Group 1 - The core point of the article is that Baidu Group (01263) plans to voluntarily withdraw its listing from the Hong Kong Stock Exchange and will primarily list on the Singapore Exchange instead [1] - Baidu Group's stock fell nearly 6% towards the end of trading, closing down 5.71% at HKD 5.95, with a trading volume of HKD 35.43 million [1] - The company is currently dual-listed on both the Hong Kong and Singapore exchanges [1] Group 2 - Baidu Group is the world's second-largest GPU graphics card manufacturer, focusing on the design, development, and manufacturing of graphics display cards [1] - The company provides manufacturing services for well-known computer brands globally and its Zotac brand is a core AIC partner of NVIDIA [1] - For the first half of the year, Baidu Group reported revenue of HKD 6.355 billion, representing a year-on-year increase of 28.5%, and a profit attributable to shareholders of HKD 250.4 million, up 29.0% year-on-year [1]

Group 1 - Company shares fell nearly 6% at the close, trading at 5.95 HKD with a transaction volume of 35.43 million HKD [1] - The company submitted an application to voluntarily withdraw its shares from the Hong Kong Stock Exchange on September 12, retaining its primary listing status on the Singapore Exchange [1] - The company is currently dual-listed on both the Hong Kong and Singapore exchanges [1] Group 2 - The company is the world's second-largest GPU graphics card manufacturer, focusing on the design, development, and manufacturing of graphics display cards [1] - The company provides manufacturing services for well-known computer brands globally, with its Zotac brand being a core AIC partner of NVIDIA [1] - For the first half of the year, the company reported revenue of 6.355 billion HKD, a year-on-year increase of 28.5%, and a profit attributable to shareholders of 250.4 million HKD, up 29.0% year-on-year [1]

Core Viewpoint - Nvidia's new GeForce RTX 50 series graphics cards are experiencing high demand, significantly exceeding supply, with retail prices up to 50% above the official suggested price [1] Group 1: Nvidia and RTX 50 Series - The RTX 5090 graphics card is currently priced over $3000 in the market, maintaining a high premium [1] - The RTX 5090 and RTX 5080 feature significant technical improvements over the previous generation, including the latest Ada Lovelace architecture, enhanced graphics processing capabilities, and support for ultra-high resolutions [1] - The VRAM for the RTX 5090 has been increased to 24GB, enhancing gaming graphics and performance [1] Group 2: Company Performance and Market Outlook - According to GF Securities, the shipment volume of the RTX 50 series is expected to reach 35-40 million units by 2025, representing a growth of over 30% compared to the previous RTX 40 series [2] - Biostar Group, a major GPU manufacturer, reported a revenue of 10.082 billion yuan for 2024, a 10% increase year-on-year, with a net profit of 262 million yuan, up 331% [2] - The strong demand for new graphics cards and reduced promotional expenses contributed to improved gross margins for Biostar Group [2] Group 3: Profitability and Valuation - If the RTX 5090 accounts for 5% of the RTX 50 series shipments, Biostar Group could see a net profit contribution of approximately 512 million HKD from this product alone, nearly doubling its 2024 net profit [3] - Biostar Group has recently partnered with Supermicro and is entering the Chinese cloud service supply chain, which may provide new growth opportunities [3] - The company's stock is currently trading at a PE ratio of only 4 times for 2025, significantly lower than competitors like Asus (12 times) and MSI (13 times), indicating substantial valuation recovery potential [3]