Financing Information - Zhejiang Zhongling Technology Co., Ltd. has recently completed a C-round financing of over 400 million RMB, marking the largest single financing round in the domestic FMM industry [1] - The leading investor is Shenzhen Capital Group, with participation from China Jianyin Investment, Yida Capital, Guangdong Science and Technology Finance, and others [1] - 50% of the funds will be used for R&D, 30% for G8.6 generation FMM capacity expansion and overseas market layout, and 20% for working capital and IPO reserves [1] Company Overview - Established in September 2020, the company is located in Haining, Zhejiang Province [1] - The company is the only domestic entity capable of mass production of 20μm FMM products, with a 100% domestic supply chain for Invar materials [2] Market Potential - The global FMM market is nearly 10 billion RMB, with over 90% of the market share historically dominated by Japanese company DNP [5] - The shift towards larger OLED displays in products like tablets and laptops presents significant opportunities for domestic FMM production [5] Company Performance - Revenue has grown from millions in 2022 to several hundred million in 2023, with projections to exceed 1 billion in 2024 and double by 2025, indicating an average growth rate of nearly 600% [6] - The company holds over 60% of the domestic FMM market share and has validated its products with major AMOLED panel manufacturers [6] Technical Capabilities - The core team consists of experienced professionals from leading semiconductor panel manufacturers, covering the entire supply chain from Invar material development to mass production testing [7] - The company has achieved mass production of 20μm FMM, supporting flagship products like the Xiaomi 17 Pro Max [4] Strategic Goals - The company aims to launch an 18μm ultra-thin FMM product by 2026, with a commitment to continuous product iteration [14] - Plans to capture over 50% of the domestic FMM market and expand into international markets starting in 2025 [14] New Business Development - The company is exploring new business opportunities in the semiconductor and renewable energy sectors, particularly in the printing materials for photovoltaic cells [15] Investment Perspective - Deep Venture Capital views Zhongling Technology as a key player in breaking the long-standing Japanese monopoly in the OLED FMM market, highlighting its potential for future growth and technological advancement [17]

Core Insights - Astera Labs reported preliminary financial results for Q3 2025, achieving record revenue of $230.6 million, a 20% increase quarter-over-quarter and a 104% increase year-over-year, surpassing analyst expectations of $206.5 million [1] - The company achieved a GAAP net profit of $91.1 million and a non-GAAP net profit of $88.2 million, compared to a net loss of $7.593 million in the same period last year, marking a significant turnaround [1] - The revenue growth was primarily driven by increased production across multiple product lines in AI platforms, with strong demand for signal conditioning, smart cable modules, and switch fabric products [1] Financial Performance - GAAP gross margin was 76.2%, while non-GAAP gross margin was 76.4% [1] - GAAP operating income was $55.4 million, with a corresponding operating margin of 24.0%, and non-GAAP operating income was $96.1 million, with an operating margin of 41.7% [1] Recent Developments - The company completed the acquisition of aiXscale Photonics GmbH to enhance its photonic scalable solution development capabilities [2] - Astera Labs showcased a full suite of connectivity solutions based on open standards at the 2025 OCP Global Summit, emphasizing its vision for AI rack-level solutions [2] - The company has formed partnerships with over 30 industry players, including AMD and Arm, to promote innovation within an open ecosystem [2] Future Outlook - For Q4, the company expects revenue to reach between $245 million and $253 million, with non-GAAP diluted earnings per share projected at approximately $0.51, exceeding market expectations of $0.42 [2] - GAAP earnings per share are anticipated to be $0.20, slightly below the expected $0.25 [2] - Strong demand for PCIe 6 and significant growth expected for Taurus Ethernet smart cable modules are highlighted as key drivers for the upcoming quarter [2]

