资料显示，上海和辉光电股份有限公司位于上海市金山工业区九工路1568号,香港上环永乐街60-66号昌 泰商业大厦5楼504室，成立日期2012年10月29日，上市日期2021年5月28日，公司主营业务涉及专注于 中小尺寸AMOLED半导体显示面板的研发、生产及销售。主营业务收入构成为：AMOLED半导体显示 面板97.16%，其他(补充)2.84%。 截至9月30日，和辉光电股东户数11.60万，较上期减少0.61%；人均流通股49579股，较上期增加 0.61%。2025年1月-9月，和辉光电实现营业收入40.02亿元，同比增长8.25%；归母净利润-13.70亿元， 同比增长22.28%。 机构持仓方面，截止2025年9月30日，和辉光电十大流通股东中，易方达上证科创板50ETF（588080） 位居第三大流通股东，持股2.00亿股，相比上期减少2912.21万股。华夏上证科创板50成份ETF （588000）位居第四大流通股东，持股1.95亿股，相比上期减少9892.99万股。香港中央结算有限公司位 居第五大流通股东，持股1.51亿股，相比上期增加2261.40万股。南方中证500ETF（510500） ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 1、核心技术人员的具体情况 郝海燕，女，1972年出生，中国国籍，西安交通大学电子专业博士，清华大学博士后，电子技术高级工 程师。2009年至2012年，任清华大学物理系助理研究员；2012年至2014年，任北京阿格蕾雅光电有限公 司技术部副部长；2014年至2018年，任清华大学物理系电子高级工程师；2018年至今，任公司研发副部 长、部长级工程师。 2、专利情况 郝海燕女士在公司任职期间参与申请的专利均为非单一发明人的专利且为职务发明创造，专利所有权属 于公司，不存在涉及职务发明的纠纷或潜在纠纷，其离职不影响公司专利权属的完整性。 3、保密及去向情况 重要内容提示： ● 上海和辉光电股份有限公司（以下简称"公司"）核心技术人员郝海燕女士因个人原因辞去所任职务， 并于近日办理完成离职手续。离职后，郝海燕女士不再担任公司任何职务。 ● 郝海燕女士所负责的工作已经平稳交接，其离职不会影响公司核心技术的完整性，不会对公司生产经 营带来实质性影响，不会对公司的核心竞争力、业务发展和 ...

Group 1 - The core point of the news is that Hehui Optoelectronics experienced a stock price increase of 5.64%, reaching 2.81 CNY per share, with a trading volume of 170 million CNY and a turnover rate of 1.09%, resulting in a total market capitalization of 38.805 billion CNY [1] - 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 and 2.84% from other sources [1] Group 2 - The top circulating shareholder of Hehui Optoelectronics includes a fund under ICBC Credit Suisse, which reduced its holdings in the Sci-Tech Innovation ETF (588050) by 10.1242 million shares in the third quarter, now holding 31.8988 million shares, representing 0.55% of the circulating shares [2] - The Sci-Tech Innovation ETF (588050) was established on September 28, 2020, with a latest scale of 12.298 billion CNY, achieving a year-to-date return of 44.92% and a one-year return of 43.56% [2]

Core Viewpoint - Hehui Optoelectronics is a significant player in the domestic AMOLED semiconductor display panel industry, focusing on small and medium-sized AMOLED panels and possessing a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Hehui Optoelectronics reported revenue of 4.002 billion yuan, ranking 12th among 38 companies in the industry [2] - The company's main business, AMOLED semiconductor display panels, generated revenue of 4.817 billion yuan, accounting for 97.16% of total revenue [2] - The net profit for Q3 2025 was a loss of 1.37 billion yuan, placing the company 37th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Hehui Optoelectronics had a debt-to-asset ratio of 68.44%, which is higher than the industry average of 45.77% [3] - The gross profit margin for Q3 2025 was -13.93%, lower than the industry average of 14.89%, although it improved from -23.70% in the same period last year [3] Group 3: Executive Compensation - The chairman, Fu Wenbiao, received a salary of 2.1163 million yuan in 2024, an increase of 128,600 yuan from 2023 [4] - The general manager, Liu Huiran, earned 2.0714 million yuan in 2024, up by 109,000 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.61% to 116,000 [5] - The average number of circulating A-shares held per shareholder increased by 0.61% to 49,600 [5]

