Group 1 - The core viewpoint of the news is that Guangzhou Shiyuan Electronic Technology Co., Ltd. has submitted a second listing application to the Hong Kong Stock Exchange, with CICC and GF Securities as joint sponsors [1] - The company primarily provides smart terminal products and solutions, focusing on education and enterprise service scenarios, and has built an ecosystem that includes AI-driven software solutions [1] - Shiyuan's products are marketed in over 100 countries and regions, utilizing a combination of direct sales and a global distribution network [1] Group 2 - For the first three quarters of 2025, Shiyuan reported operating revenue of 18.087 billion yuan, representing a year-on-year increase of 5.45% [2] - The net profit for the same period was 982 million yuan, showing a slight decline of 0.2% year-on-year [2] - The company's gross margin has been declining, with figures of 26.2%, 24.55%, 20.93%, and 19.92% for the years 2022 to 2024 and the first three quarters of 2025, respectively [2]

Core Viewpoint - The company, Visionox Technology Co., Ltd. (002841), is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage growth opportunities in the digital transformation of education and expand its enterprise service solutions across various industries [2][3]. Company Overview - Visionox is a leader in smart control and holds a significant position in the global commercial display industry, particularly in interactive smart panels for education and enterprise services [2]. - The company has expanded its product offerings from LCD display control boards to high-growth potential smart control components across various sectors, including white goods, automotive, energy storage, and robotics [2]. - Visionox has built an ecosystem that includes smart terminals and specific scenario solutions, offering a product portfolio that encompasses commercial display products, AV systems, computing solutions, and AI-driven software solutions for core applications [2]. Fundraising Purpose - The funds raised from the IPO will be used to enhance R&D capabilities, accelerate international expansion, improve digital capabilities, and support strategic investments and acquisitions in both domestic and international markets [3]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 22.401 billion yuan, a year-on-year increase of 11.05%, while the net profit attributable to shareholders decreased by 29.13% to 0.971 billion yuan [3]. - From January 1 to September 30, 2025, the company achieved a revenue of 18.087 billion yuan, reflecting a year-on-year growth of 5.45%, with a net profit of 0.867 billion yuan, down 6.81% [3]. Cash Flow Analysis - In 2024, the net cash flow from operating activities was 1.029 billion yuan, up 30.92% year-on-year [8]. - For the first nine months of 2025, the net cash flow from operating activities reached 0.869 billion yuan, marking a significant increase of 58.44% [8]. Asset and Liability Changes - As of September 2025, the company's cash and cash equivalents decreased by 15.86%, while trading financial assets increased by 366.7% [11]. - Short-term borrowings rose by 48.9%, and accounts payable increased by 34.8%, indicating a shift in the company's liability structure [14].

重要资讯 1、中共中央政治局召开会议，研究部署党风廉政建设和反腐败工作。 2、国家税务总局表 示，将持续落实落细支持科技创新的税费优惠政策。 3、市场监管总局发布4项资产管理国家标准，聚 焦资产管理数字化转型、文化数字资产等内容。 4、我国首部气候资源经济蓝皮书发布，指出气候资源 经济转化对保障粮食安全、促进产业升级等具有深远意义。 5、上海印发《关于支持 长三角G60科创走 廊策源地建设的若干措施》，推动科技创新和产业创新深度融合。 公司资讯 1、上海微电子中标一台步 进扫描式 光刻机，金额约1.1亿元。 2、 比亚迪车辆避撞专利公布，可提高避撞成功率。 3、 视源股份 向香港联交所更新递交了本次发行并上市的申请。 4、 纽泰格与卫蓝 新能源签署战略合作协议，推动 固态电池在 机器人行业规模化应用。 5、 天安新材成立资本管理公司，含AI及机器人业务。 6、 江山 欧派投资成立机器人科技公司。 7、 以岭药业在黑龙江成立 中药材公司。 备注：本文由AI根据市场公 开信息及公司公告等资料整理生成，不构成投资建议。 ...

