Core Viewpoint - The financial performance and trading activity of Visionox Technology Co., Ltd. indicate a low level of financing and short selling, alongside a slight increase in shareholder numbers and a decline in average shares held per shareholder [1][2]. Group 1: Financial Performance - For the first half of 2025, Visionox reported operating revenue of 4.121 billion, representing a year-on-year growth of 4.79% [2]. - The company recorded a net profit attributable to shareholders of -1.062 billion, which is a year-on-year improvement of 9.74% [2]. - Cumulative cash dividends since the A-share listing amount to 53.2384 million, with no dividends paid in the last three years [2]. Group 2: Trading Activity - On August 29, Visionox's stock price fell by 1.05%, with a trading volume of 194 million [1]. - The financing buy-in amount for Visionox on the same day was 14.4774 million, while the financing repayment was 16.0887 million, resulting in a net financing outflow of -1.6113 million [1]. - The total financing and securities lending balance for Visionox as of August 29 was 303 million, which is 2.09% of the circulating market value and below the 30th percentile level over the past year [1]. Group 3: Shareholder Information - As of August 20, the number of shareholders for Visionox increased to 67,900, up by 9.20% from the previous period [2]. - The average number of circulating shares held per shareholder decreased to 20,545, down by 8.43% [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder, holding 8.2311 million shares, an increase of 173,500 shares from the previous period [2].

Group 1 - The State Intellectual Property Office of China has granted a patent to Hefei Visionox Technology Co., Ltd. and Kunshan Guoxian Optoelectronics Co., Ltd. for a technology related to "display screen compensation methods, devices, equipment, and storage media" with the authorization announcement number CN 116129795 B, applied for on December 2022 [1] - Hefei Visionox Technology Co., Ltd. was established in 2018 and is located in Hefei City, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The registered capital of Hefei Visionox Technology Co., Ltd. is 2,200 million RMB [1] - According to Tianyancha data analysis, Hefei Visionox Technology Co., Ltd. has participated in 939 bidding projects and holds 3,695 patent records, in addition to having 31 administrative licenses [1]

近日，工业和信息化部下发《工业和信息化部办公厅关于印发2025年第三批行业标准制修订和外文版项目计划的通知》，由维信诺主导的行业标准《柔性显 示器件 第 3-5 部分：四侧弯曲柔性显示模块详细规范》获批立项。 四侧弯曲标准将统一行业产品技术要求与评价方法，明确四侧弯曲显示模块的生产及检验检测规范。同时，针对四侧弯曲边缘色偏等问题，提出边缘色偏关 键特性测试要求与方法，便于统一测试与验证。 | 第 天 小 八 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 문 | 计划编号 | 项目名称 | 性质 | 标准 制修 类别 | 代替标准 | 来源 | 项目 周期 | 部内主管司局 | 技术委员会或 技术归口单位 | 主要起草单位 | | 39. | 2025-0583T-SJ | 柔性显示器件 第 3-5 部分: | 推荐 | 基础 制定 | | | (月) 12 | 电子信息司 | 全国电子显示标准化 | 昆山国显光电有限公司,中 | | | | 四侧弯曲柔性显示模块详细 | | ...

Core Viewpoint - The financial performance of Visionox (维信诺) shows a slight improvement in revenue but continues to face significant losses, indicating ongoing challenges in profitability and cash flow management [1][12]. Financial Performance Summary - Total revenue for the first half of 2025 reached 4.121 billion yuan, a year-on-year increase of 4.79% compared to 3.933 billion yuan in 2024 [1]. - The net profit attributable to shareholders was -1.062 billion yuan, improving by 9.74% from -1.177 billion yuan in the previous year [1]. - In Q2 2025, total revenue was 2.306 billion yuan, up 7.96% year-on-year, while the net profit attributable to shareholders was -532 million yuan, an increase of 2.67% [1]. - The gross margin improved to -0.21%, a significant increase of 97.96% from -10.50% in the previous year [1]. - The net margin also improved to -30.55%, up 17.01% from -36.81% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 686 million yuan, accounting for 16.63% of revenue, a decrease of 9.97% year-on-year [1]. Cash Flow and Debt Management - The current ratio stands at 0.52, indicating rising short-term debt pressure [1]. - Cash and cash equivalents decreased by 24.24% to 6.505 billion yuan [1]. - The company’s receivables increased by 35.48% to 3.381 billion yuan, reflecting potential cash flow issues [1]. - Interest-bearing liabilities rose by 3.46% to 20.806 billion yuan [1]. Investment and Development Insights - The company has increased its capitalized R&D expenditures by 66.08%, indicating a focus on innovation [6]. - The market for AMOLED technology is expected to grow significantly, with a projected compound annual growth rate of 56% for IT products and 49% for automotive displays from 2023 to 2028 [13]. Risk and Return Analysis - The historical return on invested capital (ROIC) has been poor, with a median of -0.71% over the past decade [12]. - The company has reported five years of losses since its IPO, raising concerns about its long-term viability [12].

