Huaxun Technology Co., Ltd. Daily Announcement Series

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The board of directors of the Company and all directors hereby guarantee that the contents of this announcement contain no false records, misleading statements or material omissions, and assume legal responsibility for the truthfulness, accuracy and completeness of the contents.

To help the broad investing public better and more deeply understand the 2025 annual operating results and financial position of Huaqin Technology Co., Ltd. (hereinafter referred to as the “Company”), the Company will hold this 2026年3月24日（Tuesday）15:00-16:30 at the Shanghai Stock Exchange’s SSE Roadshow Center (URL:

1. Information on the holding of the performance briefing session

On March 17, 2026, the Company disclosed on the Shanghai Stock Exchange website (www.sse.com.cn) and in relevant media the 《Announcement of Huaqin Technology Co., Ltd. on the convening of the 2025 annual performance briefing session》 (Announcement No.: 2026-017). From 15:00 to 16:30 on Tuesday, March 24, 2026, the chairman of the board and general manager Mr. Qiu Wensheng, the director and chief financial officer Ms. Xi Pinghua, the secretary of the board of directors Ms. Li Yutao, the independent director Mr. Hu Saixiong and relevant staff attended this briefing session. They engaged in interactive exchanges and communications with investors, and provided responses to questions of concern to investors.

2. Main questions raised by investors and the Company’s responses

The main questions raised by investors and the Company’s responses in this performance briefing session are summarized as follows:

Question 1: In 2025, the Company’s operating performance achieved rapid growth. What are the gross profit margin levels of each business segment? How is the full-year performance in 2026 expected?

Reply: Hello, thank you for your attention.

1）In 2025, the Company’s overall gross profit margin was 8%. Since the Q2 low point, it has been increasing quarter by quarter. Among them, the mobile terminal business gross profit margin exceeded 9%; the computing and data business gross profit margin was between 6% and 7%; and the AIoT and innovation business gross profit margin was around 15%. Due to changes in revenue mix, the Company’s overall gross profit margin may change slightly. Although the gross profit margins of several major product categories are higher or lower, the net profit margin differences are not significant.

2）In 2026, although affected by certain supply chain factors, the Company still maintains confidence in full-year growth. It is expected that full-year revenue will increase by more than 15% year-over-year, revenue will exceed 200 billion, and profit growth may be a little higher.

3）The overall shipment schedule by quarter throughout the year is relatively balanced. Revenue has increased year-over-year in each quarter, but the second-half revenue contribution is higher. Because this year’s data center business is seeing rapid ramp-up of domestically produced GPU servers, and products for the supernode are being shipped starting in Q2, the second half is relatively higher overall.

4）From a medium- to long-term perspective: the Company will maintain a steady pace of growth. Based on the business layout of “3+N+3,” the 1+N of smartphones is expected to be the first to break through 100 billion within the next 2-3 years; the 1+N of notebooks is expected to break through 100 billion within the next 3-4 years; the 1+N of the data business is also expected to break through 100 billion within the next 3-4 years, or even faster. Overall, the Company is expected to achieve a revenue target of 300 billion in 2028-2029.

5）In the next 3-5 years, the Company’s gross profit margin still has room for improvement—for example, due to changes in product mix. Products in high-gross-margin categories such as wearables, AIoT, and new businesses (including automotive electronics, robots, and software), as well as switches, will grow rapidly in scale. At the same time, as the overall scale increases, the expense ratio will decline somewhat. Overall net profit margin will improve from the current 2-3 percentage points to more than 3 percentage points. With 300 billion in revenue, the Company will reach a net profit scale of more than 10 billion.

Question 2: In 2025, data business revenue grew rapidly. How do the product and customer compositions look? What are the expectations for data business in 2026, and where will the growth momentum come from?

Reply: Hello, thank you for your attention.

1）In 2025, the Company’s data center business achieved revenue of more than 40 billion, close to a doubling of growth, and entered the first tier of the industry. By product, AI server revenue accounted for more than 70%; switch revenue exceeded 2.5 billion, achieving growth by multiples. By customer, revenue comes from domestic leading CSP customers as well as industry and channel customers. The Company has already held a core supplier position among CSP customers, with its share continuing to rise; in industry and channel markets, it has also built its own brand “Yuantu Weilai,” continuously expanding its customer base.

2）It is expected that in 2026, data center business revenue will grow by 30%-50%. In terms of customers, among two major CSP customers, the procurement share will continue to maintain the Company’s head supplier position; for another CSP customer, its share will increase rapidly, bringing incremental revenue to the Company in 2026. At the same time, industry and channel markets will also maintain rapid growth, with revenue expected to exceed 10 billion.

3）In terms of products, switch product revenue will continue to maintain double-digit growth in 2026, and general server revenue is expected to grow by about 50%. Supernode products will enter scaled mass production and delivery in the second half of the year, bringing significant incremental revenue to the Company.

