证券代码：688538 证券简称：和辉光电 公告编号：2026-004 上海和辉光电股份有限公司 关于刊发 H 股发行聆讯后资料集的公告 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。 鉴于聆讯后资料集的刊发目的仅为提供信息予香港公众人士和合资格的投 资者，公司将不会在境内证券交易所的网站和符合监管机构规定条件的媒体上刊 登该聆讯后资料集，但为使境内投资者及时了解该聆讯后资料集披露的本次发行 上市及公司的其他相关信息，现提供该聆讯后资料集在香港联交所网站的查询链 接供查阅： 上海和辉光电股份有限公司（以下简称"公司"）正在进行申请发行境外上 市外资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主 板挂牌上市（以下简称"本次发行"）的相关工作。 2025 年 4 月 23 日，公司向香港联交所递交了本次发行的申请，并于同日在 香港联交所网站刊登了本次发行的申请材料。2025 年 10 月 24 日，根据本次发 行的时间安排及香港联交所的相关规定，公司向香港联交所更新递交了本次发行 的申请，并于同日在香港联交 ...

Group 1 - The new Supreme Leader of Iran is Mojtaba Khamenei, the son of the late Supreme Leader Ali Khamenei, as confirmed by the Assembly of Experts [3][5] - The Assembly of Experts is the highest authority responsible for electing, supervising, and dismissing the Supreme Leader in Iran [5] Group 2 - International oil prices have surpassed $100 per barrel for the first time since 2022, with U.S. crude futures rising by 14.7% and Brent crude by 12.63% [7] - Following the outbreak of conflict in Iran on February 28, the average price of regular gasoline in the U.S. increased to $3.45 per gallon, a rise of approximately 16% from the previous week [7] Group 3 - OpenAI's annual revenue has exceeded $25 billion, marking a 17% increase from the end of last year [17] - Anthropic's annual revenue has recently surpassed $19 billion, doubling from the previous year and growing by 36% in the last two weeks [17]

Group 1 - The core transaction involved Hehui Optoelectronics, with a total of 13.5 million shares traded on February 25, amounting to 35.235 million yuan, which represented 17.59% of the total trading volume for that day [1][2] - The transaction price was 2.61 yuan per share, which is a discount of 0.76% compared to the market closing price of 2.63 yuan [1][2]

Core Viewpoint - The A to H listing model for manufacturing A-share companies is becoming a significant pathway for expanding financing channels and achieving global layout, driven by the optimization of overseas listing filing management, the recovery of the Hong Kong stock market, and the release of domestic companies' overseas financing needs [1][2]. Group 1: Overview of H-share Filing Situation in 2025 - In 2025, over 160 A-share listed companies disclosed plans for listing in Hong Kong, with more than 90 formally submitting applications to the Hong Kong Stock Exchange [2]. - By the end of 2025, 33 A-share companies received filing approval from the China Securities Regulatory Commission (CSRC), with 19 successfully achieving A+H listings, a significant increase from 3 in 2024 [2]. - The total fundraising amount for the 19 companies that successfully listed in Hong Kong reached approximately 139.99 billion HKD, with CATL alone raising 35.66 billion HKD, indicating strong recognition from overseas capital markets for high-quality domestic manufacturing enterprises [2]. Group 2: Filing Duration and Characteristics - The average filing duration for companies directly applying for Hong Kong listings in 2025 was approximately 190 days, while manufacturing A-share companies had an average duration of about 141 days, which is lower than the overall average [3]. - High-end advanced manufacturing companies experienced longer filing durations due to special regulatory matters involving core technologies and controlled items [3]. Group 3: Legal Issues and Compliance Suggestions - The filing review for A to H companies in the manufacturing sector focuses on universal legal issues such as cross-border compliance and market access, which all manufacturing companies must address [6][7]. - Specific legal concerns for high-end advanced manufacturing companies include core technology transfer and management of controlled items, necessitating tailored compliance strategies [6][16]. Group 4: Common Legal Issues in Filing Review - Key areas of regulatory focus include compliance with overseas investment and foreign exchange registration, ensuring that companies have fulfilled necessary procedures and that their funding sources are legal [8][9]. - Companies must also ensure that their business scope does not involve industries restricted or prohibited for foreign investment, as outlined in the negative list [10][11]. Group 5: Data Security and User Information Protection - With the implementation of laws regarding cybersecurity and data protection, companies involved in information content products must ensure compliance with user data collection, storage, and security management [13][14]. - The review process emphasizes the need for companies to have robust data security management systems and to comply with regulations regarding data transfer, especially if it involves cross-border data [15]. Group 6: Differentiated Regulatory Focus for High-end Advanced Manufacturing - High-end advanced manufacturing companies face unique regulatory scrutiny regarding core technology protection, management of dual-use items, and compliance with technology export regulations [16][17]. - Companies must establish comprehensive systems to protect core technologies and ensure compliance with relevant export control laws to mitigate risks associated with technology leakage and unauthorized transfers [16][17].

