按2024年收益计，华曦达是全球第8大、中国第3大面向企业级客户的AI Home解决方案提供商。按2024 年销量计，华曦达是全球最大的Android TV智能终端供货商。全球AI Home解决方案市场规模持续增 长，预计2029年将达到2382亿美元。 华曦达是全球领先的AI Home整体解决方案提供商，提供硬件(AI Home基础设施及AI Home设备)和软件 解决方案(AI Home系统平台)，其AI Home解决方案让用户通过人工智能、云技术及物联网技术轻松掌 控居家环境。 中国证监会国际合作司1月23日发布《关于深圳市华曦达科技股份有限公司境外发行上市及境内未上市 股份"全流通"备案通知书》，对该公司境外发行上市及"全流通"事项予以备案确认。根据备案通知书， 华曦达拟发行不超过7,296.0万股境外上市普通股并在香港联合交易所上市。同时，公司221名股东拟将 所持合计19,018.6万股境内未上市股份转为境外上市股份，并在香港联合交易所上市流通。 ...

Core Viewpoint - The quality of IPO application documents in Hong Kong is declining, prompting regulatory concerns from the Hong Kong Securities and Futures Commission and the Stock Exchange of Hong Kong regarding non-compliance and inadequate document quality [1] Group 1: Regulatory Concerns - The joint letter from the Hong Kong Securities and Futures Commission and the Stock Exchange highlights a decline in the quality of new IPO applications, with issues such as poor document quality and insufficient review [1] - Specific concerns include unclear descriptions of business models and excessive use of promotional language in the submitted documents [1] Group 2: Case Studies of Companies - Shenzhen Huaxida Technology Co., Ltd. (Huaxida) presents itself as an "AI Home" concept, but its core product is essentially a TV box, which is a specific type of Android TV smart terminal [2][3] - Soul, a stranger social networking company, has altered its business model description multiple times during its IPO attempts, shifting from a "metaverse" focus to an "AI + immersive social platform" without changing its core service of matching users based on interests [4][5] Group 3: Operational Issues - The prevalence of "over-packaging" by sponsoring institutions is noted, where they exaggerate the business capabilities of issuers to attract investment [2] - The regulatory letter also points out that some sponsors failed to respond timely to regulatory inquiries, indicating a lack of understanding of basic facts regarding their cases [5] - Overwork and a focus on market expansion by investment banks may lead to neglect of quality control, resulting in errors in document submissions [6][8]

Core Insights - Shenzhen Huaxida Technology Co., Ltd. and Shenzhen Jiangbolong Electronics Co., Ltd. have established a joint innovation laboratory to focus on AI Home ecosystem development [1][3] Group 1: Joint Innovation Laboratory - The joint laboratory aims to build a technology verification system covering AI terminal development, focusing on AI devices and smart home scenarios [3] - The collaboration leverages Jiangbolong's expertise in semiconductor storage and memory chip design, validation, and packaging, alongside Huaxida's experience in AI Home device development [3][4] - The laboratory will address compatibility issues between storage chips and AI terminal devices, ensuring the stability and compatibility of AI models in complex reasoning scenarios [3] Group 2: Strategic Goals - Both companies aim to explore new AI storage packaging solutions for terminal applications, enhancing data transmission capabilities and creating a flexible foundational computing base [3][4] - The initiative will promote deep integration of AI storage technology, AI Home devices, and AI algorithms, forming an innovative system that spans from foundational storage to terminal devices and smart scenarios [3] Group 3: Leadership Statements - Huaxida's Chairman Li Bo emphasized the importance of this collaboration in enhancing core competitiveness and providing practical AI home ecosystem support [4] - Jiangbolong's Chairman Cai Huabo highlighted the laboratory as a platform for exploring innovative paths in storage and AI scene adaptation, supporting the development of the AI smart ecosystem [4] Group 4: Future Directions - The companies plan to deepen cooperation around key areas such as AI Home, edge AI, and multi-device collaboration, accelerating technological integration [4] - There is a commitment to expand ecological cooperation boundaries and build a more open, robust, and sustainable AI Home ecosystem [4]

