Core Viewpoint - The company is progressing with the construction and capacity layout of its new smart manufacturing bases in Vietnam, which are crucial to its global strategy and expected to enhance production capabilities and revenue performance in the future [2]. Group 1 - The new manufacturing bases in Vietnam are part of the company's global strategy, with the Bắc Ninh factory focusing on intelligent production of backlight modules and LCM [2]. - The company aims to complete customer product certification by 2025, gradually releasing production capacity to support large-scale supply to core customers [2]. - The first half of 2025 is seen as a critical period for the company to stabilize growth and explore new opportunities [2]. Group 2 - The company plans to continue focusing on its main business, advancing the construction of the Vietnam bases, and deepening cooperation with core customers in the second half of the year [2]. - There is an emphasis on optimizing product structure and enhancing profitability as part of the company's ongoing strategy [2].

点击 上图 ▲立即报 名 文 / 卓立（微信公众号：吴晓波频道） 当国内市场渐趋饱和，增长曲线悄然平缓，无数中国企业将目光投向蔚蓝的远方。从东南亚热闹的电商市场到非洲蓬勃发展 的移动支付，从欧洲高端的智能设备到拉美急迫的基础设施需求，中国企业的出海航迹已遍布全球。 这并非一时风尚，而是全球化背景下企业追求增长的必然战略选择——为增长而出海，正成为这个时代中国企业最鲜明的商 业叙事。 这些年，我们带领了上千位企业家进行海外考察，举办了数场千人级别的 出海峰会，访谈了上百位出海领域的专家、企业家 和创业者， 总结了以下五点原因，解释了中国企业为何要跟全球要市场、向外寻找新增长。 对冲关税影响 今年4月3日，美国向外宣布了迄今为止最广泛的关税政策，包括欧盟、中国、英国和印度在内、全球超过100个贸易伙伴征 收对等关税。 名义上的对等关税，实际上的增加关税。这一天，被特朗普成为"解放日"， 对中国而言，这一举措的影响可以用一张数据图来说明。 今年1-7月，中国对美出口份额下降2.8%，下降的部分被亚洲和非洲的国家所承接，其中，东盟承接的比例最多，中国对其 出口份额增加了1.3%。 中国企业将东盟视为躲避关税的重要一环 ...

还有投资者就公司毛利率已连续呈现小幅下滑趋势提出疑问，管理层回应，公司一方面通过实施积极的 营销政策，提高PEEK材料产品的收入规模，另一方面通过拓宽产品品类，提升非集采区域高值产品的 收入规模，以及通过持续优化生产流程，降低生产成本，以维持公司毛利率的稳定。 谈及口腔、心胸外科、颌面修复等新业务，管理层提到，针对口腔业务，公司一方面持续围绕"优贝 雅"品牌种植系统开展市场拓展，另一方面通过收购蝾螈生物股权，引进与公司现有的口腔种植体具有 高度协同的"口腔可吸收生物膜"及"口腔用骨修复材料"等产品，共同构建起覆盖口腔种植全流程的一体 化解决方案，以提升公司在口腔种植市场的竞争力。 9月17日，康拓医疗举办2025年半年度业绩说明会。会上管理层介绍，公司位于美国的控股子公司 BIOPLATE作为公司实施全球化战略的窗口，其承担海外研发、生产、销售多项职能，导致其运营成本 较高，BIOPLATE已通过丰富产线、转移生产、提升机构运营效率等多方面措施来提高其盈利能力， BIOPLATE 2025年上半年已较上年同期大幅减亏。 针对海外业务，公司已完成近40个国家或地区的产品市场准入，未来将通过持续扩充团队、加大资源 ...

