Group 1 - JunDa Co., Ltd. announced that the comprehensive cost-effectiveness of perovskite photovoltaic technology in extreme space environments remains to be verified [2][5] - The company has invested 30 million yuan to acquire a 16.67% stake in Starwing Chip Energy, but no formal business agreement has been signed for space photovoltaic projects [2][5] - The technology shows potential advantages in lightweight, low cost, and high radiation resistance, but long-term reliability and cost-effectiveness in space are still uncertain [2][5] Group 2 - Aotewei stated that the "space photovoltaic" sector is still in the early exploration and research phase, with significant uncertainties in the industrialization process [3] - The company emphasized that product development to commercial application requires a considerable period, and the impact of related positive expectations on actual operating performance is highly uncertain [3] Group 3 - Tongyu Communications announced its participation in the A1 round financing of Beijing Blue Arrow Hongqing Technology, investing 30 million yuan for a 1.8293% stake [3] - The company will transition from direct to indirect ownership of Hongqing Technology through a partnership agreement [3] Group 4 - Huajin Technology received approval from the China Securities Regulatory Commission for the issuance of H-shares, planning to issue up to 101,573,100 shares [4] - Trina Solar announced a change in the use of remaining raised funds, reallocating 1.7 billion yuan to a new project for distributed smart photovoltaic power station construction [4][5] Group 5 - Yunnan City Investment plans to publicly transfer a 10.5% stake in Qicai Company with a base price of 293 million yuan [6] - Zijin Mining announced the completion of the second phase of the Giant Dragon Copper Mine, increasing production capacity to 350,000 tons per day [6] Group 6 - Shuaifeng Electric expects a net profit loss of 43 million to 62 million yuan in 2025, with potential delisting risk warnings for its stock [7] - Anqi Yeast plans to invest 222 million yuan in a green manufacturing project for yeast products with an annual output of 12,000 tons [7] Group 7 - Zhengzhou Coal and Electricity announced the cessation of production at the Chaohua Coal Mine due to resource depletion and safety risks, expecting a 311 million yuan impairment loss [8] - Oujing Technology announced partial production line shutdowns at its subsidiaries to reduce losses and operating costs [8] Group 8 - North Car Blue Valley plans to invest in the construction of a high-end platform model industrialization and digital upgrade project with a total investment of 1.991 billion yuan [9] - Jingzhida signed a significant contract worth 1.311 billion yuan for semiconductor testing equipment [9] Group 9 - Yanghe Co. announced a cash dividend plan for 2025-2027, committing to distribute no less than 100% of net profit each year [10] - Yanghe Co. also projected a net profit decline of 62.18% to 68.30% for 2025 due to market adjustments and increased channel inventory [10] Group 10 - Huitong Energy expects a net profit decrease of 69.51% to 75.82% for 2025, primarily due to the absence of non-recurring income from property relocation rewards [11] - Dahua Co. reported a net profit increase of 32.65% for 2025, driven by business optimization and cost control [12] Group 11 - Hangzhou Bank reported a net profit increase of 12.05% for 2025, maintaining a stable non-performing loan ratio [12] - Aotejia expects a net profit increase of 41.85% to 79.67% for 2025, supported by sales growth and cost control measures [12] Group 12 - Shenke Co. anticipates a net profit increase of 65.75% to 98.9% for 2025, benefiting from overseas strategy and revenue growth [13] - Pioneering Technology expects a net profit increase of 50.82% to 109.21% for 2025, driven by product technology iterations and market expansion [13] Group 13 - Shanchuang Technology expects a net profit increase of 81.77% to 134.78% for 2025, fueled by demand for enterprise-level storage products [14] - Anshuo Information anticipates a net profit increase of 52.44% to 98.83% for 2025, with government subsidies contributing to the growth [14] Group 14 - Zhongwei Company expects a net profit increase of 28.74% to 34.93% for 2025, driven by increased customer recognition of its plasma etching equipment [15] - Jingfang Technology anticipates a net profit increase of 44.41% to 