Summary of Haopeng Technology Conference Call Company Overview - **Company**: Haopeng Technology - **Date**: September 23, 2025 Key Industry Insights - **Industry**: Consumer Electronics, Battery Technology, AI Products, Robotics - **Market Segments**: PC, Wearable Devices, Mobile Phones, Digital Photography, AI Glasses, Robotics Core Points and Arguments 1. **Revenue Growth**: Haopeng Technology aims for a 20% annual revenue growth, benefiting from steady growth in core businesses such as PC, wearable devices, mobile phones, and digital photography, alongside emerging products like AI glasses and robots [2][3][4] 2. **Profitability Recovery**: Since 2025, the overall profitability has improved, with production capacity utilization increasing by approximately ten percentage points quarter-over-quarter in Q3 compared to Q2. The company targets a net profit margin of 7-9% in the next 2-3 years [2][4][5] 3. **Operational Efficiency**: The company has implemented organizational adjustments and ceased leasing its Shenzhen factory to mitigate relocation impacts, aiming to enhance production efficiency and reduce costs through increased orders and customer integration [2][6] 4. **High-End Client Collaboration**: In the small battery sector, Haopeng has established a closed-loop collaboration with leading clients, driving technological advancements in conventional, high-spec, semi-solid, and solid-state batteries [2][7] 5. **Product Launches**: New products, including AI glasses and robots, are set to be launched in the second half of 2025, with a focus on high-value products expected to boost gross margins [3][8] 6. **Business Structure Optimization**: The company plans to reorganize its business structure and product strategy to focus on advantageous areas and potential growth sectors, aiming for a scale of 10 billion RMB [4][9] 7. **Market Share and Technology Cooperation**: Haopeng anticipates an increase in high-end clients contributing to revenue, optimizing customer structure, and enhancing scale effects [7][9] 8. **Battery Product Pricing**: The average selling price of batteries is approximately $2 per unit, with new silicon-based anode materials expected to enhance gross margins significantly [13][14] 9. **Solid-State Battery Development**: Haopeng has commenced mass production of semi-solid batteries and plans to complete prototypes of solid-state batteries by the end of 2025, targeting applications in wearable devices and low-altitude economies [20][23] 10. **Robotics Market Potential**: The company has entered the robotics sector, focusing on AI companion robots and industrial robots, with significant market potential anticipated in healthcare and service industries [24][28] Additional Important Insights - **Client Base**: Haopeng's major clients include domestic automotive startups and North American companies, with significant orders expected from these markets [11][12] - **Future Revenue Expectations**: Basic revenue growth is projected at 20% for 2026, excluding additional growth from AI and robotics [23] - **Investment Opportunities**: The company invites investors to visit its facilities for a deeper understanding of its operations and growth potential [28]

董事会认为，本报告期间预期将录得亏损净额减少主要由于本期间销售订单增加及施行节省成本措施令 销售眼镜产品所产生的毛利有所改善，但被本期间人民币升值所产生的汇兑亏损抵销了过往期间人民币 贬值所产生的汇兑收益。 格隆汇8月8日丨恒发光学(01134.HK)发布公告，截至2025年6月30日止六个月，公司预期本报告期间将 录得净亏损约港币470万元，而截至2024年6月30日止六个月("前报告期间")则录得净亏损约港币1230万 元。 ...

Group 1 - The company, Hengfa Optical (01134), expects to incur a net loss of approximately HKD 4.7 million in the first half of 2025, compared to a net loss of about HKD 12.3 million in the first half of 2024 [1] - The board believes that the anticipated reduction in net loss during the reporting period is primarily due to an increase in sales orders and the implementation of cost-saving measures, which have improved the gross profit from eyewear products [1] - However, the gains from the previous period's depreciation of the Renminbi were offset by exchange losses resulting from the appreciation of the Renminbi during the current period [1]