Core Viewpoint - The company Huakin Technology is set to pursue a second IPO in Hong Kong within three years, following its successful listing on the Shanghai Stock Exchange two years ago, highlighting its ambition for international expansion and capital market value maximization [1][3][8]. Company Overview - Huakin Technology, known as the "King of OEM," has submitted its prospectus to the Hong Kong Stock Exchange, with CICC and Bank of America acting as joint sponsors [1]. - The company has established manufacturing bases in Vietnam, India, and Mexico, with overseas revenue accounting for 46.92% in the first half of 2025 [3]. Financial Performance - In 2024, Huakin Technology achieved a revenue of 109.9 billion yuan, a year-on-year increase of over 28%, and a net profit of 2.926 billion yuan, up 8.10% [8]. - For the first half of 2025, the company reported a revenue of 83.94 billion yuan, a significant year-on-year growth of 113.1%, and a net profit of 1.889 billion yuan, up 46.3% [8]. Business Model and Strategy - Huakin Technology operates under an ODM model, which allows it to provide independent R&D and design capabilities, differentiating it from traditional OEM practices [6]. - The company has expanded its product offerings beyond smartphones to include laptops, servers, and smart wearables, maintaining its position as a leading ODM manufacturer globally [8]. Market Position and Challenges - Despite leading the industry, Huakin Technology faces challenges such as low profit margins and high investment requirements, with sales gross margins fluctuating between 7.67% and 11.33% from 2022 to 2025 [9][10]. - The company has experienced a significant cash outflow, with net cash from operating activities dropping by 246.2% in the first half of 2025 [10]. Future Outlook - The company is actively pursuing diversification and expansion into emerging sectors such as robotics and automotive electronics, with strategic acquisitions to enhance its capabilities [12][13]. - The upcoming IPO in Hong Kong is expected to facilitate further international business development and enhance the company's competitive position in the global market [14].

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The smart terminal market is expected to flourish, driven by the recovery in iPhone sales and the entry of large model manufacturers like Open AI, which will accelerate innovation in smart terminal categories and forms [3][8] - The iPhone 17 series has shown strong sales performance, with a fourfold increase in trade-in sales compared to the previous year, indicating a positive outlook for the supply chain [8] - Open AI's entry into AI hardware terminals is expected to enrich the product ecosystem, benefiting existing supply chain companies like Luxshare Precision and GoerTek [8] Summary by Sections Investment Suggestions and Targets - The report recommends buying shares of several companies in the AI supply chain, including Luxshare Precision (002475), Lens Technology (300433), and GoerTek (002241) among others [3] Industry Dynamics - The report highlights the potential for rapid growth in the AI hardware terminal market, with Open AI planning to launch its first device by late 2026 or early 2027, which will include various innovative products [8] - The report notes that the iPhone 17 series has prompted Apple to increase production capacity, reflecting strong market demand and potential for supply chain growth [8] - Meta's recent launch of multiple AI & AR glasses indicates a growing market for AR technology, suggesting a shift from accessory to independent smart terminal status for wearable devices [8]

Group 1 - The AI PC sector has seen significant growth, with over 100 new AI terminal products launched this year, becoming a new growth point for economic development [5][6] - AI PC concept stocks have surged, with an average increase of 54.8% year-to-date, significantly outperforming the Shanghai Composite Index [2][4] - Companies like Longying Precision and others have reached historical stock price highs, with Longying Precision's market capitalization exceeding 50 billion yuan [2][4] Group 2 - The lowest market capitalization among AI PC concept stocks is Hu Wei Intelligent, valued at 2.086 billion yuan, with a year-to-date increase of 99.26% [4] - Lenovo has reported that AI PCs now account for over 30% of its total PC shipments, indicating rapid market penetration [5] - IDC predicts that by 2025, the new generation AI smartphone market in China will reach 118 million units, a year-on-year growth of 59.8% [6] Group 3 - 18 AI PC concept stocks have shown a significant increase in trading activity, with five stocks experiencing a doubling in trading volume [7][10] - Among these stocks, Huaqin Technology has the highest number of institutional ratings at 26, indicating strong market interest [10] - The growth in AI PC and related technologies is expected to drive substantial increases in market share and sales volume for companies in this sector by 2025 [10]

