Group 1: Market Demand and Regulatory Impact - The implementation of the national standard AECS on July 1, 2027, will create a stable demand of nearly 30 million units annually for eCall systems in China, significantly larger than the demand for ETC systems, which are subject to policy encouragement [2][5]. - The eCall system is a regulatory requirement, while ETC has a more phase-based market demand, peaking in 2019 and now primarily focused on replacement of existing systems [2][5]. Group 2: Company’s eCall Business Strategy - The company has prioritized forward-looking R&D, actively tracking industry technology trends and global market competition, which is reflected in its early involvement in the eCall sector since the EU's initial research phase in 2013 [3][4]. - The company has achieved significant milestones, including being one of the first to obtain EU eCall certification in 2019 and the new generation NG eCall certification in 2025, establishing a strong technical advantage [3][4]. Group 3: Technical Challenges and Competitive Advantages - The technical barriers for eCall products include rigorous testing for reliability and functionality, as they are critical for life safety [4]. - The company’s eCall products incorporate advanced technical specifications that exceed industry standards, ensuring reliability and stability under extreme conditions, which contributes to its unique competitive advantage [4]. Group 4: Industry Response and Future Preparedness - Car manufacturers are closely monitoring the implementation of AECS, and the company has prepared by establishing stable partnerships and ensuring product compatibility with various vehicle models [5]. - The company has enhanced its production capacity through flexible production lines and a robust external collaboration system, allowing for rapid adjustment to market demands [5]. Group 5: Market Competition and Pricing Strategy - The anticipated surge in market demand post-AECS implementation may lead to increased competition, potentially driving down eCall product prices; however, the company emphasizes the importance of maintaining quality standards for life safety [5]. - The company believes that responsible suppliers will prioritize product quality over cost-cutting measures, ensuring that safety remains a fundamental design principle [5]. Group 6: Digital Energy Management Solutions - The company has initiated a digital energy management solution that integrates "end and cloud" technologies, enabling effective management of battery lifecycle and supporting high-value energy trading scenarios [6]. - This solution is being applied across various sectors, including automotive power batteries and energy storage systems, enhancing the company's competitiveness in the energy sector [6]. Group 7: R&D Cost Reduction Strategies - The company employs a "platform and modular" approach in its R&D system, allowing for flexible product configurations based on customer needs and significantly reducing development costs [6]. - This strategy not only accelerates product development cycles but also enhances the company's ability to respond to market changes and customer demands effectively [6].

Group 1: eCall Certification and Implementation - The company began tracking eCall legislation since the EU's preliminary research in 2012 and obtained the first EU eCall certification in 2019, followed by certifications from multiple countries including the UK, Israel, and Turkey [2] - As of January 6, 2025, the company became the first in China to receive the next-generation NG-eCall certification from the EU [2] - The company's eCall system has passed the national standard AECS test, making it the first globally to achieve this certification [2][4] Group 2: eCall System Functionality - The eCall system consists of an in-vehicle terminal, mobile network, and PSAP call center, enhancing emergency response times and reducing accident fatalities [3] - It can be triggered automatically by vehicle sensors or manually via an in-car button, transmitting critical data such as location and vehicle information to emergency services [3] Group 3: Competitive Advantages - The company emphasizes the need for strong capabilities in R&D, production management, quality control, and supply chain management to maintain competitiveness [4] - A focus on technological innovation and product optimization is central to the company's strategy for sustaining market leadership [4][5] Group 4: Cost Management - The company maintains a low expense ratio through strict supply chain management and a commitment to technological innovation [5][6] - The platform and modular design approach allows for flexible product configurations, reducing development costs and enhancing market competitiveness [6] Group 5: TBOX Functionality - The TBOX serves as a core controller for in-vehicle information interaction, enabling communication with various vehicle systems and providing connectivity for smart services [7] - It supports multiple communication protocols and high-precision positioning services, essential for smart connected vehicles [7] Group 6: Future Development Plans - The company aims to accelerate the application of its TBOX in 5G-V2X networks, enhancing product value and expanding use cases [8] - Plans include leveraging its eCall expertise to support domestic and international vehicle manufacturers in meeting safety standards [8] - The company is also focusing on digital energy management solutions and expanding into unmanned logistics vehicles [8] - Continuous improvement in governance and compliance is targeted to meet international standards and support global expansion [8]

