Offshore Trust Insight | AAC TECH (02018.HK) First-Half Revenue Reaches RMB 14.506 Billion, Gross Margin Up 1.7 Percentage Points YoY

On October 27, 2026, AAC TECH closed at HKD 35.20, down 0.51% for the day, with turnover of about HKD 83.36 million. AAC Technologies listed on the Main Board of HKEX on August 9, 2005 at an offer price of HKD 2.73 per share, with a global offering of 312 million shares and gross proceeds of about HKD 850 million.

On the shareholding structure, the company's 2026 interim report shows that, based on the total number of issued shares of 1,198,500,000 as of June 30, 2026 (including treasury shares), Pan Zhengmin reported 478,349,651 shares in his capacities as beneficial owner, interest of controlled corporation, interest of spouse, founder of discretionary trusts and others, representing about 39.91%, while Wu Chunyuan separately reported the same block of shares in her capacities as interest of spouse, interest of controlled corporation, founder of discretionary trusts and others.

According to disclosures in the interim report, both Pan 2005 Irrevocable Trust and Pan 2005 Exempt Trust were established on May 10, 2005, and Pan 2020 Exempt Trust was established on December 3, 2020, with the beneficiaries in each case being the descendants of Pan Zhengmin and Wu Chunyuan. As of June 30, 2026, the three trusts were deemed to own 50,618,699 shares, 2,369,422 shares and 1,250,403 shares respectively, totalling 54,238,524 shares.

On the news front, CLSA published a report stating that the company is a target with high exposure to the Apple supply chain, and that it is positive on the margin recovery of its optics business and on revenue growth in businesses such as thermal management, AR/XR, robotics and automotive.

On the policy front, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust, from establishment through existence to termination, into the individual income tax administration system, establishing three look-through points, namely establishment, existence and termination, with a uniform tax rate of 20%. The announcement specifies that, during the existence of an offshore trust, income generated by an offshore trust of a resident individual and by overseas entities held or controlled by that trust shall be subject to individual income tax declared and paid annually by that resident individual, regardless of whether the income is actually distributed.

On the operating front, interim results show that AAC Technologies recorded revenue of RMB 14.506 billion in the first half of 2026, up 8.9% year on year; gross profit of RMB 3.244 billion, up 17.8% year on year; a gross margin of 22.4%, up 1.7 percentage points year on year; and net profit attributable to owners of the company of RMB 901 million, up 2.9% year on year.

According to publicly available information, AAC Technologies listed on the Main Board of HKEX on August 9, 2005 and is a provider of sensory experience solutions, with businesses covering acoustics and electromagnetic drives, precision structural parts and thermal management, optics, automotive acoustics, and sensors and semiconductors, with products used in fields including smartphones, smart vehicles, AR/VR, AI infrastructure and robotics.