Visionox(SZ:002387) Zheng Quan Shi Bao Wang·2025-10-24 13:13Core Viewpoint - The company, Visionox, announced the termination of a significant asset restructuring plan to acquire a 40.91% stake in Hefei Visionox Technology Co., Ltd. due to changes in the market environment since the initiation of the transaction [1][3]. Group 1: Transaction Overview - The acquisition plan was first announced at the end of 2022, with a valuation of Hefei Visionox at 16.04 billion yuan, corresponding to a purchase price of 6.561 billion yuan for the stake [2]. - The transaction involved issuing shares and cash payments totaling 4.458 billion yuan and 2.103 billion yuan, respectively, with additional fundraising not exceeding 2.2 billion yuan [2]. - The restructuring process faced multiple adjustments due to asset valuation changes and performance commitments, with the board making revisions in July 2024 and June 2025 [2]. Group 2: Business Context - Hefei Visionox is a core production base for Visionox in East China, focusing on the research, production, and sales of flexible AMOLED display panels [3]. - The company aims to strengthen control over Hefei Visionox to enhance operational management, share technological advancements, and reduce costs, thereby solidifying its market position in the flexible AMOLED sector [3]. Group 3: Financial Performance - For the period from January to September 2024, Hefei Visionox reported revenues of 7.508 billion yuan and a net profit of 183 million yuan, with a significant year-on-year increase in main business income by 194.21% [4]. - The revenue was derived from product sales and technology licensing, with product sales contributing 6.935 billion yuan and technology licensing generating 167 million yuan [4]. Group 4: Performance Commitments - The performance commitments from the transaction counterpart require Hefei Visionox to achieve a cumulative net profit of no less than 2.92 billion yuan over the years 2024, 2025, and 2026 [5].