此次科创板IPO，视涯科技拟募集资金约20.15亿元，其中16.09亿元将投向超高分辨率硅基OLED微型显示器件生产线扩建项目，4.06亿元用于研发中心建 设项目。 | 序号 | 募集资金的投资方向 | 拟投资金额 | 足 | 备案文号 | | --- | --- | --- | --- | --- | | | 超高分辨率硅基 OLED 微型显示器件 生产线扩建项目 | 160,888.80 | 79.86% | 2501-340163-04-05-980051 | | 2 | 研发中心建设项目 | 40,568.45 | 20.14% | 2501-340163-04-05-712150 2501-310115-04-05-979129 | | | 合计 | 201,457.25 | 100.00% | > 公众号 · 芯智讯 | 12月24日晚间，"上海证券交易所上市委2025年第67次审议会议结果公告"显示，视涯科技股份有限公司（以下简称"视涯科技"）符合发行条件、上市条件 和信息披露要求，且无需进一步落实事项。这也意味着"国产硅基OLED第一股"即将诞生！ 视涯科技表示，公司处于我国微显示产业链中上游 ...

上交所官网显示，全球硅基OLED微显示领域的领军企业视涯科技将于2025年12月24日上会。公开资料显示，公司主营产品为硅基OLED微型显示屏，并提 供战略产品开发、光学系统与XR整体解决方案等增值服务，此次IPO拟募资约20.15亿元，分别投向"超高分辨率硅基OLED微型显示器件生产线扩建"与"研 发中心建设"。 在招股书和两轮问询回复中，视涯科技描绘了突出的行业地位，在硅基OLED这一被视为下一代空间计算核心显示技术的赛道上，视涯科技确立了"全球第 二、境内第一"的市场地位；按弗若斯特沙利文统计，以2024年硅基OLED微显示屏出货量计，公司在XR领域市占率为35.2%，仅次于索尼的50.8%，同时是 全球消费电子巨头供应链多元化策略中不可或缺的供应商。 然而，上交所针对这家公司的问询也同时揭示出，其希望用更大的产能、更激进的增长预测，来对冲下游市场与工艺曲线不确定性的现实，这也构成了视涯 科技光环之下的隐忧。 "结构性替代"与行业竞争 上交所在第二轮问询的开篇就提出，全球XR设备销售额从2021年的372.3亿元波动下降至2024年的318.9亿元，在这样的背景下大规模募资扩产，可能面对产 能无法消化的 ...

据记者梳理，视涯科技已与多家全球头部科技企业建立深度合作关系。2025年上半年，公司与特定战略 客户签署预付款协议，锁定2026年起每年数百万块硅基OLED微显示屏的产能，为未来业绩增长提供坚 实保障。目前，该公司也在为字节跳动等战略客户推进定制化产品开发项目，预计将在2025年至2027年 间逐步转化为量产订单，进一步带动该公司业绩增长。 截至2025年6月末，该公司在手订单金额已达3.06亿元，显示出强劲的下游需求。值得一提的是，为应 对未来订单需求，视涯科技正积极推进产线扩建。该公司当前产能利用率已接近饱和，2025年上半年达 98.92%。本次通过募投项目"超高分辨率硅基OLED微型显示器件生产线扩建"及自筹资金建设项目，该 公司计划进一步扩充12英寸晶圆背板产能，突破阳极段与蒸镀段瓶颈，支撑销量目标实现。 本报讯(记者徐一鸣)近日，上海证券交易所官网显示，上交所上市委2025年第67次审议会议定于12月24 日召开，届时将审议视涯科技股份有限公司(以下简称"视涯科技")的首发申请。作为全球硅基OLED龙 头企业，此次视涯科技IPO备受市场关注。根据招股书披露的信息，该公司在技术研发和产业化方面取 得 ...

