证券代码：688403 证券简称：汇成股份 公告编号：2025-033 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"汇成转债"可能满足赎回条件的提示性公告 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。 重要内容提示： 合肥新汇成微电子股份有限公司（以下简称"公司"）股票自 2025 年 6 月 9 日 至 2025 年 7 月 1 日期间 17 个交易日内已有 10 个交易日的收盘价不低于当期转股价格 （7.61 元/股）的 130%（即 9.89 元/股），若未来（自 2025 年 7 月 2 日起算）13 个交易 日内，公司股票至少任意 5 个交易日的收盘价格不低于当期转股价的 130%（含 130%）， 将触发《合肥新汇成微电子股份有限公司向不特定对象发行可转换公司债券募集说明 书》（以下简称《募集说明书》）中规定的有条件赎回条款。若触发条件，公司有权决 定是否按照债券面值加当期应计利息的价格赎回全部或部分未转股的"汇成转债"。 根据《上海证券交易所上市公司自律监管指引第 12 ...

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。 重要内容提示： | 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-032 | | --- | --- | --- | | 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 2025 年第二季度可转债转股结果 暨股份变动的公告 累计转股情况：合肥新汇成微电子股份有限公司（以下简称"公司"） 向不特定对象发行可转换公司债券"汇成转债"自 2025 年 2 月 13 日开始转股。 截至 2025 年 6 月 30 日，"汇成转债" 累计转股金额为 51,000.00 元，累计转股 数量为 6,612 股，约占"汇成转债"转股前公司已发行股份总额 837,976,281 股 的 0.0008%； 未转股可转债情况：截至 2025 年 6 月 30 日，"汇成转债"尚未转股的 金额为 1,148,649,000.00 元，占"汇成转债"发行总量的 99.9956%； 本季度转股情况：自 2025 年 4 月 1 日起至 ...

Core Insights - The article highlights the rising global recognition of Chinese brands, particularly through the success of Pop Mart's Labubu, which has gained significant traction in international markets, showcasing a shift from merely selling products to building brand identity [1][3][4]. Group 1: Brand Globalization Trends - The year 2025 is identified as a pivotal moment for Chinese brands to transition from a "selling" approach to a "branding" strategy, emphasizing the importance of brand recognition in overseas markets [3][4]. - The average net trust score for benchmark Chinese brands reached 61.6% in 2024, indicating a growing acceptance and trust among consumers in developed markets like the U.S. and U.K. [3][4]. - The marketing market size for Chinese outbound enterprises is projected to grow from $34.4 billion in 2023 to $51 billion by 2025, reflecting increased investment in brand marketing [4]. Group 2: Challenges in Brand Building - Establishing brand recognition in foreign markets is challenging due to low initial awareness and trust among consumers, necessitating significant marketing investment and strategic planning [2][11]. - Internal challenges include adapting to refined management practices and sourcing higher-quality materials, which can increase costs and time [12][14]. - External challenges encompass logistics, payment method discrepancies, and compliance issues, particularly regarding trademark registration and protection [12][13][14]. Group 3: Successful Brand Strategies - Successful brands like Insta360 have demonstrated the benefits of focusing on brand identity and unique selling propositions, leading to significant market share and recognition [5][10]. - The case of LOFREE illustrates how a well-defined brand identity and targeted marketing can penetrate niche markets, achieving notable sales performance in competitive environments [15][18]. - Tools like Amazon's Brand Name Generator can assist in creating memorable brand names that resonate with target audiences, enhancing brand visibility and recognition [19][20]. Group 4: Importance of Brand Recognition - High brand recognition is crucial for distinguishing products in crowded markets, allowing consumers to quickly identify and trust brands [14][24]. - Establishing a high-quality brand flagship store on platforms like Amazon can significantly boost sales, with high-rated stores achieving up to 50% more sales than lower-rated ones [24]. - The article concludes that the future of successful international expansion lies in building brands that transcend cultural and commercial barriers, moving from a follower to a leader position in global markets [24][25].

