Group 1 - The core project involves the procurement of equipment for the 8.6-generation OLED production line by Hefei Guoxian, with multiple Korean and Japanese companies winning bids for various essential equipment [1][2] - Key equipment includes Laser Lift-Off (LLO) machines, dry etching machines, and PI curing equipment, which are critical for flexible OLED manufacturing [1] - The 8.6-generation AMOLED production line is a collaboration between Visionox and Hefei's investment platform, with a total investment of 55 billion yuan and a designed capacity of 32,000 glass substrates per month [2] Group 2 - The project is notable for being the world's first high-generation AMOLED production line equipped with the no FMM technology (ViP), and it is expected to start mass production in the first quarter of 2027 [2] - The flexible OLEDs produced will primarily be used in mobile device displays, indicating a significant market potential for Visionox's new production line [1]

Group 1 - The global OLED smartphone panel shipment is projected to reach approximately 230 million units in Q3 2025, representing a year-on-year growth of 10.3%, continuing to be the core growth driver in the smartphone panel market [1] - Flexible OLED shipments are expected to be around 180 million units, with a year-on-year increase of approximately 14.6% [1] - In Q3, OLED panel manufacturers in mainland China maintained a growth trend, with total shipments of about 110 million units, a year-on-year increase of 14.1%, and flexible OLED shipments exceeding 100 million units, growing by 20.1% [1] Group 2 - The market is transitioning from "high-speed growth" to "high-quality growth" after a rapid penetration period from 2024 to 2025 [1] - The market share of mainland Chinese OLED panel manufacturers is expected to further increase due to ongoing capacity expansion and planning [1] - Visionox (002387), focusing on OLED business, achieved total OLED shipments of 25 million units in Q3, a year-on-year increase of 25.3%, ranking second domestically and third globally [1] Group 3 - In Q4, the smartphone panel market is expected to maintain seasonal growth driven by holiday stocking demands [2] - The competition in the market is anticipated to intensify with the continuous release of OLED capacity and investments in high-generation lines [2] - Local state-owned capital continues to support the development of the OLED industry, with Visionox planning to issue 419 million shares to raise up to 2.937 billion yuan [2]

Meeting Details - The shareholder meeting is scheduled for November 18, 2025, at 14:30, with online voting available from 9:15 to 15:00 on the same day [3][4][6] - The meeting will be held at the conference room on the third floor of He Ying Center, No. 10, Xiaoying West Road, Haidian District, Beijing [4] - The meeting is convened by the company's board of directors and will be presided over by Chairman Zhang Deqiang [5][7] Attendance and Voting - A total of 622 shareholders and authorized representatives attended, representing 583,772,101 shares, which is 41.7937% of the total voting shares [8] - Among them, 2 shareholders voted in person, representing 427,350,097 shares (30.5950%), while 620 shareholders voted online, representing 156,422,004 shares (11.1986%) [8] - Small shareholders accounted for 1.7677% of the total voting shares, with 619 participating online [8] Resolutions Passed - The following resolutions were approved during the meeting: - Amendment to the Articles of Association: 98.7031% in favor [12] - Revision of the Shareholders' Meeting Rules: 97.4894% in favor [14] - Revision of the Board Meeting Rules: 97.4878% in favor [16] - Independent Director System: 97.4901% in favor [19] - Related Party Transaction Decision-Making System: 97.4657% in favor [22] - External Guarantee Decision-Making System: 97.4493% in favor [25] - External Investment Management System: 97.4896% in favor [28] - Major Transaction Decision-Making System: 97.4890% in favor [31] - Fundraising Management System: 97.4899% in favor [34] - Purchase of Directors and Officers Liability Insurance: 96.9166% in favor [37] Legal Opinion - The legal representatives from Beijing Junzhi Law Firm confirmed that the meeting's procedures and resolutions complied with relevant laws and regulations, making the decisions valid [39]

法律意见书 北京市君致律师事务所 关于维信诺科技股份有限公司 2025 年第四次临时股东大会的法律意见书 致：维信诺科技股份有限公司 北京市君致律师事务所（以下简称"本所"）接受维信诺科技股份有限公司 （以下简称"公司"）的委托，指派律师出席于 2025 年 11 月 18 日下午 14:30 召开的公司 2025 年第四次临时股东大会（以下简称"本次股东大会"）； 本所依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下 简称"《股东会规则》"）等现行法律、法规和其他规范性文件及《公司章程》 的规定，特就公司本次股东大会相关事宜，出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关公司召开本次股东大 会的文件，听取了公司就有关事实的陈述和说明，出席了公司本次股东大会。公 司承诺其所提供的文件和所作的陈述和说明是完整、真实和有效的，无任何隐瞒、 疏漏之处。 公司在本次股东大会召开 15 日前已根据公司章程在指定的信息披露报刊和 互联网网站上刊登了董事会决议以及召开本次股东大会的通知；上述通知载明了 会议的时间 ...

