视源股份：更新港股招股书 加速研发与国际化布局打造智能生态

Core Viewpoint - The company, Visionox Technology Co., Ltd. (002841), is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage growth opportunities in the digital transformation of education and expand its enterprise service solutions across various industries [2][3]. Company Overview - Visionox is a leader in smart control and holds a significant position in the global commercial display industry, particularly in interactive smart panels for education and enterprise services [2]. - The company has expanded its product offerings from LCD display control boards to high-growth potential smart control components across various sectors, including white goods, automotive, energy storage, and robotics [2]. - Visionox has built an ecosystem that includes smart terminals and specific scenario solutions, offering a product portfolio that encompasses commercial display products, AV systems, computing solutions, and AI-driven software solutions for core applications [2]. Fundraising Purpose - The funds raised from the IPO will be used to enhance R&D capabilities, accelerate international expansion, improve digital capabilities, and support strategic investments and acquisitions in both domestic and international markets [3]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 22.401 billion yuan, a year-on-year increase of 11.05%, while the net profit attributable to shareholders decreased by 29.13% to 0.971 billion yuan [3]. - From January 1 to September 30, 2025, the company achieved a revenue of 18.087 billion yuan, reflecting a year-on-year growth of 5.45%, with a net profit of 0.867 billion yuan, down 6.81% [3]. Cash Flow Analysis - In 2024, the net cash flow from operating activities was 1.029 billion yuan, up 30.92% year-on-year [8]. - For the first nine months of 2025, the net cash flow from operating activities reached 0.869 billion yuan, marking a significant increase of 58.44% [8]. Asset and Liability Changes - As of September 2025, the company's cash and cash equivalents decreased by 15.86%, while trading financial assets increased by 366.7% [11]. - Short-term borrowings rose by 48.9%, and accounts payable increased by 34.8%, indicating a shift in the company's liability structure [14].