华源证券研报指出，潮宏基发布公告--公司向香港联交所递交境外上市股份（H股）发行上市申请并刊 发申请资料。预计H股上市有望进一步推进公司全球化战略布局，提升国际品牌形象及综合竞争力。 2024年潮宏基开启品牌出海进程，先后在马来西亚、泰国、柬埔寨开设门店，截至2025年H1，潮宏基 进驻柬埔寨核心商圈，在金边永旺商场及西港Umall商场开设了2家门店，进一步完善海外零售网络。潮 宏基不断夯实产品线，2025H1潮宏基增加"东方美学"特色黄金产品线；巩固"串珠编绳"特色产品线；推 出布丁狗、人鱼汉顿、线条小狗、黄油小熊四个IP授权系列产品。潮宏基定位东方时尚珠宝，打造年轻 化的珠宝品牌，抓住当下年轻人的审美偏好，围绕"非遗"、"串珠"与"流行"三大差异化类别持续深耕， 潮宏基品牌势能的持续释放有望打开公司业绩空间，维持"增持"评级。 ...

（於中華人民共和國註冊成立的股份有限公司） 全球發售 股份代號 :9973 聯席保薦人、保薦人兼整體協調人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：如 閣下對本招股章程的任何內容有任何疑問， 閣下應尋求獨立專業意見。 Chery Automobile Co., Ltd. 香港交易及結算所有限公司、香港聯合交易所有限公司以及香港中央結算有限公司對本招股章程的內容概不負責，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招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 本招股章程副本連同本招股章程附錄七「送呈公司註冊處處長及展示文件」一節所指定文件，已根據香港法例第32章公司（清盤 及雜項條文）條例第342C條的規定送呈香港公司註冊處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處長對本 招股章程或上述任何其他文件的內容概不負責。 預期發售價將由整體協調人（代表包銷商）與我們於定價日通過協議釐定。定價日預期為2025年9月23日（星 ...

Group 1: Company Performance Overview - The company held its 2025 semi-annual performance briefing on September 16, 2025, with key executives present to communicate with investors [2] - The company's net profit declined year-on-year in the first half of the year, primarily due to customer price reduction demands and a temporary decrease in sales of high-margin products [3][4] - The company achieved a revenue of 680.71 million yuan from new energy vehicle thermal management products, accounting for 55.42% of the thermal management system revenue [3] Group 2: Capital Expenditure and Expansion Plans - The company's current capital expenditures focus on the construction of factories in Malaysia and Morocco, with the Malaysian factory progressing as planned and funded by raised capital [5] - The Moroccan factory aims to serve European OEM clients and is currently in the site selection phase, funded by the company's own resources [5] Group 3: International Business Development - The company is actively pursuing a global strategy, with significant progress in establishing production bases in Europe, Southeast Asia, and North Africa, which are expected to contribute to long-term revenue and profit growth [6] - The Polish factory has entered a rapid growth phase, supplying key clients like Volvo and Stellantis, with plans for increased production in 2024 [7][8] Group 4: Future Growth Drivers - The company is committed to accelerating its transition to new energy and internationalization, enhancing its competitive capabilities [12] - The company has diversified its product offerings, achieving breakthroughs in key products such as electronic water pumps and heat management integrated modules, with plans for further development in the automotive electronics sector [13][18] Group 5: Research and Development Initiatives - The company is investing in R&D to explore non-automotive thermal management applications, including data centers and energy storage, with plans to establish a wholly-owned subsidiary for related product development [17] - The company has made significant advancements in the smart charging sector, with a strong order reserve and recognition from clients [18]

