Core Insights - Visionox (002387.SZ) has entered the high-end product supply chain of Haier in the smart home sector, launching the world's first washing machine equipped with an OLED screen, enhancing user interaction and experience [1][2] Group 1: Product Innovation - The washing machine features a 6.42-inch hard screen with display precision comparable to mobile phones, utilizing AMOLED technology for a seamless visual experience even in power outages [1] - The introduction of AMOLED screens addresses the limitations of traditional washing machine interfaces, allowing for better visibility in bright environments due to high contrast and wide color gamut [1][2] Group 2: Evolution of Smart Home Technology - The innovation in the washing machine signifies a shift from mere functional enhancements to a refined focus on human sensory experiences in smart home devices [2] - Future functionalities may include real-time display of household water and electricity consumption, as well as automated care instructions for different fabric types, creating a service ecosystem centered around laundry needs [2] Group 3: Market Implications - The integration of AI and display technology in smart appliances marks a new phase in the smart home industry, moving towards more user-friendly and technologically advanced solutions [2]

Group 1 - The company acknowledges that stock price fluctuations are influenced by various factors, including macroeconomic conditions, industry trends, and market sentiment [2] - The company emphasizes its commitment to enhancing production and operational capabilities to improve value creation [2] - The company plans to strengthen information disclosure practices and enhance communication with various types of investors to convey its value to the capital market [2]

Core Viewpoint - The company is closely monitoring changes in the international trade environment, which currently have not significantly impacted its operations [1] Group 1 - The company remains focused on its core business and is committed to enhancing its operational management [1]

Core Viewpoint - The demand for pixel circuits is growing in tandem with the increasing need for high-resolution and high-contrast displays in various sectors such as smartphones, tablets, automotive electronics, and medical devices. The market size of China's pixel circuit industry is projected to reach approximately 141.736 billion yuan in 2024, reflecting a year-on-year growth of 9.90% [1][7]. Industry Overview - Pixel circuits are the core units of modern display technology, controlling the light emission of individual pixels through independent circuit systems. They are primarily categorized into active matrix and passive matrix types based on their driving methods [2]. Industry Supply Chain - The upstream of the pixel circuit industry includes raw materials such as silicon wafers, photoresists, electronic specialty gases, and target materials, as well as production equipment like cleaning machines and exposure machines. The midstream involves the manufacturing of pixel circuits, while the downstream applications span consumer electronics, automotive electronics, industrial control, medical, and media sectors [4]. Market Size - The pixel circuit industry in China is expected to grow significantly, with a market size of approximately 141.736 billion yuan in 2024, marking a 9.90% increase from the previous year [7][8]. Key Companies' Performance - BOE Technology Group, a leading player in the display panel industry, holds over 5,000 patents in the pixel circuit field. The company reported a revenue of 101.278 billion yuan in the first half of 2025, a year-on-year increase of 8.45%, with a net profit of 3.247 billion yuan, up 42.15% [8][9]. - Visionox Technology focuses on AMOLED pixel circuit innovations and reported a revenue of 4.121 billion yuan in the first half of 2025, reflecting a 4.79% year-on-year growth, although it faced a net loss of 1.062 billion yuan [9][10]. Industry Development Trends 1. **Technological Innovation**: The pixel circuit industry is expected to experience rapid growth driven by technological advancements, with companies like BOE and Visionox leading the way in developing new technologies that enhance display performance and reduce power consumption [10][11]. 2. **Self-sufficiency in Supply Chain**: The industry is accelerating domestic substitution in response to foreign technology barriers, with significant advancements in silicon wafer production and other upstream materials [11]. 3. **Integration with Emerging Technologies**: Pixel circuits are increasingly integrating with AI, IoT, and 5G technologies, creating new application scenarios that enhance functionality beyond traditional display capabilities [12].

Core Viewpoint - The completion of the construction of the B section of the 8.6-generation AMOLED production line project by Hefei Guoxian marks a significant milestone, indicating the full topping out of the production facility, which is crucial for the stability of high-end OLED panel production [2][4]. Construction Progress - The B section of the construction, covering a total area of approximately 430,000 square meters, includes essential facilities such as the display panel factory, comprehensive power station, and wastewater treatment station [4]. - The main factory building was topped out in just 168 days since the construction began on February 2025, achieving the milestone one month ahead of schedule [4]. Technology and Capacity - The production line will utilize the world's first high-generation AMOLED technology equipped with no FMM (ViP) technology, with a designed capacity of 32,000 glass substrates per month, allowing for the production of larger AMOLED panels for various applications including tablets, laptops, automotive displays, and monitors [4]. - Hefei Guoxian and Visionox will collaborate closely on technology transfer to enhance production efficiency [4]. Equipment Procurement - Hefei Guoxian has procured several core equipment for the AMOLED production line, including deposition machines, magnetron sputtering machines, and plasma-enhanced chemical vapor deposition equipment from Applied Materials, and exposure machines from Canon [6].

