Core Viewpoint - The demand for information display and interaction is significantly increasing across various industries due to the wave of digital transformation, leading to a continuous rise in the adoption of commercial display devices [1] Company Overview - Guangzhou Shiyuan Electronic Technology Co., Ltd. (Shiyuan Electronics) has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a main board listing with joint sponsors being CICC and GF Securities (Hong Kong) [2] - Shiyuan Electronics is a leading global company in commercial display devices, particularly in interactive smart panels for education and enterprise services, and has established a market-leading position in the LCD main control board sector [2][4] Financial Performance - Shiyuan Electronics has shown robust revenue growth, with projected revenues of RMB 20.99 billion, RMB 20.17 billion, and RMB 22.40 billion for the years 2022 to 2024, respectively [5] - The company has experienced a decline in net profit from RMB 2.12 billion in 2022 to RMB 1.04 billion in 2024, indicating a short-term profit decline [5][6] - The gross margin has also decreased from 26.2% in 2022 to 20.9% in 2024, attributed to the growth of lower-margin smart control components and increased expenses in sales and R&D [6] Market Position - Shiyuan Electronics holds a 17.5% market share in the global education interactive smart panel market and ranks first in mainland China with a 25.0% market share in the conference interactive smart panel segment [5][9] - The global commercial display device market is projected to grow from RMB 157.6 billion in 2020 to RMB 189.4 billion in 2024, with a compound annual growth rate (CAGR) of 4.7% [7][8] Future Outlook - The global commercial display device market is expected to reach RMB 265.2 billion by 2029, with a CAGR of 7.0% from 2024 to 2029, driven by digital transformation, technological innovation, and policy support [8] - Shiyuan Electronics plans to use the funds raised from the IPO to enhance R&D capabilities, accelerate international expansion, and strengthen competitiveness in both domestic and international markets [9][10]

Core Viewpoint - The company, Guangzhou Shiyuan Electronic Technology Co., Ltd. (视源股份), is seeking to list H-shares in Hong Kong amid a significant decline in its market valuation, which has dropped from nearly 100 billion yuan in early 2021 to approximately 23.1 billion yuan as of June 19, 2025, representing a loss of over 75 billion yuan [1][22]. Financial Performance - In 2024, the company reported record revenue of 22.401 billion yuan, a year-on-year increase of 11.05%, but its net profit attributable to shareholders plummeted by 29.13% to 971 million yuan. The gross margin also fell from 26.2% in 2022 to 20.9% in 2024 [2][4]. - The "Smart Terminal and Applications" segment, which includes the "Seewo" and "MAXHUB" brands, saw its gross margin decline sharply from 35.6% in 2022 to 25.3% in 2024, indicating pressure on its core business [3][9]. Business Segments - The "Smart Control Components" segment experienced robust growth, with a revenue increase of 20.4% in 2024, particularly in the home appliance controller business, which surged by 65.64%. However, this segment's lower gross margin of 14.3% negatively impacted the overall profitability of the company [3][10][13]. - The education business generated revenue of 5.054 billion yuan, down 8.75%, while the enterprise service business saw a revenue decline of 2.6% to 1.582 billion yuan, reflecting challenges in traditional markets [8][9]. R&D Investment - The company invested 1.54 billion yuan in R&D in 2024, which accounted for 6.88% of its revenue, indicating a commitment to innovation despite declining profits. The R&D workforce comprised 48.24% of total employees, totaling 3,229 personnel [4][14]. IPO Purpose - The primary goal of the H-share listing is to support the company's globalization strategy, enhance international market presence, and secure funding for R&D and strategic investments [17][18]. Global Expansion - The company reported overseas revenue of 4.348 billion yuan, a year-on-year increase of 16.83%, and is focusing on deepening its presence in international markets through localized teams and partnerships with global tech giants [18][19]. AI Strategy - The company is heavily investing in AI, with initiatives such as the "Seewo Classroom Intelligent Feedback System" and the "Seewo Teaching Large Model," aiming to transform from a hardware manufacturer to a technology platform with advanced algorithms and applications [20]. Market Competition - The company faces intense competition from major players like Huawei and Lenovo, which poses risks to its market share and profitability. The management has acknowledged these challenges and is focusing on increasing the revenue share of high-margin products [21][22].

