Huike Shares: Shenzhen Main Board IPO meeting

On March 3, the results of the 9th review meeting of the Shenzhen Stock Exchange Listing Review Committee in 2026 were announced. The review results of Huike Co., Ltd. were: it meets the issuance conditions, listing conditions and information disclosure requirements.

It is understood that Huike Co., Ltd. applied for the Shenzhen Main Board IPO on June 30, 2025, and the sponsor is CICC; the company's main business is the research and development, manufacturing and sales of core display devices such as semiconductor display panels and smart display terminals. The main products include TV panels of various sizes and types, IT panels, TV terminals, IT terminals and various smart IoT terminals.

In this IPO, Huike Co., Ltd. plans to raise approximately 8.5 billion yuan. After deducting issuance expenses, it will be used for the Changsha new OLED R&D and upgrade project, Changsha Oxide R&D and industrialization project, Mianyang Mini LED intelligent manufacturing project, supplementing working capital and repaying bank loans. The planned amounts of raised funds are 2.5 billion yuan, 3 billion yuan, 2 billion yuan, and 1 billion yuan respectively.

Huike Co., Ltd. stated that through the implementation of the fundraising project, the company will further increase its R&D investment and production line layout of new technologies and new products, improve its innovation capabilities, and enhance its core competitiveness.

From the perspective of performance, looking forward to January to March 2026, Huike is expected to achieve operating income of 9.762 to 10.362 billion yuan, a year-on-year increase of 0.68% to 6.87%; the net profit attributable to shareholders of the parent company is expected to be 9. 1.2 to 989 million yuan, a year-on-year decrease of 14.81% to 7.57%; the net profit after deducting non-recurring gains and losses is expected to be 696 to 761 million yuan, with a year-on-year change ranging from a decrease of 5.95% to an increase of 2.76%.

Looking back on 2025, the company achieved annual operating income of 40,871.047 million yuan, a year-on-year increase of 1.46%, and net profit attributable to the parent company of 2,909.8604 million yuan, a year-on-year increase of 13.24%.

In addition, it was disclosed that from January to September 2025, Huike Co., Ltd.’s operating income was 29,238.0381 million yuan, a year-on-year decrease of 0.36%; in January 2026, Huike Co., Ltd. also responded to the main factors for the decline in revenue.

According to the announcement, the main factor for the change in its performance was that while corporate IT panel sales revenue increased by 1,373.6067 million yuan year-on-year, TV panel sales revenue decreased by 1,086.8411 million yuan year-on-year.

From the analysis of Huike's own factors, there are three main influences on the performance changes:

1) Driven by consumption upgrades and brand owners' technological innovations, the global trend of large-size TVs is significant, and the company's sales revenue of 43-inch small and medium-sized TV panel products fell by 37.58% year-on-year.

2) At the beginning of the reporting period, some batches of the company's 55-inch TV panel products had a high defective rate. Although the related problems have been resolved, the company has adjusted the TV panel product structure in stages according to market and customer needs. In this period, the production and sales of 55-inch TV panel products were appropriately reduced. Therefore, the sales revenue of 55-inch TV panel products fell by 27.42% year-on-year.

3) In the first half of 2025, affected by the sale of LG Chem's polarizer business, the polarizer market supply is relatively tight, and corporate polarizer procurement has been affected to a certain extent, which has affected the company's production schedule and sales of semiconductor display panels. Currently, the polarizer market supply and demand has returned to normal.