【IPO一线】视涯科技科创板IPO获通过 两大问询聚焦增长可持续性与供应链安全

Core Viewpoint - The approval of Visionary Technology's IPO application marks a significant step for the company as a leading provider of silicon-based OLED microdisplay solutions, amidst concerns regarding its future growth sustainability and core agreement stability [1][5]. Group 1: Company Overview - Visionary Technology specializes in silicon-based OLED microdisplays and aims to provide comprehensive solutions for extended reality (XR) devices, which are becoming essential hardware in the AI industry [3]. - The company has achieved several technological breakthroughs, including the mass production of the world's first 12-inch silicon-based OLED production line and possesses full-stack self-research capabilities from display chips to optical systems [3]. Group 2: Market and Industry Challenges - The listing committee's inquiries highlight the company's challenges and potential risks, focusing on the sustainability of revenue growth, capacity surplus risks, and the prudence of performance forecasts [4]. - The committee emphasized the need for the company to balance forward-looking investments with actual commercial returns, especially in a rapidly evolving industry where technology and market demands are not yet fully stabilized [4]. Group 3: Strategic Partnerships and Supply Chain - The second major focus of the committee's inquiry pertains to the three-party agreements with specific strategic customers and suppliers, requiring the company to explain the commercial rationale of these agreements and assess the risks associated with their execution [4][5]. - The importance of supply chain security and stable relationships with core customers is underscored, particularly in a complex global industrial landscape influenced by geopolitical factors [5].