Core Viewpoint - The company, Guangzhou Shiyuan Electronic Technology Co., Ltd. (002841.SZ), is seeking to raise funds through an H-share IPO in Hong Kong to support its high R&D expenditures and global expansion strategy amidst declining profitability [1][2][9]. Financial Performance - In 2024, the company reported record revenue of 22.401 billion yuan, a year-on-year increase of 11.05%, but net profit attributable to shareholders fell significantly by 29.13% to 971 million yuan [1]. - The gross margin decreased from 26.2% in 2022 to 20.9% in 2024, indicating a decline in profitability [1]. - The "Smart Terminal and Applications" segment, which includes the "Seewo" and "MAXHUB" brands, saw a gross margin drop from 35.6% in 2022 to 25.3% in 2024 [1][4]. Business Segments - The "Smart Control Components" segment experienced robust growth, with revenue increasing by 20.4% in 2024, particularly driven by a 65.64% surge in home appliance controllers [1][6]. - Despite the growth in the "Smart Control Components" segment, its gross margin was only 14.3%, which negatively impacted the overall profitability of the company as this segment's revenue share rose from 41.9% in 2022 to 45.9% in 2024 [7]. R&D Investments - The company invested 1.54 billion yuan in R&D in 2024, which accounted for 6.88% of its revenue, indicating a commitment to innovation despite declining profits [2][8]. - The management plans to increase R&D spending in 2025 to enhance technology innovation and product upgrades [2]. Market Position and Competition - The company holds leading market shares in several segments, including 17.5% in global education interactive smart panels and 25.0% in China's enterprise service market for interactive smart panels [3]. - However, the education and enterprise service segments faced revenue declines of 8.75% and 2.60%, respectively, due to increased competition from major players like Huawei and Lenovo [4][5]. Global Expansion Strategy - The IPO aims to enhance the company's international market presence and brand influence while providing a broader capital platform for long-term development [9]. - The company reported a 16.83% increase in overseas revenue, reaching 4.348 billion yuan in 2024, as part of its strategy to penetrate international markets [9][10]. AI and Future Prospects - The company is focusing on AI as a core direction for future growth, with significant R&D investments aimed at developing AI applications in education [11][12]. - The management has outlined strategies to improve the revenue share of high-margin products and enhance market promotion of AI products [12].

Group 1 - Haitai Weiye's dark market closed up 3.86% on June 18, with a final price of HKD 37.7 and a total market capitalization of HKD 219.56 billion, indicating strong market recognition [1] - The listing of Haitai Weiye on the Hong Kong Stock Exchange is expected to provide significant capital support and enhance its international visibility and brand influence [1] Group 2 - Shiyuan Technology submitted its listing application to the Hong Kong Stock Exchange on June 17, holding a leading position in the interactive smart panel and LCD main control board sectors [2] - The company's projected revenues for 2022 to 2024 are HKD 20.99 billion, HKD 20 billion, and HKD 22.4 billion, with net profits of HKD 2.1 billion, HKD 1.4 billion, and HKD 1 billion respectively [2] - The listing is a significant step for Shiyuan Technology towards the international capital market, which will enhance its brand influence [2] Group 3 - Xie Ruilin expects a loss of no more than HKD 200 million for the fiscal year ending March 31, 2025, a significant reduction of over 46% compared to the previous year's loss of HKD 374 million [3] - The improvement in performance is attributed to the successful implementation of business transformation strategies and increased profit contributions from its franchise operations in mainland China [3] - This positive trend indicates the company's potential for future financial performance and market competitiveness [3] Group 4 - Zhou Li Fu, Sheng Bei La, and Ying Tong Holdings are simultaneously conducting an IPO in Hong Kong, with subscription ending on June 23 [4] - The offering prices are set at HKD 24, HKD 2.8-3.28, and HKD 6.58 respectively, with cornerstone investors participating and all companies having an over-allotment option [4] - Zhou Li Fu is expanding rapidly through a franchise model, while Ying Tong Holdings boasts a strong brand portfolio and sales network; Sheng Bei La focuses on high-end postpartum care with significant revenue growth but increasing losses [4]

