Group 1: Market Position and Growth - By 2024, Chinese companies will control 65% of global polarizer production capacity, expected to exceed 80% by 2027 [1] - In 2025, China's display panel production will account for 70% of the global market share, meaning 7 out of every 10 display panels produced worldwide will come from China [2] - The market size of China's display panel industry will reach 1.3 trillion yuan in 2024, capturing over 50% of the global market [3] Group 2: Key Players and Performance - BOE Technology Group leads the smartphone panel market with a projected shipment of 610 million units in 2025, holding a 68.8% market share in 2024 [2] - In the large-size LCD TV panel market, BOE holds a 25.9% market share, while Huaxing Optoelectronics and Huike occupy 20.2% and 14.4% respectively [2] - In 2024, BOE's revenue is expected to be 198.38 billion yuan, with a net profit of 5.32 billion yuan, marking a significant recovery from previous losses [7] Group 3: Technological Advancements - The introduction of 15 AMOLED production lines is challenging the dominance of South Korean manufacturers, with flexible screens and MiniLED technology driving a new display revolution [3] - Chinese companies are adopting a dual-track strategy, focusing on both LCD and OLED technologies to maintain market leadership [6] - The OLED gaming monitor segment is experiencing rapid growth, with a 132% increase in global shipments in 2024 [8] Group 4: Emerging Markets and Opportunities - The global automotive display panel market is projected to reach 232 million units in 2024, with a 6.3% year-on-year growth [8] - BOE holds a 17.6% market share in the automotive display sector, collaborating with various automotive brands [9] - The esports monitor market in China is expected to grow by 12.4% in 2025, driven by increasing consumer demand and the introduction of new products [12] Group 5: Strategic Developments - The acquisition of LG Chem's OLED polarizer business by Shanshan Holdings is a significant move towards vertical integration in the industry [4] - The construction of the world's first 3000mm ultra-wide polarizer production line by Hengmei Optoelectronics is set to enhance production capacity significantly [5] - The dual strategy of focusing on both LCD and OLED technologies has allowed Chinese manufacturers to effectively compete in the global market [6][13]

Group 1 - The company approved a share repurchase plan using its own and raised funds, with a total amount not less than RMB 50 million and not exceeding RMB 100 million, at a maximum price of RMB 14.80 per share [1][2] - The repurchase period is set for 12 months from the date of board approval [1] - As of June 30, 2025, the company has not yet implemented the share repurchase [1] Group 2 - The company will implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as per relevant regulations [2]

维信诺科技股份有限公司（以下简称"公司"）于2025年4月29日召开的第 七届董事会第十八次会议审议通过了《关于回购公司股份方案的议案》，同意公 司使用自有资金和自筹资金通过深圳证券交易所交易系统以集中竞价交易方式 回购公司部分已发行的人民币普通股（A 股），用于未来实施股权激励计划或员 工持股计划，本次用于回购股份的总金额不低于人民币0.5亿元（含）且不超过人 民币1亿元（含），回购价格不超过人民币14.80元/股（含），具体回购股份的数 量以公司公告回购方案实施完毕之日的实际回购股份数量为准，回购期限自董事 会审议通过回购股份方案之日起12个月内。具体内容详见公司于2025年4月30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《关于回购股份方案的公告》（公告编号：2025- 048）。 一、股份回购实施进展 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引 第9号——回购股份》等有关规定，公司应当在每个月的前三个交易日内披露截 至上月末的回购进展情况。截至2025年6月30日，公司暂未实施本次股份回购。 证券代码：00 ...

