Key Factors for Rating 2Q25 earnings missed due to high OPEX amid early recovery signs: Revenue increased 2% YoY to HK$3.4bn, close to mid-point guidance. GPM and OPM decreased by 1.2ppts and 0.1ppt QoQ to 39.7% and 5.0% respectively, mainly due to strategic R&D, IT infrastructure investment and FX impact, partially offset by one- time tax credits from R&D centres in Europe and Asia, and resulting in lower adj. NI by 3% YoY at HK$131m. Blended B/B improved to 1.11 with SEMI at 0.83 and SMT at 1.51 respectiv ...