Group 1 - The China Securities Regulatory Commission (CSRC) has accepted the listing applications for three companies intending to conduct initial public offerings (IPOs) in Hong Kong: Hehui Optoelectronics, Zhongwei Co., and Guanghetong [1] - Hehui Optoelectronics is a leading manufacturer of AMOLED semiconductor display panels, ranked second globally in large-size AMOLED panel shipments from 2022 to 2024, and first in China [2] - Zhongwei Co. has been the global leader in the shipment of nickel and cobalt lithium-ion battery precursor materials (pCAM) for five consecutive years since 2020, and is the top supplier of phosphate pCAM in the global export market as of Q1 2025 [3] - Guanghetong is a leading provider of wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules, along with customized solutions for various applications [3]

Core Insights - The display industry in China is experiencing a recovery, with major panel manufacturers like BOE, TCL Huaxing, and Tianma showing improved profitability in 2024 and achieving record revenues in Q1 2025 [1][2] - The new display industry is transitioning from scale competition to value competition, with a projected annual output value exceeding 740 billion yuan in 2024, reflecting a nearly 16% year-on-year growth [1] Group 1: LCD TV Panel Performance - The LCD TV panel market has benefited from factors such as large sporting events, a trend towards larger sizes, and "old-for-new" policies, leading to improved performance for manufacturers like BOE, TCL Huaxing, and Rainbow [2] - BOE's financial report indicates strong profitability from its 10.5-generation lines in Hefei and Wuhan, with significant year-on-year growth in LCD business for Q1 2025 [2] - TCL Huaxing has expanded its production capacity for large-size panels, with 58% of its shipments being 65 inches or larger, and has strengthened its competitiveness through the acquisition of LGD's Guangzhou factory [2] Group 2: Global Market Trends - Global TV panel shipments and area are expected to grow in 2024, with a stable average utilization rate above 80% in Q1 2025, despite a potential cooling in demand due to changing international trade conditions [3] - The LCD panel supply is expected to stabilize in 2025, with China accounting for 88% of global 8th generation and above LCD capacity, indicating a higher industry concentration [3] Group 3: AMOLED Market Growth - The AMOLED market is expanding rapidly, with BOE achieving a shipment of nearly 140 million flexible OLED products in 2024, and TCL Huaxing also reporting significant growth in flexible OLED shipments [4] - Despite revenue growth in AMOLED business, profitability remains a challenge for several manufacturers, including BOE and Tianma, who are focusing on cost reduction and efficiency improvements [5] Group 4: Automotive Display Market - The automotive display panel market is experiencing strong growth, with global shipments reaching 200 million units in 2024, driven by the rise of smart vehicles and the electric vehicle market [6] - Tianma's automotive display revenue grew over 40% in 2024, while BOE's automotive business revenue surpassed 10 billion yuan [6] Group 5: Upstream Material Companies - The new display industry is shifting towards value competition, with upstream material companies like Sijinjing and Shenfang Textile achieving solid growth in 2024 [8] - Sijinjing maintained a 33% share of the global large-size polarizer market, while Rainbow's glass substrate revenue grew by 21.87% [9] - The overall supply chain is improving, with local production rates increasing and a focus on collaborative innovation across the industry [10]

