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，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 MeiG Smart Technology Co., Ltd. 美格智能技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3268） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列美格智能技術股份有限公司（「本公司」）在深圳證券交易所網站發佈的《美 格智能技術股份有限公司2025年年度報告》，僅供參閱。 承董事會命 美格智能技術股份有限公司 董事長 王平 中華人民共和國，深圳 2026年3月30日 截至本公告日期，本公司執行董事為王平先生、杜國彬先生、夏有慶先生及黃敏先生；及本 公司獨立非執行董事馬利軍博士、楊政先生及劉佳女士。 美格智能技术股份有限公司 2025 年年度报告全文 美格智能技术股份有限公司 2025 年年度报告 2026-017 2026 年 03 月 1 美格智能技术股份有限公司 2025 年年度报告全文 2025 年 ...

Group 1 - The core point of the article is that Megmeet Smart Technology Co., Ltd. has officially launched its H-share global offering, aiming to issue 35 million H-shares with a maximum price of HKD 28.86 per share, potentially raising up to HKD 1 billion [1] - The public offering in Hong Kong accounts for 10% of the total shares, while the international offering constitutes 90%, with a subscription period from February 27 to March 5 and a pricing date expected on March 6 [1] - The company plans to use approximately 55% of the raised funds to enhance R&D and innovation capabilities, 15% to repay bank loans, 10% to expand overseas sales networks, 10% for strategic investments and acquisitions, and the remaining 10% for working capital and general corporate purposes [1] Group 2 - Megmeet Smart is a provider of wireless communication modules and solutions, focusing on high-performance intelligent modules, with applications in IoT, smart connected vehicles, and wireless broadband [2] - According to Frost & Sullivan, the company ranks fourth globally in wireless communication module revenue with a market share of 6.4% for 2024 [2] - Financial data indicates that the company achieved total revenue of RMB 2.941 billion and a net profit of RMB 134 million in 2024, with revenue of RMB 2.821 billion and a net profit of RMB 113 million for the first three quarters of 2025 [2] - Following the completion of the H-share issuance, the company will achieve a dual listing on both A-share and H-share markets [2] - Longzhong Securities has recommended Megmeet Smart as a target in the AI application sector in its communication industry weekly report [2]

Core Insights - Shanghai Xinmi Technology Co., Ltd. has successfully completed A and A+ rounds of financing, raising over 100 million yuan, with investments from Guotai Junan Innovation Investment, Guojing Capital, and Tongxin Capital [3][4] - The funding will be used for the development of next-generation integrated sensing and computing chip architecture, global commercialization, and expansion of high-end production capacity [3][4] - Xinmi Technology's core product is based on the "integrated sensing and computing" technology, offering a full-stack product matrix that includes AI SoC chips, intelligent modules, and integrated hardware-software solutions [4][5] Company Background - Founded in 2019 and headquartered in Shanghai, the company has a core team with strong academic and industry backgrounds, including experience in robotics and AI [4] - The founder and CEO, Dr. Yang Minglun, has over ten years of experience in industrial robotics, while the CTO, Cheng Yuan, has published extensively in top academic journals and achieved significant breakthroughs in chip architecture [4] Technology and Product Application - The company has developed a new paradigm of "integrated sensing and computing," which eliminates data transmission bottlenecks and enhances efficiency in processing complex multimodal data [4][9] - Xinmi Technology's products are widely used in smart manufacturing, embodied intelligent robots, automotive, new energy, smart cities, and precision instrument monitoring [5] Market Trends and Growth - The shift towards "high-efficiency specialized intelligence" marks a transition from large models to deep integration with physical devices, indicating a growing market for industrial IoT applications [7][9] - Xinmi Technology has experienced rapid revenue growth, with a reported annual doubling of revenue and a gross margin maintained at a high level [7] - The company's overseas business is expected to grow over 400% annually, with international revenue projected to account for over 40% of total income this year [7] Future Development Plans - The company aims to deepen its focus on industrial agent systems and expand into "embodied intelligence" and "precision sensing" sectors [10] - Long-term goals include integrating advanced technologies like neuromorphic computing and photonic computing to significantly enhance AI capabilities [10] Investor Perspectives - Investors highlight the importance of efficiency, energy consumption, and speed in AI applications, with Xinmi Technology's architecture seen as a key player in the future of intelligent infrastructure [12][13] - The company's unique approach to edge AI and integrated computing is expected to create significant competitive advantages and establish strong data and technology barriers [13][14]

