来源：新浪基金∞工作室 规模方面，截止2月10日，港股通红利低波ETF华泰柏瑞（520890）最新份额为8300.80万份，最新规模 为1.27亿元。回顾2025年12月31日，港股通红利低波ETF华泰柏瑞（520890）份额为9500.80万份，规模 为1.35亿元。即该基金今年以来份额减少12.63%，规模减少6.16%。 流动性方面，截止2月11日，港股通红利低波ETF华泰柏瑞（520890）近20个交易日累计成交金额5.95亿 元，日均成交金额2972.58万元；今年以来，28个交易日，累计成交金额7.75亿元，日均成交金额 2767.73万元。 港股通红利低波ETF华泰柏瑞（520890）现任基金经理为李茜。李茜自2024年9月4日管理（或拟管理） 该基金，任职期内收益52.12%。 最新定期报告显示，港股通红利低波ETF华泰柏瑞（520890）重仓股包括首钢资源、兖矿能源、兖煤澳 大利亚、恒生银行、VTECH HOLDINGS、深圳国际、工商银行、远东宏信、中国光大银行、中煤能 源，持仓占比如下。 2月11日，港红利（520890）收盘涨0.99%，成交额3723.64万元。 股票代码股票名称持仓 ...

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF managed by Huatai-PB has experienced a decrease in both share count and total assets since the beginning of the year, indicating potential challenges in attracting investment [1][2]. Group 1: Fund Performance - The Hong Kong Dividend Low Volatility ETF (520890) closed at a 0.67% increase with a trading volume of 41.35 million yuan on February 9 [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1]. - As of February 6, the fund's latest share count was 83.08 million, with a total asset size of 126 million yuan, reflecting a 12.63% decrease in shares and a 7.15% decrease in total assets since December 31, 2025 [1]. Group 2: Liquidity and Trading Activity - Over the past 20 trading days, the cumulative trading amount for the fund reached 569 million yuan, with an average daily trading amount of 28.44 million yuan [1]. - Since the beginning of the year, the fund has recorded a cumulative trading amount of 714 million yuan over 26 trading days, averaging 27.45 million yuan per day [1]. Group 3: Fund Holdings - The current fund manager, Li Qian, has managed the fund since September 4, 2024, achieving a return of 49.36% during her tenure [2]. - Major holdings in the fund include Shougang Resources (3.77%), Yanzhou Coal Mining (2.70%), and Hang Seng Bank (2.63%), among others, with the total holdings reflecting a diversified portfolio [2].

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF managed by Huatai-PB has shown a slight increase in share price and has experienced a decrease in both share count and total assets year-to-date [1][2] Group 1: Fund Performance - The Hong Kong Dividend Low Volatility ETF (520890) closed at a 1.17% increase on February 3, with a trading volume of 49.7189 million yuan [1] - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1] - As of February 2, the fund's latest share count was 89.508 million, with a total asset size of 132 million yuan, reflecting a 5.79% decrease in shares and a 2.66% decrease in total assets since December 31, 2025 [1] Group 2: Liquidity and Trading Activity - Over the past 20 trading days, the cumulative trading amount for the fund was 441 million yuan, with an average daily trading amount of 22.0277 million yuan [1] - In the year-to-date, the fund has recorded a cumulative trading amount of 508 million yuan over 22 trading days, averaging 23.0898 million yuan daily [1] Group 3: Fund Holdings - The current fund manager, Li Qian, has managed the fund since September 4, 2024, achieving a return of 49.36% during her tenure [2] - Major holdings in the fund include Shougang Resources (3.77%), Yancoal Australia (2.68%), and Hang Seng Bank (2.63%), among others, with the total holdings reflecting a diversified portfolio [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | VTech Holdings Limited | | | | | | 呈交日期: | 2026年2月3日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 00303 | 說明 | | | | | | | 法定/註冊股份數目 | | 面值 | 法定/註冊股本 | 上月底結存 400,000,000 USD 0.05 USD 20,000,000 增加 / 減少 (-) USD 本月底結存 400,000,000 USD 0.05 USD 20,000,000 本月底法定/註冊股本總額： USD 20,000,000 FF301 第 1 頁 共 10 ...

Core Viewpoint - *ST Chuan Zhi (003032.SZ) expects a revenue of 360 million to 400 million yuan for 2025, with a projected loss of 70 million to 100 million yuan, compared to a loss of 133.92 million yuan in the same period last year [1] Group 1: Financial Projections - The company anticipates a revenue range of 360 million to 400 million yuan for 2025 [1] - Projected losses for 2025 are estimated between 70 million to 100 million yuan, an improvement from the previous year's loss of 133.92 million yuan [1] - The non-recurring loss is expected to be between 82 million to 112 million yuan [1] Group 2: Strategic Developments - In January 2025, the company completed the acquisition of "Singapore Furui International School," which specializes in Cambridge O-level and A-level education services [1] - This acquisition is expected to enhance the company's asset quality and support performance improvement [1] - The move aims to diversify and promote high-quality development while maintaining stable operations in its core business and expanding into international markets [1]

截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: VTech Holdings Limited 呈交日期: 2026年1月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00303 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 400,000,000 | USD | | 0.05 | USD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 400,000,000 | USD | | 0.05 | USD | | 20,000,000 | 本 ...

