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 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3986） 海外監管公告 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 而 作 出。 茲載列兆易創新科技集團股份有限公司（「本公司」）在上海證券交易所網站刊 登 的 以 下 資 料 中 文 全 文，僅 供 參 閱。 承董事會命 兆易創新科技集團股份有限公司 董事長兼執行董事 朱一明先生 中 國，北 京，2026年3月30日 截 至 本 公 告 日 期，董 事 會 包 括：(i)執 行 董 事 朱 一 明 先 生、何 衛 先 生 及 胡 洪 先 生； (ii)非 執 行 董 事 文 恬 女 士；及(iii)獨 立 非 執 行 董 事 周 海 濤 先 ...

Core Viewpoint - The valuation of Nvidia, the world's highest market capitalization company, has dropped to levels seen before the AI boom sparked by ChatGPT, indicating potential buying opportunities but also reflecting deeper market doubts about AI investment logic [1] Group 1: Valuation Decline - Nvidia's stock price has fallen nearly 20% since its historical high in October last year, resulting in a market cap loss of over $800 billion, currently around $4 trillion [1] - The expected price-to-earnings (P/E) ratio for Nvidia has decreased to approximately 19.6 times, the lowest level since early 2019, and is notably below the S&P 500 index's overall P/E ratio of about 20 times [1] - Despite Nvidia's anticipated earnings growth rate exceeding 70%, significantly higher than the S&P 500's average of about 19%, the current valuation discrepancy is unusual [1] Group 2: Dual Negative Pressures - The sharp contraction in Nvidia's valuation is attributed to two overlapping negative factors: geopolitical risks affecting macro sentiment and doubts about the monetization of AI infrastructure investments [2] - Concerns over rising oil prices due to military actions in the Middle East have led to fears of renewed inflation, prompting expectations of interest rate hikes that negatively impact risk assets, including Nvidia [2] - The market perceives that the substantial investments by Nvidia's core clients, such as Microsoft and Amazon, in AI infrastructure may take longer to yield returns than previously anticipated, undermining investor confidence [2] Group 3: Technological Disruption Risks - Beyond macroeconomic concerns, the risk of rapid technological iteration is becoming another factor suppressing Nvidia's valuation [3] - The recent pullback in software company stock prices has raised worries that the fast evolution of AI technology could intensify industry competition and erode profit margins, a concern that also applies to the hardware sector [3] Group 4: Financial Fundamentals - Despite the valuation pressure, Nvidia's fundamentals remain robust, with the company achieving a gross margin of 75% over several consecutive quarters [5] - Analysts continue to raise their future earnings growth expectations for Nvidia, with an average forecast exceeding 70% for the current fiscal year, significantly higher than the S&P 500's projected growth rate of about 19% for 2026 [5] - The decline in valuation is primarily driven by the drop in stock price and the "scissors effect" of analysts raising their earnings expectations [5] Group 5: Institutional Perspectives - Despite cautious market sentiment, some institutions maintain a constructive outlook on Nvidia, recommending it to clients [6] - The current valuation, trading below the S&P 500's P/E ratio, is viewed by some as an attractive buying opportunity, although it remains uncertain whether this reflects a genuine discount or concerns about Nvidia's long-term competitive position [6]

Core Insights - Nvidia's stock experienced a slight increase following the announcement of a data center plan by the AI startup Mistral AI, which will utilize Nvidia's processors [1][2] Funding and Investment - Mistral AI has raised $830 million in its first round of debt financing, provided by a banking consortium [1][2] - The funds will be used to construct a data center near Paris, expected to deploy approximately 13,800 Nvidia GB300 graphics processors [1][2] Hardware Valuation - Although Nvidia does not disclose the pricing of individual chips, analysts estimate that a rack containing 72 of these GPUs is priced at around $3 million [1][2] - Based on this estimate, the new facility could involve Nvidia hardware valued at approximately $575 million [1][2]

