Core Insights - Huawei's terminal devices running HarmonyOS 5 have officially surpassed 10 million units [1] - The development of the HarmonyOS ecosystem has been significantly supported by popular applications such as WeChat, Alipay, Douyin, Taobao, Amap, WPS, and JD, contributing to the rapid growth of the user base [4] - According to IDC's latest report, Huawei is projected to regain the top position in the domestic smartphone market with an 18.1% share by Q2 2025 [4] - Huawei's chairman expressed gratitude towards users for their support of HarmonyOS and announced plans to thank users by selecting 100 phones [4]

Group 1 - Huawei recently launched the HUAWEI MatePad Pro 12.2-inch, which is fully equipped with HarmonyOS 5, marking a significant advancement in tablet productivity towards desktop-level professional drawing and creative applications [2] - Wankey Technology's Wankey MindMap is the first professional mind mapping software deeply adapted to the HarmonyOS tablet, showcasing its core features that enhance user efficiency in daily learning and work [2] - The Wankey MindMap HarmonyOS version validates the capability of HarmonyOS tablets to support complex professional applications and establishes a new paradigm for cross-end collaboration within the Harmony ecosystem [2] Group 2 - Wankey Technology has accelerated its layout in the Harmony ecosystem, with products like Wankey MiaoYing, Wankey MindMap, and Wankey Diagram already adapted to the Harmony system [3] - A comprehensive cooperation agreement was signed between Wankey Technology and Huawei Terminal Co., aiming to jointly build the HarmonyOS ecosystem [3] - Wankey Technology has launched the Wankey Tianmu multimedia model 2.0 and is actively recruiting for the 2026 class, offering competitive salaries to attract top talent [3]

Investment Rating - The investment rating for the company is "Buy," indicating a potential return exceeding 10% relative to the CSI 300 index over the next six months [20]. Core Insights - The company is focusing on a multi-dimensional layout in the "AI + HarmonyOS" market, leveraging its partnership with Huawei to enhance its service offerings across various sectors including finance, government, and energy [2][3]. - The company has experienced a revenue growth decline during the transition period from 2023 to 2024, with expected growth rates of -14.44% and -0.97% respectively, but anticipates a recovery with growth rates of 6.74% and 9.37% in the following years [2][13]. - The company aims to build a comprehensive AI technology stack, including AI-native ERP solutions and various AI applications tailored for key industries [2][3]. Summary by Sections 1. IT Services and Business Outlook - The company is stabilizing its IT service core business, focusing on AI and HarmonyOS integration, and has maintained its leading position in the Huawei cloud ecosystem for seven consecutive years [2][3]. - Revenue projections for 2024 show a total of approximately 16,950.73 million, with a slight decline expected, followed by a recovery in subsequent years [11][16]. 2. Revenue Forecast - The Technical Professional Services Group (TPG) is expected to see a revenue decline of 1.7% in 2024, while the Internet Information Technology Services Group (IIG) anticipates a 4.0% increase due to growth in Agent products and HarmonyOS solutions [13][16]. - Revenue growth rates for TPG are projected at 7.00%, 10.00%, and 10.00% from 2025 to 2027, while IIG is expected to grow at 5.00% annually during the same period [14][15]. 3. Financial Performance - The company's net profit attributable to shareholders is projected to decline by 28.10% in 2024, with subsequent growth rates of 19.46%, 18.21%, and 12.77% in the following years [11][19]. - Earnings per share (EPS) are expected to increase from 0.19 in 2024 to 0.30 by 2027, reflecting a positive trend in profitability [11][19].

Investment Rating - The industry investment rating is maintained at "Overweight" [2][8] Core Insights - Huawei launched its first tablet featuring HarmonyOS 5.0, marking a significant expansion of the native Harmony ecosystem [4][6] - The new Huawei MatePad Pro 12.2-inch (2025 version) showcases a 30% increase in overall performance and a 20% improvement in operational smoothness compared to previous models without HarmonyOS [5][6] - The tablet is positioned as a high-end device for productivity and creativity, with multiple AI features and a comprehensive upgrade in hardware and software [6][7] Summary by Sections Industry Performance - The electronic industry has shown a recovery trend since 2025, with strong demand for AI infrastructure and hardware upgrades driven by advancements in AI technology [7][14] Product Launch - Huawei's MatePad Pro 12.2-inch (2025 version) is the first to come pre-installed with HarmonyOS 5.0, enhancing its software ecosystem and capabilities [4][6] - The tablet supports various AI functionalities, including intelligent split-screen and real-time handwriting adjustments, making it suitable for diverse use cases [5][6] Investment Opportunities - The report highlights investment opportunities in AI infrastructure and edge-side System on Chip (SoC) sectors, with specific companies recommended for attention, such as Cambricon, Chipone, and Aojie Technology [8][14]