Core Viewpoint - Hehui Optoelectronics (688538.SH) has submitted an application for overseas listing to the China Securities Regulatory Commission and has applied for listing on the Hong Kong Stock Exchange, aiming for a mainboard listing. This follows a previous application that lapsed in April 2025. The company has incurred significant losses since its IPO, totaling approximately 8.2 billion yuan over three and a half years, while its market capitalization exceeds 37 billion yuan, surpassing competitors like TCL Electronics and BOE Technology Group despite lower net profits [1][4][8]. Company Overview - Hehui Optoelectronics, established in 2012, is the first company in China to achieve mass production of AMOLED semiconductor display panels. The company focuses on the research, production, and sales of high-resolution AMOLED panels, which are used in smart wearables, smartphones, and automotive displays [4]. - The company went public on the STAR Market on May 28, 2021, raising 8.17 billion yuan, with 6.5 billion yuan allocated for expanding the sixth-generation AMOLED production line. The initial share price was 2.65 yuan, with a first-day increase of 58.49%, but the stock has since declined significantly, reaching a low of 1.93 yuan [4][6]. Financial Performance - For the reporting period from 2022 to the first half of 2025, Hehui Optoelectronics reported revenues of 4.191 billion yuan, 3.038 billion yuan, 4.958 billion yuan, and 2.67 billion yuan, respectively. The company experienced substantial losses of 1.602 billion yuan, 3.244 billion yuan, 2.518 billion yuan, and 840 million yuan during the same periods, accumulating losses of approximately 8.2 billion yuan over three and a half years. However, the loss in the first half of 2025 decreased by 34.32% compared to the same period in 2024 [9][10]. - In contrast, competitors TCL Electronics and BOE Technology Group have shown consistent revenue growth and profitability during the same period, with TCL's revenues reaching 71.351 billion HKD, 78.99 billion HKD, 99.32 billion HKD, and 54.78 billion HKD, and net profits of 447 million HKD, 744 million HKD, 1.759 billion HKD, and 1.09 billion HKD [10]. Market Position and Growth Potential - Hehui Optoelectronics has maintained the highest shipment volume of AMOLED panels in China from 2022 to 2024 and ranks among the top three globally. In the automotive display sector, it ranks fourth globally and second in China. The company's clients include major consumer electronics brands and leading domestic automotive manufacturers [6][12]. - The global market for medium and large-sized AMOLED panels is projected to reach approximately 27.9 billion yuan in 2024, with expectations to exceed 153.8 billion yuan by 2030, reflecting a compound annual growth rate of 32.9% [6]. Use of IPO Proceeds - The funds raised from the upcoming IPO are intended for technological upgrades of the sixth-generation AMOLED production line, research and development of new AMOLED display products, repayment of part of the interest-bearing bank loans, and general corporate purposes [7].

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 - Hehui Optoelectronics is pursuing a dual listing in Hong Kong after receiving approval from the China Securities Regulatory Commission, aiming to leverage growth opportunities in the AMOLED semiconductor display panel market [1][15]. Company Overview - Established in 2012, Hehui Optoelectronics is the first company in China to achieve mass production of AMOLED semiconductor display panels. The chairman, Fu Wenbiao, previously led Huahong Group [2]. - The company's AMOLED panels are known for their self-emissive technology, high refresh rates, brightness, and low power consumption, catering to various sectors including smartphones and automotive displays [2]. Revenue Structure - The company heavily relies on the tablet/laptop and smartphone sectors, which accounted for 82.8% of its revenue in the first half of 2025. It ranks second globally and first in China for tablet/laptop AMOLED panel sales in 2024 [4]. - Revenue from automotive displays and emerging applications remains limited, contributing minimally to overall income [5]. Financial Performance - Hehui Optoelectronics has faced significant financial challenges, with revenues of RMB 41.91 billion, RMB 30.38 billion, and RMB 49.58 billion from 2022 to 2024, respectively. In the first half of 2025, revenue was RMB 26.7 billion, up from RMB 23.95 billion year-on-year [7][8]. - The company has reported substantial losses, totaling approximately RMB 8.4 billion in the first half of 2025, with cumulative losses reaching around RMB 82 billion over three and a half years [9]. Debt and Financial Strain - As of September 2025, the company's interest-bearing bank loans and other borrowings rose to RMB 17.2 billion, with a debt-to-asset ratio of 66.9%, indicating a significant financial burden [10]. - Interest expenses for 2024 and the first half of 2025 were RMB 6.95 billion and RMB 2.37 billion, respectively, surpassing total sales and marketing, administrative, and R&D expenses [10]. Market Opportunities - The global market for medium and large-sized AMOLED panels is projected to grow significantly, with a compound annual growth rate of 32.9% expected from 2024 to 2030 [11]. - Hehui Optoelectronics has seen substantial growth in sales of medium and large-sized AMOLED panels, with increases of over 180% and 80% in respective periods [13]. Strategic Direction - The company aims to enhance its production capabilities for medium and large-sized AMOLED panels, which are expected to provide higher margins and added value [14]. - The funds raised from the Hong Kong listing will be directed towards upgrading production technology and developing new AMOLED products, particularly focusing on large-sized panels [14][15].

