A-share subscription | Huake shares (001399.SZ) opened for subscription, with TV panel shipment area ranking third in the world.

On June 12th, Huikoe Stock (001399.SZ) started offering with an issue price of 10.12 yuan per share, a subscription limit of 218,500 shares, a P/E ratio of 25.45 times, listed on the Shenzhen Stock Exchange, with CICC as its sponsoring institution. According to the prospectus, Huikoe Stock is a leading technology company in China focused on the semiconductor display field, specializing in the research, development, manufacturing, and sales of core display devices such as semiconductor display panels and smart display terminals. Its main products include various sizes and types of TV panels, IT panels, TV terminals, IT terminals, and various smart IoT terminals widely used in consumer electronics, commercial displays, automotive electronics, industrial control, smart IoT, and other display scenarios. Having been deeply involved in the display field for over twenty years, the company has become a globally recognized provider of comprehensive display solutions, ranking as one of the top three large-size LCD panel manufacturers globally and one of the enterprises with the highest vertical integration in the domestic display industry chain. According to data from Qunzhi Consulting, by 2024, the company's TV panel shipment area, monitor panel shipment area, and smartphone panel shipment area rank third, fourth, and third globally, respectively; by 2024, the company's 85-inch LCD TV panel shipment area ranks first globally, demonstrating a significant leading advantage in the field of 85-inch and larger display panels. In terms of the semiconductor display panel business, leveraging its four G8.6 high-generation lines with each focusing on different technical characteristics, the company continuously enriches its range of display panel products, achieving large-scale production of various display panels for TVs, monitors, smartphones, laptops, tablets, and expanding into new application areas such as commercial displays, automotive displays, industrial control displays, and others. The company has always adhered to the development strategy of coexisting multiple technology lines, while leading in establishing breakthroughs in the G8.6 high-generation Oxide backplane technology in China, achieving mass production and sales of Oxide LCD display panels and laptop panels. With the support of Oxide backplane technology, the company has progressed its research and development of OLED technology and achieved mass production and sales of OLED display panels. Furthermore, the company continues to deepen its research and industrialization process in MiniLED technology and has begun mass production and sales of MiniLED display terminal products. Additionally, the company is proactively researching MicroLED technology to further enhance its comprehensive layout across various technologies in the semiconductor display field. Through years of research and development accumulation, the company has established significant core competitive advantages in improving display panel performance, upgrading and improving display panel manufacturing processes, and developing new semiconductor display technologies in terms of product performance, production efficiency, yield improvement, and cost optimization. In the smart display terminal business, the company operates multiple display terminal production bases including Hefei Jinyang, Yichang Huikoe, Chongqing Jinyang, Guangxi Zhixian, Dongguan Huizhi, and Vietnam Huikoe. Its main products include TVs, monitors, e-paper, all-in-one machines, advertising machines, smart conference machines, smart fitness mirrors, smart wearable devices, among others. Leveraging its core resources and technological expertise in the semiconductor display panel and display terminal fields, the company continuously deepens its layout in the IT and smart IoT display terminal fields, expands its product line, and provides various display terminal products and services for smart education, smart office, smart transportation, smart security, and smart healthcare, pushing forward continued business growth. With a customer-centric approach, the company focuses on continuous technological innovation to meet people's constant pursuit of information interaction quality and efficiency in various activities such as life, work, business, and entertainment. Currently, the company has established deep cooperation relationships with many globally renowned brand customers, including Samsung, LG, Xiaomi, Hisense, TCL, Haier, Lenovo, HP, Dell, Acer, VESTEL, Skyworth, Changhong, Crownjewel, and MSI, among other influential global brands. Financially, the company achieved operating revenues of approximately 26.965 billion yuan, 35.824 billion yuan, 40.282 billion yuan, and 18.997 billion yuan in 2022, 2023, 2024, and the first half of 2025, respectively. During the same periods, the company's net profits were approximately -2.093 billion yuan, 2.845 billion yuan, 3.650 billion yuan, and 2.219 billion yuan, respectively.