格隆汇10月10日丨丘钛科技(01478.HK)披露2025年9月主营产品销售数据，当月摄像头模组销售合计 4665.4万件，同比增加45.1%；当月指纹识别模组销售数量合计1903.4万件，同比增长42.3%。 摄像头模组产品销售数量同比明显增长，主要是由于集团于手机摄像头模组业务的市场份额上升，以及 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。指纹识别模组产品销售数 量同比增长主要是由于集团于指纹识别模组业务的市场份额上升，超声波指纹识别模组销售数量同比大 幅增长。 ...

智通财经APP讯，丘钛科技(01478)公布，于2025年9月，摄像头模组销售数量合计4665.4万件，环比减 少7.6%，同比增长45.1%。指纹识别模组销售数量合计1903.4万件，环比增长0.6%，同比增长42.3%。 公告称，摄像头模组产品销售数量同比明显增长，主要是由于集团于手机摄像头模组业务的市场份额上 升，以及应用于物联网(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。指纹识别模组产 品销售数量同比增长主要是由于集团于指纹识别模组业务的市场份额上升，超声波指纹识别模组销售数 量同比大幅增长。 ...

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 年九月主營產品銷售數量詳細如下： 二、印度丘鈦主營產品銷售數量（附註） | | 2025年9月 | 環比變化 | 同比變化 | | --- | --- | --- | --- | | 產品類別 | （千件） | （%） | （%） | | 攝像頭模組銷售數量合計 | 6,606 | 47.8 | 17.6 | | 指紋識別模組銷售數量合計 ...

Group 1 - The core point of the news is that Q Tech has completed the sale of 51.08% of its stake in Kunshan Q Tech Microelectronics (India) Private Limited for 5.53 billion Indian Rupees (approximately 450 million RMB) [1][3] - After the transaction, Q Tech retains 48.92% of the stake in the Indian subsidiary, which will no longer be consolidated into the company's financial statements, indicating a strategic adjustment to optimize overseas asset structure and focus on core business operations [3] - In the first half of 2025, Q Tech reported strong performance with revenue of 8.83 billion RMB, exceeding market expectations of 8.44 billion RMB, and a net profit of 308.4 million RMB, driven by market demand recovery and continuous product structure optimization [3] Group 2 - Sales data for August 2025 shows that Q Tech's camera module sales reached 47.08 million units, a month-on-month increase of 18.4% and a year-on-year increase of 44.3%, while fingerprint recognition module sales were 20.59 million units, with a month-on-month increase of 43% and a year-on-year increase of 27.8% [3] - The significant increase in camera module sales is attributed to Q Tech's expanded market share in mobile camera modules and a substantial rise in demand for camera modules used in IoT and smart automotive applications [3] - Market analysis suggests that with the deepening trend of multi-camera smartphones, upgrades in smart automotive vision systems, and the proliferation of IoT devices, Q Tech's comprehensive competitiveness in the optical module field is expected to continue to be released [4]

Core Viewpoint - The article highlights the significant role of private enterprises in Hunan Province's economy, emphasizing the support provided by Postal Savings Bank to address financing challenges and promote growth [1][2]. Group 1: Private Enterprises in Hunan - As of the end of 2024, there are 7.35 million private enterprises in Hunan, which are crucial for employment, market prosperity, and improving livelihoods [1]. - The Postal Savings Bank of Hunan has a loan balance of nearly 87 billion yuan for the private economy, serving approximately 130,000 private enterprises [1]. Group 2: Financial Support and Innovation - A specific intelligent technology company received over 70 million yuan in funding from Postal Savings Bank, enabling it to focus on research and development and scale up operations [2]. - The bank provided a 10 million yuan "Science and Technology Credit Loan" and additional credit of 60 million yuan to help a company expand production amid increasing orders [3]. - The bank's customized financial services are designed to assist enterprises in understanding and utilizing government policies and subsidies effectively [3][4]. Group 3: Case Studies of Beneficiary Companies - A high-tech optical company in Changde has invested 3% of its sales revenue in R&D and achieved an order volume of 160 million yuan in the first quarter of the year [4]. - The bank has developed innovative evaluation systems focusing on R&D capabilities and patent numbers to address funding challenges for tech enterprises [4]. - A new materials company in Shaoyang, recognized as a "little giant" enterprise, received 1.6 million yuan in loans to support its initial operations and has since expanded its credit to 16 million yuan [5][6]. Group 4: Future Outlook - The bank aims to continue supporting private enterprises, enhancing their growth and development through financial services, and contributing to the overall economic vitality of Hunan Province [6].

