| 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：118049 | 转债简称：汇成转债 | | 经上海证券交易所自律监管决定书〔2024〕114 号文同意，公司发行的 114,870.00 万元可转换公司债券于 2024 年 9 月 2 日起在上海证券交易所上市交 易，债券简称"汇成转债"，债券代码"118049"。 合肥新汇成微电子股份有限公司关于 2025 年第四季度可转债转股结果暨股份变动及控股 股东、实际控制人及其一致行动人权益变动的公告 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： 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 12 月 31 日，"汇成转债"累计转股金额为 218,660,000.00 元，累计 转股数量为 28,732,697 股，约占"汇成转债"转股前公司已发 ...

Core Insights - The annual technology innovation sharing conference "Luo Yonghao's Crossroads" returned after seven years, showcasing various products and innovations from ByteDance and other companies [1][2] - Despite high expectations, the event faced multiple errors, including a delayed start and technical issues, leading to audience disappointment [1][2] Product Highlights - **DJI NEO2 Drone**: A user-friendly drone designed for easy operation, featuring gesture control and safety measures to protect users [6] - **Hypershell Exoskeleton**: A lightweight exoskeleton that assists users in climbing and carrying heavy objects, suitable for various extreme environments [8] - **TuoZhu 3D Printer**: Aimed at making 3D printing accessible to the general public, it offers a community for sharing designs and resources [9] - **LiberNovo Ergonomic Chair**: An advanced ergonomic chair that automatically adjusts to the user's posture, enhancing comfort [12] - **LICURV Dishwasher**: A compact dishwasher that cleans dishes in five seconds without detergent, utilizing innovative technology for effective cleaning [15] - **Antigravity Drone**: A panoramic drone that simplifies aerial photography, allowing users to control it intuitively [17] - **New Beanbag AI**: An AI application that enhances communication and translation capabilities, demonstrating quick response times [19] - **Qie Ting AI Reading App**: An application that provides audio summaries of books, highlighting key points and allowing for voice cloning [22] - **LAVA Studio**: An AI music workstation that enables users to create diverse musical sounds with a single instrument [25] Audience Engagement - The event saw significant interest, with tickets selling out quickly and a peak online viewership of around 5 million [1] - Despite the initial excitement, audience reactions were mixed, with many expressing dissatisfaction over the event's execution [5][6]

来源：新浪证券-红岸工作室 12月31日，汇成股份涨0.00%，成交额8.93亿元，换手率6.22%，总市值140.53亿元。 异动分析 存储芯片+先进封装+OLED+芯片概念+人民币贬值受益 1、2025年10月14日公司，合肥新汇成微电子股份有限公司举办特定对象调研活动，向舟资本、兴全基 金、平安资管等多家机构投资者披露重磅布局：公司通过直接与间接投资相结合，拿下合肥鑫丰科技有 限公司（简称 "鑫丰科技"）27.5445% 股权，并与鑫丰科技股东华东科技（苏州）有限公司（简称 "华 东科技"）达成战略合作，共同拓展 3D DRAM 等存储芯片封测业务，瞄准 AI 基建时代下存储芯片的爆 发式需求。 2、据2023年2月投资者关系活动记录表： Chiplet先进封装技术是凸块制造、Fan-out、3D、SiP等高端先 进封装技术的集合，公司掌握的凸块制造技术是Chiplet的基础之一。在研发端，公司将以客户需求为导 向，基于凸块制造技术，纵向拓展技术边界，积极布局Fan-out、2.5D/3D、SiP等高端先进封装技术。 3、2024年7月3日公司投资者关系活动记录表：公司目前OLED客户主要包括联咏、瑞鼎 ...

