Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has achieved significant revenue growth, with a 69.56% year-on-year increase in revenue to 128.88 billion yuan and a 51.17% increase in net profit to 3.10 billion yuan for the first three quarters of 2025 [1] - The diversified business segments are performing well, with notable growth in high-performance computing, smart terminals, AIoT, and automotive and industrial products [2] - The company is expanding its international presence through acquisitions and plans for a Hong Kong IPO, which is expected to enhance its capital strength [3] - Continuous investment in R&D is driving the company's growth, with R&D expenses reaching 4.62 billion yuan, a 23.7% increase year-on-year [4] - The financial forecast for 2025-2027 shows expected revenue growth of 40.6%, 19.1%, and 17.0%, respectively, with net profit growth of 40.6%, 18.4%, and 18.1% [5] Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 44.94 billion yuan, a 22.75% increase year-on-year, and a net profit of 1.21 billion yuan, a 59.46% increase year-on-year [2] - The gross margin for the first three quarters of 2025 was 7.84%, with Q3 gross margin at 8.17%, indicating steady improvement [2] Business Segments - High-performance computing accounted for 58.6% of total revenue, followed by smart terminals at 35.6%, with AIoT and automotive products making up 4.4% and 1.4%, respectively [2] R&D and Innovation - The company has established a strategic layout for smart products and is exploring new opportunities in automotive electronics, software, and robotics [4] Future Outlook - The company expects to achieve revenues of 154.45 billion yuan in 2025, 183.89 billion yuan in 2026, and 215.13 billion yuan in 2027, with corresponding net profits of 4.11 billion yuan, 4.87 billion yuan, and 5.75 billion yuan [5][6]

Core Insights - The Shanghai Composite Index briefly surpassed 4000 points, significantly boosting market sentiment, with notable stock gains in the electronics sector, including increases of over 10 times since August 2015 [1] - The electronic ETF (515260) experienced a volatile trading session, with a peak increase of 0.84% but ultimately closed down 0.56%, despite a substantial increase in trading volume [1][3] - Major electronic stocks showed strong performance, with significant gains in companies like Shenghong Technology and Huaxin Technology, reflecting a positive outlook for the sector [3][4] Market Performance - The electronic sector saw a net inflow of 6.145 billion yuan from major funds, ranking second among 31 primary industries, indicating strong investor interest [3] - Over the past 60 days, the electronic sector attracted a total of 411.6 billion yuan in net inflows, maintaining its leading position among industries [3] Company Performance - Among the 50 constituents of the electronic ETF, 15 companies reported third-quarter earnings, all of which were profitable, with 14 showing double-digit year-on-year growth in net profit [4] - Notable companies like Shenghong Technology and Hanwha Technology reported year-on-year net profit increases of 324% and 321%, respectively, highlighting strong financial performance in the sector [4] Future Outlook - The electronic sector is expected to benefit from the upcoming consumer electronics peak season and the release of AI-related products, with positive capital expenditure guidance from major domestic and international companies [5] - The electronic ETF (515260) is positioned to capitalize on trends in semiconductor and consumer electronics, with a significant portion of its constituents linked to the Apple supply chain [5]

证券代码：603296 证券简称：华勤技术 公告编号：2025-101 华勤技术股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 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。 为便于广大投资者更全面深入的了解华勤技术股份有限公司（以下简称"公 司"）2025 年第三季度经营成果、财务状况，公司于 2025 年 10 月 28 日（星期 二 ） 15:00-16:30 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）通过视频录播和网络互动方式召开了公司 2025 年 第三季度业绩说明会，现将召开情况公告如下： 一、业绩说明会召开情况 公司于2025年10月21日在上海证券交易所网站（www.sse.com.cn）及相关媒 体披露了《华勤技术股份有限公司关于召开2025年第三季度业绩说明会的公告》 （公告编号：2025-096）。2025年10月28日（星期二）15:00-16:30，公司董事长、 总经理邱文生先生，董事、财务负责 ...

