Core Viewpoint - Huihan Co., Ltd. (301600.SZ) has announced a substantial profit distribution plan in its first year of listing, reflecting strong operational performance and commitment to shareholder returns [1][4]. Financial Performance - In 2024, Huihan Co. achieved a revenue of 1.022 billion yuan, a year-on-year increase of 25.68%, and a net profit of 175 million yuan, up 37.54% [2][3]. - The company plans to distribute a total cash dividend of 175 million yuan, which represents 99.95% of its net profit for the year [1][4]. - The stock price reached 161.55 yuan per share as of May 14, 2024, marking a 305.5% increase from its IPO price of 39.84 yuan [5]. Business Operations - Huihan Co. specializes in providing intelligent connected solutions for smart vehicles and industrial IoT, focusing on the development, production, and sales of vehicle networking smart terminals and IoT smart modules [2][7]. - The company has seen significant growth in product shipments, driven by the global automotive industry's shift towards intelligence, connectivity, and electrification [2][7]. Research and Development - In 2024, Huihan Co. invested 66.56 million yuan in R&D, a 22.84% increase from the previous year, accounting for 6.51% of its revenue [8]. - The number of R&D personnel reached 258, making up 57.46% of the total workforce, reflecting a focus on innovation and product development [6][8]. - The company has been actively involved in standard-setting and has obtained various certifications, including EU eCall certification, enhancing its competitive edge in the market [7][8]. Market Position - As a primary supplier to major automotive manufacturers such as SAIC, Chery, Geely, and BYD, Huihan Co. leverages its expertise in information communication to optimize product design and expand its product matrix [7]. - The company reported that its vehicle networking smart terminals and IoT smart modules generated revenues of 842 million yuan and 136 million yuan, respectively, with the former growing by 32.19% [7].

特别提示： 1、慧翰微电子股份有限公司（以下简称"公司"）本次利润分配方案以公 司总股本 7,015.00 万股为基数，向全体股东每 10 股派发现金 25 元（含税）人 民币，合计派发现金股利 17,537.50 万元 （含税）人民币，现金分红金额占 2024 年度公司合并报表归属于母公司所有者净利润的 99.95%，不送红股；以资本公 积金向全体股东每 10 股转增 4.9 股，合计转增 3,437.35 万股，转增后总股本为 10,452.35 万股。 2、本次权益分派方案实施后，按公司资本公积转增前总股本折算每股现金 分 红 = 本 次 实 际 现 金 分 红 总 额 / 资 本 公 积 转 增 前 公 司 总 股 本 =17,537.50/7,015.00=2.50。 本次权益分派实施后的除权除息价格=(除权除息日前收盘价-按资本公积转 增前总股本折算每股现金分红)/(1+股份变动比例)= （除权除息日前收盘价-2.50） /1.49。 一、股东大会审议通过利润分配及资本公积金转增股本方案等情况 证券代码：301600 证券简称：慧翰股份 公告编号：2025-021 慧翰微电子股份有限公司 2024 ...

国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于慧翰微电子股份有限公司 致：慧翰微电子股份有限公司 慧翰微电子股份有限公司（以下简称"公司"）2024 年度股东大会（以下或称 "本次股东大会"）于 2025 年 5 月 12 日召开，国浩律师（上海）事务所（以下简 称"本所"）接受公司的委托，指派律师（以下简称"本所律师"）出席会议，并 依据《中华人民共和国证券法》《中华人民共和国公司法》、中国证券监督管理委 员会《上市公司股东会规则》和《慧翰微电子股份有限公司章程》（以下简称"《公 司章程》"）出具本法律意见书。 本所律师已经按照有关法律、法规、规范性文件的规定对公司本次股东大会召 集、召开程序是否合法以及是否符合《公司章程》规定、出席会议人员的资格、召 集人资格的合法有效性和股东大会表决程序、表决结果的合法有效性发表法律意见。 法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则愿意承担相应的法律 责任。 本所律师是根据对事实的了解和对法律的理解发表法律意见。 本法律意见书依据国家有关法律、法规、规范性文件的规定而出具。 本所律师同意将本法律意见书作为公司 2024 年度股东大会 ...

证券代码：301600 证券简称：慧翰股份 公告编号：2025-020 慧翰微电子股份有限公司 特此公告。 慧翰微电子股份有限公司董事会 2025 年 5 月 12 日 关于参加 2025 年福建辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，慧翰微电子股份有限公司(以下简称 "公司")将参加由福建证监局指导,福建省上市公司协会主办与深圳市全景网 络有限公司联合举办的"2025年福建辖区上市公司投资者网上集体接待日活 动"，现将相关事项公告如下: 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (http://rs.p5w.net)，或关注微信公众号:全景财经，或下载全景路演APP，参 与本次互动交流，活动时间为2025年5月14日(周三)15:30-17:00。届时公司高 管将在线就公司2024年度及2025年第一季度业绩、公司治理、发展战略、经营 状况、融资计划和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与! ...

