Group 1 - The core viewpoint of the article indicates that the average operating rate of OLED panel production lines in mainland China is expected to increase to 80% in Q4 2025, representing a 2 percentage point increase compared to the previous quarter [2][3]. Group 2 - The article provides a list of the latest production capacities of OLED panel production lines in China [3]. - It includes statistics on the average operating rates of OLED production lines in mainland China for Q3 2025 [3]. - The article details the operating rates for rigid and flexible OLED panel production lines in Q3 2025 [3]. - It presents the market share statistics of various OLED manufacturers in Q3 2025 [3]. - Specific operating rate statistics for BOE, Visionox, Tianma, CSOT, EDO, and Huayi OLED panel production lines in Q3 2025 are included [3]. - The article concludes with a forecast for the operating rates of OLED panel manufacturers in mainland China for Q4 2025 [2][3].

Core Viewpoint - Hehui Optoelectronics is a significant player in the domestic AMOLED semiconductor display panel industry, focusing on small and medium-sized AMOLED panels and possessing a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Hehui Optoelectronics reported revenue of 4.002 billion yuan, ranking 12th among 38 companies in the industry [2] - The company's main business, AMOLED semiconductor display panels, generated revenue of 4.817 billion yuan, accounting for 97.16% of total revenue [2] - The net profit for Q3 2025 was a loss of 1.37 billion yuan, placing the company 37th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Hehui Optoelectronics had a debt-to-asset ratio of 68.44%, which is higher than the industry average of 45.77% [3] - The gross profit margin for Q3 2025 was -13.93%, lower than the industry average of 14.89%, although it improved from -23.70% in the same period last year [3] Group 3: Executive Compensation - The chairman, Fu Wenbiao, received a salary of 2.1163 million yuan in 2024, an increase of 128,600 yuan from 2023 [4] - The general manager, Liu Huiran, earned 2.0714 million yuan in 2024, up by 109,000 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.61% to 116,000 [5] - The average number of circulating A-shares held per shareholder increased by 0.61% to 49,600 [5]

Core Viewpoint - The article discusses the third-quarter financial performance of six major companies in the display panel industry, highlighting their revenue growth, profit changes, and strategic developments. Company Summaries 京东方 (BOE Technology Group) - In Q3, BOE achieved revenue of 53.27 billion yuan, a year-on-year increase of 5.81%, and a net profit of 1.35 billion yuan, up 32.07% [2][3] - For the first three quarters, cumulative revenue reached 154.55 billion yuan, growing by 7.53%, with a net profit of 4.60 billion yuan, an increase of 39.03% [2][3] - The growth was attributed to expanded sales, increased government subsidies, and significant investment income from the disposal of long-term equity investments [2][4] TCL科技 (TCL Technology) - TCL reported Q3 revenue of 50.38 billion yuan, a 17.71% increase, and a net profit of 1.16 billion yuan, up 119.44% [5][6] - Cumulative revenue for the first three quarters was 135.94 billion yuan, a 10.50% increase, with a net profit of 3.05 billion yuan, growing by 99.75% [5][6] - The company noted improvements in the global panel market, with demand recovery and price stabilization, leading to increased production efficiency and profitability [7][8] 深天马 (Shenzhen Tianma) - In Q3, Shenzhen Tianma reported revenue of 9.19 billion yuan, a 13.19% increase, and a net profit of 107 million yuan [9][10] - Cumulative revenue for the first three quarters was 26.66 billion yuan, up 11.03%, with a net profit of 313 million yuan [9][10] - The company is investing in new equipment for its 6th generation OLED panel production line, which is expected to enhance production capacity and efficiency [11][12] 彩虹股份 (Rainbow Optoelectronics) - In Q3, Rainbow Optoelectronics achieved revenue of 2.98 billion yuan, a 1.51% increase, but reported a net loss of 72.29 million yuan [13][14] - For the first three quarters, revenue was 8.64 billion yuan, down 4.04%, with a net profit of 379 million yuan, a decrease of 62.49% [13][14] - The company is focusing on its glass substrate business and has divested 30% of its subsidiary, Rainbow Optoelectronics, to BOE to optimize its business structure [14] 友达光电 (AU Optronics) - AU Optronics reported Q3 revenue of 69.91 billion NTD (approximately 16.2 billion yuan), a 1% increase from Q2 but a 10.1% decrease from Q3 2024, with a net loss of 1.28 billion NTD (approximately 297 million yuan) [15][17] - The company noted that its overall revenue was affected by currency fluctuations and declining panel prices, but cumulative net profit for the first three quarters improved significantly compared to the previous year [17] 和辉光电 (HannStar Display) - In Q3, HannStar achieved revenue of 1.33 billion yuan, a 2.25% increase, but reported a net loss of 530 million yuan [18][20] - Cumulative revenue for the first three quarters was 4 billion yuan, up 8.25%, with a net loss of 1.37 billion yuan [18][20] - The company is focusing on improving production efficiency and has submitted an application for an H-share listing to enhance its international strategy and financing capabilities [20]

