(the "Company") (A joint stock company incorporated in the People's Republic of China with limited liability) WARNING The publication of this Post Hearing Information Pack is required by The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the Securities and Futures Commission (the "Commission") solely for the purpose of providing information to the public in Hong Kong. Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission t ...

Core Insights - Aspocomp expects solid demand for its products in 2026, particularly in the defense and semiconductor sectors, with projected net sales growth and improved operating results compared to 2025 [3] Financial Performance - For October-December 2025, net sales increased to EUR 8.9 million, a 12% rise year-on-year, while the operating result was EUR -0.4 million due to machinery breakdowns and low-margin orders from 2024 [4][6] - For the full year 2025, net sales reached EUR 38.2 million, up 38% from EUR 27.6 million in 2024, with a positive operating result of EUR 0.9 million compared to a loss of EUR -4.0 million in 2024 [6][18] - Orders received in Q4 2025 increased by 53% to EUR 13.3 million, contributing to a strengthened order book of EUR 21.1 million at year-end [5][22] Market Segments - The semiconductor industry saw a significant increase in demand, with net sales rising 106% to EUR 17.5 million for the full year 2025 [18] - The security, defense, and aerospace segment experienced an increase of 44% in net sales to EUR 9.3 million, while the automotive segment saw a slight decrease of 1% to EUR 6.9 million [19] - The industrial electronics segment's net sales decreased by 34% to EUR 2.1 million due to weak demand [20] Operational Developments - Aspocomp initiated an investment program exceeding EUR 10 million at its Oulu plant to enhance production capacity and quality, with financing secured through loans and a directed share issue [10][11] - The company’s equity ratio improved to 65% from 54% due to positive earnings and the share issue [11] Strategic Outlook - The updated strategy for 2026-2030 focuses on strengthening market position and growth in key segments, aiming for over EUR 100 million in net sales and an EBIT margin exceeding 10% in the midterm [63][64] - The company plans to expand the Oulu plant's capacity by up to 50% and improve production quality through strategic investments and potential mergers and acquisitions [64]

Core Viewpoint - The company expects explosive growth in performance driven by the surge in demand for high-end printed circuit boards (PCBs) due to the global AI infrastructure construction wave [1][2]. Financial Performance - The company forecasts a net profit attributable to shareholders of 4.16 billion to 4.56 billion yuan for the fiscal year 2025, representing a year-on-year increase of 260.35% to 295% [1][2]. - The expected net profit after deducting non-recurring gains and losses is projected to be 4.15 billion to 4.55 billion yuan, with a growth rate of 263.59% to 298.64% compared to the previous year [1][2]. - For the fiscal year 2024, the net profit attributable to shareholders is estimated at 1.15 billion yuan, with the net profit after deducting non-recurring items at 1.14 billion yuan [1]. Market Position and Strategy - The company is committed to the strategy of "embracing AI and moving towards the future," aiming to seize historical opportunities brought by the technological innovation in AI computing and the upgrade of data centers [2][3]. - The company has established itself as a core partner for many leading technology firms both domestically and internationally, leveraging its industry-leading technological, quality, delivery, and global service capabilities [3]. - The large-scale mass production of several high-end products has directly driven the company's performance growth, with significant improvements in the product mix towards higher value and more complex technologies [3]. Product and Profitability - The increase in the proportion of high-end products has improved the company's profitability structure, leading to a substantial enhancement in profit margins alongside revenue growth [3]. - The growth rate of net profit after deducting non-recurring items is consistent with the growth rate of net profit attributable to shareholders, indicating high-quality performance growth [3].

Financial Data and Key Metrics Changes - TTM Technologies achieved revenue of $648.7 million in Q1 2025, a 14% increase year-on-year from $570.1 million in Q1 2024 [26] - Non-GAAP EPS for Q1 2025 was $0.50, compared to $0.28 in Q1 2024, reflecting strong financial performance [30] - Non-GAAP operating margin improved to 10.5%, up 340 basis points from 7.1% in the same quarter last year [28] Business Line Data and Key Metrics Changes - Aerospace and defense represented 47% of total sales in Q1 2025, with revenues growing 15% year-on-year [17] - Data center computing accounted for 21% of total sales, also growing 15% year-on-year, driven by demand for generative AI applications [19] - Automotive sales declined to 11% of total sales, down from 13% in the previous year, primarily due to inventory adjustments [20] Market Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.1 for the quarter, indicating a healthy order intake relative to shipments [7][25] - The aerospace and defense program backlog was approximately $1.55 billion, up from $1.38 billion year-on-year [18] - Networking revenue grew by 53% year-on-year, accounting for 8% of total revenue, driven by increased demand [21] Company Strategy and Development Direction - The company is focused on diversifying its end markets and manufacturing footprint, with significant investments in new production capabilities in regions like Malaysia [8] - TTM is positioned to benefit from increased defense spending, with expectations of continued growth in the aerospace and defense sector [15] - The company aims to mitigate tariff impacts through strategic sourcing and delivery timing [12] Management's Comments on Operating Environment and Future Outlook - Management noted that there has been no significant change in customer behavior due to tariffs, with a strong outlook for the aerospace and defense market [9][66] - The company is optimistic about the potential for increased domestic manufacturing investments in the U.S., which could benefit TTM in the long term [13] - Management highlighted the importance of maintaining flexibility and vigilance in response to potential economic slowdowns [13] Other Important Information - TTM's cash and cash equivalents at the end of Q1 2025 totaled $411.3 million, with net debt to EBITDA at 1.3 [32] - The company plans to ramp up production at its new facility in Syracuse, with expectations for production to begin in mid-2026 [16] - TTM published its second corporate sustainability report on April 22, reflecting its commitment to environmental responsibility [17] Q&A Session Summary Question: Revenue and margins at the Penang facility - In Q1, the Penang facility generated approximately $2.2 million in revenue, with an operating income loss of about $11.5 million, but is expected to reach breakeven by Q3 [36][37] Question: Decline in aerospace and defense program backlog - The program backlog decreased slightly from $1.56 billion to $1.55 billion, but bookings remain strong, indicating healthy demand [41][44] Question: Customer qualifications at the Penang facility - TTM has four anchor customers and is qualifying approximately 10 additional customers, with a focus on data center and networking markets [50][54] Question: Impact of tariffs on customer behavior - Management has not observed significant changes in customer behavior due to tariffs, with steady demand across various markets [66] Question: Competitive dynamics in PCB manufacturing - TTM is engaging in discussions with customers regarding future volume needs and is positioned to leverage its Penang facility for advanced technology production [70][71] Question: Potential upside from defense spending - The reconciliation bill includes programs related to air missile defense, which could provide additional revenue opportunities for TTM [80][82]