Group 1 - The core point of the news is that Huicheng Co., Ltd. has experienced a decline in stock price, dropping 1.03% to 16.32 yuan per share, with a total market value of 14 billion yuan and a cumulative drop of 5.23% over three consecutive days [1] - Huicheng Co., Ltd. is located in Hefei, Anhui Province, and was established on December 18, 2015. The company focuses on the manufacturing of gold bumping as its core business, along with comprehensive services in wafer testing and various packaging processes for display driver chips [1] - The main revenue composition of Huicheng Co., Ltd. is 90.25% from display driver chip testing and packaging, while other services account for 9.75% [1] Group 2 - From the perspective of fund holdings, Huachuang Fund has a significant position in Huicheng Co., Ltd., with its Huachuang Quantitative Progress Mixed Fund holding 99,000 shares, representing 0.5% of the fund's net value, making it the third-largest holding [2] - The Huachuang Quantitative Progress Mixed Fund has experienced a floating loss of approximately 16,800 yuan today and a total floating loss of 90,100 yuan during the three-day decline [2] - The fund was established on April 9, 2015, with a current scale of 380 million yuan, achieving a year-to-date return of 32.38% and a one-year return of 28.42% [2]

| 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-067 | | --- | --- | --- | | 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 关于债券持有人可转债持有比例变动达 10%的公告 二、可转债持有变动情况 公司于 2025 年 12 月 29 日接到扬州新瑞连、杨会、合肥芯成的告知函，获 悉自 2025 年 8 月 26 日至 2025 年 12 月 29 日，扬州新瑞连、杨会、合肥芯成三 1/2 注 1：上表中发行总量均为初始发行总量 11,487,000 张。 注 2：合计数与各单项数据之和在尾数上可能存在差异，这些差异是由于四舍五入原 因所致。 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、可转债配售情况 根据中国证券监督管理委员会出具的《关于同意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注册的批复》（证监许可〔2024〕883 号），合肥新汇成微电子股份有限公司（以下简称"公司"）获准于 2024 年 8 ...

控股股东拟增资暨股权结构发生变更的补充公告 一、合肥百瑞发的基本情况 | 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-068 | | --- | --- | --- | | 转债代码：118049 | 转债简称：汇成转债 | | 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关于 合肥新汇成微电子股份有限公司（以下简称"公司"或"汇成股份"）于 2025 年 12 月 27 日在上海证券交易所（www.sse.com.cn）披露了《关于控股股 东拟增资暨股权结构发生变更的提示性公告》（公告编号 2025-066），公司控 股股东扬州新瑞连投资合伙企业（有限合伙）（以下简称"扬州新瑞连"）拟 与杨会、纪念、合肥百瑞发企业管理合伙企业（有限合伙）（以下简称"合肥 百瑞发"）签订协议，由合肥百瑞发向扬州新瑞连增资并成为扬州新瑞连有限 合伙人，其他合伙人出资额不变。本次控股股东拟增资暨股权结构变更前后， 郑瑞俊、杨会夫妇合计控制公司股份的比例不发生变化；本次控股股东增资暨 ...

Group 1 - The core point of the article is that Huicheng Co., Ltd. (688403.SH) announced a significant reduction in the holdings of its convertible bonds by three shareholders, totaling 1.4357 million bonds, which represents 12.50% of the total issuance of Huicheng convertible bonds [1] Group 2 - The reduction in holdings occurred between August 26, 2025, and December 29, 2025, indicating a concentrated selling period [1] - The shareholders involved in the reduction are Yangzhou Xinruilian, Yang Hui, and Hefei Xincheng, who executed the sell-off through the Shanghai Stock Exchange trading system [1] - The total amount of convertible bonds reduced is significant, reflecting potential changes in shareholder sentiment or strategy regarding Huicheng Co., Ltd. [1]

