广发证券股份有限公司 关于慧翰微电子股份有限公司 1 | 项目 | 工作内容 | | --- | --- | | 7.向本所报告情况（现场检查报告除外） | | | （1）向本所报告的次数 | 0 次 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 否 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | 不适用 | | 9.保荐业务工作底稿记录、保管是否合规 | 是 | | 10.对上市公司培训情况 | | | （1）培训次数 | 1 次 | | （2）培训日期 | 2024 年 12 月 24 日 | | （3）培训的主要内容 | 近期监管要点及持续督导工作要求、 募集资金管理和使用规范、信息披露 | | | 规范及董监高履职和交易规范等。 | | 11.其他需要说明的保荐工作情况 | 无 | 二、保荐人发现公司存在的问题及采取的措施 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | ...

Core Viewpoint - Huihan Co., Ltd. has demonstrated steady growth in its financial performance, with a focus on the eCall national standard policy process, leading to a "buy" rating from Minsheng Securities [1][3]. Financial Performance - In 2024, Huihan achieved a revenue of 1.022 billion yuan, a year-on-year increase of 25.68%, and a net profit attributable to shareholders of 175 million yuan, up 37.54% year-on-year [1]. - For Q1 2025, the company reported a revenue of 216 million yuan, representing a year-on-year growth of 16.85%, and a net profit of 43 million yuan, an increase of 30.67% year-on-year [1]. - The revenue from TBOX and eCall terminals reached 842 million yuan, a year-on-year increase of 32.19%, while IoT smart modules generated 136 million yuan, down 6.73% year-on-year [1]. - The gross margin for 2024 was 29.07%, an increase of 2.60 percentage points from 2023, and the net profit margin was 17.17%, up 1.48 percentage points from 2023 [1]. Research and Development - The company emphasizes R&D investment, with expenses reaching 67 million yuan in 2024, a year-on-year growth of 22.84% [2]. - Ongoing projects include NG-eCall and 5G R16 communication modules, aimed at maintaining leadership in the eCall sector and increasing market penetration in 5G [2]. - As of the report date, the company holds a total of 170 intellectual property rights [2]. Market Position and Policy Engagement - Huihan is a leading domestic player in the eCall market, with high technical requirements for eCall terminals, which are now mandatory in several regions including the EU and UAE [3]. - The company is one of the few that has obtained certifications from the EU, UN, and UAE, facilitating exports of eCall terminals for domestic vehicles [3]. - The Chinese version of the eCall standard (AECS) is under development, with Huihan participating in its drafting, which could significantly expand market opportunities once implemented [3]. - In 2024, China's automobile export volume was 5.859 million units, while domestic sales reached 31.436 million units [3]. Investment Outlook - The company is expected to benefit from the growth of domestic passenger vehicle production and sales, as well as advancements in automotive intelligence [3]. - Forecasted net profits for 2025, 2026, and 2027 are 231 million yuan, 309 million yuan, and 448 million yuan, respectively, with corresponding price-to-earnings ratios of 53, 40, and 27 times [3].

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company achieved a revenue of 1.022 billion yuan in 2024, representing a year-on-year increase of 25.68%, and a net profit attributable to shareholders of 175 million yuan, up 37.54% year-on-year [2][4]. - In Q1 2025, the company reported a revenue of 216 million yuan, a growth of 16.85% year-on-year, with a net profit of 43 million yuan, reflecting a 30.67% increase [1][2]. - The company emphasizes R&D investment, with R&D expenses reaching 67 million yuan in 2024, a 22.84% increase year-on-year, focusing on projects like NG-eCall and 5G R16 communication modules [3][4]. Financial Performance - The company's gross margin for 2024 was 29.07%, an increase of 2.60 percentage points from 2023, driven by rapid product iteration and cost reduction [2][4]. - The net profit margin for 2024 was 17.17%, up 1.48 percentage points from the previous year [2][4]. - The company forecasts revenues of 1.258 billion yuan in 2025, with a growth rate of 23.1%, and net profits of 231 million yuan, reflecting a growth rate of 31.9% [6][10]. Market Position and Opportunities - The company is a leading domestic player in the eCall sector, with certifications from the EU, UN, and UAE, positioning it well for exports to various international markets [4]. - The ongoing development of China's eCall standard (AECS) is expected to significantly expand the market space for the company, as it is involved in drafting the core components of this standard [4]. - The company is well-positioned to benefit from the growth of domestic automotive sales and the increasing trend towards automotive intelligence [4].

