本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊發。 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 之 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 份 內容而產 生或因倚 賴 該等內容而引致之 任何損 失承 擔 任 何 責任 。 Lens Technology Co., Ltd. 藍 思 科 技 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 ） （股份代號：6613） 海外監管公告 茲載列藍思科技股份有限公司（「本公司」）於深圳證券交易所網站(www.szse.cn)及巨潮資訊網 (www.cninfo.com.cn)刊登的公告如下，僅供參閱。 承董事會命 藍思科技股份有限公司 董事長 周群飛 香港，2026 年 3 月 30 日 於本公告日期 ， 本公司董 事 會成員包括 執 行董 事 周群飛女士 、 鄭俊龍先 生 及饒橋兵 先 生； 及獨立非 執 行董 事 萬煒女士 、 劉岳 先生 、 田宏先生及汤湘希先生 。 蓝思科技股份有限公司 2025 年度董事会工作报告 一 ...

Summary of the Conference Call for Farah Electronics Company Overview - **Company**: Farah Electronics - **Industry**: Electronics, specifically focusing on new energy applications, industrial control, and AI server power solutions Key Points Revenue Structure and Growth Drivers - In 2025, the revenue structure is expected to be dominated by: - New Energy Vehicles (57%) - Photovoltaic and Energy Storage (22%) - Industrial Control (15%) - Wind Power (approximately 3%) - Consumer Products (2-3%) [2][3] - The company anticipates double-digit revenue growth in 2026, driven by the new energy application market, data center market, smart grid market, and public market [2][3][6] Profitability and Margin Trends - The gross margin for 2025 is expected to decline by over 1 percentage point due to: - Increased proportion of low-margin automotive business - Rising metal prices [2][4][5] - The gross margin is projected to remain under pressure in 2026 due to ongoing increases in chemical materials and copper prices [4][5][9] Business Segment Performance - Revenue growth rates for 2025 are projected as follows: - New Energy Vehicles: 17-18% - Industrial Control: approximately 13% - Photovoltaic and Energy Storage: slightly above 10% - Consumer products are expected to decline, with lighting experiencing double-digit declines and home appliances down over 9% [4][6][23] Market Outlook - The growth rate for the new energy vehicle and photovoltaic sectors is expected to slow in 2026, with the industry projected to grow by around 15% [6][15] - The industrial control sector is expected to exceed a growth rate of 13-14% due to rapid growth in sub-segments like power grid and rail transit [6][23] Cost Management and Pricing Strategy - The company has implemented cost control measures, including efficiency improvements and negotiations with customers to share cost increases [5][15][30] - Pricing adjustments will be product-specific rather than uniform across the board, reflecting the competitive landscape [15][20][34] Production Capacity and Expansion Plans - Current capacity utilization is high for photovoltaic, energy storage, and industrial control sectors, while new energy vehicle capacity is at 70-80% [12][13] - Expansion plans for 2026 will focus on new energy vehicles, power grid, and rail transit, with production decisions based on specific order situations [12][13][33] Emerging Technologies and Applications - The AI server power solutions are still in the testing phase, with increased usage of film capacitors expected but not reaching rumored tenfold increases [7][14][35] - The value of film capacitors in high-voltage direct current (HVDC) applications is estimated at approximately 1.5-2 billion yuan per converter station [38] Competitive Landscape - The market for new energy vehicles remains competitive, with price pressures expected to continue [15][36] - The company is actively engaging with major manufacturers in the industrial control sector, indicating a broad customer base [14][36] Conclusion - Farah Electronics is positioned for growth in the new energy and industrial control sectors, with a focus on managing costs and expanding capacity in response to market demands. The company is navigating challenges related to profitability and competitive pricing while exploring new technologies in the AI server and energy sectors.

