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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. Stock Code：02018.HK
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. PART 01
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. 1H 2026 P&L Summary 1H 2025 1H 2026 YoY Revenue 13,318 14,506 +8.9% Gross profit 2,754 3,244 +17.8% Gross margin 20.7% 22.4% +1.7 ppts R&D costs 998 1,211 +21.4% Distribution and selling expenses 343 399 +16.5% Administrative expenses 637 673 +5.7% Net profit* 876 901 +2.9% Net profit excluding Other gains and losses relating to fair value gains and losses 619 851 +37.4% RMB mn * Net profit represents profit attributable to owners of the Company
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. 1H 2026 Revenue Breakdown by Segments (RMB bn) 1H 2026 Highlights • The Group's total revenue reached a new record high in 1H 2026. • The Group's gross margin expanded by 1.7 ppts YoY, with the gross margin of plastic lenses rising significantly by more than 5 ppts. • Consumer Electronics: Leveraging core capabilities, revenue from heat dissipation business grew by nearly 400%, while gimbal modules and active cooling solutions secured design wins • New Businesses: CPO, as a key technology direction for next-generation high-speed optical interconnect, has become a critical application scenario for WLG technology; High-end CDUs and UQDs have entered volume delivery to multiple leading customers worldwide; Orders for premium branded in-vehicle audio systems have grown significantly, while robotic joint motors and modules have secured design wins with multiple leading global customers. 0.10 0.86 2.23 2.05 3.25 6.01 Others Sensor and Semiconductors Automotive Acoustics Optics Precision Mechanics and Heat Dissipation Acoustics and Electromagnetic Drives* *The acoustics and electromagnetic drive business was formed by consolidation of the Group's former acoustics business and its electromagnetic drive business. Synergized Growth of Diversified Business, Powered by Innovation
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. Prudent Financial Management, Solid Cash Position CCC* improved by 30 days to less than 20 days 1.91 bn Net Cash Inflow From Operating Activities 1.23 bn Capex 7.07 bn Cash & Cash Equivalents RMB million 1 Jan – 30 June 2026 2025 Cash as at beginning 8,612 7,538 Net operating cash inflow 1,914 2,893 Capex （1,231） （1,444） Net borrowings repayment (215) 554 Cash as at period end (including short-term fix deposits) 7,072 7,751 7,072 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Cash and Cash Equivalents(RMB mn) - LHS Net Gearing - RHS RMB mn *CCC refers to Cash Conversion Cycle
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. PART 02
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. Acoustics and Electromagnetic Drives 41% of Revenue in 1H 2026 RMB million 1H 2026 1H 2025 YoY Revenue 6,012 5,267 14.2% Gross Margin 28.6% 27.9% +0.7ppts Gross Profit 1,717 1,469 16.8% • Active cooling fan products, built on high-precision electromagnetic design simulation and precision manufacturing technology, achieve higher electromagnetic efficiency. Related projects have successfully passed customer certification and are expected to gradually become standard configuration on high-end models, with further expansion into the server and robotics markets. Robotic motors and modules have secured design wins with multiple leading global customers, with some projects already in mass production. • To capitalize on AI industry growth opportunities, the Group will deepen the ongoing integration of its acoustics and electromagnetic drives business segments, fostering synergies across technologies, production capacity, and customer resources. While solidifying its core position in consumer electronics, the Group will expand into emerging tracks such as AI terminals, humanoid robotics, and smart cockpits, delivering comprehensive solutions that enhance product value and drive long-term business growth potential Business Highlights
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. Automotive Acoustics 15% of Revenue in 1H 2026 RMB million 1H 2026 1H 2025 YoY Revenue 2,235 1,815 23.1% Gross Margin 20.1% 23.3% -3.2ppts Gross Profit 449 422 6.3% • 1H gross margin declined mainly due to intensified competition in the downstream automotive industry, the increase of amplifier product revenue, and fluctuations in raw material prices such as magnets driven by geopolitical factors. This pressure is expected to ease in 2H as new projects ramp-up and shipment volumes increase. • The ZEEKR project delivered outstanding performance. Its combination of high- specification hardware, customized software, and system-level acoustic tuning provides perceptibly superior sound quality and creates a differentiated competitive moat. Through in-depth collaboration with leading brands such as Naim, the Group is creating high-value benchmark solutions. Business Highlights