52.32% for 2025, benefiting from the automotive industry's growth [16] Group 15 - Fuda Alloy expects a net profit increase of 119.14% to 219.95% for 2025, driven by strong demand in emerging applications [17] - Feirongda anticipates a net profit increase of 57.23% to 83.43% for 2025, supported by stable growth in communication and cooling business [17] Group 16 - Licheng Performing Arts expects a net profit decrease of 12.75% to 32.21% for 2025, impacted by regional travel environment fluctuations [22] - Lisheng Pharmaceutical anticipates a net profit increase of 116.77% to 138.44% for 2025, driven by market expansion and product sales [23] Group 17 - JMC reported a net profit decrease of 22.71% for 2025, despite a 2.07% increase in total revenue [27] - Daoshi Technology expects a net profit increase of 206.01% to 269.76% for 2025, driven by overseas business expansion [28] Group 18 - Jin Kai New Energy plans to repurchase shares worth 500 million to 600 million yuan, with a maximum repurchase price of 7.5 yuan per share [29] - Longyun Co. announced a stock suspension due to plans to acquire a 58% stake in Yuheng Film Industry [30]

格隆汇1月23日丨华勤技术(603296.SH)公布，公司于近日收到中国证券监督管理委员会（以下简称"中 国证监会"）出具的《关于华勤技术股份有限公司境外发行上市备案通知书》（国合函〔2026〕207号） （以下简称"备案通知书"）。备案通知书主要内容如下： 一、公司拟发行不超过101,573,100股境外上市普通股并在香港联合交易所上市。二、自本备案通知书出 具之日起至本次境外发行上市结束前，公司如发生重大事项，应根据境内企业境外发行上市有关规定， 通过中国证监会备案管理信息系统报告。三、公司完成境外发行上市后15个工作日内，应通过中国证监 会备案管理信息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关法律、法规 和规则。四、公司自本备案通知书出具之日起12个月内未完成境外发行上市，拟继续推进的，应当更新 备案材料。 ...

Core Viewpoint - Huqin Technology (603296.SH) is advancing its strategic goal of establishing an "A+H" dual capital platform by submitting an H-share listing application to the Hong Kong Stock Exchange in September 2025 and receiving the overseas listing filing notice from the China Securities Regulatory Commission in January 2026, marking a significant step in its global expansion and competitive enhancement [1] Group 1: Business Strategy - The company adheres to a "3+N+3" business strategy, focusing on three mature business areas: smartphones, laptops, and data centers, along with a variety of derivative products, which solidifies its industry-leading position [1] - The company is proactively incorporating robotics into its core layout, alongside automotive electronics and software, creating three new growth drivers that support a development model where mature businesses provide stable cash flow and technological accumulation while emerging businesses open future growth opportunities [1] Group 2: Global Competitive Advantage - Huqin Technology has developed a unique global core competitiveness termed ODMM, which stands for Operation, Development, Manufacturing, and Mechanical, showcasing the company's comprehensive control from R&D to manufacturing [2][3] - The operational side emphasizes full-chain digitization to achieve industry-leading operational efficiency and global delivery capabilities, while the R&D side leverages 20 years of experience to implement efficient multi-category R&D through the IPD process [3] - The manufacturing segment focuses on global layout and intelligent manufacturing capabilities, including automation, digitization, and sustainability, to meet diverse customer delivery needs [3] Group 3: Capital Market Strategy - The H-share listing is a critical strategic milestone for Huqin Technology, expected to inject core momentum into its next growth phase by broadening its global capital access [4] - Listing on the Hong Kong Stock Exchange will enhance the company's international brand credibility, providing a strong endorsement of its governance, financial transparency, and long-term potential, which will help build trust with global clients and partners [4] - The listing will also optimize governance and talent mechanisms, as the high standards of regulation and information disclosure will promote continuous improvement in the company's governance structure and attract top talent globally [4]

累计担保情况 证券代码：603296 证券简称：华勤技术 公告编号：2026-006 华勤技术股份有限公司 关于对外担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | | | | | | 南昌华勤电子科技有限公司、东莞 | | --- | --- | --- | --- | --- | --- | | | | 被担保人名称 | | 华贝电子科技有限公司等 | 家子公 12 | | 担 | 保 对 | | 司 | | | | 象 | | 本次担保金额 | 130.11 | 亿元 | | | | | 实际为其提供的担保余额 | 268.61 | 亿元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | | 担保 | | 本次签 | 本协议 项下实 | 是否 | 是否 | 被担保 人其他 | | --- | --- | --- | --- ...

