Financial Performance - The company's revenue for Q3 2025 was CNY 133,209.74 million, representing a year-on-year increase of 2.25%[3]. - The total profit for the period was a loss of CNY 52,983.69 million, with a cumulative loss of CNY 136,957.11 million year-to-date[3]. - The company reported a net loss attributable to shareholders of CNY 52,983.69 million for the quarter, with a basic and diluted earnings per share of -0.038 yuan[3]. - Revenue for the first three quarters of 2025 reached ¥4,002,159,505.11, an increase of 8.23% compared to ¥3,697,307,451.80 in the same period of 2024[16]. - Operating profit for the first three quarters of 2025 was -¥1,369,855,314.35, an improvement from -¥1,763,571,185.35 in the first three quarters of 2024[16]. - Net profit for the first three quarters of 2025 was -¥1,369,571,106.99, compared to -¥1,762,244,187.32 in the same period of 2024, indicating a reduction in losses[16]. - Basic and diluted earnings per share improved to -¥0.10 in 2025 from -¥0.13 in 2024, indicating a slight recovery in profitability metrics[17]. Research and Development - Research and development (R&D) expenses totaled CNY 12,808.43 million, an increase of 47.20% compared to the same period last year, accounting for 9.62% of revenue[3][8]. - Research and development expenses increased to ¥124,602,117.55 in the first three quarters of 2025, up from ¥117,419,718.03 in 2024, highlighting a focus on innovation[16]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was CNY 36,055.28 million, showing significant improvement compared to the previous year[7]. - Cash flow from operating activities generated a net amount of ¥360,552,767.82 in the first three quarters of 2025, a significant recovery from -¥120,221,380.51 in 2024[19]. - Cash flow from investing activities resulted in a net outflow of -¥960,304,152.59 in 2025, compared to -¥417,829,715.41 in 2024, reflecting increased investment activity[20]. - Cash flow from financing activities showed a net outflow of -¥1,181,149,767.22 in 2025, contrasting with a net inflow of ¥935,796,120.66 in 2024, indicating higher debt repayments[20]. - Total cash and cash equivalents at the end of the first three quarters of 2025 were ¥1,008,831,696.11, down from ¥1,334,542,524.09 at the end of the same period in 2024[20]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 2,745,361.35 million, a decrease of 7.23% from the end of the previous year[4]. - As of September 30, 2025, the total assets of Shanghai Hehui Optoelectronics Co., Ltd. amounted to CNY 27,453,613,478.93, a decrease from CNY 29,594,507,799.53 at the end of 2024[12]. - The company's current assets totaled CNY 3,925,944,771.05, down from CNY 5,411,102,537.56 in December 2024[12]. - The total liabilities were reported at CNY 18,789,084,835.41, compared to CNY 19,560,408,049.02 in the previous year[13]. - The company's equity decreased to CNY 8,664,528,643.52 from CNY 10,034,099,750.51, indicating a decline of about 13.6%[14]. - The long-term borrowings increased to CNY 14,201,027,311.44 from CNY 6,944,778,370.62, indicating a rise of approximately 104.3%[13]. Inventory and Receivables - The inventory increased significantly to CNY 1,148,616,240.35 from CNY 832,087,188.82, reflecting a growth of approximately 38%[12]. - The accounts receivable decreased to CNY 688,419,519.06 from CNY 750,831,040.54, showing a decline of approximately 8.3%[12]. Customer Management - The company has strengthened customer credit management, leading to an increase in cash received from sales and services by CNY 86,233.15 million year-on-year[7]. Market and Product Development - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[12]. - The company’s revenue from large-size semiconductor AMOLED panels saw significant growth, contributing to the overall revenue increase[7]. Interest Expenses - Interest expenses decreased to ¥357,351,859.39 in 2025 from ¥468,382,348.78 in 2024, reflecting improved debt management[16].

