Financial Performance - In the first three quarters of 2025, TCL achieved a revenue of CNY 135.9 billion, a year-on-year increase of 10.5% [2] - The net profit attributable to shareholders was CNY 3.05 billion, up 99.8% year-on-year [2] - Operating cash flow reached CNY 33.84 billion, reflecting a growth of 53.8% [2] - In Q3 alone, the net profit attributable to shareholders was CNY 1.16 billion, a quarter-on-quarter increase of 33.6% [2] Semiconductor Display Business - The global panel market saw improved supply-demand dynamics, with demand recovering and prices stabilizing [2] - TCL Huaxing's revenue for the first three quarters was CNY 61.8 billion, a 17.5% increase year-on-year, with a net profit of CNY 7.8 billion, up 53.5% [2] - The company is leveraging its scale and cost efficiency to convert industry recovery benefits into high-quality operational results [2] Semiconductor Wafer Business - TCL's semiconductor materials business achieved a shipment of 907 million square inches, generating revenue of CNY 4.24 billion, a 28.7% increase year-on-year [3] - The company is recognized as the largest domestic semiconductor materials enterprise with comprehensive product offerings and advanced technology [3] New Energy Photovoltaic Business - The photovoltaic business generated sales revenue of CNY 16.01 billion, with a 22% improvement in Q3 [3] - The company is focusing on maintaining competitive advantages in the crystalline silicon business while enhancing battery component capabilities [3] Market Outlook - Global trade tensions have impacted TV panel demand, but a recovery is anticipated in 2026, with a projected increase in demand by 1-2% and a growth in demand area by over 5% due to major sporting events [4] - Current inventory levels in the large-size supply chain are near the upper limit, with expectations for gradual recovery post-Q4 sales [5] Capital Expenditure and Depreciation - The company plans to invest in capacity expansion while maintaining a focus on new technologies and emerging applications [9] - Depreciation is expected to peak in 2025, with a projected decrease of approximately CNY 1 billion in 2026 compared to 2025 [10] Shareholder Returns - TCL has maintained a cash dividend policy since 2011, with an average payout ratio of about 40% [11] - Future plans include increasing shareholding ratios in panel production lines and managing financial costs effectively [11] OLED Technology - The new T8 production line utilizes differentiated printing OLED technology, offering advantages in investment costs, operational costs, display quality, and product lifespan [12] - The company has established a strong foundation in the printing OLED field, with significant advancements in production and technology [12] Future Profitability in Photovoltaic Business - The photovoltaic sector is expected to improve profitability through cost control, efficiency enhancements, and accelerated new product development [13]

Company Overview - Huike Co., Ltd. is a technology company focused on the semiconductor display field, primarily engaged in the research and manufacturing of semiconductor display panels and smart display terminals. The company's existing technologies include a-Si TFT-LCD, Oxide TFT, Oxide RGB OLED, Oxide LCD, and Mini LED [4]. IPO Status - On September 30, Huike's IPO process was suspended due to the expiration of financial documents submitted in the application. The company needs to submit supplementary documents to resume the IPO process [2]. - The IPO was initially accepted by the Shenzhen Stock Exchange in June, with a planned fundraising amount of 8.5 billion yuan for various projects, including the upgrade of new OLED research and development in Changsha, the industrialization of Oxide technology, and the construction of Mini LED smart manufacturing projects [4]. - The suspension is categorized as a procedural halt rather than a substantive rejection, meaning that as long as the company submits the required documents in a timely manner, the IPO process can resume seamlessly [4]. Industry Insights - The LED display market is facing both opportunities and challenges, as highlighted in the upcoming TrendForce Display Industry Seminar scheduled for October 30, 2025. The seminar will cover various topics related to Micro LED commercialization, innovative display technologies, and the current state and future prospects of the LED industry [5][8].

