Taiwan Tech Dispatch

【2025 東科-KY 股東會紀實】AI 策略與市場信心：五個關鍵提問

• 前半段為文章的英文版本 (The first half is the English version)
• 後半段為中文版本 (The second half is the Mandarin version)

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As a long-term investor holding several hundred shares of EASTECH-KY (5225), I attended the company’s annual general meeting in person for the first time on May 28, 2025. My purpose was not only to understand the company’s latest operational and financial performance but also to engage in dialogue with the management team and raise several important questions related to shareholder interests and long-term value.

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1. Why I Attended This Shareholders’ Meeting

Since early 2024, I have held several hundred shares of EASTECH, with an average cost around NT$80. Over this period, I have steadily received several million NTD in cash dividends. The stock price once peaked at NT$160, giving me strong confidence to continue holding.

However, in early 2025, as former President Trump reinstated tariff policies, EASTECH’s share price plunged below NT$80—nearly back to my original cost. This period was difficult for me emotionally. I began to question whether I had made investment mistakes, perhaps trusting too much in valuation without accounting for market sentiment or concentration risk. These reflections drove me to attend this year’s AGM in person—to ask the management directly and to find answers for myself.

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2. On-Site Observations at the AGM

The meeting was held at GIS NTU Convention Center (B1, Raphael Hall), located within National Taiwan University’s Second Student Activity Center on Roosevelt Road, Taipei. The first floor includes familiar student shops and restaurants.

Once the meeting started, the chairman and CFO gave presentations summarizing 2024’s financial performance and dividend distribution plan. The venue was moderately sized and the atmosphere calm. The Q&A session allowed ample time for shareholders to raise questions. I took this opportunity to present five questions focused on revaluation, AI development, and investor confidence.

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3. The Five Key Questions I Raised

1. Strong Fundamentals but Sharp Stock Price Decline—Was the Market Wrong?

Q1 2025 earnings were solid. There were no exchange rate or tariff risks, and operations appeared stable with ongoing customer orders. Yet the stock experienced a severe drop. How does the company interpret this discrepancy?

2. Are EASTECH’s Audio Modules Linked to AI Applications?

Are EASTECH products currently used in AI PCs, voice assistants, or smart devices? Has the company engaged with any AI ecosystem partners or brand clients?

3. High Dividend Yield but Undervalued—Any Buyback Plan?

With a high dividend yield but persistent underperformance in stock price, is the company considering stock buybacks or other investor-relations strategies to support long-term shareholders?

4. Vietnam Capacity Postponed—Why Shift to Malaysia?

Why was the expansion in Vietnam paused and shifted to Malaysia? Is the new site under concrete planning or construction? Will there be production bottlenecks before the new capacity comes online?

5. Has EASTECH Adopted AI for Operational Efficiency?

As a long-term investor with a background in IT and AI implementation, I’d like to know whether EASTECH has introduced AI tools for production, operations, or cost optimization.

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4. Conversations with Management and Fellow Shareholders

Besides exchanging business cards with the company’s CFO and executives from the chairman’s office, I also had meaningful discussions with several passionate shareholders. We shared investment timelines and strategies, and even connected via LINE to stay in touch and encourage one another.

Many investors expressed confidence in EASTECH’s technical strengths and reliable dividend policy, though all noted the disconnect between fundamentals and market valuation. This in-person experience reminded me that value investing isn’t a solo endeavor—it’s a shared journey among those who understand and support a company’s long-term potential.

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5. Conclusion and Further Reading

In preparing this blog post, I also referred to two insightful external analyses, which provide broader market context and additional insights into EASTECH’s strategy:

• EASTECH Shareholders’ Meeting Summary: Navigating Stock Price Drop and High Dividend
• Media Perspective: EASTECH’s AI Developments and Malaysia Expansion

These articles complement my personal observations and deepen the understanding of the company’s outlook.

🌟 Related Articles from My Blog
During this reflection on how Eastech navigates challenges posed by Trump’s tariffs, I also revisited a few related articles I wrote that explore how Taiwan’s resilient businesses adapt to global uncertainties and tariff pressures:

• Why Did the IMF Raise Taiwan’s 2025 Growth Forecast Despite Trump’s Tariff Uncertainty?
• Why U.S. Tariffs Put Pressure on Other Countries

These reflections and related pieces highlight how Eastech and other Taiwanese firms are managing global disruptions—an essential theme for long-term investors like myself.

