负重前行。 《投资者网》引线 | 吴微 在半导体显示面板这个典型的"强周期、重资产"赛道上，从来不缺玩家。2025年11月，惠科股份有限公司（下称"惠科股份"）更新了财务数据与招股书。与 2022年因行业周期性变化，公司出现14亿元亏损被迫终止创业板上市尝试不同，得益于TV面板需求的增长，2023年-2025年上半年，惠科股份均有大额的盈 利，2024年，惠科股份的归母净利润更是高达33亿元。 惠科股份所处的半导体显示面板市场，是个重资产投入的行业，但与京东方（000725.SZ）、深天马（000050.SZ）等主要玩家均由国资主导不同，惠科股份 是由王智勇控制的民营企业。但在企业发展的过程中，重庆、滁州、绵阳等地的地方政府为惠科股份提高了大量的支持，同时公司盈利中的很大一部分也依 赖于政府补助，因此惠科股份也形成了高达129亿元对子公司国资股东股份的回购义务。而在京东方、TCL科技（000100.SZ）等巨头夹击下的技术追赶焦 虑，正检验着惠科股份的盈利成色。 惠科股份能否跨过这道资本的龙门，或许不仅取决于面板周期的冷暖，更取决于公司能否打消监管层和市场对企业巨额"隐性债务"的顾虑，以给投资者足够 的回报预 ...

Core Points - The core technology personnel, Ms. Hao Haiyan, has resigned for personal reasons and has completed her departure procedures. She will no longer hold any position in the company [2][3] - The company assures that Ms. Hao's departure will not affect the integrity of its core technology, production operations, core competitiveness, business development, or product innovation [2][12] - The company has recognized Mr. Zhu Qifeng and Mr. Ma Shaodong as new core technology personnel based on their qualifications and contributions to the company's R&D needs [2][9] Details of Departure - Ms. Hao Haiyan, born in 1972, holds a PhD in electronics from Xi'an Jiaotong University and has held various positions in academia and industry before joining the company in 2018 [4] - During her tenure, Ms. Hao participated in the application of patents, all of which are company-owned and do not involve any disputes [5] - The company has confirmed that there are no violations of confidentiality agreements or commitments by Ms. Hao following her departure [6][7] New Core Technology Personnel - Mr. Zhu Qifeng, born in 1978, has extensive experience in engineering and has held multiple positions within the company since 2012, currently serving as the General Manager of the second-phase product line [10] - Mr. Ma Shaodong, born in 1985, holds a PhD and has been with the company since 2013, currently serving as the R&D Director [11] Impact on the Company - The company has established a comprehensive core technology system and a skilled technical team focused on AMOLED semiconductor display panel R&D, with a total of 1,305 technical personnel, of which 350 hold master's degrees or higher [12] - The stability of the core technical team remains intact, with no changes among other core technology personnel, ensuring continued support for future technology development [12][13]

Core Viewpoint - The trend of A-share companies listing in Hong Kong has accelerated significantly since 2025, driven by globalization strategies and optimized approval processes, with 83 companies applying for listings and 11 successfully listed by October 13, 2023 [1] Company Overview - Shanghai Hehui Optoelectronics Co., Ltd. is a leading manufacturer of large and medium-sized AMOLED semiconductor display panels in China, having submitted its listing application to the Hong Kong Stock Exchange on October 24, 2023, after a previous attempt in April 2023 [1] - The company has faced substantial losses, with net losses of 1.602 billion, 3.244 billion, and 2.518 billion RMB from 2022 to 2024, totaling 8.2 billion RMB over three and a half years [1][9] Market Position - Hehui Optoelectronics ranks first in China and third globally in the sales volume of large and medium-sized AMOLED panels, capturing 14.5% of the global market share with a sales volume of 3.2 million units in 2024 [2][4] - The company has established a strong market presence across various sectors, including tablets, smartphones, and automotive displays, with significant sales in these areas [6] Revenue and Financial Performance - Revenue for Hehui Optoelectronics has fluctuated, with figures of 4.191 billion, 3.038 billion, and 4.958 billion RMB from 2022 to 2024, impacted by global economic conditions and increased competition [7] - In the first half of 2025, revenue increased by 12.64% to 2.597 billion RMB, driven by a 59.6% increase in tablet and notebook panel sales [8] Challenges and Opportunities - The company faces high depreciation and amortization costs, which were 1.469 billion, 1.713 billion, and 1.917 billion RMB from 2022 to 2025, alongside significant financial costs exceeding 600 million RMB annually [8][10] - Hehui Optoelectronics has a high customer concentration, with over 80% of revenue coming from its top five clients, primarily in the consumer electronics market [11] - The global market for large and medium-sized AMOLED panels is projected to grow from 34.4 billion RMB in 2024 to 212.3 billion RMB by 2030, presenting significant growth opportunities for the company [14]

