Core Viewpoint - The Hefei Guoxian 8.6-generation AMOLED production line project is progressing well, with 65% completion expected to start cleanroom delivery in Q2 2024, and mass production scheduled for 2027 [1][4][5]. Group 1: Project Overview - The project covers an area of approximately 800,000 square meters, with a designed capacity of 32,000 glass substrates per month (size 2290mm × 2620mm) [4]. - It is the world's first 8.6-generation AMOLED production line utilizing Visionox's FMM-free technology (ViP technology), targeting medium-sized applications such as tablets, laptops, and automotive displays [4]. Group 2: Investment and Financing - The second phase of capital investment for the project amounts to 9.443 billion yuan, with contributions from Hefei Jianxiang and Hefei Xincheng, each investing 2.7625 billion yuan for a 31.13% stake, and Visionox investing 3.918 billion yuan for a 37.73% stake [4]. - Following the second phase investment, the registered capital of Hefei Guoxian will increase to 11.443 billion yuan, and it remains outside Visionox's consolidated financial statements [4]. Group 3: Industry Impact - The establishment of the Hefei Guoxian production line is expected to position Hefei as a core supply base for large-sized AMOLED panels globally, enhancing its technological influence and standard-setting capabilities [5]. - Over 30 supporting enterprises have settled in Hefei, with significant investments exceeding 1 billion yuan to attract additional supporting companies [5].

影像工作者需要更精准的色域，游戏玩家追求毫秒级的响应，甚至是移动办公族也希望能有出彩的显示 效果却不影响续航。在这样的背景下，在智能手机上证明了自己的OLED显示技术，正加速向平板、笔 电、车载等中大尺寸领域渗透。 据Omdia预测，2023年至2028年间，IT产品OLED面板的出货量将以每年56%的速度增长，而车载显示 OLED面板的年复合增长率将达到49%。然而，站在这一风口之上，产业界却面临着一道隐形的屏障： 沿用传统的制造工艺，似乎已难以支撑AI时代对中大尺寸OLED显示性能与成本的双重极致追求。 工艺瓶颈，亟需技术换道 要明白传统制造工艺的瓶颈，首先要了解传统制造工艺的原理。 长期以来，中小尺寸 OLED 市场被 FMM（精细金属掩模版）蒸镀工艺统治。简单来说，FMM就是一 张布满微小孔洞的金属网。制造OLED屏幕时，红、绿、蓝三种发光材料通过这张"网"被精准地"喷"到 基板上，形成像素点阵。 这项技术支撑了智能手机OLED屏幕的繁荣，但当产业试图将OLED推向中大尺寸时，它的局限开始集 中暴露。 首先，是精度瓶颈。金属网的孔洞做不到无限小，800 PPI几乎就是物理极限。其次，是尺寸限制。当 基 ...

证券日报网讯1月23日，维信诺（002387）在互动平台回答投资者提问时表示，公司年度报告的相关工 作正在开展中，公司2025年年度报告预约披露时间为2026年4月29日。 ...

Group 1 - The core point of the article is that Visionox (002387) reported its shareholder count as of January 20, 2026, which stands at 65,248 households [1]

证券日报网讯1月23日，维信诺（002387）在互动平台回答投资者提问时表示，公司会持续关注股价动 态。 ...

Core Viewpoint - Visionox has been experiencing a long-term revenue-cost inversion, reflecting significant challenges within the company, including a notably low gross margin compared to peers and a high depreciation and amortization expense ratio. Additionally, the company's debt ratio continues to rise, with guaranteed net assets exceeding three times, raising concerns about potential deleveraging pressure following state-owned capital acquisition [1][17][28]. Financial Performance - Visionox announced an expected net loss for the fiscal year 2025, with cumulative losses exceeding 10 billion yuan over the past five years [3][18]. - In the first half of 2025, the company achieved a revenue of 4.121 billion yuan, with OLED product revenue accounting for approximately 3.994 billion yuan, representing over 90% of total revenue [4][20]. Market Position - In the AMOLED smartphone panel market, Visionox ranks third globally and second domestically, with a market share of 13.7% as of Q3 2025, despite a significant increase in shipments [5][21]. - The company has seen its market share grow from 6.8% in 2022 to 9% in 2023, and is projected to reach 11.2% in 2024 [7][23]. Gross Margin and Cost Structure - Visionox's gross margin has been negative for most of the past five years, with a severe cost-revenue inversion leading to a gross margin of -35.29% in 2023 [7][23]. - The company's depreciation and amortization expense ratio is significantly higher than that of peers, ranging from 33% to 44%, compared to 12% to 20% for competitors like BOE and Tianma [9][25]. Production Efficiency - The production yield of Visionox's G6 full-flexible production line is at the lower end of the industry standard, with a yield of 80% [8][24]. - The company has invested heavily in production lines, with over 100 billion yuan in investments and seven production lines currently operational [28]. Industry Dynamics - The panel industry is characterized by cyclical attributes influenced by supply-demand dynamics and technological iterations, with a typical production line construction cycle of 2-3 years [10][26]. - Visionox is lagging behind competitors like BOE and Samsung in the deployment of next-generation production lines, which are expected to significantly reduce costs and improve yields [11][27]. Debt and Financing - Visionox's debt level has surged from 54.6% in 2021 to 84.36% by Q3 2025, with short-term debt exceeding 13 billion yuan while cash reserves are below 8 billion yuan [12][28]. - Following the acquisition by state-owned capital, the company faces potential pressure to reduce leverage, with a guarantee ratio reaching 339.36% of its audited net assets [15][31].

