Summary of the Conference Call for BOE Technology Group and HC SemiTek Industry Overview - The global economy is recovering slowly in 2024, with a complex political and economic landscape impacting the LED market. The overall growth rate is below expectations due to increased competition and demand from end markets. Typical product prices are expected to decline by over 29% throughout the year, leading to a weak growth and strong internal competition within the industry [3][4]. Key Points on BOE Technology Group - BOE's total revenue exceeded 4.1 billion yuan in 2024, representing a year-on-year growth of 42%. The net profit showed significant improvement, with historical inventory clearance exceeding 550,000 units, resulting in a loss of 280 million yuan. Chip sales surpassed 7 million units, increasing market share to 16.3%, maintaining a position among the top three in the industry [3][4]. - The company has implemented a comprehensive management system, leading to significant improvements in operational efficiency and sustained R&D investment, ensuring competitiveness in existing products and maintaining a leading position in the Micro LED sector [10]. Key Points on HC SemiTek - HC SemiTek's substrate business revenue grew by 24% year-on-year, achieving a market share of over 30%, making it the largest sapphire substrate supplier globally. The chip business revenue increased by 33%, with sales ranking third in the industry and a high-efficiency market share rising to 20% [3][6]. - Despite significant losses in 2023 and 2024, HC SemiTek maintained positive cash flow, which increased. The net loss for 2025 is projected to decrease from 846 million yuan to 610 million yuan, with a reduction of 500 million yuan when excluding historical inventory impacts. Operating costs are nearly equal to operating income, indicating a nearing profitability turning point [7][8]. - The company is actively transitioning products to high-value-added areas, with a gross margin increase of 6.9%. Strategies to improve financial conditions include cost control and expanding market share in LED chips to over 20% [9][8]. - HC SemiTek has focused on improving asset quality, particularly inventory turnover rates. The provision for inventory depreciation decreased from 323 million yuan in 2023 to 268 million yuan in 2024, indicating that historical inventory issues are being resolved [11]. Financial and Operational Improvements - Cash flow management has been prioritized, with operating cash flow showing significant quarterly improvements despite losses in 2024 and early 2025. The company achieved over 1.1 billion yuan in positive cash flow [12]. - The LED industry is experiencing a shift in sales structure, with lighting product sales declining significantly while backlight and display segments are increasing, contributing positively to overall business performance [17]. Future Development Goals - HC SemiTek aims to increase its LED chip market share to over 20% and achieve profitability. The company is accelerating the industrialization of Micro LED and GaN power devices [8]. - The Micro LED technology is a key focus, with significant advancements in production capabilities and expected cost reductions, which will facilitate broader market applications [19][21]. Capacity Expansion and Capital Expenditure - Plans for capacity expansion include increasing lighting product capacity in Zhangjiagang by approximately 100,000 units and launching an expansion project in Yiwu in the second half of 2025. These expansions are expected to significantly enhance production capacity and reduce costs [22]. Conclusion - Both BOE Technology Group and HC SemiTek are navigating a challenging market environment with strategic initiatives aimed at improving operational efficiency, enhancing product competitiveness, and achieving financial stability. The focus on high-value products and innovative technologies positions them well for future growth [23].

上海复胜资产管理合伙企业（有限合伙）成立于2015年，是国内首批以研究驱动为导向的阳光私募基金 管理公司。公司目前纯权益管理规模超过60亿。公司核心投研团队有16年以上大陆、香港、美国三地投 资经验，主要基金经理均有国内顶级公募投资经验。我们秉持"复利致胜"的原则，坚持业绩驱动投资， 重视投资的可持续性，致力为投资者获取长期的稳健收益。公司凭借优异的成绩，曾获中国证券报2019 年度第十一届三年期金牛私募投资经理（股票策略）、2020/2021年度第十一届金阳光•年度成长私募奖/ 十二届金阳光•三年卓越私募公司奖、2021第二届新财富最佳私募投资经理、2020英华奖中国私募基金 人气奖、2019/2020年度证券时报"金长江奖"绝对回报私募基金产品（三年期）以及2017年度（第十二 届）中国私募基金风云榜创业新锐奖，同年基金经理陆航荣获排排网股票策略最近一年全国地区收益组 十强，上海地区冠军。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：2024年，华灿光电实现营业收入41.26亿元，同比提升42.11%，产品毛利率提升 ...

