历时三年，维信诺终止收购合肥维信诺40.91%股权的交易

Core Viewpoint - The acquisition of a 40.91% stake in Hefei Visionox by Visionox has been terminated after nearly three years of attempts, primarily due to regulatory challenges, financial constraints, and the company's ongoing struggles between expansion and losses [1][2][3][6]. Group 1: Acquisition Process - Visionox announced on October 24 that it would terminate the acquisition of Hefei Visionox and withdraw all application documents from the Shenzhen Stock Exchange [2]. - The acquisition process began in late 2022, with a total transaction value of approximately 6.5 billion yuan, aimed at increasing Visionox's stake from 18.18% to 59.09% [3]. - The transaction faced multiple rounds of inquiries from the Shenzhen Stock Exchange, leading to four suspensions of the review process due to expired financial data and penalties against the auditing firm [5]. Group 2: Financial Performance and Challenges - Hefei Visionox reported a revenue of 10.445 billion yuan in 2024, a 113% increase year-on-year, and a net profit of 732 million yuan, indicating a return to profitability [9][10]. - However, the company's fixed asset value surged to 26.044 billion yuan, primarily due to 23.768 billion yuan in construction projects, which will lead to an annual depreciation expense of approximately 2.089 billion yuan starting in 2025 [11]. - Accounts receivable remained high at 4.354 billion yuan, with 84.73% owed by Visionox, raising concerns about dependency on related party transactions [11][12]. Group 3: Historical Context and Future Outlook - Visionox has faced continuous losses since its full transition to OLED technology in 2017, accumulating losses of approximately 15.3 billion yuan over eight years [14][15]. - As of mid-2025, the company had cash and cash equivalents of 6.505 billion yuan, while its current liabilities reached 23.48 billion yuan, resulting in a debt ratio increase from 49.43% in 2020 to 82.97% [17]. - Despite the challenges, Visionox is pursuing new production lines, including a collaboration for an 8.6-generation flexible AMOLED production line with a total investment of 55 billion yuan, where Visionox's stake is only 20% [17][20].