Summary of the Conference Call for 滔博 International Holdings Limited Company Overview - **Company**: 滔博 International Holdings Limited - **Industry**: Retail (Sportswear and Footwear) Key Points and Arguments Financial Performance - In Q3 2025, 滔博's pre-tax sales decreased by a high single-digit percentage year-on-year, consistent with mid-term performance trends [4] - The demand for sports footwear and apparel remained weak, with seasonal product sales under pressure [4] - Retail business outperformed wholesale, but overall retail performance was slightly weaker compared to the first half of the fiscal year [5] - The company maintained a reasonable and controllable inventory level, with total inventory decreasing year-on-year [5] Market Dynamics - Increased promotional activities disrupted both online and offline market order, leading to heightened consumer price sensitivity [2] - The offline channel showed improvement from a low base, but overall retail performance was still slightly weaker than the first half of the fiscal year [5] - Nike's performance in the Greater China market faced challenges similar to those observed by 滔博, including low foot traffic and inventory pressures [2][5] Strategic Initiatives - 滔博 is optimizing its offline store network, with a significant reduction in the number of store closures expected compared to the previous year [2] - The company launched a new running brand concept store, Echoes, and collaborated with Soar to introduce a Shanghai city-limited series to enhance brand recognition and user interaction [2] - 滔博 plans to maintain healthy gross margins through a volume control strategy and cost optimization measures [4][6] Collaboration with Nike - Nike's increased wholesale discounts are expected to positively impact 滔博's gross margins by providing better purchase subsidies [4][6] - The collaboration with Nike aims to standardize market order and optimize pricing, which may have short-term impacts but is expected to enhance overall value in the long term [4][7] - Nike's old inventory recovery efforts are anticipated to alleviate operational pressures on retail partners and improve market conditions [6][19] Future Outlook - The external environment remains challenging, with cautious expectations for terminal demand due to ongoing low foot traffic and retail fluctuations [6] - The company anticipates potential deviations from annual profit targets, but the range of deviation is considered manageable [3][6] - 滔博 is focused on long-term growth driven by national policy support and increasing public enthusiasm for sports [7] Inventory Management - Inventory management is a dynamic process influenced by demand, online promotional rhythms, and pricing strategies [9][10] - The company is implementing new measures to improve inventory turnover and overall market health [9] Competitive Landscape - Adidas has shown strong performance in the current quarter, particularly with its three-stripe series and localized product strategies [15] - The competitive environment remains challenging, with various factors affecting sales performance across different companies [10] Conclusion - 滔博 is committed to enhancing its operational efficiency and profitability while navigating a challenging retail environment. The focus remains on strategic partnerships, particularly with Nike, to drive long-term growth and market share expansion [20][21]

Summary of Huazhu Group Conference Call Industry Overview - The hotel industry is expected to see cyclical improvement by 2026, with RevPAR (Revenue Per Available Room) decline narrowing each quarter, driven by a rebalancing of supply and demand and robust growth in leisure travel demand. Service consumption policies will also boost leisure travel demand [2][6]. - The business travel market is stabilizing, with occupancy rates (OCC) having bottomed out, indicating potential for recovery. The investment payback period has extended to approximately 5 years due to declining average room prices (RAP) and rents, with a forecasted decrease in new store openings in 2026 [2][8]. Company Insights: Huazhu Group - Huazhu has maintained a compound annual growth rate (CAGR) of over 20% in store count and performance over the past 15 years, leveraging product iteration, standardized management, and strong member loyalty to create a unique growth flywheel. The company is actively expanding into the mid-to-high-end hotel sector, establishing a rich brand matrix [4][13]. - Huazhu's extensive store network and strong membership system allow it to reduce reliance on Online Travel Agencies (OTAs) in the short term, showcasing its operational strength. The company’s dual flywheel model, which links network scale and member traffic, provides a competitive advantage even in adverse conditions [5][7]. Competitive Positioning - Leading companies like Huazhu hold a market share of 15%-20% in key regions such as Shanghai, granting them pricing power. The strategy has shifted from focusing on occupancy rates to optimizing