Core Viewpoint - Huqin Technology (603296.SH), a leading global smart product platform company, has made progress in its Hong Kong listing application, aiming to raise funds primarily for R&D, global strategic investments, and working capital [2][3]. Group 1: Listing Progress - On September 16, Huqin Technology submitted its application for listing on the Hong Kong Stock Exchange, with CICC and BofA Securities as joint sponsors [2][3]. - The funds raised from the listing will support R&D, domestic and international manufacturing capacity expansion, global strategic investments, and working capital [3]. Group 2: Financial Performance - In the first half of 2025, Huqin Technology achieved a revenue of 839.39 billion yuan, a 113.06% increase from 393.97 billion yuan in the same period of 2024 [6]. - The net profit attributable to shareholders reached 18.89 billion yuan, up 46.30% from 12.91 billion yuan in the previous year [6]. - The overseas revenue for the first half of 2025 was 393.8 billion yuan, a 92% increase from 205.3 billion yuan in the same period of 2024, accounting for 46.9% of total revenue [4][5]. Group 3: R&D and Innovation - Huqin Technology has invested approximately 177 billion yuan in R&D over the past three and a half years, with R&D expenses as a percentage of total revenue decreasing from 5.45% to 3.53% [7]. - The company holds over 3,300 domestic patents and more than 50 international patents, ranking first among ODM manufacturers in China in terms of registered patent authorizations [7]. Group 4: Market Position and Strategy - Huqin Technology has established a global dual-cycle manufacturing layout, with domestic manufacturing centers in Nanchang and Dongguan, and overseas bases in Vietnam, Mexico, and India [4]. - The company serves major global tech brands, including Samsung and Asus, providing end-to-end integrated solutions across various smart product categories [4].

Group 1: Investor Relations Activities - The investor relations activities included specific object research and meetings with various investment firms and analysts [2][3] - Notable participants included representatives from Longjiang Communication, Guotai Junan, and multiple funds such as Changsheng Fund and Penghua Fund [2][3] Group 2: H-Share Listing Plans - The company plans to issue H-shares and has disclosed a preliminary announcement on September 8, 2025, regarding the listing process [3] - The core purpose of the H-share listing is to implement an "A+H" dual capital platform strategy, aimed at enhancing production capacity and global service support [3][4] - The listing will facilitate stock incentives for the core team, aligning interests between shareholders and the company [4] Group 3: Business Performance and Orders - The current order amount for the optoelectronic business is approximately CNY 662 million, with expectations for improved profitability in Q3 and Q4 [4] - The company anticipates that the demand for silicon photonics and related technologies will drive future growth [5][6] Group 4: Market Trends and Future Outlook - The semiconductor industry is entering a new era, with significant competition in photonic technologies and quantum technologies [5] - The company is actively developing solutions for 1.6T silicon photonics and collaborating on projects for 3.2T modules [6] - The photovoltaic sector is currently under pressure, but the company plans to expand into overseas markets like India and the Middle East to support its solar business [6][7] Group 5: Capacity Planning and Integration - The company is adjusting its production capacity to meet the growing demand in the optoelectronic sector, ensuring timely delivery to clients [7][8] - Following the acquisition of ficonTEC, the company aims to enhance its operational capabilities and integrate ficonTEC into its management framework [8][9]