证券日报网讯9月8日晚间，慧翰股份（301600）发布关于部分首次公开发行前已发行股份上市流通提示 性公告称，本次解除限售股份为公司首次公开发行前已发行的部分股份；本次解除限售的股东数4名， 解除限售股份数量为610.9万股，占公司总股本5.84%；本次解除限售后实际可上市流通的股份数量为 536.4万股，占公司总股本5.13%；本次解除限售股份上市流通日期为2025年9月11日(星期四)。 ...

证券代码：301600 证券简称：慧翰股份 公告编号：2025-030 慧翰微电子股份有限公司 关于部分首次公开发行前已发行股份上市流通提示性公告 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。 特别提示： 1、本次解除限售股份为慧翰微电子股份有限公司（以下简称"公司"）首次 公开发行前已发行的部分股份； 2、本次解除限售的股东数 4 名，解除限售股份数量为 610.9 万股，占公司 总股本 5.84%；本次解除限售后实际可上市流通的股份数量为 536.4 万股，占公 司总股本 5.13%； 3、本次解除限售股份上市流通日为 2025 年 9 月 11 日（星期四）。 一、首次公开发行前已发行股份概况 根据中国证券监督管理委员会（以下简称"中国证监会"）《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）， 公司首次公开发行人民币普通股（A 股）股票 1755 万股，并于 2024 年 9 月 11 日在深圳证券交易所创业板上市。首次公开发行股票完成后公司总股本为 7015 万股。其中：无限售条件流通股为 1755 ...

广发证券股份有限公司 关于慧翰微电子股份有限公司 部分首次公开发行前已发行股份上市流通的核查意见 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》《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，对慧翰股份部分首次公开发行前已发行 股份上市流通事项进行了核查，具体情况如下： 一、首次公开发行前已发行股份概况 根据中国证券监督管理委员会（以下简称"中国证监会"）《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）， 公司首次公开发行人民币普通股（A 股）股票 1,755 万股，并于 2024 年 9 月 11 日在深圳证券交易所创业板上市。首次公开发行股票完成后公司总股本为 7,015 万股。其中：无限售条件流通股为 1,755 万股，占发行后总股本的比例为 25.02%， 有限售条件流通股为 5,260 万股，占发行后总股本的比例为 74.98 ...

Group 1 - The core viewpoint of the company emphasizes the importance of maintaining product quality and life safety standards amidst intense competition in the industry [2] - The company acknowledges that while competition brings pressure, it also indicates significant market potential and development opportunities within the industry [2] - The company has successfully implemented its digital energy management solutions at scale, demonstrating commercial viability and penetrating various sectors such as logistics, engineering machinery, energy storage, and electric shipping [2] Group 2 - The energy sector presents vast market opportunities, driven by the rapid development of new energy vehicles and the increasing demand for efficient energy replenishment technologies like battery swapping and ultra-fast charging [3] - The industry consensus suggests that battery swapping stations will require backup batteries equivalent to 1.2 to 1.5 times the number of vehicles [3] - The demand for digital management in energy storage, ultra-fast charging, and related services is expected to exceed the number of vehicles, leading to increased hardware and platform requirements for the company [3]

Group 1: NG-eCall Certification and AECS Standards - The company is among the first globally to obtain the EU NG-eCall certification, which upgrades traditional eCall standards to enhance data transmission capabilities and network compatibility, transitioning from 2G/3G to 4G/5G technology [2][3] - The national standard AECS also supports 4G/5G but integrates China's Beidou satellite navigation system, differing in data transmission and voice channel specifications [2][3] Group 2: Market Impact and Product Pricing - The implementation of AECS standards is expected to significantly reduce rescue times and lower traffic accident mortality rates, potentially creating a market increment worth billions [3][4] - While market competition may drive down AECS terminal prices, the company believes that safety-related products will maintain a price floor due to their critical nature [3][4] Group 3: Digital Energy Management Solutions - The company's digital energy management solutions have achieved large-scale implementation, validating their commercial viability and penetrating key energy enterprise supply chains [4][5] - The energy sector presents vast market opportunities, with the rapid growth of electric vehicles driving demand for efficient energy replenishment technologies [4][5] Group 4: Industry Competition and Strategic Response - The current competitive landscape in the automotive industry is intense, with price reductions impacting the supply chain [5][6] - The company emphasizes the importance of maintaining product quality and safety standards amidst competition, advocating for industry-wide adherence to these principles [5][6] Group 5: Future Development Outlook - The company is committed to technological innovation and product iteration, aiming to strengthen its core competencies across various operational aspects [6][7] - Future strategies include increasing R&D investments to prepare for the next growth cycle while maintaining a strong customer base [6][7]