Group 1 - The core point of the article highlights the strategic acquisition of a stake in Shenzhen Zhuoyu Technology by FAW Group, indicating a shift in focus towards the intelligent upgrade of fuel vehicles amidst the electric vehicle trend [1][2] - FAW Group will acquire 35.8% of Zhuoyu Technology, leading to a shared control structure with the existing major shareholder, New Territory, which will now hold 34.85% [2] - Zhuoyu Technology's "oil-electric intelligence" strategy allows both fuel and electric vehicles to utilize the same intelligent driving solutions, providing a competitive edge in markets where fuel vehicles still hold significant shares [2][3] Group 2 - Zhuoyu Technology has established a subsidiary in Germany to accelerate local R&D and certification, aiming to meet stringent European regulations and facilitate future international expansion [2][3] - The company is positioned uniquely in the industry, with capabilities that extend beyond just algorithms or single sensors, offering a comprehensive suite of hardware and software solutions [2][3] - Zhuoyu Technology currently holds less than 5% of the ADAS market in China, while FAW Group commands 10-15% in the passenger vehicle market and 5-10% in the commercial vehicle market, creating a typical upstream-downstream relationship [3] Group 3 - The acquisition is recognized as a simple case by regulatory authorities, as the market shares of both companies do not trigger antitrust concerns, but the industry trend of deepening ties between automakers and suppliers is noteworthy [3] - Zhuoyu's dual-platform service capability enhances its survival and bargaining power in a market where electric vehicles have not yet fully replaced fuel vehicles [3][4] - The next two to three years will be critical for the proliferation of advanced driver-assistance systems (ADAS), and the support from FAW Group could be pivotal for Zhuoyu's growth and the competitive landscape in China's intelligent driving sector [4]

Group 1 - The core point of the announcement is that Hillstone Technology (01478.HK) has signed a share subscription and purchase agreement with Dixon, allowing Dixon to acquire 51.08% of the paid-up capital of Hillstone India for approximately 5.53 billion Indian Rupees (around 447 million RMB) [1] - The total consideration includes approximately 4.28 billion Indian Rupees (around 346 million RMB) for the share purchase and approximately 1.25 billion Indian Rupees (around 101 million RMB) for the share subscription [1] - After the completion of the transaction, Dixon and its group will hold 51.08% and 48.92% of Hillstone India, respectively, and Hillstone India will no longer be consolidated into the company's financial statements [1] Group 2 - Dixon is the largest design-focused local solutions company in India, engaged in manufacturing products for durable consumer goods, lighting, and mobile markets [2] - Dixon also provides reverse logistics solutions, including LED TV panel repair and refurbishment services [2] - As of the announcement date, Hillstone India, a wholly-owned subsidiary of the company, reported revenue of approximately 7.96 billion Indian Rupees (around 644 million RMB) and a post-tax profit of approximately 251 million Indian Rupees (around 20.31 million RMB) for the six months ending June 30, 2025 [2]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by advancements in camera module and fingerprint recognition module businesses [1][2][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of RMB 8.832 billion, a year-on-year increase of 15.07% [1] - The net profit attributable to shareholders reached RMB 308 million, up 167.59% year-on-year [1] - The non-GAAP net profit attributable to shareholders was RMB 259 million, reflecting a substantial increase of 512.40% year-on-year [1] Group 2: Camera Module Business - The smartphone camera module segment saw a shift towards high-end specifications, with modules of 32 million pixels and above accounting for approximately 53.4% of total smartphone modules, an increase of about 5.5 percentage points year-on-year [1] - Sales of periscope camera modules reached approximately 10.6 million units, a year-on-year increase of about 5.9 times [1] - The average selling price of camera modules rose to approximately RMB 41.5, up 27.2% year-on-year and 16.1% quarter-on-quarter [1] Group 3: Non-Smartphone Camera Module Business - The company’s non-smartphone camera module business, particularly in automotive and IoT sectors, showed robust growth with shipments of 8.084 million units, a year-on-year increase of 47.9% [2] - The company has established partnerships with seven leading global automotive Tier 1 manufacturers and received supplier qualifications from 34 first-line automotive brands [2] - The sales guidance for non-smartphone camera modules has been revised from a year-on-year growth of no less than 40% to no less than 60% [2] Group 4: Fingerprint Recognition Module Business - The fingerprint recognition module business generated revenue of RMB 830 million, a year-on-year increase of 109.3% [3] - Shipment volume reached 94.36 million units, reflecting a year-on-year growth of 59.7% [3] - The average selling price increased by 31.1% year-on-year, contributing to improved sales revenue and gross margin [3] Group 5: Strategic Investments and Partnerships - The company increased its stake in New Giant Technology to 41.8%, enhancing its capabilities in smartphone, IoT, and NB lens technology [4] - New Giant Technology reported a revenue increase of 19.8% year-on-year, with a gross margin improvement from approximately 7.9% to 12.3% [4] - The company became the largest shareholder of Norwegian listed company poLight, focusing on TLens and semiconductor piezoelectric motors [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has shown strong growth in its camera module business, particularly in the automotive and IoT sectors, with a significant increase in both revenue and profit margins [3][4][5]. - The company reported a revenue of RMB 8.832 billion for the first half of 2025, representing a year-on-year increase of 15.07%, and a net profit of RMB 308 million, which is a remarkable increase of 167.59% [3]. - The average selling price of camera modules has increased by approximately 27.2% year-on-year, driven by the optimization of product structure [4]. Company Overview - The latest closing price is HKD 14.16, with a total market capitalization of HKD 168.44 billion [2]. - The company has a debt-to-asset ratio of 65.06% and a price-to-earnings ratio of 32.96 [2]. Business Segments - The smartphone camera module segment has seen a shift towards high-end specifications, with modules of 32 million pixels and above accounting for about 53.4% of total sales, an increase of 5.5 percentage points year-on-year [4]. - In the non-smartphone sector, the company shipped 8.084 million camera modules for automotive and IoT applications, marking a year-on-year growth of 47.9% [5]. - The fingerprint recognition module business also experienced significant growth, with revenue reaching RMB 830 million, a year-on-year increase of 109.3% [6][8]. Financial Projections - The company is projected to achieve revenues of RMB 19.124 billion, RMB 21.705 billion, and RMB 24.472 billion for the years 2025, 2026, and 2027, respectively [10]. - The net profit forecast for the same years is RMB 745 million, RMB 938 million, and RMB 1.102 billion, indicating strong growth potential [10]. Strategic Developments - The company has deepened its vertical integration in smart vision systems, enhancing its capabilities in smartphone, IoT, and NB sectors through strategic investments [9]. - The company has established partnerships with seven leading automotive Tier 1 manufacturers, which supports its growth in the automotive camera module market [5].