Financial Performance - The company's revenue for Q1 2025 was ¥216,295,307.10, representing a 16.85% increase compared to ¥185,099,749.41 in the same period last year[5] - Net profit attributable to shareholders was ¥43,298,021.06, up 30.67% from ¥33,135,736.46 year-over-year[5] - The net profit after deducting non-recurring gains and losses was ¥41,583,740.40, reflecting a 35.18% increase from ¥30,760,945.25 in the previous year[5] - Total operating revenue for the current period reached ¥216,295,307.10, an increase of 16.83% compared to ¥185,099,749.41 in the previous period[20] - Net profit for the current period was ¥43,298,021.06, representing a growth of 30.56% from ¥33,135,736.46 in the previous period[21] - Total comprehensive income for the period was CNY 43,298,021.06, an increase from CNY 33,135,736.46 in the previous period, representing a growth of approximately 30.5%[22] Cash Flow - The company's cash flow from operating activities was negative at -¥103,113,177.41, a decline of 23.20% compared to -¥83,696,582.08 in the same period last year[5] - Net cash flow from operating activities was -CNY 103,113,177.41, worsening from -CNY 83,696,582.08 in the previous period[24] - Cash inflow from investment activities totaled CNY 560,656,589.79, up from CNY 500,940,000.00 in the previous period[24] - Cash outflow from investment activities was CNY 562,404,112.28, compared to CNY 500,842,007.80 in the previous period, resulting in a net cash flow from investment activities of -CNY 1,747,522.49[24] - Cash flow from financing activities generated a net inflow of CNY 40,989,274.60, compared to a net outflow of -CNY 770,829.00 in the previous period[24] - The ending cash and cash equivalents balance was CNY 479,894,272.47, an increase from CNY 239,077,588.90 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,735,849,334.27, a decrease of 1.03% from ¥1,753,874,965.32 at the end of the previous year[5] - Total liabilities decreased to ¥395,324,769.72 from ¥456,648,421.83, a reduction of 13.41%[18] - Accounts receivable decreased to ¥190,918,805.35 from ¥265,495,931.61, reflecting a decline of approximately 28.2%[16] - The company’s financing receivables increased significantly to ¥261,153,471.11 from ¥128,225,453.36, representing a growth of approximately 103.6%[16] - The company reported a significant decrease in accounts payable, which fell to ¥174,752,132.46 from ¥251,222,002.83, a decline of 30.49%[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,844[12] - The largest shareholder, Fujian Guomai Group, holds 33.68% of shares, totaling 23,625,000 shares[12] - The second-largest shareholder, Chen Guoying, owns 28.24% of shares, amounting to 19,812,500 shares[12] - The top ten shareholders collectively hold 61.92% of the company's shares, indicating a high level of ownership concentration[12] - The company has no preferred shareholders or changes in restricted shares during the reporting period[14] Expenses - The company incurred a 30.00% increase in selling expenses, totaling ¥1,922,374.59, primarily due to an increase in sales personnel and business activities[9] - Research and development expenses increased to ¥16,841,193.75, compared to ¥13,211,965.01 in the last period, reflecting a rise of 27.00%[21] - The company paid CNY 32,129,658.66 in employee compensation, an increase from CNY 26,274,072.25 in the previous period[24] Government Subsidies and Tax - The company received government subsidies amounting to ¥498,235.85, which were closely related to its normal business operations[6] - The company received CNY 3,069,011.25 in tax refunds, down from CNY 3,526,653.67 in the previous period[23] Other Information - The company has not disclosed any new product developments or market expansion strategies in the current reporting period[14] - The company did not undergo any mergers under common control during the reporting period[22]

审计报告 慧翰微电子股份有限公司 容诚审字[2025]361Z0050 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | | --- | --- | --- | --- | | 1 | 审计报告 | 1-6 | | | 2 | 合并资产负债表 | 7 | | | 3 | 合并利润表 | 8 | | | 4 | 合并现金流量表 | 9 | | | 5 | 合并所有者权益变动表 | 10 | | | 6 | 母公司资产负债表 | 11 | | | 7 | 母公司利润表 | 12 | | | 8 | 母公司现金流量表 | 13 | | | 9 | 母公司所有者权益变动表 | 14 | | | 10 | 财务报表附注 | 15 - | 100 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ ...