Core Insights - AMD is positioned as a significant competitor to Nvidia in the AI GPU market, with expectations of capturing a substantial share of Nvidia's market dominance [1][10] - Recent partnerships with OpenAI and Oracle have heightened market optimism regarding AMD's growth potential and valuation [2][11] - Despite strong Q3 performance, AMD's forward guidance has not met market expectations, leading to a decline in stock price post-earnings report [3][6] Financial Performance - AMD's Q3 revenue increased by 36% year-over-year to $9.25 billion, surpassing Wall Street's average expectation of $8.7 billion [6] - The company reported a significant operating profit increase of 75% to $1.27 billion, with adjusted earnings per share of $1.20, exceeding analyst expectations [6][7] - Q4 revenue guidance is set at $9.6 billion, with a gross margin expectation of 54.5%, aligning with analyst forecasts but falling short of some higher predictions [2][3] Market Position and Strategy - AMD's data center business, which competes directly with Nvidia's offerings, saw a 22% revenue increase to $4.3 billion, outperforming analyst expectations [6][8] - The company is also gaining market share in the PC and gaming sectors, with a 73% revenue increase in related business segments [6][7] - AMD's strategic partnerships are aimed at enhancing its AI GPU offerings and expanding its market presence against competitors like Nvidia and Intel [8][11] Future Outlook - AMD's CEO expressed optimism about significant revenue growth from AI-related businesses, projecting "hundreds of billions" in annual revenue by 2027 [7] - The collaboration with OpenAI includes a multi-year supply agreement for 6GW of AI GPU capacity, indicating strong future demand for AMD's products [11][12] - The performance leap of the MI450 GPU, featuring advanced specifications, positions AMD to compete effectively in the high-performance AI market [12]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has celebrated its seventh anniversary, having been established to support "hard technology" companies and deepen institutional reforms [1] - As of now, there are 592 listed companies on the STAR Market, raising a total of 934.6 billion yuan through IPOs and 208.8 billion yuan through refinancing, exceeding 1.1 trillion yuan in total [1] - The revenue and net profit of STAR Market companies have shown strong growth, with compound annual growth rates of 18% and 9% respectively over the past five years [1] Group 1: Institutional Support for Hard Technology - The STAR Market has created a multi-dimensional and inclusive listing system that supports the development of new productive forces, as evidenced by the recent listings of unprofitable companies [3] - Currently, there are 57 unprofitable companies listed on the STAR Market, with 22 of them achieving profitability [3] - The 35 companies in the STAR Market's growth tier reported a 35.09% year-on-year increase in revenue, while their net profit saw a reduction in losses by 57.24% [3] Group 2: Industry Cluster Effects - The STAR Market has fostered a demonstration and clustering effect in industries such as integrated circuits and biomedicine, creating a collaborative development matrix [6] - Over 120 integrated circuit companies are listed on the STAR Market, covering all aspects of the industry chain, which enhances the autonomy of China's integrated circuit sector [6] - Leading companies like SMIC have raised significant funds through IPOs, which not only support their own R&D but also drive the development of upstream and downstream enterprises [6] Group 3: R&D Investment and Innovation - The total R&D investment of STAR Market companies is projected to reach 168 billion yuan in 2024, which is over three times their net profit [7] - In the first three quarters of this year, R&D investment totaled 113.35 billion yuan, 2.6 times the net profit, with a year-on-year growth of 9.01% [7] - A significant number of STAR Market companies rank first globally or nationally in their respective fields, with over 30% of products or projects being innovative [7] Group 4: Capital Market Reforms - The STAR Market has served as a "testing ground" for capital market reforms, providing replicable experiences for other markets [9] - The implementation of the "1+6" reform measures aims to further enhance the STAR Market's role in supporting new productive forces and advancing high-level technological self-reliance [9] - The establishment of the growth tier has improved financing channels for high-quality technology companies, facilitating their growth [9]