Core Insights - Huawei's HarmonyOS ecosystem is expanding rapidly, with over 40 devices now running HarmonyOS 5, which includes more than 260 new features and over 280,000 developer submissions [1][2] - The launch of the HUAWEI MatePad Pro 12.2-inch marks Huawei's entry into the high-end tablet market, with a starting price of 3999 yuan, positioning it against Apple's offerings [1][4] Group 1: HarmonyOS Expansion - HarmonyOS 5 is being adopted across various Huawei devices, including tablets, computers, and wearables, with tablets being the second most important hardware category after smartphones [2][3] - The operating system has been designed to enhance productivity, with new applications like WPS Office and video editing tools being introduced [2][3] - Huawei aims to achieve a significant user base for HarmonyOS, with internal encouragement for employees to adopt the system [3][4] Group 2: Competitive Landscape - Huawei's MatePad Pro 12.2-inch is priced between 3999 and 5099 yuan, while Apple's iPad Pro starts at 7399 yuan, indicating a competitive pricing strategy in the high-end market [4][5] - Xiaomi is also entering the high-end tablet market, aiming to compete directly with Apple, with its recent product launches and a significant increase in market share [5][6] - In Q1, Huawei led the Chinese tablet market with a 34.5% share, followed by Apple at 22.5%, indicating a competitive landscape where both companies are key players in the premium segment [6][7]

Core Viewpoint - Huawei has achieved comprehensive coverage of HarmonyOS 5 across key terminal categories, including smartphones, computers, wearables, smart screens, automotive systems, and tablets, with over 40 devices now running the operating system [1]. Group 1: Market Competition - The competition in the terminal market has shifted from a focus on individual device performance to breaking down ecological barriers between devices, which is crucial for Huawei to gain an advantage [1]. - The integration of computer applications into mobile devices and tablets is a significant step towards building a "multi-end native ecosystem" for HarmonyOS [1]. Group 2: Technical Development - Building a software ecosystem bridge between smartphones, tablets, and computers is complex due to different interaction methods, requiring intricate adaptation processes [2]. - Huawei has developed a PC application engine based on the HarmonyOS native framework, enabling the deployment of PC-level applications on tablets, thus enhancing performance to be closer to that of PC operations [3]. Group 3: Application Examples - Applications like WPS Office have been adapted for HarmonyOS, allowing for a near 1:1 replication of desktop functionalities on tablets, facilitating seamless transitions between devices for document editing [4]. - Industrial software such as Zhongwang CAD is now available on HarmonyOS, providing comprehensive tools for professional scenarios like industrial design and architectural drawing, achieving a near-PC experience on tablets [4]. Group 4: Ecosystem Development - The long-term health of the HarmonyOS ecosystem relies not only on technical breakthroughs but also on generating positive commercial outcomes that engage all participants in the ecosystem [4]. - As HarmonyOS iterates and terminal devices increase in volume, the focus is shifting towards cross-device capabilities and the construction of a productivity matrix for mobile terminals [4].

Core Viewpoint - Huawei's new MatePad Pro 12.2-inch tablet represents a significant advancement in both hardware and software, aiming to transform the tablet from an entertainment device to a professional productivity tool, leveraging the HarmonyOS ecosystem for deeper integration across devices [1][6]. Group 1: Product Features and Innovations - The new tablet features a novel cooling architecture and integrates HarmonyOS 5, resulting in a 30% performance increase, a 20% improvement in operational smoothness, and a 53% enhancement in split-screen and multi-window capabilities [2]. - The introduction of desktop-level software applications, such as WPS Office and CAD software, marks a shift in the tablet's functionality, allowing it to compete more directly with PCs [2][3]. - The tablet's design allows seamless connectivity with Huawei's ecosystem, including smartphones and laptops, breaking down barriers between devices [2][3]. Group 2: Market Position and Impact - Huawei holds a 34.5% market share in the Chinese tablet market, leading over Apple, which has a 22.5% share, indicating strong competitive positioning [3]. - The launch of the new tablet is expected to intensify competition in the high-end tablet market, as it redefines the tablet's role within the broader HarmonyOS ecosystem [3]. Group 3: Ecosystem Development - The release of the new tablet completes the HarmonyOS ecosystem's coverage across key devices, including smartphones, tablets, PCs, wearables, and more, solidifying its market presence [2][3]. - The involvement of various companies in the supply chain, such as Luxshare Precision and Huizhou Guanghong Technology, highlights the growing maturity of the HarmonyOS ecosystem [4]. - Partnerships with companies like Softcom and Xinwanda for system development and battery supply further enhance the ecosystem's robustness [4][5].

