12 December 2025 Asia Tech Hardware Asia Tech Hardware: Hits, Misses, and Lessons Learned - 2025 in review Alex Wang, CFA +852 2123 2613 alex.wang@bernsteinsg.com Shirley Yang, CFA +852 2123 2660 shirley.yang@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com As we approach the close of 2025, this report reviews what worked, what didn't, and the omissions made in our published research, along with the lessons learned. To our readers: Thank you for the support and the many engaging discussions ...