average room prices, which helps stabilize overall industry pricing [9]. - The hotel industry remains fragmented, but leading firms are transitioning to a strategy that balances occupancy and pricing, as evidenced by Huazhu achieving positive growth in average daily rates (ADR) in Q3 [9]. Long-term Growth Potential - The long-term outlook for China's accommodation industry is positive, with a trend of upward penetration. Comparatively, China's per capita GDP is nearing that of the U.S. in 1981, indicating a high proportion of disposable income spent on accommodation and leisure travel [10]. - The potential for chain hotel development is significant, with estimates suggesting that increasing the chain rate from 46% to 60%-70% could yield growth rates of 30%-50% for hotels with over 30 rooms [11][12]. Strategic Development in Mid-to-High-End Market - Huazhu currently operates over 1,000 mid-to-high-end hotels, with revenue per room significantly higher than that of economy hotels. The company aims to increase the number of mid-to-high-end hotels to over 3,000, which would surpass the share of economy hotels in its overall business [15]. - The company is also collaborating with Didi to attract high-quality business travelers and is expected to optimize product offerings in the mid-to-high-end sector [14]. Valuation and Market Position - Huazhu is projected to have a price-to-earnings (P/E) ratio of 24-25 times by 2026, reflecting both industry recovery and the company's growth trajectory. The hotel sector in A-shares is currently experiencing marginal improvements, with leading companies like Shoulv and Jinjiang already showing positive changes [17]. - The overseas hotel groups benefit from a light-asset model that allows for valuation premiums, and Huazhu is expected to follow a similar path, transitioning from low-end to high-end offerings while ensuring stable cash flow and shareholder returns [16].

Summary of the Conference Call on JunDa Co., Ltd. and ShangYi Optoelectronics Strategic Cooperation Industry and Company Overview - **Industry**: Space photovoltaic energy solutions, focusing on low Earth orbit (LEO) satellite applications - **Companies**: - **JunDa Co., Ltd.**: A leading photovoltaic battery manufacturer, recognized for its N-type battery technology and breakthroughs in perovskite technology - **ShangYi Optoelectronics**: Originating from the Shanghai Institute of Optics and Fine Mechanics, specializing in flexible perovskite photovoltaic technology for space applications Core Points and Arguments 1. **Strategic Cooperation**: JunDa and ShangYi have formed a strategic partnership to explore next-generation space energy solutions, particularly in response to the growing demand for energy in LEO satellite deployments, which have surpassed 100,000 planned satellites [1][3] 2. **Market Potential**: The space photovoltaic market is projected to reach trillions of yuan by 2030, significantly exceeding the terrestrial market, driven by the need for energy solutions in space data centers [1][5] 3. **Technological Advancements**: ShangYi has developed a third-generation flexible solar cell with a power-to-weight ratio of 10 watts per gram, and a perovskite-silicon tandem cell that matches the efficiency of gallium arsenide while being significantly cheaper [2][11] 4. **Joint R&D Initiatives**: The companies will establish a joint research platform to tackle key technical challenges such as radiation resistance and temperature stability, and will collaborate on industry standards and national projects [4][18] 5. **Cost Efficiency**: ShangYi emphasizes the importance of low-cost solutions in commercial space, with their products designed to be 1/4 to 1/5 the cost of gallium arsenide cells, which are currently dominant in the market [5][20] Additional Important Insights 1. **Performance Testing**: ShangYi's perovskite cells have undergone extensive testing, showing over 90% efficiency retention after 4,000 temperature cycles, indicating strong potential for long-term space applications [19][25] 2. **Future Plans**: JunDa plans to launch power satellites by 2026, with a focus on integrating perovskite technology as a primary energy source, while also preparing for mass production to meet the anticipated demand for thousands of satellite launches [21][22] 3. **Market Strategy**: JunDa aims to increase its overseas market share, with 60% of sales currently coming from international markets, and is optimistic about the commercialization of space photovoltaics [35] 4. **Unique Advantages**: ShangYi's team possesses unique capabilities in developing materials that withstand extreme space conditions, which are critical for the reliability of their solar cells in orbit [10][14] This summary encapsulates the key discussions and insights from the conference call regarding the strategic partnership between JunDa Co., Ltd. and ShangYi Optoelectronics, highlighting the potential of space photovoltaic solutions in the rapidly evolving commercial space industry.

