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 amounting to 500 million RMB [1] Group 1: Capital Increase Details - The capital increase will be conducted entirely in cash, with the funds allocated to repay existing loans from the Industrial and Commercial Bank of China [1] - The capital increase price is set at 1.0437 RMB per registered capital, with 479,082,318.79 RMB added to the registered capital and the remaining 20,917,681.21 RMB added to the capital reserve [1] - After the capital increase, the registered capital of the company 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 an 86.6911% stake in Guoxian Optoelectronics, while the company will directly hold a 3.9760% stake [1] - Guokai Development Fund Co., Ltd. will hold a 2.6662% stake, and the special fund will hold a 6.6667% stake, ensuring that Guoxian Optoelectronics remains a controlled subsidiary of the company [1]

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].

经济观察报记者 郑晨烨 面板巨头不约同"盯"上了中尺寸IT面板：京东方（000725.SZ）相关投资630亿元、维信诺（002387） （002387.SZ）相关投资550亿元，TCL华星相关投资295亿元…… 自2023年11月起，在不到两年的时间里，中国显示面板行业在同一个细分领域——第8.6代OLED生产线 的公开投资计划总额，已约达1500亿元。这些巨额投资所争夺的，是未来数年笔记本电脑、平板电脑等 中尺寸高端显示屏的市场主导权。 在这一连串的巨额投资中，TCL华星是最新入局的一个。2025年9月12日，TCL科技（000100） （000100.SZ）公告，拟与其子公司TCL华星及广州市政府方面共同投资295亿元，建设一条8.6代印刷 OLED（有机发光二极管，一种在材料通电后可主动发光的显示技术）产线。与该笔巨额投资形成对比 的是，在2024年5月7日，针对当时的市场传言，TCL科技曾发布过一份澄清公告，内容很明确："公司 （包括下属控股子公司）目前无新建8代或8.6代OLED产线的投资计划。" 当然，整个行业围绕8.6代OLED的布局，也并非完全没有分歧：一方面，是早已开工且建设进度飞快的 京东 ...