Financial Performance - Revenue for the year reached RMB 27,328 million, representing a year-on-year increase of 33.8%[21] - EBITDA was RMB 5,553 million, reflecting a year-on-year growth of 32.8%[21] - Earnings per share increased by 142.9% to RMB 1.53[21] - Free cash flow decreased by 22.4% to RMB 2,954 million, with capital expenditure accounting for 42.0% of EBITDA[21] - Net assets grew by 3.3% to RMB 23,117 million, while the net asset liability ratio was 3.8%[21] - Revenue for 2023 was RMB 20,419,072 thousand, with a projected increase to RMB 27,328,304 thousand in 2024, representing a growth of 33.8%[22] - Net profit attributable to shareholders increased significantly from RMB 740,370 thousand in 2023 to RMB 1,797,230 thousand in 2024, marking a 142.7% increase[22] - Operating cash flow reached RMB 5.2 billion, indicating a strong financial foundation[39] - The gross profit margin improved to 22.1% in 2024, up by 5.2 percentage points from 16.9% in 2023[22] - The overall revenue for 2024 increased by 33.8% to RMB 27.33 billion, driven by a rise in PSS-related business revenue by RMB 3,494.6 million[54] Research and Development - The company invested 7.4% of its revenue in R&D for 2024, maintaining a strong focus on technological innovation[17] - The company holds a total of 5,112 patents, with an additional 2,752 patents pending[17] - Research and development expenses accounted for 7.4% of revenue in 2024, slightly down from 7.7% in 2023[22] - Research and development expenses increased by 28.5% to RMB 2.02 billion in 2024, reflecting additional investments in new projects[59] - The company is focusing on high-performance products in the sensor and semiconductor segment, with a leading market share in high signal-to-noise ratio microphones[52] Strategic Focus and Market Expansion - Strategic focus includes expanding into smartphone, smart automotive, VR/AR, and smart home sectors[10] - The company aims to enhance production efficiency through the development of automated equipment and flexible production lines[20] - The company aims to enhance its core business through innovations in acoustics, optics, and electromagnetic transmission, targeting growth in consumer electronics and automotive sectors[39] - Future growth opportunities are anticipated in the consumer electronics sector, driven by edge AI deployment and the expansion of markets such as electric vehicles and AR/VR[53] Acquisitions and Investments - The company completed the first phase acquisition of Premium Sound Solutions (PSS) in February 2024, positively impacting profits and providing new momentum in the automotive market[39] - AAC Technologies (Belgium) BV agreed to purchase 100% of Acoustics Solutions International B.V. in two batches, with the first batch representing 80% of the issued shares[135] - The acquisition aims to diversify the company's automotive business and enhance its audio solution offerings, creating synergies with existing strengths[138] Corporate Governance - The company has established an Enterprise Risk Management (ERM) framework to effectively identify, assess, mitigate, and monitor sustainability risks[77] - The company emphasizes sustainability in its governance structure, with a dedicated Sustainability Committee[107] - The board includes members with significant international experience, which may aid in market expansion strategies[95][99][103] - The independent directors have no relationships with other board members or major shareholders, ensuring unbiased governance[97][101][104] - The company has committed to high standards of corporate governance, ensuring compliance with all relevant codes throughout the fiscal year[183] Sustainability and Social Responsibility - The company has implemented a comprehensive climate change policy to drive sustainability efforts, incorporating ISO environmental and energy management standards[85] - The company made donations amounting to approximately RMB 1,050,000 for community medical welfare, poverty alleviation, and educational support[171] - The sustainable development committee was established in May 2024 to enhance governance in sustainability[189] Financial Policies and Risk Management - The company will maintain a prudent financial policy and strong cash flow to support business development and create long-term value for shareholders[119] - The company has established a robust financial risk management policy, detailed in its annual report[118] - The company focuses on reducing liquidity and interest rate risks by maintaining an appropriate RMB/USD borrowing mix[86] Employee and Shareholder Information - The company employed 37,273 full-time employees, a 25% increase from 29,922 employees on December 31, 2023, with 11% of the increase attributed to the acquisition of PSS[177] - The board proposed a final dividend of HKD 0.24 per share for the fiscal year 2024, up from HKD 0.10 per share in fiscal year 2023, maintaining a 15% payout ratio[119] - The company has established a compensation policy for senior management and directors, which is reviewed by the compensation committee[155] Supply Chain and Procurement - The group entered into procurement agreements with suppliers, with a maximum annual limit of RMB 140,000 thousand for materials and products[144] - The company has a total of 3,344 square meters of warehouse space leased in Vietnam, with an expected annual rent of USD 160,600[143] - The company’s largest supplier accounted for approximately 8.0% of total procurement, with the top five suppliers making up 22.9% of total procurement[178]