Core Viewpoint - The consumer electronics sector experienced a rise of 0.64% on October 28, with Furi Electronics leading the gains, while the overall market indices showed a decline [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3988.22, down 0.22% [1] - The Shenzhen Component Index closed at 13430.1, down 0.44% [1] Group 2: Top Gainers in Consumer Electronics - Furi Electronics (600203) closed at 14.74, up 7.12% with a trading volume of 1.35 million shares [1] - Oni Electronics (301189) closed at 37.83, up 6.89% with a trading volume of 51,100 shares [1] - Yabo Xuan (920357) closed at 29.99, up 5.60% with a trading volume of 53,500 shares [1] - Hengmingda (002947) closed at 46.70, up 5.23% with a trading volume of 181,800 shares [1] - Greenlink Technology (301606) closed at 69.95, up 5.09% with a trading volume of 70,200 shares [1] Group 3: Top Losers in Consumer Electronics - Fuliwang (688678) closed at 28.45, down 8.78% with a trading volume of 244,300 shares [2] - Yingshi Innovation (688775) closed at 288.80, down 4.63% with a trading volume of 37,900 shares [2] - Zhishang Technology (301486) closed at 86.31, down 3.99% with a trading volume of 47,100 shares [2] Group 4: Capital Flow Analysis - The consumer electronics sector saw a net outflow of 2.844 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.473 billion yuan [2][3] - The top net inflow from retail investors was observed in Furi Electronics, with a net inflow of 2.86 billion yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in profitability in Q3 2025, with a year-on-year revenue growth of 22.8% and a net profit increase of 59.5% [4] - The data center business is expected to continue its growth trajectory, supported by structural optimization that enhances profitability [4] - The company is positioned as a leading supplier for domestic CSPs, with expectations of over 30% revenue growth in the data center segment by 2026 [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 128.88 billion yuan, representing a year-on-year increase of 69.6%, and a net profit of 3.1 billion yuan, up 51.2% year-on-year [4] - In Q3 2025, the company recorded a revenue of 44.94 billion yuan, with a year-on-year growth of 22.8% and a quarter-on-quarter decline of 8.2% [4] - The gross margin for Q3 2025 was 8.2%, showing a year-on-year increase of 0.5 percentage points [4] Business Segment Insights - The high-performance computing business generated revenue of 74.1 billion yuan in the first three quarters of 2025, marking a year-on-year growth of 70% [4] - The PC segment saw a year-on-year increase in shipments of 19%, with a global market share of 9.7% [5] - The smart terminal and AIoT businesses reported revenues of 45 billion yuan and 5.5 billion yuan respectively, with year-on-year growth rates of 84% and 73% [5] Future Projections - The company forecasts revenues of 161.18 billion yuan for 2025, with a year-on-year growth rate of 47% [2] - The projected net profit for 2025 is 4.03 billion yuan, reflecting a year-on-year increase of 38% [2] - The expected earnings per share (EPS) for 2025 is 3.96 yuan, with a projected price-to-earnings (P/E) ratio of 24.7 [2]

Core Viewpoint - Huqin Technology's stock rose by 5.03% to 102.72 CNY per share, with a trading volume of 1.302 billion CNY and a market capitalization of 104.336 billion CNY as of October 28, 2023 [1] Company Overview - Huqin Technology Co., Ltd. is located at 699 Lvkeco Road, Pudong New District, Shanghai, established on August 29, 2005, and listed on August 8, 2023 [1] - The company specializes in the research, design, production, and operation services of smart hardware products [1] - Revenue composition: High-performance computing 60.32%, smart terminals 31.93%, AIOT and others 3.95%, others 2.56%, automotive and industrial products 1.24% [1] Fund Holdings - Shenyuan Lingxin Fund has a significant holding in Huqin Technology, with the Shenyuan Lingxin Shuangli Mixed A Fund (013634) holding 25,300 shares, accounting for 0.64% of the fund's net value, ranking as the ninth largest holding [2] - The fund has realized a floating profit of approximately 124,500 CNY today [2] Fund Performance - Shenyuan Lingxin Shuangli Mixed A Fund was established on October 27, 2021, with a current size of 295 million CNY [2] - Year-to-date return is 8.68%, ranking 6161 out of 8155 in its category; one-year return is 8.43%, ranking 6102 out of 8029; since inception return is 1.97% [2] Fund Manager Information - The fund managers are Ji Peng, Gong Xiao, and Yao Yang [3] - Ji Peng has 12 years and 66 days of experience, with a total fund size of 892 million CNY and a best return of 190.26% during his tenure [3] - Gong Xiao has 1 year and 229 days of experience, managing 1.629 billion CNY with a best return of 33.4% [3] - Yao Yang has 316 days of experience, managing 681 million CNY with a best return of 4.69% [3]

