Earnings release
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- 1 - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. INTRON TECHNOLOGY HOLDINGS LIMITE D ʮ ̡ (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1760 ) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026 FINANCIAL HIGHLIGHTS (RMB in thousands, unless otherwise specified) Unaudited Year-on-year Percentage Change Six months ended 30 June 2026 30 June 2025 Financial Figures Revenue breakdown: – Automobile 1,807,871 2,016,760 -10% – Cloud servers 247,740 255,444 -3% – Services & others 67,003 53,131 26% Semiconductor solutions business 2,122,614 2,325,335 -9% – Electric mobility 992,645 345,404 187% – Thermal management 216,959 212,355 2% – Smart mobility 53,059 45,039 18% – Services & others 14,403 38,189 -62% Automotive electronics business 1,277,066 640,987 99% Total revenue 3,399,680 2,966,322 15% Gross profit 397,060 401,046 -1% Net profit 6,205 47,975 -87% Profit attributable to owners of the parent 7,233 49,740 -86% Earnings per share (RMB cents) – Basic and diluted 0.66 4.57 -86% Financial Ratios (% of total revenue) % Point of Change Gross profit 11.7% 13.5% -1.8 Research and development costs 8.1% 7.4% 0.7 Net profit 0.2% 1.6% -1.4
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- 2 - INTERIM RESULTS The board (the “Board”) of directors (the “Directors” and each a “Director”) of Intron Technology Holdings Limited (the “Company”) is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively, the “Group”) for the six months ended 30 June 2026 (the “Period” or “Period under review”) together with selected explanatory notes and the relevant comparative figures for the corresponding period in 2025. In this announcement, “we”, “us”, “our” refer to the Company and where the context otherwise requires, the Group. MANAGEMENT DISCUSSION AND ANALYSIS SUMMARY In the first half of 2026, China’s automotive industry entered a period of profound adjustment, characterised by contracting market demand, cutthroat competition for the existing market and sustained pressure on industry profitability. According to data from the China Association of Automobile Manufacturers (CAAM), automobile sales in China amounted to 15.017 million units in the first half of 2026, representing a year-on-year decline of 4.1%. In the first half of 2026, sales of new energy vehicles reached 7.446 million units, rising 7.3% year-on-year and accounting for 49.6% of total automobile sales. In the first half of 2026, domestic sales of new energy vehicles stood at 5.09 million units, down 13.4% year-on-year, while exports of new energy vehicles hit 2.355 million units, surging 122.3% year- on-year. Meanwhile, from January to May 2026, the overall profit margin of the automotive industry stood at a mere 3.4%, and that of vehicle manufacturers fell to only 1.5%, both hitting historic lows. The restructuring of the automotive industry continues to accelerate amid widespread integration of electrification, intelligentisation and connectivity technologies. Core technologies of intelligent driving and new energy are rapidly penetrating the full industrial chain covering research and development (R&D), manufacturing and supporting components, giving rise to pronounced structural divergence across the sector. At the same time, emerging sectors such as embodied intelligence and AIDC are experiencing rapid growth. Against the backdrop of an overall industry downturn and increasingly fierce market competition, the Group delivered counter-cyclical growth, underpinned by precise strategic planning, a comprehensive business portfolio and continuous technological advancement. For the half-year ended 30 June 2026 (the “Period under review”), the Group’s revenue increased by 15% year-on-year, outperforming the broader industry against market headwinds and fully demonstrating the Group’s strong operational resilience and core competitive advantages.
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- 3 - The Group’s semiconductor solutions business centres on two core applications: automotive and cloud servers. The Group focused on the automotive sector and kept pace with the industrial upgrade trends towards intelligentisation and electrification by iterating core technologies and refining its product matrix of solutions. In parallel, the Group proactively expanded its growth footprint by venturing into high- value emerging application scenarios, including but not limited to cloud servers, AIDC and embodied intelligence, enabling diversified commercialisation of its technologies and laying solid foundations for the Group’s counter-cyclical growth. The automotive electronics business served as the core engine driving the Group’s rapid growth against industry headwinds, and emerged as a core business with the most outstanding growth potential and strongest development momentum in recent years. Against the industry-wide pressure in the first half of 2026, revenue from this segment nearly doubled, reflecting exceptional market competitiveness and resilience to economic cycles. Focusing on core products such as power bricks and motor controllers, the automotive electronics business continuously refines product quality, optimises delivery systems and builds a stable base of high-quality customers, enabling scalable and standardised delivery capacity and standing out as a rare high-growth case within the industry. Having started with its semiconductor solutions business, the Group has successfully expanded into the automotive electronics business through years of R&D investment and technological accumulation. Semiconductor solutions and automotive electronics, the Group’s two core business lines operating with strong synergies, have emerged as the Group’s key advantage in weathering cyclical industry headwinds, building a unique synergistic competitive moat within the industry. Currently, with the rise of emerging downstream demand for AIDC and embodied intelligence, the Group will continue to strengthen its ties with upstream original equipment manufacturers (OEMs) and downstream AIDC and embodied intelligence customers while drawing on the Group’s expertise in high-voltage and high- power technologies to achieve the productisation of AIDC, embodied intelligence and others. Overall, the Group adheres to its dual-core development strategy of “semiconductor solutions + productisation capabilities”, and continues to deepen business synergies, consolidate technological strengths and expand market penetration. Supported by a well-focused strategic layout and a robust operational framework, the Group has achieved rapid counter-cyclical growth. The Group firmly believes that this focused, efficient and sustainable strategic roadmap will enable it to consistently navigate industry cycles, deliver long-term, steady and high-quality sustainable growth, and further consolidate its leading position in the industry.
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- 4 - R&D serves as the cornerstone for the Group to withstand industrial cyclical volatility and build long- term competitiveness. The “asset-light and research-focused” business concept has consistently guided the Group’s development journey and underpinned its rapid growth amid the industry slump during the first half of 2026. During the first half of 2026, the Group further upgraded and optimised its R&D system by enhancing the composition of its high-calibre R&D team, strengthening refined management across the entire R&D process, and optimising the allocation of R&D resources. These initiatives comprehensively bolstered the Group’s R&D capabilities, consolidated its technological leadership, and fostered a virtuous cycle of R&D input and output. Leveraging its leading R&D technologies, stable and reliable product quality, efficient large-scale delivery capacity and high-quality ecosystem services, the Group has earned high recognition from downstream customers and industry ecosystem partners. During the reporting period, the Group won numerous prestigious industry awards, further elevating its influence and bargaining power in the industry and laying a solid technological and market foundation for deepening industrial cooperation and expanding market share in the future. BUSINESS REVIEW In the first half of 2026, China’s automotive industry was characterised by subdued domestic demand, sustained rapid growth in exports and an overall slowdown in growth. Leveraging over two decades of strong expertise in automotive electronics, electrification and intelligentisation, the Group proactively anticipated technological evolution and market trends. With exceptional R&D capabilities and established large-scale delivery systems, the Group fully supported mass production and commercialization, enabling its automotive electronics to achieve rapid growth against headwinds. In the semiconductor solutions business, driven by the AI-fuelled development of domestic computing power, the revenue contribution from the cloud server business has also continued to rise. To give a clearer presentation to shareholders and investors the development status, key priorities and future strategies of each business segment, and improve the comparability with industry peers for benchmarking analysis, the Group has adopted a new revenue classification framework starting from the 2025 Annual Report. Under the new classification approach, the Group has the following two principal businesses: (1) Semiconductor Solutions Business This business focuses on the distribution of semiconductors, as well as the provision of demand creation and technical services. Key segments include: • Automobile: Primarily includes semiconductor solutions for the automotive industry, such as MCU, memory, power devices, sensors and drivers; • Cloud Servers: Primarily includes semiconductor solutions for the AIDC server industry, such as server power systems, high-speed communication and storage; • Services & Others: Primarily includes the distribution of semiconductor-related software solutions and revenue from technical services related to semiconductor solutions.
