Financial Data and Key Metrics Changes - The group achieved revenue of approximately US$837.6 million for the first half of 2025, with a year-on-year growth of 31.7% and a half-on-half growth of 6.1% [17] - The group's gross margin was 40.3%, up 121 basis points half-on-half but down 65 basis points year-on-year [18] - Adjusted net profit reached HKD218.1 million, up 95.7% half-on-half, but down 12.2% year-on-year [19][20] - For Q2 2025, revenue totaled approximately US$436.1 million, an increase of 8.9% quarter-on-quarter and 1.8% year-on-year [22] Business Line Data and Key Metrics Changes - Advanced Packaging (AP) revenue contributed around 39% of the group's total revenue, approximately US$326 million, driven by strong demand for thermal compression bonding (TCB) tools [8][9] - Semiconductor Solutions segment revenue grew to US$257.6 million in Q2 2025, up 1% quarter-on-quarter and 20.9% year-on-year [25] - SMT Solutions segment delivered revenue of US$178.5 million in Q2 2025, a 22.6% increase quarter-on-quarter but a 17.2% decline year-on-year [28] Market Data and Key Metrics Changes - China accounted for 36.7% of group revenue, with strong growth driven by AI demand [31] - The automotive end market contributed 15% to group revenue, supported by electric vehicle demand in China [30] - The computer end market became the largest contributor to group revenue, accounting for 30%, driven by AI-related applications [21] Company Strategy and Development Direction - The company expects sustained growth in Advanced Packaging, particularly benefiting from AI tailwinds and technological leadership [32] - The group aims to solidify its TCB market leadership in both memory and logic applications, projecting a total addressable market of US$1 billion by 2027 [32] - The mainstream business will be supported by momentum in China and emerging demand for AI data centers, although automotive and industrial markets are expected to remain soft [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued demand for AI-related applications, particularly in the semiconductor sector [5][6] - The company acknowledged uncertainties related to tariff policies but emphasized its global presence as a means to navigate potential impacts [33] - Management noted that the group has maintained a gross margin above 40% despite foreign exchange headwinds [7] Other Important Information - The group has maintained a diversified customer base, with the top five customers accounting for approximately 24.8% of total revenue in the first half of 2025 [31] - The company has an existing dividend policy of distributing about 50% of annual profits as dividends, with a recommended dividend of HKD0.26 per share for the first half of 2025 [20] Q&A Session Summary Question: Booking trend into the third quarter across different businesses - Management expects Q3 bookings to be slightly down quarter-on-quarter but up double digits year-on-year, with AI-related applications driving demand [38][40] Question: SMT bookings recovery in the second quarter - SMT bookings showed strong recovery due to bulk orders, but future orders may not be as material as those in Q2 [42] Question: Order opportunities for HBM in the next 12-18 months - Management is confident in continued order opportunities for HBM, particularly with the introduction of new AI chips [50][51] Question: Differentiation in hybrid bonding tools - The company believes its second-generation hybrid bonding tools will be competitive, addressing customer pain points effectively [103] Question: Sustainability of tax credits - Management indicated that the tax credits received in Q2 are a one-off and not expected to recur in the near term [82]

Financial Data and Key Metrics Changes - The group achieved revenue of approximately US$837.6 million for the first half of 2025, representing a year-on-year growth of 31.7% and a half-on-half growth of 6.1% [15] - The group's gross margin was 40.3%, up 121 basis points half-on-half but down 65 basis points year-on-year [16] - Adjusted net profit for the first half was HKD218.1 million, up 95.7% half-on-half but down 12.2% year-on-year [18] - For Q2 2025, revenue totaled approximately US$436.1 million, an increase of 8.9% quarter-on-quarter and 1.8% year-on-year [21] - The group's bookings reached US$912.8 million for the first half, showing a growth of 10.5% half-on-half and 12.4% year-on-year [15] Business Line Data and Key Metrics Changes - Advanced Packaging (AP) revenue contributed approximately 39% of the group's total revenue, amounting to around US$326 million, driven by strong demand for thermal compression bonding (TCB) tools [6][7] - The Semiconductor Solutions segment's revenue grew to US$257.6 million in Q2 2025, up 1% quarter-on-quarter and 20.9% year-on-year [24] - SMT Solutions segment revenue was US$178.5 million in Q2 2025, a 22.6% increase quarter-on-quarter but a decline of 17.2% year-on-year [27] Market Data and Key Metrics Changes - The computer end market became the largest contributor to group revenue, accounting for 30%, driven by AI-related applications [20] - The automotive end market contributed 15% to group revenue, supported by electric vehicle demand in China [20] - Revenue from China increased to 36.7% of group revenue, with strong growth driven by AI demand [31] Company Strategy and Development Direction - The company expects revenue for Q3 2025 to be between US$445 million and US$505 million, indicating confidence in sustained AP revenue and improvement in SMT revenue [32] - The group aims to solidify its TCB market leadership in both memory and logic applications, projecting a total addressable market of US$1 billion by 2027 [32] - The mainstream business will be supported by momentum in China and emerging demand for AI data centers, although automotive and industrial markets are expected to remain soft in the near term [33] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand driven by AI tailwinds across various markets, particularly in advanced packaging and mainstream businesses [4][5] - The company acknowledged uncertainties related to tariff policies but emphasized its global presence as a means to navigate potential impacts [33] - Management expressed confidence in maintaining gross margins above 40% despite foreign exchange headwinds [6] Other Important Information - The group maintained a diversified customer base, with the top five customers accounting for approximately 24.8% of total revenue in the first half of 2025 [31] - The company has an existing dividend policy of distributing about 50% of annual profits as dividends, recommending a dividend of HKD0.26 per share for the first half of 2025 [19] Q&A Session Summary Question: Booking trend into the third quarter across different businesses - Management expects Q3 bookings to be slightly down quarter-on-quarter but up double digits year-on-year, with strong momentum in AI-related bookings [38][40] Question: SMT bookings recovery in the second quarter - SMT bookings showed recovery due to bulk orders, but future orders may not be as material as those in Q2 [42] Question: Order opportunities within HBM and competition - Management is confident in their HBM market position and expects to continue winning orders due to their technological advantages [51][52] Question: Market share in hybrid bonding - The company is well-positioned in the hybrid bonding market with competitive features in their second-generation tools [103] Question: China revenue and localization trends - The company is seeing increased demand from the consumer market and electric vehicles in China, with a competitive pricing and margin profile [106]