Summary of the Conference Call for Anjuke Food Company Overview - **Company**: Anjuke Food - **Industry**: Frozen Food Industry Key Points and Arguments Financial Performance - In Q4, Anjuke Food's performance exceeded expectations, maintaining a growth rate of 10% as of December 22, despite a high base from the previous year [2][3] - The company experienced a 20% revenue growth in September, with double-digit growth in October and November, indicating a healthy market performance [3] Strategic Shift - The company is shifting its strategy from channel-driven to product-driven, launching multiple new products that mostly met or exceeded expectations [2][6] - A total of 35 to 40 new products were introduced this year, with significant growth in the grilled sausage segment exceeding 60% [9] Market Opportunities - The Southeast Asian frozen food market is rapidly growing, with a low CR5 market share of less than 5%, presenting significant opportunities for expansion [7] - Plans to acquire local brands to penetrate the European and American markets are underway [7] New Product Development - The company launched the "Lock Fresh 6.0" product line in December, which has shown significant improvements in appearance, weight, and quality, maintaining double-digit growth since its introduction in 2019 [4][11] - Future product development will focus on low GI products and customization for various market segments [11] Halal Food Strategy - Anjuke Food has established a new factory in Henan aimed at producing halal food, targeting the Northwest and Southeast Asian markets [8][13] - The company has acquired the "Anzhai" trademark to develop a dedicated halal food brand and plans to apply for halal certification in Malaysia and Indonesia [8][14] Competitive Landscape - The frozen food industry is transitioning from perfect competition to monopolistic competition, with Anjuke Food outperforming its peers in sales growth and profitability [9] - Many competitors are experiencing stagnation or losses, highlighting Anjuke's competitive advantage [9] Customization and Retail Strategy - The company is embracing customized production for supermarkets, collaborating with major retailers like Yonghui and Hema to provide differentiated products [12] - This strategy aims to adapt to market changes and enhance growth opportunities while maintaining quality control [12] Future Outlook - The first quarter of the next year is expected to be influenced by the Spring Festival, with a focus on maintaining growth despite potential challenges [4] - Increased R&D investment and incentive mechanisms are planned to improve the success rate of new products [10] Profitability and Cost Control - New products are positioned for high margins to adapt to changing consumer preferences, with profit levels exceeding 40% for certain items [16][17] Additional Important Information - The company is aware of the complexities of halal certification in China and plans to build brand recognition without relying solely on certification [14] - The frozen baking segment, particularly after acquiring Dingwei Thai, is seen as a blue ocean market with higher profit margins compared to other frozen food segments [15]

Summary of Midea Group Conference Call Company Overview - **Company**: Midea Group (000333.SZ) - **Industry**: HVAC and Appliances Key Points Factory and Product Insights - The Chongqing chiller factory is recognized as the world's first certified Lighthouse Factory for centrifugal chillers, excelling in R&D and digitalization [4] - Management emphasizes the maglev centrifugal chiller as a key product, anticipating increased adoption due to its energy efficiency, lower maintenance costs, and reduced manufacturing costs from in-house production of components [4][8] - Midea has become the No.1 brand in China's centrifugal chiller market, surpassing US brands [4] Revenue Streams and Growth Drivers - The Intelligent Building Solutions Division generated RMB 19.5 billion in revenue, reflecting a 24% year-over-year growth, with a 15% profit before tax margin [6] - Revenue diversification has shifted from real estate to commercial services, industrial/agriculture clients, and infrastructure, including data centers [11] - Management sees significant mid-term revenue opportunities in data centers, particularly as China adopts high-power chips requiring greater cooling capacity [12] Market Expansion and Competitive Landscape - Midea is focusing on overseas market expansion, with Europe being the largest market, followed by the Middle East and ASEAN [13] - The company has successfully integrated acquired brands in Europe, with Clivet's revenue growing 4-5 times since acquisition [13] - Midea competes with US brands like Trane, Carrier, and York, and with domestic competitors Gree and Haier in the maglev chiller segment [9] Investment Thesis and Risks - Midea is positioned as a leading player in the HVAC and major appliances market, with expectations for continued market share growth domestically and internationally [14] - Key risks include potential disruptions in white goods demand due to macroeconomic factors, rising material costs, execution risks in premiumization strategies, and increasing competition in lower-end segments [17] Valuation and Price Target - The 12-month target price is set at RMB 96 for A-shares and HK$ 103 for H-shares, based on a 16x exit multiple applied to 2027E EPS [17] Conclusion - Midea Group is viewed positively due to its strong market position, innovative product offerings, and growth potential in both domestic and international markets, particularly in the HVAC sector [2][16]