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- 5 - (2) Automotive Electronics Business This business primarily provides OEM customers and Tier 1 customers with development and delivery of automotive electronics. It involves product design and validation tailored to different vehicle models, and ensuring both quantity and quality of product delivery during mass production. Key segments include: • Electric Mobility: Primarily includes automotive electronic products related to electric mobility such as new energy vehicles motor control units (MCU), battery management systems (BMS) and power bricks; • Thermal Management: Primarily includes automotive electronic products such as smart thermal management actuators, PTC and electric air conditioning compressor controllers (EAC); • Smart Mobility: Primarily includes automotive electronic products such as front-view camera modules, advanced driver assistance systems (ADAS), vehicle control units (VCUs), zone control units (ZCUs), chassis systems and wireless charging controllers; • Services & Others: Primarily includes revenue from R&D services for semiconductor enterprises and domestic and overseas automotive industry clients. OVERALL RESULTS In the first half of 2026, the Group’s overall results achieved steady growth, with total revenue increasing by approximately 15% year-on-year to RMB3.4 billion. The change was primarily due to two factors: the semiconductor solutions business dropped by 9% year-on-year due to overall industry pressures and the Group’s countermeasures; and the automotive electronics business achieved rapid growth against the trend, increasing by 99% year-on-year. Within the automotive electronics business, the electric mobility business segment recorded particularly significant growth, rising by 187% year- on-year. Revenue from the semiconductor solutions business in the second quarter increased by 32% quarter-on-quarter compared with the first quarter, while revenue from the automotive electronics business in the second quarter increased by 43% quarter-on-quarter compared with the first quarter. Looking back at the first half of 2026, the Group’s gross profit was RMB397 million, with a gross profit margin of 11.7%, down 1 percentage point from last year.
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- 6 - In the first half of 2026, the Group maintained its market leadership and consolidated its technological advantages through continuous R&D investment, while strategically positioning itself in emerging industries such as embodied intelligence and AIDC. The Group maintained total R&D expenses at 8.1% of total revenue, amounting to RMB274.7 million. In the aspect of finance costs, looking back at the first half of the year, finance costs decreased by 39% from last year, primarily due to the decrease in interest on borrowings. Profit attributable to shareholders for the first half of 2026 was RMB7.2 million, compared with RMB49.7 million for the same period last year. Net profit margin for the first half of 2026 was 0.2%. Semiconductor Solutions Business Building upon traditional distribution, the Group’s semiconductor solutions business further provides demand creation and technical services, as well as comprehensive support throughout the entire customer lifecycle, encompassing consulting, design support, technology development, product delivery, engineering services and full lifecycle quality management. The Group owns various core advantages in the semiconductor solutions business: with abundant resources and over 100 R&D employees, the Group has accumulated strong expertise and experience in advanced semiconductor technologies and application innovation; the Group assisted customers with whole-process customised support ranging from product defining and development to deployment, ensuring compliance with industry regulations and certification requirements; the Group delivered full-lifecycle technical services spanning component selection, system integration and mass production; and localised teams enabled the Group to deliver agile responses and efficient support. During the Period under review, revenue from the semiconductor solutions business amounted to RMB2,122.6 million, accounting for 62.4% of total revenue, representing a decrease of 9% compared with the same period last year. Gross profit margin for the semiconductor business was 12.2% to 12.6%, down by approximately 0.1 to 0.5 percentage point compared with the same period last year and up by 4.0 to 4.8 percentage points quarter-on-quarter from the second half of 2025. The slight decline in revenue and broadly flat year-on-year of gross profit margin for the semiconductor solutions business was primarily due to an overall slowdown in the new energy vehicle sector during the first half of 2026, with automotive semiconductor prices remaining at rock-bottom levels, alongside largely flat revenue from cloud server-related semiconductor solutions business despite strong demand, which were mainly attributable to certain supply bottlenecks in the semiconductor sector. By quarter, revenue from the semiconductor solutions business was RMB915.3 million in the first quarter and RMB1,207.3 million in the second quarter, representing a significant quarter-on-quarter increase.
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- 7 - Automobile-related Solutions During the Period under review, revenue from the automobile-related solutions segment was RMB1,807.9 million, accounting for 53.2% of total revenue, representing a decrease of 10% compared with the same period last year. The automotive semiconductor solutions business came under pressure, primarily due to a slowdown in the new energy vehicle sector during the first half of 2026, with downstream vehicle manufacturers facing significant profit pressures. From the second quarter of 2026, as the impact of purchase tax adjustment on new energy vehicles gradually faded, sales of new energy vehicles began to improve, and upstream automotive semiconductor supply also became increasingly tight. The Group’s revenue from automobile-related solutions stood at RMB788.3 million in the first quarter of 2026 and RMB1,019.6 million in the second quarter of 2026, representing a quarter-on-quarter increase of 29%. Cloud Server-related Solutions The Group’s main products in the cloud server-related sector include GPU Boards, Power Delivery Boards and Smart Network Interface Cards. Its direct downstream customers are server manufacturers, and end customers are primarily internet companies. During the Period under review, revenue from cloud server-related semiconductor solutions declined slightly by 3% year-on-year to RMB247.7 million, accounting for 7.3% of total revenue. Revenue from the cloud server-related semiconductor solutions business remained broadly flat year-on-year, having shown significant growth quarter-on-quarter from the second half of 2025. This was primarily due to leading customers engaging in strategic stockpiling and pre-ordering during the first half of 2025, resulting in a high base for shipment volumes. From the second half of 2025, demand in the AIDC market was robust; however, due to supply bottlenecks for cloud server-related chips, revenue failed to grow in the first half of 2026. Since the second quarter of 2026, the Group has strengthened supply security by, amongst other measures, entering into supply agreements with upstream and downstream partners. As a result, revenue from cloud server-related semiconductors in the first half of 2026 increased by 17% compared with the second half of 2025. Revenue from cloud server-related semiconductors stood at RMB97.2 million in the first quarter of 2026 and RMB150.5 million in the second quarter of 2026, representing a quarter- on-quarter increase of 55%. Looking ahead to the second half of 2026, the Group will further concentrate its resources and increase investment in the AIDC sector, while deepening strategic partnerships with upstream OEMs. By entering into supply agreements, the Group will further secure the supply of cloud server-related chips for the second half of the year. It is anticipated that the cloud server-related semiconductor solutions business will continue to grow compared with the first half of the year. The Group will continue to optimise resource allocation and deepen R&D and innovation in core technologies to strengthen its service capabilities and capitalise on growth opportunities in AI-driven cloud server-related solutions. Looking ahead, in addition to power supply solutions for core AI components, demand for high-speed signal integrity products is also expected to see greater growth potential.
