Core Viewpoint - The announcement details the results of the 2025 restricted stock incentive plan of Huqin Technology Co., Ltd, including the number of shares granted, the grant price, and the conditions surrounding the stock options [2][8]. Summary by Sections 1. Restricted Stock Grant Details - The registration date for the reserved grant of restricted stock is September 25, 2025 [2]. - A total of 440,350 shares were granted to 88 incentive recipients at a price of 39.96 yuan per share [2][8]. - The actual number of shares granted was reduced from 464,350 to 440,350 due to three recipients forfeiting their rights to 24,000 shares [2]. 2. Incentive Plan Conditions - The effective period of the incentive plan is up to 48 months from the completion of the registration [5]. - The lock-up period for the granted shares is set at 12, 24, and 36 months, during which recipients cannot transfer or use the shares as collateral [6]. 3. Financial Aspects - The total funds raised from the stock incentive plan amount to 17,596,386 yuan, with a reduction in treasury stock and capital reserve [8]. - The company’s registered capital remains at 1,015,754,580 yuan after the stock incentive [8]. 4. Registration and Compliance - The stock grant registration has been completed with the China Securities Depository and Clearing Corporation, and the company received the securities change registration certificate on September 29, 2025 [9]. - The completion of the stock registration will not change the control of the company’s major shareholders [10]. 5. Impact on Financial Status - The incentive plan will incur costs that will be recognized in the company's regular profit and loss statements over the vesting period [12].

据港交所文件：华勤技术股份有限公司向港交所提交上市申请书。 ...

证券日报网讯 9月29日晚间，华勤技术发布公告称，公司于近日在中国证券登记结算有限责任公司上海 分公司办理完成公司2025年限制性股票激励计划的预留授予登记工作。限制性股票预留授予登记日： 2025年9月25日；限制性股票预留授予登记数量：44.0350万股。 （编辑 任世碧） ...

Group 1 - Company Huqin Technology submitted its prospectus to the Hong Kong Stock Exchange for a secondary listing on September 16, 2025, aiming to raise funds for global expansion [1] - Five employee shareholding platforms reduced their holdings by 3.83% between August 28 and September 17, 2025, cashing out a total of 3.578 billion yuan [2] - The reduction in shareholding led to all five platforms holding less than 5% of the company, thus no longer being classified as significant shareholders [2] Group 2 - Huqin Technology achieved over 100 billion yuan in revenue in 2024, with a 113.06% year-on-year increase in the first half of 2025, reaching 83.939 billion yuan [3] - Despite the revenue growth, the company's net profit margin decreased from 2.65% in 2024 to 2.25% in 2025, and gross margin fell from 9.30% to 7.67% [3] - The company's business model of "exchanging price for volume" is under pressure, with high-performance computing and smart terminal businesses contributing nearly 90% of revenue but having low gross margins [3] Group 3 - Market opinions are divided regarding the large-scale cash-out by employee shareholding platforms, with some viewing it as a reasonable reward for employees, while others see it as a sign of caution regarding the company's valuation and future prospects [4] - As of September 29, 2025, Huqin Technology's total market capitalization on the A-share market was 105.3 billion yuan, with ongoing focus on the H-share listing process and fund movements [4]

证券代码：603296 证券简称：华勤技术 公告编号：2025-095 华勤技术股份有限公司 关于 2025 年限制性股票激励计划预留授予结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●限制性股票预留授予登记日：2025 年 9 月 25 日 ●限制性股票预留授予登记数量：44.0350 万股 根据《上市公司股权激励管理办法》的规定，按照上海证券交易所、中国证 券登记结算有限责任公司上海分公司的有关要求，华勤技术股份有限公司（以下 简称"公司"）于近日在中国证券登记结算有限责任公司上海分公司办理完成公 司 2025 年限制性股票激励计划（以下简称"激励计划"）的预留授予登记工作， 现将相关事项公告如下： 一、限制性股票授予情况 公司于 2025 年 8 月 4 日召开第二届董事会第十七次会议、第二届监事会第 十四次会议，审议通过了《关于向公司 2025 年限制性股票激励计划激励对象授 予预留部分限制性股票的议案》，公司董事会认为本激励计划规定的限制性股票 预留授予条件已经成就，同意以 2025 年 ...

