Core Insights - Hefei Xinhui Microelectronics Co., Ltd. (referred to as "the company") has strategically entered the storage chip packaging and testing sector by investing in Hefei Xinfeng Technology Co., Ltd. and collaborating with East China Technology (Suzhou) Co., Ltd. This move is crucial for expanding its display driver packaging and testing business boundaries and enhancing its competitive edge in the domestic and international storage chip markets [1][4] Group 1: Strategic Positioning - The company leverages the robust semiconductor industry cluster in Hefei, which has allowed it to achieve significant scale in display driver packaging and testing, thus accumulating valuable operational experience [1][2] - By adopting a combination investment model, the company directly acquired a 27.5445% stake in the target entities with an investment of 90.4841 million yuan, while also holding indirect stakes through private equity funds, minimizing risks associated with single business expansion [1][3] Group 2: Operational Efficiency - The local semiconductor ecosystem, including wafer manufacturing and substrate supply, significantly reduces supply chain costs and response times for the storage packaging and testing business [2] - The company plans to enhance its storage packaging capacity by the end of 2027, utilizing its efficient production management and customer service processes from the display driver sector to expedite the transition to large-scale operations [2][4] Group 3: Market Opportunities - The global storage chip market is experiencing structural opportunities driven by AI infrastructure demands, with a notable increase in prices for storage chips over the past six months [3] - The company’s entry into the storage packaging and testing market reflects its strategic foresight and market insight, aiming to establish a dual-core business model of "display + storage" to fuel long-term growth [3][4] Group 4: Technological Advancements - Collaboration with East China Technology, which possesses 3D CUBE solutions, positions the company to make breakthroughs in advanced packaging for 3D DRAM, addressing domestic market gaps and aligning with AI-era storage needs [3] - The company’s non-controlling equity layout helps mitigate short-term profit pressures while leveraging past financial advantages and local investment platforms to promote capacity expansion [3][4]

Core Viewpoint - The company, Hefei Xinhui Microelectronics Co., Ltd., is strategically expanding its business in the semiconductor industry, particularly in advanced packaging and storage chip sectors, to capitalize on the growing demand driven by AI infrastructure [2][3]. Group 1: Company Developments - On October 14, 2025, the company announced a significant investment by acquiring a 27.5445% stake in Hefei Xinfeng Technology Co., Ltd., and forming a strategic partnership with East China Technology (Suzhou) Co., Ltd. to expand into 3D DRAM and other storage chip packaging services [2]. - The company is focusing on advanced packaging technologies, including Chiplet, Fan-out, 3D, and SiP, leveraging its expertise in bump manufacturing as a foundational technology [2]. - As of September 30, 2025, the company reported a revenue of 1.295 billion yuan, marking a year-on-year growth of 21.05%, and a net profit of 124 million yuan, with a growth of 23.21% [9]. Group 2: Market Position and Financials - The company has a significant international presence, with overseas revenue accounting for 54.15% of total revenue, benefiting from the depreciation of the Chinese yuan [4]. - The main business of the company is integrated circuit advanced packaging and testing services, with display driver chip packaging accounting for 90.25% of its revenue [3][8]. - As of September 30, 2025, the number of shareholders increased to 23,500, with an average of 36,445 shares held per shareholder, indicating growing investor interest [9].

Core Insights - The global and Chinese handheld smart imaging device market is expected to undergo significant changes by 2025 [1] Market Share Analysis - Insta360 continues to lead the panoramic camera sector, holding the number one global market share for eight consecutive years, with over 85% market share in the first three quarters of 2025 [1] - In Q3 alone, Insta360 achieved a global market share of 75% and over 60% in the domestic market, solidifying its leading position [1] - DJI entered the panoramic camera market in July this year and quickly captured approximately 17.1% of the global market share in Q3, leveraging aggressive pricing strategies to secure 37.1% of the domestic market [1] Action Camera Competition - The competition in the action camera segment is intensifying, with Insta360 leading with a global market share of 37.1% as of Q3, followed closely by DJI at 33.9% and GoPro at 18.7% [1] - In Q3, Insta360's market share increased to 38.6%, while DJI's rose to 34.6%, and GoPro's share declined to 15.7% [1]

