除王智勇外，惠科股份多名董事及高管都持有公司股权。 雷健、徐强分别担任惠科股份董事及副总经理。二人是深圳金飞扬的持有者，而深圳金飞扬是惠科股份的第二大股东，持股比例16.11%。 值得一提的是，雷健曾是一名教师。他曾相继于国家气象局南昌气象学校、深圳市罗湖区布心中学任教。2001年12月，惠科股份刚成立，他便加入其中担 任副总裁。 卢集晖则手握惠科投控剩下的12.16%的股权，他目前在惠科股份董事、副总经理。 惠科股份员工持股平台深圳惠同的合伙人里，杭井强、马静、李国旗也均是惠科股份的董事或高管。其中，杭井强为董事、副总经理，马静为董事、董事 会秘书及副总经理，李国旗为副总经理、财务负责人。 瑞财经 严明会 近日，惠科股份有限公司（以下简称"惠科股份"）深交所主板IPO已问询，保荐机构为中金公司，保荐代表人为黄志伟、王雨琪。 招股书显示，惠科股份是一家专注于半导体显示领域的中国领先、世界知名的科技公司，主营业务为半导体显示面板等核心显示器件以及智能显示终端的 研发、制造和销售。 截至递表，惠科股份控股股东为惠科投控，持股比例45.42%。而惠科投控由王智勇间接持有87.84%。另外，王智勇还通过担任员工持股平 ...

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].

Core Viewpoint - The IPO acceptance in the first half of the year has officially concluded, with a significant increase in the number of applications, indicating a cautious recovery in the market [1][2]. Group 1: IPO Acceptance Trends - In June, a total of 150 IPO applications were accepted across three exchanges, marking a fivefold increase compared to the same month last year, where only 30 applications were accepted [2][4]. - The acceptance numbers reflect a cautious recovery rather than a flood of applications, with June's figures accounting for 60% of the total applications accepted in the same month of the previous year [2]. - The North Exchange has become the preferred choice for investment banks, accepting 97 IPO applications in June, which is over a 200% increase from the same month last year [6][8]. Group 2: Financial Performance of IPO Candidates - The average net profit of newly accepted IPO candidates on the North Exchange reached 0.91 billion yuan for the latest fiscal year [3][12]. - Notably, the company Qiaoluming, accepted on June 26, reported a projected net profit of 4.11 billion yuan for 2024, surpassing many main board companies [13]. - Among the new IPO candidates, four companies reported net profits exceeding 2 billion yuan, while eight companies had net profits below 50 million yuan, indicating a mix of strong and growth-oriented candidates [14]. Group 3: Support for Unprofitable Enterprises - The recent policy changes have led to an increase in the acceptance of unprofitable enterprises, particularly in the Sci-Tech Innovation Board, where 5 out of 18 accepted companies were unprofitable [15][16]. - Companies like Moer Thread and Muxi Co., both part of the domestic GPU sector, reported significant projected losses for 2024, highlighting the trend of accepting unprofitable tech firms [17]. - The ChiNext board also saw its first unprofitable IPO project, Dapu Micro, which has specific listing criteria aimed at supporting innovative companies [19][20]. Group 4: Main Board Developments - In June, the main board accepted 16 IPO applications, with the Shenzhen main board showing stronger profitability among its new candidates, averaging a net profit of 5.75 billion yuan [23][24]. - The largest profit reported on the Shenzhen main board was from Huike Co., with projected revenues and profits indicating significant growth potential [24]. - The Shanghai main board had a lower average net profit of 2.63 billion yuan among its new candidates, with Zhejiang Zhenstone New Materials Co. reporting a projected net profit of 600 million yuan for 2024 [25].