内部控制审计报告 慧翰微电子股份有限公司 容诚审字[2025]361Z0049 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 容诚审字[2025]361Z0049 号 慧翰微电子股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了慧翰微电子股份有限公司（以下简称"慧翰股份公司"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部 控 制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是慧翰 股份公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计 ...

审计报告 慧翰微电子股份有限公司 容诚审字[2025]361Z0050 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | | --- | --- | --- | --- | | 1 | 审计报告 | 1-6 | | | 2 | 合并资产负债表 | 7 | | | 3 | 合并利润表 | 8 | | | 4 | 合并现金流量表 | 9 | | | 5 | 合并所有者权益变动表 | 10 | | | 6 | 母公司资产负债表 | 11 | | | 7 | 母公司利润表 | 12 | | | 8 | 母公司现金流量表 | 13 | | | 9 | 母公司所有者权益变动表 | 14 | | | 10 | 财务报表附注 | 15 - | 100 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ ...

公司及公司全资子公司。 关于慧翰微电子股份有限公司 使用自有资金进行现金管理的核查意见 广发证券股份有限公司（以下简称"保荐机构"）作为慧翰微电子股份有限 公司（以下简称"慧翰股份"或"公司"）首次公开发行股票并在创业板上市持 续督导阶段的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》等有关规定，对慧翰股份使用自有资金进行现金管理 事项进行了审慎核查，具体核查情况如下： 一、本次使用自有资金进行现金管理具体情况 （一）投资目的 为提高自有资金使用效率，在确保不影响正常经营和资金安全的情况下，公 司拟使用暂时闲置的自有资金进行现金管理，以更好的实现公司现金的保值增值， 保障公司和股东的利益。 广发证券股份有限公司 （二）投资主体 单个现金管理产品的投资期限不超过 12 个月。 （六）资金来源 （三）投资方式 公司及全资子公司闲置的自有资金。 公司将按照相关规定严格控制风险，对所投资产品进行严格评估，公司使用 闲置资金进行现金管理的投资品种是发行主体为银行、证券公司等金融机构的安 全性高、流动性好、风 ...

慧翰微电子股份有限公司会计政策和会计估计变更管理办法 慧翰微电子股份有限公司 会计政策和会计估计变更管理办法 2025 年 4 月 | 第一章 总 | 则 1 | | --- | --- | | 第二章 | 职责分工 1 | | 第三章 | 审批权限 2 | | 第四章 | 信息披露 4 | | 第五章 附 | 则 5 | 慧翰微电子股份有限公司会计政策和会计估计变更管理办法 慧翰微电子股份有限公司 会计政策和会计估计变更管理办法 第一章 总 则 第一条 为了进一步规范慧翰微电子股份有限公司（以下简称"公司"）会计 政策和会计估计变更行为，真实、公允地反映公司的财务状况和经营成果，有效 地保护全体股东及潜在投资人的根本利益，根据《企业会计准则第 28 号——会 计政策、会计估计变更和差错更正》《上市公司信息披露管理办法》《上市公司治 理准则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》等法律、法规、规范性文件以及《慧翰微电子股份有限公司章程》（以 下简称"《公司章程》"）的规定，制订本办法。 第二条 本办法所称的会计政策，是指企业在会计核算时所遵循的具体原则 以及企业所采纳的具 ...

董事会审计委员会工作细则 2025 年 4 月修订 慧翰微电子股份有限公司董事会审计委员会工作细则 慧翰微电子股份有限公司 | 第一章 | 则 总 | 1 | | --- | --- | --- | | 第二章 | 人员组成 | 1 | | 第三章 | 职责权限 | 2 | | 第四章 | 议事规则 | 4 | | 第五章 | 协调与沟通 | 6 | | 第六章 | 委员会工作机构 | 7 | | 第七章 | 附 则 | 7 | 慧翰微电子股份有限公司董事会审计委员会工作细则 慧翰微电子股份有限公司 董事会审计委员会工作细则 第一章 总 则 第一条 为强化慧翰微电子股份有限公司（以下简称"公司"）董事会决策功 能，加强公司董事会对经理层的有效监督，完善公司治理结构，根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《慧翰微电子股份有限公司章程》（以 下简称"《公司章程》"）及其他有关法律、行政法规和规范性文件，公司设立董 事会审计委员会（以下简称"委员会"或"本委员会"），并制定本工作规则。 第二条 审计委员会是董事会按照股东会决议设立的董事会专门工作机构， 主要负责对公司内部控制、财务信息和内部审计 ...