Group 1: Company Overview - Qingtong Intelligent Technology Co., Ltd. is a "general + specialized" embodied intelligence company, focusing on humanoid robots, delivery robots, and cleaning robots, serving various sectors including dining, hospitality, healthcare, education, and cleaning [1][2] - The company has established a comprehensive self-research technology system and a closed-loop capability from R&D to manufacturing and implementation [1] Group 2: Industry Development - The Zhangjiang Science City has gathered over 70 companies in the embodied intelligence industry chain, including more than 50 upstream and downstream enterprises, indicating an emerging clustering effect [1][4] - The embodied intelligence industry is recognized as a significant future industry globally, with companies like Qingtong actively expanding into international markets, having established subsidiaries in countries such as the UAE, Germany, South Korea, and the USA, covering over 600 cities and regions worldwide [3][4] Group 3: Market Potential - The Chinese embodied intelligence market is projected to reach 5.295 billion yuan by 2025, accounting for approximately 27% of the global market, while the humanoid robot market is expected to reach 8.239 billion yuan, representing about 50% of the global market [5] - The rapid development of Shanghai's embodied intelligence sector is supported by innovation, talent advantages, a complete supply chain in the Yangtze River Delta, and strong policy support, including the recent implementation plan for the development of the embodied intelligence industry [4][5]

Core Points - The major shareholders of Huqin Technology Co., Ltd. have decided to terminate their share reduction plan ahead of schedule, having already executed a portion of the planned reductions [4][6]. Group 1: Shareholder Information - Major shareholders holding more than 5% of the company's shares include Hainan Qinyuan Venture Capital Partnership (Limited Partnership) with 58,833,516 shares (5.79%), Hainan Chuangjian Venture Capital Partnership (Limited Partnership) with 55,375,068 shares (5.45%), Hainan Ruosheng Venture Capital Partnership (Limited Partnership) with 54,805,548 shares (5.40%), Hainan Huaxiao Venture Capital Partnership (Limited Partnership) with 52,783,976 shares (5.20%), and Hainan Mozhi Investment Partnership (Limited Partnership) with 51,007,852 shares (5.02%) [1]. Group 2: Reduction Plan Implementation - The reduction plan was initially disclosed on July 26, 2025, with a total of up to 40,630,183 shares (4.00% of total shares) planned for reduction over a three-month period starting from 15 trading days after the announcement [3]. - The actual reductions executed by the shareholders included: Hainan Qinyuan reducing 8,753,915 shares (0.86%), Hainan Chuangjian reducing 7,218,348 shares (0.71%), Hainan Ruosheng reducing 8,016,400 shares (0.79%), Hainan Huaxiao reducing 6,622,420 shares (0.65%), and Hainan Mozhi reducing 8,344,781 shares (0.82%) [4].

Core Viewpoint - Huaqin Technology announced the early termination of the share reduction plan by five employee shareholding platforms, which collectively cashed out approximately 3.578 billion yuan, coinciding with the company's recent IPO application in Hong Kong [1][2][4]. Group 1: Share Reduction Details - The five employee shareholding platforms reduced their holdings by a total of 38.96 million shares, resulting in a cash-out of approximately 3.578 billion yuan [2]. - The total number of shares reduced was within the previously announced limit of 40.63 million shares, which represented no more than 4% of the company's total share capital [2]. - Following the reduction, the shareholding ratios of the five platforms fell below 5%, with specific holdings of 4.93%, 4.74%, 4.61%, 4.54%, and 4.2% respectively [2]. Group 2: IPO and Market Performance - Huaqin Technology submitted its IPO application to the Hong Kong Stock Exchange on September 16, 2023, with plans to use the raised funds for product-centric R&D, expanding manufacturing networks, and general corporate purposes [1][4]. - The company's A-share IPO price was 80.8 yuan per share, and as of September 18, 2023, the stock price was 94.28 yuan, reflecting a 16.68% increase from the IPO price [3]. - The stock experienced fluctuations, reaching a historical low of 42.84 yuan on September 9, 2024, before rebounding to a high of 105.98 yuan in late February 2023 [3]. Group 3: Company Statements - The company clarified that the early termination of the share reduction plan is unrelated to its IPO plans in Hong Kong, emphasizing that these events are independent [4]. - The employee shareholding platforms consist mainly of long-term employees who may have personal financial needs, leading to their decision to reduce holdings [4]. - The company aims to improve its shareholder structure and broaden its international development scope through the upcoming H-share listing [4].