Core Viewpoint - Guangzhou Shiyuan Electronic Technology Co., Ltd. (referred to as "Shiyuan") is recognized as a leading company in the smart control technology sector and commercial display equipment, with a strong market position in interactive smart panels and LCD main control boards [2]. Financial Performance - Shiyuan's projected revenues for 2022, 2023, and 2024 are RMB 20.99 billion, RMB 20.17 billion, and RMB 22.40 billion, respectively [2][3]. - The annual profits for the same years are expected to be RMB 2.12 billion, RMB 1.40 billion, and RMB 1.04 billion, indicating a declining profit trend [2][3]. Business Model and Culture - Shiyuan operates with a unique corporate culture where employees do not clock in or out, have no KPI assessments, and can set their own salaries. The company also provides facilities such as a health check center and kindergarten for employees and their families [4]. - The founders of Shiyuan, including Huang Zhengcong, Wang Yiran, and Sun Yonghui, are known for their low public profiles, often avoiding media attention and significant company events [5].

Core Viewpoint - The company, Visionox, has submitted an application for an H-share IPO on the Hong Kong Stock Exchange, aiming to leverage its leading position in the commercial display equipment market and expand its product offerings in response to growing global demand for digital education and enterprise solutions [1][2]. Group 1: Company Overview - Visionox is a leading global company in commercial display equipment, particularly in interactive smart panels (IFPD) and LCD main control boards, holding a 23.8% market share in the LCD main control board sector in 2024 [1]. - Established in 2005, Visionox has expanded its business from LCD main control boards to a diverse range of high-growth potential smart control components, covering various sectors including white goods, automotive, energy storage, and robotics [1]. Group 2: Market Position and Growth - The company's Seewo brand has become the top revenue-generating brand in the interactive smart panel market for education in China, with a 17.5% global market share in 2024 [2]. - Visionox's MAXHUB brand, targeting the enterprise market, holds a 25.0% market share in China and ranks second globally with a 9.9% share in 2024 [2]. - The global market for interactive smart panels in education is projected to grow from 20 billion RMB in 2024 to 30.7 billion RMB by 2029, with a compound annual growth rate (CAGR) of 8.9% [2]. - The global market for commercial audio-visual (AV) equipment in education is expected to increase from 86.6 billion RMB in 2024 to 119.1 billion RMB by 2029, with a CAGR of 6.6% [2]. Group 3: Financial Performance - Visionox is projected to achieve a revenue of 22.4 billion RMB in 2024, an 11% increase from 20.1 billion RMB in 2023, driven by a 20.4% growth in smart control component revenue [3]. - The company's net assets are expected to reach 13.1 billion RMB by the end of 2024 [3]. Group 4: IPO and Fund Utilization - The IPO will be jointly sponsored by CICC and GF Securities (Hong Kong), with the raised funds aimed at supporting product research and development, enriching the product portfolio, and accelerating commercialization in core application scenarios [3].

