On September 17, VGT fell 3.04% in regular trading, trading at 192.0 HKD/share with turnover of HKD 203 million, as the prior two-session rebound failed to sustain momentum.

The decline reflects ongoing market concerns over weakening near-term profitability. The company's interim report revealed Q2 non-recurring net profit declined 5.28% year-over-year, while H1 gross margin contracted 3 percentage points to 33.2%. Notably, inventory surged 119.5% YoY to RMB 5.89 billion, far outpacing the 28.8% revenue growth, raising questions about inventory digestion pressure. Although multiple institutional investors including Hongtuchuangxin, Quanguo, and Jingshun Great Wall conducted intensive research visits in late August — with survey notes highlighting high-end PCB gross margins reaching 40% and proactive stockpiling for H2 production — the short-term headwinds appear insufficiently absorbed. The controller's recent equity transfer to his spouse has also drawn market scrutiny, adding to sentiment pressure.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)