Group 1 - The core point of the article is that Hehui Optoelectronics has submitted a second application for a mainboard listing on the Hong Kong Stock Exchange, aiming for a dual capital market layout after its initial public offering on the Sci-Tech Innovation Board in 2021 [2][4] - Hehui Optoelectronics specializes in the research and manufacturing of AMOLED semiconductor display panels, with products used in smart wearables, smartphones, tablets/laptops, and automotive displays, covering sizes from 0.95 inches to 27 inches [2] - The company ranks third globally and first in China among large-sized AMOLED semiconductor display manufacturers by sales volume in 2024, with a market share of 63.4% in the tablet/laptop segment [2][3] Group 2 - Financially, the company reported revenues of 4.191 billion yuan, 3.038 billion yuan, and 4.958 billion yuan for 2022, 2023, and 2024 respectively, with a projected revenue of 2.67 billion yuan for the first half of 2025 [3] - Despite revenue recovery, the company continues to incur losses, with cumulative losses amounting to approximately 8.2 billion yuan from 2022 to the first half of 2025 [3] - The company plans to use the funds raised from the Hong Kong listing primarily for upgrading the technology of its sixth-generation AMOLED production line and developing new AMOLED display panel products [4]

Core Viewpoint - Shanghai Hehui Optoelectronics Co., Ltd. has submitted a prospectus for an initial public offering (IPO) on the Hong Kong Stock Exchange, marking a renewed attempt after a previous application lapsed in April 2025 [1]. Company Overview - Established in October 2012, Hehui Optoelectronics focuses on the research, production, and sales of high-resolution AMOLED semiconductor display panels, with a registered capital of 13.832 billion yuan [4]. - The company is recognized as a high-tech enterprise and has received various honors, including the "Shanghai Intellectual Property Innovation Award" [4]. - Hehui Optoelectronics is one of the first domestic manufacturers to achieve mass production of AMOLED technology, operating modern production lines for both 4.5-generation and 6-generation AMOLED panels [4]. Product Capabilities - The company has the capability to produce rigid, flexible, and hybrid AMOLED display panels, allowing for flexibility in product specifications to meet diverse customer needs [4]. - The product range includes applications in tablets, laptops, smartphones, smart wearables, and automotive displays, with sizes ranging from 0.95 inches to 27 inches [4]. - AMOLED panels produced by the company are noted for their high refresh rates, brightness, wide color gamut, low power consumption, and lightweight design, contributing to their popularity in the market [4]. Market Position - According to recent data from a third-party market research firm, Hehui Optoelectronics ranks second globally among large-sized AMOLED semiconductor display manufacturers and holds the top position in the Chinese market [6]. - The company reported a revenue of 2.67 billion yuan for the first half of 2025, reflecting an 11.51% year-on-year increase, while the net loss narrowed to 840 million yuan, a 34.32% reduction from the previous year's loss of 1.279 billion yuan [6]. Strategic Intent - The IPO in Hong Kong aims to accelerate the company's international strategy and overseas business expansion, enhancing its ability to raise funds abroad and increasing the production capacity of high-end AMOLED panels [6]. - The funds raised from the IPO will primarily be used to expand the production capacity of the 6th generation AMOLED production line, increasing output from 30,000 to 45,000 large panels per month [6].

Core Viewpoint - Hehui Optoelectronics is pursuing a dual listing in Hong Kong after receiving approval from the China Securities Regulatory Commission, aiming to leverage growth opportunities in the AMOLED semiconductor display panel market [1][15]. Company Overview - Established in 2012, Hehui Optoelectronics is the first company in China to achieve mass production of AMOLED semiconductor display panels. The chairman, Fu Wenbiao, previously led Huahong Group [2]. - The company's AMOLED panels are known for their self-emissive technology, high refresh rates, brightness, and low power consumption, catering to various sectors including smartphones and automotive displays [2]. Revenue Structure - The company heavily relies on the tablet/laptop and smartphone sectors, which accounted for 82.8% of its revenue in the first half of 2025. It ranks second globally and first in China for tablet/laptop AMOLED panel sales in 2024 [4]. - Revenue from automotive displays and emerging applications remains limited, contributing minimally to overall income [5]. Financial Performance - Hehui Optoelectronics has faced significant financial challenges, with revenues of RMB 41.91 billion, RMB 30.38 billion, and RMB 49.58 billion from 2022 to 2024, respectively. In the first half of 2025, revenue was RMB 26.7 billion, up from RMB 23.95 billion year-on-year [7][8]. - The company has reported substantial losses, totaling approximately RMB 8.4 billion in the first half of 2025, with cumulative losses reaching around RMB 82 billion over three and a half years [9]. Debt and Financial Strain - As of September 2025, the company's interest-bearing bank loans and other borrowings rose to RMB 17.2 billion, with a debt-to-asset ratio of 66.9%, indicating a significant financial burden [10]. - Interest expenses for 2024 and the first half of 2025 were RMB 6.95 billion and RMB 2.37 billion, respectively, surpassing total sales and marketing, administrative, and R&D expenses [10]. Market Opportunities - The global market for medium and large-sized AMOLED panels is projected to grow significantly, with a compound annual growth rate of 32.9% expected from 2024 to 2030 [11]. - Hehui Optoelectronics has seen substantial growth in sales of medium and large-sized AMOLED panels, with increases of over 180% and 80% in respective periods [13]. Strategic Direction - The company aims to enhance its production capabilities for medium and large-sized AMOLED panels, which are expected to provide higher margins and added value [14]. - The funds raised from the Hong Kong listing will be directed towards upgrading production technology and developing new AMOLED products, particularly focusing on large-sized panels [14][15].

