Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting a growth of 51.78% to 80.69% year-on-year, driven by its focus on "intelligent computing power, data storage, server remanufacturing, and AIoT smart terminals" [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is between 1,050 million and 1,250 million yuan, while the net profit excluding non-recurring gains and losses is expected to be between 1,010 million and 1,210 million yuan, reflecting a year-on-year increase of 50.45% to 80.24% [1] Business Segments - Intelligent Computing Power: The company capitalizes on the growing demand for computing infrastructure, successfully delivering multiple computing cluster projects, leading to rapid revenue growth in this segment [1] - Data Storage: The company enhances its enterprise-level storage product offerings, benefiting from increased investments in storage infrastructure by downstream clients, resulting in a year-on-year increase in shipment volume and revenue [1] - Server Remanufacturing: The company continues to develop its remanufacturing business, ensuring stable delivery and quality, which contributes positively to overall performance [1] - AIoT Smart Terminals: The company expands its product matrix and AI solutions in smart IoT applications, driving business growth in key customer segments and regions [1]

Core Viewpoint - Beijing Defeng New Journey Technology Co., Ltd. (referred to as "Defeng New Journey") has re-submitted its IPO application to the Hong Kong Stock Exchange after an initial rejection, aiming to list on the main board with SUNNY FORTUNE as its sole sponsor [1][2]. Group 1: Company Overview - Defeng New Journey is a developer of AI-enabled Industrial Internet of Things (AIoT) production optimization software solutions, primarily serving over 150 state-owned enterprises in China, including major players in the electricity, public utilities, oil and gas, and tobacco industries [1]. - The company has been recognized as a national-level "specialized and innovative" small giant enterprise, a national key software enterprise, a high-tech enterprise, and a "Beijing Enterprise Technology Center" [3]. Group 2: Financial Performance - The company reported revenues of RMB 442.22 million, RMB 525.46 million, and RMB 216.05 million for the fiscal years 2023, 2024, and the first nine months of 2025, respectively, with corresponding gross profits of RMB 105.23 million, RMB 130.60 million, and RMB 52.22 million [5]. - Despite revenue growth, Defeng New Journey has faced continuous losses, with total losses amounting to approximately RMB 638 million over two years and nine months [3][4]. Group 3: Market Position - According to a report by Frost & Sullivan, Defeng New Journey is the fifth largest independent AIoT service provider in China, holding a market share of approximately 1.8% for the fiscal year 2024, and the third largest in the energy sector with a market share of about 9.9% [3]. Group 4: Client Concentration and Risks - The company has a high client concentration, with revenue from its top five clients accounting for approximately 53%, 44.2%, and 49.4% of total revenue during the reporting periods [7]. - Defeng New Journey faces challenges related to long and unpredictable sales cycles, which may impact operational performance and expose the company to credit risks associated with trade receivables and contract assets [7]. Group 5: Shareholder Structure - As of the last practicable date, the company's founder Wang Qingjie, along with Dongzhongchang and Jinlongjie, collectively control approximately 44.4% of the voting rights at the shareholders' meeting [9].

Group 1 - The company HOME CONTROL (01747) has signed a memorandum of understanding with Nanyang Technological University (NTU) to explore collaboration on AIoT-enabled healthcare solutions [1] - The collaboration may involve the initial planning and establishment of a personal healthcare AIoT platform, security for health management ecosystems, and the licensing and transfer of related intellectual property [1] - Any specific cooperation arrangements will be formalized through further negotiations and will require internal approvals from both parties before signing formal agreements [1] Group 2 - Orbiva Limited, a wholly-owned subsidiary of the company, has entered into an intellectual property licensing agreement with NTUitive Pte Ltd, a subsidiary of NTU [2] - The agreement allows Orbiva to use specific inventions and proprietary materials related to AI-assisted reliable home care intelligent agent systems, and to develop related systems, platforms, solutions, and services in the healthcare, IoT, and AIoT fields [2] - The memorandum of understanding aims to leverage the strengths, resources, and expertise of both the company and NTU for broader strategic cooperation, including the joint development of secure healthcare AIoT platforms and the creation of new business opportunities [2]

Group 1 - The company HOME CONTROL (01747) has signed a memorandum of understanding with Nanyang Technological University (NTU) to explore collaboration on AIoT-enabled healthcare solutions [1] - The collaboration may involve the initial planning and establishment of a personal healthcare AIoT platform, security of health management ecosystems, and the licensing and transfer of related intellectual property [1] - Any specific cooperation arrangements will be formalized through further negotiations and will require internal approvals before signing formal agreements [1] Group 2 - Orbiva Limited, a wholly-owned subsidiary of the company, has entered into an intellectual property licensing agreement with NTUitive Pte Ltd, a subsidiary of NTU [2] - The agreement allows Orbiva to use specific inventions and proprietary materials related to AI-assisted reliable home care intelligent agent systems for development in healthcare, IoT, and AIoT fields [2] - The memorandum aims to leverage the strengths, resources, and expertise of both the company and NTU for broader strategic cooperation, including the joint development of secure healthcare AIoT platforms [2]

