香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 Shanghai Longcheer Technology Co., Ltd. 上海龍旗科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長註冊前， 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅 依據送呈與香港公司註冊處處長註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內供公 眾查閱 ...

Group 1 - The core viewpoint of the news is that Longqi Technology (603341) has submitted its Hong Kong IPO prospectus, which will expire six months after submission, with Citigroup, Haitong International, and Guotai Junan International as joint sponsors [1] Group 2 - Longqi Technology is a leading global provider of smart products and services, offering comprehensive solutions including product research, design, manufacturing, and support for well-known smart product brands and leading technology companies [2] - The company has developed a diversified product portfolio that includes smartphones, AI PCs, automotive electronics, tablets, smartwatches/bands, and smart glasses, with core clients including Xiaomi, Samsung Electronics, Lenovo, Honor, OPPO, and vivo [2] - According to Frost & Sullivan, Longqi Technology is the second-largest consumer electronics ODM manufacturer globally based on ODM shipment volume in 2024, and it ranks first in the global smartphone ODM market for the same year [2]

Core Viewpoint - Longqi Technology's IPO on the Hong Kong Stock Exchange marks a significant step in its international capital strategy, aimed at enhancing its capital strength and global brand influence while supporting AI innovation and multi-business collaboration [1] Group 1: Globalization Strategy - The core strategic goal of Longqi Technology's IPO is to enhance capital strength and competitiveness, improve international brand image, and support global business development [2] - The company has established a "China R&D + Global Manufacturing" collaborative system, positioning itself as a leader in the global consumer electronics ODM market [2] - Longqi has set up production centers in Huizhou, Nanchang, Vietnam, and India, and has branches in the US, South Korea, and Japan, allowing for flexible capacity allocation to meet global demand and mitigate geopolitical risks [2] Group 2: R&D and Customer Support - Longqi has optimized global resource allocation by creating a "domestic R&D hub + overseas localized support" system, ensuring 24/7 technical service for overseas clients [3] - The company has established R&D centers in multiple Chinese cities, focusing on core technology and product innovation, which enhances customer loyalty and supports business expansion [3] Group 3: Fundraising and Investment Focus - The IPO funds will be directed towards expanding overseas production capacity, enhancing local production in Vietnam to meet growing demand from European and North American clients [4] - Investments will also focus on improving production efficiency and building overseas R&D and marketing teams to support business development [4] - Strategic investments or acquisitions will be pursued to strengthen technological positioning and expand the ecosystem [4] Group 4: Business Strategy and Growth - Longqi's "1+2+X" product strategy aims to create a growth pattern characterized by core stability, emerging explosions, and diversified collaboration [5] - The company is the second-largest consumer electronics ODM globally and the largest smartphone ODM, with a projected shipment of 173 million smartphones in 2024, capturing a market share of 32.6% [5] - The AI PC and automotive electronics sectors are emerging growth areas, with expectations for significant market expansion by 2026 [6] Group 5: Emerging Technologies and Partnerships - Longqi is actively involved in the smart hardware sector, particularly in smart glasses, and has secured orders for new AI smart glasses projects [7] - The company collaborates with leading internet clients and has established strategic partnerships in the AI/AR industry to enhance technological capabilities [7] - Longqi is also exploring opportunities in AI robotics, partnering with Zhiyuan Robotics to develop industrial-grade intelligent robot solutions [7] Group 6: Future Outlook - As the IPO progresses, Longqi aims to further enhance its global layout and deepen its core and emerging business strategies, benefiting from trends in AI terminal penetration and ODM industry consolidation [8] - The company is transitioning from a traditional ODM leader to a core supplier in the AI sector, with growth potential continuing to expand [8]