Core Viewpoint - The article discusses the performance of eight display-related companies in the first half of 2025, highlighting their revenue and net profit changes, as well as the factors influencing their financial results. Group 1: Company Performance - Visionox reported revenue of 4.12 billion yuan, a year-on-year increase of 4.79%, but a net loss of 1.06 billion yuan, which is a reduction in loss compared to the previous year [3][4] - Goodix achieved revenue of 2.25 billion yuan, a slight decrease of 0.20%, while net profit rose by 35.74% to 430 million yuan, attributed to increased sales of innovative products [6][8] - Ruile New Materials saw revenue of 806 million yuan, up 16.27%, and net profit of 166 million yuan, a significant increase of 74.22%, driven by strong performance in the pharmaceutical sector [9][10] - Hanbo High-tech's revenue reached 1.55 billion yuan, a substantial increase of 50.84%, with a reduced net loss [11][12] - Akitamicro reported revenue of 631 million yuan, up 21.37%, but a net profit decline of 5.78% to 51 million yuan [16][17] - Jingwei Huikai experienced a revenue drop of 20.23% to 1.27 billion yuan and a net profit decrease of 70.78% to 14 million yuan [19][20] - Puyang Huicheng's revenue was 721 million yuan, a slight increase of 0.36%, but net profit fell by 37.22% to 70 million yuan [22][23] - Suijing Optoelectronics reported revenue of 165 million yuan, a growth of 33.04%, but incurred a net loss of 17 million yuan [25][26] Group 2: Industry Trends and Insights - Visionox focused on optimizing product structure, emphasizing AMOLED display products, leading to a 9.66% increase in OLED product revenue [5] - Goodix's revenue decline was attributed to changes in customer demand and inventory management, while its gross margin improved from 42.0% to 43.3% due to reduced chip procurement costs [8] - Ruile New Materials' growth was driven by a strong pharmaceutical segment and effective cost control measures [10] - Hanbo High-tech expanded its market in automotive backlight display modules, successfully collaborating with several Tier 1 suppliers [13][14] - Akitamicro's new production base in Thailand is expected to enhance its core business in display devices and embedded software development [18] - Jingwei Huikai's profit decline was influenced by international market conditions and increased production costs [21] - Puyang Huicheng's revenue growth in its anhydride derivatives business was notable, with a 3.74% increase [24] - Suijing Optoelectronics saw significant growth in its automotive LED segment, with a 241.15% increase in sales [27][28]

