Summary of US Consumer Pulse Survey: November 10, 2025 Industry Overview - **Industry**: U.S. Consumer Market - **Survey**: Conducted by Morgan Stanley, Wave 70, involving ~2,000 consumers from October 30th to November 3rd, 2025 [2][25] Key Findings Consumer Confidence - **Economic Outlook**: - 33% of consumers expect the economy to improve in the next six months, down from 36% last month and 44% in January [6][8] - 49% expect the economy to worsen, up from 46% last month [6][8] - NET score for economic outlook is -16%, a decline from -10% last wave and +8% in January [6][8] - **Household Finances**: - 38% expect finances to improve, down from 40% last month [12][58] - 31% expect finances to worsen, up from 28% last month [12][58] - NET score for household finances is +6%, down from +12% last month and +23% in January [12][58] Spending Intentions - **Short-term Spending Outlook**: - 31% of consumers plan to spend more next month, while 18% plan to spend less, resulting in a NET of +13%, down from +17% last month and +21% last year [6][13] - Lower-income consumers are more affected by the pause of SNAP benefits, contributing to the decline in spending intentions [6][13] - **Long-term Spending Outlook**: - Decline observed across categories, similar to levels seen in April [14][82] - Prioritization of essentials like groceries and household supplies continues [82] Inflation and Political Concerns - **Inflation**: - Remains the top concern for 57% of consumers, slightly down from 61% last year [7][30] - **Political Environment**: - 45% of consumers cite the political environment as a concern, up from 42% last month [7][30] - Concerns about the ability to repay debts (21%) and pay for rent/mortgage (23%) remain consistent with previous surveys [7][30] Holiday Spending Outlook - **Holiday Budgets**: - 38% plan to keep holiday budgets the same, 30% expect to spend more, and 23% expect to spend less, yielding a NET of +6%, down from +14% last year [86][90] - Higher prices are the main driver for spending changes, with 52% of consumers attributing reduced spending to inflation [91][92] Consumer Behavior Trends - **Spending Categories**: - Negative net spending intentions are observed in apparel (-18%), toys (-19%), and leisure/entertainment categories [15][83] - Food away from home remains a top category for spending cuts [51][83] - **Use of AI in Shopping**: - 45% of holiday shoppers are utilizing AI tools, with younger consumers showing higher engagement [108] Additional Insights - **Demographic Variations**: - Concerns about inflation and political issues vary by income level, with low-income consumers more worried about debts and high-income consumers focusing on investments [35][37] - **Tariff Concerns**: - 35% of consumers are very concerned about tariffs, with spending cautiousness increasing [40][45] This survey indicates a notable decline in consumer confidence and spending intentions, influenced by economic and political factors, with a cautious outlook for the upcoming holiday season.

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue grew by 13% year-on-year, reaching $1.3 billion, driven primarily by strong demand for AI products [3][5] - The gross profit margin reached a record high of 23.5%, contributing to an increase in annual gross margins [3] - The expense-to-sale ratio increased to 16.4% during this quarter, reflecting higher operational costs [3] Business Line Data and Key Metrics Changes - The cloud data center segment revenue increased by 33% year-on-year, driven by high-speed and high-voltage AI connectivity solutions [5][6] - The auto mobility segment achieved 116% year-on-year growth, despite challenges in the automobile sector [6] - The consumer interconnect segment remained flat but outperformed prior guidance due to flexible responses to customer needs [5][6] Market Data and Key Metrics Changes - The smartphone segment experienced a 20% decline, consistent with guidance, due to ongoing market challenges [5][8] - The company anticipates a high teens year-on-year decline in the smartphone segment for Q4 2025 [8] - The overall micro-conditions are expected to slow down, leading to a flat outlook in the consumer interconnect segment for Q4 [9] Company Strategy and Development Direction - The company maintained its revenue outlook for the full year, projecting a high single-digit increase while keeping the gross margin around 20% [7] - The focus is on reallocating resources to support new certifications, product launches, and regional expansion [7] - The company is shifting its focus toward expanding the AI-related portion of its business portfolio following the successful execution of its 3+3 strategy [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving consistent low double-digit growth in operating profit for the full year, despite near-term operating margin pressures [8] - The company expects enduring market dynamics to play a significant role in the upcoming year, particularly in the AI infrastructure sector [8][9] - Management noted that the expected decline in the RF category is mainly due to cancellations in the Terra heat pump division [9] Other Important Information - The company signed a strategic MOU with Al-Basami Transport Group to collaborate on EV charger installations across logistics hubs [12] - The company showcased its AI solutions at various industry events, highlighting its strong ecosystem collaboration and engineering excellence [13][14] Q&A Session Summary Question: Progress in backplane connector developments - Management did not comment on individual products but noted that existing solutions are gaining recognition due to strong technical capabilities [15][16] Question: Impact of competitors bypassing patent restrictions - Management refrained from commenting on specific competitors but emphasized the importance of reliability and integration in high-speed interconnect areas [17] Question: Customer orders for AI-related high-power products - Management indicated that market share for existing power products is steadily increasing, with new high-voltage solutions introduced [18] Question: Customer adoption of new power products - Management reported that power-related products have been certified by major global customers and are shipping steadily [19] Question: Sustainability of AI segment growth - Management noted that strong growth is driven by new project ramp-ups and rising consumer demand, with AI applications expected to be a key growth catalyst [21] Question: Backplane connector market competition - Management highlighted vertical integration as a key advantage in maintaining leadership in the backplane connector market [26] Question: Investment in new applications like robotics - Management acknowledged the emerging area of robotics and indicated ongoing exploration of new technologies and partnerships [28] Question: Revenue performance benchmarking against group companies - Management stated that direct comparisons are complex due to differing delivery schedules and stocking levels [31] Question: Plans for investment in the U.S. - Management confirmed an operational presence in the U.S. and openness to further investments aligned with customer needs [32] Question: Impact of higher memory prices on consumer electronics demand - Management reported no pricing pressures from higher memory costs so far [34] Question: Reason for lack of growth in operating cash flow - Management attributed this to product launch readiness and adjustments in production facilities [42]

