Investment Rating - The report maintains a "Buy" rating for Q Technology (01478.HK) with a target price of 15 HKD based on a 15x P/E for 2026 estimates [3][5]. Core Insights - Q Technology reported a revenue of approximately 20.9 billion RMB for the fiscal year 2025, representing a year-on-year growth of 29%. The gross profit margin for the year reached 7.8%, an increase of 1.7 percentage points year-on-year [1]. - The net profit for 2025 was approximately 1.49 billion RMB, which included a tax-adjusted gain of about 810 million RMB from the disposal of part of its stake in India. Excluding this one-time gain, the adjusted net profit was around 680 million RMB, with an adjusted net profit margin of 3.3% [1]. - In the mobile camera module (CCM) segment, Q Technology faced storage price pressures but managed to achieve a 3% year-on-year growth in sales volume for mobile camera modules in 2025. The company expects a sales volume growth of no less than 5% in 2026 [1]. - The non-mobile CCM segment saw significant growth, with a 111% year-on-year increase in sales volume. Non-mobile products accounted for 26.9% of camera module revenue in 2025, up 14.3 percentage points year-on-year. The company anticipates a growth of no less than 50% in non-mobile camera module sales in 2026 [2]. Financial Summary - The projected revenues for Q Technology from 2026 to 2028 are estimated at 23 billion RMB, 26.5 billion RMB, and 30.5 billion RMB, respectively, with net profits of approximately 1.01 billion RMB, 1.26 billion RMB, and 1.54 billion RMB for the same years [3][4]. - The company’s gross profit margin is expected to improve from 7.8% in 2025 to 9.1% by 2028, while the net profit margin is projected to increase from 7.2% in 2025 to 5.1% in 2028 [10][12].

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。 1 攝像頭模組產品銷售數量環比減少，主要是由於春節假期因素；而同比增 長，主要是由於海外客戶需求增加及供應份額持續上升。同時，其他領域攝 像頭模組產品的銷售情況繼續向好，本集團應用於物聯網(IoT)及智能汽車 領域的攝像頭模組銷售數量均同比大幅增長。 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。 本公司董事（「董事」）會（「董事會」）謹此宣佈，本集團及本公司之合營企業 Kunshan Q Tech Microelectronics (India) Private Limited（「印度丘鈦」） ...

Core Viewpoint - Hillstone Technology (01478) experienced a stock increase of over 5%, currently trading at HKD 9.11 with a transaction volume of HKD 7.67 million [1] Sales Performance - In January 2026, the sales volume of mobile camera modules reached 41.48 million units, a decrease of 3.7% month-on-month but an increase of 19.5% year-on-year [1] - Total sales of camera modules amounted to 44.07 million units, reflecting a month-on-month decrease of 4.1% and a year-on-year increase of 22.8% [1] - Sales of fingerprint recognition modules totaled 19.74 million units, showing a month-on-month increase of 10% and a year-on-year increase of 18.4% [1] Market Demand and Growth - The year-on-year growth in camera module sales is attributed to increased demand from overseas customers and a continuous rise in market share [1] - Sales of camera modules for IoT and smart automotive applications have significantly increased year-on-year, indicating positive trends in these sectors [1] - The growth in fingerprint recognition module sales is driven by the rising penetration rate of ultrasonic fingerprint recognition modules and the impact of customer project cycles [1]

Core Viewpoint - Hillstone Technology (01478) has seen its stock price increase by 7.54% to HKD 9.27, with a trading volume of HKD 31.18 million, following the announcement of its camera module sales figures for January 2026 [5]. Group 1: Sales Performance - The sales volume of mobile camera modules reached 41.48 million units in January 2026, representing a month-on-month decrease of 3.7% but a year-on-year increase of 19.5% [5]. - Total sales of camera modules amounted to 44.07 million units, showing a month-on-month decrease of 4.1% and a year-on-year increase of 22.8% [5]. - Sales of fingerprint recognition modules totaled 19.74 million units, with a month-on-month increase of 10% and a year-on-year increase of 18.4% [5]. Group 2: Market Drivers - The year-on-year growth in camera module sales is attributed to increased demand from overseas customers and a continuous rise in market share [5]. - Sales of camera modules in other sectors, particularly in the Internet of Things (IoT) and smart automotive fields, have also shown significant year-on-year growth [5].

