Visionox(SZ:002387) Di Yi Cai Jing·2025-11-03 12:55Core Viewpoint - The company, Visionox, is planning to issue A-shares to specific investors, which may lead to a change in control, although the specifics are still under discussion and the plan is uncertain [2] Group 1: Company Developments - Visionox has recently terminated a significant asset restructuring plan that aimed to acquire a 40.91% stake in Hefei Visionox for a total price of 6.56 billion yuan, which faced multiple regulatory inquiries and adjustments [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] - As of September 30, 2025, Visionox's cash reserves were 6.998 billion yuan, while its current liabilities reached 25.218 billion yuan, resulting in a debt-to-asset ratio that increased from 49.43% in 2020 to 84.36% in Q3 2025 [5] Group 2: Industry Context - The OLED panel industry is experiencing intensified competition, with Visionox's market share in the global smartphone OLED panel sector dropping to 9.1% in the first half of 2025, compared to 10.3% the previous year [6] - The overall OLED industry in China remains unprofitable, and Visionox has faced continuous losses due to its exclusive focus on OLED panels without the financial support from LCD panel revenues [4][7] - The global OLED display panel revenue is projected to reach 53 billion USD in 2025, slightly down from 54 billion USD in 2024, indicating a stagnation in revenue due to intense price competition [9]