Core Viewpoint - Huike Co., Ltd.'s IPO status has been changed to "suspended" due to the expiration of financial data in the prospectus, requiring supplementary submission [1][3]. Company Overview - Huike specializes in the research, manufacturing, and sales of semiconductor display panels and smart display terminals [3]. - The company previously submitted an application for an IPO on the ChiNext board in June 2022 but withdrew it in August 2023 [3]. IPO Timeline - In 2024, Huike plans to restart its listing guidance, and on June 30, 2025, it submitted its prospectus to the Shenzhen Stock Exchange, which was accepted [3]. - The IPO entered the inquiry stage on July 11, 2025, but was suspended again due to the need for updated financial data as per the China Securities Association's inspection list [3]. Fundraising Plans - Huike aims to raise 8.5 billion yuan, with key investments allocated as follows: - 5.5 billion yuan for the upgrade of OLED and Oxide display technology in Changsha - 2 billion yuan for the Mini-LED smart manufacturing project in Mianyang - 1 billion yuan for working capital and debt repayment [3][5]. - The Mini-LED project will enhance the production line for Mini LED products and focus on high-performance product development [3]. Investment Project Details - The total investment for the projects is approximately 95.76 billion yuan, with the following breakdown: - Changsha New OLED R&D Upgrade Project: 303.11 million yuan (250 million yuan from raised funds) - Changsha Oxide R&D and Industrialization Project: 300.01 million yuan (300 million yuan from raised funds) - Mianyang Mini-LED Smart Manufacturing Project: 254.46 million yuan (200 million yuan from raised funds) - Working capital and bank loan repayment: 100 million yuan (100 million yuan from raised funds) [5]. - Successful implementation of these projects is expected to expand the market for existing products and facilitate the development of new technologies and products, enhancing the company's core competitiveness [5].

Core Viewpoint - Huike Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange, focusing on semiconductor display technology and related products [1] Company Overview - Huike Co., Ltd. specializes in the research, manufacturing, and sales of semiconductor display panels and smart display terminals [1] - The company is recognized as a leading technology firm in China and globally in the semiconductor display sector [1] Shareholding Structure - The controlling shareholder of Huike is Huike Investment Holdings, which holds 45.42% of the shares, with Wang Zhiyong indirectly owning 87.84% of Huike Investment Holdings [1] - Wang Zhiyong is the actual controller of Huike Co., Ltd., with a total holding of 52.31% and serves as the chairman and general manager [1] - State-owned shareholders collectively hold 20.36% of Huike, with Mianyang Investment Group and its affiliates holding 8.31% [3] Management Team - Key executives include Lei Jian and Xu Qiang, who are board members and vice general managers, with Lei Jian being a significant shareholder through Shenzhen Jinfeyang, which holds 16.11% [4] - Other notable executives include Lu Jihui, who holds 12.16% of Huike Investment Holdings, and several board members and executives are also part of the employee stock ownership platform [4][5] Compensation - In 2024, the highest salaries were received by Lu Jihui and Hang Jingqiang, amounting to 2.9054 million and 2.96 million respectively, while Wang Zhiyong earned 2.1 million [6] - Other executives, including Li Guoqi, Ma Jing, and Lei Jian, also received salaries exceeding one million [7]

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 Association announced the second batch of IPO companies for on-site inspection in 2025, with a total of 12 companies selected for inspection across various boards [1]. Group 1: Basic Information of Selected Companies - The selected IPO companies include 3 from the Shanghai Main Board, 3 from the Shenzhen Main Board, 5 from the Sci-Tech Innovation Board, and 1 from the Growth Enterprise Market [1]. - The companies cover diverse industries such as automotive manufacturing, semiconductor materials, agricultural biotechnology, and clean energy materials [5]. Group 2: Financial Performance Overview - Longyu Group reported a revenue of 163,708.79 million and a net profit of 20,102.12 million for 2024 [5]. - Yisiwei (Hangzhou) Technology achieved a revenue of 39,242.06 million and a net profit of 6,171.83 million for 2024 [11]. - Hengyun Chang reported a revenue of 54,079.03 million and a net profit of 13,058.00 million for 2024 [15]. - Xinyi Technology recorded a revenue of 20,755.23 million and a net profit of 6,308.94 million for 2024 [19]. - Aiteke reported a revenue of 346,792.85 million and a net profit of 20,295.82 million for 2024 [24]. - Tianyuan Biochemical achieved a revenue of 174,989.54 million and a net profit of 22,769.48 million for 2024 [28]. - Zhenstone reported a revenue of 443,879.18 million and a net profit of 59,959.91 million for 2024 [33]. - Kangrui New Materials achieved a revenue of 299,750.50 million and a net profit of 41,488.97 million for 2024 [38]. - Future Materials reported a revenue of 64,027.15 million and a net profit of 14,375.42 million for 2024 [42]. - Electric Science and Technology reported a revenue of 312,702.27 million and a net profit of 29,296.85 million for 2024 [47]. - Huigu New Materials achieved a revenue of 81,690.54 million and a net profit of 14,171.26 million for 2024 [52].

