翰博高新材料(合肥)股份有限公司 投资者关系活动记录表 编号：2025-003 证券代码：301321 证券简称：翰博高新 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称及 人员姓名 | | | | | 西部证券：程乙峰 前海九信：汪东兴 | | | | 银河证券：王艳 | | | | 燕园投资：张德坤 | | | | 元一产融：刘禹龙 | | | | 东北证券：唐凯 | | | 时间 | 2025 年 7 月 22 日 | | | 地点 | 公司会议室 | | | 上市公司接待人 | 董事会秘书 潘大圣 | | | 员姓名 | 战略投资者关系代表 | 詹铖铖 | | 投资者关系活动 | 1、请介绍一下公司业务及产品结构。 | | | | 答：公司以"成为半导体显示行业首选合作伙伴"为愿景， | | | 主要内容介绍 | 集光学设计、导光板设计、精密模具设计、整体结构设计 ...

Core Viewpoint - TCL Technology has initiated a share buyback program, demonstrating confidence in its future development and commitment to enhancing shareholder value [1][2] Group 1: Share Buyback - On July 18, TCL Technology announced the completion of its first share buyback for 2025, with a total transaction amount of approximately 250 million yuan [1] - The company plans to repurchase shares totaling no less than 700 million yuan and no more than 800 million yuan [1] - The buyback involved the repurchase of 55,498,400 shares, accounting for about 0.28% of the company's total share capital [1] Group 2: Financial Performance Forecast - TCL Technology expects to achieve operating revenue between 82.6 billion yuan and 90.6 billion yuan for the first half of 2025, representing a year-on-year growth of 3% to 13% [1] - The forecasted net profit attributable to shareholders is between 1.8 billion yuan and 2 billion yuan, indicating a significant year-on-year increase of 81% to 101% [1] - The company anticipates a non-recurring net profit of 1.5 billion yuan to 1.65 billion yuan, reflecting a growth of 168% to 195% compared to the previous year [1] - The semiconductor display business is expected to perform particularly well, with a projected net profit exceeding 4.6 billion yuan, a year-on-year increase of over 70% [1] Group 3: Strategic Acquisitions - In the first half of the year, TCL Technology completed the acquisition of 100% equity in LG Display (China) and LG Display (Guangzhou), as well as a 21.5311% stake in Shenzhen Huaxing Semiconductor [2] - These acquisitions are expected to enhance TCL Technology's competitiveness in the panel business and significantly contribute to the growth of net profit attributable to shareholders [2]

Core Viewpoint - Huike Co., Ltd. is seeking to go public on the A-share market, having previously attempted an IPO on the ChiNext board in 2022 but withdrew in 2023. The company is now aiming for a listing on the Shenzhen main board with a fundraising target of 8.5 billion yuan [1][2]. Company Overview - Huike Co., Ltd. was established in 2001 and focuses on the semiconductor display sector, with products used in consumer electronics, commercial displays, automotive electronics, industrial control, and smart IoT applications. As of the end of 2024, the company has approximately 17,000 employees [3]. - The company's major subsidiaries include Chongqing Jinyu, Chuzhou Huike, Changsha Huike, Mianyang Huike, Guangxi Zhixian, Hefei Jinyang, Chongqing Jinyang, and Shenzhen Optoelectronics [3]. Shareholding Structure - Prior to the IPO, Wang Zhiyong, through Huike Investment Holdings and Shenzhen Huitong, controls 52.31% of the voting rights, making him the actual controller of the company. Other shareholders include Lei Jian, Lu Jihui, Mian Investment Group, Chongqing Ping An Fund, and Huiyuan Industrial [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 is approximately 27.134 billion yuan, 35.797 billion yuan, and 40.31 billion yuan, respectively. The net profit attributable to the parent company for the same years is approximately -1.428 billion yuan, 2.566 billion yuan, and 3.339 billion yuan, indicating a loss in 2022 [11]. - The gross profit margins for the main business during the reporting period were -1.57%, 16.75%, and 17.74%, reflecting fluctuations due to changes in product mix and cost structures [12]. IPO Fund Utilization - The IPO aims to raise 8.5 billion yuan, which will be allocated to projects including the Changsha new OLED R&D upgrade project, Changsha Oxide R&D and industrialization project, Mianyang Mini-LED smart manufacturing project, and to supplement working capital and repay bank loans [6][7]. Industry Context - The global semiconductor display panel industry is projected to reach a value of 109.2 billion USD in 2024, with expectations to grow to 120.2 billion USD by 2027, driven by diversified downstream product demands [14]. - Huike Co., Ltd. ranks third globally in TV panel shipment area, fourth in monitor panel shipment area, and third in smartphone panel shipment area, with its 85-inch LCD TV panel shipment area ranking first globally [20]. Risks and Challenges - The company faces operational performance volatility risks due to fluctuations in demand for consumer electronics, pricing changes, and technological advancements. The high asset-liability ratio of 69.10%, 69.47%, and 68.78% over the reporting periods indicates significant debt pressure [21].

