和辉光电拟H股上市，A股上市以来连续亏损，募投项目一推再推，重要股东持续减持

Core Viewpoint - Hehui Optoelectronics has made significant progress in its H-share listing application, which was recently accepted by the China Securities Regulatory Commission, and the company has submitted its application to the Hong Kong Stock Exchange for a mainboard listing, with CICC as the sole sponsor [1] Group 1: Financial Performance - Hehui Optoelectronics has reported continuous losses since its A-share listing in 2021, with a cumulative loss exceeding 135 billion yuan since 2017, including a total loss of 96.79 billion yuan from 2021 to the third quarter of 2025 [2][4] - The company's stock price has declined significantly since its peak on the first day of trading at 5.14 yuan per share, with the latest price nearly halving [2] Group 2: Industry Comparison - Compared to industry leaders BOE Technology Group and TCL Technology, which have reported cumulative profits of 638 billion yuan and 302 billion yuan respectively since 2017, Hehui Optoelectronics has struggled to achieve profitability [4] Group 3: Production Challenges - The sixth-generation AMOLED production line expansion project has faced multiple delays, with the completion date pushed from the end of 2023 to September 2026, impacting the company's ability to increase production capacity from 30K/month to 45K/month [6] - The project has a total investment of 6.5 billion yuan, with only part of the capacity having been realized so far, leading to negative overall gross margins and a competitive disadvantage in the high-end AMOLED market [6] Group 4: Human Resources and Shareholder Actions - The company has experienced the departure of key technical personnel, including two core members in 2025, which raises concerns about its operational capabilities [7] - Significant share reductions have occurred, with major shareholders and executives selling off shares, including a notable reduction by the Shanghai Integrated Circuit Industry Investment Fund, which sold 199 million shares, representing 1.45% of the total shares [7]