Core Viewpoint - Hehui Optoelectronics (688538.SH) reported a year-on-year increase in operating revenue for Q3 2025, but also posted significant net losses [1] Financial Performance - Operating revenue for Q3 2025 was 1.332 billion yuan, representing a year-on-year increase of 2.25% [1] - The net profit attributable to shareholders of the listed company was -530 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -540 million yuan [1]

东方证券股份有限公司 关于上海和辉光电股份有限公司 募投项目延期的核查意见 东方证券股份有限公司（以下简称"东方证券"或"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"或"公司"）的保荐机构，根据 《证券发行上市保荐业务管理办法》《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）》《上市公司募集资金监管规则》《上海证券 交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关规定，对公司 募投项目延期的事项进行了详细核查，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 ...

Core Viewpoint - Hehui Optoelectronics (688538.SH) has submitted an application for overseas listing to the China Securities Regulatory Commission and has applied for listing on the Hong Kong Stock Exchange, aiming for a mainboard listing. This follows a previous application that lapsed in April 2025. The company has incurred significant losses since its IPO, totaling approximately 8.2 billion yuan over three and a half years, while its market capitalization exceeds 37 billion yuan, surpassing competitors like TCL Electronics and BOE Technology Group despite lower net profits [1][4][8]. Company Overview - Hehui Optoelectronics, established in 2012, is the first company in China to achieve mass production of AMOLED semiconductor display panels. The company focuses on the research, production, and sales of high-resolution AMOLED panels, which are used in smart wearables, smartphones, and automotive displays [4]. - The company went public on the STAR Market on May 28, 2021, raising 8.17 billion yuan, with 6.5 billion yuan allocated for expanding the sixth-generation AMOLED production line. The initial share price was 2.65 yuan, with a first-day increase of 58.49%, but the stock has since declined significantly, reaching a low of 1.93 yuan [4][6]. Financial Performance - For the reporting period from 2022 to the first half of 2025, Hehui Optoelectronics reported revenues of 4.191 billion yuan, 3.038 billion yuan, 4.958 billion yuan, and 2.67 billion yuan, respectively. The company experienced substantial losses of 1.602 billion yuan, 3.244 billion yuan, 2.518 billion yuan, and 840 million yuan during the same periods, accumulating losses of approximately 8.2 billion yuan over three and a half years. However, the loss in the first half of 2025 decreased by 34.32% compared to the same period in 2024 [9][10]. - In contrast, competitors TCL Electronics and BOE Technology Group have shown consistent revenue growth and profitability during the same period, with TCL's revenues reaching 71.351 billion HKD, 78.99 billion HKD, 99.32 billion HKD, and 54.78 billion HKD, and net profits of 447 million HKD, 744 million HKD, 1.759 billion HKD, and 1.09 billion HKD [10]. Market Position and Growth Potential - Hehui Optoelectronics has maintained the highest shipment volume of AMOLED panels in China from 2022 to 2024 and ranks among the top three globally. In the automotive display sector, it ranks fourth globally and second in China. The company's clients include major consumer electronics brands and leading domestic automotive manufacturers [6][12]. - The global market for medium and large-sized AMOLED panels is projected to reach approximately 27.9 billion yuan in 2024, with expectations to exceed 153.8 billion yuan by 2030, reflecting a compound annual growth rate of 32.9% [6]. Use of IPO Proceeds - The funds raised from the upcoming IPO are intended for technological upgrades of the sixth-generation AMOLED production line, research and development of new AMOLED display products, repayment of part of the interest-bearing bank loans, and general corporate purposes [7].

二、募投项目的基本情况 截至 2025 年 9 月 30 日，募投项目累计投资金额为 683,199.63 万元，投资 截至 2025 年 9 月 30 日，募集资金余额为 139,947.70 万元（含累计利息收 入扣减手续费净额 22,933.75 万元），其中用于暂时补充流动资金 122,755.00 万元。 证券代码：688538 证券简称：和辉光电 公告编号：2025-052 上海和辉光电股份有限公司 关于募投项目延期的公告 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 2025 年 10 月 29 日召开 第二届董事会第十七次会议，审议通过了《关于募投项目延期的议案》，同意公 司对首次公开发行股票募集资金投资项目（以下简称"募投项目"）"第六代 AMOLED 生产线产能扩充项目"达到预定可使用状态的时间进行延期。具体情况 公告如下： 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 ...

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].