二、自本备案通知书出具之日起至本次境外发行上市结束前，公司如发生重 大事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息 系统报告。 证券代码：603296 证券简称：华勤技术 公告编号：2026-007 华勤技术股份有限公司 关于发行境外上市股份（H 股） 获得中国证监会备案的公告 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。 华勤技术股份有限公司（以下简称"公司"）于近日收到中国证券监督管理委 员会（以下简称"中国证监会"）出具的《关于华勤技术股份有限公司境外发行上 市备案通知书》（国合函〔2026〕207 号）（以下简称"备案通知书"）。备案通 知书主要内容如下： 一、公司拟发行不超过 101,573,100 股境外上市普通股并在香港联合交易所 上市。 三、公司完成境外发行上市后 15 个工作日内，应通过中国证监会备案管理 信息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关 法律、法规和规则。 四、公司自本备案通知书出具之日起 12 个月内未完成境外发行上市，拟继 续推进的，应当更 ...

Summary of Huqin Technology (603296.SH) Conference Call Company Overview - **Company**: Huqin Technology (603296.SH) - **Industry**: Intelligent Hardware ODM (Original Design Manufacturer) Key Points Financial Performance - **2025 Revenue Forecast**: Expected to reach between 170 billion to 171.5 billion CNY, representing a year-on-year growth of 54.7% to 56.1% [1] - **Net Profit Forecast**: Anticipated net profit between 4 billion to 4.05 billion CNY, indicating a year-on-year increase of 36.7% to 38.4% [1] Strategic Focus and R&D - **Core Technologies**: Emphasis on edge AI and full-stack computing capabilities, with significant R&D investments creating global competitive barriers [1] - **R&D Workforce**: Over 10,000 technical personnel focused on key areas such as smart terminals, high-performance computing, automotive and industrial products, and AIoT [1] Market Position and Product Offering - **ODM Capabilities**: Strong R&D and manufacturing capabilities in the server ODM sector, offering a full-stack product portfolio including general servers, storage servers, AI servers, and switches [2] - **Client Diversification**: Top 5 clients account for just over 50% of revenue, indicating a diversified and resilient business structure [2] - **Strategic Investments**: Investment in chip integration to enhance upstream collaboration and secure core chip production capacity [2] Industry Trends and Growth Drivers - **AI and Digital Transformation**: Benefiting from rapid global growth in AI computing and digital transformation, with core business maintaining high growth [2] - **Cloud Spending Growth**: Global cloud spending projected to grow by 20% in 2024, reaching 321.3 billion USD, driven by the rapid expansion of AI models [2] - **AI Device Penetration**: AI smartphone and PC penetration rates expected to reach 19% and 27% respectively in 2024, aligning with the company's strategic positioning [2] Product Expansion and Market Adaptability - **Product Matrix**: Expanded from traditional smart terminal ODM to high-growth sectors such as data centers, automotive electronics, and robotics [3] - **Key Partnerships**: Providing AI servers and switches to major clients like Alibaba, Tencent, and ByteDance, establishing itself as a strategic supplier [3] - **New Product Development**: Successful delivery of full-stack products for automotive electronics and significant shipment of AIoT devices [4] Growth Potential and Investment Outlook - **Revenue Projections**: Expected revenues for 2025, 2026, and 2027 are 1710.30 billion CNY, 2106.27 billion CNY, and 2586.57 billion CNY respectively, with net