证券代码：688403 证券简称：汇成股份 公告编号：2025-062 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2025年第二次临时股东会决议公告 ● 本次会议是否有被否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025年11月17日 （二）股东会召开的地点：安徽省合肥市新站区合肥综合保税区内项王路8号公司会议室 （三）出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及其持有表决权数量的情 况： 本公司董事会及全体董事保证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： ■ （四）表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东会由公司董事会召集，董事长郑瑞俊先生主持，会议采取现场投票和网络投票相结合的方式表 决。本次股东会的召集、召开程序、表决程序符合《中华人民共和国公司法》《上海证券交易所科创板 股票上市规则》等有关法律法规、规范性文件以及《合肥新汇成微电子股份有限公司章程》《合肥新汇 成微电子股份有限公司股东会议事规则》等相关规章制度的规定，会议决 ...

2025 年第二次临时股东会之法律意见书 天律意 2025 第 03132 号 致：合肥新汇成微电子股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）、《上市公司股东会规则》等法律法 规、其他规范性文件的要求以及《合肥新汇成微电子股份有限公司章程》（以 下简称《公司章程》）的有关规定，安徽天禾律师事务所（以下简称"本 所"）接受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"）的委托，指派陈磊律师、孙静律师（以下简称"本所律师"）出席见证 于 2025 年 11 月 17 日召开的汇成股份 2025 年第二次临时股东会（以下简称 "本次会议"），并出具本法律意见书。 本法律意见书仅供公司为本次会议之目的使用，不得用作任何其他目的。 法律意见书 安徽天禾律师事务所关于 合肥新汇成微电子股份有限公司 本所律师已严格履行法定职责，遵循了勤勉尽责和诚实信用原则，对汇成 股份的行为以及本次会议的召集和召开程序、出席会议人员的资格和召集人资 格、本次会议的提案、会议的表决程序和结果等有关事宜进行了充分的核查验 证，保证本法律意见书不存在虚假记载 ...

| 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-062 | | --- | --- | --- | | 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 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 11 月 17 日 （二） 股东会召开的地点：安徽省合肥市新站区合肥综合保税区内项王路 8 号 公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 166 | | --- | --- | | 普通股股东人数 | 166 | | 2、出席会议的股东所持有的表决权数量 | 323,852,678 | | 普通股股东所持有表决权数量 | 323,852,678 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | ...

Core Insights - The article discusses the transformative impact of AI on the imaging equipment industry, highlighting a shift from optical dominance to computational capabilities as the primary value driver [4][5][6]. Group 1: Historical Context and Evolution - Over the past 50 years, the balance between optical and computational contributions in imaging has evolved, indicating a new logic for the emergence of successful imaging companies [5][6]. - In the film era, the value of photography was almost entirely determined by optical and mechanical factors, with companies like Leica and Zeiss leading the market [8]. - The advent of digital technology marked the first significant intervention of computation, allowing companies like Canon and Sony to disrupt traditional optical firms by integrating computational elements into their products [8][9]. Group 2: The Role of Computation - Initially, computation served to optimize optical performance and simplify user operations, enhancing the overall user experience and expanding market demand [8][9]. - The true disruption began when computation shifted from merely optimizing optics to defining scenarios and reshaping reality, as seen with companies like GoPro and DJI [9][10]. - DJI's drones exemplify this shift, functioning as advanced computational platforms that deliver unprecedented aerial imaging capabilities [10]. Group 3: New Computational Paradigms - A new computational architecture is emerging, characterized by a combination of on-device processing, lightweight local models, and powerful cloud-based models, enabling unprecedented capabilities in imaging devices [11]. - This evolution allows for real-time AI functionalities and opens up new possibilities for understanding, enhancing, and generating images [11][13][15]. Group 4: Layers of Value Creation - The first layer of value is "understanding reality," where AI enhances the camera's ability to interpret and provide context to images, moving beyond mere recording [13]. - The second layer is "augmented reality," where AI contributes to creative expression and emotional resonance in photography [15]. - The third layer, "generating reality," represents a paradigm shift where images are created through computation rather than traditional optical means, as demonstrated by products like the Paragraphica camera [23][29]. Group 5: Market Opportunities and Future Directions - The potential for new imaging companies lies in leveraging high computational capabilities to unlock previously suppressed market demands, particularly in niche segments [29][30]. - Successful companies will focus on providing exceptional user experiences in specific scenarios, thereby expanding overall market demand [30][33]. - The future of the imaging industry is expected to be shaped by AI-native companies that prioritize innovative product thinking and a deep understanding of user needs [34].

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, 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, 2.5D/3D, and SiP, leveraging its expertise in bump manufacturing as a foundational technology [2][3]. - As of September 30, 2025, the company reported a revenue of 1.295 billion yuan, a year-on-year increase of 21.05%, and a net profit of 124 million yuan, up 23.21% [9]. Group 2: Financial Performance - The company's overseas revenue accounted for 54.15% of total revenue, benefiting from the depreciation of the Chinese yuan [4]. - The average trading cost of the company's shares is 16.38 yuan, with the stock currently near a support level of 14.42 yuan [7]. - The company has distributed a total of 161 million yuan in dividends since its A-share listing [9]. Group 3: Market Position - Hefei Xinhui Microelectronics specializes in integrated circuit advanced packaging and testing services, with its main products being integrated circuit packaging tests [3][8]. - The company operates within the semiconductor industry, specifically in the integrated circuit packaging and testing sector, and is involved in various concept sectors including advanced packaging and LED [8].