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- 8 - Automotive Electronics Business The Group’s automotive electronics encompass electric mobility, thermal management, smart mobility, services and others, covering multiple functional areas of vehicles, thus establishing a comprehensive presence. During the Period under review, the business recorded revenue of RMB1,277.1 million, accounting for 37.6% of total revenue, representing a year-on-year increase of 99%.The gross profit margin for automotive electronics stood at 10.3% to 10.7%, down 6.3 to 7.1 percentage points compared with the same period last year, primarily due to an overall increase in raw material prices, and the fact that these price increases had not yet been passed on to customers during the reporting period. In addition, the power bricks, being its new products, are still in the ramp-up phase, which have not yet achieved full economies of scale. Looking back at the first half of the year, OEMs and their Tier 1 suppliers continued to be the primary customers of the Group, including leading domestic and international new energy vehicle brands. Overseas markets have become a key growth area, particularly as the international competitiveness of China’s new energy vehicles continues to improve. Since 2024, the Company has secured cumulatively over 360 mass-production nomination projects. In the first half of 2026, the Group secured 52 new mass-production nomination projects, including 11 overseas projects. Such nomination projects cover key areas such as thermal management, chassis and ADAS. In addition to major domestic automakers, the Group’s customer base has expanded to include major Japanese and European automakers and Tier 1 suppliers. In the first half of 2026, the number of new nomination projects saw a year-on-year decline. This was mainly attributable to slowing growth in the automotive industry. OEMs have scaled back plans for brand-new vehicle models with moderated demand for rapid hardware iteration. Instead, they placed greater emphasis on platform reuse, with more components carried over as platform parts onto new vehicle models. This shift reflected that the industry has entered a phase of in-depth consolidation. Fewer new projects do not imply lower shipment volumes; instead, it indicates heightened industry concentration, which benefits existing nominated projects by extending their lifecycles and increasing shipment volumes. The Group’s nominated projects will also be more focused on leading automakers and flagship vehicle models. Within the industry, the Group still maintains a relatively advantageous position in terms of the number of newly nominated production-volume projects. Within the automotive electronics business, the electric mobility segment demonstrated outstanding performance, recognising a significant year-on-year revenue increase in the first half of 2026. With further increased revenue contribution, it has emerged as key momentum for the high-quality development of the Group. The thermal management segment, represented by smart thermal management actuators and PTC controllers, further consolidated its market position, with revenue remaining stable. The smart mobility segment maintained steady growth despite temporarily intense competition within the industry. The Group will align with market trends and steadily advance its business development. Electric Mobility The Group’s electric mobility segment primarily includes motor control units, power bricks and battery management systems. The core component “motor control unit power bricks” independently developed by the Group has reached the industry-leading level in key indicators such as power density,
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- 9 - integration and reliability, and made technological breakthroughs in the application technology and control solutions of power semiconductors, creating distinct differentiation advantages compared with conventional power module solutions. Its higher integration characteristics helped customers reduce additional costs arising from system matching and deployment. As of the first half of 2026, the product remained in the ramp-up phase of mass production with ongoing capacity release. It was successful adopted by domestic high-end new energy vehicle manufacturers for mass supply. During the Period under review, revenue from the business amounted to RMB992.6 million, accounting for 29.2% of total revenue, representing a year-on-year increase of 187%. The business maintained a rapid growth trajectory, and continued to achieve breakthroughs in areas such as product mass production and customer nomination. In the first half of 2026, the Group delivered aggregate 0.771 million units of passenger vehicle motor controller products (including power bricks and PCBA) to customers, supporting 0.393 million sets of motor control assemblies, including 0.134 million sets of power bricks. As a key technological achievement for the Group in the automotive electronics sector, power bricks have effectively boosted the per-vehicle value and become one of the core driving forces for the Group’s business growth in 2026. During the first half of the year, the Group undertook pilot production for 19 new power brick projects and secured 6 new nominations projects, cumulatively obtaining nomination projects from more than 10 end-user automakers. In the second half of the year, as production volumes for new vehicle models ramp up, revenue from electric mobility is expected to maintain robust growth. With large-scale high-quality deliveries, the Group’s market penetration continues to improve. According to Frost & Sullivan, the global penetration of power bricks in new energy vehicles is projected to reach 39.7%, with an estimated market size of RMB83.9 billion by 2030. The Group will take further steps in developing higher power density solutions to meet market demands and further leverage its service advantages in advanced solutions to further enhance market penetration. Faced with intensifying industry competition in 2026 and higher automakers’ expectations for integrated electric drive systems, traditional component-only suppliers are finding it increasingly difficult to satisfy OEMs’ comprehensive requirements. Looking ahead, the Group will continue to increase R&D investment and optimise its product portfolio. Through technological innovation and deeper industry collaboration, the Group will cater to automakers’ demand for highly efficient and reliable electric drive solutions, consolidate its competitive edge in the fiercely competitive market, and contribute to the technological evolution of electric drive architectures and the development of the industry. Thermal Management The Group’s thermal management segment primarily includes controller products such as smart thermal management actuators, PTC controllers and compressor air conditioning controllers. In the field of thermal management controllers, the Group holds an industry-leading position. Looking back at the first half of 2026, the thermal management business recorded revenue of RMB217.0 million, accounting for 6.4% of total revenue, representing an increase of 2% compared with the same period last year. The Group’s thermal management business has maintained steady growth.
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- 10 - Smart Mobility During the Period under review, the smart mobility segment recorded revenue of RMB53.1 million, accounting for 1.6% of total revenue, representing an increase of 18% compared with the same period last year. In the first half of the year, the Group’s smart mobility business saw growth in both revenue and shipment volume as products such as wireless fast-charging controllers scaled up production. In the second half of the year, growth is expected to continue as production of domain controllers for new customers ramps up. The Group will continue to strengthen technological R&D and scenario- based application and accelerate the application of chassis systems, ZCUs, wireless charging systems and other products by the market, enabling the business to develop in a healthy, sustainable and high- quality manner. R&D AND GROUP DEVELOPMENT R&D serves as the core driving force behind the Group’s development strategy. Against the backdrop of accelerated advancements in electrification, intelligentisation and digital connectivity in the global automotive industry, the Group continuously consolidates its technological leadership and provides a solid foundation for enhancing market competitiveness, expanding market reach and driving business growth. In the first half of 2026, the Group proactively made continuous efforts in improving its R&D capabilities. By refining R&D teams and strengthening project management, we have maintained competitive edge. During the Period, the Group incurred R&D expenses of RMB274.7 million, representing a year-on-year increase of 25% and accounting for approximately 8.1% of the Group’s total revenue. As at 30 June 2026, the Group had 1,173 full-time R&D technicians, representing 73.2% of the total employees of the Group. During the same period, the Group held a total of 469 patents and 424 software copyrights, increasing by 49 and 55 respectively compared to the end of 2025. As of 30 June 2026, the Group had an aggregate of 262 patents under review, including 210 invention patents, 45 utility model patents and 7 design patents.
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- 11 - Power bricks are the Group’s core products, representing a key focus of our R&D efforts. In the first half of 2026, we achieved large-scale shipments of frame-based potting SiC power module, with power ranging from 100 kW to 500 kW. These power bricks are compatible with both 400V and 800V high- and low-voltage platforms and are fully compatible with the entire lineup of models, including those with single-motor, dual-motor and P1-P3 range-extended configurations. To continuously improve performance and optimize costs, the Group has launched an integrated power brick based on plastic- encapsulated modules, reducing system stray inductance by more than 20% and effectively lowering manufacturing costs while enhancing product quality. In addition, the Group has achieved a breakthrough in the development of an embedded SiC inverter brick, which builds upon the integrated power brick design to deliver a further leap in performance and cost control: stray inductance has been significantly suppressed, and the amount of silicon carbide (SiC) wafers has been reduced by a quarter, further reducing system costs. Currently, the embedded SiC inverter brick has successfully passed the AQG324 automotive reliability certification and has entered the customer project testing phase. Mass production preparations are expected to be completed by 2027. In the AIDC sector, during the first half of 2026, the Group actively collaborated with domestic computing chip manufacturers to develop corresponding computing card solutions, including power supply and storage solutions based on domestic chips, thereby achieving technical solution and business coverage across various mainstream computing platforms. In the field of embodied intelligence, during the first half of 2026, the Group launched a 48V servo motor drive solution based on gallium nitride (GaN) technology. This solution can be easily embedded within embodied intelligence joints, end-effectors or mobile platforms, providing a key enabler for embodied intelligence OEMs to create compact, agile and smart embodied intelligence products. Targeting the broader Mobility market including embodied intelligence, AGVs, unmanned transport vehicles, special- purpose vehicles and mobile work platforms, the Group continues to expand the application boundaries of its computing platforms, thus establishing two platform-based product lines, the MCCU multimodal edge computing controller and the OPEN-ECU GDCU4xx. At the same time, in collaboration with Infineon, TASKING and Vector, the Group has released the DRIVECORE TC4 IT2 software solution, which is primarily aimed at applications such as the development of high-security-domain controllers and central computing platforms for highly reliable embodied intelligence and unmanned transport vehicle control platforms. In the chassis sector, during the first half of 2026, the Group collaborated with global leading customers to develop controller systems such as steer-by-wire, and the high-voltage suspension system it developed is in the leading position domestically. At the same time, leveraging the Company’s capabilities in semiconductor applications, it is accelerating the adoption of domestically produced semiconductors in chassis.