Group 1 - The core point of the news is that Huihan Microelectronics Co., Ltd. has experienced a significant decline in its stock price, dropping 12.26% over the past five days, with a current price of 125.03 CNY per share and a market capitalization of 13.069 billion CNY [1] - Huihan's main business involves the research, development, production, and sales of vehicle networking smart terminals and IoT smart modules, with revenue composition being 74.71% from vehicle networking smart terminals, 18.17% from IoT smart modules, 7.00% from software and services, and 0.12% from other sources [1] - The company was established on July 11, 2008, and went public on September 11, 2024, located in Fuzhou, Fujian Province [1] Group 2 - From the perspective of fund holdings, one fund under GF Fund has a significant position in Huihan shares, with the GF Consumer Discretionary Link A fund holding 900 shares, representing 0.04% of the fund's net value [2] - The GF Consumer Discretionary Link A fund has experienced a floating loss of approximately 1,719 CNY today and a total floating loss of 15,700 CNY during the five-day decline [2] - The fund was established on April 15, 2015, with a current scale of 169 million CNY, and has recorded a year-to-date return of 6.2% and a one-year return of 8.87% [2]

Company Overview - The company focuses on ICT core technologies, initially specializing in Bluetooth, WiFi, and GPS for automotive communication modules, establishing a strong position in a niche market despite limited market size [2] - In 2012, the company entered the automotive communication sector, launching the first generation of connected vehicle terminal products, TBOX 1.0, and became a primary supplier for SAIC Group [2][3] - The company has developed a diverse business matrix centered around TBOX, eCall systems, digital energy management solutions, and IoT smart modules [4] Product Development and Market Position - The company has achieved significant milestones in eCall technology, obtaining the first domestic EU eCall certification in 2019 and the next-generation NG eCall certification in January 2025, making it one of the first globally to achieve these certifications [3] - The TBOX market is expected to grow due to increasing consumer demand for smart driving and connectivity features, with the introduction of 5G-V2X technology enhancing the value per vehicle [5] - The company has established long-term partnerships with leading domestic and international automotive manufacturers, including SAIC, BYD, and Toyota, and is expanding its global footprint [4][5] Market Penetration and Future Growth - The penetration rate of TBOX products is anticipated to rise as automotive manufacturers increase investments in smart connectivity [5] - The eCall product's technical barriers include reliability and compliance with stringent safety standards, which the company has successfully navigated to gain a competitive edge [6] - The implementation of national standards (AECS) is expected to drive eCall system adoption to 100% in the domestic market [6] International Strategy and Revenue - The company is transitioning from "on-vehicle export" to "export on-vehicle" to enhance its international strategy, aiming to increase overseas revenue [7] - Current overseas revenue is low due to eCall products being classified as domestic income when installed in vehicles exported by domestic manufacturers [7] - The company has received the German VDA6.3 certification, enhancing its capabilities in quality management and compliance, which supports future international collaborations [7]

Core Viewpoint - Huihan Co., Ltd. announced adjustments to the internal investment structure of certain fundraising projects while maintaining the overall investment scale and project integrity, adapting to actual project progress and market conditions [2] Fundraising and Financials - The company completed its initial public offering (IPO) of 17.55 million shares at a price of 39.84 yuan per share, raising a total of 699.192 million yuan, with a net amount of 627.0727 million yuan after deducting issuance costs [2] - As of October 31, 2025, the company has allocated funds across three major projects, with a total intended investment of 627.0727 million yuan and cumulative investments of 96.81 million yuan [3] Project Investment Details - The three major fundraising projects include: 1. Intelligent Automotive Safety System R&D and Industrialization Project: Intended investment of 194.7027 million yuan, cumulative investment of 66.4327 million yuan [3] 2. 5G Vehicle Networking TBOX R&D and Industrialization Project: Intended investment of 169.96 million yuan, cumulative investment of 30.2556 million yuan [3] 3. R&D Center Construction Project: Intended investment of 262.41 million yuan, cumulative investment of 1.217 million yuan [3] Adjustments in Investment Structure - Adjustments were made primarily in the first two major fundraising projects: - For the Intelligent Automotive Safety System project, equipment purchase funding was reduced from 16.86 million yuan to 3.56 million yuan, while material costs increased from 32 million yuan to 57.3 million yuan [5][6] - In the 5G Vehicle Networking TBOX project, equipment purchase funding was reduced from 31.26 million yuan to 4.61 million yuan, and material costs increased from 12 million yuan to 57.5 million yuan [6] Rationale for Adjustments - The adjustments were made as the projects have completed certain R&D phases and are transitioning into industrialization, reflecting the actual progress of the fundraising projects without altering the overall project framework or funding amounts [6]

