As the curtain draws to a close on the disclosure season for the third-quarter reports of 2025, two prominent listed entities within China's smart hardware ODM (Original Design Manufacturer) landscape—Huaqin Technology and Longcheer Technology—have unveiled their financial performances for the initial nine months of the year, showcasing stark contrasts. Although both companies are entrenched in the realm of smart terminal design and manufacturing, they exhibit significant disparities in revenue scale, profitability, asset composition, and R&D investment. These differences underscore their distinct development strategies and industry niches.

Huaqin Technology reported a revenue of RMB 128.882 billion for the first three quarters, marking a year-on-year surge of 69.56%. Its net profit attributable to shareholders of listed companies reached RMB 3.099 billion, up by 51.17% compared to the same period last year. In the third quarter alone, the company posted revenue of RMB 44.943 billion, a 22.75% increase year-on-year, and a net profit attributable to shareholders of RMB 1.21 billion, representing a 59.46% year-on-year hike. Huaqin Technology has witnessed synergistic growth across its four core business segments: smart terminals, high-performance computing, automotive and industrial products, and AIOT (Artificial Intelligence of Things). Boasting a diversified product portfolio, the company has already surpassed several full-year 2024 indicators within the first nine months.

In contrast, Longcheer Technology reported a cumulative total revenue of RMB 31.332 billion for the first three quarters, reflecting a 10.28% year-on-year decline. Its net profit stood at RMB 507 million, up by 17.74% year-on-year. The company's business remains heavily reliant on traditional segments such as mobile phones and tablets, with a relatively narrow product range. However, it is actively exploring new avenues, including AI PCs (Artificial Intelligence Personal Computers) and automotive electronics.