证券代码：002387 证券简称：维信诺 公告编号：2025-139 维信诺科技股份有限公司 2025 年第四次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，无虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股东大会无否决或修改议案的情形。 2、本次股东大会未涉及变更前次股东大会决议。 一、会议召开情况 1、召开时间： （1）现场会议召开时间：2025 年 11 月 18 日（星期二）14：30 （2）网络投票时间：2025 年 11 月 18 日（星期二） 其中，通过互联网投票系统投票的时间 2025 年 11 月 18 日上午 9:15 至 2025 年 11 月 18 日下午 15:00 期间的任意时间；通过交易系统进行网络投票的时间： 2025 年 11 月 18 日的交易时间，即上午 9:15-9:25、上午 9:30-11:30 和下午 13:00-15:00。 2、现场会议地点：北京市海淀区小营西路 10 号和盈中心 C 座三层会议室。 3、会议召集人：公司董事会。 4、会议召开方式：本次会议采取现场投票与网络投票相结合的方式。 5、会议主持人：董事长 ...

Group 1 - Hefei Guozi is set to gain control of OLED panel manufacturer Visionox by subscribing to a private placement of 419 million shares at a price of 7.01 yuan per share, raising up to 2.937 billion yuan [1] - If the transaction is completed, Hefei Guozi will hold 31.89% of Visionox, enhancing the development of the OLED industry [1] - Hefei's strategic emerging industries are rapidly growing, with the output value of these industries expected to account for 55.8% of the city's industrial output in 2024, an increase of 24.8 percentage points since 2015 [1] Group 2 - The "chip-screen-vehicle integration" strategy is considered a key factor in Hefei's industrial growth, with significant investments in display technology, semiconductors, and electric vehicles [2] - Hefei has become a core city for China's display industry and a significant global display manufacturing base, ranking first in the high-quality development index for the display industry in 2024-2025 [2] - Visionox, a leader in OLED technology and a key player in the OLED international standards group, has established a strong partnership with Hefei's display industry [2] Group 3 - The 8.6-generation AMOLED production line is seen as crucial for future competition in the mid-size AMOLED market, with Visionox's line nearing completion, second only to Samsung and BOE in progress [3] - The control of Visionox by Hefei Guozi is expected to shift the local display industry from a "multi-point layout" to a "holistic collaboration" phase, enhancing the industrial cluster and supporting local economic development [3] - Visionox's AMOLED production lines are anticipated to benefit from improved resource collaboration following Hefei Guozi's acquisition [3]

Core Viewpoint - The stock price of Visionox has experienced a decline of 7.59% year-to-date, with recent fluctuations indicating a slight recovery in the short term [2] Group 1: Stock Performance - As of November 17, Visionox's stock price decreased by 2.06%, trading at 9.50 CNY per share, with a total market capitalization of 13.27 billion CNY [1] - Year-to-date, Visionox's stock has dropped 7.59%, but it has increased by 1.93% over the last five trading days and 8.08% over the last 20 days [2] - The company has appeared on the stock market's "龙虎榜" three times this year, with the most recent appearance on November 11 [2] Group 2: Financial Performance - For the period from January to September 2025, Visionox reported a revenue of 6.05 billion CNY, reflecting a year-on-year growth of 3.50%, while the net profit attributable to shareholders was -1.62 billion CNY, showing a year-on-year increase of 9.67% [2] - Since its A-share listing, Visionox has distributed a total of 53.24 million CNY in dividends, with no dividends paid in the last three years [3] Group 3: Shareholder Information - As of November 10, the number of shareholders in Visionox was 62,600, a decrease of 0.99% from the previous period, with an average of 22,301 circulating shares per shareholder, an increase of 1.00% [2] - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 11.05 million shares, an increase of 2.82 million shares from the previous period [3] Group 4: Business Overview - Visionox Technology Co., Ltd. specializes in the research, production, sales, and technical services of AMOLED display products, with 96.92% of its revenue derived from OLED products [2]