Summary of the Conference Call on Farah Electronics Industry and Company Overview - **Company**: Farah Electronics - **Industry**: Film Capacitors in Renewable Energy and AIDC (Artificial Intelligence Data Center) - **Market Position**: - Global market share in photovoltaic (PV) approximately 70% - Energy storage market share between 50%-60% - Wind power market share around 50% - Electric vehicle market share increased to approximately 30% [1][2] Core Insights and Arguments - **Transition to SST**: The evolution of AIDC power from HVDC to SST is expected to increase the value of film capacitors from 0.05 CNY/W to 0.1 CNY/W, representing a 10-20 times increase [1] - **Market Potential**: By 2030, SST penetration is projected to reach 25% (50 GW), corresponding to a market size of 5 billion CNY. With a 70% market share, Farah Electronics could generate an additional 1 billion CNY in net profit [1] - **Profitability Inflection Point**: Revenue is expected to bottom out and recover by Q3 2024, with a rebound in bidding prices for automotive capacitors in early 2025, leading to significant improvements in profitability by 2026 [1] - **Cost Optimization**: The self-manufacturing rate of busbars is planned to increase from 50% to 70%, which is expected to enhance gross margins by 3-4 percentage points. The release of base film production capacity in 2026 will further reduce costs [1][5] Additional Important Insights - **New Business Opportunities**: Breakthroughs in ultra-high voltage flexible direct current converter film capacitors are expected to contribute to performance by 2026 [1] - **SST as a Key Application**: Film capacitors are critical components in SST due to their high voltage tolerance, large capacity, long lifespan, and self-healing properties, making them ideal for high-frequency switching environments [3] - **Value Increase in SST**: The value of film capacitors in SST applications is projected to increase tenfold to 50 million CNY/GW, with potential total value reaching 100 million CNY/GW by including additional capacitor needs [4] - **Revenue Growth Trends**: Revenue is expected to show a clear turning point starting Q3 2024, driven primarily by the electric vehicle sector. The company’s customized products are aligned with new model launches, providing strong revenue certainty [5] - **Profitability Improvement Drivers**: Improvements in profitability are anticipated from cost reductions in raw materials, particularly base films and busbars, with a projected decrease in procurement costs by 2026 [5] Conclusion Farah Electronics is positioned to capitalize on significant growth opportunities in the renewable energy sector, particularly through advancements in SST technology and AIDC applications. The company's strategic focus on cost optimization and market expansion is expected to enhance its profitability and market share in the coming years.

Group 1 - The core viewpoint of the article highlights that 建滔积层板 (Kangtai Laminated Board) has reported a significant increase in both revenue and profit for the year, with a revenue of 20.4 billion HKD, representing a 10% year-on-year growth, and a profit attributable to shareholders of 2.442 billion HKD, which is an 84.16% increase compared to the previous year [3] - The company plans to expand its production capacity of specialty glass fiber cloth to 2,000 tons by mid-year, with an additional increase of 4,000 tons expected by the end of this year or early 2027 [3] - The demand for AI computing power is driving a new cycle of growth in the PCB industry, with expectations for price and volume increases, particularly in the upstream sector [3] Group 2 - The report from Northeast Securities indicates that the continuous price increase of CCL (Copper Clad Laminate) is primarily driven by demand and upstream inflation [3] - It is anticipated that the prices of key raw materials such as copper, resin, and glass fiber cloth will show a fluctuating upward trend in the first half of 2025, contributing to ongoing cost pressures [3] - Several copper-clad board manufacturers have raised their product prices in response to the sustained increase in costs, indicating a positive outlook for the performance of upstream materials like copper foil, electronic cloth, and resin [3]

