Core Insights - The company participated in an investor online reception event on November 20, 2025, focusing on high-quality development for listed companies [1] - The company is actively expanding its customer base and will disclose any significant collaborations, including potential partnerships with Apple, in accordance with information disclosure requirements [2] - The actual controller's pledged shares are under control, and the company is advancing its convertible bond financing plan to raise funds for specific projects [3] Financial Performance - For the first half of 2025, the company reported a net profit of 32.21 million yuan, a decrease of 26.32% year-on-year; by the third quarter, revenue reached 1.095 billion yuan, up 7.62% year-on-year, while net profit was 57.65 million yuan, down 23.72% year-on-year [4] - The decline in profit is attributed to fluctuations in raw material prices and increased business expansion costs, but the company is implementing strategies to improve profitability [4] Growth Drivers - The primary growth driver is the demand for optical micro-structure light guide components, particularly benefiting from the AIPC market's rising demand, which has led to increased shipments of laptops [5] - The company is enhancing its product technology and maintaining a leading position in the keyboard backlight segment [5] Technical Advantages - The company holds 355 patents, including 72 invention patents, which support its technological capabilities in various specialized fields [6] - Key technologies include precision laser welding and automated connector testing, all developed in-house [6] Product and Market Position - The company focuses on customized non-standard products, including light guide films and precision connectors, catering to various application fields [7] - It maintains a stable competitive position in the keyboard backlight market [7] Future Outlook - The company aims to continue expanding its customer base and business operations to deliver better performance for investors [8]

Core Viewpoint - The precision tactile switch components market is experiencing significant growth, driven by advancements in technology and increasing consumer demand, with global market size projected to grow from 1.91 billion in 2022 to 2.59 billion in 2024, and further to approximately 3 billion by 2025 [1][3][6]. Group 1: Industry Definition and Characteristics - Precision tactile switch components consist of inserts, bases, springs, buttons, and covers, functioning as a precise switch that connects and disconnects circuits [2]. - These components are characterized by their small size, long lifespan, and precise tactile feedback, making them widely applicable in consumer electronics, industrial control, automotive electronics, and smart home devices [3][6]. Group 2: Industry Development Status - The demand for precision tactile switch components has been steadily increasing due to rapid technological advancements and improved living standards [3][5]. - The global market size for precision tactile switch components is expected to grow from 1.91 billion in 2022 to 2.59 billion in 2024, with a forecast of around 3 billion by 2025 [3][6]. Group 3: Industry Chain - The upstream of the precision tactile switch components industry includes raw materials such as stainless steel, copper, gold, PET film, double-sided tape, and conductive foam, along with production equipment [6]. - The midstream involves the research and manufacturing of precision tactile switch components, while the downstream applications include consumer electronics, automotive electronics, smart home devices, and medical equipment [6]. Group 4: Industry Development Environment - Relevant Policies - The precision tactile switch components industry is supported by national policies aimed at promoting high precision and reliability, with various initiatives to enhance technological upgrades and equipment modernization [6][7]. Group 5: Industry Competition Landscape - Major global players in the precision tactile switch components industry include Panasonic, ALPS, Shenzhen Huichuangda, Mitsumi, OMRON, and Citizen, with a high concentration and stable competitive landscape [7]. - In the Chinese market, there is a high-end monopoly and mid-low end competition, with local companies like Huichuangda rising in the mid-low end market through cost control and R&D investment [7][8]. Group 6: Company Overview - Huichuangda is a high-tech enterprise specializing in the research and production of electronic components such as membrane switches and backlight modules, with its precision switch division focusing on metal membrane switches and ultra-small waterproof tactile switches [8][9]. - In 2024, Huichuangda achieved a revenue of 1.474 billion, an increase of 118 million from 2023, and a net profit of 101 million, up by 7 million from the previous year [9]. Group 7: Industry Development Trends - The precision tactile switch components market is expected to continue expanding due to their irreplaceable tactile feedback, precise blind operation, high reliability, and cost advantages [10]. - The industry is anticipated to evolve towards higher performance, intelligence, and integration, with local leaders like Huichuangda transitioning from "domestic substitution" to "global leadership" [10].