On May 18, the majority of AI application concept stocks in the Hong Kong market showed strength. At the close, 51WORLD (06651) rose 42.30%, Knowledge Atlas (02513) gained 9.33%, and DEEPEXI TECH (01384) increased by 7.74%. PATEO (02889) followed the upward trend, closing at HKD 164.70, with intraday volatility reaching 7.22%. Reports indicate that China Telecom's launch of an AI Token package has fueled interest in the convergence of telecommunications services and AI, which may indirectly benefit the AI application sector. On April 29, PATEO disclosed its 2025 annual report. During the reporting period, the company achieved revenue of RMB 3.51 billion, a year-on-year increase of 37.26%, with its gross margin rising to 12.4%. Shipments of its core product, the intelligent cockpit domain controller, continued to expand significantly, exceeding 1.3 million units for the full year, representing growth of over 40% year-on-year. Intelligent cockpit solutions remain PATEO's primary revenue source, accounting for over 90% of total revenue. Among these, the cockpit domain controller, as a key product form, has driven revenue primarily through its rapid shipment growth. Guosheng Securities noted that since Q4 2025, PATEO has secured nearly RMB 15 billion in lifecycle orders, indicating strong growth certainty. The firm projects a compound annual revenue growth rate exceeding 50% for 2026-2028 and has assigned a "Buy" rating.