Group 1 - The core point of the announcement is that Huaqin Technology Co., Ltd. disclosed a change in equity held by a major shareholder, Hainan Qinyuan, which reduced its stake from 8.03% to 7.95% after selling 770,400 shares, representing 0.0758% of the total share capital [1][3][4] - The reduction in shareholding was part of a previously disclosed plan by Hainan Qinyuan and does not trigger a mandatory tender offer [3][4] - The change in equity will not affect the control structure of the company or its ongoing operations significantly [3][4] Group 2 - Huaqin Technology has completed the transfer of shares from Lichip Venture, acquiring 120,368,109 shares of Anhui Jinhui Integrated Circuit Co., Ltd., which accounts for 6.00% of Jinhui's total share capital, at a price of 19.88 yuan per share, totaling approximately 2.39 billion yuan [6][7] - The share transfer was finalized on August 27, 2025, and the payment and transfer procedures were consistent with prior disclosures [7]

Core Viewpoint - Huaqin Technology Co., Ltd. announced a change in the equity stake of its major shareholder, Hainan Qinyuan Venture Capital Partnership, which reduced its holding from 8.03% to 7.95% through a share reduction of 770,400 shares between August 28 and August 29, 2025 [1][3]. Group 1 - The equity change was executed through centralized bidding, and the reduction in shareholding touched the 1% threshold [1][3]. - The shareholder, Hainan Qinyuan, confirmed that the information provided is accurate and complete, with no misleading statements or omissions [1]. - The change in equity does not trigger mandatory tender offer obligations and is consistent with previously disclosed plans and commitments [1][3]. Group 2 - The total number of shares held by Hainan Qinyuan and its concerted actor, Cui Guopeng, decreased from 8,156,251.6 shares (8.03%) to 8,079,211.6 shares (7.95%) [2][3]. - The reduction in shareholding was executed in compliance with relevant regulations, and the company has ensured timely disclosure of this information to investors [4].

Group 1 - The company has completed the transfer of shares from Lichip Venture Capital, acquiring 120,368,109 shares of Jinghe Integrated Circuit Co., Ltd., which represents a significant stake in the company [1] - The share transfer agreement was signed on July 29, 2025, indicating the company's long-term investment value recognition of Jinghe Integrated [1] - The share transfer registration was confirmed by China Securities Depository and Clearing Corporation Limited, with the registration completed on August 27, 2025 [1] Group 2 - Prior to this transaction, the company did not hold any shares in Jinghe Integrated, highlighting the strategic nature of this investment [1] - The announcement assures that the content is truthful and complete, with the board of directors taking legal responsibility for the information provided [1]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 116.54 CNY over the next six months [4][6]. Core Views - The company has experienced significant growth in revenue and net profit, with a 113.06% year-on-year increase in revenue to 839.39 billion CNY and a 46.30% increase in net profit to 18.89 billion CNY in the first half of 2025 [1][2]. - The global investment in AI computing power is accelerating, with major tech companies expanding their AI product offerings, which is expected to drive demand for the company's products [2][3]. - The high-performance computing segment is rapidly developing, establishing the company as a core supplier for several well-known clients, particularly in the personal computer and data product sectors [3]. Financial Projections - Revenue projections for the company are 1,483.35 billion CNY in 2025, 1,780.02 billion CNY in 2026, and 2,100.43 billion CNY in 2027, with corresponding net profits of 39.47 billion CNY, 48.37 billion CNY, and 59.01 billion CNY respectively [4][8]. - The company is expected to achieve a price-to-earnings (PE) ratio of 30 times in 2025, indicating strong future earnings potential [4][8]. Market Position - The company is well-positioned in the smart hardware industry, with a diverse product line that includes smart terminals, high-performance computing, automotive and industrial products, and AIoT devices [2][3]. - The report highlights the company's ability to leverage synergies across its product lines, particularly in the tablet and smartphone sectors, enhancing its competitive edge [3]. Stock Performance - As of August 29, 2025, the company's stock price is 98.35 CNY, with a market capitalization of approximately 99.9 billion CNY [6]. - The stock has shown strong relative performance, with a 12-month return of 83.0% [7].