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告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。 除本公告另有界定者外，本公告所用大寫詞彙與上海傅里葉半導體股份有限公司（「本公司」） 於2026年3月23日（星期一）刊發的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成任何人士收購、購買或認購本公司任何證券的要約或誘使訂立的 要約邀請。本公告並非招股章程。潛在投資者在決定是否投資發售股份前，應閱讀招股章程 以了解下文所述全球發售的詳細資料。任何有關發售股份的投資決定，務須僅依賴招股章程 所載的資料作出。 本公告不構成出售要約或購買要約的招攬，而在任何作出有關要約、招攬或出售即屬違法的 司法權區內，概不得出售發售股份。本公告不得在美國（包括其領土及屬地、美國任何州及 哥倫比亞特區）或任何其他禁止派發的司法權區內直接或間接發佈、刊發或派發。本公告亦 不構成在美國或任何其他司法權區出售、購買或認購證券的要約或招攬。發售股份並無亦不 ...

Investment Rating - The report maintains a standard rating for the electronic sector, highlighting the potential for structural investment opportunities despite current market fluctuations [4]. Core Insights - AI computing power is identified as the core driving force of the semiconductor industry, with a trillion-dollar semiconductor market expected to arrive by the end of 2026, earlier than previously anticipated [4]. - China is projected to account for over 30% of global wafer production capacity, enhancing its strategic position in the global semiconductor landscape [4]. - Xiaomi Group is expected to achieve synergistic growth across its four major business segments by 2025, showcasing strong resilience and growth potential [4]. Summary by Sections Industry Overview - The electronic sector is experiencing a downturn, with the Shanghai Composite Index down by 1.41% and the Shenwan Electronics Index down by 2.09%, underperforming the broader market [5][18]. - The semiconductor market is anticipated to see significant growth driven by AI infrastructure spending, projected to reach $450 billion in 2026 [9]. Company Performance - Xiaomi Group reported total revenue of 457.3 billion yuan in 2025, a 25% year-on-year increase, with adjusted net profit rising by 43.8% to 39.2 billion yuan [4][9]. - The company’s smartphone segment generated revenue of 186.4 billion yuan, with a global shipment of 165.2 million units [4]. Market Trends - The report notes three major trends for 2026: dominance of AI computing power, a storage revolution with HBM market growth of 58% to $54.6 billion, and technological upgrades driven by advanced process nodes [4]. - The report suggests focusing on structural opportunities in semiconductor equipment, materials, and AI-related sectors, particularly in companies benefiting from strong domestic and international demand [5]. Investment Recommendations - The report recommends attention to companies like Lexin Technology, Hengxuan Technology, and others that are poised to benefit from the AIOT sector [5]. - It also highlights the importance of monitoring the semiconductor supply chain for potential domestic replacements and price recovery in leading stocks [5].

Investment Rating - The report maintains a standard rating for the electronic sector, indicating a cautious but optimistic outlook on investment opportunities within the industry [4]. Core Insights - The semiconductor market is expected to reach a trillion-dollar scale by the end of 2026, driven by AI computing power, with China projected to hold over 30% of global wafer production capacity [4][9]. - Xiaomi Group is anticipated to achieve synergistic growth across its four major business segments by 2025, showcasing strong resilience and growth potential [4][9]. Summary by Sections Industry Overview - AI computing power is becoming the core driving force of the semiconductor industry, with global AI infrastructure spending projected to reach $450 billion in 2026, leading to increased demand for GPUs, HBM, and high-speed network chips [4][9]. - The storage market is undergoing a revolution, with global storage output expected to surpass wafer foundry for the first time, and HBM market size projected to grow by 58% to $54.6 billion [4]. Company Performance - Xiaomi Group reported total revenue of 457.3 billion yuan in 2025, a year-on-year increase of 25%, with adjusted net profit rising by 43.8% to 39.2 billion yuan [4][9]. - The smartphone segment generated revenue of 186.4 billion yuan, with global shipments reaching 165.2 million units, while the AIoT and consumer products segment achieved a revenue of 123.2 billion yuan, marking an 18.3% increase [4][9]. Market Trends - The electronic sector underperformed the broader market, with the Shanghai and Shenzhen 300 index down by 1.41% and the Shenwan electronic index down by 2.09% [5][18]. - Despite strong demand driven by AI, high storage prices may significantly suppress demand, and there is a potential for a cooling trend in AI investment [5][18]. Investment Recommendations - Focus on structural opportunities in the semiconductor sector, particularly in AIOT, advanced packaging equipment, and domestic production capacity expansion [5]. - Recommended companies include Lexin Technology, Cambrian, and various players in the AI innovation-driven segment [5].