Core Viewpoint - The trend of A-share companies going public in Hong Kong has accelerated significantly since 2025, driven by globalization strategies and optimized approval processes, with 83 companies applying for listings and 11 successfully listed as of October 13, 2023 [1] Company Overview - Shanghai Hehui Optoelectronics Co., Ltd. is a leading manufacturer of medium and large-sized AMOLED semiconductor display panels in China, having submitted its listing application to the Hong Kong Stock Exchange on October 24, 2023, after a previous attempt in April 2023 [1] - The company has faced substantial losses, with net losses of 1.602 billion, 3.244 billion, and 2.518 billion RMB from 2022 to 2024, totaling 8.2 billion RMB over three and a half years [1][9] Market Position - Hehui Optoelectronics ranks first in China and third globally in the sales volume of medium and large-sized AMOLED panels, capturing 14.5% of the global market share with a sales volume of 3.2 million units in 2024 [2][4] - The company has established a strong market presence across various sectors, including tablets, smartphones, and automotive displays, with significant sales in these areas [6] Revenue and Financial Performance - Revenue for Hehui Optoelectronics has fluctuated, with figures of 4.191 billion, 3.038 billion, and 4.958 billion RMB from 2022 to 2024, impacted by global economic conditions and increased competition [7] - In the first half of 2025, revenue increased by 12.64% to 2.597 billion RMB, driven by a 59.6% increase in tablet and notebook panel sales [8] Cost Structure and Challenges - The company faces high depreciation and amortization costs, which were 1.469 billion, 1.713 billion, and 1.917 billion RMB from 2022 to 2025, alongside significant financial costs exceeding 600 million RMB annually [8][10] - Hehui Optoelectronics has a high customer concentration, with over 80% of revenue coming from its top five clients, primarily in the consumer electronics market [11] Industry Growth Potential - The global market for medium and large-sized AMOLED panels is projected to grow from 34.4 billion RMB in 2024 to 212.3 billion RMB by 2030, with a compound annual growth rate of 35.4% [13] - Hehui Optoelectronics is well-positioned to benefit from this growth due to its established market presence and technological advantages [13]

Group 1 - The core point of the article is that Hehui Optoelectronics has submitted a second application for a mainboard listing on the Hong Kong Stock Exchange, aiming for a dual capital market layout after its initial public offering on the Sci-Tech Innovation Board in 2021 [2][4] - Hehui Optoelectronics specializes in the research and manufacturing of AMOLED semiconductor display panels, with products used in smart wearables, smartphones, tablets/laptops, and automotive displays, covering sizes from 0.95 inches to 27 inches [2] - The company ranks third globally and first in China among large-sized AMOLED semiconductor display manufacturers by sales volume in 2024, with a market share of 63.4% in the tablet/laptop segment [2][3] Group 2 - Financially, the company reported revenues of 4.191 billion yuan, 3.038 billion yuan, and 4.958 billion yuan for 2022, 2023, and 2024 respectively, with a projected revenue of 2.67 billion yuan for the first half of 2025 [3] - Despite revenue recovery, the company continues to incur losses, with cumulative losses amounting to approximately 8.2 billion yuan from 2022 to the first half of 2025 [3] - The company plans to use the funds raised from the Hong Kong listing primarily for upgrading the technology of its sixth-generation AMOLED production line and developing new AMOLED display panel products [4]

Core Viewpoint - Shanghai Hehui Optoelectronics Co., Ltd. has submitted a prospectus for an initial public offering (IPO) on the Hong Kong Stock Exchange, marking a renewed attempt after a previous application lapsed in April 2025 [1]. Company Overview - Established in October 2012, Hehui Optoelectronics focuses on the research, production, and sales of high-resolution AMOLED semiconductor display panels, with a registered capital of 13.832 billion yuan [4]. - The company is recognized as a high-tech enterprise and has received various honors, including the "Shanghai Intellectual Property Innovation Award" [4]. - Hehui Optoelectronics is one of the first domestic manufacturers to achieve mass production of AMOLED technology, operating modern production lines for both 4.5-generation and 6-generation AMOLED panels [4]. Product Capabilities - The company has the capability to produce rigid, flexible, and hybrid AMOLED display panels, allowing for flexibility in product specifications to meet diverse customer needs [4]. - The product range includes applications in tablets, laptops, smartphones, smart wearables, and automotive displays, with sizes ranging from 0.95 inches to 27 inches [4]. - AMOLED panels produced by the company are noted for their high refresh rates, brightness, wide color gamut, low power consumption, and lightweight design, contributing to their popularity in the market [4]. Market Position - According to recent data from a third-party market research firm, Hehui Optoelectronics ranks second globally among large-sized AMOLED semiconductor display manufacturers and holds the top position in the Chinese market [6]. - The company reported a revenue of 2.67 billion yuan for the first half of 2025, reflecting an 11.51% year-on-year increase, while the net loss narrowed to 840 million yuan, a 34.32% reduction from the previous year's loss of 1.279 billion yuan [6]. Strategic Intent - The IPO in Hong Kong aims to accelerate the company's international strategy and overseas business expansion, enhancing its ability to raise funds abroad and increasing the production capacity of high-end AMOLED panels [6]. - The funds raised from the IPO will primarily be used to expand the production capacity of the 6th generation AMOLED production line, increasing output from 30,000 to 45,000 large panels per month [6].