Core Viewpoint - Shanghai Hehui Optoelectronics Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after a previous application lapsed in April 2025, despite ongoing financial losses since its A-share listing in May 2021 [1]. Group 1: Company Overview - Hehui Optoelectronics was established in 2012 and is recognized as a leading manufacturer of AMOLED semiconductor display panels, focusing on delivering exceptional color accuracy, visual experience, and low power consumption [1]. - The company was listed on the A-share market on May 28, 2021, and as of October 24, 2025, has a total market capitalization of approximately RMB 37.7 billion [1]. Group 2: Financial Performance - Since its listing, Hehui Optoelectronics has reported continuous losses, with net profits attributable to shareholders showing losses of RMB 9.45 billion, RMB 16.02 billion, RMB 32.44 billion, and RMB 25.18 billion from 2021 to 2024 respectively [1]. - In the first half of this year, the company achieved revenue of RMB 2.67 billion but incurred a net loss of RMB 840 million, with a non-recurring net profit loss of RMB 863 million [1]. - Over four and a half years, the total net loss attributable to shareholders amounts to RMB 9.149 billion, while the total non-recurring net loss is RMB 9.632 billion [1]. Group 3: Shareholder Activity - On September 26, 2025, Hehui Optoelectronics announced that major shareholders Shanghai Integrated Circuit Industry Investment Fund Co., Ltd. and its concerted party Shanghai Science and Technology Venture Investment (Group) Co., Ltd. collectively reduced their holdings by 91.95 million shares, representing approximately 0.67% of the total share capital [2]. - Following this reduction, their combined shareholding percentage decreased from 11.59% to 10.92%, triggering a 1% threshold change in equity [2].

Core Viewpoint - Shanghai Hehui Optoelectronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as the exclusive sponsor [1] Company Summary - The company is seeking to go public in Hong Kong, indicating a strategic move to access capital markets for growth and expansion [1]

证券代码：688538 证券简称：和辉光电 公告编号：2025-051 上海和辉光电股份有限公司 关于发行 H 股并上市的进展公告 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"）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。公司已于 2025 年 4 月 23 日 向香港联交所递交了本次发行的申请，并在香港联交所网站刊登了本次发行的申 请材料。 根据公司本次发行的时间安排及香港联交所的相关规定，公司于 2025 年 10 月 24 日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所网站 刊登了相关更新文件。该申请材料为公司按照香港联交所及香港证券及期货事务 监察委员会（以下简称"香港证监会"）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 ...