Group 1 - The second wave of IPO现场检查 in 2025 includes 12 companies, with 8 applying for the Shanghai Stock Exchange and 4 for the Shenzhen Stock Exchange [1] - 惠科股份 is the only company making a second IPO attempt, previously applying for the创业板 with a planned fundraising of 9.5 billion yuan [1][4] - In 2023 and 2024, the number of companies undergoing IPO现场检查 was significantly lower, with only 17 and 4 respectively, while 14 companies have been selected in 2025 so far [1] Group 2 - The 12 selected companies have an average net profit of 498 million yuan over the past year, with a total fundraising target of 24.81 billion yuan [2] - Seven of the companies are expected to generate over 1 billion yuan in revenue in 2024, with net profits exceeding 200 million yuan [3] Group 3 - 惠科股份 is the largest company among the selected, with a planned fundraising of 8.5 billion yuan, specializing in semiconductor display panels and smart display terminals [4] - 惠科股份 has seen its revenue grow from 27.134 billion yuan in 2022 to an estimated 40.31 billion yuan in 2024, with net profits recovering from a loss of 1.428 billion yuan in 2022 to a profit of 3.339 billion yuan in 2024 [4] Group 4 - The panel industry is known for its cyclical volatility, with 惠科股份 previously withdrawing its IPO application due to declining LCD panel prices [5] - The industry is showing signs of recovery in 2023, but concerns remain about potential future volatility in the TV panel market [5] Group 5 -芯密科技, the smallest company among the selected, focuses on semiconductor-grade perfluoroether rubber materials, with a planned fundraising of 785 million yuan [7] -芯密科技's revenue has grown from approximately 41.59 million yuan in 2022 to 208 million yuan in 2024, but it has a high customer concentration risk [7][8] Group 6 - The chemical industry has the highest number of selected companies, totaling 5, including田园生化 and东岳未来, with varying revenue and profit trends [9] - The computer, communication, and other electronic equipment manufacturing sector has 3 companies selected, including 惠科股份 and芯密科技, with significant revenue contributions from major clients [9] Group 7 - The 12 IPO projects involve 9 different securities firms, with 中信证券 and 中金公司 being the most active [10] - The current IPO regulatory environment emphasizes strict scrutiny and market-oriented approaches, with a focus on identifying high-quality companies [10][12] Group 8 - The termination rate for IPO现场检查 has been high, with only 22 out of 115 companies successfully listing since 2021 [10][11] - The regulatory approach has shifted from merely gatekeeping to actively screening for quality, particularly for traditional industries and high-tech companies [12][13]

IPO Review and Registration Progress - A total of 41 new IPO applications were accepted, with Huike Co., Ltd. planning to raise 8.5 billion yuan [2][4] - The new applicants span 21 industries, with the highest number from the "Computer, Communication and Other Electronic Equipment Manufacturing" sector, totaling 8 companies [2] - Two banks, Dongguan Bank and Nanhai Bank, had their IPO review status changed from "suspended" to "accepted," with planned fundraising of 8.4 billion yuan and 8.3 billion yuan respectively [6] Company Specifics - Huike Co., Ltd. aims to raise 8.5 billion yuan for projects related to OLED and Mini-LED manufacturing, and has projected revenues of 40.31 billion yuan for 2024, a 12.61% increase year-on-year [4] - Moer Thread plans to raise 8 billion yuan for AI chip development, with a focus on self-controlled GPU technology [5] - He Yuan Bio, the first company to pass under the new Sci-Tech Innovation Board standards, reported revenues of 0.13 billion yuan in 2022, with a projected increase to 0.25 billion yuan in 2024 [7] New Stock Listings and Performance - Xintong Electronics debuted on July 1, with a first-day increase of 286.36%, closing at 63.44 yuan per share [12] - Yitang Co., Ltd. is set to list on the Sci-Tech Innovation Board on July 8, with a projected revenue of 4.63 billion yuan for 2024, reflecting a 17.84% year-on-year growth [14] - Huadian New Energy plans to raise over 15.8 billion yuan in its upcoming IPO, focusing on wind and solar energy projects [15] Policy and Regulatory Developments - The Longhua District of Shenzhen is promoting companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, enhancing cross-border financial services [17]

