上海和辉光电股份有限公司2025 年半年度报告 公司代码：688538 公司简称：和辉光电 上海和辉光电股份有限公司 2025 年半年度报告 1 / 142 上海和辉光电股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中阐述公司在生产经营过程中可能面临的各种风险，敬请查阅"第三节 管理 层讨论与分析"之"四、风险因素"。敬请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人傅文彪、主管会计工作负责人李凤玲及会计机构负责人（会计主管人员）陆大 为声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 敬请投资者注意投 ...

和辉光电公告，2025年上半年营业收入26.7亿元，同比增长11.51%。归属于上市公司股东的净亏损8.4 亿元，上年同期为净亏损12.79亿元。 ...

Core Viewpoint - The DIC 2025 exhibition highlighted the growing importance of automotive display applications, showcasing innovations from various panel manufacturers and upstream suppliers in response to increasing market demand for vehicle displays [1][2][10]. Group 1: Exhibition Overview - The DIC 2025 exhibition took place from August 7 to 9 in Shanghai, featuring over 300 renowned companies from the display industry, covering various segments such as display panels, upstream materials, core equipment, and terminal applications [1]. - Automotive displays emerged as a key highlight, with major manufacturers like BOE, TCL Huaxing, and Visionox showcasing a range of applications including central control screens, head-up displays, and entertainment screens using technologies like LCD, OLED, Mini LED, and Micro LED [2]. Group 2: Market Demand and Growth - The automotive industry's shift towards electrification, intelligence, connectivity, and sharing is driving an increasing demand for display screens, evolving from single central control screens to multi-screen interactions and full-scene integration [10]. - According to TrendForce, the shipment volume of automotive panels is expected to reach 196.7 million units in 2024, marking a nearly 10% year-on-year growth, with projections for 2025 to exceed 200 million units, reaching 208.9 million units [10]. Group 3: Upstream Supplier Innovations - Upstream suppliers are responding to the rising demand for automotive displays, providing new opportunities for panel manufacturers beyond traditional consumer electronics [11]. - Companies like TuoMi Group showcased high-precision folding hinge products, utilizing advanced materials such as carbon fiber and titanium alloy to enhance strength and reduce weight [13]. - Chengdu TuoMi's breakthroughs in ultra-thin flexible glass (UTG) technology have improved bending performance, addressing traditional manufacturing defects, and are being developed for automotive applications [13]. - Sichuan Hongke Innovation Technology presented various automotive display glass products, including environmentally friendly high-aluminosilicate glass, which has been adopted by several automotive brands [14][16]. Group 4: Industry Trends and Future Outlook - The DIC exhibition indicated a collaborative effort among display panel manufacturers and upstream suppliers to enhance automotive display solutions, contributing to the industry's evolution towards more advanced and multifunctional display products [20]. - The ongoing investments and innovations in the automotive display sector suggest a promising future, with expectations for more comprehensive solutions to emerge in subsequent exhibitions, further supporting the automotive industry's transition towards new technologies [20].

Core Viewpoint - The DIC EXPO 2025 showcased innovative display technologies and applications from various companies, highlighting advancements in display panels, materials, and equipment across multiple sectors including consumer electronics, medical, and automotive [1][140]. Panel Companies - BOE introduced the UB Cell display technology, which enhances image quality and power efficiency through AI integration, applicable in TVs, monitors, and notebooks [2]. - BOE's 31.5-inch 4K medical display meets DICOM800 standards with over 100% NTSC color coverage and a contrast ratio of 2000:1 [4]. - TCL Huaxing presented the world's first mass-produced under-screen camera OLED laptop display with a 98% screen-to-body ratio and 4K resolution [15]. - TCL Huaxing's 27-inch 4K 120Hz printed OLED monitor features a peak brightness of 600 nits and a DCI-P3 color gamut of 99% [17]. - HKC showcased the world's first 800Hz ultra-high refresh rate display [22]. Display Materials and Equipment - Corning displayed advanced glass solutions, including a 57-inch 8K curved gaming screen with a 240Hz refresh rate [76]. - North Huachuang presented magnetic sputtering coating equipment for LCD and touch screens, essential for transparent conductive films [57]. - Koyun Laser introduced precision repair equipment for LCD and OLED displays, enhancing production quality [60]. Emerging Technologies - Visionox exhibited a flexible AMOLED solution with high efficiency and color purity, marking a significant advancement in display technology [31]. - Tianma Microelectronics showcased a 16-inch 480Hz gaming panel, pushing the boundaries of refresh rates in laptops [47]. - Longteng Optoelectronics presented a 14-inch AI dynamic privacy display, allowing users to switch between wide and narrow viewing angles [48]. Conclusion - The DIC 2025 highlighted the latest developments in display technology, showcasing innovations in high refresh rates, high resolutions, and flexible displays, indicating a new phase of growth in the display industry [140].

