（编辑 楚丽君） 证券日报网讯 12月4日，华勤技术在互动平台回答投资者提问时表示，当前公司经营发展态势强劲，核 心业务战略稳步推进并与行业发展趋势深度契合。已公布的三季报业绩显示营收和利润高速增长，前三 季度收入达到1288.8亿元，同比增长69%，预计全年业绩会稳定增长。 ...

Core Viewpoint - Company has developed and applied liquid cooling technology in AI servers, enhancing performance and energy efficiency in data centers [1] Group 1 - Company obtained a utility model patent for liquid cooling devices and equipment in 2021 [1] - Liquid cooling technology is currently implemented in multiple AI servers for both internet and industry clients [1] - Future product plans include advancing more new high-efficiency liquid cooling solutions [1]

Group 1 - The company, Huqin Technology, is focusing on smart products and has a robust development trend in its 3+N+3 business layout and customer structure [1] - The core business strategy of the company is steadily advancing and aligns deeply with industry development trends [1]

Core Viewpoint - The company is actively advancing its robotics business by establishing a dedicated organization and focusing on key technologies in humanoid robotics, with a strategic upgrade planned for 2025 to include robotics as one of its three emerging business areas [1] Group 1: Business Strategy - The company has formulated a development plan for its robotics business and is committed to continuous and stable investment to ensure technological reserves in robotics products [1] - The strategic upgrade to a "3+N+3" business layout will position robotics as one of the three key emerging business areas by 2025 [1] Group 2: Acquisitions and Team Development - To accelerate its entry into the robotics sector, the company has acquired Haocong Intelligent (now renamed Haoping Robotics), leveraging a team with over a decade of experience in household cleaning and companion robots [1] - A dedicated R&D team has been established to focus on cutting-edge areas such as industrial robots and humanoid robots, aiming for breakthroughs in key technologies [1] Group 3: Competitive Advantages - The company benefits from years of experience in the consumer electronics industry, which has provided it with strong capabilities in software and hardware integration, GPU and CPU application technologies, and core component supply chain resources [1] - This background positions the company with significant potential and capability for rapid breakthroughs in the robotics field [1]

格隆汇12月4日丨华勤技术(603296.SH)在互动平台表示，自公司董事会制定机器人业务的发展规划后， 公司积极推进并成立机器人业务组织，积极研发人形机器人领域关键技术。2025年公司将战略升级 为"3+N+3"业务布局，将机器人确定为三大新兴业务之一。为加速机器人业务布局，公司一方面通过收 购豪成智能（后更名为昊勤机器人）快速切入机器人赛道，该团队在家庭清洁、陪护机器人领域拥有十 余年技术积累；另一方面，针对更加前沿的工业机器人、人形机器人等方向组建了研发团队，聚焦该领 域关键技术研发与突破。公司会在此基础上做持续、稳健的投入保证公司在机器人产品上的技术储备， 奠定公司未来在机器人战略业务上的业绩贡献基础。得益于在消费电子行业多年深耕，沉淀了深厚的软 硬件集成能力、GPU和CPU应用技术及核心零组件供应链资源，公司在机器人领域具备快速突破潜力与 能力。 ...

Core Viewpoint - The company has obtained a utility model patent for liquid cooling devices and equipment in 2021, which has been applied in multiple liquid-cooled AI servers [1] Group 1: Company Developments - The company has implemented liquid cooling technology in AI servers aimed at both internet and industry clients [1] - Future product planning will focus on advancing more new high-efficiency liquid cooling solutions to enhance performance and energy efficiency during data center deployment [1]

Core Viewpoint - Huqin Technology's stock has shown significant volatility, with a year-to-date increase of 27.82% but a recent decline over the past 20 and 60 days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Financial Performance - For the period from January to September 2025, Huqin Technology achieved a revenue of 128.88 billion yuan, representing a year-on-year growth of 69.56%. The net profit attributable to shareholders was 3.099 billion yuan, reflecting a 51.17% increase compared to the previous year [2]. - Since its A-share listing, Huqin Technology has distributed a total of 1.781 billion yuan in dividends [3]. Stock Market Activity - As of December 1, Huqin Technology's stock price was 89.54 yuan per share, with a market capitalization of 90.949 billion yuan. The stock experienced a trading volume of 462 million yuan and a turnover rate of 0.91% [1]. - The stock has seen a net inflow of 22.58 million yuan from major funds, with significant buying and selling activity noted [1]. Shareholder Information - As of September 30, 2025, Huqin Technology had 46,700 shareholders, an increase of 8.31% from the previous period. The average number of circulating shares per person decreased by 7.71% to 12,235 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 34.05 million shares, an increase of 21.62 million shares from the previous period [3]. Business Overview - Huqin Technology, established on August 29, 2005, and listed on August 8, 2023, specializes in the research, design, production, and operation services of smart hardware products. Its revenue composition includes high-performance computing (60.32%), smart terminals (31.93%), AIOT and others (3.95%), and automotive and industrial products (1.24%) [1]. - The company operates within the electronic industry, specifically in consumer electronics and components, with involvement in sectors such as millimeter-wave radar, humanoid robots, automotive electronics, and smart speakers [2].

