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].

Core Viewpoint - Hehui Optoelectronics is planning an IPO in Hong Kong to alleviate its significant debt burden and improve its financial situation, despite facing ongoing losses and delays in its production expansion project [1][4][20]. Group 1: Financial Performance - Hehui Optoelectronics has accumulated losses of 12.198 billion yuan from 2017 to 2024, with losses doubling in the four years post-IPO compared to the four years prior [2][16]. - The company reported a net loss of 9.45 billion yuan in 2021, 16.02 billion yuan in 2022, 32.44 billion yuan in 2023, and 25.18 billion yuan in 2024, totaling 83.09 billion yuan in losses since its IPO [16][19]. - Revenue has shown some growth, with figures of 4.021 billion yuan in 2021, 4.191 billion yuan in 2022, 3.038 billion yuan in 2023, and 4.958 billion yuan in 2024, reflecting a year-on-year growth of 60.69%, 4.24%, -27.5%, and 63.19% respectively [16]. Group 2: Debt Situation - As of February 2025, Hehui Optoelectronics had interest-bearing liabilities totaling 16.3 billion yuan, with annual interest expenses exceeding several hundred million yuan [1][4][9]. - The company's short-term debt has increased significantly, with short-term liabilities reaching 10.395 billion yuan by the end of 2024, while cash and cash equivalents were only 3.8 billion yuan, resulting in a liquidity gap of 6.6 billion yuan [4][6]. - The proportion of interest-bearing debt to total assets rose from 42.33% in 2022 to 58.59% in 2024, indicating a deteriorating financial position [9]. Group 3: Production Expansion Challenges - The sixth-generation AMOLED production line expansion project, initially expected to be completed by December 2022, has faced multiple delays, now projected to reach operational status by December 2025 [1][11][12]. - As of the end of 2024, only 3.18 billion yuan had been invested in the project, with a completion rate of just 67.8% [15]. - The company has cited delays due to global economic downturns and supply chain issues as reasons for the slow progress in the project [11][12]. Group 4: Market Position and Competition - Hehui Optoelectronics ranks second globally and first in China for large-sized AMOLED semiconductor display panel manufacturing, with a focus on consumer electronics and automotive displays [3]. - The AMOLED display industry is characterized by rapid technological advancements and intense competition, with Hehui Optoelectronics needing to secure market share while addressing its financial challenges [20].

Core Viewpoint - Hehui Optoelectronics is planning to issue H-shares and list on the Hong Kong Stock Exchange due to ongoing financial difficulties and significant losses since its A-share listing in 2021 [1][3]. Financial Performance - Since its listing on the Sci-Tech Innovation Board in May 2021, Hehui Optoelectronics has accumulated losses of 8.3 billion yuan over four years, with a total loss of 3.85 billion yuan from 2022 to 2024 [1][3]. - The company reported a net profit loss of 2.52 billion yuan in 2024, although this was a reduction of 2.24 billion yuan compared to the previous year [3][4]. - As of the end of 2024, Hehui Optoelectronics had unrecouped losses amounting to 9.55 billion yuan, with projections indicating that losses could exceed 10 billion yuan by the end of Q1 2025 [3][4]. Market Position and Product Focus - Hehui Optoelectronics specializes in the research, production, and sales of AMOLED semiconductor display panels, primarily for consumer electronics such as smartphones and tablets [2][3]. - In 2024, the company achieved a sales volume of 53.91 million AMOLED panels, a year-on-year increase of 6.64%, and generated revenue of 4.96 billion yuan, a significant increase of 63.2% [3][4]. Competitive Landscape - The company faces intense competition from domestic and international players, including BOE Technology Group and TCL Technology, with Hehui Optoelectronics having the smallest revenue among its peers but the largest losses [6][8]. - Hehui Optoelectronics has adopted a rigid AMOLED product strategy, while competitors are focusing on flexible AMOLED products, which are more aligned with current market trends [7][10]. Financial Health and Debt Situation - As of the end of 2024, Hehui Optoelectronics had over 10 billion yuan in short-term non-current liabilities, a nearly fivefold increase from the beginning of the year, indicating a significant liquidity crisis [11][12]. - The company's total interest-bearing debt reached 17.34 billion yuan, which is more than four times its cash reserves, highlighting a critical funding gap [11][12]. - The company's asset-liability ratio stood at 66.1%, the highest since 2017, with a current ratio of 0.46 and a quick ratio of 0.39, indicating high short-term solvency risk [11][12].