📌 Coming Soon: I’ll follow up with a personal investment review and analysis, including my key takeaways from attending this AGM—from company culture and market behavior to my own reflections and lessons as a long-term investor.

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作為長期持有東科-KY（5225）數百張股票的投資人，個人於 2025 年 5 月 28 日首次親自參與股東常會。這次參與不只是為了了解公司最新的營運狀況與財報表現，更希望透過提問與管理層對話，釐清幾個攸關股東權益與公司長期價值的關鍵議題。

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一、為什麼我參加這場股東會？

我從 2024 年初開始持有東科-KY數百張股票，累積的平均成本約在八十元附近，並在這段期間穩定領取數百萬元的現金股利。東科股價也曾來到 160 元的高點，讓我充滿信心地續抱。

然而，2025 年初隨著川普重新啟動關稅政策，東科-KY股價一度重挫至 80 元以下，幾乎回到我當初的成本線。那段時間，我非常沮喪，也開始反思是否自己在投資上有什麼判斷錯誤，是不是太過相信價值、忽略了市場情緒或集中風險。這些檢討，促使我決定親自出席今年的股東會，親自向公司請教這些問題，也為自己尋找一個答案。

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二、股東會現場紀錄

股東會地點為台北市羅斯福路的集思台大會議中心 B1「拉斐爾廳」。會場設於國立台灣大學第二學生活動中心內，一樓為熟悉的學生商店街與餐廳。

會議開始後，董事長與財務團隊依序報告去年財務表現與盈餘分派計畫。會場規模適中，現場氣氛平和，問答時間安排充分，部分股東積極發問，我也在其中提出了五個與價值重估、AI 應用、資本市場信心等相關的問題。

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三、我提出的五個關鍵問題摘要

1. 基本面穩健但股價重挫，市場是否錯殺？

第一季財報獲利亮眼，亦無匯率與關稅風險，客戶及訂單目前也一切營運正常，卻出現股價劇烈修正。公司如何看待？

2. 音訊模組與 AI 應用是否接軌？

東科產品是否已應用於 AI PC、語音助理或智慧裝置？是否與 AI 業者或品牌客戶合作中？

3. 高殖利率卻價值未被反映，是否啟動庫藏股？

股價長期低迷，對長期投資人不公平，是否有庫藏股計畫或其他回應市場的策略？

4. 越南產能暫緩、轉向馬來西亞的考量？

公司為何調整產線擴張地點？是否已進入具體投資與建設時程？在擴廠完成前，是否會有產能不足瓶頸問題？

5. 是否導入 AI 來提升營運效能？

身為持有東科數百張股票的長期股東，想了解東科是否已導入 AI 解決方案於營運、生產或管理流程中，用於優化營運生產的成本管理結構？

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四、與高階主管與其他股東交流

除了與公司財務長、董事長辦公室人員交換名片外，現場也與多位熱心股東交流投資心得。大家分享了各自持股的時間點與投資策略，也彼此加入 LINE 聯繫，互相打氣鼓勵。

許多股東都對東科的技術實力與長期配息政策有信心，但也都關注股價長期未反映內含價值的狀況。這場面對面交流讓我感受到，價值投資不是一個人的戰鬥，而是一群人共同理解與守候的過程。

五、結語與延伸閱讀

在撰寫這篇股東會紀錄時，我也參考了兩篇外部分析文章，提供更多市場觀察與產業分析，推薦給有興趣的朋友一讀：

• 【股東會總結】東科如何面對股價下殺與高殖利率落差？
• 【媒體觀點】東科-KY 的 AI 佈局與越南轉向馬來西亞背後考量

🌟 相關內部文章推薦
在股東會觀察東科面對川普關稅的挑戰時，我也回顧了其他相關分析，推薦以下幾篇我自己部落格的文章，深入探討台灣企業如何面對國際變局與關稅壓力：

• 【在川普關稅不確定性下，IMF 為何上調台灣 2025 成長預測？】
• 【為何美國對他國加徵關稅，會令各國承壓？】

這些觀點與東科面對關稅挑戰時的應對思路有異曲同工之妙，也是一個值得我們長期思考的產業與市場課題。

📌 後續預告：敬請期待下一篇個人投資 review 與分析紀錄，並包含我參與這場股東會後的整體心得與觀察，從公司風格、市場互動到我個人的學習與體悟。