Financial Data and Key Metrics Changes - In Q3 2025, total revenue was $17.4 million, up 5% sequentially and 18% year-over-year, exceeding guidance [17] - Annual contract value plus royalties reached $74.9 million, a 24% year-over-year increase, marking a new record [18] - Remaining performance obligations were $104.7 million, representing a 34% year-over-year increase, surpassing the $100 million milestone for the first time [18] - Non-GAAP gross profit was $15.9 million, with a gross margin of 91% [18] - Non-GAAP operating loss was $3.5 million, in line with guidance [19] - GAAP net loss was $9 million, or diluted net loss per share of $0.21 [20] Business Line Data and Key Metrics Changes - AI applications accounted for over half of licensing dollars in Q3, indicating strong product adoption across multiple vertical markets [6] - FlexGen was deployed by multiple new customers, including in the automotive sector, highlighting its growing adoption [8][9] - The company saw increased adoption of chiplets for high-end automotive applications, with two of the top five EV automotive OEMs expanding their use of Arteris technology [11] Market Data and Key Metrics Changes - The semiconductor industry is shifting from traditional monolithic chips to chiplets for multi-die SoC architectures, particularly driven by AI workloads [10] - The company is experiencing a growing demand for advanced boundary nodes, particularly in the 5nm, 3nm, and 2nm processes [9] Company Strategy and Development Direction - The company aims to enhance its product portfolio and expand collaborations with major technology firms, as evidenced by partnerships with Altera and AMD [6][8] - Arteris joined the UALink Consortium to support the scaling of data center solutions, indicating a strategic focus on AI workloads [13] - Continuous innovation is a priority, with recognition received for its technology, including awards for innovative technology [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong deal execution and the potential for accelerated interest from major customers [21] - The company anticipates that AI workloads will drive significant growth, with expectations that data center applications will represent 25%-35% of future business [47] Other Important Information - The company ended the quarter with $56.2 million in cash and no financial debt, indicating a strong balance sheet [20] - Free cash flow was positive at $2.5 million for the quarter, above guidance [20] Q&A Session Summary Question: Can you talk more about Altera? - Management indicated that there are further opportunities with Altera, as they continue to evolve and grow [24] Question: What led to AMD's increased usage of your product? - Management noted that AMD has multiple groups, and the expansion reflects their satisfaction with the initial collaboration [25] Question: How important is reliability and safety in your interconnects? - Management emphasized that reliability is crucial, as any issues can lead to significant delays and problems for customers [26] Question: What is the timing for licenses from the UALink Consortium? - Management stated that they are already involved in designs and following the consortium's protocol to support data center scale-up efforts [30] Question: What is the royalty growth expectation? - Management explained that there is typically a 3-6 year lag between design starts and mass production, but they are seeing early signs of royalty growth [34][36] Question: How many top tech companies are customers? - Management indicated that they have penetrated over 50% of the top 40 semiconductor and system electronics companies, with significant room for growth [39][40]

Core Insights - The disclosure of A-share listed companies' Q3 2025 reports has revealed significant trading activities by prominent investors, particularly Ge Weidong and Zhang Jianping [1] Group 1: Investor Activities - Ge Weidong slightly reduced his holdings in Zhaoyi Innovation, yet the market value of his remaining shares still exceeds 3 billion yuan [1] - Zhang Jianping, after realizing substantial profits from Cambricon, increased his holdings by 320,200 shares in Q3, with a market value surpassing 8 billion yuan at the end of the period [1]