上海证券交易所近日发布公告，上市委员会定于2025年12月24日召开会议，审议视涯科技股份有限公司 的科创板首发上市申请。这标志着，这家在半导体显示技术领域深耕多年的国家级专精特新"小巨人"企 业，或将在不久后登陆资本市场，为其引领下一代近眼显示革命注入强劲动力。 凭借卓越的产品性能，视涯科技已迅速成长为全球硅基OLED领域的核心力量。根据行业报告，2024年 全球XR设备硅基OLED产品市场中，视涯科技出货量占比约35.2%，稳居全球第二、中国第一，成为该 赛道中仅有的两家实现百万级出货量的企业之一。公司的产品已广泛应用于消费电子、工业应用等多个 前沿领域，客户覆盖了字节跳动、雷鸟创新等众多行业头部企业。从为大疆无人机提供第一视角飞行体 验，到为医疗领域开发"近眼操作"的微创手术设备，视涯科技正将科幻般的视觉体验变为现实，持续拓 宽技术的应用边界。 拥抱未来，开启无限增长空间。当前，以生成式人工智能(AI)为代表的技术浪潮，正推动XR设备成为 多模态交互的最佳载体，为近眼显示产业带来历史性机遇。视涯科技所处的赛道市场前景极为广阔，据 预测，全球硅基OLED显示屏市场规模在2030年有望达到近680亿元，年复 ...

整理 | 傅宇琪、褚杏娟 消息称 MiniMax 和智谱计划很快进行香港 IPO；知情人士回应豆包手机被曝被约谈：消息不实； OpenAI 被曝使用 Claude 的 Agent Skills、 GPT-5.2 被指虚假营销；迪士尼官宣 10 亿美元投资 OpenAI，允许 Sora 生成米老鼠等角色视频；英伟达否认"DeepSeek 使用禁售 Blackwell 芯片"相关传 闻；美批准向中国出售英伟达 H200，抽成 25%！中国只回了一句话；美图吴欣鸿：鼓励员工内部创 业，给 1000 万"风投"；夸克 AI 眼镜"爆单"：现货被最高炒到 5000 元，产能已排到 45 天后；阿里成 立千问 C 端事业群，包括千问，夸克、UC 等业务；宇树、智元被曝竞逐 2026 春晚资格，报价吓 人！智元机器人回应；马斯克或成全球首位万亿美元富豪；招聘市场回暖，AI 岗位量单月暴涨 11 倍…… 行业热点 消息称 MiniMax 和智谱计划很快进行香港 IPO 12 月 11 日，据市场消息，人工智能独角兽企业 MiniMax 和智谱计划很快进行香港 IPO。 据多家媒体援引市场消息，三家头部 AI 独角兽：Mini ...

Core Insights - Samsung Display has officially commenced mass production of silicon-based OLED (OLEDoS) panels, which will be used in Samsung Electronics' XR headset "Galaxy XR" that was launched in October [1][2] - The Galaxy XR features two OLEDoS panels with a 4K resolution (3552×3840) and a high pixel density of 4032 PPI, achieving a color gamut coverage of 95% of the DCI-P3 standard [2][4] - This marks Samsung Display's first entry into the OLEDoS market, indicating a growing competitive landscape as companies like Meta, Apple, and Samsung Electronics invest in XR device development [2][4] Product Specifications - The OLEDoS panels in the Galaxy XR utilize a white backlight design with color filters to produce RGB colors, and have a base refresh rate of 72Hz [2] - Samsung Display has demonstrated prototype products with a maximum resolution of 5000 PPI and brightness levels reaching 20,000 nits, although the RGB OLEDoS technology is still in the R&D phase and not yet commercially available [4] Future Plans - Samsung Display plans to expand its OLEDoS business and is pursuing collaboration opportunities with Apple [2] - The company has established a new department focused on the R&D and commercialization of next-generation core technology, specifically RGB OLEDoS, following its acquisition of the American company eMagin in 2023 [2]

Core Insights - Gu Tie, with a strong technical background and business acumen, is positioned to lead two companies listed on the Sci-Tech Innovation Board following the IPO of Vision Technology Co., Ltd. [1] - Vision Technology has not yet achieved profitability, and its related party transactions are notable [1][5] Group 1: Company Background - Gu Tie has a 20-year career in the optical imaging industry, having worked at various companies before founding Yirui Technology in 2011, which successfully went public in 2020 [2][3] - Vision Technology was established in 2016, focusing on micro-display technology and XR solutions, but has yet to turn a profit [4][5] Group 2: IPO Process - The IPO process for Yirui Technology was notably swift, taking only six months from acceptance to listing [3] - Vision Technology's IPO is benefiting from new policies allowing unprofitable companies to list on the Sci-Tech Innovation Board, with its acceptance date being June 26, 2023 [4] Group 3: Financials and Related Transactions - Vision Technology aims to raise approximately 2.015 billion yuan, with funds allocated for expanding production lines and R&D [5] - The company has significant related party transactions with Yirui Technology, Precision Electronics, and GoerTek, raising concerns about the nature of these transactions [6][8] - Financial data shows that Vision Technology has consistently reported losses, with revenues of approximately 190 million yuan in 2022 and a net loss of about 247 million yuan [9]