Market Performance - The Star Flash concept declined by 2.24%, ranking among the top declines in the concept sector as of the market close on August 29 [1] - Within the Star Flash sector, stocks such as Chunzhong Technology and *ST Gaohong hit the daily limit down, while Qianxin, Hengxuan Technology, and Huilun Crystal experienced significant declines [1] Top Gainers and Losers - Among the stocks that increased in price, GoerTek, Xinwanda, and Broadcom Integration saw gains of 5.12%, 3.89%, and 2.61% respectively [1] - The leading decliners included ZTE Corporation with a net outflow of 1.358 billion yuan, followed by Runhe Software and Sichuan Changhong with net outflows of 998.5 million yuan and 625.7 million yuan respectively [2] Capital Flow Analysis - The Star Flash concept experienced a net outflow of 4.927 billion yuan today, with 55 stocks seeing net outflows and 14 stocks exceeding 100 million yuan in net outflows [2] - The stocks with the highest net inflows included GoerTek, Xinwanda, and Huqin Technology, with net inflows of 727 million yuan, 186 million yuan, and 149 million yuan respectively [4]

二、股份过户登记情况 证券代码：603296 证券简称：华勤技术 公告编号：2025-087 华勤技术股份有限公司 关于公司协议受让晶合集成 部分股份过户完成的公告 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。 一、交易概述 华勤技术股份有限公司（以下简称"公司"、"华勤技术"）基于对合肥晶 合集成电路股份有限公司（股票代码：688249，以下简称"晶合集成"）长期投 资价值的认可，与力晶创投于2025年7月29日签署《股份转让协议》，拟以现金 方式协议受让力晶创投持有的晶合集成120,368,109股股份，占晶合集成总股本的 6.00%，转让价格为19.88元/股，转让总价为人民币2,392,918,006.92元。具体内 容详见公司在指定信息披露媒体及上海证券交易所网站（www.sse.com.cn）于 2025年7月30日披露的《华勤技术关于公司拟协议受让晶合集成部分股份的公告》 （公告编号：2025-063）。 近日，公司与力晶创投取得了中国证券登记结算有限责任公司出具的《证券 过户登记确认书》，公司本次协议受让晶合 ...

华勤技术股份有限公司 关于持股 5%以上股东权益变动 触及 1%刻度的提示性公告 股东海南勤沅创业投资合伙企业(有限合伙)及其一致行动人崔国鹏保证向本公 司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人及其一致行动人提供 的信息一致。 证券代码：603296 证券简称：华勤技术 公告编号：2025-088 三、 其他说明 华勤技术股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日收到股东海 南勤沅创业投资合伙企业（有限合伙）（以下简称"海南勤沅"）出具的《关于所 持华勤技术股份有限公司股份权益变动触及 1%刻度的告知函》，现将相关情况公 告如下： 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 重要内容提示： ...

Core Viewpoint - The company Huqin Technology (603296.SH) has signed a share transfer agreement with Liching Venture Capital to acquire 120,368,109 shares of Jinghe Integration, representing 6.00% of its total share capital, at a price of 19.88 yuan per share, totaling 2.393 billion yuan [1] Group 1 - The share transfer agreement was executed in cash [1] - The transfer price is set at 19.88 yuan per share [1] - The total amount for the share transfer is 2.393 billion yuan [1] Group 2 - The company has completed the transfer registration procedures with the China Securities Depository and Clearing Corporation [1] - Following this transaction, the company holds 6.00% of Jinghe Integration's shares [1]