Core Points - The company announced the results of its 2025 restricted stock incentive plan, with the grant date set for August 4 [1] - Originally planned to grant 464,350 shares to 91 incentive recipients, but due to three individuals waiving their subscription, 440,350 shares were actually granted to 88 individuals [1] - The grant price was set at 39.96 yuan per share, with shares sourced from secondary market repurchases [1] Summary by Sections - **Grant Details** - The maximum validity period for the granted shares is 48 months, with a lock-up period divided into 12, 24, and 36 months [1] - The release ratios for the lock-up period are 30%, 30%, and 40% respectively [1] - **Financial Aspects** - As of August 26, the company received subscription funds amounting to 17,596,386 yuan [1] - The registration was completed on September 25, and the fundraising will be used to supplement working capital [1] - The incentive cost will be recognized in stages [1]

Core Viewpoint - The article discusses the financial challenges faced by Huqin Technology, highlighting a shift from positive to negative cash flow and significant short-term debt pressure despite achieving over 100 billion RMB in revenue [2][14][22]. Group 1: Financial Performance - Huqin Technology's revenue reached 109.9 billion RMB in 2024, with a projected revenue of 83.94 billion RMB in the first half of 2025, but the gross margin dropped to 7.4% [2][11]. - The company's operating cash flow turned negative, with a net cash flow of -1.52 billion RMB in the first half of 2025, indicating increased working capital demands [17][21]. - Total liabilities increased from 31.41 billion RMB in 2022 to 70.89 billion RMB by mid-2025, with a debt ratio rising to 74.64% [22]. Group 2: Customer Concentration - Huqin Technology has a high customer concentration, with the top five customers accounting for 56% to 65% of revenue from 2022 to mid-2025 [3][15]. - The company collaborates with major global brands, including Lenovo, OPPO, Vivo, Samsung, and Xiaomi, which contributes to its revenue but also increases risk due to reliance on a few clients [15]. Group 3: Innovation and Growth - The company has established a strong position in the ODM market, being the largest ODM manufacturer for smartphones, tablets, and wearables globally [9]. - Huqin Technology's innovative business segments, including automotive electronics, software, and robotics, have shown significant revenue growth, with increases of 32.9%, 91.9%, and 67.5% year-on-year for 2023, 2024, and the first half of 2025, respectively [11]. Group 4: International Expansion - Over 50% of Huqin Technology's revenue has consistently come from international markets, with overseas revenue reaching 61.41 billion RMB in 2022 [12]. - The company aims to leverage its upcoming Hong Kong IPO to enhance its international capital market presence and facilitate future financing and acquisitions [6]. Group 5: Shareholder Actions - Huqin Technology's founder and major shareholders have distributed significant dividends, totaling 8.69 billion RMB and 9.12 billion RMB in 2023 and 2024, respectively [23]. - Shareholders planned to reduce their holdings by up to 40.63 million shares but later terminated the plan, indicating potential liquidity concerns [25]. Group 6: R&D Investment - The company has invested approximately 14.8 billion RMB in R&D from 2022 to 2024, with R&D expenses constituting about 5.4% to 3.5% of total revenue during the same period [27][28]. - Maintaining innovation and competitiveness in the consumer electronics sector will require ongoing substantial R&D investments [28].

