文 | 财华社 10月20日境外上市申请获中国证监会备案后，和辉光电(688538.SH)便马不停蹄冲刺"A+H"双重上市，于10月24日向港交所递交招股说明书。 和辉光电对资本市场并不陌生，其曾于2021年5月登陆A股科创板。此次若成功赴港上市，和辉光电将与TCL电子（01070.HK）、京东方精电（00710.HK） 等显示面板企业相聚于港股市场。 依赖大客户，董事长出身华虹集团 和辉光电成立于2012年，是中国首家实现AMOLED半导体显示面板量产的公司。公司董事长傅文彪于2016年加入公司，其曾任华虹集团董事长，并兼任华 虹半导体（01347.HK）及华力微电子董事长。 AMOLED半导体显示面板基于有机发光二极管技术，采用主动式矩阵驱动，具备自发光、高对比度、柔性可弯曲等核心特点。和辉光电表示，其产品具有 高刷新率、高亮度、广色域等高性能，以及低功耗、轻薄等优势，在市场上广受欢迎。 目前，和辉光电产品覆盖平板/笔记本电脑、智能手机、智能穿戴、车载显示等领域，客户包括荣耀、传音（688036.SH）、步步高、吉利（00175.HK）和上 汽（600104.SH）等企业。 从收入结构看，和辉光电较为依赖 ...

智通财经APP获悉，据港交所10月24日披露，上海和辉光电股份有限公司(688538.SH)向港交所主板提 交上市申请书，中金公司为独家保荐人。该公司曾于2025年4月23日向港交所递交过上市申请。 | 纂]的[编纂]數量 .. | [编纂]股H股(視[编纂]而定) | | --- | --- | | [编纂]數量 : | [编纂]股H股(可重新分配) | | [编纂]數量 : | [编纂]股H股(可重新分配及視乎[编纂]行使 | | 與否而定) | | | 最高[编纂] : | 每股H股[编纂]港元,另加1.0%經紀佣金、 | | 0.0027% 設監會交易徵費、0.00015% 貿財 | | | 局交易微費和0.00565% 香港聯交所交易費 | | | (須在申請時以港元全額支付,多繳股款可 | | | 按最終定價予以退還) | | | 票面價值 ： | 每股H股人民幣1.00元 | | 【编纂】： 【编纂】 | | 和辉光电的产品供应能力覆盖多种应用领域，包括四个主要应用领域：平板/笔记本计算机、智能手 机、智能穿戴及车载显示。公司的产品尺寸范围覆盖广泛，一般从0.95英寸小型智能穿戴到 27英寸大型 ...

据港交所10月24日披露，上海和辉光电股份（600184）有限公司(688538.SH)向港交所主板提交上市申 请书，中金公司（601995）为独家保荐人。该公司曾于2025年4月23日向港交所递交过上市申请。 财务方面，于2022年度、2023年度、2024年度、2025年度截至6月30日止六个月，和辉光电收入分别约 为41.91亿元、30.38亿元、49.58亿元、26.70人民币;同期，年内亏损及综合亏损总额分别约为16.02亿 元、32.44亿元、25.18亿元、8.40亿人民币。 下表列示於所示期間我們的損益及其他綜合收益表概要: 据招股书，和辉光电是领先的AMOLED半导体显示面板制造商，长期专注研发和生产能为人们带来超 凡真实色彩、卓越视觉体验和低功耗的AMOLED半导体显示面板。2014年，和辉光电凭借第4.5代 AMOLED生产线，成为中国首家成功实现AMOLED半导体显示面板的量产的公司。和辉光电通过第6 代AMOLED生产线进一步扩大了产能，于2019年实现量产，成功拓展至中大尺寸AMOLED半导体显示 面板领域。 根据灼识咨询的资料，中大尺寸AMOLED显示面板出货量增势强劲，未来增长 ...

| | 23/04/2025 整體協調人公告 - 委任 歴 | | --- | --- | | 23/04/2025 | 上海和輝光電股份有限公司 23/04/2025 申請版本（第一次呈交） 全文檔案 匝리 多檔案） | 招股书显示，和辉光电是全球领先的AMOLED半导体显示面板制造商，长期专注研发和生产能为人们带来超凡真实色彩、卓越视觉体验和低功耗的 AMOLED半导体显示面板。根据灼识谘询，以2022年到2024年累计销售量计，公司位居全球中大尺寸AMOLED半导体显示面板制造商第二名，中国第一 名。 智通财经APP获悉，上海和辉光电股份有限公司(简称：和辉光电,688538.SH)于4月23日所递交的港股招股书满6个月，于10月23日失效，递表时中金公司为 独家保荐人。 ...

