Huaqin (H/A): New Buy: a consumer electronics ODM leader, AI server a new growth driver

研报英文原文证据摘录

Huaqin (H/A): New Buy: a consumer electronics ODM leader, AI server a new growth driver

not only enhances delivery efficiency under complex scenarios, but also helps

customers secure first-mover advantages in evolving markets.

• On development, Huaqin is among the few ODM companies with fully integrated

hardware, software, and mechanical component development capabilities, according

to CIC. It is also the only smart product ODM platform globally with proven design

capabilities across both x86 and ARM architectures. The company’s R&D personnel

accounted for nearly 30% of total workforce as of Dec, 2025.

• On manufacturing, Huaqin operates a “multi-base manufacturing + flexible

manufacturing and delivery” model, which incorporates automation, digitalization,

efficiency, and sustainability, meeting diverse global customer needs with high

efficiency and reliability. The company is also strategically expanding into Vietnam,

Mexico and India to strengthen its global manufacturing and delivery capabilities.

• On mechanical, Huaqin is able to independently develop and manufacture

mechanical components. The company is able to fulfill approximately 45% of its

demand for smartphone structural parts in-house.

Consumer electronics brands leveraging

more on ODMs

As smart products grow in complexity and diversity, brands are increasingly relying on

supply chain for full-process development, rather than design all products in-house. This

allows brands to improve operating efficiency, shorten products’ time-to-market, while

saving cost, which is also crucial during a cost inflation environment like the memory

price upcycle since 2H25. As a result, this has led to distinct business models, such as

ODM, EMS, and IDH. ODMs’ penetration is continuously rising, and CIC projects the