关于向香港联交所递交 H 股发行并上市的申请并刊发申请资料的公告 证券代码：002841 证券简称：视源股份 公告编号：2025-035 广州视源电子科技股份有限公司 关于向香港联交所递交 H 股发行并上市的申请 并刊发申请资料的公告 本公司及董事会全体委员保证信息披露的内容真实、准确和完整，没有任 何虚假记载、误导性陈述或重大遗漏。 广州视源电子科技股份有限公司（以下简称"公司"）已于 2025 年 6 月 17 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股 票并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于同日在 香港联交所网站刊登了本次发行的申请材料。该申请材料为公司按照香港证券及 期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊 发，为草拟版本，其所载资料可能会适时作出更新及修订，投资者不应根据其中 的资料作出任何投资决定。 鉴于本次发行的认购对象将仅限于符合相关条件的境外投资者及依据中国 相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券 交易所的网站和符合监管机构规定条件的媒体上刊登该申请资料，但为使境内投 资者及 ...

Core Viewpoint - The market is increasingly recognizing the potential of Shiyuan Co., Ltd. in the AI + education sector, as evidenced by recent coverage from multiple securities firms [1][3]. Group 1: Company Developments - Shiyuan Co., Ltd. is a leading player in educational information technology, leveraging its Hiwo brand to implement deep AI applications across various educational scenarios [1]. - The company is focusing on building capabilities around large models and utilizing a cloud-edge-end collaborative platform to enhance AI functionalities in its products [1]. - The recent "1+5+N" smart education plan launched at a higher education expo connects a teaching management platform with five subsystems, covering critical aspects of education [1]. Group 2: Product Innovations - The company has made significant progress in AI learning terminals, with a rapid increase in sales of multi-price range learning machines set to launch in 2024 [2]. - The collaboration with various tech companies aims to expand the boundaries of AI education, with initiatives like the "AI + Education New Ecosystem Initiative" led by Hiwo [2]. - Shiyuan Co., Ltd. is innovating new teaching scenarios such as "AI + Science" and "AI + Sports" through partnerships with ecological enterprises [2]. Group 3: Market Recognition - The concentrated coverage from financial institutions reflects the market's acknowledgment of Shiyuan Co., Ltd.'s ongoing investments in AI + education and the tangible results achieved [3]. - The company is positioned to benefit from policy support and industry trends, driving improvements in profitability through continuous product iterations in the AI + education space [3].

（图片来源于视源股份） 6月11日至15日，2025美国国际视听技术及系统集成展览会(InfoComm USA 2025)在美国奥兰多会展中 心举行。视源股份(002841)旗下全球化品牌MAXHUB以"Possibility in Every Space"为核心主题亮相展 会，展示了完整基于Windows的Microsoft Teams Rooms解决方案，满足了各种会议室部署需求，简化安 装和管理过程，为全球用户呈现一场沉浸式的数字化办公与沟通革新体验。 展会期间，MAXHUB展位围绕"体验、互动、共创"打造多重亮点活动，邀请行业嘉宾、媒体与客户共 同探索智能协作的未来。 当地时间6月11日上午，MAXHUB在InfoComm USA 2025上携手微软、英特尔等合作伙伴举行新品发布 会，发布了基于Windows的系列产品，揭晓Copilot与AI功能的深度应用场景，同时揭秘轻量化部署方 案；此外，MAXHUB在展位还设置了企业会议室、高校教室、数字标牌等多个实景体验区，打造沉浸 式Demo体验，观众可亲身体验MAXHUB产品的智能追踪、无线投屏、云管理等功能，感受"一键启 动，高效协作"的魅力。 此次参 ...

Group 1 - The company held its ninth meeting of the fifth board of directors on June 12, 2025, to discuss key resolutions related to its H-share issuance and listing in Hong Kong [1][2]. - The board approved the establishment of a business address in Hong Kong and the registration as a non-Hong Kong company, which is necessary for the H-share issuance [1]. - The board appointed two joint company secretaries and designated representatives in accordance with the Hong Kong Stock Exchange listing rules [2]. Group 2 - The board made adjustments to the audit and nomination committee members to enhance corporate governance following the H-share issuance [2][3]. - The new audit committee members include Liu Yunguo (Chairman), Zhu Yikun, and Liu Da [2]. - The new nomination committee members include Zhu Yikun (Chairman), Liu Yunguo, and Yu Wei [3].