Core Points - The second batch of IPO现场检查名单 for 2025 has been released, with 12 companies selected for inspection [1] - Among the 12 IPO companies, 8 are planning to list on the Shanghai Stock Exchange, while 4 are targeting the Shenzhen Stock Exchange [2] - The total fundraising amounts for the 12 IPO projects range from 600 million to 8.5 billion yuan, with notable projects including 惠科股份 and 浙江振石新材料股份 [3][4] Group 1: IPO Companies and Their Details - The 12 selected companies include 长裕控股集团, 易思维, 恒运昌, 芯密科技, 埃泰克, 田园生化, 振石新材料, 康瑞新材料, 未来材料, 电科蓝天, 慧谷新材, and 惠科股份 [1][2] - 惠科股份 is the only company among the 12 that has previously withdrawn an IPO application, having terminated its创业板 IPO in August 2023 [4][5] Group 2: Underwriting and Review Status - The 12 IPO projects involve 9 different underwriters, with 中信证券 sponsoring 3 projects and 中金公司 sponsoring 2 [2] - Out of the 12 IPOs, 10 are in the accepted status, while 易思维 and 长裕集团 are in the inquiry status [2][4] Group 3: Fundraising Amounts - 惠科股份 aims to raise 8.5 billion yuan, while 浙江振石新材料股份 is targeting approximately 3.98 billion yuan [3][4] - The fundraising amounts for the other companies vary, with 5 projects exceeding 1 billion yuan and 4 projects above 600 million yuan [3][4] Group 4: Company Performance - 惠科股份 has shown a growth trend in revenue and net profit from 2022 to 2024, with revenues of 27.134 billion yuan, 35.797 billion yuan, and 40.31 billion yuan respectively [5] - The company ranks third globally in TV panel shipments and fourth in monitor panel shipments for 2024 [5]

Core Viewpoint - Huike Co., Ltd. plans to raise 8.5 billion CNY through its IPO, with a valuation range between 56 billion CNY and 85 billion CNY. The valuation may be considered high when compared to the panel industry average PB ratio of approximately 1.2, which suggests a valuation around 40 billion CNY, indicating a potential overvaluation of 16 billion to 45 billion CNY [1][3][6]. Fundraising and Project Allocation - The company has reduced its fundraising target from 9.5 billion CNY to 8.5 billion CNY for its IPO on the Shenzhen Stock Exchange. The funds will be allocated as follows: 2.5 billion CNY for OLED R&D upgrades, 3 billion CNY for Oxide R&D and industrialization, 2 billion CNY for Mini-LED smart manufacturing, and 1 billion CNY for working capital and bank loan repayment [1][2]. Valuation Analysis - The company's valuation has significantly increased from approximately 30 billion CNY during its first IPO attempt to an estimated 66 billion CNY by the end of 2024. The current IPO fundraising suggests a valuation between 56.7 billion CNY and 85 billion CNY, which is substantially higher than the previous estimates [3][4][6]. Industry Context - The panel industry is characterized by cyclical nature and heavy asset investment, leading to the common use of PB valuation methods. The current PB ratio for major competitors like BOE and TCL Technology is around 1.28, which indicates that Huike's valuation may be inflated compared to its peers [5][6][8]. Financial Health and Risks - Huike's net assets are reported at 30 billion CNY, with over 10 billion CNY in minority interests, raising questions about the quality of its net assets and potential "hidden debt" issues. The company's inventory turnover has been declining over the past five years, while its inventory impairment provision is significantly lower than industry standards, suggesting possible discrepancies in financial reporting [11][16][19]. Revenue and Profitability Trends - The company has experienced fluctuating revenues, with reported figures of 271.34 billion CNY, 357.97 billion CNY, and 403.10 billion CNY over the past three years. Net profits have also varied, with a notable loss in 2019 and a recovery to 36.73 billion CNY in 2024, reflecting a 29.96% year-on-year increase [20][21][23]. Customer Dependency and Market Dynamics - Huike's sales to major customer Samsung have sharply declined, with revenue dropping from 4.2 billion CNY in 2023 to 2.6 billion CNY in 2024. This decline raises concerns about customer stability and the company's reliance on a few key clients [28][29].