Core Viewpoint - The article discusses the intense competition between DJI and Insta360, highlighting their contrasting technological philosophies and strategies in the consumer electronics market, particularly in the drone and camera sectors [5][12][25]. Group 1: Competitive Landscape - DJI holds over 70% of the global consumer drone market, establishing a strong technical barrier through vertical integration [8]. - Insta360, on the other hand, has carved out a niche in the panoramic camera market, surpassing GoPro to become the global leader in action cameras [10]. - The competition has escalated from product pricing wars to supply chain "choose one" strategies, forcing suppliers to align with either company [5][29]. Group 2: Product Strategies - DJI launched its first panoramic action camera, Osmo 360, at a price of 2999 yuan, undercutting Insta360's flagship product by 800 yuan [15]. - Insta360's upcoming product, the Antigravity A1, aims to differentiate itself with features like panoramic shooting and VR compatibility, positioning it as a revolutionary solution in the market [16][17]. - Both companies are engaging in aggressive pricing strategies, with Insta360 reducing prices on its products to counter DJI's market entry [20]. Group 3: Financial Performance - Insta360 reported a significant increase in sales expenses, reaching 1.13 billion yuan in the first three quarters of 2025, a 102.6% increase year-over-year, which outpaced revenue growth [20][21]. - The company's total revenue for the first three quarters of 2025 was approximately 6.61 billion yuan, compared to 3.95 billion yuan in the same period of 2024 [21]. - DJI has also initiated price cuts on several products, including the Osmo Pocket 3, to maintain competitive pressure on Insta360 [20]. Group 4: Supply Chain Dynamics - Insta360's CEO, Liu Jingkang, revealed that many core suppliers faced "exclusivity" pressures from DJI, complicating their operational decisions [27][29]. - The supply chain is critical for hardware products, and DJI's established network provides it with a significant advantage in cost control and technological development [30][33]. - Liu Jingkang expressed concerns about the rising costs of innovation due to supply chain restrictions imposed by DJI [32]. Group 5: Future Outlook - The competition between DJI and Insta360 is seen as beneficial for the industry, driving technological advancements and exploring new directions for integration [36]. - The article suggests that both companies may coexist with their distinct narrative styles, potentially leading to a new hybrid form in the future [37]. - The ongoing rivalry reflects the broader challenges in the consumer electronics sector, where companies must navigate market pressures while innovating [40].

来源：新浪证券-红岸工作室 12月29日，汇成股份跌0.84%，成交额3.61亿元，换手率2.53%，总市值141.48亿元。 异动分析 存储芯片+先进封装+OLED+芯片概念+人民币贬值受益 1、2025年10月14日公司，合肥新汇成微电子股份有限公司举办特定对象调研活动，向舟资本、兴全基 金、平安资管等多家机构投资者披露重磅布局：公司通过直接与间接投资相结合，拿下合肥鑫丰科技有 限公司（简称 "鑫丰科技"）27.5445% 股权，并与鑫丰科技股东华东科技（苏州）有限公司（简称 "华 东科技"）达成战略合作，共同拓展 3D DRAM 等存储芯片封测业务，瞄准 AI 基建时代下存储芯片的爆 发式需求。 主力没有控盘，筹码分布非常分散，主力成交额2.56亿，占总成交额的8.59%。 技术面：筹码平均交易成本为16.35元 3、2024年7月3日公司投资者关系活动记录表：公司目前OLED客户主要包括联咏、瑞鼎、奕力、云英 谷、集创北方、芯颖、傲显、昇显微、晟合微等。 4、合肥新汇成微电子股份有限公司的主营业务是集成电路高端先进封装测试服务。公司的主要产品是 集成电路封装测试。 5、根据2024年年报，公司海外营收 ...

合肥新汇成微电子股份有限公司关于 控股股东拟增资 暨股权结构发生变更的提示性公告 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： ● 本次控股股东拟增资暨股权结构发生变更属于合肥新汇成微电子股份有限公司（以下简称"公司"）控 股股东扬州新瑞连投资合伙企业（有限合伙）（以下简称"扬州新瑞连"）增资和股权结构变更，未导致 其所持有的公司股份数量发生变化，不会对公司经营产生重大影响，不触及要约收购。 证券代码：688403 证券简称：汇成股份 公告编号：2025-066 转债代码：118049 转债简称：汇成转债 ● 本次变动未涉及公司控股股东及实际控制人变更，控股股东及一致行动人合计持股数量未发生变化。 公司于近日收到公司控股股东扬州新瑞连关于拟增资及股权结构发生变更的通知，现将具体情况公告如 下： 一、本次控股股东拟增资暨股权结构变更的基本情况 扬州新瑞连拟与杨会、纪念、合肥百瑞发企业管理合伙企业（有限合伙）（以下简称"合肥百瑞发"）签 订协议，由合肥百瑞发向扬州新瑞连增资并成为扬州新瑞连有限合伙人，其他合伙 ...