Core Viewpoint - The company, Visionox (002387.SZ), announced that its controlling subsidiary, Kunshan Guoxian Optoelectronics Co., Ltd., plans to introduce a cash investment of 500 million yuan from the Gongrong Jintou No. 2 (Suzhou) Equity Investment Fund Partnership (Limited Partnership) for capital increase and market-oriented debt-to-equity swap [1] Group 1 - The initial capital increase amount is set at 500 million yuan [1] - The company and its wholly-owned subsidiary, Jiangsu Visionox, will forgo a portion of their preferential subscription amounting to approximately 274 million yuan [1]

维信诺科技股份有限公司 第七届董事会第二十五次会议决议公告 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。 一、董事会召开情况 证券代码：002387 证券简称：维信诺 公告编号：2025-096 公司及国显光电原股东（含公司全资子公司江苏维信诺）均放弃部分优先认 缴出资权利，本次增资完成后，国显光电注册资本将由6,707,152,463.04元增加到 7,186,234,781.83元，其中江苏维信诺持有国显光电86.6911%股权，公司直接持有 国显光电3.9760%股权，国开发展基金有限公司持有国显光电2.6662%股权，专 项基金持有6.6667%股权，国显光电仍为公司控股公司。 1 具体内容详见公司同日在《证券时报》《证券日报》《中国证券报》《上海 证券报》和巨潮资讯网（www.cninfo.com.cn）披露的《关于引进投资者对子公司 增资实施市场化债转股的公告》。 三、备查文件 1. 经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 维信诺科技股份有限公司（以下简称"公司"或"维信诺"）第七届董事 会第二十五次会议（以下简称"会议"）通知 ...

Core Viewpoint - The company, Visionox (002387.SZ), announced that its controlling subsidiary, Kunshan Guoxian Optoelectronics Co., Ltd., plans to introduce a cash capital increase and implement a market-oriented debt-to-equity swap with a private equity fund, with an initial capital increase amount of 500 million yuan [1] Group 1 - The initial capital increase amount is set at 500 million yuan [1] - The company and its wholly-owned subsidiary, Jiangsu Visionox, will forgo a portion of their preferential subscription amounting to approximately 274 million yuan [1]

Core Viewpoint - The company aims to reduce its and its subsidiaries' debt-to-asset ratio and optimize its capital structure through a capital increase and market-oriented debt-to-equity swap, with an initial capital increase of 500 million RMB [1] Group 1: Capital Increase Details - The capital increase will be entirely in cash and will be used to repay existing loans from the Industrial and Commercial Bank of China by Guoxian Optoelectronics and its wholly-owned subsidiary Jiangsu Visionox Display Technology Co., Ltd [1] - The capital increase price is set at 1.0437 RMB per registered capital, with 479,082,318.79 RMB allocated to registered capital and the remaining 20,917,681.21 RMB to capital reserves [1] - After the capital increase, Guoxian Optoelectronics' registered capital will rise from 6,707,152,463.04 RMB to 7,186,234,781.83 RMB [1] Group 2: Shareholding Structure Post-Increase - Following the capital increase, Jiangsu Visionox will hold 86.6911% of Guoxian Optoelectronics, while the company will directly hold 3.9760% [1] - Guokai Development Fund Co., Ltd. will hold 2.6662%, and the special fund will hold 6.6667% of Guoxian Optoelectronics, maintaining the company's status as the controlling shareholder [1]

Core Points - The meeting of the seventh board of directors of Visionox Technology Co., Ltd. was held on September 26, 2025, where a proposal for introducing investors for capital increase through market-oriented debt-to-equity swaps was approved [1] - The subsidiary Kunshan Guoxian Optoelectronics Co., Ltd. plans to raise 500 million yuan through special funds for market-oriented debt-to-equity swaps, with the funds used to repay existing loans [1] - After the capital increase, the registered capital of Guoxian Optoelectronics will increase from 6.707 billion yuan to 7.186 billion yuan, with shareholding proportions for Jiangsu Visionox, the company, the National Development Fund Co., Ltd., and the special fund being 86.6911%, 3.9760%, 2.6662%, and 6.6667% respectively, maintaining Guoxian Optoelectronics as a controlled subsidiary of the company [1]