Core Insights - The global MOLED market is experiencing steady growth, with increasing penetration from smartphones to tablets, laptops, and automotive displays, driven by the development of smart terminal devices [1] - The compound annual growth rate (CAGR) for IT product MOLED panel shipments is projected to reach 56% from 2023 to 2028, while automotive display MOLED panel shipments are expected to grow at a CAGR of 49% during the same period [1] - The company is advancing significant asset restructuring and has announced updated materials, with the trading counterpart committing not to reduce their holdings in the listed company shares acquired through this transaction until December 31, 2028 [1] Company Insights - The company, Visionox, is leveraging its smart pixel technology (ViP technology), which features high opening rates and a tandem stacking architecture, resulting in a fourfold increase in panel brightness and a sixfold extension in lifespan [1] - ViP technology enables ultra-high resolution of 1700 ppi and improved color performance, while also enhancing water and oxygen barrier capabilities by three times through micro-level independent packaging technology [1] - The production line equipped with ViP technology can efficiently manufacture a variety of applications ranging from 1 inch to 80 inches within a single facility, allowing for better adaptability to industry cyclical fluctuations [1] Investment Firm Insights - Panjing Investment, established in 2016, is recognized as one of China's leading private equity fund managers, focusing on investment opportunities in Chinese listed companies and having a broad layout in overseas markets, particularly in Chinese concept stocks [2] - The firm emphasizes research-driven investment decisions, supported by a robust internal research team and strong relationships with top brokerage research institutions [2] - Panjing Investment aims to create sustainable long-term returns for clients by leveraging deep industry and stock research as the sole basis for investment decisions [2]

Group 1: Company Overview - Visionox is a leading innovative supplier of new display solutions, focusing on the research, production, and sales of small and medium-sized AMOLED displays and Micro-LED screens, with applications in smartphones, wearables, tablets, laptops, automotive displays, and large-size displays [2][3] - The company maintains strong partnerships with major global brands such as Honor, Xiaomi, OPPO, vivo, and Google [2][3] Group 2: Market Trends and Projections - The AMOLED market is experiencing rapid expansion, with a significant increase in penetration rates in small-sized displays and a growth inflection point in medium-sized applications [3] - From 2023 to 2028, the compound annual growth rate (CAGR) for AMOLED panel shipments in IT products is projected to be 56%, while for automotive displays, it is expected to be 49% [3] Group 3: Technology Innovations - The company's ViP technology features a high aperture ratio of 69% and a tandem stacking architecture, which enhances panel brightness by 4 times and extends lifespan by 6 times, achieving a resolution of 1700 ppi [4][5] - ViP technology allows for flexible production of various display sizes from 1 inch to 80 inches, improving operational efficiency and adaptability to market fluctuations [5] Group 4: Financial Performance - In the first quarter of 2025, the company achieved a revenue of 1.815 billion yuan, with a stable gross margin [2]

证券代码：002387 证券简称：维信诺 公告编号：2025-068 维信诺科技股份有限公司 关于收到深圳证券交易所恢复审核公司发行股份及支付现金 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。 维信诺科技股份有限公司（以下简称"公司"）拟发行股份及支付现金购买 参股子公司合肥维信诺科技有限公司（以下简称"标的公司"）控股权并募集配套 资金暨关联交易（以下简称"本次重组"）。本次重组已经公司2023年第二次临时 股东大会审议通过，并及时向深圳证券交易所（以下简称"深交所"）报送了相 关申报材料。 公司于近期收到交易对方拟调整部分交易方案的通知，按照《深圳证券交易 所上市公司重大资产重组审核规则》第五十一条的规定，深圳证券交易所对公司 本次重组中止审核。具体内容详见公司于2025年5月30日披露的《维信诺科技股 份有限公司关于申请中止审核发行股份及支付现金购买资产并募集配套资金暨 关联交易的公告》（公告编号：2025-059号）。 购买资产并募集配套资金暨关联交易通知的公告 公司本次发行股份及支付现金购买资产并募集配套资金暨关联交易事项尚 需深交所审核通过并报中 ...

Group 1 - The company plans to issue shares and pay cash to acquire the controlling stake in Hefei Visionox Technology Co., Ltd. and raise matching funds through a related transaction [1][2] - The board of directors approved adjustments to the transaction plan, including changes to performance compensation commitments [1][3] - The independent financial advisor confirmed that the adjustments do not constitute a major change to the restructuring plan [8][9] Group 2 - The performance commitment period for the target company has been adjusted to include cumulative net profits of no less than 3,234,692.53 million yuan for the years 2025 and 2026 [2][3] - Compensation amounts and methods have been specified, including cash compensation based on the proportion of shares transferred [3][4] - If the target company meets its performance commitments, 50% of the excess performance will be used for cash rewards to the transaction parties [4][5] Group 3 - The adjustments to the transaction plan do not meet the criteria for a major restructuring change as outlined in relevant regulations [6][8] - The independent financial advisor's review concluded that the adjustments are compliant with the regulations governing major asset restructuring [7][9]