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- 12 - In the first half of 2026, regarding supporting testing and validation for mass delivery, the R&D testing and validation center continued to undertake and align with the Group’s diverse testing and validation demand for electronic control products. Notably, testing demand for motor controllers and power bricks products has maintained rapid growth, and relevant testing technologies and equipment capabilities were quickly put in place. In the first half of 2026, the R&D testing and validation center saw the value of testing business undertaken within the Group increased by over 100.7% year-over- year, having completed approximately 80% of last year’s total for the first half of the year; the number of testing assignments exceeded 460 orders, representing a 34.9% year-over-year increase, reflecting a significant rise in demand for R&D testing and validation. In the first half of 2026, the Group further enhanced its R&D testing capabilities. The laboratory obtained various certifications and qualification upgrades, successfully passing audits conducted by leading industry clients. As a result, all tests for the ZCU project, including environmental, electrical performance, vibration and salt spray tests, can be completed in the Group’s in-house laboratory. Phase II of the Group’s pilot production base for electronic control power bricks in Nantong, Jiangsu has commenced construction and is scheduled for commissioning within 2026. The project will expand and upgrade the existing manufacturing workshops and testing center, and further enhance high-end R&D and manufacturing capabilities for electronic control PCBA, power bricks and other components. Concurrently, a higher-standard laboratory will be constructed to provide strong support for continuous innovation and technological iteration. In the first half of 2026, the base successively introduced a variety of production and testing equipment and officially obtained certification for its electrostatic discharge protection management system. SUPPLY CHAIN MANAGEMENT AND PRODUCT QUALITY CONTROL Guided by the principle of “asset-light and research-focused”, the Group primarily adopts an asset-light model for automotive electronics production, which accommodates the current rapid iteration in the automotive industry, enables flexibility in production capacity and avoids idle capacity. As the deepened integration of internet and automotive sectors in technology and marketing, accurately forecasting vehicle sales has become increasingly challenging. This model enables the Group to respond swiftly to shifts in customer demand during sales surges. The Group implements full lifecycle process management for product delivery, ensuring in-depth control over the production process. The Group insists on process control by first achieving mass production of processes at the R&D pilot plants in Nantong and Wuxi before replicating them to mass production facilities. In the first half of 2026, the Group conducted pilot production of 19 new power brick projects and 204 new PCBA projects.
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- 13 - In the first half of 2026, the Group delivered 5.493 million automotive electronic products, representing a year-over-year increase of 46%. A total of 0.134 million sets of new power brick products were delivered, with end customers covering more than 10 leading original equipment manufacturers (OEMs) in the industry. Despite more volume of deliveries, the Group maintained exceptionally high product quality with a zero-mileage failure rate as low as 12.7 PPM (Parts Per Million), earning strong recognition from customers. ENVIRONMENTAL, SOCIAL AND GOVERNANCE In 2026, the Group continued to be guided by its “2030 Sustainability Vision” to comprehensively advance its environmental, social and governance (“ESG”) initiatives. In terms of climate action, taking 2025 as the base year, the Group has established 2030 greenhouse gas (“GHG”) (Scopes 1 and 2) emission reduction targets as a key foundation for its long-term climate strategy, while striving to align with industry best practices and regulatory requirements. At the same time, the Group continues to advance carbon reduction across the value chain, improve energy and carbon emissions data management, and, based on the 11 identified material emission categories in Scope 3, focus on key areas such as raw material procurement, logistics and transportation, product use and disposal, thereby gradually strengthening communication and collaboration with upstream and downstream partners in data collection, green procurement and collaborative emissions reduction. In the areas of green R&D, low-carbon product design and circular economy, the Group continues to integrate eco- design principles throughout the entire product lifecycle, and advance lightweight design, the use of renewable materials and product recyclability assessments, while reducing the testing time, mileage and energy consumption required for traditional vehicle road testing through AI-driven virtual testing, thereby further enhancing the efficiency, security and environmental benefits of autonomous driving R&D. Meanwhile, leveraging high-performance controllers, energy management and intelligent driving technologies, the Group continues to enhance the energy efficiency and safety performance of its solutions related to new energy vehicle, so as to provide technical support for the low-carbon transition of the new energy vehicle industry chain. The Group has performed steadily among multiple ESG rating agencies, including QuantData (rating: A), Lianhe Equator (rating: A), Sino-Securities Index (rating: BBB) and CCXGF (rating: BB), reflecting the Group’s continuous efforts in ESG. OUTLOOK Starting from semiconductor solutions business, the Group has gradually expanded into the automotive electronics sector. From smart thermal management actuators and PTC controllers of lower per-vehicle value to MCU and BMS, and now power brick products, of higher per-vehicle value, the Group has achieved significant breakthroughs in per-vehicle value, propelling it onto a fast track of development.
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- 14 - In the first half of 2026, the domestic new energy vehicle market is challenged by factors such as the phase-out of purchase tax reductions for new energy vehicles. As time passed, the impact of the policy phase-out gradually subsided. According to data from the China Association of Automobile Manufacturers (CAAM), in June 2026, new energy vehicle sales rose 23.6% year-over-year. Specifically, domestic sales fell 0.4% year-over-year, being basically flat year-on-year, while overseas demand for new energy vehicles remains relatively robust, with export sales of new energy vehicles in June 2026 increasing 1.6 times year-over-year. Looking ahead to the second half of 2026, as domestic demand for new energy vehicles recovers, the industry is expected to return to a trend of stable growth. The Group continues to deepen its relationships with all leading OEM customers. With the large-scale and mass delivery of self-developed core products such as power bricks, revenue from the Group’s automotive electronics segment is expected to achieve steady growth. In terms of overseas market expansion, the Group will leverage the technological, manufacturing and customer service strengths accumulated in the domestic market to further accelerate its overseas expansion. Looking forward, the Group will focus on its core product portfolio, continue to increase resource allocation for overseas business and establish direct connections with overseas OEM customers, striving to secure more mass- production nomination projects for automotive electronic products. A key technological and industrial advantage of the Group lies in the application of chips. Relying on this, the Group will continue to deepen collaboration with upstream chip manufacturers and expand the scope of cooperation in areas such as new energy vehicles, AIDC and embodied intelligence. In the AIDC sector, the Group will seize the historic opportunity presented by domestic computing power. On one hand, it will solidify strategic partnerships with upstream OEMs through strategic collaborations and supply agreements; on the other hand, it will expand the scope of cooperation with downstream domestic server manufacturers. Leveraging the Group’s expertise in high-voltage, high-power power electronics technologies such as 800V systems, SiC applications and 48V DC/DC, the Group extends collaboration from semiconductor solutions to product commercialisation, thereby continuously enhancing the Group’s standing within the AIDC industry chain. In the embodied intelligence sector, the Group will further intensify integration with upstream and downstream industrial partners. Making full use of the premium supply chain resources, stringent quality control systems and mass production capabilities in the automotive industry, and supported by the established automotive electronics ecosystem, the Group aims to implement scenario-based innovation and develop and launch more sophisticated and improved embodied intelligence controller products.
