Core Points - The company announced that two reserved incentive recipients have left the company and are no longer eligible for the incentive plan [1] - Six other reserved incentive recipients have partially met or failed their personal performance assessments for 2024 [1] - The company will repurchase and cancel 22,236 shares of restricted stock that were granted but not yet released from restrictions due to the above changes [1] - The cancellation date for these shares is set for October 28, 2025 [1]

证券代码：603296 证券简称：华勤技术 公告编号：2025-097 华勤技术股份有限公司 股权激励限制性股票回购注销实施公告 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： ● 回购注销原因：华勤技术股份有限公司（以下简称"公司"）2023年限制 性股票激励计划（"本次激励计划"）中，2名预留授予激励对象因个人原因已 离职，不再具备激励资格，6名预留授予激励对象2024年个人绩效考核结果部分 达标/不达标或降职。根据《上市公司股权激励管理办法》、公司《2023年限制 性股票激励计划（草案）》（以下简称《激励计划（草案）》）的相关规定，公 司决定将前述激励对象已获授但尚未解除限售的22,236股限制性股票进行回购 注销（"本次回购注销"）。 ● 本次回购注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 22,236 | 22,236 | 年 2025 | 10 | 月 28 | 日 ...

北京市中伦律师事务所 关于华勤技术股份有限公司 | 一、激励计划及本次回购的批准与授权 | | --- | | 二、本次回购的具体情况 | | 三、结论意见 | l 2023 年限制性股票激励计划回购注销 部分限制性股票事项的 法律意见书 二〇二五年十月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 3 ZHONG LUN B2 中倫 律 師 事 務 所 法律意见书 目 录 北京市中伦律师事务所 关于华勤技术股份有限公司 2023 年限制性股票激励计划回购注销 部分限制性股票事项的 法律意见书 致： ...

Core Viewpoint - The company has decided to repurchase and cancel 22,236 restricted shares due to the departure of 2 incentive recipients and performance issues with 6 others [1] Group 1 - The repurchase price is adjusted to 28.05 yuan per share, totaling 623,700 yuan, funded by the company's own resources [1] - The company has applied for a special securities account for the repurchase and submitted the cancellation application [1] - After the repurchase, the total share capital will decrease from 1,015,754,580 shares to 1,015,732,344 shares [1]

Group 1: Foreign Investment in Shanghai - Shanghai Lujiazui Financial City hosts over 47,000 enterprises, contributing nearly half of the city's tax revenue with 1/7 of the city's foreign enterprises [1] - In the first five months of this year, nearly 2,500 new foreign enterprises were established in Shanghai, with actual foreign investment exceeding $7.6 billion [2] - Shanghai has become a hub for multinational companies' regional headquarters and foreign R&D centers, supported by policies like the Shanghai Foreign Investment Regulations [2] Group 2: Company Growth and Strategy - Huakin Technology, a company founded 20 years ago, aims to become a Fortune Global 500 company within five years, reporting a revenue of 83.9 billion yuan in the first half of 2025, with a growth rate of 113% [3] - The company invested 2.96 billion yuan in R&D in the first half of the year, aligning its growth trajectory with the development of China's electronic communication industry [3][4] - Huakin Technology's new strategic layout includes three core businesses and three emerging fields, focusing on robotics, software, and automotive electronics [3] Group 3: Supportive Business Environment - Schneider Electric has established a strong presence in Shanghai, recognizing it as a key market and supply chain base, benefiting from local talent and government support [5] - The company emphasizes a "China-centric" strategy, integrating R&D, production, supply, sales, and service to enhance its competitive strength [5] - The Shanghai government supports industrial development, as seen in Schneider's collaboration with local authorities to improve smart manufacturing levels [5] Group 4: Cross-Border E-commerce Growth - Shanghai has achieved significant growth in cross-border e-commerce, with an annual growth rate exceeding 35% since the 14th Five-Year Plan [8] - In 2024, the cross-border e-commerce cargo volume at Pudong Airport reached 477,700 tons, a 30% increase year-on-year, making it the leading airport for such cargo in China [8] - The Shanghai Airport Group has implemented a pilot program to facilitate the transportation of sensitive goods, enhancing the efficiency of cross-border e-commerce operations [9] Group 5: Logistics and Customs Innovations - The "linked unloading" model at Yangshan Port improves logistics efficiency by integrating customs clearance processes, reducing overall logistics costs for foreign trade enterprises [10] - The new model allows for expedited customs procedures, significantly decreasing the time required for goods to leave the port [10] - The collaboration between Yangshan Port and Haining Port exemplifies efforts to lower logistics costs and enhance operational efficiency in the supply chain [10]

Core Insights - The global ODM smartphone shipment volume is expected to grow by 7% year-on-year in the first half of 2025, with Huakin and Longqi maintaining their leading positions in the industry [4][10] - The overall global smartphone shipment volume is projected to increase by 2% year-on-year, while outsourced design orders are expected to rise by 7%, indicating that OEM manufacturers are increasing ODM outsourcing to cope with intense market competition and cost pressures [5][11] - ODM-designed smartphones accounted for 43% of the total global shipment volume, marking the highest level for the same period since 2019 [5] ODM Market Analysis - The ODM industry is undergoing a restructuring phase, with Huakin and Longqi continuing to hold strong positions. Tianlong Mobile has shown significant growth, ranking third in the industry [9] - Lixun Precision has taken over most of the ODM customer resources from Wentai, but the integration and uplift of ODM business will take time, currently ranking fourth in the market [9][10] - Other ODM manufacturers are actively exploring new business areas such as customized products, LED, and AIoT, although these new ventures are unlikely to yield significant short-term profits [9] Future Outlook - The ODM smartphone shipment volume is expected to have growth potential in the coming years, as mainstream ODMs continue to diversify their business [10][11] - OEM manufacturers are likely to increase their outsourcing ratios to alleviate operational pressures amid ongoing global economic challenges [11] - The report provides a comprehensive assessment of the strategic choices between outsourcing and in-house production among major brands, as well as insights into the evolving roles of upstream participants, including semiconductor suppliers [11]