Core Viewpoint - Huakin Technology, a leading ODM enterprise, is expanding its capital market presence by applying for a listing on the Hong Kong Stock Exchange after two years on the Shanghai Stock Exchange, aiming for a dual listing strategy [3][4]. Company Overview - Established in 2005, Huakin Technology specializes in the R&D and manufacturing of smart products, providing solutions for mobile terminals, computing and data centers, and AIoT [3]. - The company is recognized as the largest consumer electronics ODM manufacturer globally, with a projected market share of 22.5% in 2024 [3]. Market Position - Huakin Technology holds significant market shares in various segments: 25.2% in smartphone ODM, 37.9% in tablet ODM, and 18.7% in wearable ODM [3]. - Major clients include global tech giants such as Samsung, Huawei, Xiaomi, Amazon, Asus, and Sony, with Samsung being a key customer [4][6]. Financial Performance - In 2024, Huakin Technology achieved revenues of 109.878 billion yuan and a net profit of 2.926 billion yuan [6]. - For the first half of 2025, the company reported revenues of 83.939 billion yuan, a year-on-year increase of 113.06%, and a net profit of 1.889 billion yuan, up 46.3% [6]. Profitability Challenges - Despite revenue growth, the company's profitability is under pressure, with a low gross margin of 9% in 2024 and a further decline to 7.67% in the first half of 2025, representing a year-on-year drop of 34.47% [6]. - The net profit margin also decreased to 2.25%, reflecting the challenges faced by ODM enterprises in converting revenue into profit [6]. Cash Flow and Working Capital Issues - The company experienced a net cash outflow of 1.522 billion yuan from operating activities in the first half of 2025, a decline of 246.21% year-on-year [6]. - High accounts receivable and inventory levels are significant factors affecting cash flow, with accounts receivable at 35.819 billion yuan and inventory at 14.258 billion yuan as of June 2025 [7]. Strategic Initiatives - In 2024, Huakin Technology introduced a "3+N+3 global smart product platform strategy" to diversify its business, focusing on consumer electronics, digital production solutions, and emerging sectors like robotics and electric vehicles [10]. - The company has engaged in several acquisitions to expand its operations, including the purchase of an 80% stake in Yiluda and investments in other technology firms [11]. Shareholder Activity - Prior to its Hong Kong listing, five major shareholder platforms initiated a share reduction plan, selling approximately 38.96 million shares, amounting to over 3.55 billion yuan [12].

Core Viewpoint - Longqi Technology has entered a significant strategic partnership with Zhiyuan Robotics, marking a major order in the domestic industrial embodied intelligent robot sector, with a framework order worth several hundred million yuan for the Zhiyuan Qiling G2 robot [2][4][6]. Group 1: Partnership Details - Longqi Technology announced a substantial order for the Zhiyuan Qiling G2 robot, which is part of a deep strategic cooperation with Zhiyuan Robotics focused on industrial applications [2][4]. - The partnership signifies Zhiyuan Robotics' first major collaboration with a leading consumer electronics ODM, indicating a breakthrough in the large-scale commercial application of industrial manufacturing scenarios [6][11]. - Longqi Technology plans to deploy nearly a thousand robots, primarily the Zhiyuan Qiling G2, in its production lines, enhancing automation and flexibility [6][11]. Group 2: Technological Advancements - The Zhiyuan Qiling G2 robot will be primarily utilized in the flat panel production line, showcasing its capabilities in flexible grasping, multi-station collaboration, and production line data interaction [7][11]. - The robot's flexible core advantages, such as rapid reconfiguration and scalable replication, address industry pain points related to inflexible production lines and capacity fluctuations [7][11]. - Zhiyuan Robotics aims to leverage this partnership to further develop "body + AI" technology iterations, providing replicable industrial solutions for precision manufacturing sectors like consumer electronics and automotive electronics [7][11]. Group 3: Strategic Implications for Longqi Technology - This collaboration is a key move in Longqi Technology's "AI + Manufacturing" strategy, aimed at enhancing production line automation and reducing changeover costs [11][12]. - Longqi Technology is a core player in the global consumer electronics ODM sector, focusing on integrating robotics and AI technology for smart factory upgrades [11][12]. - The company's product strategy, termed "1+2+X," includes a core focus on smart mobile phones, emerging businesses in personal computing and automotive electronics, and a diverse range of other smart products [11][12].