Core Viewpoint - The company Huaxida is refocusing its IPO efforts from the Beijing Stock Exchange to the Hong Kong Stock Exchange, aiming to enhance its market position and invest in AI technology for smart home solutions. Group 1: Company Overview - Huaxida specializes in smart home solutions, primarily targeting enterprise clients and focusing on the application of AI technology in home environments [1] - The company generates revenue mainly from hardware sales, including digital video and network communication devices [1] - Its smart home solutions create a comprehensive ecosystem for managing and connecting smart devices throughout the home [1] Group 2: Financial Performance - Revenue figures for Huaxida are approximately 2.529 billion yuan in 2022, 2.367 billion yuan in 2023, and projected at 2.541 billion yuan in 2024 [1] - Net profit has declined significantly, with figures of 251 million yuan in 2022, 191 million yuan in 2023, and a projected 137 million yuan in 2024, representing a drop of over 23% in 2023 and over 28% in 2024 [1] - The decline in 2023 is attributed to increased R&D expenses, while the 2024 decline is due to reduced gross margins and rising operational costs [2] Group 3: Market and Revenue Sources - A significant portion of Huaxida's revenue comes from international markets, with overseas income of approximately 2.453 billion yuan in 2022, 2.269 billion yuan in 2023, and 2.406 billion yuan in 2024, accounting for 97.0%, 95.8%, and 94.7% of total revenue respectively [2] - The company's gross margin has decreased from 21.1% in 2023 to 19.0% in 2024, with further decline expected to 17.6% in the first half of 2025 [2] - The average selling price of digital video devices has dropped from 265 yuan per unit in 2022 to 202 yuan per unit in 2024, impacting gross margins [2]

Core Insights - Shenzhen Huaxida Technology Co., Ltd. has been included in the "2025 Shenzhen Top 500 Enterprises List" for the fourth consecutive year since 2022, highlighting its sustained growth and recognition in the industry [1][3] Group 1: Company Overview - Huaxida was established in 2003 and is recognized as a national high-tech enterprise, evolving from a digital TV set-top box provider to a global leader in AI Home solutions [3] - The company has achieved significant success in global market expansion, with its business covering over 100 countries and regions [3] Group 2: Financial and Market Position - The "Shenzhen Top 500 Enterprises List" ranks companies based on their operating income for the fiscal year 2024, incorporating various dimensions such as innovation capability and international development level [3] - Huaxida's AI Home solutions hold a significant position in the global market, with a high proportion of revenue coming from overseas, reflecting its international business characteristics [4] Group 3: Future Development and Strategy - In May 2025, Huaxida submitted an application for a mainboard listing on the Hong Kong Stock Exchange, marking a new phase in its IPO journey and a strategic move to deepen its global layout [3] - The company aims to continue enhancing its global AI Home strategy, focusing on technological innovation and ecosystem collaboration to promote sustainable smart living for global households [4] - The continuous recognition in the Shenzhen Top 500 not only demonstrates Huaxida's robust development in a complex market environment but also showcases its technological strength and market influence in the AI Home sector [4]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this application proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this application proof. Application Proof of Shenzhen SDMC Technology Co., Ltd. 深圳市華曦達科技股份有限公司 (the "Company") (a joint stock company incorporated in the People ...

Core Insights - The article highlights the strategic shift of Huaxida towards becoming an AI company, focusing on its AI Home solutions that aim to transform telecom operators from "network pipeline providers" to "smart living service providers" [1][4][12] - Huaxida's AI Home solutions have seen significant growth, with a 73.01% increase in sales revenue from AI Home devices in the first half of 2025, and an overall revenue growth of 51.23% [1][4] Group 1: Industry Challenges and Opportunities - The global telecom industry is facing a transformation phase, with operators lacking growth stories despite having users, as traditional broadband services become low-profit "pipeline businesses" [3][4] - There is a growing consumer demand for smart home services, creating a critical opportunity for operators to shift from selling connectivity to offering services [4][10] Group 2: Huaxida's Strategic Position - Huaxida has positioned itself as a key player in the AI Home sector, leveraging its technological capabilities and ecosystem partnerships to deliver comprehensive AI-driven home service solutions to operators [4][10] - The company has gained recognition from over 300 enterprises across more than 80 countries, including several Fortune 500 companies and top telecom operators in 13 regional markets [4][10] Group 3: Cedar AI Agent - The core of Huaxida's AI Home ecosystem is the Cedar AI agent, which has integrated with Google Gemini's latest model, enhancing its capabilities in multi-modal information input and precise intent recognition [6][7] - Cedar's evolution has expanded its functionality from entertainment to high-value areas such as security, energy management, and caregiving, transforming it into the central AI hub for home life [8][9] Group 4: Future Prospects - Huaxida plans to expand its market share through existing product lines while also exploring new growth avenues with innovative products like home robots and smart glasses [11][12] - The company is fostering strategic collaborations with partners like Tencent and Luxshare Precision to enhance its R&D capabilities in Home AI and robotics, promoting an open ecosystem approach [11][12]

