Core Viewpoint - Huakin Technology has emerged as a hidden champion in the original design manufacturing (ODM) sector, playing a crucial role in the design and manufacturing of smart electronic devices for major tech companies like Google and Samsung [2][3]. Company Development - Founded in 2005, Huakin Technology started with a team of 30, focusing on mobile phone design for domestic brands. By 2013, it transitioned from an IDH model to an ODM model, entering the international supply chain with tablet production [4]. - In 2023, Huakin became the first domestic company to mass-produce AI servers, showcasing its full-process design and manufacturing capabilities [4]. - The company has developed a "3+N+3" global smart product platform, expanding from single-category to multi-category offerings, including smartphones, laptops, and servers, while targeting emerging sectors like robotics and automotive electronics [4]. R&D Investment - Huakin Technology boasts a research and development team of over 16,000, with R&D expenses projected to grow from 2.431 billion yuan in 2020 to 5.156 billion yuan by 2024, reflecting a compound annual growth rate of over 20% [5]. - The company's revenue has nearly doubled over five years, increasing from 35.3 billion yuan to 110 billion yuan. In the first half of 2025, revenue reached 83.94 billion yuan, a year-on-year increase of 113.1% [5]. Quality Management - Huakin has implemented a series of quality management initiatives, including an integrated product development system (IPD) and a comprehensive quality management model, to ensure high-quality production [6][7]. - The company has received accolades for its quality, including the "2025 Perfect Quality" award from Lenovo, highlighting its commitment to zero-defect delivery [7]. Global Expansion Strategy - Huakin Technology has established a dual supply system, with a focus on global manufacturing and R&D centers in locations like Shanghai and overseas in Vietnam, Mexico, and India [8][9]. - The company aims for a production capacity distribution of 40% in domestic centers and 20% in overseas bases, with significant progress in mass production in Vietnam and India [8]. Future Outlook - Huakin plans to enhance its manufacturing efficiency through automation, digitalization, and lean management, while strengthening collaboration with local suppliers to improve supply chain resilience [10].

Group 1: Overview of Chinese Companies Going Global - Chinese companies are actively engaging in globalization, showcasing "Chinese manufacturing" on the world stage while also creating opportunities for global partners in the Chinese market [1][2] - The article highlights two representative companies: Huaqin Technology and Schneider Electric, illustrating their successful integration into global markets and local operations [1][2] Group 2: Huaqin Technology's Global Strategy - Huaqin Technology, a leading player in the global ODM industry, has expanded its business from mobile phones to various sectors including smart wearables, laptops, automotive electronics, and robotics, with over 200 million smart terminal products shipped annually [3][4] - The company adopted the "HQ" quality label, which symbolizes its commitment to high quality, and has established strategic partnerships with eight of the top ten global smartphone brands [4] - Huaqin has successfully navigated challenges in international markets, such as forming joint ventures in India to address local production needs and relocating production lines to Vietnam to mitigate tariff impacts [5][6] Group 3: Schneider Electric's Local Integration - Schneider Electric has deeply integrated into the local supply chain in China, with 30 factories and logistics centers established, and five major R&D centers that are crucial to its global network [7][8] - The company emphasizes the importance of Chinese innovation, with over 2,200 R&D engineers and more than 3,000 patents, showcasing its capability for world-class product development [7][8] - Schneider Electric has implemented digital technologies such as big data, 5G, and AI in its production processes, resulting in an 82% increase in productivity and a 67% reduction in order delivery times [8]

华勤技术股份有限公司 简式权益变动报告书 上市公司名称：华勤技术股份有限公司 上市地点：上海证券交易所 股票简称：华勤技术 股票代码：603296 信息披露义务人：海南创坚创业投资合伙企业（有限合伙） 住所/通讯地址：海南省海口市保税区（海口市南海大道168号）金盘路和坤大 厦538-1室 一致行动人：邹宗信 通讯地址：上海市浦东新区绿科路699号 权益变动性质：减少，减少后持股比例触及5%刻度 住所：上海市浦东新区******** 签署日期：二零二五年九月 信息披露义务人及其一致行动人声明 一、信息披露义务人及其一致行动人依据《中华人民共和国公司法》、 《中华人民共和国证券法》、《上市公司收购管理办法》、《公开发行证券的 公司信息披露内容提要与格式准则第15号－权益变动报告书》及其他相关的法 律、法规和规范性文件编写本报告书。 二、信息披露义务人及其一致行动人签署本报告已获得必要的授权和批准， 其履行亦不违反信息披露义务人及其一致行动人所任职或持有权益公司的章程 或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定， 本报告书已全面披露信息披露义务人及其一 ...