Core Viewpoint - Anta Group is intensifying anti-corruption measures and enhancing internal controls while pursuing aggressive acquisition strategies to maintain growth and profitability in a challenging market environment [2][4][11]. Anti-Corruption Measures - By 2025, Anta Group is focusing on high-risk areas for anti-corruption governance, employing internal audits and inspections to combat corruption [2]. - As of August 2025, 74 employees were dismissed for serious misconduct, and 46 individuals were referred to judicial authorities, including one executive and 14 senior managers [4]. - Anta has established a "career tracing mechanism" to hold employees accountable for misconduct regardless of their employment status [4]. - The company has formed an "Integrity and Ethics Committee" and revised six core policies to strengthen compliance and risk management [4]. Financial Performance - In the first half of the year, Anta reported revenue of 38.544 billion yuan, a year-on-year increase of 14.3%, while net profit attributable to shareholders fell by 8.9% to 7.031 billion yuan [8]. - The overall gross margin decreased by 0.7 percentage points to 63.4%, attributed to lower margins in e-commerce and footwear segments [8]. - The main brand, Anta, saw a gross margin decline from 56.6% to 54.9%, while FILA's gross margin fell to 68% [8]. Acquisition Strategy - Anta continues its acquisition strategy, having completed the acquisition of Jack Wolfskin and is reportedly pursuing the Reebok brand [7][11]. - The company aims to replicate the success of FILA, which has become a significant revenue contributor since its acquisition [7]. Global Expansion - Anta is committed to a "single focus, multi-brand, globalization" strategy, with plans to establish a strong presence in Southeast Asia and other international markets [11]. - The company aims to open 1,000 stores for the Anta brand in Southeast Asia over the next three years [11].

Core Viewpoint - Beijing Junzheng has submitted an application for H-share listing on the Hong Kong Stock Exchange to enhance its global strategy and accelerate overseas business development [1] Group 1: Company Overview - Beijing Junzheng was listed on the Shenzhen Stock Exchange in 2011, with a market capitalization of 39.98 billion as of September 15 [1] - The company operates a fabless model, providing computing, storage, and analog chips applicable in automotive electronics, industrial medical, AIoT, and smart security markets [1] - According to Frost & Sullivan, Beijing Junzheng holds a leading market position in niche DRAM, SRAM, NOR Flash, and IP-Cam SoC sectors based on 2024 revenue projections [1] Group 2: Product Development - The company is expanding its product line, with the new computing chip T33 already in production, targeting the H.265 security market, and T42 expected to launch in 2026 [1] - DRAM products based on 20nm/18nm/16nm processes are being sampled, along with automotive-grade LED drivers and interconnect chips [1] Group 3: Financial Performance - Beijing Junzheng's revenue for 2022, 2023, and 2024 was 5.412 billion, 4.531 billion, and 4.213 billion respectively, with net profits of 0.779 billion, 0.516 billion, and 0.364 billion [1] - In the first half of 2025, the company reported revenue of 2.249 billion and net profit of 0.203 billion, with computing chip revenue growing by 15.59% [2] - For Q2 2025, revenue was 1.189 billion, reflecting an 8.10% year-over-year increase and a 12.13% quarter-over-quarter increase, while net profit was 0.129 billion, up 17.22% year-over-year and 74.83% quarter-over-quarter [2] Group 4: Shareholder Activity - Prior to the IPO application, a major shareholder, Beijing Yitang Shengxin, reduced its stake by 0.999999% from July 18 to September 12, 2025, selling 4.8254 million shares [2] - The shareholder's stake decreased from 14.43% to 7.999991%, with a total reduction of approximately 21.9435 million shares over the past year [2] - Other shareholders, including Beijing Sihai Junxin and controlling shareholder Li Jie, also announced plans to reduce their holdings, totaling around 2.53 million shares [2]