Core Viewpoint - Shanghai Hehui Optoelectronics Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after a previous application lapsed in April 2025, despite ongoing financial losses since its A-share listing in May 2021 [1]. Group 1: Company Overview - Hehui Optoelectronics was established in 2012 and is recognized as a leading manufacturer of AMOLED semiconductor display panels, focusing on delivering exceptional color accuracy, visual experience, and low power consumption [1]. - The company was listed on the A-share market on May 28, 2021, and as of October 24, 2025, has a total market capitalization of approximately RMB 37.7 billion [1]. Group 2: Financial Performance - Since its listing, Hehui Optoelectronics has reported continuous losses, with net profits attributable to shareholders showing losses of RMB 9.45 billion, RMB 16.02 billion, RMB 32.44 billion, and RMB 25.18 billion from 2021 to 2024 respectively [1]. - In the first half of this year, the company achieved revenue of RMB 2.67 billion but incurred a net loss of RMB 840 million, with a non-recurring net profit loss of RMB 863 million [1]. - Over four and a half years, the total net loss attributable to shareholders amounts to RMB 9.149 billion, while the total non-recurring net loss is RMB 9.632 billion [1]. Group 3: Shareholder Activity - On September 26, 2025, Hehui Optoelectronics announced that major shareholders Shanghai Integrated Circuit Industry Investment Fund Co., Ltd. and its concerted party Shanghai Science and Technology Venture Investment (Group) Co., Ltd. collectively reduced their holdings by 91.95 million shares, representing approximately 0.67% of the total share capital [2]. - Following this reduction, their combined shareholding percentage decreased from 11.59% to 10.92%, triggering a 1% threshold change in equity [2].

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對 本申請版本的內容概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不 就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 Everdisplay Optronics (Shanghai) Co., Ltd. 上海和輝光電股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要 求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣下 知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本 公司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資 者務請僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定，招股章程的文本將於發售 期 ...

Core Insights - The stock of Hehui Optoelectronics fell by 2.18% on October 17, with a trading volume of 241 million yuan, indicating a decline in investor confidence [1] - The company reported a net financing outflow of 4.38 million yuan on the same day, with a total financing and securities balance of 559 million yuan, suggesting a high level of leverage [1] Financing Summary - On October 17, Hehui Optoelectronics had a financing purchase of 15.84 million yuan, with a current financing balance of 551 million yuan, representing 3.56% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of borrowing [1] Securities Lending Summary - On October 17, the company repaid 235,500 shares in securities lending and sold 181,100 shares, with a selling amount of 487,200 yuan [1] - The remaining securities lending balance was 283,340 shares, valued at 762,180 yuan, also above the 90th percentile of the past year [1] Company Overview - Hehui Optoelectronics, established on October 29, 2012, focuses on the research, production, and sales of small to medium-sized AMOLED semiconductor display panels, with 97.16% of its revenue coming from this segment [1] - As of June 30, 2025, the company had 116,700 shareholders, a decrease of 4.23% from the previous period, while the average circulating shares per person increased by 4.42% to 49,279 shares [2] Financial Performance - For the first half of 2025, Hehui Optoelectronics reported revenue of 2.67 billion yuan, a year-on-year increase of 11.51%, but a net loss of 840 million yuan, which is a 34.32% increase in losses compared to the previous year [2] Institutional Holdings - As of June 30, 2025, major institutional shareholders include Huaxia SSE Sci-Tech 50 ETF, which increased its holdings by 62.56 million shares, and E Fund SSE Sci-Tech 50 ETF, which increased by 62.08 million shares [2]

Core Viewpoint - Hehui Optoelectronics is a leading manufacturer of AMOLED semiconductor display panels, focusing on research and production that delivers exceptional color accuracy, superior visual experiences, and low power consumption [2] Company Summary - Hehui Optoelectronics ranks as the second largest global manufacturer of medium to large-sized AMOLED semiconductor display panels based on cumulative sales from 2022 to 2024, and it is the largest in China [2]