Core Viewpoint - Shanghai Huihui Optoelectronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor, after a previous attempt in April 2025 [1] Company Overview - HUIHUI Optoelectronics is a leading manufacturer of AMOLED semiconductor display panels, focusing on R&D and production to deliver exceptional color accuracy, visual experience, and low power consumption [4] - The company became the first in China to achieve mass production of AMOLED semiconductor display panels in 2014 and expanded its capacity with the sixth-generation AMOLED production line in 2019 [4] Market Position - According to Zhaoshang Consulting, HUIHUI Optoelectronics ranks third globally and first in China in terms of large-size AMOLED display panel shipments in 2024 [5] - The penetration rate of AMOLED display technology in the global display panel industry is expected to increase from 29.2% in 2024 to 35.8% by 2030 [5] - HUIHUI Optoelectronics maintains strong partnerships with leading Chinese smart device providers and has served major consumer electronics brands and two of the top five Chinese automotive manufacturers [5] Product Applications - The company's product offerings cover four main application areas: tablets/laptops, smartphones, smart wearables, and automotive displays, with sizes ranging from 0.95 inches to 27 inches [6] Financial Performance - Revenue figures for HUIHUI Optoelectronics are as follows: approximately 4.191 billion RMB in 2022, 3.038 billion RMB in 2023, and projected 4.958 billion RMB in 2024 [6][8] - The company reported losses of approximately 1.602 billion RMB in 2022, 3.244 billion RMB in 2023, and 2.518 billion RMB in 2024 [7][8]

Core Viewpoint - Shanghai Huihui Optoelectronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor, after a previous attempt in April 2025 [1]. Company Overview - HUIHUI Optoelectronics is a leading manufacturer of AMOLED semiconductor display panels, focusing on R&D and production to deliver exceptional color accuracy, visual experience, and low power consumption [4]. - The company became the first in China to achieve mass production of AMOLED panels in 2014 and expanded its capacity with the 6th generation AMOLED production line in 2019, entering the medium and large-sized AMOLED market [4]. Market Position - According to Zhaoshang Consulting, HUIHUI ranks third globally and first in China in terms of AMOLED panel shipments for 2024. The penetration rate of AMOLED technology in the global display panel industry is expected to rise from 29.2% in 2024 to 35.8% by 2030 [5]. - HUIHUI maintains strong partnerships with leading Chinese smart device manufacturers and has served major consumer electronics brands and two of the top five Chinese automotive companies [5]. Product Applications - The company's product offerings span four main application areas: tablets/laptops, smartphones, smart wearables, and automotive displays, with sizes ranging from 0.95 inches to 27 inches [6]. Financial Performance - For the fiscal years ending June 30, the company's revenues and losses are as follows: - 2022: Revenue of approximately 4.19 billion RMB, loss of 1.60 billion RMB - 2023: Revenue of approximately 3.04 billion RMB, loss of 3.24 billion RMB - 2024: Revenue of approximately 4.96 billion RMB, loss of 2.52 billion RMB - 2025 (first half): Revenue of approximately 2.67 billion RMB, loss of 839.73 million RMB [6][7].

Core Viewpoint - Shanghai Huihui Optoelectronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor, after a previous attempt in April 2025 [1]. Company Overview - HUIHUI Optoelectronics is a leading manufacturer of AMOLED semiconductor display panels, focusing on R&D and production to deliver exceptional color accuracy, visual experience, and low power consumption [4]. - The company became the first in China to achieve mass production of AMOLED panels in 2014 and expanded its capacity with the sixth-generation AMOLED production line in 2019, entering the medium and large-sized AMOLED market [4]. Market Position - According to Zhaoshang Consulting, HUIHUI ranks third globally and first in China in terms of AMOLED panel shipments for 2024. The penetration rate of AMOLED technology in the global display panel industry is expected to rise from 29.2% in 2024 to 35.8% by 2030 [5]. - HUIHUI maintains strong partnerships with leading Chinese smart device manufacturers and has supplied AMOLED panels to major consumer electronics brands and two of the top five automotive companies in China [5]. Product Applications - The company's product offerings span four main application areas: tablets/laptops, smartphones, smart wearables, and automotive displays, with sizes ranging from 0.95 inches to 27 inches [6]. Financial Performance - For the fiscal years ending June 30, the company's revenues and losses are as follows: - 2022: Revenue of approximately 4.19 billion RMB, loss of 1.60 billion RMB - 2023: Revenue of approximately 3.04 billion RMB, loss of 3.24 billion RMB - 2024: Revenue of approximately 4.96 billion RMB, loss of 2.52 billion RMB - 2025 (first half): Revenue of approximately 2.67 billion RMB, loss of 839.73 million RMB [6][7].