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].

Core Viewpoint - This week, seven companies submitted listing applications to the Hong Kong Stock Exchange, with three companies passing the hearing, five companies conducting IPOs, and three new stocks being listed [1]. Group 1: Companies Submitting Listing Applications - Guangdong Jintian Animation Co., Ltd. submitted a listing application on October 20, focusing on the IP fun food industry with a projected revenue of approximately RMB 5.96 billion in 2022, growing to RMB 8.77 billion by 2024 [2]. - Yuwang Biological Nutrition Co., Ltd. is the largest supplier of food-grade refined fish oil globally, with a market share of 8.1% and projected revenues of RMB 5.34 billion in 2022, increasing to RMB 8.32 billion by 2024 [3]. - Binhua Group Co., Ltd. is a leader in the chlor-alkali chemical industry, with revenues of RMB 88.92 billion in 2022, expected to reach RMB 102.28 billion by 2024 [4]. - Xichang Zhihui Mining Co., Ltd. focuses on mining zinc, lead, and copper in Tibet, with revenues of RMB 4.82 billion in 2022, projected to decline to RMB 3.01 billion by 2024 [5]. - Zhongwei Co., Ltd. specializes in new energy battery materials, with total revenues of RMB 303.44 billion in 2022, expected to grow to RMB 402.23 billion by 2024 [6]. - Hehui Optoelectronics Co., Ltd. is a leading AMOLED semiconductor display panel manufacturer, with revenues of RMB 41.91 billion in 2022, projected to reach RMB 49.58 billion by 2024 [7]. Group 2: Companies Passing Hearing - Suzhou Wangshan Wangshui Biomedical Co., Ltd. focuses on small molecule drug development, with revenues of RMB 2 billion in 2022, declining to RMB 322.4 million by 2024 [8]. - Guangdong Tianyu Semiconductor Co., Ltd. is the largest silicon carbide epitaxial wafer manufacturer in China, with revenues of RMB 4.37 billion in 2022, expected to grow to RMB 11.71 billion by 2023 [9]. - Baile Tianheng is a biopharmaceutical company focusing on tumor treatment, with revenues of RMB 7.02 billion in 2022, projected to reach RMB 58.21 billion by 2024 [10]. Group 3: Companies Conducting IPOs - Sany Heavy Industry Co., Ltd. had an oversubscription of 53 times, raising approximately HKD 663 billion (USD 85 billion) [11]. - Dippu Technology Co., Ltd. had an oversubscription of 7590 times, raising HKD 2,721 billion, making it the second-highest oversubscription in history [12]. - Cambridge Technology Co., Ltd. set its final price at HKD 68.88 per share, with significant backing from cornerstone investors [13]. - Bama Tea Co., Ltd. attracted approximately 169,000 subscription applications, with an oversubscription of 2684 times [14]. - Minglue Technology Co., Ltd. plans to issue 721.9 million A shares, with a proposed price of HKD 141.00 per share [15]. Group 4: Newly Listed Stocks - Haixi New Drug Co., Ltd. saw a first-day increase of 20.60%, with a total increase of 26.74% in the first week [15]. - Jushuitan Co., Ltd. had a first-day increase of 23.86%, but saw a decline in the following days, ending the week with a 13.92% increase [16]. - Guanghe Tong Co., Ltd. experienced a first-day drop of 11.72%, with a total decline of 9.44% in the first week [17].