Group 1 - Company Huqin Technology has officially submitted its listing application to the Hong Kong Stock Exchange, with CICC and Bank of America as joint sponsors [1] - The company aims to optimize its shareholder structure and attract foreign investors through the Hong Kong listing, which will also benefit its financial position [1] - Huqin Technology completed its shareholding reform in November 2020 and was listed on the Shanghai Stock Exchange in August 2023, raising approximately 5.85 billion yuan at an issue price of 80.8 yuan per share [1] Group 2 - The company has a strong growth momentum, with revenue figures for 2022, 2023, and 2024 projected at 92.646 billion yuan, 85.338 billion yuan, and 109.9 billion yuan respectively, and net profits of 2.514 billion yuan, 2.657 billion yuan, and 2.916 billion yuan [2] - In the first half of this year, Huqin Technology achieved revenue of 83.939 billion yuan, a year-on-year increase of 113.06%, and is expected to surpass 100 billion yuan for the full year [2] - The company has a high proportion of overseas sales, accounting for 66.3%, 66.0%, 51.3%, and 46.9% of total revenue from 2022 to the first half of 2025, indicating a strong international presence [2] Group 3 - Huqin Technology's R&D expenditure has been significant, with amounts of approximately 5.047 billion yuan, 4.548 billion yuan, 5.156 billion yuan, and 2.963 billion yuan over the same period, representing 5.4%, 5.3%, 4.7%, and 3.5% of total revenue respectively [2] - Cumulatively, the company has invested 17.7 billion yuan in R&D [2] Group 4 - The company's gross margin has been declining, dropping from 9.6% in 2022 to 9.0% in 2024, with a further decrease to 7.4% in the first half of this year, a year-on-year decline of 3.9 percentage points [3]

证券代码：603296 证券简称：华勤技术 公告编号：2025-093 华勤技术股份有限公司 股东提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 一、减持主体减持前基本情况 | 股东名称 | 海南创坚创业投资合伙企业（有限合伙） | | | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 √否 | | | 直接持股 5%以上股东 | √是 □否 | | | 董事、监事和高级管理人员 | □是 √否 | | | 其他：/ | | 上述股份来源均为公司 IPO 前取得的股份及公司权益分派由资本公积转增 股本方式取得的股份。 减持计划的实施结果情况 公司于 2025 年 7 月 26 日披露《华勤技术股份有限公司持股 5%以上股东减 持股份计划公告》（公告编号：2025-060），因自身资金需求，海南勤沅、海南创 坚、海南软胜、海南华效、海南摩致拟于减持计划披露之日起 15 个交易日后的 3 个月内通过集中竞价和大宗交易方式减持其所持有的公司 ...

格隆汇9月18日丨华勤技术(603296.SH)公布，公司收到股东海南勤沅、海南创坚、海南软胜、海南华 效、海南摩致发来的《关于减持股份计划提前终止暨减持结果的告知函》，5家股东决定提前终止本次 减持计划。在减持期间，海南勤沅减持875.39万股，海南创坚减持721.83万股，海南软胜减持801.64万 股，海南华效减持662.24万股，海南摩致减持834.48万股。此次减持计划提前终止。 ...

Core Viewpoint - Huqin Technology (603296.SH), a leading global smart product platform company, has made progress in its Hong Kong listing application, aiming to raise funds primarily for R&D, global strategic investments, and working capital [2][3]. Group 1: Listing Progress - On September 16, Huqin Technology submitted its application for listing on the Hong Kong Stock Exchange, with CICC and BofA Securities as joint sponsors [2][3]. - The funds raised from the listing will support R&D, domestic and international manufacturing capacity expansion, global strategic investments, and working capital [3]. Group 2: Financial Performance - In the first half of 2025, Huqin Technology achieved a revenue of 839.39 billion yuan, a 113.06% increase from 393.97 billion yuan in the same period of 2024 [6]. - The net profit attributable to shareholders reached 18.89 billion yuan, up 46.30% from 12.91 billion yuan in the previous year [6]. - The overseas revenue for the first half of 2025 was 393.8 billion yuan, a 92% increase from 205.3 billion yuan in the same period of 2024, accounting for 46.9% of total revenue [4][5]. Group 3: R&D and Innovation - Huqin Technology has invested approximately 177 billion yuan in R&D over the past three and a half years, with R&D expenses as a percentage of total revenue decreasing from 5.45% to 3.53% [7]. - The company holds over 3,300 domestic patents and more than 50 international patents, ranking first among ODM manufacturers in China in terms of registered patent authorizations [7]. Group 4: Market Position and Strategy - Huqin Technology has established a global dual-cycle manufacturing layout, with domestic manufacturing centers in Nanchang and Dongguan, and overseas bases in Vietnam, Mexico, and India [4]. - The company serves major global tech brands, including Samsung and Asus, providing end-to-end integrated solutions across various smart product categories [4].

