On September 2, VGT fell 3.16% in regular trading, trading at HK$209.0/share with turnover of HK$63.89 million, extending its recent downtrend.

On the earnings front, the company's half-year report revealed that Q2 non-GAAP net profit came in at RMB 1.161 billion, down 5.28% year-over-year, while gross margin declined 6.73 percentage points due to rising raw material costs including copper, presenting a classic case of revenue growth without corresponding profit gains. Although H1 revenue rose 28.77% to RMB 11.629 billion, the margin compression has weighed on investor confidence.

Meanwhile, concerns over corporate governance persist. Actual controller Chen Tao transferred 39% of his stake in the holding platform and 35% in the upper-layer entity to his spouse Liu Chunlan, following an earlier personal scandal that triggered an 8.15% single-day plunge in A-shares on August 28. The equity restructuring has continued to unsettle markets regarding ownership stability. Institutional surveys noted Q2 margin pressure stemmed from headcount expansion and higher depreciation, with management guiding that revenue growth would drive margin recovery in the second half.

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