Core Viewpoint - Hillstone Technology (01478) experienced a stock increase of over 5%, reaching HKD 9.11 with a trading volume of HKD 7.67 million [1] Sales Performance - In January 2026, the sales volume of mobile camera modules was 41.48 million units, a decrease of 3.7% month-on-month but an increase of 19.5% year-on-year [1] - The total sales volume of camera modules was 44.07 million units, reflecting a month-on-month decrease of 4.1% and a year-on-year increase of 22.8% [1] - The sales volume of fingerprint recognition modules totaled 19.74 million units, showing a month-on-month increase of 10% and a year-on-year increase of 18.4% [1] Market Demand and Growth - The year-on-year growth in camera module sales is attributed to increased demand from overseas customers and a continuous rise in market share [1] - Sales of camera modules for IoT and smart automotive applications saw significant year-on-year growth [1] - The growth in fingerprint recognition module sales is driven by the increasing penetration rate of ultrasonic fingerprint recognition modules and the impact of customer project cycles [1]

Group 1 - The company held its 16th temporary board meeting on February 12, 2026, to discuss and approve several key proposals [2][3][28] - The board approved the re-evaluation and extension of the "High-Pixel Optical Lens Construction Project" deadline to February 26, 2029, without changing the investment purpose or scale [3][28][29] - The board also approved the adjustment of the asset purchase and fundraising plan, deciding to cancel the fundraising portion while maintaining the asset purchase plan [7][10][28] Group 2 - The company reported that the total amount raised from a non-public offering was approximately RMB 3.53 billion, with a net amount of about RMB 3.51 billion after deducting issuance costs [15][18] - The company plans to use part of the unutilized funds from the "High-Pixel Optical Lens Construction Project" and another project to invest in a new "High-Precision Optical Lens Production Line Upgrade Project" [17][22] - The company believes that the optical lens business has significant future development potential and will continue to require investment [22][24] Group 3 - The company stated that the delay in the "High-Pixel Optical Lens Construction Project" would not have a significant adverse impact on its operations and that the project remains aligned with its strategic planning [26][30] - The board's decision to extend the project deadline was based on a careful assessment of market conditions and the company's actual situation [19][25][30] - The company will closely monitor changes in the economic and policy environment and adjust its investment plans accordingly [25][30]

Company News - Q Technology (01478.HK) reported a total sales volume of camera modules of 44.071 million units in January, representing a year-on-year increase of 22.8%. Fingerprint recognition module sales reached 19.741 million units, up 18.4% year-on-year, driven by increased overseas customer demand and a growing market share in the IoT and smart automotive sectors [2] - China Resources Power (00836.HK) achieved a sales volume of 23.78879 million megawatt-hours in January, a year-on-year increase of 28.4%. The sales from wind power plants increased by 7.2%, while solar power plant sales surged by 72.3% year-on-year [2] - NetEase-S (09999.HK) projected net revenue of approximately 112.626 billion yuan for 2025, a year-on-year growth of 6.96%, with net profit expected to be around 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music (09899.HK) anticipates revenue of about 7.759 billion yuan in 2025, with an expected profit of approximately 2.746 billion yuan, reflecting a significant year-on-year growth of 75.4%. The gross margin is expected to reach 35.7%, an increase from 33.7% in 2024, attributed to business scale growth, enhanced monetization capabilities, prudent cost management, and operational leverage [2] - Huitian Group (00806.HK) expects to achieve a consolidated profit attributable to shareholders of approximately 660 million HKD for the fiscal year 2025, a substantial increase from 31 million HKD in the previous year [2] Biotech Developments - Reborn Bio-B (06938.HK) entered into an exclusive global licensing agreement with Madrigal for several siRNA assets, receiving an upfront payment of 60 million USD, with potential cumulative payments of up to 4.4 billion USD upon achieving certain development, regulatory, and commercialization milestones, in addition to potential royalties on net sales [3] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase 1b/2 clinical study of HLX43 in combination with HLX07 or Hansizhuang® for patients with advanced or metastatic colorectal cancer in China [3] - Heng Rui Medicine (01276.HK) announced that its injection of Rukang Trastuzumab has been included in the list of breakthrough therapies, with global sales of similar products expected to reach approximately 6.557 billion USD in 2024 [3] - Saint Bella (02508.HK) made significant progress in its global strategic expansion plan, aiming to extend its reach to the eastern United States, the UK, France, Thailand, and Australia [3] - China National Biotech Group (08247.HK) signed a strategic cooperation agreement with Xiaoshou Medical to jointly promote the enhancement of quality medical resources and grassroots medical service capabilities [3] Buyback Activities - Geely Automobile (00175.HK) repurchased 1.201 million shares at a cost of 20.3042 million HKD, with repurchase prices ranging from 16.67 to 17.08 HKD [4] - Bairong Cloud-W (06608.HK) repurchased 1.66 million shares for 18.9051 million HKD, with share prices between 11.11 and 11.43 HKD [5] - Kingsoft (03888.HK) repurchased 355,200 shares at a cost of 9.9963 million HKD, with repurchase prices ranging from 27.9 HKD to 28.2 HKD [5]

