Visionox(SZ:002387) 中国基金报·2025-10-25 11:04Group 1 - The core viewpoint of the article is that the acquisition of a 40.91% stake in Hefei Visionox by Visionox has been terminated after three years of attempts, highlighting the challenges faced in regulatory approvals and financial stability [2][3][4]. - The acquisition was initially valued at approximately 6.5 billion yuan, aiming to increase Visionox's stake from 18.18% to 59.09%, which was seen as a critical step for operational integration and governance optimization [7][10]. - The termination of the deal was influenced by multiple rounds of inquiries from the Shenzhen Stock Exchange, financial data expiration, and the need for a revised plan due to changing market conditions [10][11]. Group 2 - Visionox's collaboration with Hefei state-owned assets began in 2018, but the state-owned shareholders have not fully met their capital contribution obligations, with only 49.3% of the committed capital paid in [12][13]. - The financial performance of Hefei Visionox has shown instability, with projected revenues of 10.445 billion yuan in 2024, a 113% increase year-on-year, but also significant increases in fixed asset depreciation and high accounts receivable [15][17]. - The company has faced continuous losses since its full transition to OLED technology in 2017, accumulating losses of approximately 15.3 billion yuan over eight years [21][23]. Group 3 - Despite a high debt ratio of 82.97% as of mid-2025, Visionox continues to invest in new production lines, including a 55 billion yuan project for an 8.6-generation flexible AMOLED production line, with state-owned partners holding the majority stake [23][27]. - The article emphasizes the need for Visionox to focus on generating cash flow independently rather than relying on external funding, as the challenges of regulatory scrutiny and financial constraints intensify [27].