Huaqin Technology (SH:603296) Zhong Guo Zheng Quan Bao·2025-09-17 15:03Core Viewpoint - Huqin Technology Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange to optimize its shareholder structure and enhance its capital position, aligning with its international development strategy [1][6]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately CNY 926.46 billion, CNY 853.38 billion, CNY 1,098.78 billion, and CNY 839.39 billion respectively [2][3]. - Net profit for the same periods is approximately CNY 25.14 billion, CNY 26.57 billion, CNY 29.16 billion, and CNY 19.08 billion [2][3]. Revenue Breakdown - Revenue sources include mobile terminals (smartphones, tablets, wearables), computing and data center products, AIoT products (smart home devices, XR products, gaming hardware), and innovative products (automotive electronics, industrial products, robotics) [5][6]. - The company has a high proportion of overseas revenue, with overseas sales for 2022, 2023, 2024, and the first half of 2025 being approximately CNY 614.05 billion, CNY 562.91 billion, CNY 564.03 billion, and CNY 393.81 billion, representing 66.3%, 66.0%, 51.3%, and 46.9% of total revenue respectively [6]. R&D Investment - R&D expenditures for 2022, 2023, 2024, and the first half of 2025 are approximately CNY 50.47 billion, CNY 45.48 billion, CNY 51.56 billion, and CNY 29.63 billion, accounting for 5.4%, 5.3%, 4.7%, and 3.5% of total revenue respectively [5][6]. Market Position - The company is a leading ODM platform for smart products, ranking fourth globally and first in mainland China for notebook ODM shipments in 2024 [5]. - The company has established long-term strategic partnerships with leading global technology firms, continuously creating commercial value for its clients [5].