profits of 40.30 billion CNY, 55.21 billion CNY, and 77.54 billion CNY [6] - **Investment Rating**: Target price set at 125.1 CNY with a "Buy-A" investment rating based on a 23x PE for 2026 [6] Risk Factors - **Market Competition**: Increasing competition in the market [7] - **Industry Cycles**: Risks associated with industry cycles [7] - **Trade and Policy Risks**: International trade tensions and policy restrictions [7] - **Raw Material Price Fluctuations**: Risks related to the volatility of key raw material prices [7]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with Zijin Mining, BAIC Blue Valley, and Huqin Technology leading the rankings with target price increases of 65.69%, 40.29%, and 39.15% respectively, across the industrial metals, passenger vehicles, and consumer electronics sectors [1][2]. Group 2 - On January 22, a total of 24 listed companies received recommendations from securities firms, with Lihigh Food receiving 2 recommendations, while companies like Baolong Oriental and BAIC Blue Valley received 1 recommendation each [4]. - The companies that received first-time coverage on January 22 include BAIC Blue Valley with a "Buy" rating from Guotai Junan Securities, Yanzhou Coal with an "Outperform" rating from Guosen Securities, Hezhu Intelligent with a "Buy" rating from Huayuan Securities, and Jiachih Technology with a "Buy" rating from Kaiyuan Securities [5][6].

Core Viewpoint - Huqin Technology expects significant growth in revenue and net profit for the fiscal year 2025, driven by advancements in artificial intelligence and a robust product strategy [1][4]. Group 1: Financial Performance - The company anticipates revenue between 170 billion to 171.5 billion yuan, representing a year-on-year increase of 54.7% to 56.1% [1]. - Net profit is projected to be between 4 billion to 4.05 billion yuan, with a growth rate of 36.7% to 38.4% compared to the previous year [1]. Group 2: Strategic Initiatives - The company is leveraging its "3+N+3" smart product platform strategy and global industrial layout to enhance service capabilities across various sectors, including mobile terminals, personal computers, data centers, and automotive electronics [4][7]. - A recent issuance of 800 million yuan in technology innovation bonds, with a subscription multiple of 2.71, aims to optimize the company's financing structure [4]. Group 3: Business Development - The company maintains a competitive edge in both emerging and traditional sectors, with a focus on long-term strategic investments [5]. - The PC business is expected to exceed 30% revenue growth in the first three quarters of 2025, with total revenue projected to surpass 30 billion yuan [5]. - The data center business is performing exceptionally well, with revenue expected to double, reaching over 40 billion yuan for the year [7]. Group 4: Market Position and Challenges - The company has established itself as a leading ODM manufacturer in the smartphone sector, with a projected shipment increase of over 20% in the laptop business [6]. - A unique procurement model helps the company mitigate risks associated with rising storage chip prices, ensuring stable gross margins [6].