Core Viewpoint - The AI glasses concept has seen a significant surge, with companies like Zhili Fang experiencing over a 10% increase in stock price following the announcement of Xiaomi's AI glasses launch [1] Group 1: Market Reaction - Zhili Fang's stock rose by more than 10% during the trading session [1] - Other companies in the sector, including Hao Shang Hao, Pinming Technology, and others, also saw their stock prices increase [1] Group 2: Product Launch - Xiaomi officially announced that it will unveil its "next-generation personal smart device," which is the Xiaomi AI glasses, on the evening of June 26 [1] - Rokid Glasses, the world's first mass-produced consumer-grade AI+AR glasses, officially began mass production on June 24, with 250,000 global pre-orders already secured [1] - The Rokid product has achieved a breakthrough in domestic production across the entire supply chain [1]

Core Viewpoint - The rapid development of the private equity investment sector has led to A-share listed companies engaging in various forms of private equity investments to discover and incubate quality targets within their industry and supply chains, while also expanding their investment paths. CVC funds led by listed companies have become a crucial force in the private equity market, but they face scrutiny due to potential conflicts of interest and regulatory restrictions, particularly after the implementation of the "Private Investment Fund Registration and Filing Measures" on May 1, 2023 [1][14]. Pathways for Establishing Private Fund Managers - A total of 16 private fund managers related to A-share listed companies have been approved by the Asset Management Association of China (AMAC) from May 1, 2023, to May 1, 2025. These include 1 wholly-owned subsidiary, 4 controlled by listed companies, 10 directly or indirectly invested by listed companies, and 1 established by the actual controller of a listed company [2]. Pathway One: Wholly Owned Establishment - Listed companies can establish private fund managers wholly owned by themselves. This pathway is subject to strict regulatory scrutiny due to the potential classification as "quasi-financial" businesses [3][6]. Pathway Two: Controlling Establishment - Listed companies can also establish controlling private fund managers where they hold more than 50% of the shares. However, this pathway has seen limited success due to regulatory concerns, with only 4 such managers registered since the new regulations [3][4]. Pathway Three: Joint Establishment with Third Parties - This pathway involves listed companies partnering with third parties to establish private fund managers, where the listed company acts as a financial or strategic investor. This has proven to be a more viable option, with 10 managers established under this model since the new regulations [4][5]. Pathway Four: Establishment by Actual Controllers - Actual controllers of listed companies can establish private fund managers directly. This pathway is less restricted, provided that the listed company does not directly invest in the fund manager [6][10]. Compliance Points for Each Pathway - Pathways one and two face stricter regulatory requirements due to the direct control by listed companies, necessitating good financial health and adherence to internal decision-making and disclosure procedures [7][8]. - Pathway three requires careful attention to the legitimacy of the investment purpose and compliance with disclosure obligations, especially regarding related party transactions [10][11]. - Pathway four mandates that the actual controller disclose their relationship with the fund manager and comply with related party transaction regulations if the listed company invests in the fund [12][13]. Risk Prevention Measures - Listed companies and their affiliates must be vigilant against risks such as insider trading, conflicts of interest, and the misuse of non-public information. Establishing robust internal controls and compliance mechanisms is essential to mitigate these risks [12][13]. Conclusion - The article summarizes four pathways for listed companies to establish private fund managers, highlighting the regulatory landscape and compliance requirements. The core controversy revolves around the "quasi-financial" risks associated with these activities, emphasizing the need for a balance between industrial investment demands and financial regulatory boundaries. Future policies may exhibit flexibility, recognizing the value of supporting the real economy while preventing unchecked capital expansion [14].

根据中国证券监督管理委员会《上市公司证券发行注册管理办法》《上海 证券交易所科创板股票上市规则》的有关规定，合肥新汇成微电子股份有限公 司（以下简称"公司"）委托信用评级机构中证鹏元资信评估股份有限公司 （以下简称"中证鹏元"）对公司主体及公司 2024 年向不特定对象发行可转换 公司债券（以下简称"汇成转债"）进行了跟踪评级。 | 证券代码：688403 | 证券简称：汇成股份 转债简称：汇成转债 | 公告编号：2025-031 | | --- | --- | --- | | 转债代码：118049 | | | 合肥新汇成微电子股份有限公司 关于"汇成转债"跟踪信用评级结果的公告 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。 重要内容提示： 前次债券评级：公司主体信用等级为"AA-"，评级展望为"稳定"， "汇成转债"的信用等级为"AA-"。 本次债券评级：公司主体信用等级为"AA-"，评级展望为"稳定"， "汇成转债"的信用等级为"AA-"。 特此公告。 合肥新汇成微电子股份有限公司董事会 2025 年 6 月 13 ...