Core Viewpoint - Huakin Technology has been recognized for its outstanding performance in the ESG (Environmental, Social, and Governance) field, winning the "Guoxin Cup ESG Governance Golden Bull Award" at the 2025 Golden Bull Enterprise Sustainable Development Forum, highlighting its commitment to sustainable development and integration of ESG principles into its corporate strategy and operations [1] Group 1: ESG Governance and Strategy - The company has established an ESG governance structure led and supervised by the board of directors, continuously promoting the "ESG TOP10 Special Project" to achieve long-term strategic goals and ensure a closed-loop management from strategy formulation to execution [2] - Huakin Technology aims to peak its operational carbon emissions by 2030 and achieve carbon neutrality by 2050, with a clear focus on green development and sustainability [2] - As of October 2023, the company has completed 105 energy-saving technology transformation projects and established energy-saving baselines for 24 power equipment, laying the foundation for achieving a 40% clean energy substitution rate by 2028 [2] Group 2: Employee Rights and Corporate Culture - The company is committed to creating a vibrant workplace environment, adhering to labor standards, and complying with local laws and international labor conventions, with strict implementation of policies to protect minors and prevent discrimination [2] - By the end of 2024, Huakin Technology plans to establish 33 employee interest associations across five regions, covering over 3,500 employees, emphasizing the importance of corporate culture and human care [2] Group 3: Business Ethics and Compliance - Business ethics management is overseen by the highest management level, with the board and the audit and risk management committee responsible for compliance, and a 100% compliance training coverage rate for new employees as of October 2023 [3] - The company has established an independent reporting channel to enhance compliance awareness among all employees and has formed a group safety committee to systematically advance safety management and privacy protection [3] Group 4: Sustainable Supply Chain Management - Huakin Technology plays a leading role in the industry chain, focusing on responsible supply chain construction and promoting environmental and social responsibility among suppliers [3] - As of October 2023, the company has completed due diligence on conflict minerals for 774 suppliers, achieving a 100% questionnaire response rate, and has introduced AMRT mineral investigations to enhance its responsible mineral procurement system [3]

Core Viewpoint - The report from Dongfang Securities indicates that Huqin Technology's consumer electronics fundamentals remain solid, and short-term industry disruptions do not alter the company's upward trend [1] Company Analysis - Recent concerns among investors about rising storage prices affecting end consumers and potentially impacting terminal sales and profitability in other supply chain segments are addressed [1] - The company primarily serves leading domestic and international brands, which typically sign long-term agreements with upstream core suppliers to lock in prices and inventory [1] - The ODM industry operates on a customer-supplied material model, meaning price increases in storage, OLED screens, or main control components will not erode the company's profitability [1] - Huqin Technology is a domestic leader in PC ODM, with a continuous increase in overseas customer share [1] Industry Outlook - The data center business is expected to maintain high growth, with further optimization of the product structure [1] - Future data business is anticipated to achieve sustained revenue growth, with ongoing improvements in product structure and steady enhancement of profitability [1] - Based on comparable companies' 26-year 21x PE valuation, the target price is set at 107.73 yuan [1]

Core Viewpoint - HuaQin Technology's stock has shown significant fluctuations in 2023, with a year-to-date increase of 27.87% and recent trading activity indicating mixed investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, HuaQin Technology achieved a revenue of 128.88 billion yuan, representing a year-on-year growth of 69.56%. The net profit attributable to shareholders was 3.10 billion yuan, reflecting a 51.17% increase compared to the previous year [2]. - Since its A-share listing, HuaQin Technology has distributed a total of 1.78 billion yuan in dividends [3]. Stock Market Activity - As of November 26, 2023, HuaQin Technology's stock price was 89.58 yuan per share, with a trading volume of 5.27 billion yuan and a market capitalization of 90.99 billion yuan [1]. - The stock has experienced a net inflow of 98,800 yuan from major funds, with significant buying and selling activity observed [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for HuaQin Technology was 46,700, an increase of 8.31% from the previous period. The average number of circulating shares per person decreased by 7.71% to 12,235 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 34.05 million shares, an increase of 21.62 million shares from the previous period [3]. Business Overview - HuaQin Technology, established on August 29, 2005, specializes in the research, design, production, and operation services of smart hardware products. Its main revenue sources include high-performance computing (60.32%), smart terminals (31.93%), AIOT and others (3.95%), and automotive and industrial products (1.24%) [1]. - The company operates within the electronic industry, specifically in consumer electronics and components, with involvement in sectors such as millimeter-wave radar, smartphones, automotive electronics, humanoid robots, and smart speakers [2].