Core Viewpoint - Hehui Optoelectronics has submitted a listing application to the Hong Kong Stock Exchange, attracting significant industry attention. The company was previously listed on the Sci-Tech Innovation Board in May 2021, with a market capitalization of 30.2 billion yuan as of April 30, 2025 [1]. Group 1: Company Overview - Hehui Optoelectronics is an AMOLED semiconductor display panel manufacturer focused on developing low-power AMOLED panels for various applications. The main revenue source is from the sales of AMOLED semiconductor display products [3]. Group 2: Financial Performance - The company's revenue for the years 2022 to 2024 was 4.191 billion yuan, 3.039 billion yuan, and 4.958 billion yuan, respectively. Despite revenue fluctuations, the gross profit margin remained negative, with losses of 1.018 billion yuan, 2.384 billion yuan, and 1.532 billion yuan [5][6]. - Hehui Optoelectronics reported total losses of 1.6 billion yuan, 3.244 billion yuan, and 2.518 billion yuan from 2022 to 2024, totaling 7.362 billion yuan. Major contributors to these losses included high depreciation and amortization expenses, as well as financial costs [6]. - In Q1 2025, the company achieved revenue of 1.2 billion yuan, a year-on-year increase of 7.45%, with a net loss of 508 million yuan, down from 642 million yuan in the same period last year [7]. Group 3: Shareholding Structure - The largest shareholder of Hehui Optoelectronics is Shanghai Lianhe, holding a 58.25% stake. Other significant shareholders include the Integrated Circuit Fund Company with 11.09% and Shanghai Jinlian with 2.98%. Institutional investors such as China Merchants Bank and Industrial and Commercial Bank of China hold smaller stakes [10].

Core Insights - The large screen splicing system industry has experienced rapid growth and has become an essential core infrastructure for information visualization, driven by increasing demand for information technology in critical areas such as monitoring and command centers [1][13] - The market size of the large screen splicing system in China is expected to reach 423 thousand units in sales volume and 8.82 billion yuan in sales revenue by 2024, representing year-on-year increases of 8.43% and 9.02% respectively [1][13] Industry Overview - The large screen splicing system consists of high-brightness, high-resolution display walls made up of individual projection display units, controlled by image processing software [3][7] - The main components include the projection wall, projector array, and control system, with the control system being the core [3][7] Product Types and Applications - The main types of products in the market include LCD, DLP, and PDP, each with distinct advantages and disadvantages [5][6] - LCD: Low power consumption, lightweight, long lifespan, but cannot achieve seamless splicing [5][6] - DLP: Very small seams, better full-screen image display, but has lower brightness and higher costs [5][6] - PDP: Uniform brightness and color, but lower reliability and higher power consumption [5][6] Industry Chain - The industry chain consists of upstream raw materials and components, midstream assembly companies, and downstream application fields such as public security, transportation, government, finance, and energy [7][9] Market Trends - The integration of artificial intelligence technology is expected to diversify application scenarios, enhancing the functionality of large screen splicing systems [21] - The industry is witnessing increasing concentration, with domestic and international companies intensifying R&D and market expansion efforts [22] - Collaborative development within the industry chain is anticipated to drive technological innovation and market growth [24] Competitive Landscape - The competitive landscape is characterized by both international brands with strong technological advantages and domestic companies focusing on cost-effectiveness and service quality [15][19] - Key players include GQY Vision, Weichuang Group, and Beijing CaiXun Technology, among others, each specializing in various aspects of the large screen splicing system [17][19]

证券代码：688538 证券简称：和辉光电 公告编号：2025-031 上海和辉光电股份有限公司 关于使用部分闲置募集资金暂时补充流动资金 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： 上海和辉光电股份有限公司（以下简称"公司"）本次拟使用不超过人民 币150,000.00万元的部分闲置募集资金暂时补充流动资金，使用期限为自公司董 事会审议通过之日起12个月内。 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 4 月 6 日出具的《关于同意上海和 辉光电股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕1124 号）， 公司获准向社会公开发行人民币普通股（A 股）股票。公司首次公开发行的最终 发行股数为 3,083,660,725 股（含超额配售选择权），发行价格为 2.65 元/股， 扣除发行费用后，募集资金净额为 8,002,135,743.48 元。上述款项已分别于 2021 年 5 月 24 日及 2021 年 6 月 28 日全部到账。立信会计师事务所（特殊 ...