Group 1 - The Shanghai International Automobile Industry Exhibition has commenced, showcasing advanced technologies from AAC Technologies, including smart cockpit solutions and haptic feedback systems [1][3] - The automotive industry consensus is that the second half of the transformation is focused on intelligence, with smart cockpits being a key battleground [3][4] - AAC Technologies presented a comprehensive stack solution for smart vehicles, emphasizing the importance of sensory experiences in creating a "third living space" within cars [3][4] Group 2 - The exhibition featured AAC's acoustic platform with 51 speakers, utilizing proprietary algorithms to deliver advanced audio experiences, including independent sound zones and reduced sound leakage [4][10] - The RichTap Space smart seat was introduced, providing a multi-dimensional experience through vibrations that correspond with audio and video content, enhancing user interaction [7][10] - AAC Technologies has expanded its capabilities through acquisitions, including an 80% stake in a leading acoustic component supplier and a 53.74% stake in an electronic component manufacturer, enabling a closed-loop system in vehicle acoustics [9][10] Group 3 - In 2024, AAC Technologies reported record revenue of 27.33 billion RMB and a net profit of 1.797 billion RMB, marking a 142.7% year-on-year increase, with automotive business becoming a new growth engine [10] - The automotive acoustic business generated 3.52 billion RMB in revenue with a gross margin of 24.8%, highlighting the company's focus on addressing user pain points and diversifying its offerings [10]

Summary of Key Points Core Viewpoint - 瑞声科技 has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [1][2][3] Group 1: Share Buyback Details - On April 16, 瑞声科技 repurchased 900,000 shares at a price range of HKD 32.000 to HKD 33.500, totaling HKD 29.3095 million [1] - The stock closed at HKD 32.600 on the same day, reflecting a decline of 5.92% with a total trading volume of HKD 630 million [1] - Since April 15, the company has repurchased a total of 1.15 million shares, amounting to HKD 37.9526 million, during which the stock has decreased by 11.05% [2] Group 2: Year-to-Date Buyback Activity - Year-to-date, 瑞声科技 has conducted 61 buybacks, totaling 18.6955 million shares with a cumulative buyback amount of HKD 736 million [3] - The detailed buyback activity includes various dates and amounts, with the highest repurchase price recorded at HKD 34.900 and the lowest at HKD 31.100 [3]

Group 1 - The Apple concept stocks in the Hong Kong market have shown strong performance, with notable increases in share prices for several companies [1] - AAC Technologies (02018.HK) has risen by 15%, while GoerTek (01415.HK) increased by 14.92%, BYD Electronics (00285.HK) by 13.75%, and Q Technology (01478.HK) by 9.14% [1]

Group 1 - The company, AAC Technologies, has authorized a share buyback of up to HKD 1.2 billion [1]

Group 1 - The core viewpoint is that the recent "reciprocal tariffs" situation in the US presents limited cost impact on AAC Technologies, which has strong bargaining power, turning challenges into opportunities [1][2] - AAC Technologies has limited exposure to the US market, and its position in the upstream core component segment of the consumer electronics supply chain allows for indirect transmission of impacts [1] - The company has a global production capacity layout, optimizing its supply chain and minimizing adverse effects from tariff changes [1] Group 2 - Compared to other companies in the consumer electronics supply chain, AAC Technologies possesses strong competitive advantages and bargaining power due to its core technological capabilities in acoustics, motors, and related structural components [1] - The automotive business of AAC Technologies is primarily produced and sold within the same region, thus unaffected by tariff fluctuations [1] - The company is optimistic about its strong product capabilities in smartphones, automotive, and robotics, with ongoing upgrades in acoustics, motors, and structural components, as well as advancements in optical technologies [1] Group 3 - AAC Technologies is actively expanding into the robotics sector, focusing on both perception and execution stages, and is building vertical integration capabilities that include components, system-level modules, and algorithms [1] - The company is also making strides in the XR sector, enhancing its acoustic and optical layouts [1][2] - The trend of AI hardware upgrades is seen as unstoppable, with AAC Technologies positioned as a leading enterprise in acoustics, motors, optics, and structural components, enhancing its multidimensional competitiveness amid external fluctuations [2]

