AAC TECH (02018) surged over 11%. As of press time, the stock rose 9.59% to HK$49.16, with trading volume reaching HK$1.338 billion. On the news front, the iPhone 17 series was recently launched with impressive global pre-order performance. JPMorgan's latest report signals optimism, maintaining an "Overweight" rating on Apple based on strong early demand for the iPhone 17 series. AAC TECH, as a major supplier to Apple in acoustics, motors and other areas, will benefit significantly. Notably, the iPhone 17 Pro/Pro Max series adopts VC heat spreaders for the first time in history to dramatically improve thermal performance. According to research reports and media sources, AAC TECH serves as a core supplier for this component. Institutional research suggests that as AI smartphones require enhanced thermal performance and Apple adjusts its product strategy, regular iPhone models may also adopt VC heat spreaders in the future, directly driving rapid growth in AAC TECH's thermal management business. In August this year, AAC TECH released its 2025 interim results in Singapore. The group's first-half revenue reached RMB 13.32 billion, up 18.4% year-over-year, hitting a new record high. AAC TECH management revealed that the overall revenue scale of thermal products in 2025 will at least triple compared to 2024. It is reported that AAC TECH's second-half revenue will continue to maintain high year-over-year growth, expected to be no less than the first half's 18.4%, with full-year gross margin levels projected to be no lower than last year's 22.1%. Under the AI upgrade trend, multiple businesses including thermal management and MEMS microphones will see doubled growth, while automotive revenue and margins will steadily improve.