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- 15 - In the first half of 2026, the Group secured over 52 new mass-production nomination projects, including 11 for overseas nomination projects. These span the following areas and technologies: • New energy vehicle motor control units (MCU) • Power bricks • Battery management systems (BMS) • Thermal management technologies, including PTC heaters and actuators (pumps and fans, etc.) • Advanced driver assistance systems (ADAS) • Chassis systems • Vehicle control units (VCU), zone control units (ZCU) Looking ahead, the Group will continue to increase its resource investment in R&D to further consolidate its leading competitive edge in the industry. In this regard, the Group will focus on its domestic market and deepen its operations therein to lay a solid foundation for long-term development, while simultaneously accelerating the expansion of its global industrial footprint; in addition, leveraging its core technological advantages, the Group will drive steady business expansion, striving to achieve long-term sustainable growth and deliver greater investment value to its shareholders.
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- 16 - FINANCIAL REVIEW Revenue For the six months ended 30 June 2026, our total revenue increased by 15% year-on-year to RMB 3,399.7 million (30 June 2025: RMB2,966.3 million). The change was primarily due to a significant increase in the automotive electronics business by 99% year-on-year. The electric mobility segment within the automotive electronics business demonstrated particularly strong growth, which increased by 187%. The following table sets out the Group’s revenue breakdown by segments during the period indicated: Six months ended 30 June Year-on-year Percentage Change2026 2025 RMB’000 RMB’000 – Automobile 1,807,871 2,016,760 -10% – Cloud servers 247,740 255,444 -3% – Services & others 67,003 53,131 26% Semiconductor solutions business 2,122,614 2,325,335 -9% – Electric mobility 992,645 345,404 187% – Thermal management 216,959 212,355 2% – Smart mobility 53,059 45,039 18% – Services & others 14,403 38,189 -62% Automotive electronics business 1,277,066 640,987 99% Total 3,399,680 2,966,322 15% Gross Profit and Gross Profit Margin Gross profit for the six months ended 30 June 2026 decreased by 1% to RMB397.1 million as compared to the corresponding period last year. The Group’s overall gross profit margin for the six months ended 30 June 2026 was 11.7% (for the six months ended 30 June 2025: 13.5%). Other Income and Gains The Group’s other income and gains mainly included bank interest income, government grants and foreign exchange gains. For the six months ended 30 June 2026, other income and gains decreased by 4% to RMB18.4 million, mainly due to the lower bank interest income compared to the corresponding period last year.
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- 17 - Selling and Distribution Expenses Selling and distribution expenses mainly consisted of salaries, benefits and equity-settled share option and award expenses for staff, travel and business entertainment expenses, marketing expenses, and administrative depreciation related costs. During the Period under review, the Group’s selling and distribution expenses amounted to RMB51.7 million, representing an increase of 8% as compared to the corresponding period in 2025. The increase was mainly attributable to higher travelling expenses and sales personnel support for business growth. Administrative Expenses Administrative expenses mainly consisted of (a) R&D expenses; and (b) other administration expenses including salaries, benefits and equity-settled share option and award expenses for the management, administrative and financial personnel, administrative costs, travel expenses, depreciation expenses relating to property, plant and equipment used for administrative purposes, amortisation expenses for the management information systems, other taxes and levies. During the Period under review, administrative expenses amounted to RMB297.6 million, representing an increase of 16% as compared to the corresponding period in 2025. In particular, (a) R&D expenses charged as administrative expenses amounting to RMB232.9 million, together with the amortisation of deferred development costs of RMB41.8 million charged to cost of sales, the total R&D expenses amounted to RMB274.7 million, accounting for 8.1% of revenue. The 25% increase in R&D expenses as compared with the corresponding period in 2025 was due to an increase in salaries for R&D staff, consumable expenses and contract manufacturing fee, and (b) other administrative expenses amounted to RMB64.7 million, representing an increase of 2% as compared to the corresponding period last year, which was mainly due to an increase in personnel expenses. Other Expenses Other expenses mainly consisted of losses on derivative instruments at fair value through profit or loss during the Period under review. These expenses amounted to RMB8.8 million during the Period under review, representing a decrease of 71% as compared to the corresponding period last year, which was mainly due to the appreciation of RMB against the USD resulting in a change of foreign exchange to net gain during the period from net loss in the corresponding period last year. Finance Costs During the Period under review, finance costs amounted to RMB33.0 million, representing a decrease of 39% as compared to the corresponding period in 2025, which was mainly due to the saving of interest payment of the Group.
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- 18 - Income Tax (Expense)/Credit During the Period under review, the income tax expense amounted to RMB18.4 million, representing a fluctuation of 212% from an income tax credit of RMB16.5 million for the corresponding period in 2025, which was mainly attributable to a significant decrease of deferred tax asset being recognised during the period compared to the corresponding period in 2025. Profit for the Period During the Period under review, the Group’s profit decreased by 87% from RMB48.0 million for the six months ended 30 June 2025 to RMB6.2 million for the six months ended 30 June 2026. LIQUIDITY AND FINANCIAL RESOURCES During the Period under review, the Group continued to maintain a satisfactory and healthy liquidity position. As at 30 June 2026, the Group had cash and cash equivalents of RMB569.4 million (31 December 2025: RMB489.6 million). As at 30 June 2026, the Group recorded net current assets of RMB1,913.4 million (31 December 2025: RMB1,624.2 million). Capital expenditure for the first half of the year was RMB34.4 million, which was mainly used for the addition of R&D equipment and improvement of R&D infrastructures, facilitating multi-location R&D support and services to customers. As at 30 June 2026, the gearing ratio of the Group was 54% (31 December 2025: 50%), which represents net debt divided by the equity attributable to owners of the parent plus net debt. Net debt includes interest-bearing bank and other loans, trade and notes payables, other payables and accruals, less cash and cash equivalents and pledged deposits. As at 30 June 2026, the Group had outstanding bank loans amounting to RMB1,699.3 million (31 December 2025: RMB1,605.0 million). As at 30 June 2026, certain of the Group’s bank loans, letters of credit, letters of guarantee and notes payable are secured by pledges over certain of the Group’s deposits amounting to RMB120.2 million (31 December 2025: RMB134.8 million). Saved as disclosed above, no other Group’s assets were charged to any financial institution. INTERIM DIVIDEND The directors of the Company (the “Directors”) did not recommend the payment of a dividend by the Company for the Period under review (for the six months ended 30 June 2025: nil). MATERIAL EVENTS AFTER THE REPORTING PERIOD The Group has no significant events after the Period that need to be disclosed.