Core Viewpoint - The company announced significant changes in its governance structure, including the cancellation of the supervisory board, changes in registered capital, and amendments to its articles of association and governance systems [9][11][14]. Group 1: Governance Changes - The company will no longer have a supervisory board, with the audit committee of the board taking over its responsibilities [9][10]. - The supervisory board's rules have been abolished, and related provisions in the company's regulations are no longer applicable [9]. - The company will continue to comply with legal requirements until the cancellation of the supervisory board is approved by the shareholders [10]. Group 2: Capital Changes - On July 23, 2025, the company completed the registration of new shares related to its stock incentive plan, increasing its registered capital by 2,234,000.00 yuan [11]. - The total registered capital increased from 837,981,982.00 yuan to 857,962,158.00 yuan following the conversion of bonds into shares [12][13]. Group 3: Amendments to Articles of Association - The company plans to amend its articles of association in accordance with relevant laws and regulations, with specific changes detailed in an attached comparison table [14]. - The amendments will not change other provisions of the articles, and the revised articles will be disclosed on the Shanghai Stock Exchange [14]. Group 4: Governance System Revisions - The company intends to revise its governance documents, including the rules for shareholder meetings and board meetings, which will require shareholder approval to take effect [15]. - The audit committee's working rules will be renamed and will take effect immediately upon board approval [15].

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达2.56%。本期较上一季度新披露的外资机构有 1 家 ，即GREAT TITLE LIMITED。 2025年10月31日，汇成股份(688403.SH)发布2025年第三季报。截至2025年10月30日，共有27个机构投 资者披露持有汇成股份A股股份，合计持股量达3.44亿股，占汇成股份总股本的40.14%。其中，前十大 机构投资者包括扬州新瑞连投资合伙企业(有限合伙)、香港中央结算有限公司、汇成投资控股有限公 司、上海添橙投资管理有限公司-添橙添利十二号私募证券投资基金、ADVANCE ALLIED LIMITED、 合肥新汇成微电子股份有限公司-2025年员工持股计划、GREAT TITLE LIMITED、华安智能装备主题股 票A、华泰柏瑞价值增长混合A、科创200，前十大机构投资者合计持股比例达39.86%。相较于上一季 度，前十大机构持股比例合计下跌了1.51个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计9个，主要包括科创200、华夏上证科创板 200ETF、富国中证1000指数增强(LOF ...

Core Viewpoint - Huicheng Co., Ltd. is a leading player in the display driver chip packaging and testing industry, with significant growth potential in the DRAM storage packaging sector due to strategic investments and partnerships [1][5][6]. Group 1: Company Overview - Huicheng Co., Ltd. was established on December 18, 2015, and went public on August 18, 2022, on the Shanghai Stock Exchange, with its headquarters in Hefei, Anhui Province [1]. - The company specializes in the manufacturing of gold bump packaging for display driver chips and offers comprehensive packaging and testing services across the entire process [1]. Group 2: Financial Performance - For Q3 2025, Huicheng reported a revenue of 1.295 billion yuan, ranking 6th in the industry, while the industry leader, Changdian Technology, achieved 28.669 billion yuan [2]. - The net profit for the same period was 124 million yuan, placing the company 7th in the industry, with the top performer, Tongfu Microelectronics, reporting 999 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Huicheng's debt-to-asset ratio was 28.25%, lower than the industry average of 40.98% and down from 30.96% the previous year [3]. - The gross profit margin for Q3 2025 was 22.62%, higher than the industry average of 20.20% and an increase from 21.10% in the previous year [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 15.93% to 23,500, with an average holding of 36,400 circulating A-shares, up 27.82% [5]. - Hong Kong Central Clearing Limited is the second-largest shareholder, holding 40.3715 million shares, an increase of 21.9443 million shares from the previous period [5]. Group 5: Strategic Initiatives - The company is expanding into the DRAM storage packaging business through strategic investments in Xinfeng Technology and partnerships with East China Technology [5]. - The collaboration with East China Technology aims to cover the entire LPDDR series packaging, while Xinfeng Technology plans to increase its DRAM packaging capacity from 20,000 wafers per month to 60,000 by the end of 2027 [5]. Group 6: Market Outlook - Analysts expect Huicheng's revenue to reach 1.78 billion yuan, 2.05 billion yuan, and 2.4 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 190 million yuan, 250 million yuan, and 320 million yuan [5]. - The company is anticipated to benefit from the recovery in consumer electronics demand and an increase in domestic market share for DDIC packaging [6].