国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于慧翰微电子股份有限公司 2024 年度股东大会的法律意见书 致：慧翰微电子股份有限公司 慧翰微电子股份有限公司（以下简称"公司"）2024 年度股东大会（以下或称 "本次股东大会"）于 2025 年 5 月 12 日召开，国浩律师（上海）事务所（以下简 称"本所"）接受公司的委托，指派律师（以下简称"本所律师"）出席会议，并 依据《中华人民共和国证券法》《中华人民共和国公司法》、中国证券监督管理委 员会《上市公司股东会规则》和《慧翰微电子股份有限公司章程》（以下简称"《公 司章程》"）出具本法律意见书。 本所律师已经按照有关法律、法规、规范性文件的规定对公司本次股东大会召 集、召开程序是否合法以及是否符合《公司章程》规定、出席会议人员的资格、召 集人资格的合法有效性和股东大会表决程序、表决结果的合法有效性发表法律意见。 法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则愿意承担相应的法律 责任。 本所律师是根据对事实的了解和对法律的理解发表法律意见。 本法律意见书依据国家有关法律、法规、规范性文件的规定而出具。 本所律师同意将本法律意 ...

证券代码：301600 证券简称：慧翰股份 公告编号：2025-019 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间 现场会议时间：2025 年 5 月 12 日（星期一）14:30 网络投票时间：2025 年 5 月 12 日（星期一） 慧翰微电子股份有限公司 2024 年度股东大会决议公告 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。 其中通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 12 日上午 9:15—9:25、9:30—11:30，下午 13:00—15:00；通过深圳证券交易所 互联网投票系统进行网络投票的具体时间为 2025 年 5 月 12 日 9:15-15:00 期间 的任意时间。 （2）会议召开地点：福建省福州市马尾区江滨东大道 116 号 1#楼 5 楼公司 会议室 （3）会议召开方式：现场表决与网络投票相结合的方式 （4）会议召集人：公司董事会 （5）会议主持人：董事长隋榕华先生 本次股 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.022 billion CNY, representing a year-on-year growth of 25.68% [2] - The net profit attributable to shareholders was 175 million CNY, an increase of 37.54% year-on-year [2] - In Q1 2025, total revenue reached 216 million CNY, with a year-on-year growth of 16.85% [2] - The net profit attributable to shareholders for Q1 2025 was 43.298 million CNY, reflecting a year-on-year increase of 30.67% [2] Group 2: National Standard AECS Implementation - The national standard AECS was officially released on April 25, 2025, and will be mandatory for all M1/N1 class vehicles sold in China starting July 1, 2027 [2] - Prior to the implementation of the national standard, existing systems were defined by individual car manufacturers, lacking a unified standard [2] - The release of the national standard AECS is expected to significantly transform the automotive market, pushing existing systems to align with the new standard [2][3] Group 3: Market Impact and Product Pricing - The implementation of AECS is projected to create a market increment worth billions, significantly reducing rescue times and traffic accident mortality rates [4] - While market competition may drive down prices for AECS terminals, the importance of life safety ensures that there will be a price floor for these products [4] - The focus on life safety will lead to stringent requirements for technology solutions, hardware design, and quality assurance in the industry [4] Group 4: Technical Requirements and Standards - The technical barriers for AECS products include reliability and compliance with various testing standards, such as collision tests and emergency call trigger tests [5] - The company is among the first to obtain EU NG eCall certification, which enhances data transmission capabilities compared to traditional eCall systems [6] - The national standard AECS will utilize 4G/5G networks and integrate China's BeiDou satellite navigation system, differing from the EU's approach [6] Group 5: Product Composition and Market Strategy - The company's intelligent terminal products are developed using a modular approach, allowing customization across various vehicle types [7] - The specific market share of eCall and TBOX within the intelligent terminal sales is not disclosed due to the complexity of product forms [7] - The company believes that suppliers are unlikely to venture into eCall products due to the high safety standards required [7]

证券代码：301600 证券简称：慧翰股份 公告编号：2025-018 慧翰微电子股份有限公司 关于召开 2024 年度股东大会通知的提示性公告 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。 慧翰微电子股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了 第四届董事会第十一次会议，定于 2025 年 5 月 12 日（星期一）召开公司 2024 年度股东大会。公司于 2025 年 4 月 21 日发布了《关于召开 2024 年度股东大会 通知的公告》（编号 2025-016）。 本次股东大会将采用现场表决与网络投票相结合的方式， 2024 年度股东大 会通知提示性公告如下： 一、召开会议的基本情况 1、会议届次：2024 年度股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的有关规定。 4、会议召开的日期、时间： （1）现场会议：2025 年 5 月 12 日（星期一）14:30 开始 （2）网络投票时间：2025 年 5 月 12 日（星期一） ...