Group 1: AI Hardware and Applications - CES has become a major showcase for cutting-edge AI hardware, with a focus on consumer-grade AI expected to accelerate by 2026, featuring AI-enabled robots and wearable devices [2] - Companies like Zhaowei and Megmeet are showcasing advanced AI products at CES, including a new dexterous hand with 20 degrees of freedom and high-performance AI modules for robotics [2] - The AI medical sector is entering a critical commercialization phase, supported by new policies from Beijing aimed at fostering innovation and product evaluation in AI healthcare [7][8] Group 2: Low-altitude Economy - The low-altitude economy is at a pivotal growth stage, with approximately 30 provinces incorporating it into their 14th Five-Year Plans, indicating strong governmental support [3] - Major eVTOL manufacturers are seeing orders materialize, and the industry is expected to grow significantly over the next 3-5 years as regulatory frameworks and infrastructure improve [3][4] Group 3: Autonomous Driving - Significant advancements in autonomous driving have been reported, with China officially entering the mass production phase for L3 vehicles, marking a regulatory breakthrough [6] - Companies like Haon Automotive are actively involved in the development of intelligent driving systems, collaborating with leading domestic automakers [6] Group 4: AI Model Development - The AI application landscape is shifting towards performance realization and edge computing, with notable advancements in multimodal models like Google's Gemini-3-pro and domestic models like Doubao [9] - The investment logic in the AI industry is transitioning from a focus on computational power to application value, highlighting the importance of software and high-growth edge hardware companies [9]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company is a global leader in IoT solutions, focusing on wireless communication modules and solutions, and is well-positioned to benefit from the growth in AI and 5G technologies [6][14] - The global IoT connection numbers are expected to grow significantly, with projections of reaching 2.97 billion connections by 2027, indicating a vast market potential [6][46] - The company has shown strong revenue growth, with a projected increase in EPS to 3.78 and 4.84 yuan for 2025 and 2026, respectively, reflecting a robust business model [6][28] Summary by Sections 1. Technology and Market Position - The company has established itself as a key player in the IoT ecosystem, providing comprehensive solutions that include wireless communication modules, antennas, and IoT software platforms [14][18] - The company has a strong focus on R&D, with multiple research centers globally, enhancing its capability to innovate and meet diverse market needs [15][18] 2. Market Growth and Demand - The demand for IoT modules is driven by the increasing number of connected devices and the integration of AI applications, with a forecasted compound annual growth rate (CAGR) of 19.4% for the global IoT market from 2022 to 2027 [46][50] - The company is well-positioned to capitalize on the growth of AIoT and edge computing, which are expected to drive significant demand for AI-enabled hardware [62][66] 3. Financial Performance - The company's revenue is projected to grow from 112.62 billion yuan in 2021 to 185.94 billion yuan by 2024, with a CAGR of 18.19% [28][30] - In the first three quarters of 2025, the company reported a revenue of 178.77 billion yuan, a year-on-year increase of 34.96%, and a net profit of 7.33 billion yuan, up 105.65% [28][30] 4. R&D and Innovation - The company has consistently increased its R&D expenditure, reaching 13.94 billion yuan in the first three quarters of 2025, which represents 7.80% of its revenue [34][35] - The number of R&D personnel has also grown significantly, indicating a strong commitment to innovation and product development [34][35] 5. Competitive Landscape - The company maintains a leading position in the global IoT module market, with significant market share in both domestic and international markets [59] - Competitors include China Mobile and SIMCom, but the company continues to outperform in terms of innovation and market presence [59]