Group 1: Company Overview - Company is the largest global provider of electronic learning products for infants and preschoolers, as well as the largest manufacturer of home telephones, established in 1976 [1] - For the fiscal year 2025, the company achieved revenue of $2.18 billion, a year-on-year increase of 1.5%, and a net profit attributable to shareholders of $160 million, a year-on-year decrease of 5.9% [1] - Revenue breakdown includes electronic learning products at $830 million (38%), telecommunications products at $420 million (19%), and contract manufacturing services at $930 million (43%), with North America and Europe accounting for 85% of total revenue [1] Group 2: Electronic Learning Products - The company holds a strong position in the electronic learning products sector, with a market share of 12% in the U.S. infant/preschool toy market, which is projected to reach $3.4 billion in 2024 [1] - Revenue from electronic learning products for fiscal year 2025 is $830 million, with a compound annual growth rate (CAGR) of 2% from 2015 to 2025 [1] - The acquisition of LeapFrog in 2016 has successfully complemented the business and contributed to scale growth, with strong brand recognition and user loyalty expected to drive long-term growth, particularly in AI products and online channels [1] Group 3: Telecommunications Products - The global fixed-line telephone industry is in decline, with subscriptions expected to drop from approximately 1.25 billion in 2009 to about 820 million by 2025, reflecting a CAGR of -2.7% [2] - Despite the overall decline, there is still rigid demand in niche markets such as home security and small business communication systems [2] - The company achieved revenue of $420 million from telecommunications products in fiscal year 2025, a year-on-year increase of 37%, primarily due to the acquisition of Gigaset, a leader in the European DECT phone market [2] Group 4: Contract Manufacturing Services - The global EMS (Electronic Manufacturing Services) market is valued at approximately $515 billion, with the company ranked 29th among the top 50 global EMS providers in 2024 [2][3] - Revenue from contract manufacturing services grew from $530 million in 2015 to $930 million in fiscal year 2025, with a CAGR of about 6%, making it the main growth driver for the company [3] - The company has a strong manufacturing advantage and strategic positioning in contract manufacturing, which helps to smooth capacity utilization and expand the customer base [3] Group 5: Financial Outlook - The company is expected to achieve net profits of $150 million, $160 million, and $170 million for the fiscal years 2025, 2026, and 2027, respectively, with year-on-year changes of -4.8%, +7.6%, and +6.8% [3] - A target price of $2.5 billion is set based on a 17X PE for fiscal year 2026, indicating an upside potential of 28% [3]

Investment Rating - The report assigns a "Buy" rating for VTech Holdings, marking its first coverage [3][8]. Core Insights - VTech Holdings is a leading global player in electronic learning products for infants and preschoolers, as well as a major manufacturer of home telephones. The company has a strong brand presence and a diversified product portfolio, including electronic learning toys, telecommunications products, and contract manufacturing services [7][20]. - The company is expected to achieve revenues of $2.177 billion in 2025, with a slight growth of 1.5% year-on-year. However, net profit is projected to decline by 5.9% to $157 million in the same year [2][8]. - The electronic learning products segment is anticipated to generate $830 million in revenue for the fiscal year 2025, with a compound annual growth rate (CAGR) of 2% from 2015 to 2025. The company holds a 12% market share in the U.S. infant and preschool toy market [7][64]. Financial Data and Profit Forecast - Revenue and profit forecasts for VTech Holdings from 2024 to 2028 are as follows: - Revenue: $2,146 million (2024), $2,177 million (2025), $2,006 million (2026), $2,046 million (2027), $2,099 million (2028) - Net Profit: $167 million (2024), $157 million (2025), $149 million (2026), $160 million (2027), $171 million (2028) - Earnings per Share: $0.66 (2024), $0.62 (2025), $0.59 (2026), $0.63 (2027), $0.68 (2028) [2][8]. Business Segments - **Electronic Learning Products**: This segment is a key growth driver, with a strong brand and high customer loyalty. The U.S. market for educational toys is projected to grow significantly, driven by parents' demand for quality educational products [7][64][56]. - **Telecommunications Products**: Despite a declining global fixed-line market, VTech's telecommunications segment is expected to grow by 37% in 2025, primarily due to the acquisition of Gigaset, which enhances its product offerings and market reach [7][11][19]. - **Contract Manufacturing Services**: This segment has shown steady growth, with revenues expected to rise from $530 million in 2015 to $930 million in 2025, reflecting a CAGR of approximately 6% [7][19]. Market Position and Competitive Advantage - VTech has established a strong market position in the electronic learning products sector, with significant barriers to entry for competitors. The company has successfully integrated acquisitions to enhance its product offerings and expand its market presence [7][11][60]. - The telecommunications segment benefits from a stable demand for home security and communication systems, positioning VTech favorably against market perceptions of being in a declining industry [11][19]. Dividend Policy - VTech has maintained a high dividend payout ratio, consistently returning over 90% of its net profits to shareholders since 2009, indicating strong shareholder returns [8][19].

免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | VTech Holdings Limited | | 股份代號 | 00303 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年九月三十日止六個月之中期股息 | | 公告日期 | 2025年12月10日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 以港元派發截至二零二五年九月三十日止六個月之中期股息的匯率 | | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2026年3月31日 | | 宣派股息的報告期末 | 2025年9月30日 | | 宣派股息 | 每 股 0.17 USD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2025年11月30日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: VTech Holdings Limited 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 20,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00303 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 400,000,000 | USD | | 0.05 | USD | | 20,000,000 | | 增加 / 減少 (-) | | | | ...