格隆汇1月27日丨HOME CONTROL(01747.HK)宣布，于2026年1月27日，公司与南洋理工大学(透过南 洋理工大学网络安全研究中心行事)订立谅解备忘录。根据谅解备忘录，公司(透过其全资附属公司 Orbiva Limited(「Orbiva」)行事)拟就AIoT赋能医疗保健解决方案与南洋理工大学进行磋商，并探索合 作与协作的可能性，当中可能涉及(a)个人医疗保健AIoT平台的初步规划与建立；(b)健康管理生态系统 安全；及(c)相关知识产权的授权与转让。谅解备忘录项下拟进行的任何具体及确定的合作安排，将由 公司与南洋理工大学透过进一步磋商协定，并于适当时根据适用法律及法规并经订约方各自的内部审批 程序后，分别签署正式合作协议。 ...

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 就 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。 HOME CONTROL INTERNATIONAL LIMITED （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1747） 自願性公告 業務發展更新 本公告由Home Control International Limited（「本公司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）自 願 刊 發，旨 在 向 本 公 司 股 東（「股 東」）及潛在投資者提供有關本集團業務 發 展 的 最 新 資 料。 訂立諒解備忘錄 本公司董事（「董 事」）會（「董事會」）欣 然 宣 佈，於 二 零 二 六 年 一 月 二 十 七 日，本 公司與南洋理工大學（「南洋理工大學」）（透 過 南 洋 理 工 大 學 網 絡 安 全 研 究 中 心 （「網絡安全研究中心」）行 事）訂立諒解備忘錄（「諒解備忘錄」）。 根 據 諒 解 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve revenue of 4.2 to 4.6 billion yuan in 2025, representing a year-on-year increase of 16.37% to 27.45%, with a net profit attributable to the parent company of 75 to 100 million yuan, an increase of 13.08% to 50.77% [5] - The global semiconductor industry continues to grow, driven by demand in artificial intelligence, high-performance computing, and data center infrastructure [5] - The company is enhancing its advanced packaging capabilities, which are expected to improve delivery times and quality control for clients [5] - The company plans to invest up to 2.1 billion yuan in a new integrated circuit packaging and testing production base in Malaysia to deepen cooperation with overseas clients [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.4 billion, 5.5 billion, and 7 billion yuan respectively, with net profits of 90.53 million, 273.14 million, and 453.60 million yuan [10][11] - The company anticipates a revenue growth rate of 22.68% in 2025 and 24.51% in 2026 [11] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.22 yuan, 0.67 yuan, and 1.11 yuan respectively [10][11]

Core Viewpoint - The article discusses the challenges and potential of One Person Companies (OPC) in the AIoT (Artificial Intelligence of Things) sector, emphasizing that traditional OPC models may not succeed due to the complexities and high failure rates in this field [1][20]. Group 1: Current Landscape of OPC - The Shenzhen Action Plan aims to establish over 10 OPC communities by the end of 2027, fostering more than 1,000 high-growth AI startups [1]. - Major cities like Beijing, Shanghai, Hangzhou, and Nanjing are also implementing supportive policies for OPCs [1]. - The failure rate for AI startups is alarmingly high, estimated at 80% to 90%, compared to about 70% for traditional tech companies, with a median survival time of only 18 months for AI startups [1][6]. Group 2: Challenges in AIoT for OPC - The AIoT sector presents unique challenges, including the complexity of hardware and the necessity for long-term reliability, which contrasts sharply with the rapid iteration possible in software [4][6]. - The delivery complexity in AIoT is significant, as hardware must operate reliably for at least three years, and any failure can lead to severe consequences for OPCs [7]. - Cash flow issues are prevalent in hardware startups, with longer payment cycles and high initial costs, which can lead to financial instability [8]. - Trust is a critical factor, as B2B clients are often hesitant to engage with individual entrepreneurs, preferring established companies [9]. Group 3: Redefining OPC for AIoT - Successful AIoT OPCs must act as system architects rather than mere technical laborers, focusing on organizing complex systems rather than executing every task themselves [11]. - OPCs should target niche markets, leveraging AI to reduce the costs of customization and making previously unprofitable projects viable [13][14]. - The role of OPCs should be as network nodes that can collaborate and scale their capabilities, rather than isolated entities [15]. Group 4: Strategic Insights for OPC Success - The true competitive advantage for AIoT OPCs lies in their supply chain capabilities and their ability to integrate into larger ecosystems, rather than solely relying on AI technology [17][20]. - OPCs should focus on embedding themselves within flexible supply chains and forming partnerships with larger enterprises to enhance their market presence [18][19]. - The article concludes that a successful OPC in the AIoT space must find its place within a system, establishing core competencies that can be amplified through collaboration [21].