Core Insights - The article highlights the strategic role of Huaxida in transforming the telecommunications industry through its AI Home solutions, positioning itself as a key player in the AI-driven smart home market [1][3][4]. Industry Context - The global telecommunications industry is facing challenges such as growth stagnation and service homogenization, with traditional broadband services becoming low-margin "pipeline businesses" [5]. - There is a growing consumer demand for smart home services, creating an opportunity for operators to shift from "selling connections" to "selling services" [5][6]. Company Strategy - Huaxida's AI Home solution is a comprehensive cloud-edge-end system that enables operators to transition from network providers to smart living service providers [3][4]. - The company has seen significant growth, with AI Home device sales revenue increasing by 73.01% in the first half of 2025, overall revenue growing by 51.23%, and net profit doubling [3][6]. Product Development - The core of Huaxida's AI Home ecosystem is the Cedar AI agent, which has advanced capabilities in multi-modal information input and precise intent recognition [7][8]. - Cedar has evolved from basic content retrieval to a more sophisticated system capable of recognizing household states and executing tasks autonomously, expanding its application from entertainment to security, energy management, and caregiving [8][9]. Technological Integration - Huaxida employs a cloud-edge-end collaborative architecture that enhances system intelligence, reduces response latency, and improves data privacy [9]. - The company is the largest global supplier of Android TV smart terminals, leveraging this advantage to enhance AI application layers and user interaction experiences [9][10]. Ecosystem Collaboration - Huaxida's AI Home solutions are fully compatible with the Matter standard, positioning the company as an ecosystem coordinator that can integrate various brands and devices [10]. - The company is actively collaborating with industry partners, including Tencent and Luxshare Precision, to develop innovative products like home robots and smart glasses [13]. Future Outlook - Huaxida plans to expand its market share through existing product lines while exploring new growth opportunities in home robotics and smart glasses [11][13]. - The company's approach to open collaboration and resource integration is expected to accelerate the fusion of AI with home scenarios, establishing AI Home as a core business model for operators [11][13].

Core Insights - Shenzhen Huaxida Technology Co., Ltd. reported a strong performance in the first half of 2025, achieving revenue of 1.537 billion yuan, a year-on-year increase of 51.23%, and a net profit of 103 million yuan, up 100.53% year-on-year [1] - The company's sales of AI Home devices generated revenue of 1.234 billion yuan, marking a significant growth of 73.01%, which was the main driver of overall performance [1] - Huaxida's business has expanded to over 80 countries and regions, serving more than 300 enterprise clients, demonstrating the effectiveness of its "technology + channel" strategy [1] Business Overview - Huaxida is positioned as the eighth largest provider of AI Home solutions globally and the third largest in China, according to Frost & Sullivan [2] - The company plans to launch the Cedar AI smart agent based on Gemini technology in 2024, enhancing user experience through high-precision intent recognition and context-aware actions [2] - The product matrix includes a full range of AI+ products, such as Wi-Fi routers, streaming devices, projectors, cameras, and smart home hubs, creating a complete ecosystem of "hardware + software + services" [2] Global Operations - Huaxida has established four overseas subsidiaries and built regional customer service teams to enhance its global service network [3] - The company has formed strategic partnerships with leading firms, including Tencent, which holds a 3.15% stake, and has collaborated with companies like Google and Netflix to drive technological innovation [3] Recent Developments - Huaxida participated in the Google Cloud AI Asia Summit in Singapore, discussing AI technology trends and applications with industry leaders [4] - The company has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for product upgrades, new technology development, and global business expansion [7] - The IPO is expected to provide Huaxida with the capital needed to enhance its position in the global AI Home solutions market and improve user experiences through advanced technologies [7]

Core Insights - Shenzhen Huaxida Technology Co., Ltd. has established itself as a leading global provider of AI Home solutions, leveraging deep technical expertise and strategic foresight [1][4] - The company ranks eighth globally and third in China in the enterprise-level AI Home solutions market, showcasing its international influence and market competitiveness [1][4] Industry Overview - The global AI Home market is experiencing explosive growth, with market size projected to increase from $53.5 billion in 2020 to $88.6 billion by 2024, reflecting a compound annual growth rate (CAGR) of 13.4% [4] - By 2029, the market size is expected to surge to $238.2 billion, with a five-year CAGR of 21.9%, indicating significant growth potential for companies in this sector [4] Company Strengths - Huaxida offers a comprehensive full-stack solution that includes hardware and software, creating a complete AI Home ecosystem [3] - The product range includes AI Home infrastructure, devices, and a key AI Home system platform, integrating advanced technologies such as edge computing and environmental perception [4][6] - The company has successfully integrated Matter device connectivity and launched the Cedar AI smart agent, enhancing its capability to build a complete AI Home ecosystem [4][6] Financial Performance - According to the IPO prospectus, Huaxida reported revenues of RMB 2.529 billion, RMB 2.367 billion, and RMB 2.541 billion for the years 2022, 2023, and 2024, respectively [5] - Corresponding net profits for the same years were RMB 251 million, RMB 191 million, and RMB 137 million, indicating fluctuations in profitability [5] Market Position - Huaxida has become the largest global supplier of Android TV smart terminals, achieving significant market leadership in this segment [5] - The company’s ability to maintain hardware scale advantages while enhancing software platform value will be crucial for its transition from a hardware supplier to a high-value AI Home ecosystem builder [6]