Core Insights - The article discusses the collaboration and solutions in the supernode field, highlighting the major players and their respective strategies in the market [3][4]. Supernode Collaboration and Solutions - Major CSP manufacturers are seeking customized server cabinet products from server suppliers, with a focus on NV solutions [4]. - Key supernode solutions in China include Tencent's ETH-X, NV's NVL72, Huawei's Ascend CM384, and Alibaba's Panjiu, which are either being promoted or have existing customers [4]. - ByteDance is planning an Ethernet innovation solution for large models, primarily based on Broadcom's Tomahawk, but it has not yet been promoted [4]. - Tencent's ETH-X collaborates with Broadcom and Amphenol, utilizing Tomahawk switches and PCIe switches for GPU traffic management [5]. - The main applications of these solutions differ: CM384 focuses on training and large model computation, while ETH-X is more inclined towards inference [5]. Market Share and Supplier Landscape - The supernode solutions have not yet captured a significant market share, with traditional AI servers dominated by Inspur, H3C, and others [6]. - From September 16, CSPs including BAT were restricted from purchasing NV compliant cards, leading to a shift towards domestic cards, which are expected to reach 30%-40% in the coming years [6]. - The overseas market share for major internet companies like Alibaba and Tencent remains small, with ByteDance's overseas to domestic ratio projected to improve [6]. Vendor Competition and Second-Tier Landscape - Inspur remains competitive in terms of cost and pricing, while the competition for second and third places among suppliers is less clear [8]. - The second-tier internet companies have smaller demands, and mainstream suppliers are not actively participating in this segment [9]. - The article notes that the domestic AI ecosystem is lagging behind international developments, with significant advancements expected by 2027 [9][10]. Procurement and Self-Developed Chips - Tencent and Alibaba have shown a preference for NV cards when available, with a current ratio of NV to domestic cards at 3:7 for Alibaba and 7:3 for ByteDance [10]. - The trend towards supernodes is driven by the need for increased computing power and reduced latency, with expectations for large-scale demand in the future [10]. Economic and Technical Aspects - The article highlights the profit margins for AI servers, with major manufacturers achieving higher gross margins compared to general servers [11]. - The introduction of software solutions is expected to enhance profitability, with significant profit increases anticipated from supernode implementations [11].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expected return that is stronger than the market benchmark by over 5% [5]. Core Insights - The AI server market continues to grow, driven by demand for AI computing power and hardware upgrades [7]. - System assembly is emerging as a new driver for performance enhancement in AI servers, as traditional manufacturing processes may not keep pace with the rapid development of AI computing needs [8]. - Advanced packaging techniques are becoming crucial for improving chip performance, especially as traditional process upgrades slow down [8]. - Industry leaders are expected to benefit from the rising technical barriers and improved competitive environment in the system assembly sector [8]. Summary by Sections AI Server Market Dynamics - The demand for AI computing facilities is driving growth in the AI server market, with significant upgrades in hardware [7]. - The number of GPUs in AI servers is increasing dramatically, with projections for future upgrades to 144 GPUs per cabinet by 2027 [8]. Performance Enhancement Drivers - The report highlights that system assembly is becoming a key factor in enhancing AI server performance, as the number of GPUs per server increases [8]. - The complexity of system assembly is rising, which may limit production capacity for some companies [8]. Recommended Investment Targets - The report recommends several companies related to AI server system assembly, including: - Industrial Fulian (601138, Buy) - Haiguang Information (688041, Buy) - Lenovo Group (00992, Buy) - Huaqin Technology (603296, Buy) [8]. - Industrial Fulian is noted for significant improvements in product testing and production efficiency, with strong order growth expected [8]. - Haiguang Information is positioned to leverage vertical integration capabilities following its merger with Zhongke Shuguang [8]. - Lenovo Group is anticipated to launch various servers based on Nvidia's Blackwell Ultra starting in the second half of 2025 [8]. - Huaqin Technology is recognized as a core ODM supplier for AI servers, benefiting from increased capital expenditures by cloud service providers [8].

Core Viewpoint - HuaQin Technology's stock price has shown significant growth this year, with a 50.70% increase, reflecting strong market interest and performance in the smart hardware sector [2] Group 1: Stock Performance - As of September 26, HuaQin Technology's stock price was 105.57 CNY per share, with a market capitalization of 107.23 billion CNY [1] - The stock has experienced a 7.80% increase over the last five trading days and a 27.36% increase over the last sixty days [2] - The company has seen a net outflow of 95.72 million CNY in principal funds recently, indicating mixed investor sentiment [1] Group 2: Financial Performance - For the first half of 2025, HuaQin Technology reported revenue of 83.94 billion CNY, a year-on-year increase of 113.06%, and a net profit of 1.89 billion CNY, up 46.30% year-on-year [3] - The company has distributed a total of 1.78 billion CNY in dividends since its A-share listing [4] Group 3: Business Overview - HuaQin Technology specializes in the research, design, production, and operation of smart hardware products, with its main revenue sources being high-performance computing (60.32%) and smart terminals (31.93%) [2] - The company is categorized under the electronic industry, specifically in consumer electronics and components [2]