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Toy and IP (Intellectual Property) Management Key Points and Arguments Business Performance - **2023 H2 Turning Point**: Pop Mart experienced an upward turning point in business performance in the second half of 2023, with successful market expansion into Southeast Asia in 2024 and North America in the first half of 2025 [2][5] - **Core IP Growth**: The core IP, Labubu, has seen significant growth, contributing to stock price increases [2][6] - **Supply and Demand Dynamics**: Despite an increase in supply from scalpers, stores in China remain generally out of stock, indicating a tight supply-demand balance [2][7] Market Concerns - **North America Market Worries**: Concerns exist regarding the North American market due to pessimistic guidance from companies like Sea of Treasure, Mattel, and Disney for 2026, leading to stock price adjustments. However, North America only accounts for about 20% of revenue, and data has stabilized in the second half of the year [2][8] - **China Market Confidence**: Strong confidence in the Chinese market, with expectations of adding approximately 10 new stores in 2026 and e-commerce growth projected at 22%-30% [2][9] Expansion Plans - **Store Expansion**: Plans to open around 20 new stores in the Asia-Pacific region, 30 in North America, and 20-25 in Europe, with overall performance expected to maintain around 18 billion [2][9] - **Future Development Logic**: Focus on deepening offline operations and continuous overseas expansion, with a rapid store opening pace in North America and significant potential in Europe, Japan, and the Middle East [2][10] Product and Innovation Strategy - **Supply Logic**: The company employs a "70% full" supply logic to prevent inventory issues and extend product life cycles, with a controlled frequency of new product releases [5][15] - **Platform Capability**: Pop Mart's platform capability is a core competitive advantage, allowing for the continuous creation of long-lasting IP and the development of multiple tiers of IP [4][16] Future Outlook - **Long-term Growth**: The company is in a multi-category and multi-IP expansion phase, with a stable foundation despite potential declines in single-store performance. Long-term valuation is expected to reach 20-25 times compared to traditional toy companies [2][17][18] Additional Insights - **IP Heat in Global Markets**: Analysis shows a balanced IP structure in Southeast Asia, while the popularity of Labubu has stabilized in the US, UK, and France. Japan relies heavily on Labubu's popularity [2][14] - **Theme Park Developments**: The company is progressing with theme park projects, which are expected to enhance emotional connections with consumers [4][13] This summary encapsulates the key insights from the conference call, highlighting Pop Mart's current performance, market dynamics, expansion strategies, and future outlook in the toy and IP industry.

Summary of Contemporary Amperex Technology Co. Ltd. Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co. Ltd. (300750.SZ) - **Industry**: China Energy & Chemicals - **Market Cap**: Rmb1,692,773 million - **Current Share Price**: Rmb372.00 (as of December 18, 2025) - **Price Target**: Rmb490.00, indicating a 32% upside potential Key Points on Tariffs and ITC Eligibility - **Tariff Changes**: The US will impose an additional 17.5% tariff on Chinese energy storage system (ESS) battery exports starting in 2026, raising the total tariff to 48.4% [10] - **Cost Implications**: Post-tariff, Chinese battery costs are expected to account for 38% of the US ESS price, which is below the FEOC component exposure limits of 45% and 40% for 2026 and 2027, respectively [10] - **ITC Eligibility**: Utility-scale ESS assembled with Chinese batteries will remain eligible for the 30% Investment Tax Credit (ITC) in the US for 2026, provided there are no further tariff increases in 2027 [10] Financial Projections - **Revenue Growth**: Projected revenues for the next few years are as follows: - 2025: Rmb410,628 million - 2026: Rmb500,706 million - 2027: Rmb612,448 million [7] - **EBITDA Projections**: - 2025: Rmb91,066 million - 2026: Rmb114,337 million - 2027: Rmb141,233 million [7] - **Earnings Per Share (EPS)**: - 2025: Rmb15.38 - 2026: Rmb18.97 - 2027: Rmb23.75 [7] Valuation Methodology - **Valuation Approach**: The company is valued using an EV/EBITDA multiple of 17x for 2026E EBITDA, which corresponds to a P/E ratio of 25x for 2026E [11] Risks Identified - **Upside Risks**: - Faster-than-expected penetration of electric vehicles (EVs) and ESS applications - Lower geopolitical risks - Better-than-expected profit margins - Higher market share gains [13] - **Downside Risks**: - Weaker EV penetration and ESS applications - Competition from other battery manufacturers - Geopolitical risks leading to supply chain decoupling [13] Analyst Ratings - **Stock Rating**: Overweight - **Industry View**: In-Line - **Analyst**: Jack Lu, Kaylee Xu, Yiyi Wang [6] Additional Insights - **Market Dynamics**: The report highlights the ongoing changes in US tariffs and their implications for the Chinese battery market, particularly in the context of the ESS sector [10] - **Investment Considerations**: Investors are advised to consider the potential impacts of geopolitical tensions and market competition on the company's future performance [13] This summary encapsulates the critical insights from the conference call regarding Contemporary Amperex Technology Co. Ltd., focusing on its financial outlook, market conditions, and strategic positioning within the energy storage industry.