每经AI快讯，汇成股份（SH 688403，收盘价：16.85元）10月30日晚间发布公告称，公司本次计提减值 准备计入资产减值损失和信用减值损失科目，2025年前三季度公司合并报表口径计提信用减值损失和资 产减值损失预计合计1641万元，对公司合并报表利润总额影响约1641万元。本次计提减值准备相关的财 务数据未经审计，最终以年审会计师事务所审计结果为准。 截至发稿，汇成股份市值为145亿元。 每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ （记者 胡玲） ...

| 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：118049 | 转债简称：汇成转债 | | 合肥新汇成微电子股份有限公司 关于调整独立董事薪酬的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 合肥新汇成微电子股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第二届董事会第十四次会议，审议通过了《关于调整独立董事薪酬的议 案》，现将相关事项公告如下： 根据《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规 则》等法律法规及《合肥新汇成微电子股份有限公司章程》等有关规定，结合 公司实际经营发展情况，参考同行业、地区上市公司独立董事津贴水平，经研 究，拟将公司独立董事津贴标准从每人每年税前 5.50 万元人民币调整为每人每 年税前 7.20 万元人民币。 本次调整独立董事薪酬的事项符合公司所处行业、地区的基本薪资水平和 公司经营现状，有利于公司独立董事更好参与公司治理工作，进一步保障投资 者合法权 ...

| | | 合肥新汇成微电子股份有限公司 关于取消监事会、变更注册资本、修订《公司章程》 并办理工商变更登记暨修订部分公司治理制度的公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 合肥新汇成微电子股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第二届董事会第十四次会议及第二届监事会第十二次会议，审议通过了 《关于取消监事会、变更注册资本、修订<公司章程>并办理工商变更登记的议 案》和《关于修订部分公司治理制度的议案》。现将有关情况公告如下： 一、取消监事会情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公 司章程指引》等有关法律、法规和规范性文件的规定，公司将不再设置监事会 及监事，由董事会审计委员会行使《公司法》规定的监事会职权。《合肥新汇 成微电子股份有限公司监事会议事规则》相应废止，公司各项规章制度中关于 公司监事、监事会的规定不再适用。 在公司股东会审议通过取消监事会事项前，公司第二届监事会及监事仍将 严格按照《公司法》《中华人民共和国证券法》等法律法规和规范性文 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本次计提减值准备情况概述 根据《企业会计准则》及相关会计政策的规定，为客观、公允地反映合肥 新汇成微电子股份有限公司（以下简称"公司"）截至 2025 年 09 月 30 日的财 务状况及 2025 年前三季度的经营成果，本着谨慎性原则，公司对截至 2025 年 09 月 30 日合并报表范围内可能发生资产及信用减值损失的有关资产计提减值 准备。2025 年前三季度，公司确认的资产减值损失和信用减值损失共计 16,408,533.96 元。具体情况如下表所示： 二、2025 年前三季度计提减值准备的说明 （一）信用减值损失公司以预期信用损失为基础，对应收账款、其他应收 款进行了分析和评估并相应计提减值准备。经评估，2025 年前三季度计提信用 减值损失金额共计 2,341,970.98 元。 （二）资产减值损失据《企业会计准则第 1 号——存货》的规定，公司根 据存货成本账面价值与可变现净值测算存货跌价准备。在资产负债表日，存货 按照成本与可变现净值孰低计量。当其可变现净 ...