Core Insights - Insta360 has officially announced the pre-order for its first product under the Antigravity brand, the Antigravity A1, which is the world's first 8K panoramic drone, set to be unveiled on December 4 [1][4] - The pre-order period has started earlier than the previously anticipated January timeline, indicating the company's confidence in its product [4] - The launch of the Antigravity A1 marks Insta360's full entry into the consumer drone market after completing technology validation and market cultivation [4] Company Overview - Insta360 holds a 67.2% global market share in the panoramic imaging sector, leveraging its technological expertise to introduce a new category of panoramic drones [4] - The Antigravity A1 features a dual panoramic fisheye lens design, integrating Insta360's panoramic stitching technology, and is referred to as a "flying panoramic camera" [4] Industry Context - The introduction of the Antigravity A1 is expected to create a new niche in the consumer drone market, injecting innovation into the industry [4] - Competition in the consumer drone and smart wearable camera sectors is anticipated to intensify, especially with DJI's entry into the panoramic camera market [4]

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 第三次临时受托管理事务报告 （2025 年度） 受托管理人 （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十一月 1 重要声明 本报告依据《可转换公司债券管理办法》《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 本次可转债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 ...

| 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-064 | | --- | --- | --- | | 转债代码：118049 | 转债简称：汇成转债 | | 说明会问题征集：投资者可于 2025 年 12 月 4 日 13:00 前访问网址 https://eseb.cn/1turmyiAsMM 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 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： 公司已于 2025 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披 露了《2025 年第三季度报告》。为便于广大投资者更加全面深入地了解公司经 营发展情况，公司定于 2025 年 12 月 4 日（星期四）15:30～16:30 在"价值在线" 1/3 合肥新汇成微电子股份有限公司 关于召开 2025 年第三季度业绩说明会 ...

Core Insights - The report highlights a significant transformation in China's cross-border e-commerce from "price competition" to "value creation" driven by innovation and AI empowerment [1][3][6] - With the Z generation's online shopping population expected to reach 90.3%, Chinese sellers are shifting focus from low-price strategies to product innovation, technology upgrades, and brand building [1][6][3] Innovation and Product Development - 64% of Chinese sellers are prioritizing new product categories or iterations of existing products, with 35% of sales coming from new selections made within the last year, indicating that innovation is the core growth driver [1][7] - Over 88% of outbound products are self-innovated, with 32% being globally first-released categories, showcasing strong R&D capabilities in cutting-edge fields like AI and new-generation information technology [1][13][14] - Brands are leveraging user feedback throughout the product development cycle, employing agile development models to reduce trial-and-error costs and shorten product development timelines [2][28][30] AI and Data Utilization - More than 60% of top brands utilize AI tools for consumer insights, product selection analysis, and product optimization, while 45% of Chinese sellers apply generative AI for service and product innovation [2][52] - AI is enhancing product innovation by identifying trends from vast data sets, improving supply chain management, marketing, and user experience, leading to significant increases in conversion rates and brand visibility [2][52][55] Global Expansion Strategies - 94% of brands plan to promote innovative products across more international platforms, with 78% having successfully entered multiple Amazon markets [3][38] - Companies are adopting a "validate-replicate-localize" strategy to quickly adapt to different regional consumer habits and certification requirements, transforming successful experiences into global growth momentum [3][40] - 81% of enterprises intend to invest over 10% of their revenue in R&D to build patent barriers around core technologies, thereby enhancing their competitiveness in the global market [3][44] Future Outlook - The cross-border e-commerce sector in China is entering a new development phase driven by innovation and brand empowerment, with expectations for sustainable growth and increased global recognition of Chinese brands [3][1][6]

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]. Company Overview - Hefei Xinhui Microelectronics Co., Ltd. specializes in high-end integrated circuit packaging and testing services, with its main products being integrated circuit packaging tests [3]. - The company was established on December 18, 2015, and went public on August 18, 2022. Its main business revenue composition includes 90.25% from display driver chip packaging and 9.75% from other services [8]. Recent Developments - On October 14, 2025, the company announced a significant investment in Hefei Xinfeng Technology Co., Ltd., acquiring a 27.5445% stake and forming a strategic partnership to expand into 3D DRAM and other storage chip packaging services [2]. - The company is focusing on advanced packaging technologies, including Chiplet, Fan-out, 2.5D/3D, and SiP, to meet customer demands and enhance its technological capabilities [2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.295 billion yuan, representing a year-on-year growth of 21.05%, and a net profit attributable to shareholders of 124 million yuan, up 23.21% year-on-year [9]. - As of September 30, 2024, the company's overseas revenue accounted for 54.15%, benefiting from the depreciation of the RMB [4]. Market Activity - On November 21, the company's stock price fell by 6.71%, with a trading volume of 359 million yuan and a turnover rate of 3.17%, leading to a total market capitalization of 11.085 billion yuan [1].

