New stock outlook | Huaqin Technology, global consumer electronics ODM leader, revenue surged 1.1 times in the first half of 2025.

The world's largest consumer electronics ODM manufacturer, the industry leader with a market value of nearly a trillion yuan, Huaqin Technology has finally taken a step forward in its AH strategy. It is understood that Huaqin Technology recently submitted an IPO application to the Hong Kong Stock Exchange main board, with CICC and BofA SECURITIES as its joint sponsors. The company is a leading global full-stack intelligent product ODM platform, achieving the number one position in multiple intelligent product categories globally. According to the 2024 global consumer electronics ODM shipment volume, the company's market share is as high as 22.5%, making it the world's largest consumer electronics ODM manufacturer. Huaqin Technology's revenue in 2024 was 109.88 billion yuan, with a compound annual growth rate of 8.9% over the past three years. In the first half of 2025, revenue was 83.94 billion yuan, a year-on-year increase of 113%, and profits also maintained steady growth. However, the profit margin is relatively low, with net profit margins of 2.7%, 3.1%, 2.65%, and 2.27% respectively for the first half of the years 2022 to 2025. The company went public on the A-shares market in August 2023 and gained favor from investors. In the two years since its listing, the market value has increased by 75%, reaching 99.5 billion yuan as of now, with a PE (TTM) ratio of 28 times. This year, several industry leaders in A-shares have also gone public in Hong Kong and have received good valuation performance. For example, Chifeng Jilong Gold Mining (06693) has more than doubled since its listing in March, and Huaqin Technology, carrying the halo of the industry leader, is also attracting attention. Leading ODM in multiple fields, focusing on core business in 2025 Huaqin Technology was established in August 2005, initially focusing on the R&D and design of mobile phones, serving the Chinese domestic market, and participating in the iterative development of products and technologies in the era of mobile communication, the internet, cloud computing, and artificial intelligence. After 20 years of accumulation and precipitation, the company has formed a diversified business structure including mobile terminals, computing and data center business, AIoT, and innovative business. Looking at the change in revenue, revenue declined in 2023, mainly due to the decline in revenue from the core mobile terminal and computing and data center businesses. However, demand recovered and grew in 2024. In the first half of 2025, both major businesses continued to grow rapidly, with growth rates of 93.06% and 142.9%, contributing 42% and 50.2% of the revenue, respectively. The computing and data center business has developed rapidly and has become the company's largest growth highlight and revenue pillar. According to Zhaoshi Consulting data, in terms of cumulative ODM shipment volume, the company is the world's largest smartpho...