Group 1 - HuaQin Technology's stock increased by 5.05%, reaching 96.81 yuan per share, with a trading volume of 1.7 billion yuan and a turnover rate of 3.21%, resulting in a total market capitalization of 98.335 billion yuan [1] - The company, established on August 29, 2005, 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] Group 2 - According to data, one fund under Jiashi Fund holds a significant position in HuaQin Technology, with Jiashi Emerging Technology 100 ETF (515860) owning 119,100 shares, accounting for 5.16% of the fund's net value, making it the fourth-largest holding [2] - The Jiashi Emerging Technology 100 ETF (515860) was established on September 26, 2019, with a latest scale of 186 million yuan, achieving a year-to-date return of 44.56% and a one-year return of 88.47% [2] Group 3 - The fund manager of Jiashi Emerging Technology 100 ETF (515860) is Shang Ke, who has been in the position for 1 year and 246 days, managing total assets of 1.499 billion yuan, with the best fund return during the tenure being 83.45% [3]

Core Insights - The article highlights the remarkable growth of Huqin Technology Co., Ltd., which started as a small workshop in Shanghai 20 years ago and has evolved into a major player in the electronics manufacturing industry, providing end-to-end services for global tech brands [1][3]. Group 1: Company Overview - Huqin Technology has an annual shipment volume exceeding 200 million smart terminals, serving over 100 countries and regions worldwide [1]. - The company has transitioned from OEM to ODM, establishing a comprehensive "3+N+3" ecosystem that covers the entire supply chain of smart products, including smartphones, laptops, and data centers [3][5]. Group 2: Innovation and Growth - The founders of Huqin Technology chose a path of technological innovation and hard work, starting with a small team and gradually expanding their product offerings [3]. - The company emphasizes quality as its lifeline, with its abbreviation "HQ" being recognized by foreign clients as standing for "High Quality," reflecting both the company's commitment to quality and the recognition of Chinese technology [5]. Group 3: Strategic Location and Talent Acquisition - Shanghai's global talent and technological advantages were key factors in Huqin Technology's decision to establish its roots there, benefiting from local policies such as land supply incentives and talent subsidies [3]. - The company has established five R&D centers in China and manufacturing bases in Nanchang, Dongguan, as well as overseas in Vietnam, India, and Mexico, indicating a growing global footprint [5].

Core Insights - The article highlights the remarkable growth of Huqin Technology Co., Ltd., which started as a small workshop in Shanghai 20 years ago and has evolved into a major player in the electronics manufacturing industry, providing end-to-end services for global tech brands [1][3] Group 1: Company Overview - Huqin Technology has an annual shipment volume exceeding 200 million smart terminals, serving over 100 countries and regions worldwide [1] - The company has transitioned from OEM to ODM, establishing a comprehensive "3+N+3" ecosystem that covers smartphones, laptops, and data centers [3] Group 2: Innovation and Development - The founders of Huqin Technology chose a path of technological innovation, starting with a small team and gradually expanding their product offerings [3] - The company emphasizes quality as its lifeline, with its HQ acronym being recognized by foreign clients as "High Quality," reflecting both the company's standards and the recognition of Chinese technology [5] Group 3: Strategic Location and Talent Acquisition - Shanghai's global talent and technological advantages were key factors for Huqin Technology's establishment and growth, supported by favorable policies such as land supply and talent subsidies [3] - The company has established five R&D centers in China and manufacturing bases in Nanchang, Dongguan, Vietnam, India, and Mexico, expanding its global footprint [5]

Core Viewpoint - The article highlights significant trading activity in Huqin Technology, with a total of 600,000 shares traded on September 11, amounting to 51.98 million yuan, indicating strong institutional interest in the stock [2][3]. Trading Activity Summary - On September 11, Huqin Technology experienced 5 transactions on the block trading platform, with a total trading volume of 600,000 shares and a total transaction value of 51.98 million yuan [2]. - The transaction price was 86.63 yuan per share, representing a 6.00% discount compared to the closing price of 92.16 yuan on the same day [2][3]. - Institutional specialized seats were involved in all 5 transactions, with a net buying amount of 51.98 million yuan [2]. Stock Performance Summary - The closing price of Huqin Technology on September 11 was 92.16 yuan, reflecting a 9.40% increase, with a daily turnover rate of 4.74% and a total trading volume of 2.425 billion yuan [2]. - Over the past 5 days, the stock has increased by 10.00%, with a total net inflow of 200 million yuan [2]. Margin Financing Summary - The latest margin financing balance for Huqin Technology is 883 million yuan, which has increased by 56.29 million yuan over the past 5 days, representing a growth rate of 6.81% [3].

Summary of Key Points Core Viewpoint - On September 11, a total of 105 stocks were traded on the block trading platform, with a cumulative trading volume of 217 million shares and a total transaction value of 3.577 billion yuan, indicating active trading in the market [1]. Group 1: Top Block Trades - The highest transaction value was recorded by China Western Electric, with a single transaction amounting to 593 million yuan [1]. - Huatai Medical followed closely with a transaction value of 537 million yuan from one trade [1]. - Other notable stocks included Guangqi Technology, with a transaction value of 230 million yuan, and Huichuan Technology, with 129 million yuan [1]. Group 2: Stock Performance - China Western Electric saw a price increase of 0.78%, closing at 6.47 yuan, with a transaction price of 5.78 yuan, reflecting a discount of 10.66% [1]. - Huatai Medical's stock rose by 1.21%, closing at 309.53 yuan, with a transaction price of 248.20 yuan, showing a discount of 19.81% [1]. - Other stocks with significant price movements included Guangqi Technology (+3.21%), Huichuan Technology (+1.48%), and Tongcheng New Materials (+3.29%) [1].

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].