Summary of Key Points from the Conference Call Industry Overview - The conference focused on the **indigenous AI supply chain in China**, highlighting the growth potential and challenges within the sector [1][4]. Core Insights 1. **AI Chip Demand Growth**: - AI chip unit demand is projected to grow at a **CAGR of nearly 40% by 2027**, with locally developed chips expected to gain market share [1][4]. - Demand for **2-3 million AI chips** is estimated for 2025, with **Huawei** and **Cambricon** expected to ship **600k** and **140k** units respectively [3][4]. 2. **Local Memory Solutions**: - **CXMT**, China's largest DRAM maker, plans to build **HBM capacity**, with **HBM2e** already sampled and **HBM3** expected by the end of 2025 [3][4]. - The qualification of locally produced HBM chips is anticipated to take time, but capacity will support the ramp-up of AI chips in **2H26** [3][4]. 3. **Open Source Ecosystems**: - The industry is moving towards open-source ecosystems, with **China Mobile** announcing a **Rmb5.1 billion** AI server tender, where **70%** of servers are based on Huawei's open-sourced **CANN** platform [3][4]. 4. **Networking Bottlenecks**: - Local AI chip suppliers face performance losses due to inter-chip communication, with losses estimated at **40-50%** for local solutions compared to **20-30%** for Nvidia's offerings [4][5]. 5. **Indigenous AI Supply Chain Enablers**: - Companies like **Huaqin** and **Inspur** are positioned to benefit from the increasing shipments of local AI solutions, with a positive sentiment expected to persist in the market [4][5]. Additional Important Insights - The mix of AI chips in China is currently around **50:50** for training and inference, but it is estimated that **70%-75%** of future AI chips will be inference-based, primarily supplied by local vendors [3][4]. - The indigenous AI supply chain is expected to see a **3-4x year-on-year increase** in local capacity by 2025, which is particularly beneficial for non-Huawei players [3][4]. - The **A-share Tech index** increased by **27%** during the same period that **Cambricon** saw over a **100%** increase in stock value, indicating strong market performance [4][5]. Conclusion - The indigenous AI supply chain in China is poised for significant growth, driven by increasing demand for AI chips, advancements in local memory solutions, and a shift towards open-source ecosystems. Companies like Huaqin and Inspur are well-positioned to capitalize on these trends, while challenges such as networking bottlenecks remain to be addressed.

Core Viewpoint - Huqin Technology, a leading player in the global mobile ODM industry, plans to issue H-shares and list on the Hong Kong Stock Exchange, marking the start of its "A+H" dual capital platform operation after less than two years of being listed on the A-share main board [3][4]. Company Overview - Founded in 2005 by Qiu Wensheng and former colleagues from ZTE, Huqin Technology has grown into a significant ODM player, focusing on mobile phone design and manufacturing [6][10]. - The company initially specialized in feature phone motherboard solutions before transitioning to smart phone production in 2010, capitalizing on the industry's shift towards smart devices [10][11]. Management Team - The management team consists of 11 senior executives, all of whom have prior experience at ZTE, including Qiu Wensheng as Chairman and General Manager, and Cui Guopeng as Vice Chairman [6][8]. Financial Performance - In 2024, Huqin Technology's revenue surpassed 100 billion yuan, reaching 1098 billion yuan, reflecting the success of its business strategies [13][16]. - The company reported a significant increase in revenue for the first half of 2025, achieving 839.4 billion yuan, a year-on-year growth of 113.1% [16]. Strategic Moves - Huqin Technology has made strategic acquisitions to expand into the semiconductor and robotics sectors, including a 75% stake in Haoceng Intelligent and a 6% stake in Jinghe Integrated [15]. - The company has established partnerships with major brands like Samsung, OPPO, Xiaomi, and Vivo, enhancing its market position and customer loyalty [12]. Market Position - The ODM industry is characterized by intense competition, and Huqin Technology has adopted a "heavy asset for light asset" business philosophy, investing in advanced manufacturing facilities to provide one-stop delivery services [12][11]. - The company's overseas revenue has consistently accounted for over 50% of its total revenue, indicating a strong international presence [13].

