Montage (688008.SS): Elevated R&D spending to accelerate product pipeline; 4Q25 full results; Buy High R&D investment to expand new products: Montage announced 4Q25 full results on March 30 after the preliminary results announced in Feb. 4Q25 operating income came in at Rmb545mn (+68% QoQ, +77% YoY), 11% higher than GSe, which we attributed to the reversal of stock-based compensation expenses, with R&D expenses remained high at +81% YoY and marketing expenses at +43% YoY. Rev growth was in line with the pre ...