Summary of the Conference Call Transcript Company Overview - **Company**: Joyson Electronics (均胜电子) - **Industry**: Automotive Safety and Electronics Solutions - **Rating**: Buy with a target price of Rmb 34.20, up from Rmb 21.10 [1][4] Key Points and Arguments Industry Trends - The global automotive industry is undergoing significant electrification and intelligence trends, expected to drive the automotive electronics market with a CAGR of 9.0% from 2025 to 2028 [2][9] - Key growth segments include smart cockpit solutions, intelligent driving solutions, new energy management systems, and intelligent connectivity systems [2][9] Financial Projections - Joyson's net profit is projected to grow at a CAGR of 17% from 2025 to 2028, driven by deepening collaborations with domestic automakers and benefiting from overseas automakers' transitions to electrification and intelligence [3][10] - Revenue is expected to grow at a CAGR of 6.5%, with gross and net profit margins improving from 18.3% and 2.4% in 2025 to 18.4% and 3.2% in 2028, respectively [3][10] Valuation - The valuation is based on a segmented approach: - Automotive safety and other parts: 21.0x 2026E PE - Automotive electronics: 27.5x 2026E PE - Robotics parts: 9.5x 2026E P/S [4][31] - The new target price reflects a 27.5x 2026E PE, indicating a 16% discount compared to peers [4][31] Market Position - Joyson is positioned as a global leader in automotive passive safety and electronics, with a comprehensive product portfolio and a global customer base [1][13] - The company has established over 25 R&D centers and more than 60 production bases worldwide, covering major automakers [13] Growth Opportunities - Joyson has secured projects with leading overseas automakers and a major humanoid robot manufacturer, indicating potential growth in the robotics sector [1][19] - The company is expected to benefit from the increasing demand for automotive electronics due to stricter safety standards and the transition to centralized electronic architectures [9][10] Additional Important Insights - The current stock price of Rmb 26.95 reflects a potential upside, with a risk-reward ratio of 3.1:1 [36] - The company has faced challenges in the past due to significant acquisitions and restructuring, but these impacts are expected to diminish by 2025 [14] - Joyson's revenue growth is primarily driven by the automotive electronics sector, which is anticipated to outperform the traditional automotive safety market [9][10] Conclusion - Joyson Electronics is well-positioned to capitalize on the ongoing transformation in the automotive industry, with strong growth prospects in both automotive electronics and robotics. The current valuation does not fully reflect the company's growth potential, making it an attractive investment opportunity.