Financial Performance - In 2024, BOE achieved a revenue of 4.126 billion yuan, representing a year-on-year increase of 42.11% [3] - The gross profit margin improved by 6.89% [3] - Despite a significant net profit loss due to historical inventory handling in Q4 2024, the net profit showed a trend of improvement quarter by quarter [3] Production Capacity and Efficiency - The company's production capacity utilization rate remains high during normal production cycles [4] - Measures to address ongoing net profit losses include increasing production capacity investment, optimizing production layout, and enhancing operational efficiency [4] Product Development and Innovation - The AI glasses business is progressing with close technical collaboration with key industry clients, currently in the performance and yield enhancement phase [5] - The Micro LED project has successfully launched products in October 2024, with a production capacity target of 1,000 sets (RGB) per month and 2,500,000 pixel devices (MPD) per month by 2025 [6] Strategic Focus and Future Outlook - In 2025, the company aims to balance scale and profit by optimizing operational efficiency and maintaining financial health [7] - The strategy includes a focus on high-quality development, product structure optimization, and enhanced supply chain collaboration [8]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、 担保情况概述 京东方华灿光电股份有限公司（以下简称"公司"）于 2024 年 4 月 1 日召开第六届董事 会第五次会议、第六届监事会第四次会议，审议通过《关于 2024 年度公司及子公司向相关银 行申请综合授信额度及为子公司提供担保的议案》，同意公司 2024 年度为合并报表范围内子 公司申请的银行综合授信额度提供相应担保，担保总额度不超过人民币 30 亿元（本次审议为 新增担保，不包含存量担保或续保）；其中公司为全资子公司京东方华灿光电（苏州）有限公 司（以下简称"苏州华灿"）向银行申请综合授信提供担保，担保额度不超过人民币 14.5 亿元， 综合授信范围包括但不限于流动资金贷款、项目贷款、信用证、银行承兑汇票、银行保函、应 收账款贸易融资、超短融票据等综合授信业务（具体业务品种以实质审批为准）。担保额度授 权期限自公司 2023 年年度股东大会审议通过之日起十二个月内有效。具体内容详见公司于 2024 年 4 月 2 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 2024 年度公司 ...

华灿光电发布2024年业绩：归母净利润连续亏损三 年 一募投项目两度延期 受到上述因素影响，2024年，华灿光电虽然通过多种措施降低了产品成本，使得LED芯片、LED衬底片 毛利率大幅改善，但仍未实现盈利，毛利率为负。目前，华灿光电归母净利润已连续三年亏损，而扣非 净利润更是连续六年为负。 每经记者 张明双 每经编辑 魏官红 3月25日晚，华灿光电（300323.SZ，股价7.25元，市值117.67亿元）发布2024年业绩，公司实现营业收 入41.26亿元，同比增长42.11%；归母净利润亏损6.11亿元，同比减亏27.73%。 按照年报所述，华灿光电经营业绩同比上升，主要得益于其统筹优化LED（发光二极管）产业链布局， 启动扩产规划并陆续执行落地，以及在制造降本等方面取得成效。 然而，由于LED芯片市场受终端市场需求疲软、价格竞争加剧等影响，导致公司产品毛利率仍未实现整 体盈利。2024年，华灿光电两大主营产品LED芯片、LED衬底片的毛利率分别为-5.72%、-4.15%。 归母净利润连续三年为负 华灿光电主要业务为LED芯片、LED外延片、蓝宝石衬底及第三代半导体化合物氮化镓（GaN）电力电 子器件的 ...

Group 1 - China Aluminum reported a net profit of 12.4 billion yuan for 2024, an increase of 85.38% year-on-year, with a proposed cash dividend of 0.135 yuan per share [1] - Lihua Technology's net profit for 2024 decreased by 25.41% to 245 million yuan, with a proposed cash dividend of 0.7 yuan per 10 shares [1][2] - Zhongjing Food achieved a net profit of 175 million yuan in 2024, up 1.81% year-on-year, proposing a cash dividend of 8 yuan per 10 shares [3][4] - Sanwei Chemical's net profit fell by 6.92% to 263 million yuan, with a proposed cash dividend of 3 yuan per 10 shares [5] - Meino Biological's project for corn protein processing has received construction approval, with an investment of approximately 391 million yuan [6][7] Group 2 - Guangdian Electric's net profit surged by 411.28% to 74.73 million yuan, proposing a cash dividend of 0.7 yuan per 10 shares [13][14] - Xin'ao Co. reported a net profit of 4.493 billion yuan for 2024, down 36.64%, with a proposed cash dividend of 10.3 yuan per 10 shares [15] - Huaren Pharmaceutical's subsidiary received approval for a raw material drug, enhancing its product line [16] - Huanxin Technology received a project confirmation from BAIC Group for two display screen products, expected to enter mass supply [17] - Haitong Development plans to purchase four bulk carriers for a total of 59.25 million USD to expand its fleet [18] Group 3 - Guochuang High-tech won a bid for an asphalt procurement project worth 128 million yuan [22][23] - Huayi Pharmaceutical's subsidiary received overseas marketing approvals for several products [24] - Haisco's innovative drug HSK41959 has received clinical trial approval [25] - Hetai Machinery's subsidiary obtained a patent for a dust-proof chain technology [28] - Le Xin Medical's fetal heart rate monitor registration renewal application has been accepted [29] Group 4 - Feilong Co. became a designated supplier for an international client's electronic oil pump project, with expected sales of approximately 160 million yuan [29] - Yunnan Copper reported a net profit of 1.265 billion yuan for 2024, down 19.9%, with a proposed cash dividend of 2.4 yuan per 10 shares [42] - China Merchants Bank's net profit increased by 1.22% to 148.39 billion yuan, proposing a cash dividend of 20 yuan per 10 shares [43] - Shuanghui Development's net profit decreased by 1.26% to 4.989 billion yuan, with a proposed cash dividend of 7.5 yuan per 10 shares [44]