Financial Performance - The company achieved a net profit of 93.825 million yuan in the first half of 2025, representing a year-on-year growth of 26.33% [2] - The net profit excluding non-recurring gains and losses was 90.6394 million yuan, with a year-on-year increase of 26.62% [2] - R&D investment grew by 22% year-on-year, and cash flow from operating activities saw a significant increase of 126% [2] Product Development and Market Strategy - The company’s smart terminal products for vehicle networking include TBOX and eCall, but specific market share percentages were not disclosed [2] - The digital energy management solution has entered a new phase, enabling battery lifecycle management and supporting high-value energy trading scenarios [3] - The company has established a flexible production system to meet the production needs of automotive-grade products [6][7] International Expansion - The company became one of the first globally to pass the EU NG-eCall certification and the German VDA6.3 certification, marking significant progress in its international strategy [4] - The company has a first-mover advantage in the eCall sector, having passed the EU e-Call standard certification in March 2019 and the NG-eCall certification in January 2025 [6] Regulatory Environment - The national standard AECS has been released, with mandatory implementation set for July 1, 2027, although the market response is still developing [5] - The company is actively involved in the establishment of the emergency call system in China and has contributed to the drafting of the GB45672-2025 standard [6]

Summary of Huihan Co., Ltd. Conference Call Company Overview - Huihan Co., Ltd. is actively involved in the drafting of China's AECS standards and has conducted thorough product development and testing, expecting large-scale shipments to commence after the mandatory enforcement on July 1, 2027 [2][4]. Industry Position and Developments - The company maintains a leading position in the ECO sector, with high technical and quality barriers, and anticipates that industry and government regulators will uphold stringent standards to ensure product quality [2][5][6]. - Huihan has expanded its digital energy management solutions to various sectors, including energy storage batteries, vehicle battery swapping systems, electric ships, and engineering machinery, benefiting from the promotion of battery swapping systems by CATL [2][7]. Financial Performance - In the first half of the year, Huihan reported steady revenue growth, with net profit increasing by 26.33% and non-recurring net profit rising by 26.6%, indicating an overall improvement in profitability [3]. Market Trends and Competition - The company is well-prepared for the implementation of the ECO national standard, having participated in its drafting and ensuring compliance through extensive testing [4]. - Despite increasing competition in the ECO sector, the company does not foresee significant threats due to the high technical and quality barriers involved [5][6]. Strategic Collaborations - Huihan is a key supplier for CATL, developing an internet management platform for battery swapping systems, and is gradually collaborating with other major battery manufacturers [2][9]. - The company is also exploring opportunities in artificial intelligence and robotics, leveraging its existing automotive technology [20]. Future Outlook - The future market potential for the new energy business segment is substantial, with expectations for significant growth driven by the increasing demand for battery swapping systems and energy management solutions [13]. - Huihan is focusing on expanding its overseas business, with plans to strengthen its market presence in the next three years [15]. Supply Chain and Regulatory Environment - The company has a robust supply chain management system, benefiting from long-term partnerships with leading industry players [19]. - The differences between China's ECO standards and European standards may pose challenges, but Huihan's early involvement in standard drafting positions it favorably [22]. Innovation and R&D - Huihan's R&D investment has increased by over 20% in the first half of the year, focusing on new materials and technologies [24]. - The company is also considering the potential of the aftermarket for ECO products, particularly in the context of insurance and safety improvements [25][26]. Conclusion - Huihan Co., Ltd. is strategically positioned to capitalize on emerging opportunities in the new energy sector, with a strong focus on compliance, innovation, and international expansion, while maintaining a competitive edge through high-quality standards and technological advancements [27].