Core Viewpoint - The report highlights the significant growth driven by technology in certain sectors, while also noting the substantial losses due to cyclical downturns in others [1] Performance Growth Highlights - **Zhongwei Company (688012)**: Expected net profit between 208 million to 218 million yuan, a year-on-year increase of 28.74% to 34.93%, driven by increased recognition of plasma etching equipment and a surge in market demand [5] - **Lianchuang Optoelectronics (600363)**: Expected net profit between 43.5 million to 53.2 million yuan, a year-on-year increase of 80.36% to 120.57%, attributed to significant growth in laser business and improved profitability in traditional sectors [6] - **Ruixin Microelectronics (603893)**: Expected net profit between 102.3 million to 110.3 million yuan, a year-on-year increase of 71.97% to 85.42%, driven by rapid growth in the AIoT market and recognition of new AI technology [7] - **Sangfor Health (688336)**: Expected net profit around 290 million yuan, a year-on-year increase of approximately 311.35%, due to a significant collaboration with Pfizer and advancements in clinical research [8] - **Pulite (002324)**: Expected net profit growth of 155.76% to 194.73%, driven by the demand for high polymer materials in the automotive lightweight trend [9] - **Tonghua Dongbao (600867)**: Expected net profit around 124.21 million yuan, turning from loss to profit, driven by market share gains in insulin products [10] - **Suotong Development (603612)**: Expected net profit between 73 million to 85 million yuan, a year-on-year increase of 167.98% to 212.03%, due to rising prices and demand in the prebaked anode industry [11] Major Performance Declines - **China Shipbuilding Technology (600072)**: Expected net loss between -260 million to -340 million yuan, a year-on-year decline of over 24 times, due to cyclical downturns in shipbuilding and high material costs [12] - **Silver Nonferrous Metals (601212)**: Expected net loss between -45 million to -67.5 million yuan, transitioning from profit to loss due to legal disputes affecting financial performance [13] - **China Metallurgical Group (601618)**: Expected net profit between 130 million to 160 million yuan, a year-on-year decline of 76.28% to 80.73%, impacted by the downturn in the construction industry [14] - **Jindi Group (600383)**: Expected net loss between -1.11 billion to -1.35 billion yuan, with increased losses due to declining sales and inventory impairments [15] - **Jianfa Co. (600153)**: Expected net loss between -1 billion to -520 million yuan, transitioning from profit to loss due to increased impairments in real estate [16] Industry Trend Analysis - **Technology and Innovation-Driven Sectors**: Companies in semiconductor equipment, laser military applications, and innovative pharmaceuticals are experiencing rapid growth due to high demand in AIoT, national defense, and biomedicine [23] - **Traditional Cyclical Industries**: Sectors like coal and engineering machinery are facing significant adjustments due to demand shortages and price declines, leading to widespread performance pressures [24] - **Pharmaceutical Industry Disparities**: Innovative drugs are seeing explosive growth through external licensing, while traditional formulations and raw materials are significantly impacted by procurement policies [24] - **External Environment Uncertainties**: Factors such as international trade tensions and regulatory changes are significantly affecting corporate performance, necessitating enhanced risk management [24] - **Asset Quality Risks**: Many companies are reporting substantial asset impairment provisions, indicating potential inefficiencies in previous investments [24]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve revenue of 4.2 to 4.6 billion yuan in 2025, representing a year-on-year increase of 16.37% to 27.45%, with a net profit attributable to the parent company of 75 to 100 million yuan, an increase of 13.08% to 50.77% year-on-year [5] - The global semiconductor industry continues to grow, driven by demand in artificial intelligence, high-performance computing, and data center infrastructure [5] - The company is enhancing its advanced packaging capabilities, which are expected to improve delivery times and quality control for clients [5] - The company plans to invest up to 2.1 billion yuan in a new integrated circuit packaging and testing production base in Malaysia to deepen cooperation with overseas clients [6] Financial Performance and Projections - The company is projected to achieve revenues of 4.4 billion yuan in 2025, 5.5 billion yuan in 2026, and 7 billion yuan in 2027, with net profits of 90.53 million yuan, 273.14 million yuan, and 453.60 million yuan respectively [10][11] - The expected growth rates for revenue are 22.68% in 2025, 24.51% in 2026, and 27.00% in 2027 [10] - The company's gross margin is projected to improve from 17.5% in 2025 to 19.9% in 2027, while the net profit margin is expected to rise from 2.0% to 6.5% over the same period [11]