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- 19 - CAPITAL COMMITMENT As at 30 June 2026, the Group had capital commitments contracted, but not provided for, amounting to RMB17.5 million (31 December 2025: RMB6.8 million). SIGNIFICANT INVESTMENTS, MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES During the Period under review, the Group did not have any significant investments, material acquisitions or disposals of subsidiaries, associates and joint ventures (31 December 2025: nil). CONTINGENT LIABILITIES As at 30 June 2026, the Group did not have significant contingent liabilities (31 December 2025: nil). FOREIGN EXCHANGE EXPOSURE The Group primarily operates in the PRC with a mixed currency revenue source. It is therefore exposed to foreign currency risk arising from fluctuations in exchange rates between the RMB and other currencies in which it conducts its business. The Group is subject to foreign currency risk attributable to its bank balances, trade and other receivables and payables as well as bank loans that are denominated in currencies other than the RMB. The Group seeks to limit its exposure to foreign currency risk by minimising its net foreign currency position. The Group also minimises losses caused by foreign exchange fluctuations through cost transfer by adjusting the prices offered to customers and considers supplementing foreign exchange forward contracts when necessary. During the Period under review, the Group managed foreign currency exchange rate fluctuations by the aforesaid means to mitigate such exposure. The Group will closely monitor the change in foreign exchange rates to manage currency risks and consider necessary actions as required. EMPLOYEES AND REMUNERATION POLICIES As at 30 June 2026, the Group had 1,602 employees (30 June 2025: 1,340 employees). The Group’s labour costs, including salaries, bonuses, pension and welfare, and equity-settled share option and award expenses, excluding Directors’ and co-chief executives’ remuneration, were RMB283.5 million, equivalent to 8.3% of the Group’s revenue in the Period. The Group provides attractive salary packages, including a competitive basic salary plus an annual performance bonus, as well as arranging ongoing special training for employees to facilitate their promotion within the organisation and enhance their loyalty to the Company. The Group’s employees are subject to regular work performance appraisal to evaluate their promotion prospects and salary. The latter is decided with reference to market practice and the performance, qualifications and experience of the individual employee as well as the results of the Group.
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- 20 - As at 30 June 2026, the Group had a total of 46,005,000 and 21,960,000 outstanding share options granted to eligible employees under the share option scheme adopted on 22 June 2018 and under the share scheme adopted on 27 May 2024 respectively, to enhance attractiveness in compensation as well as motivation for employee performance. For details, please refer to the announcements of the Company dated 21 January 2019, 30 September 2020, 18 May 2021, 25 November 2022, 20 September 2023 and 1 June 2026, respectively. The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for its employees in Hong Kong. The Group did not record any forfeited contribution from the MPF Scheme for the six months ended 30 June 2026 to reduce the existing level of contributions (for the year ended 31 December 2025: Nil). The Group’s employees in the PRC participate in various defined contribution schemes managed by local government authorities, pursuant to which the Group pays a stipulated percentage of payroll costs as contributions to the schemes. The Group has no obligation to pay further contributions, and no forfeited contributions were available to the Group to reduce the existing level of contributions. USE OF PROCEEDS FROM THE GLOBAL OFFERING The shares of the Company (the “Share(s)”) were listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 12 July 2018 with net proceeds received by the Company from the Global Offering (as defined in the prospectus of the Company dated 29 June 2018 (the “Prospectus”)) amounted to HK$766.7 million (equivalent to RMB655.4 million), after deducting the underwriting fees, commissions and all related expenses (the “Net Proceeds”). As disclosed in the announcement of the Company dated 12 July 2019, having reassessed the funding needs for the enhancement of the Group’s overall R&D infrastructure, the board of Directors (the “Board”) has resolved to amend the proposed use of part of the Net Proceeds originally allocated for the enhancement of the Group’s R&D infrastructure by investing in and acquiring testing and other equipment, and technology software to accelerate the Group’s solutions development cycle and thus increase exposure of the Group’s solutions to customers to enhancement of the Group’s R&D infrastructure by (i) investing in and acquiring testing and other equipment, and technology software to accelerate the Group’s solution development cycle and thus increase exposure of the Group’s solutions to customers; and (ii) investing in, acquiring and renovating properties for R&D purposes.
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- 21 - During the Period, the Net Proceeds were used for purposes consistent with the section headed “Future Plans and Use of Proceeds” as set out in the Prospectus and the announcement of the Company dated 12 July 2019. Details of the planned applications for the Net Proceeds, actual usage of the Net Proceeds up to 30 June 2026 and the expected timeframe for utilising the remaining unused Net Proceeds are set out below: Use of Proceeds Planned Applications Percentage of Total Net Proceeds Unutilised Net Proceeds brought forward from 31 December 2025 Proceeds Utilised during the six months ended 30 June 2026 Actual Usage up to 30 June 2026 Unutilised Net Proceeds as at 30 June 2026 Expected Timeframe for Utilising the Remaining Unused Net Proceeds (RMB million) (%) (RMB million) (RMB million) (RMB million) (RMB million) 1. Fo r the expansion of R&D capabilities 196.6 30 0 0 196.6 0 N/A 2. Fo r the enhancement of R&D infrastructure 196.6 30 0 0 196.6 0 N/A 3. Fo r the acquisition of R&D capabilities 196.6 30 46.8 0 149.8 46.8 Expected to be fully utilised by end of 2027* 4. General working capital 65.6 10 0 0 65.6 0 N/A Total 655.4 100 46.8 0 608.6 46.8 * As disclosed in the 2024 annual report, after considering the recent global and domestic economic environment and the associated uncertainty, the expected timeframe for utilising the remaining unused net proceeds was extended to the end of 2025. As disclosed in the 2025 interim report, the expected timeframe was further extended to the end of 2026, as more time is required to select and identify suitable potential investees. The expected timeframe was further extended to the end of 2027, as more time is required to select and identify suitable potential investees.
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- 22 - PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES The Company or any of its subsidiaries did not purchase, sell or redeem any of its listed securities (including sale of treasury shares) during the Period under review. CORPORATE GOVERNANCE PRACTICES The Company is committed to maintaining high standards of corporate governance to safeguard the interests of the Shareholders, enhance corporate value, formulate its business strategies and policies, and improve its transparency and accountability. The Company has adopted the code provisions of the Corporate Governance Code (the “CG Code”) set out in Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules ”) as its own corporate governance code. The Board considers that the Company has complied with all applicable code provisions of the CG Code during the Period under review, except for a deviation from code provision C.2.1 of the CG Code, which stipulates that the roles of chairman and chief executive should be separate and should not be performed by the same individual. Mr. Luk Wing Ming is the chairman and the co-CEO of the Company, responsible for strategic development and business operations. Our Board considers that this arrangement will enhance the efficiency of decision making and execution processes. Furthermore, the Group has established appropriate checks and balances mechanisms through the Board and the independent non-executive Directors. In view of the foregoing, the Board considers that the deviation from code provision C.2.1 of the CG Code is appropriate in the circumstances of our Group. The Board will review the corporate governance structure and practices from time to time and make necessary arrangements when the Board deems it appropriate. COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS The Company has adopted written guidelines (the “Written Guidelines”) on no less exacting terms than the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix C3 of the Listing Rules as its code of conduct regarding securities transactions by the Directors. Having made specific enquiries by all Directors, they confirmed that they had complied with the required standard set out in the Model Code and the Written Guidelines during the Period under review. At the same time, since the listing date, the Company has also adopted its own code of conduct regarding employees’ securities transactions on terms no less exacting than the standard set out in the Model Code for the compliance by its relevant employees who are likely to be in possession of unpublished inside information of the Company in respect of their dealings in the Company’s securities.
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- 23 - AUDIT COMMITTEE REVIEW The Company has established an Audit Committee which is accountable to the Board and the primary duties of which include the review and supervision of the Group’s financial reporting process and internal control measures. For the Period under review, the Audit Committee comprised of three independent non-executive Directors, namely, Mr. Tsui Yung Kwok, Mr. Jiang Yongwei and Ms. Han Shuting. Mr. Tsui Yung Kwok serves as the chairman of the Audit Committee of the Company, who has the professional qualifications and experience in financial matters in compliance with the requirements of the Listing Rules. The Audit Committee has reviewed with management the accounting principles and practices adopted by the Group and discussed internal control and financial reporting matters, including the review of the unaudited condensed consolidated interim financial statements of the Group for the Period under review. They considered that the unaudited interim financial statements of the Group for the Period under review were in compliance with the relevant accounting standards, rules and regulations and that appropriate disclosures were made. PUBLICATION OF INFORMATION ON THE WEBSITE OF THE STOCK EXCHANGE AND THE COMPANY The results announcement is required to be published on the website of the Stock Exchange (www.hkexnews.hk) and the website of the Company (www.intron-tech.com), respectively. The interim report of the Company for the Period will be dispatched to the Shareholders and published on the respective websites of the Stock Exchange and the Company in due course.