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. 14% of Revenue in 1H 2026 RMB million 1H 2026 1H 2025 YoY Revenue 2,047 2,648 -22.7% Gross Margin 10.2% 10.2% 0.0ppts Gross Profit 208 270 -23.1% • Lenses: Plastic lenses with 6P specifications or above accounted for nearly 20% of shipments, while 5P lenses achieved a milestone breakthrough by being adopted in an overseas customer's flagship smartphone. • Camera modules: Modules with resolutions of 32 megapixels or above accounted for more than 50% of shipments, with OIS modules representing over 20%. • WLG: Significant progress was made in non-smartphone applications, with the Group developing a variety of glass lens and lens array solutions for optical communications, AI glasses, and automotive customers, broadening new application scenarios. Business Highlights Optics
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. 22% of Revenue in 1H 2026 RMB million 1H 2026 1H 2025 YoY Revenue 3,251 2,891 12.5% Gross Margin 23.1% 19.0% +4.1ppts Gross Profit 750 549 36.5% • Heat dissipation: Revenue reached RMB1.10 billion, representing a substantial YoY increase of approximately 400%, primarily driven by the continued ramp-up in demand for high-performance ultra-thin vapor chambers. Mass- production preparations for several next-generation products are also progressing smoothly. • Liquid cooling: ATAHORAN's 2.2 MW and 2.6 MW centralized liquid-cooling CDUs, developed by the Group's subsidiary Yuandi Technology, have commenced volume deliveries worldwide. Universal quick disconnect have entered mass production, while white-paper certification of cold plates with leading CPU companies is progressing smoothly. • Robotics: The Group secured a significant supply share for HONOR's robotic structural-component project and completed deliveries smoothly, while actively developing next-generation products. The Group is also co-designing integrated structural components and liquid cooling solutions with several NEV manufacturers. • Mid-frames: The smartphone casing business expanded against market headwinds in the flagship segment, with shipments achieving double-digit year-on-year growth. Precision Mechanics and Heat Dissipation Business Highlights
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. 6% of Revenue in 1H 2026 RMB million 1H 2026 1H 2025 YoY Revenue 858 608 41.0% Gross Margin 14.6% 12.1% +2.5ppts Gross Profit 125 74 70.4% • Revenue increased by 41.0% YoY, primarily driven by a higher share of high-value products at major customers. • The Group secured a design win for an overseas customer's AI glasses project, leveraging the competitive advantages of its microphones, including high SNR, high reliability, and superior waterproof performance. • Drawing on nearly two decades of product development and technological expertise in MEMS design and manufacturing, the Group integrated capabilities across key piezoelectric thin-film material research, actuator chip structural design and simulation, wafer-level manufacturing process optimization, and customized packaging solution development. Consequently, the Group's CoolFan series active cooling chip products successfully achieved small-batch trial production in the first half of the year. Sensor and Semiconductors Business Highlights
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. PART 03
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. Ride the AI Wave, Expand Business Frontiers
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. Solidifying the Leadership in Consumer Electronics Thermal Management and Expanding into Optical Communications Cooling （thousand units） 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 2021 2022 2023 2024 2025 2026 23,000+ 30,000+ 38,000+ 67,000+ • Consumer Electronics Thermal Management: Key projects continue to see stable deliveries, while the Group's market share is steadily increasing. • Optical Communications Thermal Management: As optical transceivers migrate toward higher speeds such as 1.6T and 3.2T, thermal management has evolved from an optional feature into a necessity. The industry is increasingly focusing on advanced cooling