Core Insights - The company, Hefei Xinhui Microelectronics Co., Ltd., is focusing on strategic investments and partnerships to enhance its capabilities in the semiconductor industry, particularly in storage chip packaging and testing services [2][3]. Group 1: Company Developments - The company has acquired a 27.5445% stake in Hefei Xinfeng Technology Co., Ltd. and established a strategic partnership with East China Technology (Suzhou) Co., Ltd. to expand its 3D DRAM storage chip packaging business [2]. - The company is advancing its Chiplet packaging technology, which includes high-end packaging techniques such as bump manufacturing, Fan-out, 3D, and SiP [2]. - The company's main products include integrated circuit packaging and testing services, with a significant focus on display driver chip packaging [3][8]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.295 billion yuan, representing a year-on-year growth of 21.05%, and a net profit of 124 million yuan, with a year-on-year increase of 23.21% [9]. - The company's overseas revenue accounted for 54.15% of total revenue, benefiting from the depreciation of the yuan [4][9]. - The company has distributed a total of 161 million yuan in dividends since its A-share listing [9]. Group 3: Market Position and Shareholder Information - 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]. - The company is classified under the electronic-semiconductor-integrated circuit packaging and testing industry, with its main revenue source being display driver chip packaging, which constitutes 90.25% of its total revenue [8].

Core Viewpoint - Huicheng Co., Ltd. announced that its stock has maintained a closing price above 130% of the current conversion price (9.89 CNY/share) for 10 trading days from October 30, 2025, to November 12, 2025, which may trigger conditional redemption clauses in its convertible bond issuance [1] Group 1 - The stock price must remain above 130% of the conversion price (7.61 CNY/share) for at least 5 trading days within the next 20 trading days starting from November 13, 2025, to trigger the redemption clause [1] - If the conditions are met, the company has the right to decide whether to redeem all or part of the unconverted "Huicheng Convertible Bonds" at face value plus accrued interest [1]

Group 1: Non-Metallic Building Materials - The building materials industry shows signs of structural growth that gradually outweigh environmental impacts, with Q3 2025 reports indicating a recovery in revenue and profitability for several companies [2][25] - The cement sector continues to perform well overseas, particularly in Africa, while domestic demand and prices have weakened, suggesting a potential bottoming out in 2024 [4][26] - In the consumer building materials sector, revenue growth disparities among sub-industries are widening, driven by the impacts of real estate and local debt [5][27] Group 2: Biopharmaceuticals - Huadong Medicine's industrial segment maintains steady growth, with Q3 2025 revenue of 37.28 billion yuan, up 14.95% year-on-year, and net profit of 8.94 billion yuan, up 18.43% [7][8] - The medical aesthetics business faces short-term pressure due to economic factors, with a decline in revenue for both domestic and overseas operations [8] - The company is advancing its innovative pipeline, with several clinical trials ongoing for various cancer treatments [9][33] Group 3: Power Equipment and New Energy - Haibo Sichuang, a leader in energy storage, is expected to benefit from high industry demand, with Q3 2025 revenue reaching 3.39 billion yuan, a year-on-year increase of 124.4% [10][11] - The company's profitability has improved significantly, with a gross margin of 18.64% and a net margin of 9.05% in Q3 2025 [11] - The global energy storage market is projected to grow by 40%-50% in 2026, with significant contributions from both domestic and international markets [13] Group 4: Financial Engineering - The report highlights various asset allocation strategies, with the macro-factor-based strategy yielding a return of 4.23% in 2025, outperforming other strategies [14][15] - The performance of domestic asset strategies shows a positive trend, with October returns indicating a stable investment environment [15][16] - The overall economic outlook remains cautious, with manufacturing PMI indicating a contraction, while service sector activity shows slight improvement [16]

证券代码：688403 证券简称：汇成股份 公告编号：2025-061 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 10 月 30 日至 2025 年 11 月 12 日期间已有 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 11 月 13 日起算）20 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 ...

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, benefiting from the depreciation of the RMB and its recognition as a "specialized, refined, distinctive, and innovative" enterprise [2][3][5]. Company Overview - Hefei Xinhui Microelectronics was established on December 18, 2015, and went public on August 18, 2022. Its main business focuses on advanced packaging and testing services for integrated circuits, with a revenue composition of 90.25% from display driver chip packaging and testing [7]. - The company has a total market capitalization of 13.52 billion yuan, with a recent trading volume of 857 million yuan and a turnover rate of 6.34% [1]. Financial Performance - For the period from January to September 2025, the company achieved 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 [8]. - As of the end of September 2025, the company's overseas revenue accounted for 54.15% of total revenue, benefiting from the depreciation of the RMB [3]. Strategic Developments - The company has acquired a 27.5445% stake in Hefei Xinfeng Technology Co., Ltd. and formed a strategic partnership with East China Technology (Suzhou) Co., Ltd. to expand into the 3D DRAM and storage chip packaging business, targeting the explosive demand in the AI infrastructure era [2]. - The company is focusing on advanced packaging technologies, including Chiplet, Fan-out, 2.5D/3D, and SiP, to enhance its competitive edge in the semiconductor market [2][3]. Market Position - Hefei Xinhui Microelectronics is recognized as a "specialized, refined, distinctive, and innovative" enterprise, which is a prestigious title for small and medium-sized enterprises in China, indicating its strong market position and innovation capabilities [3][5]. - The company operates within the semiconductor industry, specifically in the integrated circuit packaging and testing sector, and is part of various concept sectors including advanced packaging and LED [8].