| 证券代码：603501 | 证券简称：豪威集团 | 公告编号：2025-123 | | --- | --- | --- | | 转债代码：113616 | 转债简称：韦尔转债 | | 豪威集成电路（集团）股份有限公司（以下简称"公司"）第七届董事会第 八次会议于 2025 年 12 月 18 日以现场结合通讯方式召开，会议于 2025 年 12 月 13 日以通讯方式向全体董事进行了通知。会议应出席董事 9 名，实际出席董事 9 名。本次会议由公司董事长虞仁荣先生主持，公司高级管理人员列席了本次会议。 本次会议的召集和召开符合《公司法》等有关法律、行政法规、部门规章、规范 性文件和《公司章程》的相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于确定 H 股全球发售及在香港联合交易所有限公司上 市相关事宜之议案》 公司董事会同意关于公司 H 股全球发售并在香港联合交易所有限公司上市 事宜的相关安排，包括但不限于：（1）批准公司 H 股全球发售的相关安排；（2） 批准刊发、签署符合相关法律法规要求的招股说明书及其他全球发售的相关文件； （3）批准处理 H 股发行程序及相关事项； ...

Market Performance - Huawei mobile concept stocks declined by 1.30%, ranking among the top losers in the concept sector as of the close on December 18 [1] - Within the sector, major decliners included Honghe Technology, Jingwang Electronics, and Fangbang Co., with respective declines of 7.55%, 5.59%, and 3.47% [2] - Conversely, stocks that saw gains included Kaige Precision Machinery, Xingxing Technology, and Lingyun Optics, with increases of 1.48%, 1.23%, and 0.98% [1] Capital Flow - The Huawei mobile concept sector experienced a net outflow of 1.3 billion yuan, with 33 stocks seeing net outflows, and 8 stocks exceeding 50 million yuan in outflows [1] - Leading the outflows was Luxshare Precision, with a net outflow of 499.19 million yuan, followed by Haowei Group and International Composite Materials with outflows of 175.43 million yuan and 91.59 million yuan, respectively [1] - Notable inflows were observed in stocks such as Taigang Stainless Steel, Zhuhai Guanyu, and Kaige Precision Machinery, with net inflows of 59.93 million yuan, 17.02 million yuan, and 12.54 million yuan, respectively [1] Stock Performance Details - The top stocks with significant net outflows included: - Luxshare Precision: -2.86% with a turnover rate of 0.83% and a net outflow of 499.19 million yuan [2] - Haowei Group: -2.18% with a turnover rate of 1.13% and a net outflow of 175.44 million yuan [2] - International Composite Materials: -3.24% with a turnover rate of 7.50% and a net outflow of 91.59 million yuan [2] - Stocks with notable gains included: - Kaige Precision Machinery: +1.48% with a turnover rate of 4.61% and a net inflow of 12.54 million yuan [2] - Taigang Stainless Steel: +0.63% with a turnover rate of 3.82% and a net inflow of 59.93 million yuan [2]

Group 1 - The core viewpoint of the articles highlights the increasing focus on AI smart glasses as a key application of AI technology, with major companies entering the market, indicating a shift from infrastructure to end-user devices [1][2] - The Zhongzheng Consumer Electronics Theme Index (931494) has shown a decline of 1.03% as of December 18, 2025, with mixed performance among constituent stocks, where Zhaoyi Innovation (603986) led with a 7.17% increase [1] - The Consumer Electronics ETF (561600) has seen a net inflow of 57.41 million yuan over three days, with a peak single-day inflow of 27.69 million yuan, indicating strong investor interest [1][2] Group 2 - The AI smart glasses market is expected to enter a phase of intensive new product launches, driven by successful market entries like the Ray-Ban Meta glasses, which have attracted significant attention from various sectors including internet, consumer electronics, and XR hardware [2] - The top ten weighted stocks in the Zhongzheng Consumer Electronics Theme Index account for 56.39% of the index, with notable companies including Luxshare Precision (002475) and Cambricon Technologies (688256) [2]

Core Viewpoint - The announcement by the company indicates significant progress in the H-share issuance and listing process on the Hong Kong Stock Exchange, with key milestones achieved in the application and approval stages [2] Group 1: H-Share Issuance Progress - On June 27, 2025, the company submitted its application for H-share issuance and published the relevant application materials to the Hong Kong Stock Exchange [2] - On December 9, 2025, the company received a notification from the China Securities Regulatory Commission confirming the registration of the overseas issuance and listing [2] - A listing hearing was held by the Hong Kong Stock Exchange Listing Committee on December 11, 2025, to review the company's application for H-share issuance [2] Group 2: Compliance and Information Disclosure - The published post-hearing information set is prepared in accordance with the requirements of the Hong Kong Stock Exchange and the Securities and Futures Commission of Hong Kong [2] - The purpose of the publication is to provide relevant information to the public and qualified investors in Hong Kong [2]