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.26%。 2025年3月26日，华灿光电(300323.SZ)发布2024年年度报告。截至2025年3月25日，共有15个机构投资 者披露持有华灿光电A股股份，合计持股量达9.86亿股，占华灿光电总股本的60.77%。其中，前十大机 构投资者包括京东方科技集团股份有限公司、珠海华发科技产业集团有限公司、义乌和谐芯光股权投资 合伙企业(有限合伙)、NEW SURE LIMITED、浙江华迅投资有限公司、浙江灿融科技有限公司、香港 中央结算有限公司、招商银行股份有限公司-南方中证1000交易型、招商银行股份有限公司-南方中证 1000交易型、上海国富永钦投资合伙企业(有限合伙)，前十大机构投资者合计持股比例达60.73%。相较 于上一季度，前十大机构持股比例合计下跌了0.69个百分点。 公募基金方面，本期较上一季度新披露的公募基金共计5个，包括博时湖北新旧动能转换ETF、中信保 诚中证智能家居指数(LOF)A、1000增强ETF、财通资管中证1000指数增强A、1000ETF增强。本期较上 一季未再披露的公募基金共 ...

本人沈波，1963年生，中国国籍，无境外永久居留权，博士学历。曾任东京大 学先端科技研究中心(RCAST)客座教授、日本千叶大学电子学与光子学研究中心客 座教授、日本产业技术综合研究所(AIST)访问教授，国家973计划项目首席科学家， 国家863计划"半导体照明"重点专项总体专家组成员，国家863计划"第三代半导 体"重点专项总体专家组组长，现任国家"战略性先进电子材料"重点专项第三代 半导体方向专家组组长，享受国务院政府特殊津贴，是国内多个国家重点实验室、 科学院重点实验室和国防重点实验室学术委员会委员。 现任公司第六届董事会独立董事，北京大学理学部副主任，宽禁带半导体研究 中心主任，物理学院长江特聘教授，国家杰出青年基金获得者，基金委创新研究群 体带头人。 各位股东及股东代表： 本人作为京东方华灿光电股份有限公司（以下简称"公司"）的独立董事，在 任职期间严格按照《中华人民共和国公司法》（以下简称《公司法》）《中华人民 共和国证券法》（以下简称《证券法》）《上市公司独立董事管理办法》《深圳证 券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号— —创业板上市公司规范运作》等法律法规、 ...

京东方华灿光电股份有限公司 舆情管理制度 京东方华灿光电股份有限公司 第一章 总 则 华灿光电: 舆情管理制度 第一条 为提高京东方华灿光电股份有限公司（以下简称"公司"）应对各类 舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股 价、商业信誉及正常生产经营活动造成的影响，切实维护投资者合法权益，根据 《深圳证券交易所创业板股票上市规则》等相关法律法规和规范性文件及《公司 章程》的规定，结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络、自媒体、社交媒体账号等媒体对公司进行的负面 报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能对公司股票及其衍生品交易价格造成较 大影响的负面舆情。 （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的 ...

华灿光电: 关于2024年度不进行利润分配的公告 证券代码：300323 证券简称：华灿光电 公告编号：2025-011 京东方华灿光电股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 送红股，不以资本公积金转增股本。 可能被实施其他风险警示情形。 一、审议程序 公司于2025年3月25日召开第六届董事会第十三次会议、第六届监事会第十一次会议，于 <2024年度利润分配的预案>的议案》，该议案尚需提交公司2024年年度股东会审议。 二、2024年度利润分配方案的基本情况 否 公司 2024 年度实现合并报表归属于上市公司股东的净利润为-611,169,483.69 元，截至 -173,519,425.77 元。根据《公司法》和《公司章程》的有关规定，因母公司未分配利润为负， 经董事会研究提议不进行利润分配，即拟定公司 2024 年度利润分配预案为：不派发现金红利、 不送红股、不以资本公积金转增股本。 三、现金分红方案的具体情况 （一）公司2024年度分红方案不触及其他风险警示情形： | 项目 年度 | | 2024 | 2023 | 年 ...