| 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-063 | | --- | --- | --- | | 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 关于不提前赎回"汇成转债"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： 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 10 月 30 日至 2025 年 11 月 19 日期间，满足连续三十个交易日中有十五个交易日的收盘价不低 于"汇成转债"当期转股价格 7.61 元/股的 130%（含 130%），即 9.89 元/股，已触发 "汇成转债"有条件赎回条款。 公司于 2025 年 11 月 19 日召开第二届董事会第十五次会议，审议通过了《关 于不提前赎回汇成转债的议案》，董事会决定本次不行使"汇成转债"的提前赎回权利， 不提前赎回"汇成转债"。 未来三个月内（即 2025 年 11 月 20 日至 2026 年 2 月 19 日期间），若"汇成转 债"再次触 ...

一、可转换公司债券的基本情况 （一）可转换公司债券的发行情况 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 不提前赎回汇成转债的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 合肥新汇成微电子股份有限公司（以下简称"汇成股份"或"公司"）首次公开 发行股票并上市及向不特定对象发行可转换公司债券的持续督导机构，根据《证 券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《可转 换公司债券管理办法》和《上海证券交易所上市公司自律监管指引第 12 号—— 可转换公司债券》等有关规定，对公司不提前赎回汇成转债的事项进行了核查， 核查情况及核查意见如下： 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）， 公司获准于 2024 年 8 月 7 日向不特定对象发行 11,487,000 张可转换公司债券， 每张面值为人民币 100.00 元，按面值发行，发行总额 114,870.00 万元。本次发 行的可转换公司债券的期限为自发行之日起六年，即自 2024 年 ...

证券之星消息，11月18日，汇成股份（688403）融资买入3107.11万元，融资偿还2747.95万元，融资净 买入359.16万元，融资余额9.26亿元，近3个交易日已连续净买入累计2317.57万元，近20个交易日中有 13个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-18 | 359.16万 | 9.26亿 | 7.40% | | 2025-11-17 | 96.05万 | 9.22 亿 | 7.43% | | 2025-11-14 | 1862.36万 | 9.21亿 | 7.45% | | 2025-11-13 | -1619.74万 | 9.03亿 | 6.92% | | 2025-11-12 | 526.84万 | 2616 | 7.08% | 融券方面，当日融券卖出2023.0股，融券偿还0.0股，融券净卖出2023.0股，融券余量2.97万股。 融资融券余额9.26亿元，较昨日上涨0.39%。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | ...

Core Viewpoint - A significant number of public and private fund managers are conducting research on DJI, focusing on the upcoming Avata 360 panoramic drone, amidst intense competition with Insta360's Antigravity A1. DJI has stated it has no financing or IPO plans [1][2]. Group 1: Market Competition - The competition between DJI and Insta360 has intensified, with both companies engaging in price wars during the Double 11 shopping festival, with DJI's products being priced approximately 400-500 yuan lower than Insta360's comparable products [2][5]. - During the Double 11 event, DJI's Osmo 360 was priced at 2,197 yuan, while Insta360's X5 was priced at 2,656 yuan, leading to a price difference of 559 yuan [5][8]. - Both companies have significantly reduced their product prices compared to their launch prices, indicating a fierce market competition [8]. Group 2: Market Share Discrepancies - A report from Jiuqian Consulting indicated that as of Q3 2025, Insta360 held a 49% market share in the global panoramic camera market, while DJI followed closely with 43% [3]. - In contrast, a report from Frost & Sullivan claimed that Insta360's market share was as high as 75%, with DJI only at 17.1%, raising questions about the accuracy of these reports [3]. - The discrepancies in market share data have led to confusion in the industry, with DJI reporting a Q3 shipment of 290,000 units and sales revenue of 860 million yuan, aligning with Jiuqian's report [3][10]. Group 3: Financial Performance - Insta360 reported a revenue of 6.611 billion yuan for the first three quarters, a year-on-year increase of 67.18%, but a net profit decline of 5.95% [8][9]. - In Q3 alone, Insta360's revenue reached 2.940 billion yuan, a significant year-on-year growth of 92.64%, but the net profit decreased by 15.9% [8][9]. - The company attributed its profit decline to investments in chip customization and algorithm optimization, which are seen as long-term growth strategies [9]. Group 4: Internal Challenges - Reports of internal issues at Insta360 have emerged, including allegations of unpaid virtual stock dividends to former employees, highlighting potential management problems [10][11]. - DJI is also facing talent retention challenges, with former employees indicating dissatisfaction with the company's management practices and compensation structures [12].

受托管理人 （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十一月 1 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 第二次临时受托管理事务报告 （2025 年度） 重要声明 本报告依据《可转换公司债券管理办法》《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 本次可转债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 ...