| 交易日期 | 证券間除 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 图出就业窗 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-11 | 华勤技术 | 603296 | 86.63 | 1188.14 | 13.72 | 机构专用 | 中国中金财富经券 | 播 | | | | | | | | | 有限公司上海黄浦 | | | | | | | | | | 区测试路设计管业 | | | | | | | | | | 57 | | | 2025-09-11 | 华勤技术 | 603296 | 86.63 | 1139.89 | 13.16 | 机构专用 | 中国中金财富证券 有限公司上海黄浦 | Ka | | | | | | Concerner | | | | | | | | | | | | | 区副总裁任参留不 | | | | | | | | | | 12 | | | 2025-09-11 | 华勤技术 | 603296 | 86.63 | 11-55-12-2 ...

Group 1 - Schneider Electric's Shanghai Putuo factory has improved per capita production efficiency by 82% through the use of AI and digital technologies [1] - The factory is part of Schneider Electric's extensive presence in China, which includes 30 factories and logistics centers, with 15 national-level green factories and 2 world-class "lighthouse factories" [1] - Schneider Electric is increasing its R&D investment in China, establishing five major R&D centers and planning to open an AI innovation lab in Beijing in 2024 [1] Group 2 - Shanghai's advantages in attracting foreign investment include local talent development and supportive industrial policies, which have helped companies like Schneider Electric and Huaqin Technology [2] - Huaqin Technology's revenue reached 83.939 billion yuan in the first half of 2025, marking a year-on-year growth of 113.06% [2] - Huaqin Technology has established a global layout with a focus on Shanghai, leveraging it as a technology frontier and a base for global expansion [2] Group 3 - Huaqin Technology's overseas expansion strategy involves following clients, with manufacturing bases established in Vietnam, India, and Mexico [3] - The company emphasizes the importance of industry chain collaboration when entering new regions, which helps maximize production efficiency and reduce costs [3] - The concept of "Chinese wisdom" is being utilized to innovate and promote products globally, with successful innovations being implemented in 12 global bases [3]

Core Viewpoint - The company, Huqin Technology, has achieved significant growth, reporting a revenue of 83.9 billion yuan in the first half of 2025, marking a 113% increase, and aims to become a global top 500 company within five years [1][2]. Group 1: Company Overview - Huqin Technology, founded in 2005, has quickly risen to become one of China's top 500 companies, leveraging the vast domestic market [1]. - The company has invested 2.96 billion yuan in research and development in the first half of 2025 [1]. Group 2: Business Strategy - The company has developed a "3+N+3" strategic layout, with the first "3" representing its three core businesses: smartphones, laptops, and data centers [3]. - The "N" signifies a diverse product portfolio derived from the core businesses, while the second "3" focuses on emerging fields: robotics, software, and automotive electronics [3][4]. Group 3: Future Growth and Development - Each of the core businesses is expected to reach a scale of 100 billion yuan, while the emerging fields are seen as long-term growth opportunities [4]. - Huqin Technology has been laying the groundwork in robotics, software, and automotive electronics for 6-7 years, emphasizing the importance of a solid R&D foundation for future development [4]. Group 4: R&D and Talent Acquisition - The company employs approximately 17,000 R&D personnel, with its Shanghai headquarters serving as the primary R&D center, benefiting from a rich talent pool and favorable government support [5]. - Huqin has established additional R&D centers in Dongguan, Nanchang, Xi'an, and Wuxi, with overseas manufacturing bases in Vietnam, Mexico, and India [5]. - The company has launched an X-Lab dedicated to cutting-edge research, focusing on optical components and technologies relevant to VR and AR products [5].

Group 1 - The core viewpoint of the news is the performance and market position of Huqin Technology, which saw a stock price increase of 5.05% to 88.49 CNY per share, with a total market capitalization of 898.84 billion CNY [1] - Huqin Technology specializes in the research, design, production, and operation services of smart hardware products, with revenue composition as follows: high-performance computing 60.32%, smart terminals 31.93%, AIOT and others 3.95%, others 2.56%, and automotive and industrial products 1.24% [1] - The fund "Yongying Huitianying One-Year Mixed" holds a significant position in Huqin Technology, with 66,200 shares, accounting for 3.9% of the fund's net value, ranking as the seventh largest holding [2] Group 2 - The fund manager of "Yongying Huitianying One-Year Mixed" is Xu Tuo, who has been in the position for 4 years and 328 days, with the fund's total asset scale at 3.752 billion CNY [3] - The fund has achieved a year-to-date return of 50.26%, ranking 580 out of 8175 in its category, and a one-year return of 70.61%, ranking 1230 out of 7982 [2]