Group 1 - Counterpoint Research reports that global PC shipments are expected to grow by 8.4% year-on-year in Q2 2025, marking the largest increase since the peak demand during the pandemic in 2022 [1] - The growth in Q2 2025 is attributed to the countdown to the end of Windows 10 support, the rise of AI PCs, and early inventory purchases due to anticipated changes in tariff policies [1] - Major companies such as Lenovo, Apple, and ASUS have seen their shipment volumes increase by over 10%, further solidifying their dominant positions in the global market [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 51.02% of the index, including companies like Luxshare Precision, SMIC, and BOE Technology Group [2] - The CSI Consumer Electronics Theme Index tracks 50 publicly listed companies involved in component production and consumer electronics brand design and manufacturing [2] - The Consumer Electronics ETF closely follows the CSI Consumer Electronics Theme Index, with various fund options available for investors [2]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a significant platform for technology innovation and capital market reform in China, celebrating its sixth anniversary with 589 listed companies as of July 22, 2025 [1] Group 1: STAR Market Development - The STAR Market has continuously promoted institutional innovation and industrial upgrading, attracting global attention as a hub for "hard technology" enterprises [1] - Since its launch on July 22, 2019, the STAR Market has supported the listing of 25 initial companies, marking the beginning of its journey [1] Group 2: Company Perspectives - Haiguang Information has made significant progress in governance, innovation, competition, and operations, focusing on high-end processor business and increasing R&D investment [2] - The company has independently developed multiple generations of general-purpose CPUs and AI accelerators, achieving a leading market share in domestic high-end computing and intelligent computing sectors [2] - Baili Tianheng has benefited from the STAR Market's support for high-quality development of unprofitable enterprises, focusing on innovative drug development in oncology [4] - The company has initiated a fundraising plan for innovative drug R&D, aiming to expand its product pipeline and commercialize more products [4] - Tuojing Technology has experienced accelerated growth post-listing, achieving profitability in its first year and expanding its production scale in semiconductor equipment [6] - Zhongkong Technology has leveraged capital market support for R&D in AI and robotics, enhancing its governance structure and operational efficiency [7] - Zexin Pharmaceutical has successfully launched three new drug products and established a competitive product pipeline, benefiting from STAR Market policies [9] - Hehui Optoelectronics has recognized the STAR Market's reforms as a significant boost to its innovation capabilities and market adaptability [10] Group 3: Policy Impact - The introduction of the "1+6" policy measures aims to enhance the STAR Market's support for technology innovation enterprises, addressing core pain points and growth patterns [10][12] - The establishment of the Sci-Tech Growth Layer provides a dedicated capital channel for high-potential, non-profitable enterprises, facilitating their transition through the "valley of death" [11] - The reforms emphasize long-term value assessment based on technological advancement and market potential, rather than short-term profitability [12] - The STAR Market is expected to cultivate globally competitive technology leaders, contributing to high-quality economic development in China [12][14]

Group 1 - The Shanghai Stock Exchange has officially released the "Self-Regulatory Guidelines for Listed Companies on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier," enhancing the inclusiveness and adaptability of the Sci-Tech Innovation Board to better serve technological innovation and new productivity development [1][2] - The new policies are expected to guide capital towards national strategic needs, promoting a virtuous cycle of "technology-industry-finance" and solidifying the foundation for new productivity development [1][2] - The establishment of the Sci-Tech Growth Tier targets high-potential companies that have not yet reached profitability, providing them with a dedicated capital channel to accelerate core technology breakthroughs and industrialization processes [2][5] Group 2 - The reforms are anticipated to significantly enhance the attractiveness of the Sci-Tech Innovation Board for quality companies and long-term capital, providing more precise funding support and resource allocation for technological innovation enterprises [4] - The introduction of the "1+6" policy is seen as a major upgrade to the Sci-Tech Innovation Board's system, improving its inclusiveness for long-cycle, high-investment fields such as artificial intelligence and innovative pharmaceuticals [5] - Recent data indicates that nearly 86% of listed companies on the Sci-Tech Innovation Board have received support from private equity and venture capital, reflecting a shift in investment focus towards hard technology [5]

Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]

Summary of Key Points Core Viewpoint - The stock price of Hehui Optoelectronics (688538) has decreased by 0.84% to 2.36 yuan as of June 27, 2025, with a total market capitalization of 32.59 billion yuan, ranking 5th in the optical and optoelectronic sector and 444th among all A-shares [1]. Company Announcements - Hehui Optoelectronics held a meeting on June 23, 2025, where it approved changes to its registered capital and amendments to its Articles of Association, reducing the total share capital from 13,832,003,883 shares to 13,809,437,625 shares, and the registered capital from 13.83 billion yuan to 13.81 billion yuan [1][3]. - The company announced that several directors and senior executives plan to reduce their holdings by a total of no more than 351,600 shares, which represents up to 0.0025% of the total share capital, with the reduction period set from July 16, 2025, to October 15, 2025 [1][3].

Core Viewpoint - Hehui Optoelectronics (688538.SH) announced a plan for share reduction by several directors and senior management due to personal financial needs, with a total reduction not exceeding 351,600 shares, representing a maximum of 0.0025% of the company's total share capital [1] Group 1: Shareholding and Reduction Plans - Liu Huiran, the general manager, holds 463,000 shares (0.0034% of total shares) and plans to reduce holdings by up to 115,700 shares (0.0008%) [2] - Chen Zhihong, the deputy general manager, holds 364,289 shares (0.0026% of total shares) and plans to reduce holdings by up to 91,000 shares (0.0007%) [2] - Li Fengling, the chief accountant and board secretary, holds 315,000 shares (0.0023% of total shares) and plans to reduce holdings by up to 78,700 shares (0.0006%) [3] - Zhang Bin, another deputy general manager, holds 265,000 shares (0.0019% of total shares) and plans to reduce holdings by up to 66,200 shares (0.0005%) [3] Group 2: Company Background and Financials - Hehui Optoelectronics was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on May 28, 2021, with an initial highest price of 5.14 yuan, but the stock is currently in a state of decline [3] - The final number of shares issued during the IPO was 3,083,660,725 shares at a price of 2.65 yuan per share, raising a total of approximately 8.17 billion yuan, with a net amount of about 8.00 billion yuan after expenses [4] - The actual net fundraising amount was 1.998 billion yuan less than the originally planned 10 billion yuan, which was intended for expanding the sixth-generation AMOLED production line and supplementing working capital [4]