Core Viewpoint - Huqin Technology is expected to achieve significant revenue and profit growth in 2025, reflecting strong development momentum and a successful strategic transformation [1][2]. Group 1: Financial Performance - The company anticipates a total revenue of between 170 billion to 171.5 billion yuan for 2025, representing a year-on-year growth of 54.7% to 56.1% [1]. - The projected net profit attributable to shareholders is between 4 billion to 4.05 billion yuan, indicating a year-on-year increase of 36.7% to 38.4% [1]. Group 2: Business Structure and Strategy - Huqin Technology has established itself as a leading ODM platform with a diverse range of smart products, including smartphones, tablets, wearables, laptops, and data infrastructure [1]. - The company has adopted a "3+N+3" strategic model, focusing on smartphones, laptops, and data centers as core areas while exploring emerging sectors like robotics, automotive electronics, and software [1][2]. - In terms of revenue structure, the company reported that smartphones, data products, and personal computers accounted for approximately 30%, 30%, and 20% of revenue respectively, with other product lines contributing around 20% [2]. Group 3: Market Position and Emerging Business - Huqin Technology maintains a strong market position in traditional sectors, being the top ODM provider for smartphones, tablets, and wearables, and holding the leading position in the laptop market in mainland China [2]. - The data center business is recognized as a significant growth pillar, serving major cloud service providers [2]. - The company has made substantial progress in emerging businesses, including the automotive electronics sector, which has achieved scale production in smart cockpit and assisted driving areas, and the robotics sector, which has developed its first-generation bipedal humanoid robot [2][3]. Group 4: Future Outlook - The robotics market is expected to grow significantly, driven by rising labor costs, advancements in AI computing power, decreasing supply chain costs, and supportive government policies [3]. - Huqin Technology plans to continue deepening its "3+N+3" platform strategy to enhance existing business advantages and drive innovation in robotics, automotive electronics, and software [3].

Summary of Huqin Technology Conference Call Company Overview - **Company**: Huqin Technology - **Industry**: Technology, specifically focusing on consumer electronics, data services, and automotive electronics Key Points Financial Performance - **2025 Revenue**: Expected to reach between 170 billion to 171.5 billion RMB, a year-on-year increase of 54.7% to 56.1% [3] - **Net Profit**: Projected at 4 billion to 4.05 billion RMB, reflecting a growth of 36.7% to 38.4% [3] - **Q4 Performance**: Anticipated revenue of 41.12 billion to 42.62 billion RMB, with a year-on-year growth exceeding 20% [3] Business Segments - **Mobile Devices**: Maintains industry leadership with significant growth in smartphones, tablets, and wearables, achieving over 50% growth [9] - **Data Services**: Revenue reached over 40 billion RMB, nearly doubling year-on-year, with AI servers accounting for over 70% of this segment [10] - **Automotive Electronics**: Revenue surpassed 1 billion RMB for the first time, with over 100,000 smart cockpit units delivered [22] - **PC Business**: Expected to grow from 18 million units in 2025 to over 21 million in 2026, with a growth rate of over 20% [20] Growth Projections - **2026 Revenue Target**: Expected to exceed 200 billion RMB, with a growth rate of over 15% [8] - **Long-term Goal**: Aim to achieve 300 billion RMB in revenue and a net profit margin exceeding 3% within three years [2] Market Position and Strategy - **Global Manufacturing**: Enhanced global manufacturing strategy with a focus on Vietnam and India, achieving peak shipments of nearly 3 million units per month [5] - **R&D Investment**: Projected R&D spending of over 6 billion RMB in 2025, ranking among the top 50 in A-share companies [6] - **Product Innovation**: Showcased over 130 core technologies, including high-end cockpit platforms and AI solutions [7] Challenges and Responses - **Supply Chain Issues**: Anticipated global smartphone shipment decline of 10% to 15% due to rising storage chip prices, but the company plans to mitigate this through increased product launches and ODM penetration [17] - **AI and Robotics**: Focus on AI glasses and robotics, with plans for mass production of AI terminals and industrial robots in 2026 [19][23] Competitive Landscape - **CSP Client Growth**: Significant capital expenditure growth among major cloud service providers, with expectations for increased demand for super node technology [13] - **Market Share**: Aiming to solidify position as a core supplier for top cloud vendors, with a target of becoming a leading supplier in the AI segment [10] Employee and Corporate Governance - **Employee Stock Ownership Plan**: Reduction plan in place, with a maximum of 4% annual reduction to avoid stock price impact [24][25] - **IPO Progress**: Actively pursuing a Hong Kong IPO, currently awaiting regulatory approval [26] Conclusion Huqin Technology is positioned for significant growth across multiple sectors, with a strong focus on innovation, global manufacturing, and strategic partnerships. The company is navigating challenges in the supply chain while maintaining a robust growth trajectory and preparing for future market demands.