Market Overview - The Hong Kong stock market opened high but experienced fluctuations, with the Hang Seng Index up 0.09% at 25,563.05 points, while the Tech Index fell 0.65% to 5,544.57 points [1] - Major tech stocks showed mixed performance, with Alibaba down 0.78%, Tencent down 0.08%, and JD.com down 0.44%, while Xiaomi rose 0.81% and Meituan increased by 0.8% [1] - Lithium battery stocks performed well, with CATL rising over 2%, while chip stocks weakened, with ZTE down over 9% [1] Company News - Sunny Optical Technology (02382.HK) reported November mobile lens shipments of approximately 119 million units, a month-on-month decrease of 2.3% but a year-on-year increase of 7.5% [2] - Q Technology (01478.HK) saw November mobile camera module sales of 38.05 million units, down 13.6% month-on-month and down 5.6% year-on-year [2] - Yuanyuan Group (00551.HK) reported a net operating income of approximately $660 million in November, a year-on-year decrease of 3.1% [2] - Baoshan International (03813.HK) reported a net operating income of 1.172 billion yuan in November, down 5.1% year-on-year [3] - Morning News Technology (02000.HK) reported unaudited revenue of 44.3 million HKD in November, up 48.4% month-on-month and 19.73% year-on-year [4] - Ocean Group (03377.HK) reported a cumulative contract sales amount of approximately 23.79 billion yuan for the first 11 months [5] - Jianye Real Estate (00832.HK) reported a total property contract sales amount of 7.168 billion yuan for the first 11 months, a year-on-year decrease of 16.3% [6] - Yuzhou Group (01628.HK) reported a cumulative sales amount of 6.196 billion yuan for the first 11 months [7] - COFCO Joycome (01610.HK) reported a pig slaughtering volume of 559,000 heads in November, a month-on-month decrease of 4.44% [8] - CSPC Pharmaceutical Group (01093.HK) received clinical trial approval in the U.S. for its fully human anti-ACTRIIA/IIB monoclonal antibody (JMT206) [9] - China Digital Technology (01796.HK) entered into a strategic cooperation agreement with Xinhua Pharmaceutical [10] - China Hongqiao (01378.HK) announced that the acquisition of Hongtu Industrial by Hongchuang Holdings was approved by the Shenzhen Stock Exchange's M&A Review Committee [11] - CICC (03908.HK) plans to issue perpetual subordinated bonds of no more than 3 billion yuan [12] Institutional Insights - Everbright Securities noted that compared to previous bull markets, the current index has significant upside potential, but the duration of the bull market may be more important than the magnitude of the increase [13] - Guosen Securities indicated that the recent adjustments in the Hong Kong market could open up space for a market rise in 2026, with over 110 billion yuan of net inflow from southbound funds in November [13] - CITIC Securities predicted a second round of valuation recovery for the Hong Kong market in 2026, emphasizing the need to focus on "earnings certainty + valuation elasticity" in sectors like technology, pharmaceuticals, resources, and essential consumption [13]

Major Events - JD Industrial (07618) received a subscription rate of 60.52 times for its public offering in Hong Kong, with a share price set at HKD 14.10 [1] - Shanghai Pharmaceuticals (02607) obtained approval for the listing application of Succinic Acid Sultamicillin Tablets (SPH3127) [1] - Fosun Pharma (02196) received approval from the National Medical Products Administration for the drug registration application of Sodium Phosphonate Injection [1] - Lingbao Gold (03330) subsidiary plans to invest AUD 370 million to acquire a 50%+1 share stake in St Barbara Mining Pty Ltd [1] - Jiangsu Ninghu Expressway (00177) intends to increase capital by CNY 3.26964 billion to Longtan Bridge Company [1] - Yunfeng Financial (00376) had Fitch maintain the "A-" (Strong) financial strength rating for Wantong Insurance [1] Operating Performance - Sunny Optical Technology (02382) reported a shipment volume of 12.634 million vehicle-mounted lenses in November, a year-on-year increase of 69.4% [1] - Q Technology (01478) saw mobile camera module sales of 38.053 million units in November, a month-on-month decrease of 13.6% and a year-on-year decrease of 5.6% [1] - Yue Yuen Industrial (00551) reported a cumulative operating profit of approximately USD 7.382 billion for the first 11 months, a year-on-year decrease of 1.6% [1] - Baoshan International (03813) reported a cumulative operating profit of CNY 15.784 billion for the first 11 months, a year-on-year decline of 6.8% [1] - COFCO Joycome (01610) reported a pig slaughter volume of 559,000 heads in November, a month-on-month decrease of 4.44% [1]