Summary of Huaqin Technology (603296.SS) Earnings Call Company Overview - **Company**: Huaqin Technology - **Ticker**: 603296.SS - **Industry**: Technology, specifically focusing on AI servers, data centers, consumer electronics, and smart devices Key Financial Results - **2Q25 Revenue**: Rmb48.9 billion, up 111% YoY and 40% QoQ, aligning with estimates and guidance [2][6] - **Net Income**: Rmb1 billion, a 53% increase YoY and 24% increase QoQ, consistent with expectations [1][2] - **Gross Margin (GM)**: 7.1%, lower than estimates due to AI server ramp-up [2][6] - **Operating Expenses (Opex) Ratio**: Improved to 5.1% from 7.3% in 2024, reflecting better cost control [9] Business Segments and Growth Drivers Data Center Business - **AI Infrastructure Demand**: Management anticipates continued growth in AI infrastructure demand from major Chinese Cloud Service Providers (CSPs) [7] - **Investment in R&D**: Focus on AI servers with various chipset platforms and liquid-cooled AI servers to enhance competitiveness [7] Consumer Electronics - **Smartphones and PCs**: Positive outlook driven by rising ODM penetration in smartphones and market share gains in PCs [8] - **Smart Wearables and AIoT**: Expansion into smart wearables and AIoT products, including gaming gadgets and automotive electronics [8] Capital Expenditure and Operational Efficiency - **Capex**: Increased by 41% YoY to Rmb2.1 billion in 2024, with expectations for similar growth in 2025 [9] - **Opex Management**: Continued improvement in opex ratio, with revenues expected to grow faster than opex [9] Earnings Revisions and Future Outlook - **Earnings Revision**: Net income estimates for 2025-2028 raised by 1%-8% due to higher revenues and lower opex ratio [10] - **Price Target**: Revised up to Rmb124 from Rmb108, reflecting a target P/E multiple of 23.9x [12][17] Risks and Challenges - **Key Risks**: Slower-than-expected ramp-up of AI servers, production site diversification, and increased pricing competition [17] Conclusion - **Investment Recommendation**: Maintain Buy rating, reflecting confidence in Huaqin's growth trajectory driven by its expansion into data centers and AI infrastructure [1][12]

Core Viewpoint - The article discusses the recent surge in mergers and acquisitions (M&A) within the semiconductor industry in China's A-share market, highlighting various companies' strategies and the underlying motivations driving these transactions [3][15][26]. Group 1: M&A Activity in Semiconductor Sector - Over 20 M&A transactions related to the semiconductor industry have been reported in the second half of the year, with companies from diverse sectors, including real estate and printing, participating in these deals [3][4]. - The acquisition of Nanjing Turnafly Electronic Technology Co., Ltd. by Yongji Co., Ltd. was terminated after a half-month suspension, leading to a 10.02% drop in its stock price upon resumption of trading [1][26]. - Greenway Technology's acquisition of Jiangsu Damo Semiconductor Technology Co., Ltd. involved a premium rate exceeding 300%, despite the company's projected net profit decline of 54% from 2022 to 2024 [3][11]. Group 2: Focus Areas in M&A - The two main focal points in the semiconductor M&A landscape are the photolithography machine and GPU industry chains, with significant investments directed towards these areas [4][6]. - Companies are targeting various segments within the photolithography machine supply chain, from foundational technologies to key materials and equipment [6][12]. Group 3: Investment Strategies - Some companies are investing in foundational technologies, such as Fudan Fuhua's investment in Lian Guang Yuan He, which focuses on optical technology and aims to develop integrated systems for communication [7][8]. - Other investments are aimed at acquiring core technologies and talent, exemplified by United Chemical's investment in Zhaoguang Rui, a startup developing projection lithography machines, led by a former ASML employee [9][10]. - Companies like Zhengfan Technology are seeking to enter the supply chains of leading international manufacturers, as seen in their acquisition of Han Jing Semiconductor, which supplies critical components for semiconductor manufacturing [10][18]. Group 4: Diverse Approaches to M&A - The article identifies two distinct paths in the M&A landscape: one led by industry players seeking to enhance their capabilities and another by cross-industry players pursuing high-risk, complex transactions [15][21]. - Traditional industry companies are attempting to pivot into the semiconductor sector, as demonstrated by Greenway Technology's acquisition of Damo Semiconductor, despite its own declining performance [22][25]. - The complexity of transactions is illustrated by Kaipu Cloud's acquisition of Jin Taike's storage business, which involves multiple steps to separate valuable assets from liabilities [23][24].