Core Viewpoint - The success of Huawei's HarmonyOS ecosystem is closely tied to the effectiveness of productivity tools and capabilities in the commercial sector [1][4]. Group 1: Product Launch and Ecosystem Development - On July 24, Huawei launched the HUAWEI MatePad Pro 12.2-inch tablet equipped with HarmonyOS 5, completing the coverage of HarmonyOS 5 across key terminal categories including smartphones, computers, wearables, smart screens, and automotive systems [1]. - Over 40 devices are now running on HarmonyOS 5, indicating a significant expansion of the ecosystem [1]. - The integration of applications such as ZWS CAD, WPS Office, and Jianying Pro on HarmonyOS tablets marks a breakthrough in bridging the mobile and computer software ecosystems [1]. Group 2: Market Competition and Ecosystem Integration - The current competition in the terminal market has shifted from focusing solely on device performance to breaking down ecological barriers between devices [1]. - Huawei aims to establish a "multi-end native ecosystem" by extending computer applications to smartphones and tablets, which is crucial for gaining a competitive edge [1]. Group 3: Technical Challenges and Solutions - Building a software ecosystem bridge between smartphones, tablets, and computers is complex due to different interaction methods, such as keyboard and mouse reliance for computers versus touch for mobile devices [3]. - Huawei has developed a PC application engine under the HarmonyOS framework, enabling the deployment of "HarmonyOS computer applications" on tablets, providing a near-PC operational experience [3]. - WPS Office and industrial software like ZWS CAD have been adapted for HarmonyOS, allowing for a similar experience on tablets as on PCs [3]. Group 4: Future Prospects and Collaboration - The development of HarmonyOS is moving towards cross-device capabilities and the establishment of a productivity matrix as the ecosystem matures [4]. - Huawei is fostering a native development system through partnerships, which is essential for the commercial success of productivity tools and capabilities, ultimately determining the long-term viability of the HarmonyOS ecosystem [4].

Core Viewpoint - The launch of the HUAWEI MatePad Pro 12.2-inch, equipped with HarmonyOS 5, marks a significant advancement in tablet technology, enabling a professional productivity experience on mobile devices that was previously limited to simplified software versions [1][6]. Group 1: Product Launch and Features - The HUAWEI MatePad Pro 12.2-inch is the first tablet to fully integrate HarmonyOS 5, allowing for a seamless transition from PC to mobile productivity applications [1]. - The introduction of the professional version of Jianying (剪映) on HarmonyOS tablets signifies a breakthrough in providing users with both simplified and comprehensive editing tools, catering to diverse creative needs [2][6]. Group 2: Innovative Technology and User Experience - Unique features such as finger drag-and-drop for cross-window material sourcing and mouse sharing across devices enhance the editing experience, allowing users to easily transfer content between devices [4]. - AI-assisted features in the Jianying professional version, including automatic subtitle generation, smart color adjustment, and AI-generated stickers, significantly improve the editing process and user creativity [4]. Group 3: Industry Impact and Future Developments - The collaboration with ByteDance to launch the professional version of Jianying on HarmonyOS tablets represents a milestone in combining professional capabilities with portability, setting a benchmark for the industry [6]. - Future updates for the Jianying professional version will introduce more advanced editing and AI capabilities, further enhancing the user experience and solidifying HarmonyOS's position in the market [6].

Core Insights - Huawei has officially launched the new HUAWEI MatePad Pro 12.2 inches, fully equipped with HarmonyOS 5, marking the completion of the HarmonyOS 5 deployment across core terminal categories including smartphones, tablets, computers, wearables, smart screens, and automotive systems [1] - The new tablet features a range of desktop-level productivity applications, indicating a significant advancement in the HarmonyOS ecosystem and its multi-device deployment capabilities [1][2] Group 1: Product Launch and Features - The MatePad Pro 12.2 inches is the first device to integrate "HarmonyOS computer applications" into the tablet system, providing a near-PC operating experience with applications developed for the HarmonyOS native framework [2][3] - The HarmonyOS version of WPS Office has been developed with a desktop-level UI, allowing for comprehensive editing of documents, spreadsheets, and presentations, and supports seamless collaboration across devices [3] - The collaboration with Zhongwang CAD enables the tablet to support industrial design and architectural drawing, offering a complete toolset for creating, editing, and viewing CAD drawings [3] Group 2: Ecosystem Development - HarmonyOS is evolving from a "mobile-centric" approach to a "multi-end native" development, bridging the software ecosystem between tablets and computers, which aligns with trends seen in major companies like Apple [2][4] - The HarmonyOS ecosystem has expanded significantly, moving beyond smartphones to include tablets, PCs, wearables, and automotive terminals, indicating a strategic shift in focus [4][5] - The growth of the HarmonyOS ecosystem relies on continuous developer investment and a robust value return mechanism for ecosystem partners, as the number of native applications still lags behind iOS and Android [5]