近期，香港证监会、港交所联名致函IPO保荐人，称旨在表达监管层对近期所递交的新上市申请中所观 察到的质量下滑，以及某些不合规行为的监管关切。 据了解，信函提及的不合标准的情况包括所提供的上市文件品质差劣，审查不足，如涉及业务模式的描 述不够清晰、过度使用宣传用语。 实操层面，保荐机构"过度包装"发行人业务的现象并不鲜见。 例如冲刺港股IPO的深圳市华曦达科技股份有限公司（下称"华曦达"）便打出"AI Home"概念，但核心 产品就是电视盒。 华曦达在港股招股书中称其业务解决方案可让用户借助云技术、物联网及AI技术的应用，利用数字视 讯设备、网络通信设备及系统平台轻松掌控居家环境。 事实上，华曦达的核心产品就是电视盒。 信风注意到，华曦达在2023年北交所上市申报材料中曾坦承"公司的销售收入主要以Android TV智能电 视终端的收入为主。" Android TV智能电视终端属于电视盒的细分类型。 随着港股IPO项目数目的增多，上市申请文件质量问题逐渐暴露。 例如在天润科技冲刺上市过程中，北交所原本要求天润科技及其保荐机构开源证券补充募投项目租赁产 房落实情况，包括协议签订时间、租赁价格及费用等。 但是开源证 ...

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]

今年5月的港股IPO申请资料失效后，华曦达再次向港交所递表。华曦达聚焦智能家居领域，此前曾计 划在北交所上市。不过，2024年，公司撤回在北交所上市的申请，并于今年5月转向港交所上市。 华曦达是面向企业客户的智慧家庭解决方案提供商，致力推动AI技术在家庭空间场景的落地应用。公 司的收益主要来自销售硬件产品，即数字视讯设备及网络通信设备。 公司毛利率方面，自2023年达到21.1%后，2024年公司毛利率下滑至19.0%，2025年上半年进一步降至 17.6%。公司毛利率下降主要由于销售数字视讯设备的毛利率下降。招股书资料显示，数字视讯设备的 平均售价2022年为265元/件，2024年该产品均价降至202元/件。与此同时，原材料价格波动对公司毛利 率也影响较大。公司表示，以更具竞争力的价格采购关键原材料的能力会影响其毛利率及盈利能力。 智慧家庭解决方案指一套连接及管理全屋智能设备的综合家庭生态系统，可实现全屋网络覆盖和设备交 互。公司主要客户包括全球电信运营商、贸易公司及电子产品零售商，业务遍及全球多个国家和地区。 财务资料显示，2022年、2023年及2024年，华曦达实现营业收入分别约25.29亿元、23 ...

深圳市华曦达科技股份有限公司近日再次入选"2025深圳企业500强榜单"，这是该公司自2022年以来连续第四年获得这一荣誉。该榜单由深圳市企业联合 会、深圳市企业家协会于2025年10月28日正式发布。 此次连续四年入选深圳企业500强，不仅体现了华曦达在复杂市场环境中的稳健发展，也展现了公司在AI Home领域的技术实力和市场影响力。随着公司 港股IPO进程的推进，华曦达有望在全球智慧家庭领域实现更大突破。 公开资料显示，华曦达成立于2003年，是一家国家级高新技术企业，从最初的数字电视机顶盒相关业务，逐步发展成为全球领先的AI Home整体解决方案 提供商。公司在全球市场布局方面取得显著成效，业务覆盖100多个国家和地区。 据悉，"深圳企业500强榜单"以企业2024年度营业收入作为主要排序依据，并从创新能力、国际化发展水平等多维度构建评估体系，是衡量深圳企业综合 实力的重要参考。 2025年5月，华曦达向香港联交所递交主板上市申请，开启港股IPO新征程。此举被视为公司深化全球战略布局的重要举措。此次转战港股市场，将有助 于公司进一步拓展海外业务。 在技术研发方面，华曦达AI Home解决方案全面兼容Go ...

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]

Industry Overview - The global AI Home solutions market is experiencing explosive growth, with the market size increasing from $6.6 billion in 2020 to $13 billion by 2024, representing a compound annual growth rate (CAGR) of 18.5%. It is expected to reach $34.3 billion by 2029, with a projected growth rate of 21.4% over the next five years. This growth is driven by upgrades in smart hardware, accelerated global network infrastructure, and the implementation of AI large models in home scenarios, particularly due to the rising demand for bundled software and hardware solutions from operators in Europe and the US [1]. Company Profile - Shenzhen Huaxida Technology Co., Ltd. ranks eighth globally and third in China in the AI Home solutions market by revenue in 2024, establishing itself among the industry leaders [1]. - Huaxida's core competitiveness lies in its "hardware + platform + ecosystem" integrated capabilities. Its product range includes AI Home infrastructure (such as Wi-Fi 7 routers and optical network terminals) and AI Home devices (including smart TV boxes, projectors, and cameras). The company is expected to ship 8.85 million Android TV terminals in 2024, leading the global market [3]. Technological Advancements - The company has established significant technological barriers through continuous innovation. It became one of the first Chinese companies to receive Google Android TV certification in 2017 and the first global ODM manufacturer to obtain Google TV projector certification in 2023. The launch of its 10G Wi-Fi 7 router in 2022, featuring tri-band Mesh networking and millisecond roaming capabilities, allowed it to seize early opportunities in the B2B market [3]. Financial Performance - Huaxida has demonstrated stable financial resilience, with revenues consistently around 2.5 billion RMB from 2022 to 2024 (25.29 billion, 23.67 billion, and 25.41 billion RMB). R&D investment increased from 96.44 million to 161 million RMB during the same period, with the R&D expense ratio rising to 6.6%, highlighting its technology-driven strategic positioning [4]. - The company plans to establish a joint laboratory with Luxshare Precision in June 2025 to focus on AI Home Agent, smart hubs, and terminal device development, leveraging both companies' strengths in scenario definition and manufacturing [4]. Strategic Initiatives - Huaxida has submitted its IPO application to the Hong Kong Stock Exchange in May 2025, marking the beginning of a new phase of capitalization. Its future strategy will focus on three axes: upgrading technology, transforming revenue structure by increasing software service contribution from 1.2% to 30%, and expanding its ecosystem through deeper partnerships with Google and Netflix, as well as exploring cross-industry applications in healthcare and energy management [4]. Market Positioning - Huaxida is transitioning from a device manufacturer to a leader in the AI Home ecosystem, as evidenced by its recognition with the "Shenzhen Industrial Award," the highest honor in Shenzhen's industrial sector. The company aims to leverage the $34.3 billion market opportunity to drive the global shift from "hardware interconnectivity" to an "active intelligence" era in households [5].