Core Insights - The high-generation OLED capacity is a focal point for leading companies in the global semiconductor display industry [1][2] - China's investment in 8.6-generation OLED production lines is progressing, with significant developments reported from major players [1][2][3] Company Developments - BOE Technology Group Co., Ltd. announced the investment in an 8.6-generation AMOLED production line, targeting high-end touch OLED displays for laptops and tablets, with initial equipment installation completed ahead of schedule [1] - TCL Technology Group's subsidiary, TCL Huaxing Optoelectronics Technology Co., Ltd., has commenced construction on its 8.6-generation printed OLED production line, with a total investment of approximately 29.5 billion yuan [1][2] - Visionox Technology Co., Ltd. plans to invest 55 billion yuan in an 8.6-generation flexible AMOLED production line in Hefei, with a recent announcement to raise up to 2.937 billion yuan through A-share issuance [2] Market Trends - The t8 project by TCL Huaxing is expected to reach mass production within 24 months, focusing initially on mid-size applications such as monitors and laptops, with future expansion into TVs and smartphones [2] - As of the first half of this year, Chinese companies have captured nearly 50% of the global OLED market share, with projections indicating that this share will exceed 50% as new production lines come online [3]

Core Insights - The high-generation OLED capacity is a focal point for leading companies in the global semiconductor display industry, with China's production expected to significantly increase starting next year [1][4] - Major Chinese companies are accelerating their investments in high-generation OLED production lines, which will enhance their market share in the high-end segment [1][4] Group 1: Company Developments - BOE Technology Group announced the investment in an 8.6-generation AMOLED production line, targeting high-end touch OLED displays for laptops and tablets, with mass production expected in the second half of next year [1] - TCL Technology's subsidiary, TCL Huaxing, has commenced construction of its 8.6-generation printed OLED production line with a total investment of approximately 29.5 billion yuan, aiming for mass production by the end of 2027 [2] - Visionox Technology announced plans to invest 55 billion yuan in an 8.6-generation flexible AMOLED production line in Hefei, with a recent move to raise up to 2.937 billion yuan through stock issuance [2] Group 2: Market Trends - Samsung Display is converting a large LCD production line into an 8.6-generation OLED panel production line, with mass production expected to start in Q3 2026 [3] - The total investment in 8.6-generation OLED production lines by major manufacturers, including Samsung, BOE, Visionox, and TCL Huaxing, is nearing 170 billion yuan, indicating a strong commitment to this technology [4] - The global OLED market is projected to expand rapidly as production costs decrease and applications extend from small to medium and large sizes, with Chinese companies expected to surpass a 50% global market share in OLED production [4]

Core Insights - The recent capital increase and control change at Visionox have drawn attention to the pressures faced by the panel industry, characterized by heavy investment, long cycles, and high costs [1] - High-generation OLED production line investments are significant, with major domestic manufacturers collectively investing over 1.4 trillion yuan, and the total investment from four key players nearing 1.7 trillion yuan [1][3] - The competition in the OLED market is intensifying, with various technology routes being pursued, and the ability to convert investments into revenue and competitiveness is a critical concern for industry players [3][4] Investment and Financial Performance - Visionox and BOE reported revenues of approximately 7.9 billion yuan and 198.4 billion yuan respectively, with net profits of -2.5 billion yuan and 5.3 billion yuan last year, raising questions about future revenue generation from new production lines [3] - The OLED market is experiencing a stagnation in revenue growth due to declining display prices, with a slight recovery expected next year [6] Technology and Production Capacity - There are five main technology routes in OLED production, including evaporation, white OLED, QD-OLED, printed OLED, and maskless technologies, each with distinct characteristics [4] - TCL Huaxing is focusing on printed OLED technology, which has shown improvements in yield rates, but challenges remain in achieving efficiency comparable to traditional methods [4][5] - Visionox's ViP technology aims to overcome traditional AMOLED production limitations, although it faces challenges related to yield and material development [5] Market Dynamics - The OLED market is highly competitive, with many manufacturers yet to achieve profitability, and the demand for displays continues to evolve [6] - As more 8.6-generation OLED production lines come online, price and specification competition is expected to intensify [6]