Core Viewpoint - The company reported significant growth in revenue and net profit for 1H25, driven by increased production of iPhone camera modules and iPad camera share gains [1][2]. Group 1: Financial Performance - Revenue for 1H25 reached $1.36 billion, a substantial increase of 132% year-on-year, primarily due to low base effects and increased production of iPhone rear camera modules [1]. - Gross margin for 1H25 was 11.4%, remaining stable compared to the 11.5% gross margin in 2H24, indicating an improvement in pricing pressure [1]. - Net profit for 1H25 was $67 million, a year-on-year increase of 320%, resulting in a net profit margin of 5.0%, up from 2.7% in 1H24, reflecting a clear recovery in profitability [1]. Group 2: Competitive Positioning - The company has a significant advantage in profit margins compared to competitors, particularly LG Innotech, whose gross margins have been declining, with figures of approximately 7.9%, 7.2%, and 5.0% for 2023, 2024, and 1H25 respectively [2]. - In contrast, the company reported gross margins of 13.8%, 11.7%, and 11.4% for the same periods, highlighting superior product yield management and cost optimization capabilities [2]. Group 3: Future Outlook - In 2H25, the company is expected to benefit from the sales peak of iPhone products, with anticipated upgrades in camera technology for the iPhone 17 Pro series, including an increase in the telephoto camera resolution from 12MP to 48MP [3]. - The company is also expected to enhance its market share in the rear ultra-wide and telephoto camera segments due to its leading yield and automation capabilities [3]. - Looking towards 2026 and beyond, the company plans to enter the foldable iPhone camera module market and aims to become a core supplier for various wearable devices for Apple [4]. - The company is also exploring opportunities in the robotics and smart driving sectors, leveraging its optical packaging technology [4]. Group 4: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 to $190 million, $230 million, and $340 million, reflecting a downward revision of 6%, 12%, and 9% respectively, due to increased R&D investments [4]. - Despite the adjustments, the company maintains a positive outlook on its market share growth in the CCM sector and the expansion into diverse product categories, sustaining a "buy" rating [4].