Core Viewpoint - The company reported a slight increase in revenue for the first half of 2025, driven primarily by OLED product sales, despite a net loss attributed to shareholders. Financial Performance - The company achieved operating revenue of 4.121 billion yuan, a year-on-year increase of 4.79% [2][3] - The net profit attributable to shareholders was -1.062 billion yuan, showing a year-on-year improvement of 9.74% [2][3] - The net profit excluding non-recurring gains and losses was -1.118 billion yuan, reflecting a year-on-year increase of 14.63% [2][3] - The net cash flow from operating activities was 1.521 billion yuan, up 21.10% from the previous year [3] - Basic and diluted earnings per share were both -0.7604 yuan, an improvement of 10.49% compared to the previous year [3] - The weighted average return on equity was -21.16%, a decrease of 5.41% from the previous year [3] - Total assets at the end of the reporting period were 38.082 billion yuan, a slight decrease of 0.01% from the end of the previous year [3] - Net assets attributable to shareholders were 4.488 billion yuan, down 19.12% from the previous year [3] Product Development and Innovation - The company launched the world's first glass-based AMOLED ultra-high PPI product, which balances display quality and cost, potentially accelerating the price reduction and adoption of VR devices [2] - The company showcased smart home solutions at SIDDW2025, featuring various home electronic products equipped with AMOLED screens for enhanced human-machine interaction [2] Technological Advancements - The company introduced high-efficiency pTSF devices that reduce power consumption by over 12% and improve lifespan by 15% [4] - A wide color gamut pTSF device was released, significantly enhancing color purity and covering DCI-P3 and Adobe RGB color spaces while reducing power consumption by over 6% and increasing lifespan by 20% [4] - The company launched a 20Hz low-refresh-rate solution for LTPS mobile phones, achieving over 20% power reduction while maintaining flicker-free display in low brightness scenarios [4] - The world's first low-reflection COE flexible AMOLED technology was introduced, reducing power consumption by over 20% and decreasing module thickness by approximately 100um [4] Operational Efficiency - The company is enhancing operational efficiency through streamlined management processes and collaboration with the supply chain to achieve "increased efficiency, reduced costs, and improved quality" [4] - The Kunshan 5.5-generation AMOLED production line is optimizing product structure and upgrading capacity to support new market expansions [4] - The Gu'an 6th-generation flexible AMOLED production line is maintaining high operational rates to ensure quality delivery to core brand clients [4] - The company’s invested 8.6-generation AMOLED production line project reached the main building's completion in August this year [4]

Core Insights - The company reported a main revenue of 4.121 billion yuan for the first half of 2025, representing a year-on-year increase of 4.79% [1] - The net profit attributable to shareholders was -1.062 billion yuan, showing a year-on-year improvement of 9.74% [1] - The non-recurring net profit was -1.118 billion yuan, with a year-on-year increase of 14.63% [1] Financial Performance - In Q2 2025, the company achieved a single-quarter main revenue of 2.306 billion yuan, up 7.96% year-on-year [1] - The single-quarter net profit attributable to shareholders for Q2 was -532 million yuan, reflecting a year-on-year increase of 2.67% [1] - The single-quarter non-recurring net profit for Q2 was -529 million yuan, with a year-on-year increase of 19.77% [1] Financial Ratios - The company's debt ratio stood at 82.97% [1] - Investment income was -58.204 million yuan, and financial expenses amounted to 381 million yuan [1] - The gross profit margin was -0.21%, indicating a year-on-year increase of 97.95% [7] Earnings Per Share - Earnings per share were -0.76 yuan, with a year-on-year improvement of 10.48% [7] - The operating cash flow per share was 1.09 yuan, reflecting a year-on-year increase of 20.49% [7] Shareholder Information - The largest shareholder is Tibet Zhihuo Technology Development Co., Ltd., holding 300 million shares, which is 19.17% of the total [11] - Other significant shareholders include Hefei Jianshu Investment Co., Ltd. with 200 million shares (11.47%) and Kunshan Economic and Technological Development Zone Collective Asset Management Co., Ltd. with 100 million shares (9.44%) [11]

Group 1 - The company held its 22nd meeting of the 7th Board of Directors on August 21, 2025, with all 7 directors present, ensuring compliance with legal and regulatory requirements [1] - The company approved the 2025 semi-annual report and its summary, which was reviewed and passed unanimously by the audit committee [1] - The semi-annual report and summary were disclosed on multiple financial news platforms and the company's official website [1] Group 2 - The company plans to engage in accounts receivable factoring business with a total limit not exceeding RMB 1.7 billion, effective for 12 months from the board's approval [2] - The factoring business aims to accelerate cash flow and reduce the time for accounts receivable collection [2] - Details of the factoring business announcement were also disclosed on various financial news platforms and the company's official website [2]

Group 1 - The seventh supervisory board meeting of Visionox Technology Co., Ltd. was held on August 21, 2025, in accordance with legal and regulatory requirements [1][2] - The supervisory board reviewed and approved the company's 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's actual situation without any false statements or omissions [1][2] - The supervisory board also approved the proposal for the company and its subsidiaries to engage in accounts receivable factoring business, which is expected to enhance cash flow and support daily operational funding needs [2]

证券日报网讯 8月21日晚间，维信诺发布公告称，公司第七届监事会第二十次会议审议通过了《关于公 司及其摘要的议案》等多项议案。 （文章来源：证券日报） ...