PresentationKristian TeärCEO & Member of the Executive Board Hello, everyone, and thank you for joining the call. With me today, as always, is our CFO, Nikolaj Wendelboe. As reported during our last webcast, we are now publishing trading statements for Q1 and Q3 instead of a full quarterly report. Today, I will begin by outlining our key highlights for the past quarter and providing an overview of our business performance as it aligns to our strategy. Following that, Nikolaj will take us through the financi ...

Group 1 - The core viewpoint of the article highlights that Pacific Securities has given a "buy" rating for the company "漫步者" (002351.SZ) with a current price of 14 yuan, based on its stable revenue performance and rapid growth in sound and overseas income in the first half of 2025 despite pressure on earnings [1] - In Q2 2025, the company's gross profit margin is expected to be under short-term pressure, but the sales expense ratio is being managed reasonably [1] Group 2 - The article mentions a significant market reaction to Nvidia's stock price drop, resulting in a market value loss of 1.28 trillion yuan, attributed to a perceived performance gap of 200 million USD, which has caused investor panic [1]

Group 1 - The core point of the article is that Huiwei Technology reported significant financial growth for the first half of 2025, with a notable increase in both revenue and net profit [1] - The company achieved operating revenue of 127,232,574.20 yuan, representing a year-on-year growth of 32.23% [1] - The net profit attributable to shareholders reached 8,812,924.85 yuan, showing a remarkable year-on-year increase of 437.20% [1]

Group 1 - The core viewpoint of the article highlights Huawai Technology's significant revenue growth and return to profitability in the first half of 2025 compared to the same period in 2024 [1] - In the first half of 2025, the company's operating revenue was approximately 127 million yuan, representing a year-on-year increase of 32.23% [1] - The net profit attributable to shareholders was approximately 8.81 million yuan, with basic earnings per share of 0.0599 yuan, contrasting with a net loss of 2.61 million yuan and a loss per share of 0.0178 yuan in the same period of 2024 [1] Group 2 - As of the report, Huawai Technology's market capitalization stands at 2.8 billion yuan [2]

Company Overview - Huawai Technology experienced a decline of 5.05% on August 28, with a stock price of 18.98 CNY per share, a trading volume of 113 million CNY, a turnover rate of 7.70%, and a total market capitalization of 2.802 billion CNY [1] - The company, established on June 24, 1997, and listed on July 21, 2017, is located in Zhuhai, Guangdong Province, and specializes in the research, production, and sales of various audio equipment and speakers [1] - The revenue composition of Huawai Technology includes: professional audio series 30.95%, home theater series 26.27%, public broadcasting series 19.33%, multimedia series 8.29%, others 5.37%, speaker series 4.23%, development services 3.20%, car audio series 1.47%, and headphone series 0.89% [1] Shareholder Analysis - Among the top circulating shareholders of Huawai Technology, a fund under Dacheng Fund holds a significant position. The Dacheng CSI 360 Internet + Index A (002236) increased its holdings by 184,000 shares in the first quarter, totaling 772,600 shares, which accounts for 1% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 780,300 CNY [2] - The Dacheng CSI 360 Internet + Index A (002236) was established on February 3, 2016, with a latest scale of 698 million CNY. Year-to-date returns are 34.52%, ranking 670 out of 4222 in its category; the one-year return is 94.57%, ranking 303 out of 3776; and since inception, the return is 217.27% [2]

Core Insights - Shenzhen Shaoyin Hearing Trading Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a focus on the audio and medical equipment sectors [1] Company Overview - The company is engaged in a wide range of activities including the sale and manufacturing of audio equipment, home audio-visual equipment, and household appliances [1] - It also involves in the research and development of household appliances and mechanical equipment, as well as the sale of electronic products and components [1] - The company has a diverse service offering that includes technical services, design services, and rental services for various equipment [1] Regulatory Aspects - The company is authorized to operate in specific licensed areas, including the production and sale of Class II and Class III medical devices, which require approval from relevant authorities [1] - The operational scope is subject to legal regulations, and activities must be conducted in accordance with the business license [1]