Performance Forecast - The company expects revenue for the first half of 2025 to be between 82.6 billion and 90.6 billion yuan, representing a growth of 3% to 13% compared to 80.224 billion yuan in the same period last year [1] - The net profit attributable to shareholders is projected to be between 1.8 billion and 2 billion yuan, showing an increase of 81% to 101% from 995 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 1.5 billion and 1.65 billion yuan, a significant rise of 168% to 195% from 559 million yuan last year [1] - Basic earnings per share are expected to be between 0.0969 yuan and 0.1077 yuan, compared to 0.0535 yuan in the same period last year [1] Business Segments - The semiconductor display business is anticipated to achieve a net profit exceeding 4.6 billion yuan in the first half of 2025, with a year-on-year growth of over 70% [1] - The large-size display sector is benefiting from an optimized supply-side structure and stable product prices, leading to increased demand [1] - The mid-size segment is seeing significant growth in IT product sales and revenue, with continuous improvement in profitability [1] - The small-size OLED business is successfully implementing a high-end strategy, supplying differentiated products to major clients [1] Strategic Developments - The company is enhancing its display business layout and product structure to consolidate competitive advantages and improve profitability [1] - The acquisition of a 21.5311% stake in Shenzhen Huaxing Optoelectronic Semiconductor Technology Co., Ltd. was completed on July 1, 2025, further strengthening the company's competitive position [1] - TCL Zhonghuan is facing challenges due to price declines and inventory impairments, with an expected net loss of 1.2 billion to 1.35 billion yuan for the first half of 2025 [1] - Despite challenges, TCL Zhonghuan is focused on strategic implementation, operational improvements, cost control, and organizational changes to maintain positive operating cash flow [1]

Core Viewpoint - Huike Co., Ltd. is attempting to list on the Shenzhen Main Board after a previous unsuccessful IPO attempt on the ChiNext, driven by urgent financing needs due to high debt levels and significant operational costs [1][10]. Group 1: IPO Details - Huike's IPO application was accepted on June 30, 2024, aiming to raise approximately 8.5 billion yuan, making it the second-largest IPO project accepted in the first half of the year [1][4]. - The company plans to allocate 1 billion yuan for working capital and debt repayment, with the remaining funds directed towards various R&D projects [4][11]. Group 2: Financial Performance - Huike has shown steady revenue and net profit growth from 2022 to 2024, with revenues of approximately 27.13 billion yuan, 35.80 billion yuan, and 40.31 billion yuan, and corresponding net profits of about -1.43 billion yuan, 2.57 billion yuan, and 3.34 billion yuan [5][6]. Group 3: Debt Situation - As of the end of 2024, Huike's total short-term and long-term borrowings exceeded 33 billion yuan, with an asset-liability ratio consistently higher than the industry average by about 15 percentage points [6][8]. - The company has significant pending acquisitions and obligations totaling approximately 12.93 billion yuan, contributing to its high debt levels [7][8]. Group 4: Industry Position - Huike is recognized as a leading player in the semiconductor display sector, ranking third globally in TV panel shipments and fourth in monitor panel shipments for 2024 [4][5]. - The company faces challenges due to its reliance on debt financing compared to its publicly listed peers, which have more diversified funding sources [8].

Core Viewpoint - AI technology is not only a revolutionary upgrade of production tools but also a core driving force for reshaping industrial forms and reconstructing production systems. The development of large model technologies, represented by ChatGPT and DeepSeek, is actively exploring how to meet the actual intelligent needs of industrial scenarios [1]. Group 1: Development of Star Intelligence X-Intelligence 3.0 - Star Intelligence X-Intelligence 3.0 is a strong reasoning model developed by TCL Huaxing, TCL Industrial Research Institute, National New Display Technology Innovation Center, and Tongyi Qianwen team, specifically for the display field. It significantly enhances reasoning capabilities compared to its predecessor, Star Intelligence 2.0 [2]. - The model is trained on the Qwen3 32B model, incorporating unique semiconductor display knowledge, allowing it to become an expert across various fields through continuous training [2]. Group 2: Technical Advantages of Star Intelligence X-Intelligence 3.0 - The model possesses stronger domain reasoning capabilities, utilizing advanced supervised reinforcement learning and extensive high-quality data for rigorous training, enabling it to handle complex logical problems and multi-step reasoning tasks more effectively than DeepSeek-R1 [5]. - Star Intelligence 3.0 has undergone a comprehensive upgrade of its semiconductor display knowledge system, covering existing fields like LCD and OLED, as well as integrating cutting-edge information from emerging areas such as printed OLED and QD-EL technology [7]. - The model features efficient learning and adaptability, with strong online learning capabilities that allow it to absorb new information in real-time and quickly integrate it into its knowledge base, thus providing timely solutions [9]. Group 3: Strategic Implications for TCL Huaxing - Star Intelligence X-Intelligence 3.0 is expected to help TCL Huaxing establish significant technological barriers in display enterprise intelligence, enhancing competitive capabilities and opening up unlimited possibilities for industrial upgrades [11]. - The model will serve as the "strongest brain" for TCL Huaxing's research and manufacturing, coordinating various AI agents for simulation, design, and process optimization, thereby improving the overall intelligence level of the company [9].

