控制权酝酿变更！多年亏损下，维信诺寻找“接盘者”

Group 1 - The company, Visionox, has announced a temporary suspension of trading as it plans to issue A-shares to specific investors, which may lead to a change in control [2] - Visionox recently terminated a significant asset restructuring plan aimed at acquiring a 40.91% stake in Hefei Visionox, which was initially valued at 6.56 billion yuan [3] - The OLED panel industry is experiencing intensified competition, prompting Visionox to explore new financing avenues due to internal operational challenges [2][4] Group 2 - Visionox's restructuring plan faced multiple hurdles, including three rounds of inquiries from the Shenzhen Stock Exchange, leading to a reduction in transaction price and fundraising targets [3] - The company reported a revenue of 6.051 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.5%, but incurred a net loss of 1.623 billion yuan [5] - Visionox's gross margin for OLED products was reported at -1.1% in the first half of the year, with a significant increase in debt, raising the debt-to-asset ratio from 49.43% in 2020 to 84.36% by Q3 2025 [5] Group 3 - The competitive landscape for OLED panels is shifting, with major players like Samsung and BOE expanding their production lines, which poses challenges for Visionox [6][7] - Visionox's market share in the global smartphone OLED panel sector has decreased, with a share of 9.1% in the first half of 2025, down from 10.3% the previous year [6] - The company is facing financial challenges as it solely focuses on OLED panels without the support of LCD panel revenues during market fluctuations [7] Group 4 - Visionox has no controlling shareholder, with significant stakes held by local state-owned enterprises, which may be potential targets for the company's upcoming share issuance [8] - The company is involved in the construction of an 8.6-generation OLED production line in Hefei, which is part of a broader trend of increasing investment in OLED technology [9] - The global OLED display panel revenue is projected to reach $53 billion in 2025, indicating a competitive environment with ongoing price pressures [9]