Group 1 - The core viewpoint of the article highlights that 建滔积层板 (Kangtai Laminated Board) has reported a significant increase in revenue and profit, with a 10% year-on-year growth in revenue to HKD 20.4 billion and an 84.16% increase in profit attributable to shareholders to HKD 2.442 billion [1] - The company plans to expand its production capacity of specialty glass fiber cloth to 2,000 tons by mid-year, with an additional increase of 4,000 tons expected by the end of this year or early 2027 [1] - The revenue contribution from specialty glass fiber cloth is projected to reach 3% this year and 12% next year, according to 大华继显 (Daiwa Capital Markets) [1] Group 2 - Northeast Securities has released a report indicating that the demand for AI computing power is driving the PCB industry into a new cycle of simultaneous volume and price increases, with the upstream sector of PCB becoming the largest area of expected growth [1] - The report notes that the continuous price increase of CCL (Copper Clad Laminate) is primarily driven by demand and upstream inflation, with prices of key raw materials such as copper, resin, and glass fiber cloth expected to show a fluctuating upward trend in the first half of 2025 [1] - Under the pressure of rising costs, multiple copper-clad board manufacturers have raised their product prices, and the performance of upstream materials like copper foil, electronic cloth, and resin is anticipated to improve significantly [1]

Group 1: AI Server Solutions - The company focuses on providing comprehensive power supply solutions for AI server chips, including primary, secondary, and tertiary power sources for various xPU chips, network cards, memory, and SSDs [2] - The company offers a range of products such as integrated power inductors, assembled power inductors, ultra-thin copper magnetic co-fired power inductors, and tantalum capacitors [2] - The transition from traditional servers to AI servers has increased power consumption, necessitating higher performance and power density from components [2] Group 2: TLVR Inductor Products - The TLVR inductor concept emerged to meet the increasing power demands of AI servers, as traditional VR structures struggle with high current loads [3] - TLVR inductors show significant performance and price improvements over non-TLVR types, indicating a potential increase in value for magnetic components in AI servers [3] - The company has proactively developed various TLVR inductor products, positioning itself at the forefront of the industry [3] Group 3: Tantalum Capacitor Business - The company has invested in the tantalum capacitor sector for years, developing new structures that enhance size and performance [3] - New tantalum capacitor products are designed to meet customer demands for miniaturization, thinness, and high capacitance, with applications in high-end consumer electronics, enterprise eSSD, AI data centers, automotive electronics, and industrial control [3] Group 4: Automotive Electronics Growth - Automotive electronics represent a significant emerging strategic market for the company, with a positive outlook for growth [4] - The company is actively investing in new product research and development to maximize customer resource advantages and provide comprehensive solutions for automotive clients [4] - The rapid growth of new products and businesses is expected to continuously support the company's automotive electronics segment [4] Group 5: Impact of Raw Material Price Increases - The company has reduced the proportion of precious metals in raw material costs through effective supply chain management and process improvements [4] - Recent surges in precious metal prices have led the company to negotiate with clients to share some of the cost pressures [4] - The company aims to mitigate the impact of raw material price volatility through technological and process innovations [4] Group 6: Capital Expenditure Planning - The company operates in a capital-intensive industry with ongoing expansion needs, requiring significant funding [4] - Continuous investment in capacity is necessary due to the rapid development of new businesses and fields [4] - The company prioritizes R&D investment, with a long-term trend of increasing R&D expenditures [4] - Recent capital expenditures have focused on infrastructure construction for industrial parks, with a slowdown expected in future investments as these projects complete [4]

Core Viewpoint - The stock prices of Kwan Tong Group and Kwan Tong Laminated Board have declined following the announcement of a share placement, which is expected to dilute the group's ownership in the subsidiary [1] Group 1: Stock Performance - Kwan Tong Group's stock fell by 5.1%, trading at HKD 37.56 [1] - Kwan Tong Laminated Board's stock decreased by 3.63%, trading at HKD 21.22 [1] Group 2: Share Placement Details - Kwan Tong Group plans to place up to 130 million shares of Kwan Tong Laminated Board at a discount of approximately 8.7%, representing about 4.15% of the total issued share capital [1] - Post-transaction, Kwan Tong Group's ownership in Kwan Tong Laminated Board will decrease from 71.10% to 66.95%, while Kwan Tong Laminated Board remains a subsidiary [1] Group 3: Company Strategy - The company believes that the share placement will enhance the liquidity of the shares in the market, broaden the shareholder base, and promote more active trading, thereby improving the overall market image of the company [1]

