to 2024 are approximately 16.34% and 41.04% respectively, consistently outperforming the industry average and validating growth potential in the high-end audio segment [3] Customer Relationships - Hansang Technology has established stable partnerships with leading global audio brands, including NAD, Bluesound, JBL, and others, covering various segments of the audio industry [4] - The company's products have penetrated diverse application scenarios, including personal, home, commercial, and automotive uses [4] Project Experience and Recognition - The company possesses mature industry adaptability and engineering delivery capabilities, with several projects recognized as industry benchmarks and multiple awards received, including EISA, CES Innovation, and iF Design Awards [4] IPO and Future Strategy - The IPO aims to raise 1.002 billion yuan, focusing on four major projects: production of 1.5 million high-end audio products, smart audio IoT product manufacturing, R&D of smart audio and AIoT technologies, and supplementing working capital [5] - Hansang Technology will continue to implement its "1+2+3+4" strategic blueprint, emphasizing audio technology and business, expanding into domestic and international markets, and deepening its presence in various audio segments [5]

Core Insights - The SENSOR CHINA 2025 exhibition will take place from September 24-26 at the Shanghai International Procurement Exhibition Center, featuring over 600 companies and 20 high-profile forums to discuss industry challenges and future growth opportunities [1][2]. Industry Overview - The sensor industry has transitioned from single-point applications to ecosystem development over the past decade, driven by advancements in smart manufacturing, smart driving, smart cities, and AI [2]. - SENSOR CHINA aims to empower industries, connect ecosystems, and co-create value by integrating innovation, industry, and capital [2]. Exhibition Highlights - The exhibition will showcase a diverse range of exhibitors, including international leaders like ADI, TE, Infineon, and domestic champions such as Hanwei Technology and Naxin Micro [3]. - Special thematic areas will be set up, including interactive robotics, automotive sensors, and advanced European sensor displays, to provide a comprehensive view of the global sensing landscape [3]. International Leaders - International companies are leading the sensor industry with decades of technological accumulation, covering new material development, MEMS processes, and intelligent sensing systems [4]. - These companies will present high-performance sensors and demonstrate their strategies for deepening their presence in the Chinese market [4]. Domestic Leaders - Chinese sensor companies have experienced growth rates significantly higher than the global market, transitioning from imitation to independent innovation [6]. - At SENSOR CHINA 2025, these domestic leaders will showcase their innovations in gas, pressure, and temperature sensors, highlighting their integration with local industries such as new energy and smart manufacturing [6]. Niche Benchmarks - A number of specialized companies have emerged in various applications, such as boiler temperature monitoring and wearable health technology, focusing on precise technical breakthroughs to address core industry pain points [9]. - These companies will define their products around specific scenarios and provide customized solutions to enhance the scalability of sensor applications [9]. MEMS Design and Manufacturing - MEMS sensor development involves complex processes across design, materials, packaging, and testing, with companies achieving breakthroughs in miniaturization, integration, and performance metrics [11]. - The exhibition will feature leading MEMS companies showcasing innovative structures and AI integration, reflecting China's growing influence in the global high-end sensor market [11]. Chain Enterprises - SENSOR CHINA has consistently promoted ecosystem collaboration across the entire industry chain, inviting key players from various segments to share insights and technologies [13]. - Notable participants include testing and certification organizations and semiconductor equipment manufacturers, contributing to the overall advancement of the sensing ecosystem [13]. Thematic Areas - Eight thematic areas will be established at SENSOR CHINA 2025, covering technology challenges, application scenarios, and global collaboration [14]. - Specific areas will focus on robotics, smart healthcare, and advanced sensor technologies from Europe, providing a holistic view of the sensing industry [14][17].