Summary of Huihan Co., Ltd. Conference Call Company Overview - **Company**: Huihan Co., Ltd. - **Industry**: Automotive Safety and Environmental Technology Key Financial Performance - **Q1 2025 Revenue**: 216 million CNY, up 16.85% YoY [2] - **Q1 2025 Net Profit**: 43 million CNY, up 30.67% YoY [2] - **Q1 2025 Non-recurring Net Profit**: 42 million CNY, up 35.18% YoY [2] - **2024 Revenue**: 1.022 billion CNY, up 25.68% YoY [3] - **2024 Net Profit**: 175 million CNY, up 37.54% YoY [3] - **2024 Non-recurring Net Profit**: 170 million CNY, up 37.04% YoY [3] - **Growth Rate**: Close to 40% compound annual growth rate [2][3] Industry Dynamics - **ECO Standard**: China's mandatory ECO installation standard will take effect from July 1, 2027, requiring new vehicles to be equipped [2][5]. - **Market Impact**: The early implementation of the ECO standard is expected to accelerate installation rates in the second half of 2025 [5]. - **Vehicle Categories**: M Class (passenger vehicles) and N Class (commercial vehicles) must comply with the new standard [6][7]. Competitive Landscape - **Market Share**: Huihan holds over 90% market share in the domestic CECO environmental sector [2][9]. - **Competition**: The introduction of the national standard may attract more competitors, but Huihan's technological advantages are expected to maintain its leading position [2][9]. - **Product Reliability**: High competition barriers exist due to the need for multiple certifications and long-term collaboration with automakers [12][13]. Technological Advancements - **NGECO Certification**: Huihan has obtained the NGECO certification, facilitating entry into the EU market [4][15]. - **Product Design**: Products are designed for extreme reliability, with rigorous component selection and testing [12]. Social Impact - **Safety Benefits**: The EU's eCall system saves 2,000 to 2,500 lives annually and reduces economic losses by over 20 billion euros [9]. - **Potential in China**: If similar standards are implemented, it could save over 7,000 lives annually in China [9]. Future Outlook - **Market Growth**: Significant growth in the domestic market is anticipated around 2027, with preparations starting as early as 2026 [31]. - **International Expansion**: Huihan is expanding its presence in Europe and other regions, with a focus on high-quality markets and clients [3][25][26]. Additional Insights - **Cost Sensitivity**: N Class vehicle manufacturers may be more cost-sensitive, but the national standard applies uniformly across vehicle classes [7]. - **Product Integration**: TBOX and ECALL functionalities share a common platform, allowing for flexible integration based on customer needs [17][18]. - **Market Position**: Huihan's market share in Europe is currently below 10%, but it dominates the supply chain for Chinese automakers exporting to Europe [28][29]. This summary encapsulates the key points from the conference call, highlighting Huihan's financial performance, industry dynamics, competitive landscape, technological advancements, social impact, future outlook, and additional insights.

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][36][38]. Core Views - The company has shown significant growth, with a 31% year-on-year increase in net profit for Q1 2025, driven by the growth of TBox and eCall products [1][4]. - The company is positioned to benefit from the rising penetration of connected vehicles and the overall growth of the automotive industry, particularly in smart and connected solutions [8][25][26]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 216 million yuan, a 16.85% increase year-on-year, and a net profit of 43 million yuan, up 30.67% year-on-year [4][10]. - For the full year 2024, the company achieved revenue of 1.022 billion yuan, a 25.68% increase, and a net profit of 175 million yuan, a 37.54% increase [4][10]. - The compound annual growth rate (CAGR) for net profit from 2019 to 2024 was 47%, with revenue CAGR at 30.01% [5][11]. Business Segments - The connected vehicle terminal devices segment generated revenue of 842 million yuan in 2024, a 32.19% increase, accounting for 82.39% of total revenue, with a gross margin of 27.71% [5][15]. - The IoT smart module segment reported revenue of 136 million yuan, a decrease of 6.73%, contributing 13.28% to total revenue, with a gross margin of 24.77% [5][15]. Profitability and Cost Management - The company's gross margin improved to 29.07% in 2024, up 2.05 percentage points year-on-year, with a net margin of 17.17%, an increase of 1.48 percentage points [6][20]. - In Q1 2025, the gross margin further increased to 29.33%, with a net margin of 20.02%, reflecting effective cost management [6][20]. Market Trends and Opportunities - The global connected vehicle market is projected to reach 228.1 billion USD in 2024, with the Chinese market expected to reach 543 billion yuan [26][28]. - The company has established strong partnerships with major automotive manufacturers, enhancing its market position and growth potential [29][35]. Future Projections - Revenue forecasts for 2025-2027 are 1.339 billion yuan, 1.705 billion yuan, and 2.126 billion yuan, respectively, with net profits projected at 238 million yuan, 308 million yuan, and 377 million yuan [36][38]. - The current price-to-earnings (PE) ratios are projected to be 49, 38, and 31 for the years 2025, 2026, and 2027, respectively [36][38].