Core Insights - HuaQin Technology reported significant growth in its Q3 2025 financial performance, with notable increases in revenue, total profit, and net profit, indicating a robust development trend and enhanced profitability [1][3]. Financial Performance - In Q3 2025, HuaQin Technology achieved approximately 44.943 billion yuan in revenue, a year-on-year increase of 22.75% [3] - The total profit for the same period was about 1.307 billion yuan, reflecting a year-on-year growth of 75.94% [3] - The net profit attributable to shareholders was around 1.210 billion yuan, up 59.46% year-on-year [3] - For the first nine months of 2025, the company reported total revenue of 128.882 billion yuan, a 69.56% increase compared to the previous year [3] - The total profit for this period was 3.449 billion yuan, marking a 62.45% year-on-year growth [3] - The net profit attributable to shareholders for the same period was 3.099 billion yuan, up 51.17% year-on-year [3] - The basic and diluted earnings per share for Q3 2025 were both 1.20 yuan, a 60% increase year-on-year [3] - The weighted average return on equity for Q3 was 4.99%, an increase of 1.44 percentage points year-on-year [3] Asset and Equity Growth - As of the end of Q3 2025, HuaQin Technology's total assets reached approximately 102.759 billion yuan, a 34.68% increase from the previous year [4] - The equity attributable to shareholders was about 24.870 billion yuan, reflecting a 10.32% growth compared to the previous year [4] Business Model and Market Position - HuaQin Technology is a leading technology-driven platform company in the smart product sector, providing end-to-end solutions across the entire value chain [4] - The company has established a strong position in various product categories, being recognized as a global leader in the full-stack smart product ODM platform [4] - The company has developed a diversified smart product matrix, focusing on three main product pillars: smartphones, laptops, and servers, while also exploring opportunities in automotive electronics, software, and robotics [5] Market Trends and Future Outlook - The strong performance in Q3 2025 is attributed to the recovery of the global consumer electronics market and increased demand for mid-to-high-end products [5] - With the rapid development of emerging fields such as AIoT, 5G+, and intelligent vehicle cockpits, HuaQin Technology is expected to further expand its business boundaries and enhance its participation and influence in the global electronic information industry [5] - The company aims to optimize cash flow management and strengthen technology research and development to ensure sustainable long-term growth [5]

Group 1 - Huqin Technology (603296.SH) reported its Q3 2025 results, with 24 institutional investors holding a total of 674 million shares, representing 66.35% of the company's total equity as of October 27, 2025 [1] - The top ten institutional investors collectively hold 65.47% of the shares, with a decrease of 1.72 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, six funds increased their holdings, including Huisheng Huimin Mixed A and Wanjiak Tech Innovation A, with a slight rise in the proportion of increased holdings [2] - Six public funds decreased their holdings, including Xin'ao Research Preferred Mixed A and Xin'ao New Energy Industry Stock A, with a slight decline in the proportion of decreased holdings [2] - Two new public funds were disclosed this period, including Dongfanghong Ruihua Hong Kong-Shenzhen Mixed A and Yimin Innovation Advantage Mixed [2] - 713 public funds were not disclosed this period, including major ETFs like Huatai-PineBridge CSI 300 ETF and E Fund CSI 300 ETF [2] - One new foreign institution was disclosed, namely Hong Kong Central Clearing Limited [2]