Group 1: Foreign Investment in Shanghai - The Lujiazui Financial City in Shanghai hosts over 47,000 enterprises, contributing nearly half of the city's tax revenue with 1/7 of the city's foreign enterprises [1] - In the first five months of this year, nearly 2,500 new foreign enterprises were established in Shanghai, with actual foreign investment exceeding $7.6 billion [2] - Shanghai has become a hub for multinational companies' regional headquarters and foreign R&D centers, supported by policies like the Shanghai Foreign Investment Regulations [2] Group 2: Company Growth and Strategy - Huakin Technology, a company founded 20 years ago, reported a revenue of 83.9 billion yuan in the first half of 2025, with a growth rate of 113% [3] - The company has invested 2.96 billion yuan in R&D in the first half of the year and aims to become a global top 500 company within five years [3][4] - Huakin Technology's strategic layout includes three core businesses and three emerging fields, indicating a strong alignment with the development of China's electronic communication industry [3] Group 3: Supportive Business Environment - Schneider Electric has established a strong presence in Shanghai, benefiting from supply chain advantages, talent availability, and government support [5] - The company emphasizes a "China-centric" strategy, integrating R&D, production, supply, sales, and service to enhance its competitive strength [5] - The Shanghai government has implemented various policies to support foreign enterprises, including collaborations to improve smart manufacturing levels [5] Group 4: Cross-Border E-commerce Growth - Shanghai has achieved significant growth in cross-border e-commerce, with an annual growth rate exceeding 35% since the 14th Five-Year Plan [8] - In 2024, the cross-border e-commerce cargo volume at Pudong Airport reached 477,700 tons, a 30% increase year-on-year, making it the top airport in the country for this sector [8] - The Shanghai Airport Group has developed a pilot program to facilitate the transportation of sensitive goods, enhancing the efficiency of cross-border e-commerce operations [9] Group 5: Logistics and Customs Innovations - The "linked unloading" model has been introduced to streamline customs processes, reducing logistics costs and improving operational efficiency for foreign trade enterprises [10] - This model allows for integrated monitoring of cargo movements, significantly cutting down the time required for customs clearance [10] - The new logistics approach is expected to lower the logistics costs by approximately 200 yuan per container, enhancing the overall trade environment [10]

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Views - The company reported a significant increase in net profit and revenue for the first nine months of 2025, driven by the demand from AI data centers, achieving a revenue of 1.068 billion RMB and a net profit of 680 million RMB, representing year-on-year growth of 28% and 65% respectively [6]. - The company is positioned as a leading supplier of data center switches in the internet industry, benefiting from increased capital expenditures from clients and ongoing improvements in operational efficiency [6][9]. - The report anticipates that major internet companies will begin a new round of bidding for data center equipment in 2026, which will further solidify the company's market share [9]. Financial Performance - The company achieved a gross margin of 34.08% in the first nine months of 2025, a slight decrease of 1.42 percentage points year-on-year, attributed to increased competition and cost-cutting demands from clients [8]. - The report forecasts revenue growth for the upcoming years, with projected revenues of 11.699 billion RMB in 2024, 15.153 billion RMB in 2025, and 18.670 billion RMB in 2026, reflecting growth rates of 1.36%, 29.52%, and 23.21% respectively [5]. - The net profit attributable to the parent company is expected to reach 574.08 million RMB in 2024, 1.202 billion RMB in 2025, and 1.735 billion RMB in 2026, with growth rates of 43.09%, 109.36%, and 44.36% respectively [5]. Market Position - The company holds a market share of 20.2% in the Ethernet switch market and 25.6% in the data center switch market, ranking third in China [7]. - The company has maintained its position as the top supplier of 200G/400G data center switches for 14 consecutive quarters [7]. Future Outlook - The report highlights the expected increase in capital expenditures from major internet firms, with ByteDance and Alibaba projected to invest 160 billion RMB and 120 billion RMB respectively in 2025 [9]. - The company has launched a new stock incentive plan to enhance internal operations and motivation among employees [9].

Core Viewpoint - The company has established strong partnerships with leading domestic server manufacturers and internet enterprises, enhancing its reputation in the data center business [2] Group 1: Business Partnerships - The company has delivered products to well-known domestic server system manufacturers such as Inspur, Foxconn, Huawei, Lenovo, ZTE, and H3C [2] - The company maintains close cooperation with top domestic internet enterprises, which has led to high recognition from clients [2]

Core Points - The company will hold an investor briefing on October 28, 2025, from 15:00 to 16:30 [2][4] - The briefing will be conducted via video recording and online interaction at the Shanghai Stock Exchange Roadshow Center [3][4] - Investors can submit questions from October 21 to October 27, 2025, and the company will address common concerns during the briefing [2][5] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center [4] - Key participants include the Chairman, General Manager, Financial Officer, Board Secretary, and Independent Director [4] - Investors can join the meeting online and ask questions in real-time [4][5] Participation Information - Investors can log in to the Shanghai Stock Exchange Roadshow Center to participate in the briefing [4][5] - Questions can be pre-submitted through the Roadshow Center's website or via the company's email [2][5] - Contact information for inquiries includes the Board Office's phone number and email [5]