Core Viewpoint - Hehui Optoelectronics (688538) has filed an international patent application for a "Stacked OLED Device," with the application number PCT/CN2024/126364, set to be published internationally on February 12, 2026 [1] Group 1: Patent Information - Hehui Optoelectronics has announced a total of 2 international patent applications this year, representing a decrease of 33.33% compared to the same period last year [1] - The details of the newly filed patent include advancements in OLED technology, which may enhance the company's competitive edge in the market [1] Group 2: R&D Investment - In the first half of 2025, Hehui Optoelectronics invested 83.1508 million yuan in research and development, reflecting a year-on-year increase of 14.23% [1]

Core Insights - In 2025, global OLED smartphone panel shipments are projected to reach approximately 890 million units, representing a year-on-year growth of 5.2% [1] - Flexible OLED shipments are expected to be around 690 million units, with a year-on-year increase of approximately 9.6% [1] - The growth is driven by four main factors: product structure upgrades on the demand side, capacity expansion and cost optimization on the supply side, domestic support policies, and differentiated competitive advantages from technological iterations [1] Supply Side Changes - In 2025, a new supplier, EDO, will enter the FOLED market, indicating a shift in the supply landscape [1] - Rigid OLED shipments are projected to decline to about 200 million units, reflecting a year-on-year decrease of 7.7%, as they continue to be replaced by flexible OLED products [1] - The market share of rigid OLED is expected to continue shrinking due to this ongoing substitution [1]

Core Viewpoint - The electronic industry panel manufacturers are continuing their production control strategies, leading to price increases for large-sized panels, which are expected to persist due to demand from events like the World Cup [1][2]. Group 1: Panel Price Trends - Large-sized panel prices are expected to continue rising as manufacturers maintain production control, with demand remaining stable [2]. - AVC data indicates that all sizes of TV panels saw price increases in late January, with some monitor panels also experiencing price hikes [1][2]. - The tight supply-demand situation for TV panels is extending to monitor panels, with expectations of price increases in February [2]. Group 2: Capital Expenditure Trends - The large-scale capital expenditure cycle in the panel industry is nearing its end, with leading manufacturers expected to significantly reduce future spending [3]. - According to BOE's announcement, 2025 will be the peak year for capital expenditure, with a significant decline anticipated starting in 2027 [3]. - TCL Technology is focusing on investments aligned with the accelerated penetration of OLED in the mid-size market, with no major new production line investments planned beyond the T8 line [3]. Group 3: Mobile OLED Panel Market - Mobile OLED panel prices are under short-term pressure, but the impact is expected to be manageable [4]. - The penetration rate of mobile OLED panels is anticipated to continue increasing, which may offset the decline in overall smartphone shipments [4]. - Omdia forecasts that global smartphone AMOLED panel shipments will decrease slightly to 810 million units in 2026, a minor decline from 817 million in 2025 [4]. Group 4: Investment Recommendations - The favorable supply-demand relationship and the expected continuation of price increases for large-sized panels suggest potential investment opportunities in panel manufacturers such as TCL Technology, BOE A, and others [5]. - Related material manufacturers and display driver chip manufacturers are also highlighted as potential investment targets [5].