Core Concept - The Partyhouse Starship series home theater sound system has been launched, combining technology and aesthetics to deliver a cinema-level sound experience without occupying much space [1]. Group 1: Audio Performance - The SC-20A decoding integrated amplifier features high-fidelity audio with a power output of 5×150W, supporting Dolby Audio technology for a cinematic surround sound experience [3]. - Frequency response ranges from 20Hz to 20KHz, providing deep low frequencies and clear high frequencies with rich details [3]. - Total harmonic distortion is less than 0.05%, and the signal-to-noise ratio exceeds 100dB, ensuring pure and uncolored sound quality [3]. Group 2: Professional Karaoke Entertainment System - The system includes a professional karaoke chip and high-sensitivity microphone input, allowing for easy switching to karaoke mode and compatibility with major karaoke platforms [6]. - It serves as a multifunctional audio-visual center, supporting 4K/60Hz ultra-clear transmission and HDCP 2.2 content protection for smooth video quality [6]. Group 3: Smart Connectivity - The system supports wireless surround expansion and voice control, simplifying connections and making it user-friendly for all ages [8]. - It features an open system with a powerful quad-core ARM Cortex A55 CPU, 2GB RAM, and 16GB flash storage, allowing for external hard drive expansion and installation of third-party applications [9]. Group 4: Efficient Hardware Design - The aluminum alloy chassis and efficient heat dissipation structure ensure stable operation over long periods, extending the device's lifespan [10]. - It includes a variety of input/output interfaces such as HDMI, USB, and RS232, supporting a one-stop connection for home theater devices [10]. Group 5: User Experience Optimization - The system offers multiple input methods and remote control via mobile devices, enhancing user convenience [12]. - It seamlessly integrates with the Partyhouse smart home system, creating an immersive home entertainment center [12]. Group 6: Subwoofer Performance - The SC-10B active subwoofer delivers 300W dynamic power with a 10-inch driver, achieving a low-frequency response down to 40Hz for an immersive experience [13]. - It features ultra-low distortion technology, maintaining clarity even at high volumes, ensuring every low-frequency detail is discernible [13]. Group 7: Acoustic Design - The subwoofer's cabinet is made of high-strength plywood to effectively suppress resonance and enhance low-frequency response [15]. - It intelligently matches the main speaker frequency range, expanding the overall sound field for a natural transition between sound elements [15]. Group 8: Surround Sound Speakers - The SC-20F/C main and center speakers, along with SC-10F surround speakers, utilize aerospace-grade aluminum alloy for improved heat dissipation and durability [18]. - The speakers feature a dual-unit hybrid design, providing a peak power of 240W and a wide frequency response for cinema-level sound effects [20]. Group 9: Wireless Microphone - The AVK-817SE wireless microphone features a convenient charging dock design, allowing for automatic charging and extended battery life [26]. - It offers a long usage time of up to 8 hours, suitable for high-intensity events and gatherings [28]. Group 10: Packaging and Components - The Starship series includes a comprehensive package with all necessary components such as the main unit, remote control, microphones, and cables [36][37].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global soundbar market is projected to grow from USD 10.1 billion in 2021 to USD 30.4 billion by 2027, with a compound annual growth rate (CAGR) of approximately 20% [6] - The Chinese soundbar market has significant growth potential due to rising consumer living standards and increasing demand for home entertainment [5] - The overall audio hardware market in China is expected to stabilize and grow in 2023, reaching 240 million units sold, a year-on-year increase of 9.1% [12] Summary by Sections Section 1: Global and Chinese Market Share Analysis - Soundbars are popular in developed regions, with North America, Western Europe, and developed Asia-Pacific accounting for 35%, 19%, and 22% of sales, respectively [4] - In contrast, the penetration rate in China and other developing regions is below 5% [4] Section 2: Upstream Raw Materials and Downstream Market Analysis - The Chinese Bluetooth audio market saw a decline in sales volume from 260 million units in 2021 to 220 million in 2022, a decrease of 16.2% [10] - The report anticipates a recovery in the Chinese soundbar market in 2023, with sales expected to reach 875,000 units, a growth of 2.9% [35] Section 3: Global and Chinese Soundbar Industry Chain Analysis - The soundbar industry chain consists of upstream component suppliers, midstream manufacturers and brand owners, and downstream channels and consumers [36] - The competitive landscape in the Chinese Bluetooth audio market is intense, with over 500 brands competing [23] Section 4: Industry Development Opportunities and Risks Analysis - The report highlights the importance of technological innovation and product upgrades to meet consumer demands for better sound quality and smart features [55] - The soundbar market is expected to benefit from the increasing popularity of home entertainment systems and advancements in audio technology [55] Section 5: Global and Chinese Soundbar Industry Development Opportunities and Barriers Analysis - The report emphasizes the need for soundbar manufacturers to focus on product differentiation and quality to capture market share [43] - The integration of smart technologies and the rise of AIoT are expected to drive new product developments in the soundbar market [55]

Group 1 - The automotive industry is undergoing a "cabin acoustics revolution," focusing on enhancing sound quality in vehicles, driven by the rise of electric and autonomous vehicles [1][2] - Modern consumers prioritize high-quality audio experiences in cars, with over 90% of music subscription users considering high sound quality a necessity and willing to pay extra for it [2] - The evolution of in-car audio has a historical context, with significant milestones such as the introduction of AM radios in the 1930s and CD players in the 1980s, leading to the current demand for immersive audio experiences [1] Group 2 - Luxury car brands have increasingly partnered with top audio companies, and the aftermarket for high-end audio systems remains robust, often costing thousands of dollars [2] - The "Z Generation" expresses a strong desire for immersive music experiences in vehicles, rejecting subpar audio quality [2]

Group 1 - The core viewpoint of the report is that Guoguang Electric Co., Ltd. is facing challenges in the progress of its fundraising projects, particularly in the automotive audio project and VR machine project, which have not met the expected investment timelines and amounts [1][4][5] - The company reported a net profit of 244 million yuan, a year-on-year decrease of 21.79%, primarily due to a loss of control over an investment in a subsidiary, which previously contributed significant investment income [1][4] - The company has been urged by its sponsor to ensure timely use of raised funds and to disclose any delays in project progress [1][4][5] Group 2 - The company has held multiple board meetings to address the delays in fundraising projects, including a resolution to extend the timeline for these projects and to change the use of funds from the automotive audio project to a production project in Vietnam [4][6][7] - The company is actively communicating with the industrial park company regarding overdue financial assistance and is considering legal actions to recover the funds [4][7] - The company has conducted training on standardized operations for listed companies, indicating a focus on compliance and governance [5]