4）From a medium- to long-term perspective, given the booming development of domestic computing power demand, CSP customers’ capital expenditure will continue to expand, and upstream supply chain GPU manufacturers will mature faster. The industry scale is expected to grow rapidly in the next few years. The Company’s goal is to achieve a top-tier supplier position among major CSP customers, while accelerating expansion in industry and channel markets to establish the Company’s leading position in the industry.

Question 3: Where exactly are the technical barriers of supernode products reflected? What advantages does Huaqin have? What is the revenue scale of supernode in 2026?

Reply: Hello, thank you for your attention.

1）As a new generation of AI infrastructure重点 invested in by major domestic cloud vendors and smart computing centers, compared with traditional GPU clusters, supernodes have advantages in communication latency, computing power density, cost and efficiency, and also in data center space utilization and TCO (total cost of ownership). They also have higher technical barriers. They require stricter standards in system architecture design of the complete machine, signal integrity, power supply, heat dissipation, and deep coupling. Product specifications are iterating at a very fast pace.

2）The Company has planned the supernode solutions relatively early, and internally maintains clear R&D technology investment and planning with the approach of “one generation for mass production, one generation for development, and one generation for pre-research.” It is one of the few companies in the industry that simultaneously possesses full-stack design capabilities for computing nodes, network nodes, and liquid-cooling heat dissipation. In computing and networking technologies, the Company has consistently kept up with industry developments and iterates quickly. In various technical nodes, such as complete-machine architecture design, interconnect interoperability, power supply design, heat dissipation design, and optimization for differentiated scenarios, the Company has already established significant technical advantages and holds a leading position at the customer R&D end. At the production and manufacturing end, the Company has built fully autonomous production parks and high-quality manufacturing capacity for data center products to ensure stable product yield and meet customers’ needs for fast mass production and delivery.

3）The Company expects that supernode projects this year will start shipping in the second quarter, with scaled deliveries in the second half. For the full year 2026, the Company expects revenue to exceed 10 billion, and will hold a leading position in the industry.

Question 4: Does the increase in storage chip prices have a significant impact on downstream demand? Will the Company’s shipment volume and gross profit margin for smart phone products in 2026 face some pressure? How should we look ahead for the full year?

Reply: Hello, thank you for your attention.

1）The Company does not purchase storage chips directly. They are supplied by customers at unit prices, so it does not directly affect the gross profit margin of mobile phone products.

2）Storage overall does put some pressure on the mobile phone industry, but the impact on the ODM industry is relatively smaller. Because we can see that the overall penetration rate of ODM is increasing, and share is further consolidating toward leading ODM manufacturers. In 2026, Huaqin expects a slight decline in mobile phone ODM shipment volumes, but the Company will continue to maintain an absolute first position in the mobile phone ODM market.

3）The 1+N product mix for smartphones also includes the wearables business, tablet business and AIoT business. Among them, the wearables business is less affected by storage price increases. The trend of brand customers replacing white-label tail orders continues, and we maintain the most comprehensive customer portfolio and improve ODM penetration rate. Wearables are expected to grow revenue by 30% in 2026. The Company’s tablet business will also continue to maintain an absolute first position in the industry, steadily and continuously contributing revenue. For the AIoT business, leveraging the advantages of multi-category products and major customers, it will achieve rapid growth of 50%.

4）Overall, in the smartphone 1+N product mix—mobile terminal products and AIOT products—although affected by storage, the Company’s full year year-over-year growth will still be positive, reaching a revenue scale of 80-90 billion.

Question 5: As a mature industry, do notebook computer products also face an impact from storage? What will the business performance of notebook computers look like in 2026?

Reply: Hello, thank you for your attention.

1）In 2025, shipments were around 18 million. Sales volume and market share have continued to increase, and growth outpaced the industry. Although the industry faces some pressure in the context of storage chip price increases, the Company’s share in global notebook computer ODM will further increase.

2）Huaqin demonstrated strong competitiveness with its notebook computer clients, mainly including: the product quality and product innovation capabilities accumulated in smart phones; faster R&D cycles; and efficient operating efficiency. These all support the Company in gaining a higher share with notebook computer customers. In the future, these can support Huaqin in achieving a global top-tier position in the notebook computer industry.

3）In the 1+N product mix for notebook computers, in addition to laptops, it also includes products such as desktop computers, all-in-one machines, and printers. In 2026, there will be fairly good growth. Therefore, the Company’s 1+N product mix for notebook computers is expected to deliver 30% revenue growth for the full year.

Question 6: How has the three key strategic businesses within 3+N+3 progressed in 2025? What are the predictions and outlook for 2026?

Reply: Hello, thank you for your attention.

The Company’s three strategic businesses include automotive electronics, robots, and software business, which are the Company’s second growth curve as it continuously expands.