Core Viewpoint - The article highlights the strong financial performance of 建滔积层板 (Kingboard Laminates) for the year 2025, showcasing significant growth in revenue and net profit, driven by price increases in their core products and a stable supply chain [4][5]. Financial Performance - In 2025, the company achieved a revenue of HKD 20.4 billion, representing a year-on-year increase of 10.0%. The gross profit reached HKD 3.991 billion, up 21.7%, with a gross margin of 19.6%, an increase of 1.9 percentage points year-on-year. The net profit was HKD 2.442 billion, reflecting an impressive growth of 83.6%, with a net margin of 12.0%, up 4.8 percentage points [5]. - The revenue from the main business segments showed double-digit growth, with the copper-clad laminate segment generating HKD 20.225 billion, a 10.5% increase. However, revenue from property and investment segments declined by 38.7% and 11.4%, respectively [6]. Dividend Announcement - The company announced a regular dividend of HKD 0.25 per share and a special dividend of HKD 0.28 per share, resulting in a total dividend yield of 5.16% based on the closing price as of December 31, 2025 [6]. Price Trends and Supply Chain - The price of copper-clad laminates continues to rise, influenced by the increase in raw material costs. Major companies in the industry, such as Resonac and Mitsubishi Gas Chemical, have announced price hikes for their products. Kingboard has also implemented multiple price increases since 2025 due to soaring prices of epoxy resin and other chemical products, alongside high copper prices [7]. - The company has demonstrated strong supply chain stability and cost control capabilities, which have allowed for continuous price increases and profit margin enhancement. The company is expanding its production capacity for electronic fiberglass yarn and cloth, which is expected to further support profitability [8].

Group 1 - Citigroup has raised the earnings per share forecast for Kingboard Laminates (01888) by 7% to 11% for 2026 and 2027, reflecting the growth in AI fiber and electronic glass fiber businesses [1] - The expected compound annual growth rate for earnings from 2026 to 2028 is projected to be 46% [1] - The target price has been increased from HKD 28 to HKD 30, corresponding to a forecasted price-to-earnings ratio of 25 to 26 times for this year, with a "Buy" rating [1] Group 2 - The gross margin for Kingboard Laminates is expected to expand from 17.7% in 2024 to 19.6% in 2025, slightly below expectations [1] - The company declared a final dividend and a special dividend, resulting in an annual payout ratio of 87%, exceeding the forecasted 50% [1] - The company is anticipated to benefit from the current investment boom in AI servers, amid a significant shortage of AI fibers [1]

Core Viewpoint - 建滔集团 reported strong financial results for the year ending December 31, 2025, with significant increases in revenue and profit, driven by robust demand in the electronics market, particularly in AI-related products [1] Financial Performance - The company achieved a revenue of 45.375 billion HKD, representing a year-on-year increase of 5% [1] - Profit attributable to shareholders was 4.402 billion HKD, a substantial increase of 169.98% compared to the previous year [1] - Basic earnings per share were reported at 3.971 HKD [1] - The company proposed a final dividend of 1.11 HKD per share and a special final dividend of 0.40 HKD per share [1] Market Demand and Product Performance - The overall demand in the electronics market remained strong, with rapid development in high-end sectors such as artificial intelligence (AI) [1] - There was a robust demand for emerging electronic products related to AI, including copper-clad laminates and upstream materials like AI electronic glass fiber yarn, AI electronic glass fiber cloth, and copper foil [1] - The prices of copper-clad laminates and related upstream materials saw significant increases, along with growth in sales compared to the same period in 2024, contributing to higher profits in the copper-clad laminate segment [1] - The business environment for the copper-clad laminate industry chain continued to improve [1]