M Idea GoerTek Inc | Asia Pacific Meta Oculus VR Headset Shipments vs. GoerTek's Share Price We focus on Meta's VR headset quarterly shipments vs. GoerTek's share price. Meta's 3Q25 shipments were 847K units (+54% QoQ, -28% YoY), a 6ppt QoQ share increase, to 90%. The shipment slowdown for model transitions could continue to cap Goertek's share price upside, near term. Exhibit 1: Quarterly Meta Oculus VR headset shipment trend vs. Goertek's share price performance since 2014 000 units Rmb Shipment (RHS) Share price (LHS) Jan-25 Jan-24 Jan-23 Jan-22 Jan-21 Jan-20 Jan-19 Jan-18 Jan-17 Jan-16 Jan-15 Jan-14 60 50 40 30 20 10 0 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: FactSet, IDC, Morgan Stanley Research Morgan Stanley Taiwan Limited+Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com+886 2 2730-2865 Samantha Chen Research Associate Samantha.Chen@morganstanley