Chengtai Technology and Huaqin Technology submit listing applications to the Hong Kong Stock Exchange; China Telecom, Hesai, and Mixue Group announce their 2025 annual results | Hong Kong Stock Exchange Morning Brief

| March 25, 2026, Wednesday |

NO.1 Cheng Tai Technology and Hua Qin Technology Submit Listings to HKEX

According to HKEX news on March 23, Shenzhen Cheng Tai Technology Co., Ltd. (hereinafter Cheng Tai Technology) and Hua Qin Technology Co., Ltd. (hereinafter Hua Qin Technology, SH603296) have submitted listing applications to the HKEX Main Board. According to the prospectus, Cheng Tai Technology mainly develops, manufactures, and sells radar products and is a leading supplier of millimeter-wave radar. Based on 2024 shipment volume, Cheng Tai Technology is the largest domestic supplier of automotive forward-looking millimeter-wave radar in China. Hua Qin Technology is a full-stack smart product ODM (Original Design Manufacturer) platform, achieving global firsts in multiple smart product categories. Based on global consumer electronics ODM shipment volume, Hua Qin Technology is the world’s largest consumer electronics ODM manufacturer in 2024.

Comment: Cheng Tai Technology and Hua Qin Technology each occupy leading positions in the automotive millimeter-wave radar and consumer electronics ODM sectors, respectively. Their Hong Kong listings will help expand financing channels and accelerate global expansion.

NO.2 China Telecom’s 2025 Shareholder Profit Increases 0.5% Year-over-Year

After the Hong Kong stock market closed on March 24, China Telecom (HK00728, SH601728) announced its 2025 annual results report on the HKEX. According to the announcement, the group’s operating revenue in 2025 was 529.6 billion yuan, with service revenue of 485.4 billion yuan, up 0.7% year-over-year; EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was 143.9 billion yuan, up 2.1%; net profit attributable to shareholders was 33.185 billion yuan, a 0.5% increase from 2024; basic earnings per share were 0.36 yuan; final dividend per share was 0.0908 yuan (tax included); capital expenditure was 80.4 billion yuan; free cash flow was 44.7 billion yuan.

Comment: China Telecom’s 2025 performance remains steady, with slight increases in revenue and net profit, ample cash flow, and rapid growth in new strategic businesses like Tianyi Cloud, demonstrating effective transformation.

NO.3 Hesai Turns Losses into Profits in 2025

After the Hong Kong stock market closed on March 24, Hesai-W (HK02525) released its 2025 performance report on the HKEX. According to the announcement, the group’s total revenue for 2025 was 3.028 billion yuan, a 45.8% increase year-over-year; net profit was 436 million yuan, turning profitable from a loss; the shipment of Hesai’s ADAS (Advanced Driver Assistance Systems) laser radars reached 1.381 million units, a 202.6% increase; robot laser radar shipments were 239,000 units, a 425.8% increase; total laser radar shipments were 1.62 million units, a 222.9% increase.

Comment: Hesai’s revenue surged in 2025, turning profitable, with leading market share in automotive laser radars and breakthroughs in robot laser radar business. Scale effects and cost control have shown significant results.

NO.4 Miexue Group’s 2025 Revenue Grows 35.2% Year-over-Year

On March 24, Miexue Group (HK02097) announced its 2025 annual results on the HKEX. During the reporting period, the company achieved revenue of 33.56 billion yuan, up 35.2%; gross profit of 10.45 billion yuan, up 29.7%; net profit attributable to shareholders of 5.88 billion yuan, up 32.7%. Based on 2025 retail sales, Miexue Group ranks 62nd in the global food and beverage industry, up 10 places from 2024. By the end of 2025, Miexue Group had approximately 60,000 stores worldwide, including about 44,000 Miexue Bingcheng stores in China.

Comment: Miexue Group’s revenue and net profit both saw substantial growth in 2025. The company’s multi-brand matrix, global store expansion, and strong supply chain have driven vigorous growth, with a high-quality, affordable positioning maintaining stability.

NO.5 Hong Kong Stock Market Overview:

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