technologies, including forged housings, high- performance VCs, and liquid-cooling plates. The Group has promoted and provided samples of various innovative solutions, including high-performance Z-axis VCs, VC modules, and integrated VC-and-structural-component solutions, to multiple leading optical communications companies in China and overseas. The Group's VC Shipments, 2021–2026 140,000+ Specification Upgrades Make VCs Essential, While the Group Tackles Optical Transceiver Thermal Management Challenges 180,000+ (expected) Transceiver Housings • Forging: High thermal conductivity and high density • MIM: Enables complex structures with high thermal conductivity • 3D Printing: Enables complex structures and rapid sample delivery High-Performance VC • Customized high-performance VCs are specifically developed for the unique thermal characteristics of optical transceivers, effectively enhancing internal heat transfer and heat dissipation. Cold Plate • In response to the evolution of emerging technologies such as CPO, NPO, and XPO, the Group is proactively conducting strategic planning and preliminary technology research in close alignment with the technology upgrade needs of its core customers, while actively adapting to the development trends of next-generation architectures. Module Assembly • Assembly of the housing, VC, TIM, and other components, followed by thermal performance and dimensional testing, enabling the delivery of complete modules. VC PCB TIM Metal Housing Photonic and electronic chips(Heat source)
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. ◼ Branded Audio and Premiumization • Optimize the number and structure of existing brands, expand sales team capabilities to meet growing demands • Enhancing product competitiveness: high-end amplifiers; Algorithm: Point-to- surface fusion; Speakers: Focused on improving sound quality • Expanding the product matrix: such as headrests, Haptics combined with microphones and amplifiers. Haptics has won an exclusive supply project for a leading domestic new energy brand, with a single unit valued at nearly 1,000 yuan ◼ Brand-System Breakthroughs Through Joint-Venture Brand Localization • Some joint-venture car brands have seen fluctuations in sales in the Chinese market, with a strong need to enhance acoustic features to boost sales ◼ Chinese OEM going overseas brings opportunities to introduce branded systems • According to statistics, in the first half of 2026, China's automobile export sales will grow by more than 65% YoY. The demand for branded audio systems for Chinese OEM export models is steadily increasing, and the group will seize development opportunities brought by industry trends Fully Committed to Building Branded Systems, Leading the Full- Stack Technology Paradigm for Intelligent Cockpits At the 2026 Beijing Auto Show, multiple automakers visited the Group's booth: engaging in exchanges with BMW, Ferrari, SAIC Audi, GAC, Changan, BAIC, and others. The group will seize new opportunities from joint-venture automaker and state- owned enterprises to follow up on subsequent cooperation 1257 992 308 510 2025 H1 2026 H1 domestic sales export sales Structure of China's Auto Sales (10,000 units)
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Copyright © 2025 AAC Technologies. Confidential. All Rights Reserved. Diversifying Development of the Optics Business, with WLG Entering the Optical Communications Sector Expanding existing capabilities to new downstream applications (ESP , non- imaging) In-car imaging (Camera) Optical transceivers CPO/NPO Optical switch Smartphones (Camera/Module) Strengthening of traditional device business, such as: • High-end periscope • Deepening vertical integration of key components • In-car lens • … Breakthroughs in system-level products Optical Communication Optics: • The Group utilizes its WLG, a forward-looking technological approach and a semiconductor-type processes, to develop microlens arrays required for cutting-edge technology paths such as NPO and CPO, with exclusively developed mold precision reaching 0.1 microns • The first generation of WLG-based passive optical components for high- speed data centers is expected to enter mass production in 2H 2027. WLG utilizes glass as the base material, perfectly matching CPO's strict requirements for thermally stable, optically stable, and durable lens components WLG supports the array-level high alignment precision required by CPO through mold precision lock-in and wafer-level processing WLG delivers a mass- production solution that balances precision and efficiency through array molding, 4-inch wafer multi- cavity molding, and passive alignment design EfficiencyPrecisionMaterial