证券代码：688538 证券简称：和辉光电 公告编号：2025-030 上海和辉光电股份有限公司 第二届监事会第十一次会议决议公告 本公司监事会及全体监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。 表决结果：7 票同意，占有表决权监事人数的 100%；0 票反对；0 票弃权。 公司《2025 年第一季度报告》的编制和审核程序符合相关法律法规、《公司 章程》和公司管理制度的各项规定，能够公允地反映公司报告期内的财务状况和 经营成果，报告的内容真实、准确、完整，不存在任何虚假记载、误导性陈述或 重大遗漏。 表决结果：7 票同意，占有表决权监事人数的 100%；0 票反对；0 票弃权。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《上 海和辉光电股份有限公司 2025 年第一季度报告》。 2、审议通过《关于使用自有资金购买结构性存款的议案》 在不影响公司正常经营和主营业务发展的前提下，公司使用暂时闲置自有资 金购买结构性存款或同类产品，整体风险可控，有助于提高资金的使用效率，增 加现金资产的收益，不存在损害公司及 ...

一、董事会会议召开情况 证券代码：688538 证券简称：和辉光电 公告编号：2025-029 上海和辉光电股份有限公司 第二届董事会第十四次会议决议公告 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。 上海和辉光电股份有限公司（以下简称"公司"）第二届董事会第十四次会 议（以下简称"本次会议"）于 2025 年 4 月 28 日在公司会议室以现场加通讯表 决方式召开，会议通知已于 2025 年 4 月 23 日通过书面方式送达全体董事。本次 会议由董事长傅文彪先生主持，会议应出席董事 9 人，实际出席董事 9 人。本次 会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律法规和《上 海和辉光电股份有限公司章程》（以下简称"《公司章程》"）的规定，会议决 议合法、有效。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《上 海和辉光电股份有限公司 2025 年第一季度报告》。 2、审议通过《关于使用自有资金购买结构性存款的议案》 在不影响公司正常经营和主营业务发展的前提下，公司使用暂时 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 120,785.47 million, representing a year-on-year increase of 7.45% compared to CNY 112,407.44 million in the same period last year[2]. - The net profit attributable to shareholders was a loss of CNY 50,756.94 million, an improvement from a loss of CNY 64,151.41 million in the previous year[2]. - The operating loss for Q1 2025 was ¥507,593,460.50, an improvement from a loss of ¥642,349,863.52 in Q1 2024[11]. - The net loss for Q1 2025 was ¥507,569,396.31, compared to a net loss of ¥641,514,068.86 in Q1 2024, indicating a narrowing loss[11]. - The company reported a basic and diluted earnings per share of -¥0.04 for Q1 2025, compared to -¥0.05 for Q1 2024[11]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to CNY 16,251.09 million, compared to a negative cash flow of CNY 10,408.14 million in the same period last year[2]. - In Q1 2025, the net cash flow from operating activities was ¥162,510,860.11, a significant improvement compared to a net outflow of ¥104,081,404.35 in Q1 2024[12]. - Cash inflow from investment activities totaled ¥2,205,642,744.62 in Q1 2025, up from ¥1,104,888,190.69 in Q1 2024, resulting in a net cash flow of ¥529,651,777.19 compared to a net outflow of ¥220,695,263.66 in the previous year[13]. - The net cash flow from financing activities was negative at -¥1,508,219,091.46 in Q1 2025, contrasting with a positive net flow of ¥347,128,081.18 in Q1 2024[13]. - The company experienced a cash decrease of ¥811,302,560.97 in Q1 2025, contrasting with an increase of ¥23,568,016.08 in Q1 2024[13]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,778,912.68 million, a decrease of 6.10% from CNY 2,959,450.78 million at the end of the previous year[3]. - The total assets as of March 31, 2025, were ¥27,789,126,820.21, down from ¥29,594,507,799.53 as of December 31, 2024[9]. - The total liabilities decreased to ¥18,262,596,466.01 from ¥19,560,408,049.02 over the same period[9]. - The total equity decreased to ¥9,526,530,354.20 from ¥10,034,099,750.51, indicating a decline in shareholder value[9]. Research and Development - Research and development expenses totaled CNY 11,153.74 million, accounting for 9.23% of revenue, down from 12.23% in the previous year[2]. - Research and development expenses increased to ¥38,342,080.66 in Q1 2025, compared to ¥32,873,937.57 in Q1 2024, reflecting a focus on innovation[10]. Operational Efficiency - The gross margin improved by 16.37 percentage points year-on-year, indicating enhanced operational efficiency[3]. - The company reported a significant increase in AMOLED semiconductor display revenue for laptops and tablets, with a year-on-year growth exceeding 110%[3]. - The company continues to focus on expanding its competitive advantages through strategic initiatives in the medium and large size display market[3]. Shareholder Information - The top ten shareholders hold a combined 73.59% of the shares, with Shanghai Lianhe Investment Co., Ltd. being the largest shareholder at 58.25%[5].

