张一鸣老乡，靠做代工年入1099亿元，3年或迎2个IPO

Core Viewpoint - The company Huakin Technology is preparing for an IPO on the Hong Kong Stock Exchange, highlighting its ambition for international expansion and capital market value maximization after its previous A-share listing two years ago [2][9][10]. Company Overview - Huakin Technology, known as the "King of OEM," has submitted its prospectus for a listing on the Hong Kong main board, with CICC and Bank of America serving as joint sponsors [2]. - The company was founded by Qiu Wensheng, who has a notable background in the telecommunications industry, having previously worked at ZTE Corporation [5][6]. 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 8.1% [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%, with a net profit of 1.889 billion yuan, up 46.3% [8]. Market Position and Strategy - Huakin Technology is the largest smartphone ODM manufacturer globally and ranks fourth in the notebook ODM market in 2024 [8]. - The company has established manufacturing bases in Vietnam, India, and Mexico, with overseas revenue accounting for 46.92% of total revenue in the first half of 2025 [2]. IPO Purpose and Use of Funds - The funds raised from the IPO will be used for R&D investment, expanding and optimizing the global manufacturing system, strategic investments, and working capital [16]. - The company aims to enhance its competitiveness and market position through this IPO, facilitating overseas mergers and acquisitions and attracting foreign strategic investors [15][16]. Challenges and Concerns - Despite strong revenue growth, Huakin Technology faces challenges with low profit margins and high investment requirements, as indicated by fluctuating gross profit margins of 9.85%, 11.33%, and 9.30% from 2022 to 2024 [11]. - The company reported a cash outflow of approximately 1.522 billion yuan from operating activities in the first half of 2025, a significant decline of 246.2% year-on-year [12].