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue grew by 13% year-on-year, reaching $1.3 billion, driven primarily by robust demand for AI products [3][5] - The gross profit margin reached a record high of 23.5%, contributing to an increase in annual gross margins [3] - The expense-to-sale ratio increased to 16.4% during this quarter, reflecting higher operational costs [3] Business Line Data and Key Metrics Changes - The cloud data center segment revenue rose by 33% year-on-year, now accounting for a mid-teens percentage of overall revenue [5][6] - The smartphone segment experienced a 20% decline, consistent with guidance due to ongoing market challenges [5] - The auto mobility segment achieved 116% year-on-year growth, despite challenges in the automobile sector [6] - The consumer interconnect segment remained flat but outperformed prior guidance [5] Market Data and Key Metrics Changes - The company anticipates a high teens year-on-year decline in the smartphone segment for Q4 2025, consistent with the full-year projection [8] - The cloud data center segment is expected to see a high 20% increase in Q4 2025 [9] - The auto mobility segment is projected to grow by 40% in Q4 2025 [9] Company Strategy and Development Direction - The company maintains its revenue outlook for the full year, projecting a high single-digit increase while keeping gross margin guidance at around 20% [7] - The focus is on reallocating resources to support new certifications, product launches, and regional expansion [7] - The company is shifting its focus toward expanding the AI-related portion of its business portfolio after achieving its five-year targets ahead of schedule [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing system risks but expects enduring market dynamics to play a significant role in the upcoming year [8] - The company is confident in achieving consistent low double-digit growth in operating profit for the full year [8] - Management noted that the unfavorable conditions in the smartphone segment are expected to persist [9] Other Important Information - The company signed a strategic MOU with Al-Bassami Transport Group to collaborate on EV charger installations [12] - The company showcased several new products at industry events, including the first 102.4 Tbps CPO connector [13][14] Q&A Session Summary Question: Progress in backplane connector developments - Management refrained from commenting on individual products but noted that existing solutions are gaining recognition due to strong technical capabilities [15][16] Question: Impact of competitors bypassing patent restrictions - Management stated that success in high-speed interconnect areas depends on reliability and integration capabilities, emphasizing their focus on engineering strengths [17] Question: Customer orders for AI-related products - Management confirmed steady market share growth for existing power products and highlighted new high-voltage solutions [18] Question: Customer adoption of new power products - Management reported that power-related products have been certified by major global customers and are shipping steadily [20] Question: Sustainability of AI segment growth - Management indicated that new project ramp-up and rising consumer demand are driving growth, with expectations for continued momentum [21] Question: Backplane connector market competition - Management emphasized their vertical integration as a key advantage in maintaining leadership in the backplane connector market [26] Question: Automotive segment improvements - Management mentioned ongoing consolidation and optimization efforts in the automotive segment [27] Question: Investment in new applications like robotics - Management expressed openness to exploring new technologies and noted capabilities in providing cable assemblies for robotics [28] Question: Revenue performance benchmarking against group companies - Management stated that direct comparisons are complex due to differing delivery schedules and stocking levels [31] Question: Plans for investment in the U.S. - Management confirmed an operational presence in the U.S. and openness to further investments aligned with customer needs [32] Question: Impact of higher memory prices on consumer electronics demand - Management reported no pricing pressures from higher memory costs so far [34] Question: Reason for lack of growth in operating cash flow - Management attributed this to product launch readiness and adjustments in production facilities [42]