Core Insights - Huihan Co., Ltd. experienced a stock decline of 5.51% on September 2, with a trading volume of 286 million yuan [1] - The company reported a financing buy-in of 37.14 million yuan and a net financing buy of 2.62 million yuan on the same day [1] Financing Overview - As of September 2, the total financing and securities balance for Huihan Co., Ltd. was 238 million yuan, accounting for 7.50% of its market capitalization [1] - The company had a financing buy-in of 37.14 million yuan and a financing repayment of 34.52 million yuan on September 2 [1] - The securities lending data showed no shares were repaid, with 1,100 shares sold, amounting to 133,500 yuan at the closing price [1] Business Performance - As of June 30, the number of shareholders for Huihan Co., Ltd. was 14,600, an increase of 5.43% from the previous period [2] - The company achieved a revenue of 451 million yuan for the first half of 2025, representing a year-on-year growth of 4.84% [2] - The net profit attributable to shareholders was 93.83 million yuan, reflecting a year-on-year increase of 26.33% [2] Shareholder Composition - As of June 30, the largest circulating shareholder was the Southern CSI 1000 ETF, holding 292,600 shares as a new shareholder [2] - Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 251,100 shares, a decrease of 11,700 shares from the previous period [2] - Other notable new shareholders included the Huaxia CSI 1000 ETF and the Guangfa CSI 1000 ETF, holding 172,000 shares and 139,200 shares respectively [2]

Company Overview - Company Name: Huihan Microelectronics Co., Ltd. [7] - Stock Code: 301600.SZ [7] - IPO Application Date: July 15, 2022 [7] - Listing Date: September 11, 2024 [7] - Listing Board: Shenzhen ChiNext [7] - Industry: Manufacturing of computers, communications, and other electronic devices [7] - IPO Sponsor: GF Securities [7] - IPO Auditing Firm: Rongcheng Accounting Firm [7] Performance Evaluation - Average Days from Application to Listing: 629.45 days; Huihan's listing cycle is 789 days, exceeding the average [3] - Underwriting and Sponsorship Fees: 52.3013 million yuan, with a commission rate of 7.48%, lower than the average of 7.71% [4] - First Day Stock Performance: Stock price increased by 53.69% compared to the issue price [5] - Three-Month Stock Performance: Stock price increased by 208.73% compared to the issue price [6] - Issuance Price-to-Earnings Ratio: 22.57 times, which is 74.12% of the industry average of 30.45 times [9] - Actual Fundraising Amount: Expected and actual fundraising of 699 million yuan [10] Short-term Performance Post-Listing - Revenue Growth: 25.68% year-on-year increase in revenue [11] - Net Profit Growth: 37.54% year-on-year increase in net profit attributable to shareholders [11] - Non-recurring Net Profit Growth: 37.04% year-on-year increase in non-recurring net profit attributable to shareholders [11] - Subscription Rate: Abandonment rate of 0.74% [11] Overall Evaluation - Total Score for IPO Project: 85.5 points, classified as Grade B [11] - Negative Factors Affecting Score: Disclosure quality needs improvement, long listing cycle, repeated applications, and abandonment rate of 0.74% [11]

Core Viewpoint - Huihan Co., Ltd. (301600) reported a revenue of 451 million yuan for the first half of 2025, marking a year-on-year increase of 4.84%, with a net profit attributable to shareholders of 93.825 million yuan, up 26.33% year-on-year [1] Financial Performance - The total revenue for the second quarter was 234 million yuan, showing a decline of 4.24% year-on-year, while the net profit for the same period was 50.527 million yuan, an increase of 22.84% year-on-year [1] - The gross margin increased by 1.62% year-on-year to 29.64%, and the net margin rose by 20.5% to 20.82% [1] - Total sales, management, and financial expenses amounted to 13.8498 million yuan, accounting for 3.07% of revenue, a decrease of 1.46% year-on-year [1] - Earnings per share rose to 0.9 yuan, a 5.12% increase year-on-year, while operating cash flow per share increased by 13.77% to 0.8 yuan [1] Significant Financial Changes - Sales expenses increased by 44.51% due to an increase in sales personnel [3] - Financial expenses saw a significant decrease of 659.88% due to increased interest income [3] - Net cash flow from operating activities surged by 126.07% due to increased sales collections [4] - Cash flow from investing activities decreased by 33990.71% due to increased cash management [5] - Cash flow from financing activities dropped by 5642.47% due to cash dividends distributed from 2024 profits [6] Business Evaluation - The company's Return on Invested Capital (ROIC) was 19.09%, indicating strong capital returns, with a historical median ROIC of 23.55% since its listing [7] - The net profit margin for the previous year was 17.17%, reflecting high added value in its products or services [7] - The company's cash assets are reported to be very healthy, indicating strong solvency [7] Accounts Receivable Situation - The accounts receivable to profit ratio has reached 81.48%, suggesting a need for attention in this area [8] Fund Holdings - The largest fund holding Huihan Co., Ltd. is the Huiquan Zhenxin Zhiyuan Mixed A fund, which has increased its holdings to 58,100 shares [8]