Core Viewpoint - Suzhou Guoxian Innovation Technology Co., Ltd. has undergone a significant change in its business registration, with a new shareholder and a substantial increase in registered capital, indicating potential growth and investment interest in the company [1] Company Summary - Suzhou Guoxian Innovation Technology Co., Ltd. has added Kunshan Weixin United Investment Co., Ltd. as a new shareholder [1] - The registered capital of the company has increased from 10 million RMB to 2 billion RMB, representing a growth of 19,900% [1] - The company was established in May of this year and is led by legal representative Zhu Xiujian [1] - The business scope includes manufacturing and sales of display devices and electronic components [1] - The current shareholders include Visionox Technology Co., Ltd. (002387) and the newly added shareholder [1]

Core Viewpoint - Suzhou Guoxian Innovation Technology Co., Ltd. has undergone a significant change in its business registration, with a new shareholder and a substantial increase in registered capital, indicating potential growth and investment interest in the company [1] Group 1: Company Changes - On October 11, Suzhou Guoxian Innovation Technology Co., Ltd. added Kunshan Weixin United Investment Co., Ltd. as a shareholder [1] - The registered capital of the company increased from 10 million RMB to 2 billion RMB, representing a growth of 19900% [1] - The company was established in May of this year and is led by legal representative Zhu Xiujian [1] Group 2: Business Operations - The company's business scope includes manufacturing and sales of display devices, as well as manufacturing of electronic components [1] - The current shareholders include Visionox Technology Co., Ltd. (002387) and the newly added shareholder [1]

Group 1 - The core viewpoint of the news is that Visionox's stock performance and financing activities indicate a low level of market activity and investor interest, with significant net outflows in financing and low borrowing levels [1][2]. Group 2 - On October 16, Visionox's stock price fell by 1.38%, with a trading volume of 76.34 million yuan. The financing buy-in amount was 3.97 million yuan, while the financing repayment was 4.21 million yuan, resulting in a net financing outflow of 0.24 million yuan [1]. - As of October 16, the total balance of margin trading for Visionox was 298 million yuan, which represents 2.48% of its circulating market value, indicating a low financing balance compared to the past year [1]. - In terms of securities lending, on October 16, Visionox repaid 600 shares and sold 500 shares, with a selling amount of 4,300 yuan. The remaining securities lending volume was 51,800 shares, with a balance of 445,500 yuan, also indicating a low level compared to the past year [1]. Group 3 - As of September 30, Visionox had 62,200 shareholders, a decrease of 0.92% from the previous period, while the average circulating shares per person increased by 0.93% to 22,444 shares [2]. - For the first half of 2025, Visionox reported operating revenue of 4.12 billion yuan, a year-on-year increase of 4.79%, but a net profit attributable to shareholders of -1.06 billion yuan, which is a year-on-year improvement of 9.74% [2]. - Since its A-share listing, Visionox has distributed a total of 53.24 million yuan in dividends, with no dividends paid in the last three years [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder of Visionox, holding 8.23 million shares, an increase of 173,500 shares from the previous period [2].

Core Viewpoint - The article discusses the launch of the Honor Magic 8 and Magic 8 Pro smartphones, highlighting their advanced features, specifications, and pricing. Group 1: Product Features - Honor Magic 8 features a 6.58-inch 1.5K LTPO flat display with ultra-narrow bezels, while Magic 8 Pro has a 6.71-inch new depth-curved display [2] - Both models utilize a new material device system from Visionox, which reduces harmful blue light and includes multiple Demura solutions for eye protection [4] - The peak brightness of the displays can reach 6000 nits, with a minimum brightness of 1 nit [4] - The entire series is powered by the fifth-generation Snapdragon 8 processor, built on TSMC's third-generation 3nm process, achieving a 10% reduction in power consumption for the same performance [4] - The camera setup includes a triple-camera system with a 50MP main camera and a 64MP periscope telephoto lens for the standard version, while the Pro version features a 200MP periscope telephoto lens [4] Group 2: Battery and Charging - The Honor Magic 8 series is equipped with the fourth-generation Qinghai Lake battery, utilizing 15% silicon-carbon anode technology [4] - The Magic 8 has a battery capacity of 7000mAh, supporting 90W wired and 80W wireless fast charging, while the Pro version has a 7200mAh battery with 120W wired and 80W wireless fast charging capabilities [4] Group 3: Pricing - The pricing for the Honor Magic 8 series is as follows: - Magic 8: - 12GB RAM + 256GB ROM: 4499 CNY - 12GB RAM + 512GB ROM: 4799 CNY - 16GB RAM + 512GB ROM: 4999 CNY - 16GB RAM + 1TB ROM: 5499 CNY - Magic 8 Pro: - 12GB RAM + 256GB ROM: 5699 CNY - 12GB RAM + 512GB ROM: 5999 CNY - 16GB RAM + 512GB ROM: 6199 CNY - 16GB RAM + 1TB ROM: 6699 CNY [5]

Core Viewpoint - The establishment of the "Anhui Province Jusheng Material Equity Investment Partnership" with a total fund size of RMB 1 billion, where the company contributes RMB 190 million, is a strategic move to enhance its investment in the new display materials sector and strengthen its industrial chain collaboration [2][3]. Group 1: Fund Details - The fund has a total scale of RMB 1 billion, with the company contributing RMB 190 million, accounting for 19% of the total [2]. - The fund is managed by Hefei Xinzhan Guoxin Capital Private Fund Management Co., Ltd. and Hefei Shengzhi Equity Investment Co., Ltd., with other contributors including local industry funds [3]. - The investment period for the fund is set at 10 years, focusing on new display materials, with at least 70% of investments directed towards the upstream and downstream of the industry chain [3]. Group 2: Strategic Importance - The partnership is seen as a significant step for the company to improve its industrial layout and deepen collaboration within the supply chain [3]. - By leveraging the resources and management experience of professional investment institutions, the company aims to expand its investment in key areas such as display materials, facilitating technological breakthroughs and supply chain cooperation [3]. Group 3: Company Focus and Developments - The company is focused on the new display business, including the research, production, and sales of OLED and Micro LED display devices, with applications in smartphones, wearables, and other sectors [3]. - The company is actively advancing the construction of its 8.6-generation AMOLED production line and has announced a joint investment of RMB 5 billion to establish a new display industry innovation center [4].