Core Viewpoint - Luxshare Precision officially submitted its listing application to the Hong Kong Stock Exchange on August 18, aiming to raise over $1 billion (approximately 7.18 billion RMB) in its IPO, following other key players in the Apple supply chain [1][3]. Group 1: Company Overview - Founded in 2004 by Wang Laichun, Luxshare Precision has transformed from a small factory to the fourth largest precision manufacturing company globally, with a market value that has significantly increased since its initial public offering in 2010 [3]. - The company is projected to achieve revenues of 268.795 billion RMB and a net profit of 14.579 billion RMB in 2024, maintaining its position as the leading precision manufacturing solution provider in mainland China [3][8]. - Luxshare's components are integrated into every two smartphones, every three smartwatches, and every five electric vehicles globally, serving top brands like Apple, Huawei, and Tesla [3]. Group 2: Strategic Intentions Behind the IPO - The IPO is a strategic move for Luxshare to implement its global expansion plans, with funds primarily allocated to optimizing production bases, enhancing consumer electronics capacity, and investing in smart manufacturing and R&D [5][10]. - Recent acquisitions include a 4.389 billion RMB purchase of a business from Wingtech Technology to strengthen its customization capabilities in consumer electronics, and a 4.4 billion RMB acquisition of the German company Leoni Group to enter the high-end automotive wiring harness market [5][6]. Group 3: Financial Health and R&D Investment - Luxshare maintains a robust financial position, with a gross margin stable at 10%-12% from 2022 to 2024 and a compound annual growth rate of net profit at 19.3% [8]. - As of the first quarter of 2025, the company had cash reserves of 50.244 billion RMB and a debt-to-asset ratio below the industry average, showcasing strong risk resilience [8]. - The company invests significantly in R&D, with expenses reaching 8.556 billion RMB in 2024, accounting for 3.2% of revenue, and holds over 6,996 patents [8]. Group 4: Diversification and Future Prospects - Luxshare is reducing its dependency on a single client, with the share of revenue from consumer electronics decreasing from 85% in 2022 to 72% in 2024, while automotive electronics revenue has grown at a rate of 49.6% over three years [10]. - The company is also venturing into emerging sectors such as AI terminals and low-altitude economy components, with ongoing projects in lightweight battery modules and robotic joint motors [12]. - Chairman Wang Laichun emphasizes the company's ambition to not only follow industry trends but to create them, aiming to become a "super interface" connecting the physical and digital worlds [12].

Core Viewpoint - Deep Blue Automotive is accelerating its development as a new independent central enterprise under Changan Automobile Group, focusing on becoming a world-class electric vehicle brand through product innovation, technology advancement, and global expansion [1][2]. Group 1: Leadership and Product Launches - On September 8, Deep Blue Automotive announced Jiang Hairong as the new CEO, with Chairman Deng Chenghao emphasizing collaboration to enhance the brand's global standing [1]. - The company has had a busy product launch schedule, debuting the new Deep Blue S07 and the refreshed Deep Blue S05 520 electric version at the Chengdu International Auto Show in late August [1]. - At the autumn global product launch on September 8, Deep Blue unveiled five new products, including the pre-sale of the Deep Blue S07 and the launch of the Deep Blue S09 with Huawei's advanced ADS4 intelligent driving system [1]. Group 2: Technological Innovations - In the context of increasing competition in the global automotive industry, Deep Blue Automotive is focusing on mastering core technologies through independent innovation and deep collaboration [2]. - The company has developed proprietary technologies such as the "Micro-core High-frequency Pulse Heating Technology" to alleviate low-temperature concerns for northern users and the "Super Range Extender" technology to provide economical and convenient solutions in areas with limited charging infrastructure [2]. - Deep Blue is collaborating with Huawei to integrate the Huawei Dry Kun ADS SE intelligent driving system into mainstream SUVs and sedans, with an upgraded version in the higher-end Deep Blue S09 [2]. Group 3: Global Expansion Strategy - Deep Blue Automotive is transitioning from a "product export" model to a "system output" approach in its globalization strategy, emphasizing localized operations across various markets [2][3]. - The company has localized production of the S05 model at its Rayong factory in Thailand and made over a hundred adaptive modifications to meet local regulations and user preferences [3]. - Deep Blue has achieved market coverage in over 70 countries and regions within a year and a half, with plans to expand to 150 countries and regions in the future [3]. - The company aims to launch 30 new models over the next five years, reinforcing its commitment to technological self-reliance and enhancing its competitiveness in the global new energy vehicle market [3].