Core Viewpoint - Guanghe Tong's main business shows steady growth, with AI edge computing and robotics poised for development [1] Revenue Structure - Smart modules accounted for over 55% of the company's revenue by the first half of 2025 [1] - Compared to traditional cellular communication modules, smart modules include built-in main control chips and storage, supporting operating systems like Android and Linux, and offering real-time data processing and rich interface capabilities [1] - Applications have been realized in areas such as the Internet of Vehicles and consumer electronics [1] Product Development - The "AI Stack + Robotics" dual-driven strategy has entered the productization and delivery phase [1] - Future business growth potential is significant for AI smart lawnmower solutions and the embodied intelligent robot development platform Fibot [1] Financial Projections - Net profit estimates for 2025-2027 are projected at 452 million yuan, 637 million yuan, and 876 million yuan, respectively [1] - The previous profit forecasts for 2025-2026 were 611 million yuan and 764 million yuan [1] - Earnings per share (EPS) are expected to be 0.50 yuan, 0.71 yuan, and 0.97 yuan for the respective years [1] - The company maintains a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's main business shows steady growth, with significant potential in AI edge solutions and robotics [7] - The company has experienced a decline in revenue and net profit in the first three quarters of 2025, primarily due to the exclusion of the previously sold business unit [5][7] - The smart module segment has become a new growth direction, accounting for over 55% of revenue in the first half of 2025 [7] - The AI Stack and robotics initiatives have entered the productization and delivery phase, indicating strong future growth potential [7] Financial Summary - The company reported a revenue of 5.366 billion yuan in the first three quarters of 2025, a year-on-year decrease of 13.69% [5] - The net profit for the same period was 316 million yuan, down 51.50% year-on-year [5] - The revenue for Q3 2025 was 1.659 billion yuan, reflecting a 22.56% decline year-on-year, with a net profit of 98 million yuan, down 69.14% [5] - Excluding the impact of the divested business, revenue grew by 7.32% year-on-year, while net profit decreased by 2.19% [7] - The gross margin for Q3 2025 was 18.73%, with a net margin of 5.84%, both showing improvement from the previous quarter [7] Earnings Forecast - Projected revenues for 2023A, 2024A, 2025E, 2026E, and 2027E are 7.716 billion, 8.189 billion, 8.125 billion, 9.726 billion, and 11.622 billion yuan respectively [4] - Expected net profits for the same years are 564 million, 668 million, 452 million, 637 million, and 876 million yuan respectively [4] - The earnings per share (EPS) is forecasted to be 0.74, 0.87, 0.50, 0.71, and 0.97 yuan for the years 2023A to 2027E [4]