Automotive electronics business:

1）In 2025, the Company achieved product planning and breakthroughs in cockpit, intelligent driving, vehicle body domain, and powertrain/power domain products. Full-year revenue exceeded 1 billion. In cockpit domain controllers and intelligent assisted driving domain controllers, there are comprehensive platform layouts. For example, intelligent assisted driving not only has mass production shipments of solutions for domestic platforms, but also has begun planning solutions for the NV Thor platform. In customer breakthroughs, the Company has already carried out cooperation with both traditional OEMs and top new-energy vehicle players. At the same time, overseas customers are also being actively developed.

2）In 2026, automotive electronics is expected to continue to achieve double-digit growth, with losses further narrowing. It is expected that over the next 3-5 years, automotive electronics business revenue will continue to grow rapidly, reaching a revenue scale of 10 billion, becoming profitable, and entering the domestic first tier.

Robotics business:

1）Robotics is a strategic business that the Company formally laid out in 2025. The Company has a solid foundation and unique platform advantages: platform development advantages, smart hardware product design advantages, manufacturing and supply chain management advantages for complex electronic products, as well as global manufacturing scenarios and large amounts of data.

2）The Company has formed an independent robotics company (Yuiren Intelligent Robotics) internally to build a dedicated R&D team. Progress is going smoothly in the integration design of the “big brain and small brain,” and in R&D on key zero components. In 2025, the Company also completed the development and mass production delivery of data collection robots. Its self-developed dual-foot humanoid robot was successfully commissioned in December 2025. At the same time, the Company is planning a second-generation humanoid dual-foot robot. In addition, X-lab has made forward-looking investments in key technology areas to tackle difficult technical issues in the robotics field. The Company is committed to becoming a leading supplier of end-to-end robotic solutions in the 3C manufacturing domain. For the industrial manufacturing domain, Huaqin has rich scenarios and data. In the second half of 2026, the Company will deploy wheeled robots in its manufacturing scenarios.

3）After the Company acquired Haoxing Robotics in 2025, the domestic and overseas home cleaning robot market has further expanded. In 2025, it shipped nearly one million units. It is expected that 2026 will see a doubling of growth.

4）In the area of robot manufacturing, the Company serves leading brand customers for robots, and continues to accumulate manufacturing capabilities. In 2026, it will complete scaled deliveries.

Software business:

1）Based on the Company’s accumulation of software technology and its platformized layout for intelligent products, it builds a comprehensive software services ecosystem for downstream industries such as consumer electronics, automotive electronics, and smart industry, providing various customers with: customized solutions for adapting to multiple operating system environments, optimized services, technical evaluation and technical support, among other services.

2）In 2025, the software business has already contributed revenue and profit at a certain scale. The Company will continue to leverage its system-level software services experience in multi-category hardware products, further expand software development business, form a good pattern of coordinated development with hardware business, expand its business scale, and achieve rapid year-by-year growth in business.

Question 7: We see that the Company’s asset-liability ratio is currently over 70%. Is there any risk? How does the Company manage and optimize cash flow?

Reply: Hello, thank you for your attention.

1）The Company’s current asset-liability ratio is over 70%, mainly due to the combination of rapid business growth in recent years and global capacity planning, which is a normal situation for the industry characteristics and business development stage. Currently, the Company has sufficient monetary funds on hand, and it also maintains long-term stable cooperation with major banks. It has abundant credit lines and smooth financing. The Company’s liability level and expansion pace are fully matched, repayment risk is controllable, and the overall structure is healthy.

2）In 2025, the Company’s cash flow from operating activities was negative in stages, mainly because the data business experienced explosive growth in the first half of 2025, resulting in short-term capital occupation. The Company has already improved the internal turnover efficiency, as well as the continuous cash flow contribution from core businesses such as the mobile terminal business. In the second half of the year, it achieved a net operating cash inflow of 1.3 billion yuan, with a clear improvement in results. It is expected that starting from the first quarter of 2026, overall operating cash flow will turn from negative to positive.

3）In the future, the Company will further optimize asset-liability structure and operating cash flow management by improving the overall turnover efficiency, including refined inventory management and improving operating efficiency, among other measures.

Question 8: Please provide a brief introduction to the situation of this dividend distribution.

Reply: Hello, thank you for your attention.

The Company adheres to returning value to shareholders and sharing the benefits of corporate growth. In 2025, it is expected to distribute 12 yuan per 10 shares. The total dividend amount will be 1.22 billion yuan. In the past three years, the cumulative dividends have exceeded 3 billion yuan, and the dividend payout ratio has been over 30%. The final figures are subject to approval by the annual general meeting of shareholders. Thank you.

3. Other explanations

For detailed information on this performance briefing session, please refer to the platform of the Shanghai Stock Exchange’s “SSE Roadshow Center” (

This announcement is hereby given.

Board of Directors of Huaqin Technology Co., Ltd.

March 25, 2026

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