Summary of Key Points Core Viewpoint - The recent block trade of Haowei Group indicates active trading interest, with significant transaction volume and value, reflecting investor sentiment and market dynamics [2][3]. Group 1: Block Trade Details - On December 17, Haowei Group executed a block trade of 150,000 shares, amounting to 18.861 million yuan, at a transaction price of 125.74 yuan per share [2][3]. - The buyer was Shanghai Securities Co., Ltd. Jing'an District Nanjing West Road Securities Business Department, while the seller was Guotai Junan Securities Co., Ltd. Headquarters [2][3]. - In the last three months, Haowei Group has recorded a total of 7 block trades, with a cumulative transaction value of 97.2086 million yuan [2]. Group 2: Stock Performance - The closing price of Haowei Group on the day of the block trade was 125.74 yuan, reflecting a 0.75% increase, with a daily turnover rate of 1.10% and a total trading volume of 1.662 billion yuan [2]. - Over the past five days, the stock has increased by 1.65%, with a net capital inflow of 228 million yuan [2]. Group 3: Margin Financing Data - The latest margin financing balance for Haowei Group stands at 5.095 billion yuan, having increased by 142 million yuan over the past five days, representing a growth rate of 2.87% [3].

12月17日，豪威集团大宗交易成交15万股，成交额1886.1万元，占当日总成交额的1.12%，成交价125.74元，较市场收盘价125.74元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-17 | 豪威集团 | 603501 | 125.74 | 1886.1 | 15 | 上海证券有限责任 公司静安区南京西 | 国泰海通证券股份 有限公司总部 | ...

Core Viewpoint - Company is a leading Fabless semiconductor design firm focusing on CMOS image sensors (CIS) and expanding into display and analog solutions, aiming to strengthen its global competitiveness through an upcoming IPO [1] Group 1: Business Overview - Company operates in three main solution areas: image sensor solutions, display solutions, and analog solutions, continuously driving technological iteration and market expansion [2] - In the smartphone CIS sector, the company plans to launch the OV50X image sensor in April 2025, featuring LOFIC technology for HDR in various lighting conditions [2] - The automotive CIS sector has seen the introduction of several products, including the OX08D10 and OX05D10, designed to meet the requirements of next-generation ADAS and autonomous driving [2] - The medical CIS sector will see the release of the OCH2B30 camera module in June 2024, aimed at 3D dental scanning applications [2] Group 2: Financial Performance - Company reported revenues of approximately 20.04 billion RMB, 20.984 billion RMB, 25.707 billion RMB, and 13.944 billion RMB for the years 2022, 2023, 2024, and the first half of 2025 respectively, with a CAGR of about 13.3% from 2022 to 2024 [3] - The net profits for the same periods were 0.951 billion RMB, 0.544 billion RMB, 3.279 billion RMB, and 2.02 billion RMB, with a staggering 502% year-on-year profit increase in 2024 [3] Group 3: Market Position and Growth Drivers - In 2024, the company's revenue reached a historical high, driven by its strong market penetration in high-end smartphones and automotive applications, with CIS solutions revenue of 19.19 billion RMB, significantly higher than previous years [4] - The smartphone CIS product revenue was approximately 9.8 billion RMB in 2024, reflecting a 26.0% year-on-year growth [4] - The automotive CIS product revenue was around 5.91 billion RMB, showing a 30% year-on-year increase [4] Group 4: Industry Trends - The global CIS market is projected to grow from 17.9 billion USD in 2020 to 19.5 billion USD in 2024, with a CAGR of 2.2%, and is expected to reach 29.5 billion USD by 2029, with a CAGR of 8.6% from 2024 to 2029 [7] - The company is positioned to benefit from this growth, leveraging its technological advantages and expanding into new applications such as automotive intelligence, machine vision, and AR/VR [7][8] Group 5: Competitive Advantages - Company has developed a strong and transferable technology platform, with over 4,500 global patents, enabling rapid product development and market entry [3][8] - The company's technology reuse strategy allows it to maintain a competitive edge across various sectors, including smartphones, automotive, and emerging fields like industrial automation [8][9] - The company is not only a beneficiary of the semiconductor industry's recovery but also a proactive leader in the digital and intelligent transformation across multiple industries [9]