Core Viewpoint - The company plans to issue shares and pay cash to acquire the controlling stake in its subsidiary, Hefei Visionox Technology Co., Ltd., and is adjusting the related transaction plan, which includes performance compensation commitments and lock-up periods for the transaction parties [1][10]. Summary by Relevant Sections Transaction Plan Adjustments - The performance compensation commitment period for the target company has been adjusted to the fiscal years 2025 and 2026, based on the net profit situation confirmed by the audit report for 2024 [1][2]. - The total committed operating revenue for the target company during the performance commitment period is set at 3,234,692.53 million yuan, with specific annual targets for 2025 and 2026 [2][3]. Compensation Mechanism - If the target company fails to meet the committed profit indicators, the transaction parties will compensate the listed company based on the proportion of shares sold [3][4]. - The compensation amount will be calculated based on the difference between the committed and actual operating revenue during the performance commitment period [4][5]. Performance Reward - If the target company exceeds the performance commitments, 50% of the excess profit will be rewarded to the transaction parties, with a maximum reward limit of 121,951.4469 million yuan [5][6]. Lock-up Periods - The transaction parties are restricted from transferring shares obtained through this transaction until the performance commitment obligations are fulfilled [7][8]. Regulatory Compliance - The adjustments made to the transaction plan do not constitute a major adjustment to the restructuring plan, as they meet the criteria set forth in relevant regulations [10]. - The adjustments were approved in a board meeting held on June 25, 2025, and do not require further shareholder approval [10].

Group 1 - The company held its 18th meeting of the 7th Supervisory Board on June 25, 2025, where all resolutions were legally valid and passed unanimously [1] - The meeting approved the adjustment of the plan for issuing shares and cash to acquire the controlling stake in Hefei Visionox Technology Co., Ltd., including changes to performance compensation commitments [1][2] - The performance commitment period for the target company has been adjusted to include the years 2025 and 2026, with a total net profit commitment of no less than 1,606.52 million yuan [1][2] Group 2 - If the performance commitments are not met, the compensation amount will be calculated based on the proportion of shares sold to the company [2][3] - The total revenue commitment for the performance period is set at no less than 3,234.69 million yuan [2][3] - The company will conduct a special audit to determine the actual net profit and revenue achieved during the performance commitment period [1][2] Group 3 - The meeting also approved the signing of a supplementary agreement to clarify the rights and obligations of all parties involved in the performance commitments and compensation adjustments [7] - The adjustments made to the transaction plan do not constitute a significant change according to relevant regulations [8] - The company plans to apply to the Shenzhen Stock Exchange for the resumption of the review process for the issuance of shares and cash to acquire assets and raise supporting funds [9]

中国国际金融股份有限公司 2 关于维信诺科技股份有限公司 本次交易方案调整不构成重大调整的核查意见 维信诺科技股份有限公司（以下简称"公司"）拟发行股份及支付现金购买 参股子公司合肥维信诺科技有限公司（以下简称"标的公司"）控股权并募集配 套资金暨关联交易（以下简称"本次重组"、"本次交易"）。 公司于2025年6月25日召开了第七届董事会第二十次会议，审议通过了《关 于调整公司发行股份及支付现金购买资产暨关联交易方案的议案》《关于本次交 易方案调整不构成重大调整的议案》等关于本次交易的相关议案，对本次交易方 案进行调整。中国国际金融股份有限公司（以下简称"独立财务顾问"）作为上 市公司的独立财务顾问，对上市公司本次交易方案调整事项进行核查，并出具如 下核查意见。 一、关于本次交易方案调整情况 | 序 号 | 调整项目 | 调整前 | 调整后 | | | | --- | --- | --- | --- | --- | --- | | | | （1）承诺利润指标 | （1）业绩承诺期 | | | | | | 交易对方对标的公司在业绩承诺 | 双方确认，鉴于标的公司 | | 年 2024 | | | | 期内实现 ...