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].

盘后数据出炉。 1月22日，A股市场整体上涨。截至收盘，上证指数报4122.58点，上涨0.14%；深证成指报14327.05点，上涨0.5%；创业板指报3328.65点，上涨1.01%；北 证50指数上涨0.69%。 | | | 今日资金净流出前五大行业 | | | --- | --- | --- | --- | | 行业 | 涨跌幅 | 净流入资金 (亿元) | 资金流出较多个股 | | 申子 | 0. 45% | -162.44 | 北方华创 | | 电力设备 | 0. 47% | -141. 27 | 宁德时代 | | 汽车 | 0. 25% | -105. 16 | 山子高科 | | 医药生物 | 0. 10% | -83. 28 | 恒瑞医药 | | 非银金融 | 0. 38% | -70. 84 | 中国平安 | 1.A股市场主力资金净流出104.42亿元 今日A股市场主力资金开盘净流出78.12亿元，尾盘净流入17.97亿元，A股市场全天主力资金净流出104.42亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- ...

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].

Core Viewpoint - The power semiconductor industry in China is experiencing rapid growth and transformation, driven by domestic substitution and government support, particularly in the context of the booming electric vehicle market. Companies like Weizhao Semiconductor are positioning themselves as leaders in this evolving landscape by pursuing public listings and expanding their product offerings in high-value segments [1][2]. Group 1: Industry Trends - The power semiconductor sector has entered a phase of domestic substitution since 2018, with significant demand from the electric vehicle market driving local manufacturers to accelerate their entry into the industry [1]. - The rise of third-generation semiconductor technologies, such as silicon carbide (SiC) and gallium nitride (GaN), is pushing the Chinese power semiconductor industry towards more efficient applications [1]. - The industry is witnessing a shift from traditional products like diodes and thyristors to high-value products, facilitated by the successful listings of several local power semiconductor companies [1]. Group 2: Company Overview - Weizhao Semiconductor, established in December 2012, has undergone significant capital expansion since its delisting from the New Third Board in April 2020, completing six rounds of financing within two and a half years, leading to a valuation increase from 450 million RMB to 2.888 billion RMB [2][3]. - The company has a diverse shareholder structure, including industry capital from companies like OPPO and Intel Asia Pacific, as well as state-owned capital, indicating strong confidence in its future development [5]. - Weizhao Semiconductor has developed a comprehensive product matrix that includes both low and high voltage power semiconductor devices, with applications in consumer electronics, automotive electronics, and industrial power supplies [5][6]. Group 3: Financial Performance - Weizhao Semiconductor has shown steady revenue growth, with projected revenues of 575 million RMB in 2023 and 624 million RMB in 2024, alongside net profits of 13.977 million RMB and 19.353 million RMB respectively [7]. - The company's revenue growth is significantly driven by the rapid increase in WLCSP product sales, which accounted for 42% of total revenue in the first three quarters of 2025, up from 28% in 2023 [7][8]. - The overall gross margin improved from 15.9% to 23.8% due to the rising contribution of high-margin WLCSP products [7]. Group 4: Competitive Landscape - The Chinese power semiconductor market is still dominated by foreign manufacturers, with a projected domestic market penetration rate of only 35.6% by 2024, indicating substantial room for growth [9]. - Weizhao Semiconductor ranks sixth among domestic non-IDM suppliers in terms of market share, holding only 0.5% of the market, highlighting the intense competition within the industry [9][10]. - The company faces competition from both international giants like Infineon and domestic players such as Huazhu Micro and Silan Micro, particularly in the mid-to-low voltage MOSFET market [10]. Group 5: Challenges and Risks - Weizhao Semiconductor's R&D spending is relatively low, accounting for only 6.6% to 7.6% of total revenue, which may hinder its ability to maintain a competitive edge as technology evolves [11]. - The company has yet to establish a strong presence in the high-voltage power semiconductor market, with high-voltage products contributing less than 2% to total revenue as of the first three quarters of 2025 [11].