Core Viewpoint - Huakin Technology, a leading global ODM manufacturer in consumer electronics, has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its strong market position and growth potential in the ODM sector [1][6]. Company Overview - Established in August 2005, Huakin Technology initially focused on mobile phone R&D and design, evolving into a multi-business structure including mobile terminals, computing and data centers, AIoT, and innovative businesses [2]. - The company achieved a revenue of 109.88 billion RMB in 2024, with a compound annual growth rate (CAGR) of 8.9% over the past three years [1][2]. Market Position - Huakin Technology holds a 22.5% market share in global consumer electronics ODM shipments, making it the largest player in the industry [1][7]. - The company is the largest ODM manufacturer for smartphones (25.2% market share), tablets (37.9%), and wearable devices (18.7%) [4][7]. Financial Performance - Revenue for the first half of 2025 reached 83.94 billion RMB, reflecting a significant year-on-year growth of 113% [1]. - The net profit margin has shown a declining trend, with figures of 2.7%, 3.1%, 2.65%, and 2.27% from 2022 to the first half of 2025 [1][10]. Business Segments - The mobile terminal and computing/data center segments experienced revenue declines in 2023 but are expected to recover, with projected growth rates of 93.06% and 142.9% respectively in the first half of 2025 [2][8]. - The computing and data center segment has become a key growth driver, benefiting from the rise of AI and data infrastructure demands [8][10]. Industry Trends - The global consumer electronics ODM market is projected to grow, with an expected shipment volume of 986 million units in 2024, reflecting a CAGR of 4% over the past five years [7]. - The penetration rate of ODM in consumer electronics is anticipated to increase to 46.8% in 2024, with further growth expected to 57.1% by 2030 [7]. Future Outlook - Huakin Technology is well-positioned to benefit from the high growth of the industry, particularly in the computing and data center sectors, which are projected to grow significantly due to AI advancements [8][11]. - The company aims to optimize its cost structure and improve profit margins despite the inherent low profitability of the ODM industry [12].

Group 1 - The core viewpoint of the news highlights the recent IPO activities in Hong Kong, with a total of 293 companies having submitted applications this year, resulting in 64 listings, including 61 IPOs that raised a total of HKD 1,464.98 billion [2] - This week, three companies are set to be listed: He Meng (02525.HK) with a market capitalization of HKD 41.60 billion and a decline of 7.24%, Health 160 (02656.HK) raising HKD 4.00 billion with a significant increase of 138.69%, and Jingfang Pharmaceutical-B (02595.HK) with HKD 18.20 billion and a rise of 106.47% [1] - The companies that submitted applications this week include Xianweida Biotechnology-B, Shiyoupai, Ruoyuchen, Shimeite, Huqin Technology, Nuandong Insight, Aikemu Fa-B, Beijing Junzheng, Zhongrun Solar Energy, and New Element-B, all scheduled for submission on September 15-19 [3] Group 2 - The total amount raised through IPOs this year in Hong Kong is HKD 1,464.98 billion, indicating a robust market despite fluctuations in individual stock performances [2] - The significant percentage increases in the stock prices of Health 160 and Jingfang Pharmaceutical-B suggest strong investor interest and market confidence in these sectors [1] - The diverse range of industries represented in the recent applications, including biotechnology, consumer electronics, and insurance technology, reflects the dynamic nature of the Hong Kong IPO market [3]

Core Viewpoint - Huakin Technology, a leading global ODM manufacturer in consumer electronics, has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its strong market position and growth potential in the ODM sector [1][2]. Company Overview - Established in August 2005, Huakin Technology initially focused on mobile phone R&D and design, later expanding into various sectors including mobile terminals, computing and data centers, AIoT, and innovative businesses [2]. - The company achieved a revenue of 109.88 billion RMB in 2024, with a compound annual growth rate (CAGR) of 8.9% over the past three years [1]. Financial Performance - In 2025, the company reported a significant revenue increase of 113% year-on-year for the first half, reaching 83.94 billion RMB [1]. - The net profit margin has shown a declining trend, with figures of 2.7%, 3.1%, 2.65%, and 2.27% from 2022 to the first half of 2025 [1]. Market Position - Huakin Technology holds a 22.5% market share in the global consumer electronics ODM sector, making it the largest player in this market [1][7]. - The company is the largest ODM manufacturer for smartphones (25.2% market share), tablets (37.9%), and wearable devices (18.7%) [5]. Business Segments - The mobile terminal segment, including smartphones, tablets, and wearables, remains a key growth driver, while the computing and data center segment has emerged as a significant revenue contributor, with growth rates of 93.06% and 142.9% respectively in the first half of 2025 [2][5]. - AIoT products accounted for 1.3% of revenue in the first half of 2025, while innovative businesses include automotive electronics and robotics [6]. Industry Trends - The global ODM market is expected to grow, with a projected shipment of 986 million units in 2024 and a CAGR of 4% over the past five years [7]. - The data infrastructure market is anticipated to reach 21.4 trillion RMB in 2024, with a CAGR of 25.8% [8]. Challenges - Despite strong revenue growth, the company faces challenges with low profitability, as indicated by declining gross margins from 9.6% in 2022 to 7.4% in the first half of 2025 [10][12]. - Operating cash flow has been unstable, with a net cash flow of 1.041 billion RMB in 2024, down from previous years [11]. Investment Outlook - The company is expected to benefit from high industry growth and increasing capital interest due to its strong market position and AI-related initiatives [12].