Core Viewpoint - Guangzhou Shiyuan Electronic Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a main board listing, with Guotai Junan Securities and China International Capital Corporation as joint sponsors [1] Group 1: Company Overview - The company is a leader in intelligent control and holds a leading position in the global commercial display industry, particularly in the interactive smart panel sector for education and enterprise services [1] - The company's Seewo brand educational interactive smart panels lead the global market with a market share of 17.5% [1] - The MAXHUB brand conference interactive smart panels rank first in mainland China with a market share of 25.0% and second globally with a market share of 9.9% (by revenue) [1] - The company's LCD display main control board ranks first globally with a market share of 23.8%, supplying nine out of the top ten television brands globally by shipment volume in 2024 [1] Group 2: Financial Performance - The company's net profits for the fiscal years ending December 31 are projected to be 2.072 billion yuan for 2022, 1.370 billion yuan for 2023, and 0.971 billion yuan for 2024 [1]

格隆汇12月25日｜视源股份公告，公司正在进行申请境外发行股份（H股）并在香港联合交易所有限公 司主板挂牌上市的相关工作。公司已于2025年6月17日向香港联交所递交了本次发行并上市的申请，并 于同日在香港联交所网站刊登了相关申请资料。根据本次发行并上市的时间安排及香港联交所的相关要 求，公司于2025年12月24日向香港联交所更新递交了本次发行并上市的申请，并于同日在香港联交所网 站刊登了相关申请资料。 ...

关于申请发行境外上市股份（H 股）并上市的进展公告 证券代码：002841 证券简称：视源股份 公告编号：2025-055 广州视源电子科技股份有限公司 关于申请发行境外上市股份（H 股）并上市的进展公告 鉴于本次发行并上市的认购对象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境内监管机构规定条件的媒体上刊登该申请资料，但为 使境内投资者及时了解该等申请资料披露的本次发行并上市以及公司的其他相 关信息，现提供该申请资料在香港联交所网站的查询链接供查阅： 中文： https://www1.hkexnews.hk/app/sehk/2025/107995/documents/sehk25122401684 _c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107995/documents/sehk25122401685. 1 关于申请发行境外上市股份（H 股）并上市的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有任 何虚假记载、误导性陈述或重大遗漏。 ...

Core Viewpoint - Company Visionox Technology Co., Ltd. (视源股份) has submitted an application for listing on the Hong Kong Stock Exchange, with CICC and GF Securities acting as joint sponsors [1] Market Position - In 2024, Company holds a leading position in multiple sectors, with a global market share of 23.8% in the liquid crystal display main control board market (by shipment volume) [1] - The Seewo brand's educational interactive smart panel leads the global market with a 17.5% market share (by revenue) [1] - The MAXHUB brand's conference interactive smart panel ranks first in the Chinese mainland market with a 25.0% market share (by revenue) and second globally with a 9.9% market share [1] Product and Service Offering - Company primarily provides smart terminals and applications, including interactive smart panels, other commercial display products, computers and peripherals, audio-visual equipment, and systems, along with control components [1] - Focused on education and enterprise service scenarios, the company has built an ecosystem that includes AI-driven software solutions [1] Global Operations - Company operates in over 100 countries and regions, utilizing a marketing model that combines direct sales with a global distribution network [1] - The company employs an ODM model for production, relying on over 35 global partner factories as of September 30, 2025, and has established a smart manufacturing base dedicated to interactive smart panels [1]

Company Overview - Guangzhou Shiyuan Electronic Technology Co., Ltd. (referred to as Shiyuan) has submitted a listing application to the Hong Kong Stock Exchange, marking its second application this year, with CICC and GF Securities as joint sponsors [1] - Shiyuan is a leader in the global liquid crystal display (LCD) main control board market and holds a leading position in the commercial display industry, particularly in interactive smart panels for education and enterprise services [2] Product and Market Position - Shiyuan's product offerings include smart terminals and applications, as well as control components, with a focus on interactive smart panels [3] - The Seewo brand leads the global education interactive smart panel market with a 17.5% market share by revenue in 2024, while the MAXHUB brand leads the conference interactive smart panel market in mainland China with a 25.0% market share and ranks second globally with a 9.9% market share [2][8] - Shiyuan's LCD main control boards hold a 23.8% market share globally by shipment volume, supplying nine of the top ten television brands [2] Financial Performance - Shiyuan's revenue for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, were approximately RMB 20.99 billion, RMB 20.17 billion, RMB 22.40 billion, and RMB 18.09 billion, respectively [4] - The company's profits for the same periods were approximately RMB 2.12 billion, RMB 1.40 billion, RMB 1.04 billion, and RMB 0.98 billion [5] - Gross profits for the fiscal years were approximately RMB 5.50 billion, RMB 4.95 billion, RMB 4.69 billion, and RMB 3.60 billion [6] Industry Overview - The global commercial display 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] - The market for education interactive smart panels is expected to reach RMB 30.7 billion from 2024 to 2029, with a CAGR of 8.9% [7] - The commercial audio-visual (AV) equipment market is anticipated to grow steadily, reaching RMB 1,452 billion by 2029, with a CAGR of 4.7% from 2024 to 2029 [8]

