视涯科技科创板IPO获受理 拟募资20.15亿元

Core Viewpoint - Visionox Technology, a manufacturer of silicon-based OLED microdisplays, has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 2.015 billion yuan [1] Group 1: Company Overview - Visionox Technology is a leading global provider of microdisplay solutions, specializing in silicon-based OLED microdisplays and offering value-added services such as strategic product development and optical systems [4] - The company is the first in the world to achieve mass production of silicon-based OLED microdisplays using a 12-inch wafer backplane and possesses comprehensive self-research capabilities across the entire stack of "display chip + microdisplay + optical system" [4] - Visionox plays a crucial role in China's silicon-based OLED industry chain and is recognized as a leading enterprise in the new display industry by the Ministry of Industry and Information Technology [4] Group 2: Market Position and Competition - The silicon-based OLED microdisplay market has been dominated by foreign manufacturers, but its importance is increasing due to rapid growth in downstream applications [4] - In 2024, Visionox is projected to be one of only two companies achieving over one million shipments in the industry, ranking second globally and first domestically with a market share of approximately 35.2% [4] Group 3: Financial Performance - Visionox has not yet achieved profitability, with revenues of 190 million yuan, 215 million yuan, and 280 million yuan from 2022 to 2024, and net losses of 247 million yuan, 304 million yuan, and 247 million yuan during the same period [5] - The company attributes its lack of profitability to rapid industry growth, significant investments in production lines, and the need for substantial R&D expenditures to maintain competitive advantages [5] Group 4: Governance and Fundraising - Visionox has a special voting rights structure, where the controlling shareholder holds 61.79% of the voting rights, allowing for significant control over company management [6] - The IPO aims to raise 2.015 billion yuan for expanding production lines for ultra-high-resolution silicon-based OLED microdisplays and building a research and development center, which will enhance production capacity and technical strength [6] - The company aims to solidify its industry position and promote the development of the entire supply chain in China through the implementation of the fundraising projects [6]