Core Viewpoint - The recent performance reports from nine display-related companies indicate a mixed outlook, with some companies showing signs of recovery while others continue to face significant losses. Group 1: Company Performance - Shanshan Co., Ltd. expects a net profit of 400 million to 600 million yuan for 2025, marking a turnaround from losses in the previous year, driven by strong sales in its core anode materials and polarizer businesses [3][4]. - Longteng Optoelectronics anticipates a net loss of 193 million to 225 million yuan for 2025, citing a challenging market environment and increased competition in the small-sized display sector [5]. - Hehui Optoelectronics reported a total revenue of 550.07 million yuan for 2025, a 10.94% increase year-on-year, but still expects a net loss of 1.97 billion yuan, although this represents an improvement from the previous year's loss [6][8]. - AOC Technology forecasts a net loss of 630 million to 820 million yuan for 2025, with operational costs rising due to intensified competition and changes in the international trade environment [9][11]. - Weida Optoelectronics projects a net loss of 16 million to 20 million yuan for 2025, impacted by increased market competition and rising fixed costs from new production lines [12][13]. - Hanbo High-tech expects a net loss of 55 million to 90 million yuan for 2025, with increased manufacturing costs and depreciation affecting profitability [15][16]. - Jingce Electronics anticipates a net profit of 80 million to 90 million yuan for 2025, recovering from a loss of approximately 97.6 million yuan in the previous year, driven by growth in its semiconductor and display testing businesses [17][19]. - Chengzhi Co. predicts a net loss of 50 million to 100 million yuan for 2025, with a significant decline in profitability due to weak demand in the chemical sector [20][22]. - Honghe Technology expects a net profit of 50.5 million to 60.5 million yuan for 2025, but this represents a decline of 72.74% to 77.24% compared to the previous year, attributed to market fluctuations and increased costs [23][24].

Core Viewpoint - The company reported a significant improvement in its financial performance for the year 2025, with total revenue reaching 5.5 billion yuan, marking a 10.94% increase from the previous year, and a notable reduction in net losses [1][3]. Financial Performance - Total revenue for 2025 was 5.5 billion yuan, compared to 4.958 billion yuan in the previous year, reflecting a growth of 10.94% [2][4]. - The net loss attributable to shareholders improved to 1.969 billion yuan from a loss of 2.518 billion yuan in the previous year, a reduction of 5.49 billion yuan, representing an improvement of 21.81% [1][3]. - The non-recurring net loss was 2.048 billion yuan, down from 2.586 billion yuan, showing a reduction of 5.39 billion yuan, with an improvement of 20.83% [1][3]. Strategic Initiatives - The company emphasized a strategic focus on "building a foundation with small and medium-sized products while leaping forward with large-sized products," with research and development innovation as a core driver [4]. - Efforts included increasing market development, optimizing product structure, enhancing quality management, optimizing the supply chain, and implementing cost control measures to improve efficiency [4][5]. Operational Quality - The company reported an improvement in sales gross margin and net profit year-on-year, with net cash flow from operating activities turning positive, indicating a steady enhancement in overall operational quality [5]. - No major financial data or indicators showed fluctuations exceeding 30%, suggesting stable operational development [5].

Core Viewpoint - The company, Hehui Optoelectronics (688538.SH), reported a total operating revenue of 5.5 billion yuan for the fiscal year 2025, marking a year-on-year increase of 10.94% [1] Financial Performance - The net profit attributable to the parent company was -1.9689 billion yuan, showing an improvement of 54.91 million yuan compared to the previous year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -2.0476 billion yuan, with a year-on-year improvement of 53.89 million yuan [1] - The company achieved a positive cash flow from operating activities, indicating a continuous improvement in overall operational conditions [1] Strategic Initiatives - The company continues to follow the strategy of "building a foundation with small and medium sizes, and leaping to medium and large sizes," focusing on research and development innovation as the core driving force [1] - Efforts to enhance market expansion, optimize product structure, and implement cost reduction and efficiency improvement measures have been emphasized [1] - The company has strengthened quality management, optimized the supply chain, innovated lean production models, and meticulously controlled financial costs to support its operational improvements [1]