Core Viewpoint - Company reported a decline in mobile camera module sales in November 2025, influenced by project cycles and seasonal factors, while other areas showed growth due to increasing consumer preference for new electronic products and rising demand in smart driving solutions [1] Camera Module Sales - Mobile camera module sales reached 38.05 million units, a decrease of 13.6% month-on-month and 5.6% year-on-year [1] - Total camera module sales amounted to 41.75 million units, reflecting a month-on-month decrease of 11.9% but a year-on-year growth of 0.4% [1] Fingerprint Recognition Module Sales - Sales of fingerprint recognition modules totaled 17.79 million units, with a month-on-month decrease of 3.4% and a year-on-year decrease of 8.8% [1] - The year-on-year growth in ultrasonic fingerprint recognition modules is attributed to the increasing penetration rate of domestic ultrasonic fingerprint recognition modules in the industry [1] Growth Drivers - Significant year-on-year growth in camera module sales in other sectors is driven by the rising popularity of handheld imaging devices and the increasing number of camera modules used in smart driving solutions [1] - The company's camera modules for IoT and smart automotive applications have seen substantial year-on-year sales growth [1]

公告称，摄像头模组产品销售数量环比减少，主要是由于客户项目周期及季节性因素的影响。其他领域 摄像头模组产品销售数量同比大幅增长，主要是由于手持影像设备等新型电子产品日益受消费者青睐， 及智能驾驶方案所采用的摄像头模组数量日益提升，因此，集团应用于物联网(IoT)及智能汽车领域的 摄像头模组销售数量均同比大幅增长。超声波指纹识别模组产品销售数量同比大幅增长主要是由于国产 超声波指纹识别模组的行业渗透率持续提升。 智通财经APP讯，丘钛科技(01478)公布，于2025年11月，手机摄像头模组销量为3805.3万件，环比减少 13.6%，同比减少5.6%。摄像头模组销售数量合计4175.5万件，环比减少11.9%，同比增长0.4%。指纹 识别模组销售数量合计1779.5万件，环比减少3.4%，同比减少8.8%。 ...

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份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 Q TECHNOLOGY (GROUP) COMPANY LIMITED 丘鈦科技(集團)有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：1478） 自願公告 本公告乃由丘鈦科技（集團）有限公司（「本公司」，連同其附屬公司統稱「本集 團」）自願作出。除另有指明者外，本公告所採用之產品銷售數量統計口徑與本 公司日期為二零二五年十一月十一日之公告一致。 超聲波指紋識別模組產品銷售數量同比大幅增長主要是由於國產超聲波指 紋識別模組的行業滲透率持續提升。 | 本集團於二零二五年一至十一月的主營產品銷售數量如下： | | --- | | （千件） | | | | | | | 2025年本集團主營產品銷售數量 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The core focus of Q Technology is on the development of optical imaging, fingerprint recognition modules, and automotive electronic components, aiming to evolve from a consumer electronics imaging solution provider to a core component supplier for smart hardware [1] - Q Technology is committed to becoming a technology enterprise that provides integrated machine vision and human vision solutions, benefiting from optical innovation and the wave of automotive intelligence [1] - The company is expected to see steady improvement in profitability and market share due to its leading position in product manufacturing and smart manufacturing [1] Group 2 - The global smartphone camera module market is expanding, with Q Technology targeting the enhancement of camera modules with 32 million pixels and above, achieving a sales proportion of 53.4% for these high-end modules by the first half of 2025 [2] - Continuous breakthroughs in optical stabilization, periscope modules, and large chip technologies are expected to further enhance the profitability of Q Technology's smartphone camera module business [2] Group 3 - The IoT and automotive camera module markets are experiencing rapid growth, with the Chinese IoT market projected to reach $198.25 billion in 2024 and exceed $326.47 billion by 2028 [3] - Q Technology is diversifying its product offerings in the IoT sector, including camera modules, optical engines, and lidar, while also investing in emerging markets such as XR and embodied robotics [3] - In the automotive camera market, the global market size is expected to reach $27.3 billion by 2025, with Q Technology aiming to replicate its smartphone camera market position in this sector [3] Group 4 - The ultrasonic fingerprint recognition module market in China is gradually expanding, with Q Technology experiencing significant sales growth and structural improvements in 2024 [4] - The sales volume of Q Technology's ultrasonic fingerprint recognition modules in the first half of 2025 has already surpassed the total sales for the entire year of 2024, indicating a positive trend in profitability [4]

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份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 Q TECHNOLOGY (GROUP) COMPANY LIMITED 丘鈦科技(集團)有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：1478） 自願公告 本公告乃由丘鈦科技（集團）有限公司（「本公司」，連同其附屬公司統稱「本集 團」）自願作出。 本公司董事（「董事」）會（「董事會」）謹此宣佈，本集團及本公司之聯營公司 Kunshan Q Tech Microelectronics (India) Private Limited（「印度丘鈦」）於二零二五 年十月主營產品銷售數量詳細如下： 一、本集團主營產品銷售數量（附註） | | 2025年10月 | 環比變化 | 同比變化 | | --- | --- | --- | --- | | 產品類別 | （千件） | （%） | （%） | | 手機攝像頭模組 | 44,050 | 1.0 | 15.2 | | –其中3,200萬像素以下攝像頭 ...

