Core Viewpoint - The report from DBS indicates that SOTON (02498) exceeded expectations in its second-quarter performance, achieving a gross margin of 28%, surpassing the target of 25% due to the mass production of the MX series and cost control measures [1] Financial Performance - SOTON's gross margin reached 28%, which is higher than the expected 25% [1] - The management has adopted a more optimistic outlook and reaffirmed the goal of achieving breakeven by the second half of 2025 [1] Growth Drivers - Anticipated growth drivers for 2026 include the mass production of the EM platform, expansion of BYD-related businesses, acquisition of new clients, and orders in the robotics business [1] Earnings Forecast - Based on the revised gross margin predictions, the earnings forecasts for 2025 and 2026 have been increased by 22% and 16% respectively [1] - The target price has been raised from HKD 45 to HKD 50 while maintaining a "Buy" rating [1]

Core Viewpoint - DBS released a report indicating that SOTON (02498) exceeded expectations in its second-quarter performance, achieving a gross margin of 28%, surpassing the target of 25% [1] Group 1: Financial Performance - The strong performance was primarily driven by the mass production of the MX series and effective cost control measures [1] - The management's outlook has become more optimistic, reaffirming the goal of achieving breakeven by the second half of 2025 [1] Group 2: Future Growth Drivers - Growth drivers for 2026 include mass production of the EM platform, expansion of BYD (002594) related businesses, acquisition of new clients, and orders in the robotics business [1] - Based on the revised gross margin forecasts, profit estimates for 2025 and 2026 have been increased by 22% and 16% respectively [1] Group 3: Investment Rating - The rating remains "Buy," with the target price raised from HKD 45 to HKD 50 [1]

Group 1 - The core viewpoint of the news is the recent leadership change at Meizu, with Huang Zhipan officially taking over as CEO, marking the fourth leadership change since 2021 [1][3] - Huang Zhipan, who is the brother of Meizu's founder Huang Zhang, previously served as CEO of Meizu Technology in 2021 and has now returned to focus on the upcoming flagship model, Meizu 22 [3] - The Meizu 22 is highlighted for its features, including the world's narrowest physical four-edge white panel at 1.2mm and a 6.3-inch "golden size" design, along with the introduction of a periscope telephoto lens [3] Group 2 - Historically, Meizu achieved significant success in the 2010s with the MX and Meilan series, but faced strategic missteps in 2016, leading to a chaotic product line and missed market opportunities [6] - Currently, Meizu is challenged to balance its "niche sentiment" with the need for "scaled survival," as exemplified by the Note 16 series, which aims for short-term sales through high cost-performance [6] - During ChinaJoy, Meizu plans to set up a "Time Corridor" exhibition to showcase classic models from M8 to the present, aiming to rekindle brand memory among users [6]