张一鸣王兴身家171亿老乡，冲刺港交所

Core Viewpoint - Company Huqin Technology is officially pursuing an IPO on the Hong Kong Stock Exchange to enhance its global strategy and international presence [3][6]. Company Overview - Founded in 2005, Huqin Technology has evolved into a leading global ODM player in the smart hardware sector, starting from mobile motherboard design [5][14]. - The company has established a "3+N+3" global smart product platform strategy, focusing on smartphones, laptops, and servers as its core products [5][7]. Financial Performance - In 2024, Huqin Technology's revenue surpassed 100 billion yuan, reaching 109.88 billion yuan, a year-on-year increase of 28.76% [9]. - For the first half of the year, the company reported revenue of 83.94 billion yuan, with a year-on-year growth of 113.06% [9]. - The net profit attributable to shareholders for the first half of the year was 1.889 billion yuan, up 46.3% year-on-year [9]. Strategic Initiatives - The company aims to leverage the Hong Kong listing for rapid expansion and to facilitate future refinancing and acquisitions [6][7]. - Huqin Technology plans to deepen its "3+N+3" strategy, expand its customer base, and increase R&D investment to explore future growth opportunities [6][7]. Global Expansion - Huqin Technology has established manufacturing bases in Vietnam and India, with plans to expand into Mexico and other markets [6][12]. - Approximately 50% of the company's main business revenue comes from overseas sales, indicating a strong international market presence [12]. R&D and Innovation - The company holds over 3,300 domestic registered patents and more than 50 international patents, ranking first among Chinese ODM manufacturers in terms of registered patents [9]. - R&D expenses have increased, with 2024 figures showing a commitment to innovation despite fluctuating profit margins [10][11]. Challenges and Risks - The company's gross margin has shown instability, dropping to 7.4% in the first half of the year, influenced by competitive pressures and reliance on major clients [10][11]. - Accounts receivable and inventory have significantly increased, indicating potential liquidity challenges [11].