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. AAC-D21 Dexterous Hand AAC x NEV Customers & Smartphone customers– Dexterous hand motor Dexterous hand motor solution | Breaking through leading clients • Delivered prototype of the core drive components for the dexterous hand to an NEV customer humanoid robot, with mass production planned for 2026 • Won a design win of a smartphone customer's rope- driven linear joint motor project for humanoid robots, and has completed the delivery of the first batch of prototypes AAC Coreless motor AAC x A global leader in AI commercial service robots – The service robots dexterous hands AAC D21 Dexterous hands • The AAC D21 is positioned as an industry leader, breaking through the “DoF, size, and reliability" trilemma • Close to manual flexibility, meeting the requirements for fine operations such as cocktail mixing Linkage solution | The first batch order has been placed AAC x HONOR – A benchmark for precision structural components Structural component solutions | Multi-project layout "Lightning" robot Half marathon champion • The core structural components of the "Lightning" humanoid robot were successfully delivered • Following the next-generation robot product solutions Robots are expected to be first implemented in industrial and commercial scenarios, and AAC already has layouts in related fields Human-like Biomimetic design ◼ 1:1 human hand ◼ 21DOF (16 active) ◼ Full palm soft touch material ◼ RGB lighting buttons Powerful Performance ◼ Coreless BLDC Motor (in-house made by AAC) ◼ Unique thumb CMC joint design ◼ Fingertip force 25N ◼ Grip strength is 70N Reliable Electromechanical integration ◼ Integrated cooling fan ◼ Integrated drive and control ◼ Low-resistance joint design ◼ No-load life exceeds 1.5 million cycles
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. Build a global development framework to empower users in creating ultimate sensational experiences Japan Singapore Finland Vietnam Malaysia Hungary Germany Denmark Belgium Mexico The UK Czech Republic The U.S. China ⚫ Overview of the Group's Global Presence Global R&D Centers Global Production & Manufacturing Bases
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. Investor Information STOCK CODE The Stock Exchange of Hong Kong Limited: 2018 Bloomberg: 2018: HK Reuters: 2018.HK ISIN: KYG2953R1149 CONTACT INVESTOR RELATIONS Company website: https://www.aactechnologies.com/en/ Email : aac2018@aactechnologies.com MAJOR MARKET INDEXES Hang Seng Indexes and Sub-indexes: – Hang Seng SCHK China Technology Index – Hang Seng Stock Connect Hong Kong Greater Bay Area Index – Hang Seng Composite Industry Index (Industrials) – Hang Seng Shanghai-Shenzhen-Hong Kong Autonomous and Electric Vehicles Index – Hang Seng SCHK Automobile Index – Hang Seng Stock Connect Greater Bay Area Industrials Index – Hang Seng Composite LargeCap & MidCap Index – Hang Seng Composite MidCap & SmallCap Index – Hang Seng Composite MidCap Index Hang Seng ESG Indexes: − Hang Seng ESG 50 Index − Corporate Sustainability Benchmark Index – Hang Seng Climate Change 1.5°C Target Index Constituent stock of the FTSE4Good Index Constituent stock of the MSCI China Index
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Copyright © 2026 AAC Technologies. Confidential. All Rights Reserved. The performance and operational results of AAC Technologies set out in this presentation are historical in nature and past performance is not a guarantee of future results. Certain statements made herein are forward-looking or which use certain forward-looking terminologies. These forward-looking statements are based on the current beliefs, assumptions and expectations of the Board of Directors of AAC Technologies regarding the industry and markets in which it operates. Actual results may differ materially from expectations discussed in such forward-looking statements and opinions. AAC Technologies, the Directors, employees and agents of the Company assume (a) no obligation to correct or update the forward-looking statements or opinions contained in this presentation; and (b) no liability in the event that any of the forward-looking statements or opinions do not materialise or turn out to be incorrect. Investors should carry out their individual due diligence research and should not make their investment decisions based on any information or representations contained herein. Disclaimer