Summary of Key Points Core Viewpoint The announcement details the progress of guarantees provided by Visionox Technology Co., Ltd. for its subsidiaries, highlighting significant financial commitments and the implications for the company's financial health and risk management. Group 1: Guarantee Overview - The company approved a total guarantee amount not exceeding RMB 22.62 billion for its subsidiaries during the 2025 fiscal year, effective for 12 months from the date of the shareholders' meeting [3][24]. - The total amount of guarantees provided by the company and its subsidiaries has exceeded 100% of the latest audited net assets, with specific guarantees exceeding 50% and 30% of net assets for different categories [2][41]. Group 2: Guarantee Progress - On January 19, 2026, the subsidiary Kunshan Guoxian Optoelectronics Co., Ltd. signed a loan agreement with the Export-Import Bank of China for RMB 200 million, with the company providing a joint liability guarantee [4][43]. - Following this guarantee, the total guarantee balance for Kunshan Guoxian increased to RMB 3.673 billion, with a remaining available guarantee amount of RMB 2.319 billion for the fiscal year 2025 [4][43]. Group 3: Subsidiary Information - Kunshan Guoxian Optoelectronics Co., Ltd. is a limited liability company with a registered capital of RMB 7.186 billion, established on November 19, 2012, focusing on the research, production, and sales of new flat panel display products [5][44]. - The company has not been rated for credit and is not listed as a dishonest executor [6][44]. Group 4: Loan Agreement Details - The loan agreement specifies that the funds must be used for the export of complete sets and high-tech products, with a loan term of 13 months [7][9]. - The guarantee provided by Visionox is a joint liability guarantee, ensuring that the company is responsible for the repayment of the loan if the subsidiary defaults [10][45]. Group 5: Board Opinions - The board believes that the guarantees for its subsidiaries are necessary for expanding financing channels and ensuring sustainable development, asserting that risks are manageable and do not harm the interests of shareholders [20][50]. - The total balance of external guarantees after this transaction is RMB 1.698 billion, representing 306.04% of the company's audited net assets for 2024, with no overdue guarantees reported [21][50].

维信诺公告称，公司于2026年与建设银行签署《本金最高额保证合同》，为控股子公司固安云谷提供 1.5亿元连带责任保证担保，固安云谷以评估价值约476万元的自有专利质押。本次担保后，对固安云谷 担保余额为93.88亿元，其2025年度可用担保额度剩59.67亿元。本次担保后，公司及控股子公司对外担 保总余额169.83亿元，占2024年经审计净资产的306.04%，无逾期担保。 ...

二、担保进展情况 证券代码：002387 证券简称：维信诺 公告编号：2026-012 维信诺科技股份有限公司 关于为控股孙公司提供担保的进展公告 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： 截至目前，维信诺科技股份有限公司（以下简称"公司"）及控股公司对外担 保总额（含对合并报表范围内子公司担保）已超过公司最近一期经审计净资产的 100%，担保金额超过公司最近一期经审计净资产的 50%，公司对合并报表外单 位担保金额超过最近一期经审计净资产的 30%，敬请广大投资者注意投资风险。 一、担保情况概述 公司分别于 2025 年 3 月 20 日和 2025 年 4 月 10 日召开第七届董事会第十七 次会议和 2024 年度股东大会，审议通过了《关于 2025 年度为公司及子公司提供 担保额度预计的议案》，同意公司 2025 年度为控股子公司云谷（固安）科技有 限公司、控股孙公司昆山国显光电有限公司（以下简称"国显光电"）、全资孙 公司昆山工研院新型平板显示技术中心有限公司、全资孙公司江苏汇显显示技术 有限公司和公司提供总额度不超过人民币 226 ...

证券代码：002387 证券简称：维信诺 公告编号：2026-013 维信诺科技股份有限公司 特别提示： 截至目前，维信诺科技股份有限公司（以下简称"公司"）及控股公司对外担 保总额（含对合并报表范围内子公司担保）已超过公司最近一期经审计净资产的 100%，担保金额超过公司最近一期经审计净资产的 50%，公司对合并报表外单 位担保金额超过最近一期经审计净资产的 30%，敬请广大投资者注意投资风险。 一、担保情况概述 公司分别于 2025 年 3 月 20 日和 2025 年 4 月 10 日召开第七届董事会第十七 次会议和 2024 年度股东大会，审议通过了《关于 2025 年度为公司及子公司提供 担保额度预计的议案》，同意公司 2025 年度为控股子公司云谷（固安）科技有 限公司、控股孙公司昆山国显光电有限公司（以下简称"国显光电"）、全资孙 公司昆山工研院新型平板显示技术中心有限公司、全资孙公司江苏汇显显示技术 有限公司和公司提供总额度不超过人民币 226.2 亿元的担保。担保额度有效期为 公司 2024 年度股东大会审议通过之日起的 12 个月内。具体内容详见公司于 2025 年 3 月 21 日和 2 ...