Core Viewpoint - Company is a leading Fabless semiconductor design firm focusing on CMOS image sensors (CIS) and expanding into display and analog solutions, targeting high-growth sectors such as smartphones, automotive, security, medical, and AIoT. The upcoming IPO is expected to strengthen its global competitiveness [1]. Group 1: Business Segments - The company operates in three main solution areas: image sensor solutions, display solutions, and analog solutions, continuously driving technological iteration and market expansion [2]. - In the smartphone CIS sector, the company plans to launch the OV50X image sensor in April 2025, featuring LOFIC technology for HDR in various lighting conditions [2]. - In the automotive CIS sector, the company has introduced several products, including the OX08D10 and OX05D10, to meet the requirements of next-generation ADAS and autonomous driving [2]. - The company is also expanding into the medical CIS sector with the OCH2B30 camera module for 3D dental scanning, and has established a machine vision department [2]. Group 2: Financial Performance - The company reported revenues of approximately RMB 20.04 billion, RMB 20.98 billion, RMB 25.71 billion, and RMB 13.94 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively, with a compound annual growth rate (CAGR) of about 13.3% from 2022 to 2024 [3][4]. - The net profit for the same periods was RMB 0.95 billion, RMB 0.54 billion, RMB 3.28 billion, and RMB 2.02 billion, with a remarkable profit increase of 502% in 2024 compared to 2023 [3][4]. Group 3: Market Trends - The global CIS market is projected to grow from USD 17.9 billion in 2020 to USD 19.5 billion in 2024, with a CAGR of 2.2%, and is expected to reach USD 29.5 billion by 2029, with a CAGR of 8.6% from 2024 to 2029 [7]. - The company is positioned as the third-largest digital image sensor supplier globally, holding a market share of 13.7% in 2024 [2]. Group 4: Competitive Strategy - The company leverages its extensive patent portfolio and partnerships with leading foundries to develop a comprehensive technology matrix covering pixel design, circuit architecture, and system integration [3]. - The company's strategy focuses on reusing technology across different applications, enhancing R&D efficiency, and shortening product time-to-market, which creates a competitive barrier against rivals [10]. - The company is actively entering emerging markets such as smart glasses, robotics, and industrial automation, while maintaining its traditional strengths in smartphones and automotive sectors [10][11].

Investment Rating - The report maintains a "Recommended" investment rating for the consumer electronics industry [1]. Core Insights - The global consumer electronics market is experiencing structural differentiation, with traditional categories slowing down and new AI-driven products like AI smartphones, AI PCs, and AI glasses accelerating their market entry. The competition is shifting from individual product comparisons to ecosystem building focused on overall user experience [17]. - In Q3 2025, global smartphone shipments reached approximately 323 million units, a year-on-year increase of 2.6%. The Chinese smartphone market saw a slight decline of 0.5%, with major players like Vivo and Apple maintaining significant market shares [4][6]. - The wearable watch market is showing a clear trend towards high-end products, with global shipments stable at 54.6 million units, reflecting a 3% year-on-year growth. The average selling price increased by 9%, indicating a shift towards premium offerings [9][10]. Summary by Sections Industry Tracking: Wearable Watch High-End Trend - In Q3 2025, global smartphone shipments were approximately 323 million units, with a 2.6% year-on-year growth. Samsung and Apple remained the top two players, while Vivo held the third position. The Chinese market showed a slight decline, influenced by seasonal factors and policy changes [6][7]. - The global PC market saw a 9.4% year-on-year increase in shipments, reaching 76 million units, driven by the end of Windows 10 support and the transition to AI PCs [8]. - The global tablet market reached 40.04 million units in Q3 2025, marking a 5.1% year-on-year growth, with Apple leading the market [9]. Industry News: Exploring Technology Boundaries with Foldable Screens and AI Glasses - Major advancements in foldable screens and AI glasses were reported, including the launch of Samsung's Galaxy Z TriFold and Alibaba's Quark AI glasses S1, showcasing the industry's push towards innovative technology [13][14]. Sector Tracking: AI as the Core Engine Driving the Industry - The consumer electronics index outperformed the CSI 300 index by 0.74 percentage points over the past month, with a year-on-year performance exceeding the CSI 300 by 20.93 percentage points [16].

Group 1 - The core viewpoint of the articles highlights a significant price surge in the global memory chip market, particularly in DRAM and NAND Flash, with prices increasing over 300% since September 2023, driven by the rise of AI applications [1][2] - The consumption electronics sector is expected to implement a combination of structural price increases and cost-sharing strategies with the supply chain, particularly as the demand for consumer electronics like smartphones and computers is projected to rise through 2026 [1] - The consumption electronics ETF closely tracks the performance of the China Securities Consumption Electronics Theme Index, which includes 50 listed companies involved in component production and brand design [2][3] Group 2 - The top ten weighted stocks in the China Securities Consumption Electronics Theme Index account for 56.39% of the index, indicating a concentration of investment in key players such as Luxshare Precision and Cambricon Technologies [3] - AI is enhancing the demand for consumer batteries, as the integration of AI in devices like smartphones and wearables is leading to increased power consumption and a higher demand for lithium batteries [2]