Core Viewpoint - 瑞声科技 has been actively repurchasing its shares, indicating a strategy to support its stock price amid a significant decline in value since March 11 [1]. Summary by Category Share Buyback Activity - On April 8, 瑞声科技 repurchased 2.6 million shares at a price range of HKD 32.200 to HKD 34.900, totaling HKD 87.7144 million [1]. - The stock closed at HKD 34.100 on the same day, reflecting a 3.33% increase with a total trading volume of HKD 776 million [1]. - Since March 11, the company has conducted buybacks for 20 consecutive days, acquiring a total of 7.949 million shares for a cumulative amount of HKD 324 million [1]. - Year-to-date, the company has executed 58 buybacks, totaling 15.3915 million shares and an aggregate expenditure of HKD 629 million [1]. Stock Performance - During the buyback period, the stock has experienced a cumulative decline of 34.86% [1]. - The highest buyback price recorded was HKD 54.350 on March 21, while the lowest was HKD 28.500 on April 7 [1].

Financial Data and Key Metrics Changes - The company reported significant changes in financial metrics for H2 2024, with a notable increase in revenue and net profit compared to the previous period [1] Business Line Data and Key Metrics Changes - Each business line showed varied performance, with some segments experiencing growth while others faced challenges, indicating a mixed operational landscape [1] Market Data and Key Metrics Changes - The company highlighted changes in market dynamics, including shifts in demand and competitive pressures that affected overall market performance [1] Company Strategy and Development Direction - The management outlined strategic initiatives aimed at enhancing market position and addressing competitive challenges, focusing on innovation and operational efficiency [1] Management Comments on Operating Environment and Future Outlook - Management provided insights into the current operating environment, expressing cautious optimism about future growth prospects despite external challenges [1] Other Important Information - Additional information included updates on product launches and investments in technology to support long-term growth objectives [1] Q&A Session Summary Question: What are the expectations for revenue growth in the upcoming quarters? - Management indicated that they anticipate steady revenue growth driven by new product introductions and market expansion efforts [1] Question: How is the company addressing competitive pressures? - The company is focusing on innovation and cost management strategies to maintain competitiveness in the market [1]

Core Insights - The company achieved a record revenue of RMB 27.33 billion in 2024, representing a year-on-year growth of 33.8% with a gross margin of 22.1%, an increase of 5.2 percentage points [1] - Net profit surged by 142.7% to RMB 1.8 billion, indicating a significant enhancement in profitability [1] Business Segments - The electromagnetic drive and precision components segment generated revenue of RMB 9.71 billion, up 17.8% year-on-year, with a gross margin of 23.3%, an increase of 3.2 percentage points [1] - The metal frame business saw nearly a 24% increase in revenue, becoming a leading supplier of metal structural components for Android smartphones, including collaborations with major brands like Huawei and Xiaomi [1] - The thermal management business reported revenue of RMB 326 million, a growth of 40.1%, establishing the company as a major supplier of thermal solutions for flagship smartphones with a market share exceeding 50% [1] Additional Insights - The notebook casing business benefited from high-value new projects and a recovery in PC market demand, achieving revenue of RMB 1.35 billion, a year-on-year increase of 53.3% [2] - The management indicated that increasing smartphone performance and local deployment of AI models are driving higher thermal management demands, suggesting a focus on technological innovation to capture new growth opportunities in this area [2]

Group 1 - The core point of the news is that AAC Technologies (瑞声科技) has signed an equity transfer and capital increase agreement to acquire approximately 53.74% of Hebei Chuguang Automotive Parts Co., Ltd. for about RMB 288 million, which is expected to enhance its acoustic system solution capabilities [1][2] - Hebei Chuguang, established in 2016, is a leading manufacturer of electronic component modules in China, focusing on automotive pre-installed electronic products, including various microphone modules and acoustic sensing technologies [1][2] - The acquisition is priced at a valuation of less than 10 times the earnings, which the board considers fair and reasonable, aligning with the overall interests of the company's shareholders [2] Group 2 - Hebei Chuguang has expanded its product technology to include in-car charging modules, ambient lights, and emergency call switches, holding dozens of core intellectual property rights [2] - The company reported an unaudited revenue of RMB 252 million for the year ending December 31, 2024, with a compound annual growth rate of 108% over the past three years, and its digital microphone module holds a leading market share in the domestic industry [2] - This transaction will enhance AAC Technologies' capabilities in electronic component modules for consumer electronics and establish a comprehensive closed-loop in the automotive sector for sound perception, processing, and playback [2]