Group 1 - The global game console accessories market is projected to reach $16.49 billion in 2024 and $34.24 billion by 2031, with a compound annual growth rate (CAGR) of 11.2% from 2025 to 2031 [4] - The flexible tactile sensor market is expected to grow from approximately $1.53 billion in 2022 to $5.32 billion by 2029, with a CAGR of 17.9% [7][28] - The IoT smart terminal market for two-wheeled vehicles is forecasted to reach $19.75 billion by 2031, with a CAGR of 16.3% from 2025 to 2031 [11] Group 2 - The Southeast Asian metal packaging market for food and beverages is anticipated to reach $5.75 billion by 2029, providing significant growth opportunities for companies in the region [13] - The global electric scooter market is projected to reach $2.37 billion in 2024 and $5.685 billion by 2031, with a CAGR of 13.5% from 2025 to 2031 [16] - The automotive micro-motor market is expected to reach $20.4 billion by 2031, driven by the increasing use of micro-motors in high-end electric vehicles [18] Group 3 - The global SiC power module market is estimated to reach $65.71 billion by 2030, with a CAGR of 24.1% from 2024 to 2030 [20] - The edge AI chip market is projected to grow from $3.246 billion in 2024 to $9.342 billion by 2031, with a CAGR of 16.5% [22] - The quartz crystal component market is dominated by the top ten manufacturers, holding a combined market share of 66.4%, with the company ranking ninth globally at 3.08% [24] Group 4 - The global robotic multi-finger dexterous hand market is expected to exceed $5 billion by 2030, with a CAGR of 64.6% from 2024 to 2030 [51] - The global high-pressure cleaning machine market is projected to reach $4.42 billion by 2031, with a CAGR of 4.7% from 2025 to 2031 [53] - The global FMM market is expected to grow from $365 million in 2024 to $952 million by 2031, indicating a shift in industry dynamics [56]

Core Viewpoint - The company is undergoing a significant asset restructuring and capital raising process, with a focus on enhancing production capacity and efficiency at its Chuzhou factory, which is expected to contribute positively to future revenues and mitigate any potential asset impairment risks [1][2][11]. Group 1: Production Capacity and Utilization - The Chuzhou factory (AMA) is projected to achieve a production capacity utilization rate of approximately 45% by the end of 2025, with expectations of further increases in 2026 due to new product launches and internal capacity transfers from AMC [5][8][12]. - AMA's revenue for the first half of 2025 reached $14.1 million, which is about 50% of its annual target of $28.2 million, indicating strong growth potential [5][22]. - The overall revenue for AAMI's two domestic factories (AMC + AMA) is expected to reach between $248.4 million and $268.4 million in 2025, closely aligning with management's conservative estimates for 2026 [5][11]. Group 2: Financial Performance and Forecast - AAMI's overall order backlog as of June 30, 2025, was $73.2 million, reflecting an increase of approximately 80% compared to December 31, 2024, indicating stable growth in demand [11][12]. - The management estimates that AMA's revenue could exceed expectations by 25% to 42% for the full year of 2025, based on historical sales data and customer engagement [5][22]. - The projected revenue for the Chuzhou factory in 2026 is estimated at $73.6 million, contributing to a total factory output of $368 million across all facilities [8][12]. Group 3: Asset Impairment Risk Assessment - The company conducted a simulated impairment test for the Chuzhou factory's assets, concluding that the recoverable amount exceeds the book value, indicating no impairment risk [17][23]. - The assets of the Chuzhou factory, including advanced production systems and equipment, are expected to maintain their value due to ongoing demand and operational efficiency improvements [25][26]. - The management's assessment indicates that the Chuzhou factory's assets do not show signs of impairment, and future risks are considered minimal [17][25].

Core Viewpoint - The asset evaluation of Shenzhen Zhizheng High Polymer Materials Co., Ltd. indicates a significant increase in valuation compared to 2020, with a market-based valuation of 3.526 billion yuan, reflecting an 18.88% appreciation in value [1][2][10]. Evaluation Methodology - The market approach was selected for valuation, yielding a result of 35.26 billion yuan, while the asset-based approach provided a valuation of 30.85 billion yuan, resulting in a 4.03% appreciation [1][2][6]. - The evaluation process involved selecting comparable companies from a pool of 79, ultimately narrowing it down to three based on business structure and operational models [1][2][3]. - The exclusion of Korean HDS from the comparable companies was due to differences in production distribution and major customer structures [1][2][3]. Market Environment and Company Performance - The global semiconductor market has seen significant growth, with sales reaching 526.8 billion USD in 2023, projected to exceed 620 billion USD in 2024 [10][11]. - AAMI, as a leading supplier in the wire frame industry, has expanded its market presence, ranking fourth globally in 2024, benefiting from domestic substitution and the dual circulation strategy [8][10]. - The company's revenue structure is heavily reliant on high-end applications in automotive, computing, and communication sectors, which are expected to drive future growth [8][10]. Financial Performance - AAMI's main business revenue has shown substantial growth from 194.5 million yuan in 2020 to 255.7 million yuan in 2021, with a net profit increase from 14.8 million yuan to 25.7 million yuan in the same period [12]. - The company has achieved cumulative net profits of approximately 6.29 billion yuan from 2021 to September 2024, indicating a strong operational performance [12][10]. Comparable Company Analysis - The final selection of comparable companies included Changhua Technology, Shunde Industrial, and Kangqiang Electronics, based on their revenue structure and market share [17][18]. - The analysis of customer structure revealed that AAMI's revenue from the Chinese mainland is significant, positioning it favorably against its peers [17][18]. - The product structure analysis confirmed that AAMI's dual production capabilities in stamping and etching align with industry trends towards high precision and miniaturization [17][18].