重要内容提示： 1、维信诺科技股份有限公司（以下简称"公司"或"维信诺"）控股公司 昆山国显光电有限公司（以下简称"国显光电"）拟引进工融金投二号（苏州） 股权投资基金合伙企业（有限合伙）（以下简称"专项基金"）以现金方式进 行增资并实施市场化债转股，首期增资金额为5亿元。 2、本次交易符合国家相关政策导向及公司发展目标，不存在损害公司及股 东利益的情形。 3、本次增资完成后，国显光电仍在公司合并报表范围内，不影响公司对其 的控制权。 4、本次增资事项不构成中国证监会《上市公司重大资产重组管理办法》规 定的重大资产重组，不构成关联交易。 证券代码：002387 证券简称：维信诺 公告编号：2025-097 维信诺科技股份有限公司 关于引进投资者对子公司增资实施市场化债转股的公告 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。 5、本次增资无需提交公司股东大会审议。 一、 本次增资事项概述 为满足公司和子公司日常生产经营的需要，公司与工银资本管理有限公司、 工融金投二号（北京）新兴产业股权投资基金合伙企业（有限合伙）共同发起设 立专项基金，专项基金认缴出资总额为 ...

Core Viewpoint - The article highlights the growing investment trend in the OLED panel manufacturing sector in China, with significant contracts and collaborations emerging between key players in the industry [2][3]. Group 1: Company Developments - AP Systems has signed an exclusive equipment supply contract with Visionox to provide ELA (Excimer Laser Annealing) equipment for its 8.6-generation OLED production line in Hefei (V5) [2]. - The ELA equipment is crucial for the TFT process, converting amorphous silicon (a-Si) into polycrystalline silicon (p-Si), which enhances the electronic transmission speed of LTPS and LTPO OLEDs by over 100 times, significantly impacting energy consumption and image quality of high-resolution OLED panels [2]. - AP Systems is also expected to receive orders for its laser lift-off (LLO) equipment, indicating a strengthening of partnerships with major OLED panel manufacturers in China [2][3]. Group 2: Industry Investment Trends - The Chinese display industry is experiencing a surge in investments from OLED panel manufacturers, with Visionox advancing a total investment of 55 billion yuan for the Hefei V5 production line [3]. - BOE initiated the construction of its 8.6-generation OLED production line (B16) in Chengdu with a total investment of 63 billion yuan last year [3]. - TCL Huaxing announced a planned investment of 29.5 billion yuan to build an 8.6-generation printed OLED production line (t8), expected to commence construction in the second half of 2025 [3]. - There are also reports of Tianma planning investments in 8.x generation OLED production lines, further indicating the industry's growth trajectory [3].

Core Viewpoint - The Chinese display panel industry has seen significant investments in the 8.6-generation OLED production lines, totaling approximately 150 billion yuan, driven by the demand for high-end IT panels such as laptops and tablets [2][5][10]. Investment Landscape - Major players like BOE, Visionox, and TCL Huaxing are heavily investing in the 8.6-generation OLED production lines, with investments of 630 billion yuan, 550 billion yuan, and 295 billion yuan respectively [2][3]. - TCL Huaxing's recent announcement of a 295 billion yuan investment contrasts with its previous statement indicating no plans for new 8.6-generation lines [2][3]. Technology Choices - Companies are adopting different technological routes: BOE and Samsung Display are focusing on the mature "evaporation" process, while TCL Huaxing is investing in the "printing" process, and Visionox is pursuing its proprietary "ViP" technology [3][18][20]. - The 8.6-generation line's larger glass substrate size (2290mm x 2620mm) allows for more efficient cutting of mid-size IT panels compared to the previous 6-generation lines [5][6]. Market Dynamics - The shift from LCD to OLED in the high-end IT market was catalyzed by Apple's launch of the OLED iPad Pro, prompting manufacturers to invest heavily in OLED technology [7][10]. - Despite initial optimism, LG Display has expressed caution regarding the demand for 8.6-generation OLEDs, delaying its investment plans until 2026 due to market uncertainties [9][21]. Competitive Strategies - Companies are adopting different strategies based on their financial health and market outlook: - BOE and Samsung Display are betting on established technologies for certainty and speed [15]. - TCL Huaxing and Visionox are seeking to leverage new technologies for cost advantages [18][20]. - Deepinma and LG Display are focusing on maintaining profitability in existing operations while cautiously evaluating new investments [21][22]. Financial Performance - As of mid-2025, major Chinese panel manufacturers reported improved financial results, with BOE achieving a revenue of 101.28 billion yuan, a year-on-year increase of 8.45% [13]. - In contrast, LG Display faced a complex financial situation, with a slight revenue decline despite a significant reduction in losses [13][21]. Conclusion - The competition in the mid-size IT panel market is intensifying, with various companies pursuing distinct paths based on their assessments of technology, market potential, and financial stability [22].