10月21日， TCL华星t8项目正式开工。该项目由TCL华星与广州市人民政府、广州经济技术开发 区管理委员会共同出资建设，总投资金额约人民币295亿元。 广东省委常委、广州市委书记郭永航，广州市市长孙志洋，TCL创始人、董事长李东生，TCL科技 首席运营官王成，TCL科技高级副总裁、TCL华星首席执行官赵军，以及省市各级领导、半导体显 示产业链伙伴等共同出席本次开工仪式。 落地大湾区，助力我国在全球新型显示产业竞争中抢占战略制高点 TCL科技高级副总裁、TCL华星首席执行官赵军表示， t8项目是全球第一条规模化量产的G8.6代 印刷OLED产线，是中国显示企业首次在高世代AMOLED领域具备超越式技术引领与市场主导潜 力，实现从"跟跑"到"并跑"再到"局部领跑"的关键突破。 项目还将通过工业机器人、AI大模型、新材料与新能源等创新技术应用，推进高质量发展，构筑显 示产业的"新质生产力"。 粤港澳大湾区是我国电子信息产业创新要素最齐备、产业链最完整的区域之一，具备"产学研 用"的深度融合生态基础。TCL华星在印刷OLED技术上拥有自主知识产权和产业生态主导权，可 以加速构建开放的印刷OLED生态。 t8项目落 ...

Core Viewpoint - Hehui Optoelectronics is planning to issue up to 2,802,501,000 overseas listed shares and list on the Hong Kong Stock Exchange, aiming to enhance its international strategy and financing capabilities [2][5]. Company Overview - Hehui Optoelectronics focuses on the research, production, and sales of high-resolution AMOLED semiconductor display panels, which are primarily used in consumer electronics such as tablets, laptops, smartphones, and smart wearables. The company is also developing products for specialized display fields including automotive, aviation, desktop, smart home, industrial control, and medical displays [4]. Financial Performance - In the first half of this year, Hehui Optoelectronics achieved operating revenue of 2.67 billion yuan, a year-on-year increase of 11.51%. The company's losses significantly narrowed, improving by 439 million yuan compared to the previous year. The adjusted net profit loss also showed improvement, with EBITDA reaching 473 million yuan, marking a turnaround from losses. The net cash flow from operating activities was 233 million yuan, a substantial increase of 856% year-on-year [4]. Market Segmentation - In the tablet and laptop sectors, Hehui Optoelectronics saw both sales volume and average selling price increase year-on-year, leading to a substantial revenue growth of 83.18% in this area. In the smartphone and smart wearable sectors, the company's product gross margin continued to improve [4]. Listing Purpose - The application for listing on the Hong Kong Stock Exchange is intended to accelerate the company's internationalization strategy and overseas business layout, enhance its overseas financing capabilities, and expand financing channels. Through the H-share listing, Hehui Optoelectronics aims to increase the production capacity ratio of high-end AMOLED panels, enhance product added value, and strengthen overall competitiveness while building an international brand influence [5].

