28 August 2025 | 11:24PM HKT Shenzhen Kstar Science & Tech (002518.SZ) 2Q25 largely in line: Smooth customer expansion (domestic & overseas); guides further improvement in 2H25-26; Maintain Buy n Overseas markets contributed to c.55% of segment sales in 1H25 (+8% yoy per GSe), mainly driven by SEA and Europe. The company is recently cooperating with a UPS (uninterruptible power supply) brand on potential ODM (Original Design Manufacturer) business for this new customer's high-power UPS products (likely for ...