2024 年合肥新汇成微电子股份有 限公司向不特定对象发行可转换 公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【134】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 ...

Core Viewpoint - The company, Huicheng Co., Ltd. (688403), held a performance briefing on May 23, 2025, to discuss its operational performance and future strategies [1]. Group 1: Operational Performance - As of April 30, 2025, the company's overall capacity utilization rate was approximately 70%, remaining stable compared to the same period last year [2]. - The company's net profits for the years 2022 to 2024 were 177.225 million, 195.985 million, and 159.764 million respectively, indicating relatively stable profitability [3]. - In Q1 2025, the company reported a main revenue of 375 million, an increase of 18.8% year-on-year, and a net profit attributable to the parent company of 40.589 million, up 54.17% year-on-year [8]. Group 2: Strategic Initiatives - The company plans to enhance capacity utilization by expanding its customer base and improving market share, while also focusing on increasing the proportion of higher-margin products like MOLED and large-size display driver chip packaging [3]. - The company is actively advancing the production of new processes using copper-nickel-gold and palladium-gold, with expectations to complete capacity construction within the year and contribute to revenue [3]. - The company is utilizing convertible bond financing primarily for expanding the production capacity of advanced display driver chip packaging to meet the growing demand for OLED display driver chips [4]. Group 3: Customer Relationships and Market Position - The revenue contribution from the top five customers decreased from 48% to 37%, yet remains above the industry average, indicating a stable customer base [5]. - The company has established good relationships with major clients in the display driver chip sector, including BOE and Tesla, and is working on product introduction with Korean clients like Samsung and LG [5]. - The company has completed the construction of its automotive-grade chip project and is actively pursuing customer validation and product introduction [4][7]. Group 4: Financial Health - As of the end of Q1 2025, the company's consolidated asset-liability ratio was 30.34%, with sufficient cash reserves and good operating cash flow, indicating a strong debt repayment capability [4]. - The company has seen a net inflow of 224 million in financing over the past three months, with an increase in financing balance [9].

| 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-030 | | --- | --- | --- | | 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 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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。 重要内容提示： 说明会问题征集：投资者可于 2025 年 05 月 23 日 13:00 前访问网址 https://eseb.cn/1oipR0hQDOo 或使用微信扫描下方小程序码进行会前提问，合肥 新汇成微电子股份有限公司（以下简称"公司"）将通过本次业绩说明会，在信 息披露允许范围内就投资者普遍关注的问题进行解答和说明。 一、说明会类型 公司已分别于 2025 年 3 月 28 日、2025 年 4 月 30 日在上海证券交易所网站 （www.sse.com.cn）披露了《合肥新汇成微电子股份有限公司 2024 年年度报告》 及其摘要、《2025 年第一季度报告》。为便于广大投资者更加全 ...

股票简称：汇成股份 债券简称：汇成转债 股票代码：688403 债券代码：118049 国泰海通证券股份有限公司 关于合肥新汇成微电子股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2025 年度） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年五月 1 重要声明 本报告依据《公司债券发行与交易管理办法》《合肥新汇成微电子股份有限 公司向不特定对象发行可转换公司债券受托管理协议》（以下简称"《受托管理协 议》"）《合肥新汇成微电子股份有限公司向不特定对象发行可转换公司债券募集 说明书》（以下简称"募集说明书"）等相关规定和约定、公开信息披露文件，以 及合肥新汇成微电子股份有限公司（以下简称"公司""汇成股份"或"发行人"） 出具的相关说明文件以及提供的相关资料等，由本次债券受托管理人国泰海通证 券股份有限公司（以下简称"受托管理人"、"国泰海通"）编制。国泰海通对本 报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述 内容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 ...