Summary of IoT Sector Conference Call Industry Overview - The conference call primarily discusses the **Internet of Things (IoT)** sector, focusing on the impact of **Huawei's AI toy** release on the industry and specific companies within the sector [1][2]. Key Points and Arguments - **Huawei AI Toy Launch**: Huawei launched an AI toy priced at **399 RMB**, which sold out in **10 seconds** and is now trading at over **600 RMB** in the secondary market, indicating strong market demand [2]. - **Impact on AI Supply Chain**: The release of the Huawei AI toy positively affects the **edge AI supply chain**, benefiting companies like **Guanghetong**, which provides communication module technology support [1][5]. - **Current Challenges in IoT Industry**: Since Q3 2025, the IoT industry has faced significant pressure, particularly in the upstream module segment due to rising costs and competition from self-developed modules by automotive companies. This situation is expected to persist until Q1 2026 [1][6]. - **Long-term Investment Opportunities**: Despite short-term challenges, the industry may present buying opportunities for long-term investors as conditions are expected to improve post-Q1 2026 [1][6]. Company-Specific Insights - **Guanghetong**: Transitioning from a traditional module manufacturer to a software and hardware integrator, with plans to expand into robotics. The company has raised funds through its Hong Kong listing, which may facilitate further business expansion [1][7]. - **Performance in Smart Module Sector**: Guanghetong leads in smart module market share and is uniquely positioned as the only company fully embracing Qualcomm technology, which could enhance its partnership potential with Qualcomm in AI chip advancements [3][8]. - **Boshi Jie**: Focused on edge applications with self-developed modules, aiming to increase high-margin overseas business and maintain profitability in low-margin domestic markets. The company is expected to grow rapidly in sectors like smart sleep terminals and commercial vehicles [10]. - **Hospital Communication**: Projected revenue for 2025 is **1 billion RMB**, with an increase to **1.2 to 1.3 billion RMB** in 2026. The company is noted for its low valuation, making it an attractive investment target [9]. Challenges and Opportunities - **Module Segment Pressures**: The module segment faces cost increases and limited price transmission capabilities, leading to short-term pressures. However, stock prices have adjusted to reflect these challenges, suggesting that negative information is largely priced in [11]. - **Future Growth Potential**: The edge segment is expected to outperform upstream modules due to the trend towards hardware AI integration and better cost transmission capabilities. Predictions indicate a rebound in the IoT sector by Q1 2026 [12][11]. Conclusion - The IoT sector is currently navigating through challenges but is poised for recovery, particularly in the edge segment. Companies like Guanghetong and Boshi Jie are highlighted as potential leaders in this evolving landscape, with specific attention to their strategic initiatives and market positioning [12][13].

Group 1 - The 2025 Global Developer Pioneer Conference and International Embodied Intelligence Skills Competition will be held from December 12 to 14 in Zhangjiang, Shanghai, focusing on the integration of "silicon-based life" into human production and life [1] - The competition will cover real-world applications with various segments including "Arena," "Workshop," "Debate Square," and "Festival," testing robots' service capabilities across multiple fields such as industrial production, social services, home assistance, and emergency rescue [1] - This year's competition introduces an innovative judging mechanism with human skill masters joining AI experts to form a "triple evaluation" panel, and will also feature a performance award showcasing robots' potential in cultural performances and sports [1] Group 2 - Embodied intelligence is seen as a key driver for transitioning artificial intelligence from virtual to real-world applications, with the conference aiming to explore vast opportunities across various industries and households [2] - Shanghai has seen the release of over ten new humanoid robots this year, with breakthroughs in key technologies such as edge chips, smart modules, and core components, accelerating the gathering of the industry chain in the region [2] - The establishment of the Zhangjiang Artificial Intelligence Innovation Town marks a new phase for AI application in Shanghai, focusing on ecological aggregation and large-scale implementation, with various initiatives to support AI technology deployment [3]

Core Insights - The report highlights the robust growth of the company, with a revenue of 17.877 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 34.96%, and a net profit of 733 million yuan, up 105.65% year-on-year [6] - The company maintains its leading position in the global cellular module market, with a 37% market share, and is successfully transforming into a comprehensive IoT solution provider [7][8] - The development of AI capabilities is emphasized, with the integration of large models and AI algorithms into their product offerings, enhancing their revenue diversification [7][8] Market Performance - The report provides an overview of the domestic market indices, with the Shanghai Composite Index closing at 4,029.50, up 0.73%, and the Shenzhen Component Index at 13,476.52, up 1.78% [5] Company Performance - The company reported a Q3 revenue of 6.33 billion yuan, a year-on-year increase of 26.68% and a quarter-on-quarter increase of 1.63%, with a net profit of 262 million yuan, up 78.11% year-on-year [6] - The company is expanding its ODM business, with significant growth in various product lines, including PDA and POS payment solutions, and has received regulatory approval for a capital increase to support AI-related projects [8] Future Outlook - The report forecasts a continued increase in net profit for the company, projecting 948 million yuan in 2025, 1.178 billion yuan in 2026, and 1.647 billion yuan in 2027, with corresponding EPS of 3.62, 4.50, and 6.29 yuan [9] - The company is expected to enter a new growth cycle driven by AI, with an upward revision of its investment rating to "Buy-B" [9]