调研速递|翰博高新接受合肥金尊资产等5家机构调研，透露海外布局与业绩要点

Core Viewpoint - Hanbo High-tech Materials aims to deepen its global presence through a "dual-base strategy" in Vietnam, while also focusing on share buybacks and improving financial performance in the first half of 2025 [2][3][4]. Group 1: Overseas Market Layout - The company has initiated a "dual-base strategy" in Vietnam, establishing a backlight display module base in Bắc Ninh and a precision component base in Ho Chi Minh City to enhance its vertical supply chain in Southeast Asia [2]. - The Bắc Ninh base focuses on intelligent production of backlight sources and LCD modules, serving major panel manufacturers and system integrators [2]. - The Ho Chi Minh base specializes in precision stamping and injection molding components for laptops, automotive, and industrial displays, aiming to strengthen international customer response capabilities [2]. Group 2: Share Buyback Situation - Hanbo High-tech has conducted three share buybacks from 2023 to 2025, using its own funds for employee stock ownership plans and to maintain shareholder value [3]. - As of February 8, 2024, the company had repurchased 2,282,700 shares for a total of approximately 29.99 million yuan [3]. - By May 6, 2024, the total shares repurchased reached 7,166,850, with a transaction amount of about 100.01 million yuan [3]. - The final buyback by June 30, 2025, totaled 4,961,600 shares, costing around 70.57 million yuan [3]. Group 3: Performance in the First Half of 2025 - In the first half of 2025, Hanbo High-tech achieved a revenue of 1.554 billion yuan, marking a year-on-year increase of 50.84% [4]. - The net profit attributable to shareholders was a loss of 26.45 million yuan, but this represented a 59.91% improvement from a loss of 65.97 million yuan in the same period last year [4]. - The company turned a profit in the second quarter, indicating a recovery in profitability [4]. - Operating cash flow turned positive, reaching 112 million yuan, compared to a negative 172 million yuan in the previous year, reflecting a 165.54% improvement [4]. - By the end of the reporting period, cash and cash equivalents amounted to 986 million yuan, a 17.5% increase from the beginning of the period [4]. Group 4: Associate Company Chengdu Tuowei High-tech - Hanbo High-tech holds a 30% stake in Chengdu Tuowei High-tech Optoelectronics Co., which specializes in OLED OPEN MASK manufacturing and precision regeneration [5]. - Chengdu Tuowei provides full-chain services for domestic 6th generation OLED panel manufacturers and is a key supplier for companies like BOE and Huaxing Optoelectronics [5]. - The company's manufacturing and regeneration processes for OPEN MASK fill a domestic gap, enhancing China's competitiveness in optoelectronic product manufacturing [5].