2月25日，和辉光电大宗交易成交1350万股，成交额3523.5万元，占当日总成交额的17.59%，成交价2.61元，较市场收盘价2.63元折价0.76%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-25 | 和辉光电 | 688238 | 2.61 3523.5 | 1350 | 机构专用 | 国泰海通证券股份 有限公司上海静安 区北京商路 区北京商路 | | ...

在境外上市备案管理制度深化落地、港股回暖及境内企业境外融资需求释放的大背景下，制造业A股上市公司赴H股发 行上市（A to H模式）成为拓宽融资渠道、实现全球化布局的重要路径。2025年中国证监会针对A to H境外上市备案， 重点聚焦跨境合规管理、行业特殊监管要求等核心领域，备案审核呈现鲜明特征。本文基于2025年全年制造业A股上 市公司H股备案审核实践，结合近期证监会备案反馈，从实务操作角度论证分析境外上市备案审核中普遍性及高端先 进制造业特殊性法律问题，提出相关核查建议，供办理制造业A to H上市相关业务时参考。 作者｜杨海 陈鑫睿 顾海涛 张霞 来源｜锦之翼公众号 一、2025年制造业A股上市公司H股发行上市证监会备案情况概况 2025年，受益于境外上市备案制优化、港股回暖及境内企业境外融资需求释放，A to H上市迎来爆发式增长，全年备 案呈现"提交数量激增、审核效率提升、行业集中度高"的特点。制造业A股上市公司作为A to H模式上市的主要参与群 体，其备案提交、审核时长及备案通过情况亦呈现鲜明行业特征。 注1：上述企业均为2025年提交H股备案并取得证监会备案通知书的制造业A股公司，信息来源于 ...

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].

值得一提的是，报告期内公司主要财务数据和指标无增减变动幅度达 30% 以上的情况，经营发展呈现稳健态势。 （来源：OLEDindustry） 1月30日晚间，和辉光电发布 2025 年度业绩快报称，公司2025 年实现营业总收入 55.0亿元，较上年同期的 49.58亿元增长 10.94%，营收规模再创新高。盈利方面，公司亏损状况显著改善，归母净利润亏损19.69 亿元，较上年同期的- 25.18亿元减亏 5.49亿元，改善幅度达 21.81%；扣非净利润为亏损20.48亿元，较上年同期-25.86亿元减亏 5.39亿元，改善幅度为 20.83%。 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | (%) | | 营业总收入 | 550, 074. 55 | 495, 831. 18 | 10. 94 | | 营业利润 | -196, 949. 45 | -251, 940. 06 | 不适用 | | 利润息额 | -196,891. 19 | -251,805.10 | 不适用 | | 归属于母公司所有 者的净利润 | -196, ...

格隆汇1月30日丨和辉光电(688538.SH)公布2025年度业绩快报公告，报告期内，公司实现营业总收入 550,074.55万元，较上年同期增长10.94%。报告期内，公司归属于母公司所有者的净利润及归属于母公 司所有者的扣除非经常性损益的净利润为负数，较上年同期改善幅度分别为21.81%、20.83%，其中归 属于母公司所有者的净利润-196,891.19万元，较上年同期亏损减少54,913.91万元；归属于母公司所有者 的扣除非经常性损益的净利润-204,758.65万元，较上年同期亏损减少53,886.12万元。 2025年度，公司继续以"中小尺寸筑基、中大尺寸跃升"为战略引领，以研发创新为核心驱动力，不断加 大市场开拓力度，持续丰富和优化产品结构，2025年度营业收入再创新高。同时，公司还通过强化全流 程质量管理、优化供应链体系、革新精益生产模式、精细管控财务成本等多项措施系统推进降本增效工 作。在一系列举措的共同推动下，销售毛利率与净利润同比改善，经营活动产生的现金流量净额由负转 正，整体经营态势持续向好。 ...

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 shift from negative to positive [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]

Financial Performance - The total operating revenue for 2025 reached CNY 550,074.55 million, representing a year-on-year increase of 10.94%[2] - The net profit attributable to shareholders of the parent company was CNY -196,891.19 million, an improvement of 21.81% compared to the previous year[5] - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, was CNY -204,758.65 million, improving by 20.83% year-on-year[5] - The basic earnings per share were CNY -0.14, compared to CNY -0.18 in the previous year[2] - The weighted average return on net assets improved to -21.76%, an increase of 0.53 percentage points from the previous year[2] Assets and Equity - Total assets at the end of the reporting period were CNY 2,679,408.43 million, a decrease of 9.46% from the beginning of the period[3] - Shareholders' equity attributable to the parent company was CNY 806,518.78 million, down 19.62% from the beginning of the period[3] Operational Improvements - The company implemented measures to enhance quality management, optimize the supply chain, and control financial costs, contributing to improved gross profit margin and net profit[7] - The cash flow from operating activities turned positive, indicating a continuous improvement in overall operational performance[7] Audit and Reporting - The financial data presented are preliminary and subject to final audit, with potential discrepancies in the annual report[9]