Core Viewpoint - The article discusses the recent IPO application acceptance of Huike Co., which aims to raise 8.5 billion yuan for various advanced display technology projects, enhancing its competitive edge in the semiconductor display industry [1][2][17]. Investment Projects - Huike plans to invest in three major projects: - "Changsha New OLED R&D Upgrade Project" with a total investment of 3 billion yuan [2][3]. - "Changsha Oxide R&D and Industrialization Project" with a total investment of 3 billion yuan [2][3]. - "Mianyang Mini-LED Intelligent Manufacturing Project" with a total investment of 2.5 billion yuan [2][3]. - The total investment for these projects is 9.575 billion yuan, with 8.5 billion yuan to be raised through the IPO [3]. Technology Development - The "Changsha New OLED R&D Upgrade Project" focuses on improving production solutions for OLED display panels, enhancing the company's technological reserves in OLED technology [2][3]. - The "Changsha Oxide R&D and Industrialization Project" aims to increase R&D investment in Oxide technology, improving production capacity and product competitiveness [2][3]. - The "Mianyang Mini-LED Intelligent Manufacturing Project" will expand the production line for Mini LED products, continuing the development of high-performance Mini LED products [2][3][15]. Company Overview - Huike operates four G8.6 generation production lines and multiple smart display terminal production bases, with significant investments in various projects totaling 24 billion yuan for the G8.6 lines [4][5]. - The company reported revenues of 27.134 billion yuan, 35.797 billion yuan, and 40.310 billion yuan for 2022-2024, with net profits of -1.428 billion yuan, 2.566 billion yuan, and 3.339 billion yuan respectively [6][7]. Market Position and Strategy - Huike's overseas revenue has shown steady growth, accounting for 58.18%, 53.53%, and 49.92% of total revenue from 2022 to 2024, indicating a strong global market presence [7]. - The company has established partnerships with major brands such as Samsung, LG, and Xiaomi, positioning itself as a key player in the display panel market [7]. - Huike's strategy includes a multi-technology approach, focusing on a-Si TFT-LCD, Oxide, OLED, Mini LED, and Micro LED technologies to adapt to changing market demands [8][9]. Future Outlook - The IPO is seen as a critical step for Huike to enhance its technological capabilities and production capacity, thereby strengthening its market competitiveness [17][18]. - The successful implementation of the proposed projects is expected to drive technological upgrades in the industry and enhance the global influence of domestic panel manufacturers [18].

Group 1 - The core viewpoint of the article highlights the positive impact of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" on the market, with a focus on high-quality development and investor returns [1] - In 2024 and 2025, 470 and 479 companies on the Sci-Tech Innovation Board will disclose their annual "Quality Improvement and Efficiency Enhancement" action plans, with over 80% participation [1] - The "Eight Measures" aim to enhance the market ecosystem by promoting high-quality development and optimizing operational efficiency, technological innovation capabilities, and investor return policies [1] Group 2 - The "Eight Measures" prioritize strengthening the "hard technology" positioning of the Sci-Tech Innovation Board, with a focus on practical measures to cultivate new productive forces [2] - In 2024, the total R&D investment of Sci-Tech Innovation Board companies is expected to reach 168.08 billion yuan, with a compound annual growth rate of 10.7% over the past three years [2] - The median ratio of R&D investment to operating income among these companies is 12.6%, leading the A-share market [2] Group 3 - Companies are optimizing their research projects and drug pipelines to enhance market competitiveness, with Sichuan Huiyu Pharmaceutical Co., Ltd. planning to introduce 2 to 3 innovative drugs into clinical stages annually over the next three years [3] - Shenzhen Baiwei Storage Technology Co., Ltd. aims to commercialize its first self-developed main control chip in smart wearables, mobile phones, and smart cars by 2025 [3] Group 4 - The "Eight Measures" propose stronger support for mergers and acquisitions, which have become a key method for Sci-Tech enterprises to quickly acquire technological capabilities and achieve synergy [4] - Since the release of the "Eight Measures," over 100 industry mergers and acquisitions have been disclosed, with a total transaction amount exceeding 33 billion yuan [5] Group 5 - The article mentions that over 430 companies on the Sci-Tech Innovation Board have launched more than 760 stock incentive plans, covering over 70% of the board [6] - The "Eight Measures" encourage companies to improve their equity incentive systems to better align with investor interests [6] Group 6 - More than 60% of Sci-Tech Innovation Board companies have proposed cash dividend plans for 2024, with a total dividend amount exceeding 38.6 billion yuan [8] - Companies are also enhancing communication with investors, with initiatives such as open days and international roadshows to improve investor engagement [8]