东方证券股份有限公司 关于上海和辉光电股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 东方证券股份有限公司（以下简称"东方证券"、"保荐机构"）作为上海和 辉光电股份有限公司（以下简称"和辉光电"、"公司"）首次公开发行并在科创 板上市的持续督导保荐机构，根据《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》、《上海证券交易所科创板股票上市规则》、《科创板 上市公司持续监管办法（试行）》等法律、法规、规范性文件，对和辉光电使用 部分闲置募集资金暂时补充流动资金事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意上海和辉光电股份有限公司首次公 开发行股票注册的批复》（证监许可〔2021〕1124 号），公司获准向社会公开发行 人民币普通股（A 股）股票。公司首次公开发行股票数量为 3,083,660,725 股（含 超额配售选择权），发行价格为 2.65 元/股，本次发行最终募集资金总额为人民币 8,171,700,921.25 元，扣除各项发行费用后，募集资金净额 8,002,135,743.48 元。 上述募集资金已分别于 2021 ...

Core Viewpoint - Shanghai Hehui Optoelectronics Co., Ltd. is embarking on a journey to list in Hong Kong, aiming to overcome financial difficulties and enhance its position in the global AMOLED industry, despite reporting cumulative losses exceeding 7.3 billion RMB over three years [1][6]. Company Overview - Hehui Optoelectronics is a leading manufacturer of AMOLED semiconductor display panels, focusing on delivering exceptional color accuracy, visual experience, and low power consumption [1]. - The company ranks second globally and first in China in terms of sales volume for large and medium-sized AMOLED panels from 2022 to 2024, holding a 73.3% market share in the tablet/laptop display panel sector [1][4]. Financial Performance - Revenue for Hehui Optoelectronics from 2022 to 2024 was approximately 4.19 billion RMB, 3.04 billion RMB, and 4.96 billion RMB, respectively, with net losses of about 1.60 billion RMB, 3.24 billion RMB, and 2.52 billion RMB during the same period [6][7]. - The company’s cost of sales increased significantly, with figures of 5.21 billion RMB, 5.42 billion RMB, and 6.49 billion RMB, leading to a gross loss margin of 24.3%, 78.4%, and 30.9% over the three years [7][8]. Competitive Landscape - The AMOLED display panel industry is characterized by intense competition, requiring Hehui Optoelectronics to lower product prices to maintain market share, which further compresses profit margins [8]. - The company faces high costs due to the capital and technology-intensive nature of the industry, necessitating substantial investments in production equipment and R&D [8][9]. Debt and Financial Structure - Hehui Optoelectronics has seen a rise in debt levels, with interest-bearing bank loans increasing from 13.08 billion RMB in 2022 to 17.91 billion RMB in 2024, resulting in high financial costs [9][10]. - The company's debt-to-asset ratio has increased from 45% in 2022 to 60% in 2024, indicating a growing financial burden [10]. Market Outlook - The global AMOLED semiconductor display panel market is projected to grow from 259.9 billion RMB in 2020 to 388 billion RMB in 2024, with a compound annual growth rate (CAGR) of 10.5% [11]. - The RGB-OLED market is expected to expand significantly, with a forecasted market size of 627.9 billion RMB by 2030, driven by advancements in technology and increased applications in various sectors [11][12]. Strategic Initiatives - Hehui Optoelectronics is focusing on diversifying its product matrix and enhancing its technological innovation capabilities, with 18 core AMOLED technologies and 1,243 authorized patents as of 2024 [4][11]. - The company aims to improve its financial situation by optimizing cost structures, enhancing operational efficiency, and leveraging scale effects to reduce unit costs [10][14].