【WitsView整理】 4月23日，和辉光电向港交所递表，拟在香港主板上市。 资料显示，和辉光电成立于2012年10月，专注于高解析AMOLED半导体显示面板的研发、生产及 销售。公司现有第4.5代和第6代两条现代化AMOLED生产线，其中第4.5代AMOLED生产线主要专 注于智能穿戴及智能手机领域，而第6代AMOLED生产线则重点布局平板/笔记本电脑、车载显示 与智能手机领域。 截至最后实际可行日期，和辉光电由上海联和持股约58.35%，集成电路基金公司持股11.11%，上 海科创持股0.48%，上海金联持股2.99%。其中，上海联和由上海市国资委全资拥有；集成电路基 金公司约由上海科创拥有约30.70%的股权，上海科创由上海国有资本投资有限公司全资拥有，而 上海国有资本投资有限公司由上海市国资委全资拥有。 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | | | 人民幣千元 人民幣千元 人民幣千元 | | | | 收入 | 4.190.881 | 3.038.450 | 4,958,312 | | 销 ...

随着4月24日又一家A股公司——和辉光电递表港交所，2025年以来已有17家A股公司正式递表，开启赴港上市 之旅。 证券时报记者通过梳理这些赴港上市的A股公司招股书以及各家公司情况，发现它们目前呈现出三大特征：行 业集中度高，消费与科技企业主导；"国际大行+国内大行"成标配；国际化需求迫在眉睫。 行业集中度高：消费与科技企业主导 2024年以来，随着内地和香港两地监管部门不断推出利好"A+H"新政策，尤其是在2024年4月，中国证监会发布 五项资本市场对港合作措施，其中一项便是"支持内地行业龙头企业赴香港上市"。当年10月，香港证监会和港 交所发布联合声明，其中一条即是针对A股公司赴港上市——针对符合资格的A股公司推出快速审批时间表。 在这一背景下，A股公司赴港上市的热情被彻底点燃，2025年更是迎来"井喷"。Wind数据显示，2022年至2024 年，赴港上市的A股公司分别仅有4家、1家和3家，但在2025年，已正式递表港交所的A股公司就已达到17家， 同时还有超过10家A股公司已宣布正在筹划赴港上市。 而从2025年已递表的17家公司来看，一个明显的特征是，消费品公司以及科技企业是主导。如海天味业、东鹏 ...

上海和辉光电股份有限公司 证券代码：688538 证券简称：和辉光电 公告编号：2025-028 根据上述决议，公司在规定期限内实际使用闲置募集资金 200,000.00 万元 暂时补充流动资金，并对资金进行了合理安排与使用，未影响募集资金投资项目 正常进行。 2025 年 4 月 25 日 截至 2025 年 4 月 24 日，公司已将上述用于暂时补充流动资金的 200,000.00 万元募集资金全部归还至募集资金专用账户，并将上述募集资金的归还情况通知 了保荐机构及保荐代表人。 特此公告。 上海和辉光电股份有限公司董事会 关于归还暂时补充流动资金的募集资金的公告 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。 上海和辉光电股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日召开 第二届董事会第五次会议及第二届监事会第五次会议，审议通过了《关于使用部 分闲置募集资金暂时补充流动资金的议案》，同意公司在保证募集资金投资项目 建设的资金需求及项目正常进行的前提下，使用不超过 200,000.00 万元的闲置 募 ...

证券代码：688538 证券简称：和辉光电 公告编号：2025-027 上海和辉光电股份有限公司 关于向香港联交所递交 H 股发行上市的申请并刊发申 请资料的公告 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。 上海和辉光电股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日向 香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资 股（H 股）并在香港联交所主板挂牌上市（以下简称"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。该申请材料为公司按照香 港证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求 编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订，投资者不应 根据其中的资料作出任何投资决定。 鉴于本次发行的发行对象仅限于符合相关条件的境外投资者及依据中国相 关法律法规有权进行境外证券投资的境内合格投资者，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申请资料，但为使境内投资 者及时了解该等申请资料披露的本次发 ...

和辉光电公告，公司已于2025年4月23日向香港联合交易所有限公司递交了发行境外上市外资股(H股)并 在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行的申请材料。该申请材 料为草拟版本，其所载资料可能会适时作出更新及修订，投资者不应根据其中的资料作出任何投资决 定。 ...