Recent Key Events - The recent US-China trade negotiations in Kuala Lumpur focused on key economic issues, including maritime logistics, tariffs, and agricultural trade, leading to a basic consensus on resolving mutual concerns [1][9] - The Chinese government released the 15th Five-Year Plan, emphasizing the development of strategic emerging industries such as new energy, aerospace, and quantum technology [2][10] - Nvidia announced collaborations to develop new supercomputers and autonomous vehicle fleets, projecting GPU sales to reach $500 billion by the end of 2026 [4][12] Market Situation - The Hong Kong stock market experienced a pullback in October, with the Hang Seng Index declining from 26,856 points at the end of September to 26,346 points by October 28, a drop of 1.9% [13] - The Hang Seng Technology Index fell by 5.8% during the same period, while both indices have seen significant gains year-to-date, with increases of 31.3% and 36.4% respectively [13] - Net inflows from southbound trading in Hong Kong stocks reached HKD 701 billion in October, indicating stable investment interest [14] Current Investment Recommendations - Focus on growth-oriented energy and non-ferrous metal companies such as Luoyang Molybdenum, China Qinfa, and China Hongqiao [23] - Pay attention to internet companies benefiting from AI model iterations, including Alibaba and Kuaishou [23] - Consider undervalued and high-growth electronic component firms like QiuTai Technology and AAC Technologies [23] - Monitor new energy vehicle companies and those recently listed in Hong Kong, such as Leap Motor, Xiaopeng Motors, and Pony.ai [23] Company-Specific Insights Luoyang Molybdenum (3993.HK) - The company reported a revenue of CNY 145.5 billion for the first three quarters of 2025, with a net profit increase of 72.6% year-on-year [24][30] - Production of copper and cobalt exceeded expectations, with copper output reaching 543,400 tons, a 14.14% increase [25][30] China Qinfa (0866.HK) - The company achieved a revenue of CNY 1.089 billion in the first half of 2025, with a focus on optimizing its operations in Indonesia [32][33] - The divestment of underperforming assets is expected to enhance financial metrics and allow for greater focus on profitable ventures [33] China Hongqiao (1378.HK) - The company reported a revenue of CNY 81.04 billion in the first half of 2025, a 10.1% increase, driven by higher aluminum prices and lower electricity costs [39][40] - The increase in production capacity is expected to further enhance profitability [41] Alibaba (9988.HK) - Alibaba's revenue for the first quarter of FY2026 was CNY 247.65 billion, with a 2% year-on-year growth, driven by its e-commerce and cloud services [45][48] - The company is focusing on enhancing its instant retail capabilities and AI-driven cloud services [46][48] Kuaishou (1024.HK) - Kuaishou reported a revenue of CNY 35 billion in Q2 2025, reflecting a 13.1% year-on-year growth, with significant contributions from e-commerce [50] - The company is optimizing its marketing strategies and enhancing its AI capabilities to drive future growth [51][52] QiuTai Technology (1478.HK) - The company achieved a revenue of CNY 8.83 billion in the first half of 2025, with a notable increase in profit margins [53] - QiuTai is expanding its product offerings in the IoT sector and enhancing its competitive edge through vertical integration [54]

Group 1: Characteristics of Small and Medium-sized Stocks - Small and medium-sized stocks in the Hong Kong market are defined as those with a market capitalization below HKD 30 billion[11] - Companies with a market capitalization below HKD 10 billion account for approximately 77.5% of the total number of companies, but only 3.5% of the total market capitalization[13] - The average daily trading volume for small and medium-sized stocks is only 20%, with 80% of trading concentrated in 200 blue-chip stocks[16] Group 2: Valuation Discounts and Investment Opportunities - Small-cap stocks are currently trading at a significant discount, with a PE ratio of approximately 9.2x and a PB ratio of 0.8x, compared to the Hang Seng Index's 14.8x PE and 1.1x PB[17] - The lack of institutional investor interest and poor liquidity contribute to the low valuation levels of small-cap stocks[17] - High-quality small-cap stocks are identified as having a "low valuation + stable fundamentals + high growth" characteristic, indicating potential investment opportunities[17] Group 3: Market Dynamics and Investor Behavior - Institutional investors dominate the Hong Kong market, with a trading share of 56.5%, while individual investors account for only 15.5%[27] - Foreign institutional investors hold nearly two-thirds of the market capitalization, leading to a preference for high-liquidity large-cap stocks[27] - The lack of research coverage for small-cap stocks results in insufficient market analysis and investor information, further exacerbating their undervaluation[32] Group 4: Performance and Growth Potential - Small-cap stocks have shown significant price elasticity and potential for high returns, with several stocks increasing over 500% since 2024[36] - The growth potential of small-cap companies is enhanced by their ability to quickly adapt to market changes and focus on niche markets[37] - Historical data indicates that small-cap stocks have outperformed large-cap stocks during bull markets, particularly in periods of increased investor risk appetite[41]

Core Viewpoint - QiuTai Technology reported a decline in mobile camera module sales in September, indicating potential challenges in the market despite year-on-year growth [1] Group 1: Sales Performance - The sales volume of mobile camera modules in September was 43.603 million units, representing a month-on-month decrease of 8.9% [1] - Year-on-year, the sales volume increased by 40.5%, suggesting strong demand compared to the same period last year [1]