Core Points - The company held its second extraordinary general meeting of shareholders on September 10, 2025, in Shanghai, with all resolutions passed without any objections [2][3] - The meeting was chaired by the company's chairman, Mr. Qiu Wensheng, and complied with relevant laws and regulations [2][3] Meeting Attendance - All 9 current directors and 3 supervisors attended the meeting, along with the board secretary and other senior management [3] Resolutions Passed - The following key resolutions were approved: - Change of registered capital and amendments to the company's articles of association [4] - Establishment and revision of various internal governance systems, including: - Director resignation management system - Independent director work system - External investment management system - External guarantee management system - Related party transaction management system - Fund-raising management system - Compensation management system for directors and senior management [5][6] - Issuance of overseas listed shares (H-shares) and listing on the Hong Kong Stock Exchange [6][8] - Authorization for the board of directors to handle matters related to the issuance of H-shares [8][10] - Approval of the use of funds raised from the H-share issuance [10] Legal Witness - The meeting was witnessed by Beijing Zhonglun Law Firm, with lawyers providing legal opinions on the proceedings [11]

Meeting Overview - The second extraordinary general meeting of shareholders was held on September 10, 2025, at the company's global R&D center in Shanghai [2] - The meeting was convened by the board of directors and chaired by Chairman Qiu Wensheng, with all procedures complying with relevant laws and the company's articles of association [2][3] Attendance - All 9 current directors and 3 supervisors attended the meeting, along with the board secretary and other senior management [3] Resolutions Passed - The following key resolutions were approved: - Change of registered capital and amendments to the company's articles of association and related rules [4] - Various internal governance systems, including: - Director resignation management system - Independent director work system - External investment management system - External guarantee management system - Related party transaction management system - Fund-raising management system - Director and senior management compensation management system - Cumulative voting system implementation details - Prevention of fund occupation by controlling shareholders and related parties management system - Accountant firm selection system [5][6] - Approval for the issuance of overseas listed shares (H shares) and listing on the Hong Kong Stock Exchange [6][8] - Authorization for the board of directors to handle matters related to the issuance of H shares [8][10] - Approval of the profit distribution plan prior to the public issuance of H shares [8][10] Legal Verification - The meeting was witnessed by Beijing Zhonglun Law Firm, confirming that the meeting's procedures and resolutions were in compliance with the law and the company's regulations [11]

华勤技术股份有限公司 章 程 华勤技术股份有限公司章程 | | | | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 2 | | 第一节 | 股份发行 2 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东会 7 | | 第一节 | 股东的一般规定 7 | | 第二节 | 控股股东和实际控制人 9 | | 第三节 | 股东会的一般规定 11 | | 第四节 | 股东会的召集 15 | | 第五节 | 股东会的提案与通知 16 | | 第六节 | 股东会的召开 18 | | 第七节 | 股东会的表决和决议 21 | | 第五章 | 董事和董事会 25 | | 第一节 | 董事的一般规定 25 | | 第二节 | 董事会 29 | | 第三节 | 独立董事 33 | | 第四节 | 董事会专门委员会 36 | | 第六章 | 高级管理人员 38 | | 第七章 | 财务会计制度、利润分配和审计 40 | | 第一节 | 财务会计制度 40 | | 第二节 | 内部审计 46 | | 第三节 ...

北京市中伦律师事务所 关于华勤技术股份有限公司 北京市中伦律师事务所 关于华勤技术股份有限公司 2025 年第二次临时股东大会的 法律意见书 二〇二五年九月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 2025 年第二次临时股东大会的 法律意见书 致：华勤技术股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》、中国证券监督管理委员会发布的《上市公司股东会规则》（以下简称《股 东会规则》）等规定，北京市中伦律师事务所（以下简称"本所"）接受华勤技 术股份有限 ...