据证券之星公开数据整理，近期翰博高新（301321）发布2025年中报。截至本报告期末，公司营业总收 入15.54亿元，同比上升50.84%，归母净利润-2644.94万元，同比上升59.91%。按单季度数据看，第二季 度营业总收入8.26亿元，同比上升47.15%，第二季度归母净利润955.14万元，同比上升118.76%。本报 告期翰博高新短期债务压力上升，流动比率达0.96。 货币资金变动幅度为17.53%,原因:报告期销售回款增加。 应收款项变动幅度为25.29%,原因:报告期营收规模加大。 使用权资产变动幅度为-42.37%,原因:部分租赁终止确认以及报告期折旧。 短期借款变动幅度为-24.75%,原因:报告期偿还借款。 合同负债变动幅度为-58.36%,原因:报告期预收货款减少。 本次财报公布的各项数据指标表现尚佳。其中，毛利率10.63%，同比减2.83%，净利率-2.69%，同比增 56.3%，销售费用、管理费用、财务费用总计1.52亿元，三费占营收比9.78%，同比减12.68%，每股净资 产5.11元，同比减17.36%，每股经营性现金流0.6元，同比增165.54%，每股收益-0.17元 ...

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, driven by advancements in key technologies and a strong market presence in the AMOLED semiconductor display panel sector [1] Financial Performance - The company achieved an operating income of 2.67 billion yuan, representing a year-on-year growth of 11.51% [1] - The net profit attributable to shareholders was a loss of 840 million yuan, compared to a loss in the same period last year [1] Technological Advancements - Key technologies such as Hybrid display new forms, Tandem stacked display technology, and EAGLE drive circuit design technology have been further commercialized [1] - The company has effectively matched the high-end customer demands in the AMOLED semiconductor display panel market [1] Market Performance - In the tablet and laptop sectors, the company accelerated market penetration through technological upgrades, significantly enhancing customer satisfaction [1] - The sales volume and average selling price both experienced year-on-year growth, leading to a substantial increase in revenue for this sector, which grew by 83.18% year-on-year [1]

Core Viewpoint - The establishment of the second phase of the TCL Huaxing & Xiaomi Innovative Display Joint Laboratory marks a deepening of the strategic partnership between the two companies, aiming to explore future display technologies and strengthen their leading advantages in the industry [1][2]. Group 1: Partnership Development - TCL Huaxing and Xiaomi have built a deep and comprehensive strategic partnership since 2017, with significant milestones achieved over the years [2]. - In 2020, Xiaomi invested in custom TCL Huaxing AMOLED curved screens for its Xiaomi 10 series, showcasing the collaboration's early successes [2]. - The first phase of the Innovative Display Joint Laboratory was established in 2021 to conduct pre-research on semiconductor display technology and share technological achievements [2]. Group 2: Technological Achievements - The partnership has led to breakthroughs in various technologies, with products like the Xiaomi MIX Flip 2 and others being supplied by TCL Huaxing [3]. - The Innovative Display Joint Laboratory has created a mechanism for "joint R&D + capacity collaboration," significantly shortening the innovation technology implementation cycle and enhancing project efficiency [3]. - Key milestones include the launch of the first smartphone with an under-display camera in 2021, the development of the first domestic 2K LTPO screen in 2022, and the initiation of research on full-depth micro four-curved screens in 2023, with over 130 patents applied for [3].

