机构：招商证券 研究员：鄢凡/涂锟山/赵琳 汇聚科技是专业的定制电线互连方案供应商，为立讯体系成员企业（立讯精密有限公司控股70.6%）， 公司拥有电线组件（数据中心/电信/医疗设备/工业设备/汽车）、数字电线（网线电线/特种线）、服务 器三大业务板块。按下游应用来看：在数通领域，受益AI大趋势，MPO光通信业务配合北美大客户迎 来高速成长并长线受益于CPO等技术趋势，而AI服务器业务亦配合国内头部云厂进入放量周期；在汽车 领域，受益于新加坡汇聚对莱尼电缆业务的成功收购和立讯汽车业务协同，未来望快速跃升至全球头部 汽车线缆供应商；而医疗领域是长坡厚雪，受益于立讯赋能，公司医疗互联电缆组件获得快速成长，此 外，公司持续关注医学工程创新技术布局，完成对日本、英国医疗保健和AI 可穿戴触控科技公司的投 资布局，并促成香港医学工程及创新协会（MEIC），望打开医疗业务创新发展长线空间。我们看好公 司在数通、汽车、医疗三大方向的长线成长空间，凭借公司优秀管理和技术引领，中长线成长空间可 期。公司9 月8日将被纳入港股通范围，首次覆盖给予"强烈推荐"评级。 汇聚科技：专业的定制电线互连方案供应商，内生+外延实现快速发展。 ...

Core Viewpoint - The company Huiju Technology (01729) announced the issuance of 210,000 shares under its share plan on August 29, 2025 [1] Group 1 - The share issuance is part of the company's ongoing strategy to manage its equity structure [1] - The planned issuance date is set for August 29, 2025, indicating a future-oriented approach [1]

智通财经APP讯，汇聚科技(01729)发布公告，于2025年8月29日根据股份计划发行21万股。 ...

FF305 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01729 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年8月26日 | | 1,955,570,000 | | 0 | | | 1,955,570,000 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | | | 210,000 | 0.011 % | | HKD | ...

Group 1 - The company reported a revenue of HKD 4.854 billion for the mid-term of 2025, representing a year-on-year increase of 82.1% [2] - The profit attributable to the company's owners was HKD 314 million, showing a year-on-year growth of 47.6% [2] - The basic earnings per share were HKD 0.161 [2] Group 2 - The revenue growth was primarily driven by the AI boom, which increased the data center revenue from the server and wire components segment [2]

Group 1 - The core point of the article is that Huiju Technology (stock code: 1729) announced a financing plan to issue up to 32,531,545 shares at a price of HKD 10.144 per share, raising a total of HKD 330 million [1] - The issuance price represents a discount of approximately 20.0% compared to the closing price of HKD 12.680 on the date of the agreement and a discount of about 16.2% compared to the average closing price of HKD 12.102 over the five trading days prior to the agreement [1] - The maximum number of shares to be issued accounts for approximately 1.66% of the existing issued share capital and approximately 1.64% of the enlarged share capital after completion [1] Group 2 - The funds raised will be used to acquire all issued shares of a target company [1] - Huiju Technology is primarily engaged in the production and sale of cable components, digital wire products, and server products [1] - The issuance is based on a general authorization granted by the shareholders' meeting and is subject to the fulfillment of conditions outlined in the sale agreement, with the final completion date yet to be determined [1]

Core Viewpoint - The company reported significant growth in revenue and profit for the six months ending June 30, 2025, driven primarily by the data center segment [1] Financial Performance - The company recorded revenue of HKD 4.85 billion, representing a substantial year-on-year increase of 82.1% [1] - Profit for the period was HKD 313 million, reflecting a year-on-year growth of 47.1% [1] - Basic earnings per share were HKD 0.161 [1] Segment Analysis - The increase in revenue was mainly attributed to the rise in data center earnings from the server and wire components division [1] - Operating profit increased due to the revenue growth in the data center segment [1] - However, the operating profit margin declined due to a significant increase in lower-margin server segment revenue [1]

Group 1 - The company, 汇聚科技, has entered into a conditional sale agreement to acquire all issued share capital of 德晋昌投资有限公司 for a total consideration of HKD 460 million, with HKD 130 million to be paid in cash and HKD 330 million through the issuance of shares [1] - Upon completion, the target company will become a wholly-owned subsidiary of the company, and its financial performance will be consolidated into the company's financial statements [1] Group 2 - The target company, established in March 2009, primarily manufactures and sells copper wire products used in various industries including precision electronics, appliances, computers, communication devices, automotive, medical equipment, aerospace, and solar products [2] - The target group has production facilities in Huizhou, Nantong, and Thailand, with a total floor area of approximately 176,000 square meters [2] Group 3 - The company is adapting its business strategy in response to escalating trade tensions and technological decoupling, particularly between the US and China, which may impact customer costs and product competitiveness [3] - The acquisition will help diversify the company's reliance on a single country's copper wire supply and mitigate supply chain disruption risks, as copper wire is a critical raw material for the company's cable products [3] - The acquisition presents significant vertical integration opportunities, enhancing control over upstream raw material quality and specifications, leading to more efficient product development and an expanded product range [3]

Group 1 - The company, Huiju Technology (01729), has entered into a conditional sale agreement to acquire all issued shares of the target company, Dejin Chang Investment Limited, for a total consideration of HKD 460 million, with HKD 130 million to be paid in cash and HKD 330 million through the issuance of shares [1] - The target company is an investment holding company established in the British Virgin Islands, primarily engaged in the manufacturing and sale of copper wire products used in various industries, including electronics, automotive, and medical devices [2] - The target group has production facilities in Huizhou, Nantong, and Thailand, with a total floor area of approximately 176,000 square meters, and serves major clients in the precision smart manufacturing and photovoltaic sectors across China and the Asia-Pacific region [2] Group 2 - The global political landscape is characterized by escalating trade tensions and a trend of technological decoupling, particularly between the US and China, which poses risks to the company's international clients [3] - The company is exploring production options in countries that have signed more favorable trade agreements with the US, leveraging the target group's established facilities in Southeast Asia to mitigate supply chain disruptions [3] - The acquisition will allow the company to diversify its reliance on a single country for critical copper wire supplies, thereby reducing supply chain interruption risks and enhancing operational resilience [3] - The integration of the target group's copper wire production presents significant vertical integration opportunities, improving quality control and product development efficiency, ultimately enhancing the company's competitiveness [3]

Core Viewpoint - The company, 汇聚科技 (01729), reported a significant increase in mid-year performance for 2025, driven primarily by the AI boom impacting its data center revenues [1] Financial Performance - Revenue reached HKD 48.54 billion, representing a year-on-year growth of 82.1% [1] - Profit attributable to shareholders was HKD 3.14 billion, showing a year-on-year increase of 47.6% [1] - Basic earnings per share were HKD 0.161 [1] Business Segments - The increase in revenue is mainly attributed to the surge in data center earnings from the server and wire components division, fueled by the AI trend [1]