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- 24 - CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2026 Unaudited Six months ended 30 June 2026 2025 Notes RMB’000 RMB’000 REVENUE 5 3,399,680 2,966,322 Cost of sales 3,002,620 (2,565,276) Gross profit 397,060 401,046 Other income and gains 5 18,367 19,177 Selling and distribution expenses (51,689) (47,995) Administrative expenses (297,550) (256,328) Other expenses (8,803) (30,674) Finance costs (33,033) (53,841) Share of profits and losses of associates 302 56 PROFIT BEFORE TAX 6 24,654 31,441 Income tax (expense)/credit 7 (18,449) 16,534 PROFIT FOR THE PERIOD 6,205 47,975 Attributable to: Owners of the parent 7,233 49,740 Non-controlling interests (1,028) (1,765) 6,205 47,975 EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT Basic and diluted 9 RMB0.66 cents RMB4.57 cents
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- 25 - CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2026 Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 PROFIT FOR THE PERIOD 6,205 47,975 OTHER COMPREHENSIVE INCOME Other comprehensive income that may be reclassified to profit or loss in subsequent periods: Exchange differences on translation of foreign operations 39,459 17,499 Net other comprehensive income that may be reclassified to profit or loss in subsequent periods 39,459 17,499 Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: Exchange differences on translation of the Company (28,596) (11,703) Net other comprehensive income that will not be reclassified to profit or loss in subsequent periods (28,596) (11,703) OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 10,863 5,796 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 17,068 53,771 Attributable to: Owners of the parent 18,096 55,536 Non-controlling interests (1,028) (1,765) 17,068 53,771
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- 26 - CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 As at 30 June 2026 As at 31 December 2025 (unaudited) (audited) Notes RMB’000 RMB’000 NON-CURRENT ASSETS Property, plant and equipment 236,659 243,898 Right-of-use assets 37,173 43,377 Other intangible assets 505,091 487,257 Investment in associates 15,202 14,900 Financial assets at fair value through profit or loss 215,503 227,910 Equity investment designated at fair value through other comprehensive income 8,951 8,951 Deferred tax assets 172,916 168,496 Advance payments for property, plant and equipment 32,550 31,818 Total non-current assets 1,224,045 1,226,607 CURRENT ASSETS Inventories 1,045,993 1,211,928 Trade and notes receivables 10 2,679,098 2,097,104 Contract assets 1,316 1,316 Prepayments, other receivables and other assets 610,780 554,028 Pledged deposits 120,164 134,782 Cash and cash equivalents 569,354 489,569 Total current assets 5,026,705 4,488,727 CURRENT LIABILITIES Trade and notes payables 11 1,270,527 740,203 Other payables and accruals 673,129 782,331 Derivative financial instruments 1,206 440 Interest-bearing bank and other loans 1,069,587 1,264,616 Lease liabilities 17,299 18,369 Tax payable 81,577 58,582 Total current liabilities 3,113,325 2,864,541 NET CURRENT ASSETS 1,913,380 1,624,186 TOTAL ASSETS LESS CURRENT LIABILITIES 3,137,425 2,850,793
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- 27 - As at 30 June 2026 As at 31 December 2025 (unaudited) (audited) Notes RMB’000 RMB’000 NON-CURRENT LIABILITIES Lease liabilities 7,659 12,416 Government grants 100 220 Deferred tax liabilities 4,583 4,633 Interest-bearing bank and other loans 629,743 340,312 Total non-current liabilities 642,085 357,581 Net assets 2,495,340 2,493,212 EQUITY Equity attributable to owners of the parent Share capital 12 9,249 9,249 Reserves 2,488,727 2,485,571 2,497,976 2,494,820 Non-controlling interests (2,636) (1,608) Total equity 2,495,340 2,493,212
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- 28 - NOTES TO FINANCIAL STATEMENTS For the six months ended 30 June 2026 1. GENERAL INFORMATION Intron Technology Holdings Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) are focusing on developing automotive components engineering solutions for key automotive manufacturers in China. The Company is a limited liability company incorporated in the Cayman Islands on 3 January 2017. 2. BASIS OF PRESENTATION The Group’s unaudited condensed consolidated interim financial statements (“Financial Statements”) for the six months ended 30 June 2026 have been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and the applicable disclosure requirements of Appendix D2 to the Listing Rules. These Financial Statements do not include all the information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31 December 2025. These Financial Statements have been prepared under the historical cost convention, except for financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, investments in associates and derivative financial instruments which have been measured at fair value. These financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand except when otherwise indicated. 3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The accounting policies adopted in the preparation of these Financial Statements are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of the following new and revised Hong Kong Financial Reporting Standards (“HKFRSs”) (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations)issued by the HKICPA for the first time for the current periods’ financial information. Amendments to HKFRS9 and HKFRS7 Amendments to the Classification and Measurement of Financial Instruments Amendments to HKFRS9 and HKFRS7 Contracts Referencing Nature-dependent Electricity Annual Improvements to HKFRS Accounting Standard – Volume 11 Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and HKAS 7 The new and revised standards had no significant financial impact on these Financial Statements. The Group has not applied any new and revised standard that is not yet effective for the current accounting period.
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- 29 - 4. OPERATING SEGMENT INFORMATION For management purposes, the Group is not organised into business units based on its products and only has one reportable operating segment. Management monitors the operating results of the Group’s operating segment as a whole for the purpose of making decisions about resource allocation and performance assessment. Geographical information (a) Revenue from external customers Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Hong Kong 45,501 197,777 Chinese mainland 3,349,500 2,756,785 Other countries/regions 4,679 11,760 3,399,680 2,966,322 The revenue information above is based on the locations of the customers. (b) Non-current assets As at 30 June 2026 As at 31 December 2025 (unaudited) (audited) RMB’000 RMB’000 Hong Kong 8,164 9,100 Chinese mainland 817,347 811,237 Other countries/regions 1,164 913 826,675 821,250 The non-current asset information above is based on the locations of the assets and excludes deferred tax assets, financial assets at fair value through profit or loss and equity investment designated at fair value through other comprehensive income. Information about major customers Revenue from a major customer accounted for 10% or more of the Group’s revenue, as set out below: Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Customer 1 372,573 N/A* * The corresponding revenue of the customer is not disclosed as the revenue individually did not account for 10% or more of the Group’s revenue for the period.
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- 30 - 5. REVENUE, OTHER INCOME AND GAINS An analysis of revenue, other income and gains is as follows: Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 (i) Revenue from contracts with customers At a point in time – Sale of products 3,391,132 2,932,332 – Rendering of consulting services 8,548 33,990 3,399,680 2,966,322 (ii) Other income Government grants* 11,457 7,664 Bank interest income 3,272 6,135 Dividend income from financial assets at fair value through profit or loss – 550 Foreign exchange gains, net 3,497 – Others 141 647 Total other income 18,367 14,996 (iii) Gains Gain on derivative instruments at fair value through profit or loss – 4,181 Total other income and gains 18,367 19,177 * The amount represents grants received by the subsidiaries of the Company from the local government where they reside. There are no unfulfilled conditions and other contingencies relating to these grants.