Core Viewpoint - Major panel manufacturers are heavily investing in the 8.6-generation OLED production lines, with total investments reaching approximately 150 billion yuan, aiming to dominate the mid-size IT panel market for laptops and tablets [1][4]. Investment Overview - BOE is investing 63 billion yuan, Visionox 55 billion yuan, and TCL Huaxing 29.5 billion yuan in the 8.6-generation OLED production lines [1]. - TCL Huaxing's recent announcement marks a significant shift from its previous stance of not planning new investments in OLED production lines [1][2]. Market Dynamics - The shift towards 8.6-generation OLED production is driven by the need for larger glass substrates that enhance cutting efficiency for mid-size IT panels [3]. - The new 8.6-generation glass substrate size of 2290mm x 2620mm allows for more efficient production of larger displays compared to the previous 6-generation lines [3]. Technological Pathways - Different manufacturers are adopting varied technological approaches: - BOE and Samsung Display are using the mature "evaporation" process [2][10]. - TCL Huaxing is focusing on "printing" technology, which aims to reduce costs and improve yield rates [12][13]. - Visionox is investing in its proprietary "ViP" technology, which utilizes semiconductor lithography [15]. Market Potential - The release of Apple's OLED iPad Pro in May 2024 has catalyzed the transition from LCD to OLED in the high-end IT market, prompting significant investments from manufacturers [4][5]. - Despite initial optimism, the actual sales of the iPad Pro fell short of expectations, leading to cautious approaches from some manufacturers like LG Display [5][16]. Competitive Landscape - Manufacturers are divided into three strategic paths: - **Path 1**: Companies like BOE and Samsung Display are betting on established technologies for certainty and speed [10][18]. - **Path 2**: TCL Huaxing and Visionox are pursuing innovative technologies to gain cost advantages [12][15]. - **Path 3**: Companies like LG Display and Deep Tianma are opting for a conservative approach, focusing on existing profitable segments while delaying large investments [16][18]. Financial Performance - As of mid-2025, major Chinese panel manufacturers reported improved financial results, with BOE achieving a revenue of 101.28 billion yuan, a year-on-year increase of 8.45% [9]. - In contrast, LG Display faced a complex financial situation, with a slight revenue decline despite a significant reduction in losses [9].

Core Viewpoint - The company, Visionox Technology Co., Ltd., has signed a partnership agreement to establish a new equity investment fund with a total scale of 818 million yuan, aimed at investing in its subsidiary, Kunshan Guoxian Optoelectronics Co., Ltd., through a debt-to-equity swap [1][3]. Fund Structure - The newly established fund is structured as a limited partnership, with ICBC Capital as the general partner and fund manager. The investment contributions are as follows: New Emerging Fund contributes 613 million yuan (74.94%), Visionox contributes 204 million yuan (24.94%), and ICBC Capital contributes 1 million yuan (0.12%) [2]. - The fund will have a duration of 6 years, consisting of a 3-year investment period and a 3-year exit period, with the possibility of annual extensions if investments are not exited [2]. Investment Focus - The fund will utilize a debt-to-equity swap to repay existing bank loans of Guoxian Optoelectronics, aligning with national policies aimed at reducing corporate leverage [3]. - An investment decision committee will be established, comprising two members from ICBC Capital and one from Visionox, to oversee investment, exit, and profit distribution decisions [3]. Strategic Value - The investment is expected to enhance the company's asset scale, improve equity financing ratios, and reduce overall debt ratios, thereby strengthening core competitiveness and sustainable development capabilities [4]. - The funding will come from the company's own resources, ensuring that operational capital needs are met without significantly impacting financial status or operational results [4].