Core Viewpoint - Company Huacomm Technology has submitted an H-share listing application to the Hong Kong Stock Exchange, marking the initiation of its "A+H" dual capital platform strategy after its A-share listing, aimed at enhancing global expansion and high-end manufacturing transformation [1] Group 1: Financial Performance - Huacomm Technology achieved a revenue of 1,098.78 billion yuan in 2024, with a market share of 22.5%, making it the largest ODM manufacturer in the consumer electronics sector [2] - The company's revenue for 2022, 2023, and 2024 was reported at 926.46 billion yuan, 853.38 billion yuan, and 1,098.78 billion yuan respectively, with a significant increase in the first half of 2025 reaching 839.39 billion yuan, representing a year-on-year growth of 113% [2] - The net profit attributable to shareholders for the first half of 2025 was 18.89 billion yuan, reflecting a year-on-year increase of 46.30% [2] Group 2: Global Expansion Strategy - The listing in Hong Kong is part of Huacomm Technology's strategy to overcome regional limitations and accelerate its global expansion, with manufacturing bases established in Vietnam, India, and Mexico [3] - In the first half of 2025, overseas revenue accounted for 46.92% of the company's total revenue, indicating a strong international presence [3] - The company plans to utilize part of the funds raised from the IPO for operational capital and to continue global strategic investments and vertical integration, focusing on core product R&D and optimizing its global manufacturing system [3] Group 3: Industry Challenges and Opportunities - Despite impressive financial results, Huacomm Technology faces challenges typical of the ODM industry, including low profit margins, with a gross margin of only 7.67% and a net margin of 2.25% in the first half of 2025 [4] - The global smart hardware market is projected to exceed 32 trillion USD by 2025, with increasing penetration of the ODM industry, presenting opportunities for Huacomm Technology to capitalize on high-end manufacturing transformation [4] - The company's evolution from a local manufacturer to a global "invisible champion" in smart hardware reflects the broader trend of China's manufacturing sector transitioning to intelligent manufacturing [4]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The report highlights that technology companies are expected to show strong performance in H1 2025, driven by demand in sectors such as PCB, diesel engines, consumer electronics ODM, and optical modules [7][8] - PCB manufacturers are experiencing significant revenue and profit growth, with net profit increases exceeding 40%, particularly for Shengyi Electronics, which reported a revenue growth of 84.98% to 96.73% and a net profit growth of 432.01% to 471.45% [7][8] - Diesel engine companies, such as Weichai Heavy Machinery, are also seeing substantial profit increases, with net profit growth of 40% to 60%, attributed to industry opportunities and demand from emerging sectors [7][8] - Consumer electronics ODM companies are benefiting from global digital transformation and AI advancements, with notable profit growth for companies like Wistron Technology, which reported a profit increase of 178% to 317% [7][8] Summary by Relevant Sections Market Review - The Shanghai Composite Index closed at 3534.48 points, with a weekly increase of +0.69%. The Shenzhen Component Index rose by +2.04%, and the ChiNext Index increased by +3.17% [5] Technology Industry Insights - As of July 20, 2025, technology companies are disclosing their H1 2025 performance forecasts, indicating positive trends in various segments [6][7] - The report emphasizes the importance of focusing on PCB, ODM, AIOT, and AIDC sectors for investment opportunities [7][8] Investment Recommendations - The report suggests focusing on specific companies within the PCB sector, such as Shengyi Technology and Huadian Technology, as well as diesel engine companies like Weichai Heavy Machinery [8] - It also highlights the potential of semiconductor ASIC chips and equipment benefiting from trade barriers, recommending companies like Chipone Technology and Aojie Technology for investment [8]