Core Viewpoint - TCL Technology, through its subsidiary TCL Xiamen Investment, has formed a joint investment group to participate in the bankruptcy reorganization of Shanshan Group and its wholly-owned subsidiary Ningbo Pengze, with an investment amount not exceeding 500 million RMB [1][4][8]. Group 1: Investment Details - The joint investment group includes TCL Xiamen Investment, Xinyangzi Trading, Xinyang Shipping Investment, and China Orient Shenzhen Branch [3][6]. - The investment will allow TCL Xiamen Investment to acquire 43,700,900 shares of Shanshan Co., representing 1.94% of the total share capital [4][5]. - The voting rights of these shares will be fully entrusted to the investment platform of the investors [4][6]. Group 2: Background of the Reorganization - Shanshan Group and Ningbo Pengze were placed into reorganization by the Ningbo Intermediate People's Court due to significant insolvency issues [6][7]. - The reorganization process was initiated on February 25, 2025, and a substantive merger reorganization was approved on March 20, 2025 [6][7]. Group 3: Strategic Importance - Shanshan Co. is a key supplier of polarizers, which are essential materials for TCL's semiconductor display business [8]. - The investment is expected to strengthen the existing partnership between TCL and Shanshan, enhancing supply chain stability and collaboration in material research and production [8].

Group 1 - TCL Huaxing and its subsidiary are set to receive government funding as part of the Shenzhen Guangming District's support plan for high-quality manufacturing development, with a one-time reward of 2 million yuan for digital smart factory demonstration projects [3][4] - TCL Huaxing has previously received substantial government support, including a 50 million yuan grant for a new display materials testing project earlier this year [4] - Huike's subsidiary in Chuzhou has been awarded 1 million yuan in funding for its innovative AI-based detection and repair technology for LCD panels, which replaces traditional methods with advanced AI techniques [5] Group 2 - Hanbo High-tech's subsidiary, Bojing Technology, has received a total of 22 million yuan in government subsidies, which will positively impact the company's profit for the fiscal year 2025 [6] - The funding received by Bojing Technology is part of a project loan interest subsidy application to the local government, indicating strong support for technological advancements in the display industry [6]

Core Insights - Vuzix Corporation and TCL China Star Optoelectronics Technology have announced a long-term partnership to integrate microLED displays with waveguide optics for smart glasses [1][3] - The collaboration aims to provide scalable, cost-effective optical solutions to enhance the smart glasses industry [1][2] Company Overview - Vuzix is a leading designer and manufacturer of AI-powered smart glasses and AR technologies, holding over 450 patents and numerous IP licenses [6] - TCL CSOT is a major player in the semiconductor display industry, focusing on next-generation display technologies such as Mini LED and Micro LED, with a total investment exceeding 260 billion RMB [5] Product Development - The companies have successfully integrated mono-green microLED engines with Vuzix waveguides, showcasing this solution at the China International Optoelectronic Exposition [3][4] - A full-color microLED and waveguide optical solution is in development, with a planned release in early 2026, targeting high-volume adoption in AR applications [3][4] Market Impact - The partnership is expected to accelerate the adoption of smart glasses by OEMs and consumer brands, marking a significant step towards the next generation of AR technology [2][4]

Core Viewpoint - TCL Technology announced a joint investment with the Guangzhou government to build an 8.6-generation printed OLED display panel production line, with a total investment of approximately 29.5 billion yuan, marking a significant step in commercializing high-generation printed OLED technology in China [2][3]. Group 1: Project Overview - The T8 project will have a construction period of 24 months, with an expected start date in November 2025 [3]. - The production line will have a monthly processing capacity of approximately 22,500 glass substrates sized 2290mm x 2620mm, targeting applications in flat panels, laptops, and monitors [2][3]. Group 2: Technology and Market Potential - The technology used in the T8 project is TCL Huaxing's proprietary printed OLED technology, which offers advantages such as excellent color performance, high resolution, low energy consumption, and lower manufacturing costs [3]. - The global AMOLED panel shipment is projected to reach 1.01 billion units in 2024, with a market share of 27%, and is expected to exceed 1.33 billion units by 2030, increasing its market share to 35% [4]. Group 3: Financial Contributions and Shareholding - A total of 14.75 billion yuan will be contributed as registered capital for the project company, with TCL Huaxing contributing 8.85 billion yuan and the Guangzhou government contributing 5.9 billion yuan [5]. - TCL Huaxing is a major source of revenue for TCL Technology, with total assets of 213.6 billion yuan and net assets of 78.1 billion yuan as of June 30, 2025 [5]. Group 4: Recent Performance - In the first half of 2025, TCL Huaxing's revenue increased by 14.4% year-on-year to 50.43 billion yuan, while net profit rose by 74.0% to 4.32 billion yuan [6].