Montage Technology Co., Ltd. 瀾 起 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：6809） 海外監管公告 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條而作出。 茲載列瀾起科技股份有限公司在上海證券交易所網站（www.sse.com.cn）刊登的 《2025年年度報告》《2025年年度報告摘要》，僅供參閱。 承董事會命 瀾起科技股份有限公司 董事長 楊崇和博士 香港，2026年3月30日 於本公告日期，本公司董事為： (i) 執行董事楊崇和博士及 Stephen Kuong-Io Tai 先 生； (ii) 非執行董事 Wang Rui 博士及方周婕女士；及 (iii) 獨立非執行董事李若山博 士、高秉強教授、 Yuhua Cheng 博士及單海玲博士。 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的內容概不負責，對其準確性 或完整性亦不作任何聲明，並明確表示概不就因本公告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。 澜起科技股份有限公司 2025 年年度报告 1 / 247 ...

Group 1: Company Performance and Outlook - The company expects stable order growth in 2026, following a positive performance in 2025 [2] - The gross profit margin for the first half of 2025 is reported at 42%, influenced by product prices and costs [2][3] - The company aims to enhance gross margin through R&D innovation, improving product quality, and reducing inventory [3] Group 2: Project Developments - The Jiangsu Gaoxin chip project is progressing, with new product lines and facilities under installation, aiming for production commencement soon [4] - The company is increasing customer reserves for its 6-8 inch polished wafer project, focusing on power devices and integrated circuits [6] Group 3: Production and Market Strategy - Production plans are dynamically adjusted based on sales orders and market forecasts, ensuring capacity meets customer demands [7] - The company is responding to fluctuating market demands by optimizing product quality and expanding customer relationships [8][9] - Current production pace is tight, with plans to recruit and train staff to ensure timely delivery of products [9] Group 4: Raw Material Management - The company monitors raw material price fluctuations and collaborates with suppliers to mitigate impacts on operations [5] Group 5: Pricing Strategy - Product pricing is influenced by market supply and demand, with current prices for standard products remaining stable [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Insights - The company has achieved steady revenue growth, with a reported revenue of 1.152 billion yuan in 2025, representing a year-on-year increase of 6.35%. However, the net profit attributable to the parent company is projected to be a loss of 150 million yuan due to high R&D expenditures [9][10] - The company continues to invest heavily in R&D, with R&D expenses reaching 351 million yuan in the first three quarters of 2025, a year-on-year increase of 6.40% [9] - The company has recently received a new patent for a network data control method, which addresses the technical issue of data transmission between flexible Ethernet and traditional Ethernet [8] - The company is positioned to benefit from the increasing demand for high-speed interconnects driven by AI, with its high-end chips entering the market promotion and application phase [7][9] Financial Summary - The company’s total revenue is projected to grow significantly, reaching 1.745 billion yuan in 2026 and 2.210 billion yuan in 2027, with year-on-year growth rates of 51.6% and 26.7%, respectively [10] - The gross margin is expected to improve from 32.4% in 2025 to 43.0% in 2026, while the net margin is projected to turn positive at 2.6% in 2026 [10][13] - The company’s net profit is expected to recover to 46 million yuan in 2026 and 116 million yuan in 2027, indicating a significant turnaround from the losses in previous years [10][12]