Summary of Contemporary Amperex Technology Co. Ltd. Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co. Ltd. (CATL) - **Stock Code**: 300750.SZ, 3750.HK - **Industry**: Energy & Chemicals, specifically focusing on electric vehicle (EV) batteries Key Industry Insights - **Electric Heavy-Duty Truck (eHDT) Sales**: - November sales increased by **177% YoY**, with a penetration rate of **36%**, marking a record high [10] - Expected penetration rates for eHDT in China are projected at **25%** for 2025 and **35-40%** for 2026 [10] - **Electric Light-Duty Truck (eLDT) Sales**: - Penetration reached **8.9%** in November, with year-to-date sales rising **80% YoY** [10] - Expected penetration rates for eLDT are projected at **10%** for 2025 and **25%** for 2026 [10] - **Market Share**: - CATL holds approximately **60%** of the electric truck battery market [10] - **Battery Volume Growth**: - The e-truck market is anticipated to increase CATL's battery volume by over **70 GWh** next year, compared to around **500 GWh** in total EV battery shipments for 2025 [10] Financial Performance and Projections - **Stock Rating**: Overweight - **Price Target**: Rmb **490.00**, representing a **28%** upside from the closing price of Rmb **383.42** on December 17, 2025 [7] - **Market Capitalization**: Rmb **1,744,950 million** [7] - **Revenue Projections**: - 2024: Rmb **362,013 million** - 2025: Rmb **410,628 million** - 2026: Rmb **500,706 million** - 2027: Rmb **612,448 million** [7] - **EBITDA Projections**: - 2025: Rmb **79,515 million** - 2026: Rmb **91,066 million** - 2027: Rmb **114,337 million** [7] - **Earnings Per Share (EPS)**: - 2025: Rmb **15.38** - 2026: Rmb **18.97** - 2027: Rmb **23.75** [7] Valuation Methodology - The valuation is based on an **EV/EBITDA** multiple of **17x** for 2026E EBITDA, implying a **25x P/E** for 2026E and a **1x PEG** based on a **25%** five-year earnings CAGR [11] Risks - **Upside Risks**: - Faster-than-expected EV penetration and energy storage system (ESS) applications - Lower geopolitical risks - Better-than-expected margins and market share gains [15] - **Downside Risks**: - Weaker EV penetration and ESS applications - Potential threats from other battery manufacturers - Geopolitical risks leading to supply chain decoupling [15] Conclusion Contemporary Amperex Technology Co. Ltd. is positioned strongly within the electric vehicle battery market, with significant growth expected in both heavy-duty and light-duty electric truck segments. The company's substantial market share and projected revenue growth indicate a favorable investment opportunity, albeit with certain risks that need to be monitored.

Summary of Qiaotai Technology Conference Call Company Overview - **Company**: Qiaotai Technology (丘钛科技) - **Industry**: Camera module and fingerprint recognition technology Key Points Camera Module Business - Significant growth in camera module business, especially in modules below 32 million pixels, benefiting from collaboration with Korean clients, becoming their largest supplier [2][3] - Total shipment of mobile camera modules from January to November 2025 was approximately 390 million units, showing slight growth compared to the previous year despite a 14.8% decline in the first half [3] - Non-mobile camera module shipments exceeded 300 million units monthly since August 2025, with a record high of 3.7 million units in November, achieving a 111% year-on-year growth from January to November [7] Fingerprint Recognition Modules - Shipment of fingerprint recognition modules reached 184 million units from January to November 2025, a year-on-year increase of 31.3% [4] - The share of ultrasonic fingerprint recognition modules increased to over 30%, with monthly shipments exceeding 5 million units since August [6] Financial Performance - Third-quarter financial data met expectations, with the Indian subsidiary no longer consolidated, resulting in a one-time gain [5][11] - Despite stock price volatility, the company remains focused on long-term value creation [11] Vertical Integration and Strategic Developments - New Giant Technology (新巨科技) achieved breakthroughs in IoT business, receiving project certifications from core North American clients [10] - The acquisition of TDK's global motor business is expected to complete in Q1 2026, reflecting increased demand for high-end products [10] - The company plans to enhance its manufacturing capabilities domestically, leveraging precision manufacturing advantages [10] Automotive Business - The automotive business showed strong performance in the second half of 2025, with monthly shipments reaching seven figures, improving profitability [9] - The company is expanding into lidar products, expecting contributions to the automotive business by 2026 [9] IoT and Other Collaborations - Deepening cooperation with major clients in the IoT sector positively impacts profitability, including partnerships in AR/VR and Micro LED technologies [8] - The company is working on dual RGBD solutions with partners to achieve breakthroughs in perception technology [8] Market Outlook and Challenges - The company is monitoring the impact of rising memory and storage prices on the smartphone market, noting stable demand for smart vision technology [11] - Competition in the high-end camera module market remains rational, with a focus on vertical integration delivery capabilities [12] Future Goals - The company is in the process of formulating its 2026 and future five-year plans, aiming for non-mobile business to contribute more significantly to overall performance [15][16] - No specific revenue or shipment targets for 2026 have been disclosed yet [15] Stock Buyback Considerations - Management is considering stock buyback options to boost shareholder confidence but has not made a final decision [17] Additional Insights - The company is cautious about the potential for price adjustments in fingerprint recognition modules due to market dynamics, but expects no significant short-term price drops [14] - The integration of motor business into the listed company is under consideration, with a focus on ensuring benefits for shareholders [12]