Shares of AAC Tech (02018) climbed more than 6% before the midday break, with the stock trading 6.15% higher at HK$43.52 at the time of writing, on a turnover of HK$184 million.

The company announced its interim results, reporting first-half revenue of RMB 14.51 billion, a record high, representing an 8.9% increase year-on-year. Net profit rose 2.9% to RMB 901 million, but when excluding other gains and losses related to fair value changes, net profit grew significantly by 37.4% during the period.

Notably, supported by the continued ramp-up of high-performance innovative vapor chamber products, revenue from the thermal management segment reached approximately RMB 1.1 billion, surging by around 400% year-on-year.

Looking ahead to 2027, management projects that new business areas—including high-end thermal solutions, AI wearables, liquid cooling, gimbal systems, robotics, XR, and WLG optical communications—will collectively contribute approximately RMB 8-9 billion in revenue, according to a research report from Huatai Securities, which remains positive on the company's long-term growth prospects in AI terminals and data centers. The firm reiterated a "Buy" rating with a target price of HK$60, also noting that AAC Tech is restructuring its traditional businesses, such as acoustics and electromagnetic drives, to improve R&D efficiency and reduce management costs.