Company Overview - Guangzhou Shiyuan Electronic Technology Co., Ltd. (referred to as Shiyuan) has submitted a listing application to the Hong Kong Stock Exchange, marking its second application this year, with CICC and GF Securities as joint sponsors [1] - Shiyuan is a leader in the global liquid crystal display (LCD) main control board market and has established a leading position in the interactive smart panel sector for education and enterprise services [4] - The company offers two main categories of products: smart terminals and applications, and control components [5] Market Position - Shiyuan's Seewo brand holds a 17.5% market share in the global education interactive smart panel market, making it the leader in this segment [4] - The MAXHUB brand leads the conference interactive smart panel market in mainland China with a 25.0% market share and ranks second globally with a 9.9% market share [4] - In the LCD main control board market, Shiyuan holds a 23.8% market share globally, supplying nine of the top ten television brands by shipment volume in 2024 [4] Financial Performance - For the fiscal years ending September 30, 2022, 2023, 2024, and the nine months ending September 30, 2025, Shiyuan's revenue was approximately RMB 20.99 billion, RMB 20.17 billion, RMB 22.40 billion, and RMB 18.09 billion respectively [9] - The company's profit for the same periods was approximately RMB 2.12 billion, RMB 1.40 billion, RMB 1.04 billion, and RMB 0.98 billion [10] - Gross profit figures for the same periods were approximately RMB 5.50 billion, RMB 4.95 billion, RMB 4.69 billion, and RMB 3.60 billion [10] Industry Overview - The global commercial display equipment 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% [11] - The revenue for education interactive smart panels, conference interactive smart panels, LED displays, and digital signage is expected to reach RMB 200 billion, RMB 91 billion, RMB 394 billion, and RMB 382 billion respectively by 2024 [11] - The commercial audio-visual (AV) equipment market is also expected to grow steadily, with projected revenue reaching RMB 1,452 billion by 2029, reflecting a CAGR of 4.7% from 2024 to 2029 [14]

Core Viewpoint - Guangzhou Shiyuan Electronic Technology Co., Ltd. (Shiyuan) has submitted a listing application to the Hong Kong Stock Exchange for the second time in 2023, with financial data indicating a profit of approximately RMB 982 million for the nine months ending September 30, 2025 [1]. Company Overview - Shiyuan is a leader in the global liquid crystal display (LCD) main control board market and has established a leading position in the interactive smart panel sector for education and enterprise services [4]. - The company offers two main categories of products: smart terminals and applications, and control components [5]. Market Position - Shiyuan's Seewo brand holds a 17.5% market share in the global education interactive smart panel market as of 2024, making it the market leader [4]. - The MAXHUB brand leads the meeting interactive smart panel market in mainland China with a 25.0% market share and ranks second globally with a 9.9% market share [4]. - In the LCD main control board market, Shiyuan holds a 23.8% market share globally, supplying nine of the top ten television brands by shipment volume in 2024 [4]. Financial Performance - The company's operating revenue for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, were approximately RMB 20.99 billion, RMB 20.17 billion, RMB 22.40 billion, and RMB 18.09 billion, respectively [9]. - The annual profit for the same periods was approximately RMB 2.12 billion, RMB 1.40 billion, RMB 1.04 billion, and RMB 982 million [10]. - Gross profit figures for the respective years were approximately RMB 5.50 billion, RMB 4.95 billion, RMB 4.69 billion, and RMB 3.60 billion [10]. Industry Overview - The global commercial display equipment 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% [10]. - The revenue for education interactive smart panels, meeting interactive smart panels, LED displays, and digital signage in 2024 is expected to reach RMB 20 billion, RMB 9.1 billion, RMB 39.4 billion, and RMB 38.2 billion, respectively [10]. - The commercial audio-visual (AV) equipment market is expected to grow steadily, with global revenue projected to reach RMB 1,452 billion by 2029, reflecting a CAGR of 4.7% from 2024 to 2029 [12].