Market Overview - U.S. equities faced a significant downturn on November 4, 2025, with all three major indexes closing in the red, particularly the tech-heavy Nasdaq Composite, which led the declines [1][2] - The S&P 500 fell 1.2% to 6,771 points, while the Dow Jones Industrial Average decreased by 0.5% or approximately 238 points to 47,085, and the Nasdaq Composite dropped 2% to 23,348 [2] - The Cboe Volatility Index (VIX) surged 10% to 18.9, indicating increased investor apprehension amid concerns over valuations and a potential market correction [2] Economic Data and Events - The ongoing U.S. government shutdown is delaying key economic data releases, increasing focus on private sector data [3] - The ADP employment report is anticipated, which may provide insights into hiring trends following a dip in September [3] - The ISM Manufacturing PMI declined to 48.7 in October from 49.1 in September, marking the eighth consecutive month of contraction [4] Corporate Developments - Palantir Technologies (PLTR) saw a significant decline of 7.9% despite surpassing analysts' forecasts for sales and profit, raising concerns over high valuations [5] - Nvidia (NVDA) fell 4%, and Microsoft (MSFT) dipped 1%, reflecting growing concerns about the sustainability of the AI rally [5] - Uber Technologies (UBER) slumped 6.3% despite reporting better-than-expected financial results [5] - Yum! Brands (YUM) rose 6.1% after announcing strong quarterly results and considering selling its Pizza Hut unit [5] - Kinross Gold Corporation (KGC) reported robust third-quarter results, including record free cash flow and an increase in share buyback target and dividend [6] Earnings Announcements - Advanced Micro Devices, Inc. (AMD) is expected to report a 27.63% year-over-year increase in earnings per share [10] - Arista Networks, Inc. (ANET) is forecasted to see a 14.04% increase in earnings per share [10] - Axon Enterprise, Inc. (AXON) plunged 20% in after-hours trading following a Q3 earnings miss [10] - Digital Turbine (APPS) surged 22% in after-hours trading after reporting its FY 2026 Q2 earnings [10]

1 © 2025 Arteris, Inc. November 4, 2025 Disclaimer This presentation and the accompanying oral presentation have been prepared by Arteris, Inc. ("Arteris" or "the "Company") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or Arteris or any officer, director, employee, agent or advisor of Arteris. This presentation does not purport to be all-inclusive or to contain ...

Core Insights - Ouster, Inc. reported strong financial results for Q3 2025, achieving record shipments of over 7,200 sensors and marking the eleventh consecutive quarter of revenue growth [1][2]. Revenue Performance - The company generated quarterly revenue of $39.5 million, reflecting a 41% increase year over year and a 13% increase sequentially. This growth was primarily driven by demand from smart infrastructure, robotics, and industrial sectors [3][11]. - Significant use cases for the sensors include yard logistics, retail analytics, warehouse automation, last mile delivery, and mapping [3]. Gross Margin Analysis - Ouster's GAAP gross margin was reported at 42%, an increase of 400 basis points year over year but a decrease of 300 basis points sequentially. Non-GAAP gross margin improved to 47%, up 300 basis points year over year and down 400 basis points sequentially [4][19]. Financial Outlook - For Q4 2025, Ouster anticipates revenue between $39.5 million and $42.5 million [5]. Cash Position - As of September 30, 2025, Ouster had cash, cash equivalents, restricted cash, and short-term investments totaling $247 million [11]. Loss and Expenses - The net loss for the quarter was $22 million, which is an improvement of $4 million year over year and a decrease of $1 million sequentially. The adjusted EBITDA loss was $10 million, remaining flat year over year but declining by $4 million sequentially [11][19].

Core Viewpoint - The company, Suzhou Naxin Microelectronics Co., Ltd., is set to hold a performance briefing for the third quarter of 2025 on December 1, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on December 1, 2025, from 15:00 to 16:00 [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The meeting will be conducted in an interactive online format, allowing for real-time communication with investors [3][4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [5]. - A pre-collection of questions from investors will be open from November 24 to November 28, 2025, allowing them to submit inquiries via the website or email [5]. - The company will address commonly asked questions during the briefing [5]. Group 3: Company Representatives - Key personnel attending the meeting include the Chairman and General Manager, Wang Shengyang, the Board Secretary, Jiang Chaoshan, the Chief Financial Officer, Zhu Ling, and the Independent Director, Hong Zhiliang [4].