Group 1 - Company submitted an application for H-share listing on September 16, with CICC and Bank of America as joint sponsors [1] - Company went public on the Shanghai Stock Exchange in August 2023, with an issue price of 80.8 yuan per share, raising 5.85 billion yuan [1] - Company specializes in the research, design, production, and operation of smart hardware products, including smartphones, laptops, tablets, wearables, AIoT products, and servers [1] Group 2 - Revenue projections for the company are 92.648 billion yuan for 2022, 85.338 billion yuan for 2023, and 109.9 billion yuan for 2024, with corresponding profits of 2.514 billion yuan, 2.657 billion yuan, and 2.916 billion yuan [1] - Company's business expansion and profitability depend on consumer demand and spending levels for smart products, which may be influenced by uncontrollable factors [1] - Notable risks include declining gross margin and high customer concentration [2]

Core Viewpoint - Huqin Technology Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange to optimize its shareholder structure and enhance its capital position, aligning with its international development strategy [1][6]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately CNY 926.46 billion, CNY 853.38 billion, CNY 1,098.78 billion, and CNY 839.39 billion respectively [2][3]. - Net profit for the same periods is approximately CNY 25.14 billion, CNY 26.57 billion, CNY 29.16 billion, and CNY 19.08 billion [2][3]. Revenue Breakdown - Revenue sources include mobile terminals (smartphones, tablets, wearables), computing and data center products, AIoT products (smart home devices, XR products, gaming hardware), and innovative products (automotive electronics, industrial products, robotics) [5][6]. - The company has a high proportion of overseas revenue, with overseas sales for 2022, 2023, 2024, and the first half of 2025 being approximately CNY 614.05 billion, CNY 562.91 billion, CNY 564.03 billion, and CNY 393.81 billion, representing 66.3%, 66.0%, 51.3%, and 46.9% of total revenue respectively [6]. R&D Investment - R&D expenditures for 2022, 2023, 2024, and the first half of 2025 are approximately CNY 50.47 billion, CNY 45.48 billion, CNY 51.56 billion, and CNY 29.63 billion, accounting for 5.4%, 5.3%, 4.7%, and 3.5% of total revenue respectively [5][6]. Market Position - The company is a leading ODM platform for smart products, ranking fourth globally and first in mainland China for notebook ODM shipments in 2024 [5]. - The company has established long-term strategic partnerships with leading global technology firms, continuously creating commercial value for its clients [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][9][17]. Core Views - The company has demonstrated significant revenue growth in H1 2025, with a revenue increase of 113.06% year-on-year, reaching 839.39 billion yuan, and a net profit increase of 46.30% year-on-year, amounting to 18.89 billion yuan [1][2][9]. - The company's multi-product strategy, referred to as the "3+N+3" strategy, has led to substantial growth across various business lines, particularly in high-performance computing and smart terminal products [2][3][9]. - The data business is expected to continue driving growth, with projected revenue exceeding 40 billion yuan for the year 2025 [3][9]. Financial Summary - Revenue projections for the company show a steady increase from 85.34 billion yuan in 2023 to 223.63 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 16% [1][10]. - The net profit is expected to grow from 2.71 billion yuan in 2023 to 6.05 billion yuan in 2027, reflecting a strong growth trajectory [1][10]. - The company's earnings per share (EPS) is projected to rise from 2.66 yuan in 2023 to 5.95 yuan in 2027, indicating robust profitability [1][10]. Product Performance - High-performance computing products saw a revenue increase of 128.22% year-on-year, contributing 506.29 billion yuan to total revenue [2][3]. - Smart terminal products also experienced significant growth, with a revenue increase of 116.44%, reaching 268.02 billion yuan [2][3]. - The AIoT and other products generated 33.15 billion yuan in revenue, marking a 79.89% increase year-on-year [2][3]. Market Position - The company is positioned as a leader in the ODM sector, benefiting from strong demand in the consumer electronics and data center markets [9][10]. - The report highlights the company's competitive edge in product development and market share expansion, particularly in the PC and automotive electronics sectors [3][8][9].