Group 1 - The core point of the announcement is that TRUE PARTNER (08657) reported an unaudited asset management scale of approximately $360 million as of October 31, 2025 [1] - The net return for TPF as of October 2025 was -1.74% [1]

Summary of the Conference Call for Saiwu Technology Q3 2025 Company Overview - **Company**: Saiwu Technology - **Quarter**: Q3 2025 - **Revenue**: 687 million (up 4.8% year-on-year) [1][2] - **Net Profit**: Loss of 44.89 million [2] Key Points Financial Performance - **Revenue Growth**: Q3 revenue shows a slight increase compared to the previous year, indicating a stabilization after a decline from 2024 [1] - **Net Loss**: The company reported a net loss of 44.89 million, although this represents a 44% improvement year-on-year [2] - **Backplane Business**: The backplane segment has seen a significant decline in demand, contributing to the overall losses [2][3] - **Film Business**: The solar film segment is stabilizing, with a slight recovery in prices, but still operating at a loss [3][5] Business Segments - **Non-Photovoltaic Growth**: The non-photovoltaic segments, particularly new energy vehicle materials, have shown substantial growth, with a 50% increase in revenue year-on-year [3][4] - **New Energy Vehicle Materials**: Revenue from this segment reached approximately 180 million in Q3, making it the second-largest segment after solar film [3][4] - **3C Electronics and Semiconductors**: These segments are also growing rapidly, although they currently do not match the revenue of the new energy vehicle materials [4] Production and Capacity - **Production Capacity**: The company is operating at approximately 70% capacity utilization for solar film production, with expectations for further improvements [15][16] - **Vietnam Facility**: The Vietnam facility is running at full capacity, producing around 15 million square meters of solar film monthly [60] Strategic Adjustments - **Backplane Strategy**: The company plans to retain some production capacity for specialized backplanes while transitioning some equipment to non-photovoltaic products [8][9] - **Cost Reduction Initiatives**: Efforts are underway to reduce costs in the Vietnam facility, particularly concerning logistics and packaging [60] Future Outlook - **Profitability Goals**: The company aims to achieve breakeven by Q4 2025, with hopes of turning profitable in the near future [60] - **Market Trends**: The solar film market is expected to stabilize, but significant recovery in profitability is not anticipated in the short term [66] - **New Product Development**: The company is focusing on expanding its product offerings in new energy materials and enhancing its market presence in the semiconductor sector [54][56] Industry Context - **Market Conditions**: The overall photovoltaic market is experiencing challenges, with a slow recovery in pricing and demand for backplane products [62][63] - **Emerging Technologies**: The company is exploring opportunities in solid-state battery materials and other innovative products, indicating a proactive approach to market changes [71][72] Additional Insights - **R&D Focus**: The company has a dedicated R&D team focusing on new energy materials, 3C electronics, and semiconductor materials, with plans to expand this team [54][56] - **Competitive Landscape**: The company is positioned as a leader in certain segments, particularly in new energy vehicle materials, but faces competition in the semiconductor space [56][58] This summary encapsulates the key points discussed during the conference call, highlighting the financial performance, strategic direction, and market context for Saiwu Technology.