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue grew by 13% year-on-year, reaching $1.3 billion, driven primarily by robust demand for AI products [4][7] - The gross profit margin reached a record high of 23.5%, contributing to an increase in annual gross margins [4][9] - The expense-to-sale ratio increased to 16.4% during this quarter, reflecting higher operational costs [4][9] Business Line Data and Key Metrics Changes - The cloud data center segment revenue grew by 33% year-on-year, driven by strong demand for high-speed and high-voltage AI connectivity solutions [7][8] - The auto mobility segment achieved 116% year-on-year growth, despite challenges in the automobile sector [8] - The consumer interconnect segment remained flat but outperformed prior guidance due to effective customer engagement [7][8] Market Data and Key Metrics Changes - The smartphone segment experienced a 20% decline, consistent with guidance due to ongoing market challenges [7][10] - The company anticipates a high teens year-on-year decline in the smartphone segment for Q4 2025 [10] - The overall micro-conditions are expected to slow down, leading to a flat outlook for the consumer interconnect segment in Q4 [10] Company Strategy and Development Direction - The company is reallocating resources to support new certifications, product launches, and regional expansion while maintaining cost optimization initiatives [9][10] - The focus is shifting towards expanding the AI-related portion of the business portfolio, with long-term guidance for the cloud data center segment aiming for a low 20s revenue mix in 2026 [12][13] - The company emphasizes the importance of vertical integration and reliability in maintaining leadership in the backplane connector market [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledges considerable headwinds in the consumer electronics industry but remains focused on capturing opportunities from AI momentum [56] - The company expects to achieve consistent low double-digit growth in operating profit for the full year, despite temporary impacts on near-term operating margins [10][12] - Management is optimistic about the growth of AI-related applications as a main catalyst for future performance [23] Other Important Information - The company has signed a strategic MOU with Al-Basami Transport Group to collaborate on EV charger installations across logistics hubs [14] - The company showcased several new products at industry events, including the industry's first 102.4 Tbps CPO connector [14][15] Q&A Session Summary Question: Progress in backplane connector developments - Management refrained from commenting on individual products but noted that existing solutions are gaining recognition due to strong technical capabilities [17][18] Question: Impact of competitors bypassing patent restrictions - Management did not comment on specific competitors but emphasized the importance of reliability and integration in high-speed interconnect areas [19][20] Question: Customer orders for AI-related high-power products - Management indicated steady market share growth for existing power products and highlighted new high-voltage solutions [20][21] Question: Customer adoption of new power products - Management reported certification by major global cloud and AI server customers, with steady shipments underway [21][22] Question: Sustainability of AI shipment growth - Management expects stabilization in the short term but sees a clear growth trend driven by new projects and consumer demand [23][24] Question: Differentiation in the backplane connector market - Management highlighted vertical integration as a key advantage in maintaining leadership in the backplane connector market [29] Question: Investment in new applications like robotics - Management is open to exploring new technologies and has capabilities for robotic applications [31] Question: Revenue performance benchmarking against group companies - Management stated that direct comparisons are complex due to differing delivery schedules and stocking levels [34] Question: Plans for investment in the U.S. - Management confirmed an operational presence in the U.S. and openness to further investments aligned with customer needs [35][36] Question: Impact of higher memory prices on consumer electronics demand - Management reported no pricing pressures from higher memory costs so far [37] Question: Reason for lack of growth in operating cash flow - Management attributed this to product launch readiness and adjustments in production facilities [46][47] Question: Impact of larger rack form factors on interconnect cable business - Management expects a positive impact from the trend of larger rack form factors [48]

天眼查App显示，近日，徐州智控未来电子有限公司成立，法定代表人为杨柏林，注册资本50万人民 币，经营范围为一般项目：电子产品销售；电子元器件零售；电子元器件与机电组件设备销售；电力电 子元器件销售；电子专用设备销售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广；工程和技术研究和试验发展；电子测量仪器销售；智能输配电及控制设备销售；电工仪器仪表销 售；配电开关控制设备销售；第一类医疗器械销售；第二类医疗设备租赁；第二类医疗器械销售；大气 污染监测及检测仪器仪表销售；水质污染物监测及检测仪器仪表销售；环境监测专用仪器仪表销售；固 体废弃物检测仪器仪表销售；环境应急检测仪器仪表销售；光学仪器销售；药物检测仪器销售；机械设 备租赁；机械设备销售；机械零件、零部件加工；制冷、空调设备销售（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）。 ...