Market Performance - Major US stock indices reached historical highs, with the Dow Jones up 337.47 points (0.71%) closing at 47,544.59, Nasdaq up 1.86% at 23,637.46, and S&P 500 up 1.23% at 6,875.16, marking its first close above 6,800 points [1] - The Philadelphia Semiconductor Index hit a record high, driven by trade negotiation news, with Nvidia rising 2.8%, Intel up 3.3%, and Qualcomm surging over 11% after launching two AI chips for data centers expected to be commercially available next year [1] - Chinese tech stocks also performed well, with the Nasdaq Golden Dragon China Index up 1.6%, Baidu rising 4.8%, JD up 3.0%, Pinduoduo up 2.8%, Alibaba up 2.7%, while NetEase fell 0.4% [1] Commodity Prices - International oil prices slightly declined, with WTI crude oil down 0.31% at $61.31 per barrel and Brent crude oil down 0.49% at $65.62 per barrel [1] - Gold prices fell significantly, with COMEX gold futures for October delivery dropping 2.83% to $4,001.90 per ounce, marking the first time spot gold fell below the $4,000 mark since the beginning of the month [2] Regulatory Developments - The People's Bank of China announced the resumption of open market government bond trading and a supportive monetary policy stance, while also planning to optimize the positioning of the digital RMB [3] - The China Securities Regulatory Commission (CSRC) is set to implement reforms for the Growth Enterprise Market and has launched an optimization plan for the Qualified Foreign Institutional Investor (QFII) system, enhancing access and operational efficiency for foreign investors [4][5] Corporate Earnings - Notable corporate earnings include: - Xinyi Technology reported a net profit of 4.01 billion yuan for Q3, up 1,143.72% year-on-year - Shenxin Technology reported a net profit of 1.47 billion yuan for Q3, up 1,097.40% year-on-year - Shenghong Technology reported a net profit of 11.02 billion yuan for Q3, up 260.52% year-on-year - Other companies like Henglian Petrochemical and Northern Rare Earth also reported significant year-on-year profit increases [5]

Group 1 - Wang Yi, the Foreign Minister, communicated with U.S. Secretary of State Rubio, expressing hope for mutual efforts to prepare for high-level interactions and create conditions for the development of China-U.S. relations [2] - The People's Bank of China will maintain a supportive monetary policy stance, resume open market operations for government bonds, and explore measures to support personal credit repair [2][3] - The National Bureau of Statistics reported that profits of industrial enterprises above designated size increased by 21.6% year-on-year in September, with high-tech manufacturing and equipment manufacturing showing rapid growth [3] Group 2 - The State Administration of Foreign Exchange will introduce nine new policy measures focusing on trade facilitation, including expanding cross-border trade pilot programs and optimizing foreign exchange fund settlement for new trade entities [3] - The Ministry of Finance reported that in September, central government revenue was 691.3 billion yuan, while expenditure was 1.5844 trillion yuan [4] - The 138th Canton Fair saw participation from nearly 240,000 overseas buyers from 223 countries and regions, marking a 6.8% increase compared to the previous session [4] Group 3 - The China Securities Regulatory Commission (CSRC) released a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, enhancing its attractiveness to long-term foreign capital [5] - The CSRC also issued opinions on strengthening the protection of small and medium investors in the capital market, proposing 23 specific measures across various aspects [5] - A-share market saw significant gains, with the Shanghai Composite Index approaching the 4000-point mark, driven by strong performance in technology stocks [5][6] Group 4 - The Hong Kong Hang Seng Index closed up 1.05%, with notable gains in pharmaceutical and materials sectors, while Southbound funds recorded a net purchase of 2.873 billion HKD [6] - The Shanghai Stock Exchange announced the third advisory committee member list, including founders from various tech companies [6] - New listings on the STAR Market include He Yuan Bio, Xi'an Yicai, and Bibet, with a total of 758,000 investor accounts opening trading permissions for the STAR Growth Layer [6] Group 5 - QFII holdings in A-shares reached 1.018 billion shares, valued at approximately 21.283 billion yuan, with a focus on cyclical sectors like non-ferrous metals and electricity [7] - Five listed securities firms have disclosed their Q3 reports, showing growth in both revenue and net profit, indicating a recovery in brokerage and asset management businesses [7] Group 6 - The central bank's market operations led to a significant drop in bond yields, with the 30-year special government bond yield falling by 5.75 basis points [18] - The trading association emphasized the need for stricter supervision of funds raised through debt financing tools [18] - Hebei Province disclosed special bond issuance information, with 4.738 billion yuan allocated for land storage, marking a pilot area for non-self-examination [18] Group 7 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.71% and the Nasdaq up 1.86%, driven by easing international trade tensions [16] - European stock indices also experienced slight increases, reflecting improved market sentiment following U.S.-China trade discussions [16] - The Nikkei 225 index in Japan closed above 50,000 points for the first time, indicating strong market performance [16] Group 8 - The international gold futures market saw a decline, with COMEX gold futures dropping by 3.40% [20] - Brent crude oil futures experienced a slight decrease, while U.S. oil futures rose marginally [20] - The OPEC+ group is expected to discuss a slight increase in oil production at their upcoming meeting [21]