Group 1 - The company announced that it will hold the 17th meeting of the fourth board of directors on November 17, 2025 [2] - The board unanimously agreed to adjust the internal investment structure of certain fundraising projects [2]

Group 1 - The core point of the article is that Huihan Co., Ltd. announced the convening of its 17th board meeting on November 17, 2025, to discuss adjustments to the internal investment structure of certain fundraising projects [1] - For the first half of 2025, the revenue composition of Huihan Co., Ltd. is entirely from the manufacturing of computers, communications, and other electronic equipment, accounting for 100.0% [1] - As of the time of reporting, Huihan Co., Ltd. has a market capitalization of 13.7 billion yuan [1]

广发证券股份有限公司 关于慧翰微电子股份有限公司 调整部分募投项目内部投资结构的核查意见 广发证券股份有限公司（以下简称"保荐机构"）作为慧翰微电子股份有限 公司（以下简称"慧翰股份"或"公司"）首次公开发行股票并在创业板上市持 续督导阶段的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募 集资金监管规则》《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》等有关规定，对慧翰 股份调整部分募投项目内部投资结构事项进行了审慎核查，具体核查情况如下： 1 | 1 | 智能汽车安全系统研 发及产业化项目 | 24,141.00 | 19,470.27 | 6,643.27 | | --- | --- | --- | --- | --- | | 2 | 5G车联网TBOX研发 及产业化项目 | 20,964.00 | 16,996.00 | 3,025.56 | | 3 | 研发中心建设项目 | 26,241.00 | 26,241.00 | 12.17 | | | 合计 | 71,346.00 | 62,707.27 | 9,681.00 | 三 ...

证券代码：301600 证券简称：慧翰股份 公告编号：2025-038 慧翰微电子股份有限公司 关于调整部分募投项目内部投资结构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 慧翰微电子股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日召开 第四届董事会第十七次会议，审议通过《关于调整部分募投项目内部投资结构的 议案》，一致同意公司调整部分募投项目内部投资结构。现将相关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意慧翰微电子股份有限公司首次公开发 行股票注册的批复》（证监许可〔2024〕885 号）同意注册，并经深圳证券交易 所同意，公司首次公开发行人民币普通股（A 股）股票 1,755.00 万股，每股发 行价格为人民币 39.84 元，募集资金总额为人民币 69,919.20 万元，扣除各项发 行费用（不含税）人民币 7,211.93 万元，募集资金净额为人民币 62,707.27 万 元。 上述募集资金已于 2024 年 9 月 6 日到账，并由容诚会计师事务所（特殊普 通合伙）出具了《验资报告》（容诚 ...

一、董事会会议召开情况 慧翰微电子股份有限公司（以下简称"公司"）第四届董事会第十七次会议 于2025年11月17日在公司会议室以现场结合通讯的方式召开。会议通知于2025 年 11 月 14 日以电子邮件等方式送达。本次会议应出席董事 8 人，实际出席董事 8 人。会议由董事长隋榕华先生主持，公司有关高级管理人员列席会议。 本次会议的召集、召开和表决程序符合有关法律、行政法规、部门规章、规 范性文件和公司章程的规定。 二、董事会会议审议情况 经与会董事审议形成以下决议： 证券代码：301600 证券简称：慧翰股份 公告编号：2025-037 1、以 8 票同意，0 票反对，0 票弃权审议通过《关于调整部分募投项目内 部投资结构的议案》 慧翰微电子股份有限公司 第四届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 1、公司第四届董事会第十七次会议决议； 2、公司第四届董事会审计委员会 2025 年第六次会议决议； 3、保荐机构出具的核查意见。 保荐机构对本事项发表了无异议的核查意见。 相关公告和核查意见详见公司指定信息披露网站（ww ...