Summary of Key Points Core Viewpoint The article discusses the recent activities on the Hong Kong Stock Exchange (HKEX) from September 15 to September 21, highlighting the number of companies that submitted applications, those that passed hearings, and new listings. Group 1: Companies Submitting Applications - A total of 11 companies submitted applications to the HKEX during the specified period [1] - Notable companies include: - **Meilian Steel Structure (Shanghai) Co., Ltd.**: Ranked third in China's prefabricated steel structure market with a market share of 3.5% [2] - **Hangzhou New Element Pharmaceutical Co., Ltd.**: Focused on developing therapies for metabolic, inflammatory, and cardiovascular diseases [3] - **Jiangsu Zhongrun Solar Technology Co., Ltd.**: Second in global photovoltaic cell manufacturing with a market share of 14.6% [4] - **Beijing Junzheng Integrated Circuit Co., Ltd.**: A leading provider of chips for various high-tech applications [5] - **Shanghai Aike Baifa Biopharmaceutical Technology Co., Ltd.**: Focused on therapies for respiratory and pediatric diseases [7] - **Nuwa Insight Technology Co., Ltd.**: An AI technology company in the insurance sector [8] - **Huaqin Technology Co., Ltd.**: A leading ODM platform for smart products [9] - **Saimite Information Group Co., Ltd.**: A leading provider of intelligent industrial software solutions [10] - **Guangzhou Ruoyu Chen Technology Co., Ltd.**: An e-commerce operation company [11] - **Quantitative Holdings Limited**: Focused on online market operations in the consumer sector [12] - **Hangzhou Xianweida Biotechnology Co., Ltd.**: A biopharmaceutical company nearing commercialization [13] Group 2: Companies Passing Hearings - Two companies successfully passed the listing hearings: - **Shenzhen Xipuni Precision Technology Co., Ltd.**: A designer and manufacturer of gold watch cases and bands [14] - **Xuanzhu Biotechnology Co., Ltd.**: An innovative biopharmaceutical company with multiple drug assets in development [15] Group 3: Companies Launching IPOs - Four companies initiated their IPOs: - **Jingfang Pharmaceutical-B**: Global offering of 89.24 million shares with a net fundraising of approximately HKD 1.67 billion [17] - **Different Group**: Global offering of 10.98 million shares with a price range of HKD 62.01-71.20 [18] - **Chery Automobile**: Global offering of 297 million shares with a price range of HKD 27.75-30.75 [19] - **Zijin Gold International**: Global offering of 349 million shares with a price of HKD 71.59 [20] Group 4: New Listings - Three new stocks were listed: - **Hesai Technology (HK:02525)**: Closed at HKD 234.0 per share, up 9.96% on the first day [20] - **Health 160 (HK:02656)**: Closed at HKD 28.22 per share, up 137.34% on the first day [21] - **Jingfang Pharmaceutical-B (HK:02595)**: Closed at HKD 42.10 per share, up 106.47% on the first day [22]

Group 1 - The AI PC concept index rose by 2.80%, ranking 7th among concept sectors, with 35 stocks increasing in value, including Changying Precision which hit a 20% limit up, and Demingli and Pengding Holdings also reaching the limit up [1] - Leading stocks in the AI PC sector included Sixuan New Materials, Jiangbolong, and Lingyi Zhi Zao, with respective increases of 11.75%, 9.96%, and 9.12% [1] - The stocks with the largest declines were Kosen Technology, Zhongjing Electronics, and Bomin Electronics, which fell by 3.83%, 3.44%, and 2.33% respectively [1] Group 2 - The AI PC concept sector saw a net inflow of 1.963 billion yuan, with 22 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflows [2] - Lingyi Zhi Zao led the net inflow with 1.971 billion yuan, followed by Changying Precision and Pengding Holdings with net inflows of 796 million yuan and 446 million yuan respectively [2] - The top net inflow ratios were recorded by Lingyi Zhi Zao at 18.98%, Pengding Holdings at 14.99%, and Anfu Technology at 12.73% [3] Group 3 - The AI PC concept stocks with significant trading volumes included Lingyi Zhi Zao, Changying Precision, and Pengding Holdings, with respective trading volumes of 197.12 million yuan, 79.57 million yuan, and 44.63 million yuan [3][4] - Other notable stocks in the sector included Jiangbolong with a trading volume of 22.04 million yuan and Huachuang Technology with 35.49 million yuan [4] - The overall trading activity in the AI PC sector indicates strong investor interest and participation [2][3]

Core Viewpoint - Huakin Technology, a leading global ODM manufacturer in consumer electronics, has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its strong market position and growth potential in the ODM sector [1][6]. Company Overview - Established in August 2005, Huakin Technology initially focused on mobile phone R&D and design, evolving into a multi-business structure including mobile terminals, computing and data centers, AIoT, and innovative businesses [2]. - The company achieved a revenue of 109.88 billion RMB in 2024, with a compound annual growth rate (CAGR) of 8.9% over the past three years [1][2]. Market Position - Huakin Technology holds a 22.5% market share in global consumer electronics ODM shipments, making it the largest player in the industry [1][7]. - The company is the largest ODM manufacturer for smartphones (25.2% market share), tablets (37.9%), and wearable devices (18.7%) [4][7]. Financial Performance - Revenue for the first half of 2025 reached 83.94 billion RMB, reflecting a significant year-on-year growth of 113% [1]. - The net profit margin has shown a declining trend, with figures of 2.7%, 3.1%, 2.65%, and 2.27% from 2022 to the first half of 2025 [1][10]. Business Segments - The mobile terminal and computing/data center segments experienced revenue declines in 2023 but are expected to recover, with projected growth rates of 93.06% and 142.9% respectively in the first half of 2025 [2][8]. - The computing and data center segment has become a key growth driver, benefiting from the rise of AI and data infrastructure demands [8][10]. Industry Trends - The global consumer electronics ODM market is projected to grow, with an expected shipment volume of 986 million units in 2024, reflecting a CAGR of 4% over the past five years [7]. - The penetration rate of ODM in consumer electronics is anticipated to increase to 46.8% in 2024, with further growth expected to 57.1% by 2030 [7]. Future Outlook - Huakin Technology is well-positioned to benefit from the high growth of the industry, particularly in the computing and data center sectors, which are projected to grow significantly due to AI advancements [8][11]. - The company aims to optimize its cost structure and improve profit margins despite the inherent low profitability of the ODM industry [12].