Market Overview - The Shanghai Composite Index increased by 0.24%, while the Shenzhen Component Index decreased by 0.25%. The ChiNext Index and the North Star 50 both fell by 0.68% and 0.84% respectively [1] - The TMT sector led the market with notable gains in SW Communication Cables (+7.94%), SW Semiconductor Equipment (+3.28%), and SW General Publishing (+1.95%) [1] - Conversely, the TMT sector also saw declines in SW Consumer Electronics (-1.92%), SW Gaming III (-1.79%), and SW Discrete Devices (-1.60%) [1] Domestic News - Aibang's ARAI glasses are set to launch their first smart glasses product, featuring a micro-optical machine with a volume of only 0.03cc, which is one-fifth of the common 0.15cc solutions in the industry [1] - In the semiconductor industry, TSMC's 2nm process capacity is fully booked until 2028 due to high demand from major tech companies like Nvidia, AMD, Qualcomm, and Apple [1] - Kaistone released two new series of advanced ion implantation machines, Hyperion and iKing 360, covering various applications including advanced logic, storage, SiC, compound semiconductors, IGBT, and SOI materials [1] - STMicroelectronics raised up to 3.2 billion RMB for the development and industrialization of CIS solutions for high-performance imaging, smart driving, and visual AI applications [1] Overseas News - In the semiconductor packaging and testing sector, DDR5 memory prices have seen significant reductions, with some products dropping by up to $100, particularly Corsair's 32GB model, which is now priced around $379.99, down from a peak of $490 [2] - Samsung's NAND wafer factory in Xi'an, China, has successfully completed a process upgrade, achieving mass production of the eighth-generation V-NAND (V8 NAND) with 236 layers, and is targeting 286 layers for the next generation by 2026 [2] - TrendForce has revised its global laptop shipment forecast for 2026, now expecting a year-on-year decline of 14.8%, down from a previous estimate of 9.2% due to weakening consumer demand and rising supply chain costs [2] - Netflix and YouTube have become the preferred video service platforms for French users, with predictions that Netflix's global monthly active users will exceed 1 billion by 2027, while YouTube's user base is expected to approach 3 billion [2] AI News - Apple plans to introduce a new iOS feature called "Extensions," allowing users to integrate more third-party AI chatbots with Siri, creating a dedicated section in the App Store for these extensions [3] - Suno launched version 5.5, enabling users to train models using their own voices to create AI-generated music, with features for personalized music models based on user preferences [3] - Soul AI Lab released an open-source model, SoulX-LiveAct, which generates real-time digital human videos with expressive emotions and rich body movements based on input images, audio, and commands [3] - Meta announced the launch of TRIBE v2, a brain activity model that predicts high-resolution fMRI brain signals based on multimodal training with video, audio, and text [3] Industry Tracking - The first commercial satellite remote sensing control station in Southwest China, the Meishan Receiving Station, has been put into operation, marking a significant breakthrough in the commercial aerospace industry [4] - Researchers from Tsinghua University have observed the decay rate of false vacuum in accordance with quantum field theory predictions, utilizing Rydberg atom rings [4] - Zhirun Medical showcased a flexible brain-machine interface system with the highest channel count in the domestic clinical-grade sector, demonstrating international leadership in stability and signal acquisition efficiency [4] - A domestic industrial device for solution-based polyolefin elastomers has entered trial operation in Tianjin, alleviating reliance on imports for strategic emerging industries [4] Annual Reports - Lens Technology reported total revenue of 74.41 billion RMB for 2025, a year-on-year increase of 6.46%, with a net profit of 4.02 billion RMB, up 10.87% [7] - Zhongwei Company achieved total revenue of 12.39 billion RMB, a 36.62% increase, with a net profit of 2.11 billion RMB, up 30.69% [7] - GigaDevice reported total revenue of 9.20 billion RMB, a 25.12% increase, with a net profit of 1.65 billion RMB, up 49.47% [7] - Sirepu reported total revenue of 2.14 billion RMB, a 75.65% increase, with a net profit of 173 million RMB, up 187.72% [7]