21.5311%的股权，并募集配套资金的重大资产重组方案。 在今年的5月2日，TCL科技连发多条公告，表示拟收购深圳华星半导体21.5311%的股权(对应注 册资本900.000万元)并募集配套资金。其现金对价为72.03亿元，股份对价为43.59亿元。 资料显示， 深圳华星半导体聚焦半导体显示业务，主要从事大尺寸TFT-LCD显示器件的生产、加 工与销售，主要产品为大尺寸TFT-LCD显示器件，包括 TFT-LCD显示器件和前端制程的半导体 显示配套材料。 目前，深圳华星半导体拥有两条面板产线，均为业内最高世代的11代线，采用 3370mm×2940mm的玻璃基板，可高效切割65英寸和75英寸TV面板，玻璃利用率高达90%以 上。 企查查显示， 现 TCL华星（TCL科技子公司）直接持有及通过其控股子公司广东华星光电间接控 制深圳华星半导体合计62.6794%的股权比例，为深圳华星半导体的控股股东。重大产业基金股权 比例为32.2967%，三星显示股权比例为5.0239%。 | 股东信息 1 ● E 股权纳构 | | VIP | | | | | | | © 企查查 | | --- | --- | --- | ...

Core Viewpoint - TCL Huaxing is a leading player in the semiconductor display industry, focusing on large-size TFT-LCD display devices and diversifying its technology strategies to enhance competitiveness in the new display market [2][4]. Group 1: Financial Performance - In 2024, TCL Huaxing's revenue is projected to be 89.668 billion RMB, with a net profit of 5.544 billion RMB [5]. - TCL Technology plans to acquire a 21.5311% stake in Shenzhen Huaxing Semiconductor Display Technology Co., which corresponds to a registered capital of 9 billion RMB, to strengthen its core business and enhance profitability [5]. Group 2: Industry Position and Strategy - TCL Huaxing is a subsidiary of TCL Technology and is recognized globally for its semiconductor display products, primarily serving major TV brands like TCL Electronics, Samsung, Xiaomi, and others [2][3]. - The company is implementing a multi-technology strategy, including HVA/HFS/IPS/IJP OLED/FMM OLED/MLCD/MLED, to address the competitive landscape of the new display industry [4]. Group 3: Government Support - On June 22, the Industrial and Information Technology Bureau of Guangming District, Shenzhen, announced a funding plan for the construction of new display material testing and verification lines, with TCL Huaxing receiving a proposed funding amount of 50 million RMB [1].

| 序号 | 股东 | 持股比例 | | --- | --- | --- | | | 彩虹显示器件股份有限公司 | 99.7894% | | 2 | 咸阳市金融控股有限公司 | 0.1504% | | ਤੇ | 咸阳中电彩虹集团控股有限公司 | 0.0602% | | | 合计 | 100% | 半导体显示是京东方的核心业务。2024年，在LCD领域，京东方五大主流应用显示屏出货量保持全球第一；LCD产品结构持续优化，大屏、电竞等产品性 能不断提升，引领显示产业高端化发展。 6月18日，面板显示龙头京东方A发布公告称，拟收购咸阳彩虹光电科技有限公司（以下简称"彩虹光电"）30%的股权，对应注册资本42.74亿元，挂牌底 价48.49亿元，资金来源为自筹资金，最终成交价以实际摘牌价格为准。 公开资料显示，彩虹光电成立于2015年，主营业务包括TFT-LCD面板和模组、液晶显示器、电视机、移动终端、平板显示专用设备、仪器仪表及配件的 研发、生产、销售及技术服务等。股东信息显示，彩虹股份持股比例为99.7894%。 （文章来源：广州日报） 谈及LCD生产线，京东方在6月11日举行的投资者关系活动中表示，目前LCD生 ...

TCL科技（000100）公告，公司拟通过发行股份及支付现金方式购买深圳市华星光电半导体显示技术有 限公司21.5311%股权，并募集配套资金。深圳证券交易所并购重组审核委员会已于2025年6月6日审核 通过本次交易。目前，本次交易尚需取得中国证券监督管理委员会同意注册的批复，最终能否取得批复 及时间存在不确定性。 ...