据天眼查APP显示，华勤技术股份有限公司成立于2005年08月29日。注册资本101575.458万人民币。 （数据宝） （文章来源：证券时报网） 数据宝统计，截至14:02，华勤技术成交额27.25亿元，创上市以来新高。最新股价上涨3.42%，换手率 4.76%。上一交易日该股全天成交额为27.21亿元。 ...

Group 1 - The core viewpoint of the news is the performance and market position of Huqin Technology, which saw a stock price increase of 5.12% to 102.94 CNY per share, with a total market capitalization of 104.56 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 Huachen Future Value Pioneer Fund holds a significant position in Huqin Technology, with 3,300 shares representing 4.97% of the fund's net value, ranking as the sixth-largest holding [2] Group 2 - The Huachen Future Value Pioneer Fund, managed by Li Baihan, has a total asset size of 5.36 million CNY and has achieved a year-to-date return of 24.78%, ranking 3,628 out of 8,244 in its category [2][3] - Li Baihan has been managing the fund for 358 days, with the best return during his tenure being 17.61% and the worst being 3.18% [3]

Company Overview - Huqin Technology's stock price increased by 2.00% on September 22, reaching 99.89 CNY per share, with a trading volume of 6.62 billion CNY and a turnover rate of 1.18%, resulting in a total market capitalization of 1014.64 billion CNY [1] - The company specializes in the research, design, production, and operation services of smart hardware products, with its main revenue sources being high-performance computing (60.32%), smart terminals (31.93%), AIOT and others (3.95%), and automotive and industrial products (1.24%) [1] Financial Performance - For the first half of 2025, Huqin Technology achieved operating revenue of 839.39 billion CNY, representing a year-on-year growth of 113.06%, and a net profit attributable to shareholders of 18.89 billion CNY, up 46.30% year-on-year [2] - Since its A-share listing, the company has distributed a total of 17.81 billion CNY in dividends [3] Shareholder Information - As of June 30, 2025, the number of Huqin Technology's shareholders reached 43,100, an increase of 3.71% from the previous period, with an average of 13,257 circulating shares per person, a decrease of 3.41% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.429 million shares, an increase of 1.595 million shares compared to the previous period [3] Market Activity - The stock has seen a year-to-date increase of 42.59%, with a 5-day increase of 11.17%, a 20-day increase of 5.55%, and a 60-day increase of 23.81% [1] - The company has appeared on the trading leaderboard once this year, with the most recent appearance on April 16, where it recorded a net buy of -1.22 billion CNY [1]

Core Viewpoint - Huakin Technology, a leading global ODM manufacturer in consumer electronics, has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its strong market position and growth potential in the ODM sector [1][2]. Company Overview - Established in August 2005, Huakin Technology initially focused on mobile phone R&D and design, later expanding into various sectors including mobile terminals, computing and data centers, AIoT, and innovative businesses [2]. - The company achieved a revenue of 109.88 billion RMB in 2024, with a compound annual growth rate (CAGR) of 8.9% over the past three years [1]. Financial Performance - In 2025, the company reported a significant revenue increase of 113% year-on-year for the first half, reaching 83.94 billion RMB [1]. - The net profit margin has shown a declining trend, with figures of 2.7%, 3.1%, 2.65%, and 2.27% from 2022 to the first half of 2025 [1]. Market Position - Huakin Technology holds a 22.5% market share in the global consumer electronics ODM sector, making it the largest player in this market [1][7]. - The company is the largest ODM manufacturer for smartphones (25.2% market share), tablets (37.9%), and wearable devices (18.7%) [5]. Business Segments - The mobile terminal segment, including smartphones, tablets, and wearables, remains a key growth driver, while the computing and data center segment has emerged as a significant revenue contributor, with growth rates of 93.06% and 142.9% respectively in the first half of 2025 [2][5]. - AIoT products accounted for 1.3% of revenue in the first half of 2025, while innovative businesses include automotive electronics and robotics [6]. Industry Trends - The global ODM market is expected to grow, with a projected shipment of 986 million units in 2024 and a CAGR of 4% over the past five years [7]. - The data infrastructure market is anticipated to reach 21.4 trillion RMB in 2024, with a CAGR of 25.8% [8]. Challenges - Despite strong revenue growth, the company faces challenges with low profitability, as indicated by declining gross margins from 9.6% in 2022 to 7.4% in the first half of 2025 [10][12]. - Operating cash flow has been unstable, with a net cash flow of 1.041 billion RMB in 2024, down from previous years [11]. Investment Outlook - The company is expected to benefit from high industry growth and increasing capital interest due to its strong market position and AI-related initiatives [12].