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Core Insights - The President of the International Olympic Committee, Thomas Bach, praised the technological advancements and sustainable development efforts of Chinese companies, particularly TCL, during her visit to Shenzhen [1] - TCL is recognized for its leading position in various technological fields and its commitment to developing energy-efficient products, aligning with the Olympic values of sustainability [1] - The visit aims to foster deeper communication with Olympic partners to understand their development visions and explore future collaboration opportunities [1] Company Highlights - TCL is one of the three Chinese companies among the 12 global Olympic partners, indicating the growing influence of Chinese enterprises in the global economy [1] - TCL's founder and chairman, Li Dongsheng, expressed confidence that more Chinese brands will be visible in future global sporting events, reflecting the rise of China's economic power [1]

Economic Insights - Federal Reserve Bank of San Francisco President Mary Daly emphasized the Fed's careful approach to interest rates, stating that the Federal Open Market Committee (FOMC) is currently in a "good place" following recent policy adjustments [2][9] - Daly warned against maintaining high interest rates for too long, noting that the labor market is experiencing slowing wage growth, which indicates a "negative demand shock" [3][9] Pharmaceutical Developments - Novo Nordisk announced significant findings regarding its drug Wegovy® (semaglutide 2.4 mg), revealing liver health-related benefits in adult patients with metabolic dysfunction-associated steatohepatitis (MASH) and liver scarring, independent of weight loss [4][9] Trade Relations - Arrow China Electronics Trading and its affiliates were removed from the U.S. Commerce Department's Entity List, allowing Arrow Electronics to resume normal transactions after previous trade restrictions were lifted [5][9] Cryptocurrency Market - Coinbase launched a new platform for digital token offerings, enabling individual investors to purchase digital tokens before they are officially listed on the exchange, with blockchain startup Monad being the first project to utilize this service [6][9] Geopolitical Discussions - An Israeli government spokesperson confirmed discussions between Prime Minister Netanyahu and Jared Kushner regarding post-conflict plans for Gaza, focusing on disarming Hamas and demilitarizing the region [7][9]

Core Viewpoint - The company is accelerating its investment in high-end printed circuit board products for applications in routers, AI servers, switches, and AI acceleration cards by planning a significant expansion project in Thailand [1] Investment Details - The company’s wholly-owned subsidiary in Thailand, Thailand Chaoying, plans to invest approximately 1.468 billion yuan in the construction of an AI computing power high-end printed circuit board expansion project in the 304 Industrial Park in Prachinburi, Thailand [1]

Economic and Market Sentiment - Asian stocks advanced following the U.S. Senate's bipartisan vote to end the government shutdown, which lasted 40 days, with the legislation now moving to the House of Representatives for consideration [1] - China's producer price deflation eased in October, while consumer prices returned to positive territory, with the Shanghai Composite index rising 0.53 percent to 4,018.60 [2] - Consumer price inflation in China unexpectedly rose by 0.2 percent in October after a 0.3 percent decline in the previous month, contrary to analysts' expectations of no change [2][3] Stock Market Performance - Hong Kong's Hang Seng index increased by 1.55 percent to 26,649.06, rebounding from previous sell-offs [3] - The Nikkei average in Japan climbed 1.26 percent to 50,911.76, with significant gains in the technology sector, while the broader Topix index settled 0.56 percent higher at 3,317.42 [4] - Seoul's Kospi average surged 3.02 percent to 4,073.24, driven by renewed optimism over AI and expectations of tax cuts [4] Company-Specific Developments - SoftBank Group's stock rallied by 2.6 percent, while Tokyo Electron surged 4.3 percent and Advantest added 3.8 percent [4] - Samsung Electronics rose by 2.8 percent and SK Hynix surged 4.5 percent, following Nvidia CEO's comments on strong demand for their Blackwell chips [5] - Honda Motor's stock slumped by 4.7 percent after the company cut its annual earnings forecast [4] Commodity and Currency Movements - Australian markets ended higher, with the S&P/ASX 200 rising 0.75 percent to 8,835.90, supported by a rally in gold, energy, and bank stocks [6] - Gold prices increased nearly 2 percent to $4,080 an ounce, aided by a weaker dollar in Asian trade [7]