伴随"智能设备"概念从手机、平板向汽车、机器人等领域加速渗透，全球ODM（原始设计制造商）行 业正站在智能化升级的新风口。 1月28日，全球领先的智能产品ODM平台型公司华勤技术拿到中国证监会境外发行上市备案通知书，拟 发行不超1.0157亿股H股登陆港交所，A+H双资本平台布局再度向前推进。 据招股书，这家行业老牌厂商凭借智能手机、平板、智能穿戴等消费电子核心品类的全球市占率第一站 稳脚跟，更面向人工智能浪潮布局了数据基础设施、汽车电子、机器人等新领域。 浙大城市学院副教授、中国城市专家智库委员会常务副秘书长林先平在接受北京商报记者采访时指出， 智能化浪潮下，头部ODM厂商需要突破传统代工模式的边界，华勤技术能坐稳全球ODM龙头位置，正 是依托技术研发与多品类布局的组合优势，而此次其A+H双资本平台的进一步布局，也为行业发展提 供了范本，资本赋能有效加速企业技术迭代与生态扩张，助力头部企业在高确定性赛道持续深耕。 02.更智能的巨头 人工智能技术的普及，正推动全球智能产品市场结构发生变化，算力基础设施需求扩容、终端智能化升 级、跨领域硬件创新成为当下行业发展的核心增长主线，华勤技术的业务布局也贴合趋势，多品 ...

伴随"智能设备"概念从手机、平板向汽车、机器人等领域加速渗透，全球ODM（原始设计制造商）行业正站在智能化升级的新风口。 1月28日，全球领先的智能产品ODM平台型公司华勤技术拿到中国证监会境外发行上市备案通知书，拟发行不超1.0157亿股H股登陆港交 所，A+H双资本平台布局再度向前推进。 据招股书，这家行业老牌厂商凭借智能手机、平板、智能穿戴等消费电子核心品类的全球市占率第一站稳脚跟，更面向人工智能浪潮布 局了数据基础设施、汽车电子、机器人等新领域。 此番奔赴港交所，或将成为其锚定行业趋势、深挖新旧业务增长的关键一步。 01."全球ODM之王" 随着智能产品产业链分工持续细化，品牌厂商对全价值链解决方案的需求不断提升，具备多品类供应和技术研发能力的ODM企业，正逐 步成为市场发展的主力。开源证券研报指出，华勤技术已发展为"3+N+3"平台型ODM龙头，其行业地位有着相当扎实的数据支撑。 据公司招股书援引灼识咨询数据，2024年公司消费电子ODM整体出货量全球市占率达22.5%，其中智能手机、平板、智能穿戴三大品类 ODM出货量均为全球第一，也是全球唯一同时在多智能终端及数据基础设施领域拥有领先市场份额的O ...

Core Viewpoint - Wentech Technology is attempting to reverse its declining performance through a significant asset divestiture amid challenging external conditions and substantial financial losses [2][3]. Group 1: Asset Sale Details - Wentech Technology plans to sell its core product integration business to Luxshare Precision for approximately 4.4 billion RMB, encompassing nearly all of its product integration assets [2]. - The assets being sold include the entire equity of several subsidiaries and related business assets, with the total transaction price set at 4.389 billion RMB, to be paid in cash [2]. - The divestiture is a direct response to being placed on the U.S. Entity List, which has severely impacted the company's ability to secure new orders and maintain existing ones [2][3]. Group 2: Financial Performance - In 2024, Wentech Technology reported a net loss of 2.833 billion RMB, a decline of over 300% year-on-year, attributed to the impact of the Entity List [3]. - Despite achieving a total revenue of 73.598 billion RMB, the product integration business generated 58.270 billion RMB in revenue but had a low gross margin of 2.49%, while the semiconductor business, with revenue of 14.715 billion RMB, had a gross margin of 37.52% [3]. Group 3: Strategic Shift - The company aims to focus on its semiconductor business, which is expected to have better profit margins and growth potential, following the divestiture of the product integration business [4][6]. - Wentech Technology's semiconductor business is closely linked to its acquisition of Nexperia, which operates under a mature IDM model covering the entire semiconductor supply chain [6]. Group 4: Regulatory and Market Challenges - The Shanghai Stock Exchange has raised questions regarding the rationale behind the complete divestiture of the product integration business rather than selectively addressing the most affected parts [4]. - The company has faced scrutiny over the valuation of the assets being sold, particularly concerning the significant impairment provisions made prior to the sale [5]. Group 5: Future Outlook and Risks - While the semiconductor business has shown strong profitability, it has also experienced a revenue decline of 7.9% in the first half of 2024, raising concerns about its sustainability [7]. - The company carries a substantial goodwill of 21.397 billion RMB from the acquisition of Nexperia, which poses a risk of impairment if future performance does not meet expectations [7]. - Wentech Technology is also facing potential tax inquiries in India, which could lead to fines, although the company believes this will not significantly impact the asset sale [8][9].

[2023]009542 ( ) 华勤技术股份有限公司 首次公开发行股票并在沪市主板上市 申请文件的审核问询函中有关财务事项的说明 录 页 次 首次公开发行股票并在沪市主板上市申请文 r 件的审核问询函中有关财务事项的说明 二、 事务所及注册会计师执业资质证明 16 7 12 [100039] 86 (10) 5835 0011 86 (10) 5835 0006 [2023]009542 2023 262 1 8-2-1 2 8-2-2 1 1 2017 6 2020 8 2 2014 3 2017 4 5 2022 5 2021 24,383.36 10,013.71 1 2 200 3 4 5 2022 5 2022 3 8-2-3 1 2 5 4 8-2-4 | | 行人报告期内股份支付等待期安排主要为创始股东与激励对象签署的各类激励协议文本中对员工在公司需要服务的年限 | | 据, | | --- | --- | --- | --- | | | 次， ਜ 拟股激励协议均 发行人股份支付等待期安排的主要条款和等待期期限的调整共发 实施虚拟股激励至最终完成规范期间,该等虚 早 『文生与激励对象签署。截至 ...