Core Viewpoint - Huike Co., Ltd. is entering the inquiry stage for its main board IPO, aiming to raise 8.5 billion yuan for various projects in the semiconductor display sector [1][2]. Group 1: Company Overview - Huike specializes in the semiconductor display field, focusing on the research and manufacturing of semiconductor display panels and smart display terminals [1]. - The company has developed technologies including a-Si TFT-LCD, Oxide TFT, Oxide RGB OLED, Oxide LCD, and Mini LED [1]. Group 2: IPO Details - The IPO aims to raise 8.5 billion yuan for three key projects: - "Changsha New OLED R&D Upgrade Project" with a total investment of 3 billion yuan - "Changsha Oxide R&D and Industrialization Project" with a total investment of 3 billion yuan - "Mianyang Mini-LED Intelligent Manufacturing Project" with a total investment of 2.5 billion yuan [1]. Group 3: Financial Performance - Projected revenues for Huike from 2022 to 2024 are 27.134 billion yuan, 35.797 billion yuan, and 40.310 billion yuan respectively, with net profits of -1.428 billion yuan, 2.566 billion yuan, and 3.339 billion yuan [2]. - Main business revenue is expected to come from semiconductor display panels and smart display terminals, with sales volumes of 170 million, 332 million, and 443 million units from 2022 to 2024 [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has disclosed the completion report of the initial public offering (IPO) guidance for Huike Co., Ltd., indicating that the company is prepared for listing and has established necessary governance and compliance structures [1] Company Overview - Huike Co., Ltd. was established in 2001 and focuses on the semiconductor display sector, primarily engaged in the research and manufacturing of semiconductor display panels and smart display terminals [1] IPO Guidance and Compliance - Huike has undergone guidance from China International Capital Corporation (CICC), which confirmed that the company possesses the required governance structure, accounting practices, and internal control systems for a public company [1] - The company and its key stakeholders have a comprehensive understanding of the legal responsibilities and obligations related to issuing and operating in the securities market [1] Previous IPO Attempt - Huike previously applied for an IPO on the ChiNext board in 2022 but withdrew the application in August 2023, which aimed to raise 9.5 billion yuan [1] - The company has restarted its IPO guidance in 2024 after a year of withdrawal [1] Technological Advancements - In the semiconductor display panel business, Huike is advancing its technology in a-Si TFT-LCD while also developing Oxide TFT and current-type backplane technologies [2] - The company has achieved the development and production of G8.6 generation Oxide RGB OLED backplane technology and has completed mass production technology development for Oxide LCD [2] - Huike is actively expanding into high-generation OLED display technologies and innovating in Mini LED technology [2] Product Applications - Huike has successfully mass-produced display panels for various applications, including televisions, monitors, laptops, tablets, smartphones, automotive displays, and industrial control [2] - The company is also exploring new application fields such as electronic paper, medical displays, and outdoor screens [2]

Core Viewpoint - BOE has achieved a significant breakthrough in high-end display technology with the mass production of its 6th generation semiconductor display device production line, focusing on LTPO, LTPS, and Mini LED technologies [1][2]. Group 1: Production Line Details - The total investment for the new production line is 29 billion yuan, covering an area of 420,000 square meters, with a designed monthly capacity of 50,000 pieces [1]. - The production line utilizes a 1500mm x 1850mm glass substrate and is equipped with the most advanced production equipment available [1]. Group 2: Technological Innovations - The LTPO technology developed by BOE combines the high mobility of LTPS with the low power consumption of oxide materials, achieving over 1500 PPI ultra-high pixel density while significantly reducing panel power consumption [2]. - BOE has successfully lit up its self-designed ultra-high 2117 PPI Real RGB display, reaching the highest resolution in the current LCD industry [2].

Core Insights - Xiaomi's first SUV YU7, featuring a display solution exclusively supplied by TCL Huaxing, was officially unveiled on May 22 [1] - The collaboration between Xiaomi and TCL Huaxing marks a significant achievement in the smart automotive sector, with the display solution including a 16.1-inch central control screen and three 11.98-inch panoramic screens [1] Group 1: Technological Advancements - The panoramic display technology represents an evolution of HUD technology, covering the lower area of the windshield from one A-pillar to the other, utilizing ultra-short throw projection for large-area, high-precision display [4] - Unlike traditional instrument panels, the panoramic display projects information onto a designated black area at the bottom of the windshield, reducing optical reflection errors and enhancing clarity and stability [6] - The integration of Mini LED backlight technology ensures clear image visibility even in bright conditions, providing accurate information reading for passengers and enhancing driving safety and user experience [6] Group 2: Strategic Collaboration - The partnership between TCL Huaxing and Xiaomi began in 2020 with the supply of screens for the Xiaomi 10 series, leading to a formal joint laboratory agreement in August 2021 to focus on cutting-edge semiconductor display technology research [7] - The mass production application of the panoramic display is a result of their collaborative research on advanced semiconductor display technologies [7] - As the first domestic supplier to achieve commercial mass production of panoramic displays, TCL Huaxing aims to deepen technical cooperation with strategic partners like Xiaomi to advance smart cockpit display systems in optical performance, reliability, and human-machine interaction [7]