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- 31 - 6. PROFIT BEFORE TAX The Group’s profit before tax is arrived at after charging/(crediting): Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Cost of inventories sold 2,996,839 2,539,342 Cost of services provided 5,781 25,934 Depreciation of property, plant and equipment 31,492 29,418 Depreciation of right-of-use assets 10,344 11,447 Amortisation of patents and software* 5,199 5,315 Research and development costs: Deferred expenditure amortised* 41,786 26,741 Current period expenditure 232,868 193,128 274,654 219,869 Lease payments not included in the measurement of lease liabilities 2,868 2,991 Government grants (11,457) (7,664) Bank interest income (3,272) (6,135) Foreign exchange (gains)/losses, net (3,497) 30,401 Employee benefit expense (excluding directors’ and co-chief executives’ remuneration): Wages and salaries 225,722 202,220 Equity-settled share option and award expense 2,316 4,239 Pension scheme contributions*** 48,895 42,513 Staff welfare expenses 6,607 3,466 Less: Amount capitalised (45,479) (32,388) 238,061 220,050 Write-down of inventories to net realizable value** 20,424 30,683 * The amortisation of patents and software for the period is included in “Administrative expenses” and the amortization of deferred development costs for the period is included in “Cost of sales” in the consolidated statement of profit or loss. ** Write-down of inventories to net realisable value is included in “Cost of sales” in the consolidated statement of profit or loss. *** There are no forfeited contributions that may be used by the Group as the employer to reduce the existing level of contributions.
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- 32 - 7. INCOME TAX The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in which members of the Group are domiciled and operate. The Company was incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Law of the Cayman Islands and accordingly is not subject to income tax in the Cayman Islands. The Company has registered with the Company Registry in Hong Kong on 22 December 2017 and recorded an interest income during the period. Since the provision of credit of the loan was in Hong Kong, the interest income received is subject to Hong Kong Profits Tax. Pursuant to the relevant tax law of the Hong Kong Special Administrative Region, Hong Kong profits tax has been provided at the rate of 16.5% (2025: 16.5%) on the estimated assessable profits arising in Hong Kong during the period, except for one subsidiary of the Group which is a qualifying entity under the two-tiered profits tax rates regime. The first HK$2,000,000 (2025: HK$2,000,000) of assessable profits of this subsidiary are taxed at 8.25% (2025: 8.25%) and the remaining assessable profits are taxed at 16.5% (2025: 16.5%). The provision for current income tax in Chinese mainland is based on a statutory tax rate of 25% of the assessable profits of the PRC subsidiaries of the Group as determined in accordance with the PRC Corporate Income Tax Law. Shanghai Intron Electronics Company Limited, Shanghai G-Pulse Electronics Technology Company Limited, Wuxi Maxdone Electronics Technology Company Limited, Shenzhen Intron Electronics Company Limited and Shanghai Qingheng Automotive Electronics Company Limited are qualified as High and New Technology Enterprises and are subject to a preferential income tax rate of 15% (2025: 15%) during the period. Certain subsidiaries of the Group are qualified as Small and Micro Enterprises and are subject to a preferential tax rate of 5%-25% (2025: 5%-25%) during the period. Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Current – Chinese mainland Charge for the period 12 350 Current – Elsewhere Charge for the period 22,857 20,896 Deferred tax (4,420) (37,780) Total tax expense/(credit) for the period 18,449 (16,534)
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- 33 - 8. DIVIDENDS The Directors did not recommend the payment of a dividend by the Company for the six months ended 30 June 2026. On 26 May 2026, a final dividend for the year ended 31 December 2025 of HK1.82 cents per ordinary share (2024: HK6.3 cents), amounting to HK$19,799,000 (equivalent to RMB17,256,000), has been approved by the shareholders at the annual general meeting of the Company. The final dividend for the year ended 31 December 2025 was paid in July 2026 and is reflected as dividends payable in these Financial Statements. 9. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT The calculation of the basic earnings per share amounts is based on the profit for the period attributable to ordinary equity holders of the parent, and the weighted average number of ordinary shares of 1,087,838,400 (six months ended 30 June 2025: 1,087,838,400) outstanding during the period. The calculation of the diluted earnings per share amounts is based on the profit for the period attributable to ordinary equity holders of the parent. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares outstanding during the period, as used in the basic earnings per share calculation, and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise of all dilutive potential ordinary shares into ordinary shares under the share option scheme. No adjustment has been made to the basic earnings per share amount presented for the period in respect of a dilution as the exercise prices of the Company’s outstanding share options were higher than the average market prices for the shares during the period. The calculation of the basic and diluted earnings per share is based on: Unaudited Six months ended 30 June 2026 2025 RMB’000 RMB’000 Earnings Profit attributable to ordinary equity holders of the parent, used in the basic and diluted earnings per share calculation 7,233 49,740 Unaudited Six months ended 30 June 2026 2025 Number of shares Number of shares Shares Weighted average number of ordinary shares in issue during the period 1,087,838,400 1,087,838,400
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- 34 - 10. TRADE AND NOTES RECEIVABLES As at 30 June 2026 As at 31 December 2025 (unaudited) (audited) RMB’000 RMB’000 Trade receivables 2,428,203 1,824,971 Notes receivable 276,947 293,775 2,705,150 2,118,746 Impairment (26,052) (21,642) 2,679,098 2,097,104 The Group’s trading terms with its customers are mainly on credit. The credit period is generally within three months. Each customer has a maximum credit limit. The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue balances are reviewed regularly by senior management. In view of the aforementioned and the fact that the Group’s trade receivables relate to a large number of diversified customers, there is no significant concentration of credit risk. The Group does not hold any collateral or other credit enhancements over these balances. Trade receivables are non-interest-bearing. Included in the Group’s trade receivables are amounts due from the Group’s related parties of RMB10,820,000 as at 30 June 2026 (31 December 2025: RMB19,025,000), which are repayable on credit terms similar to those offered to the other customers of the Group. The ageing analysis of trade receivables based on the invoice date and net of loss allowance is as follows: As at 30 June 2026 As at 31 December 2025 (unaudited) (audited) RMB’000 RMB’000 Less than 3 months 2,255,667 1,666,021 3 to 6 months 103,203 101,674 6 to 12 months 23,241 10,560 1 to 2 years 12,083 20,522 Over 2 years 7,957 4,552 2,402,151 1,803,329
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- 35 - 11. TRADE AND NOTES PAYABLES As at 30 June 2026 As at 31 December 2025 (unaudited) (audited) RMB’000 RMB’000 Trade payables 1,002,129 607,415 Notes payables 268,398 132,788 1,270,527 740,203 An ageing analysis of the trade payables based on the invoice date is as follows: As at 30 June 2026 As at 31 December 2025 (unaudited) (audited) RMB’000 RMB’000 Less than 3 months 939,504 361,762 3 to 6 months 55,955 244,049 6 to 12 months 5,149 660 1 to 2 years 672 737 Over 2 years 849 207 1,002,129 607,415 The trade payables are non-interest-bearing and are normally settled within three months.
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- 36 - 12. SHARE CAPITAL Number of shares Nominal value HK$’000 Authorised: Ordinary shares of HK$0.01 each At 31 December 2025 and 30 June 2026 (unaudited) 2,400,000,000 24,000 RMB’000 Issued and fully paid: Ordinary shares of HK$0.01 each At 31 December 2025, 1 January 2026 and 30 June 2026 (unaudited) 1,087,838,400 9,249 By order of the Board INTRON TECHNOLOGY HOLDINGS LIMITED LUK WING MING Chairman and executive Director Hong Kong, 31 August 2026 As at the date of this announcement, the executive Directors are Mr. Luk Wing Ming, Mr. Chan Cheung Ngai, Mr. Chan Ming and Mr. Ng Ming Chee; and the independent non-executive Directors are Mr. Jiang Yongwei, Mr. Tsui Yung Kwok and Ms. Han Shuting.