Core Viewpoint - Company reported a mixed performance in camera and fingerprint recognition module sales for January 2026, with overall growth in year-on-year comparisons but a decline in month-on-month figures [1] Camera Module Sales - Camera module sales reached 41.482 million units in January 2026, representing a month-on-month decrease of 3.7% but a year-on-year increase of 19.5% [1] - Total camera module sales amounted to 44.071 million units, showing a month-on-month decline of 4.1% and a year-on-year increase of 22.8% [1] - The year-on-year growth in camera module sales is attributed to increased demand from overseas customers and a rising market share [1] Fingerprint Recognition Module Sales - Fingerprint recognition module sales totaled 19.741 million units, with a month-on-month increase of 10% and a year-on-year increase of 18.4% [1] - The growth in fingerprint recognition module sales is driven by the increasing penetration rate of ultrasonic fingerprint recognition modules and the impact of customer project cycles [1] IoT and Smart Automotive Applications - Sales of camera modules for IoT and smart automotive applications showed significant year-on-year growth, indicating a positive trend in these sectors [1]

Core Viewpoint - Company reported a mixed performance in camera and fingerprint recognition module sales, with overall growth in year-on-year comparisons but a decline in month-on-month figures [1] Camera Module Sales - In January 2026, the sales volume of mobile camera modules reached 41.482 million units, representing a month-on-month decrease of 3.7% but a year-on-year increase of 19.5% [1] - Total sales of camera modules amounted to 44.071 million units, showing a month-on-month decline of 4.1% and a year-on-year increase of 22.8% [1] - The year-on-year growth in camera module sales is attributed to increased demand from overseas customers and a continuous rise in market share [1] - Sales of camera modules for IoT and smart automotive applications saw significant year-on-year growth [1] Fingerprint Recognition Module Sales - The total sales volume of fingerprint recognition modules reached 19.741 million units, with a month-on-month increase of 10% and a year-on-year increase of 18.4% [1] - The growth in fingerprint recognition module sales is primarily due to the increasing penetration rate of ultrasonic fingerprint recognition modules and the impact of customer project cycles [1]

Core Viewpoint - Q Technology (01478.HK) reported its sales data for January 2026, indicating a mixed performance in its product segments, with camera module sales showing year-on-year growth while fingerprint recognition module sales experienced a decline in year-on-year comparison [1] Group 1: Camera Module Sales - Total camera module sales reached 44.071 million units in January 2026, a month-on-month decrease of 4.1% but a year-on-year increase of 22.8% [1] - Sales of mobile camera modules accounted for 41.482 million units, reflecting a month-on-month decrease of 3.7% and a year-on-year growth of 19.5% [1] - The increase in camera module sales year-on-year is attributed to rising demand from overseas customers and a continuous increase in market share [1] Group 2: Fingerprint Recognition Module Sales - Total sales of fingerprint recognition modules amounted to 19.741 million units, showing a month-on-month increase of 10.0% but a year-on-year decrease of 18.4% [1] - The year-on-year and month-on-month growth in fingerprint recognition module sales is primarily due to the increasing penetration rate of ultrasonic fingerprint recognition modules and the impact of customer project cycles [1] Group 3: Market Trends - Sales of camera modules for IoT and smart automotive applications have significantly increased year-on-year, indicating a positive trend in these sectors [1]