Group 1 - The company reported a strong performance in the first half of 2025, with revenue reaching 2.441 billion yuan, a year-on-year increase of 18.44%, and a net profit of 233 million yuan, up 47.38% [2] - The core business of 3C drilling and milling machining centers (drilling and tapping machines) showed significant growth, generating revenue of 896 million yuan, a 34.07% increase year-on-year, solidifying its leading position in the industry [2] - The rapid growth of the drilling and tapping machine business is attributed to four main factors: the surge in demand for AI smartphones and XR devices, increased processing demand from titanium alloy phone frames and the popularity of foldable phones, equipment upgrade needs during the recovery cycle of the consumer electronics industry, and effective market expansion leading to a continuous increase in market share [2] Group 2 - The company achieved a breakthrough in its international strategy, with the Vietnam production base officially commencing operations, resulting in overseas revenue of 161 million yuan, a remarkable increase of 89.45% year-on-year [2] - The establishment of overseas production bases has not only reduced operational costs but also enhanced the company's ability to serve global customers, laying a solid foundation for future international market expansion [2] - The company has increased its R&D investment to 67.6301 million yuan, a year-on-year growth of 49.93%, focusing on developing customized CNC machine tools for emerging fields such as AI hardware and humanoid robots [3] - Continuous technological innovation and market expansion are expected to sustain the growth of product demand, further consolidating the company's leading position in the 3C drilling and tapping machine sector while accelerating overseas expansion and breakthroughs in emerging fields [3]

Core Insights - Pengding Holdings (Shenzhen) Co., Ltd. reported a consolidated revenue of RMB 3.0024 billion for July 2025, showing robust growth compared to the same period last year, highlighting the company's strong competitiveness in the global high-end PCB market [2] Company Overview - As a leading PCB manufacturer globally, Pengding Holdings focuses on high-end products such as HDI, SLP, and substrate-like PCBs, with major clients including Apple, Huawei, and Tesla [2] - The company benefits from the rapid penetration of emerging applications like AI terminals, foldable smartphones, XR devices, and automotive electronics, leading to an optimized order structure and an increase in the proportion of high-end products [2] Industry Trends - The global PCB industry is undergoing structural upgrades, with high-end products characterized by high technical barriers and strong customer loyalty, positioning Pengding Holdings to benefit from the trend of increasing industry concentration [2] - The company places significant emphasis on the development prospects of the AI server sector, with relevant production capacity established in its Huai'an and Thailand parks [2] - Pengding Holdings actively monitors the global AI server market dynamics and plans to adjust its investment and expansion strategies based on market demand and company strategy [2]

Investment Rating - The report maintains an investment rating of "Outperform the Market" [6][11]. Core Insights - The release of Xiaomi's new AI smart glasses on June 26, 2025, showcases advancements in battery life, weight, and functionality compared to competitors like Meta Ray-Ban. The potential replacement demand for AI glasses in the domestic market is significant, with retail sales of glasses priced above 2000 yuan reaching a million units [3][8][14]. Summary by Sections 1. Event: Xiaomi Launches New AI Smart Glasses - Xiaomi officially launched its new AI smart glasses, featuring a dual-chip architecture with Snapdragon AR1 and Hengxuan BES2700, which enhances battery life and reduces weight to 40g without lenses. The glasses have a typical battery life of 8.6 hours and can last up to 45 minutes during continuous shooting, outperforming Meta's 33 minutes [3][16][18]. 2. Analysis of AI Glasses Market Size and Potential - The AI glasses market is expected to grow significantly, with the potential to replace traditional glasses for myopic individuals and smart devices like TWS earphones and smartwatches. The domestic market for glasses priced above 2000 yuan has reached a retail volume of over 10 million units, indicating substantial replacement demand [8][31][34]. 3. Current Technology Pathways for AI/AR Smart Glasses - To address the challenges of weight, computing power, and battery life, manufacturers are exploring various solutions, including dual-chip designs and external battery packs. Xiaomi's glasses utilize a dual-chip structure to balance performance and power management [9][39]. 4. Layout of Light Industry Related Companies in the AI Glasses Field - Domestic manufacturers are forming strategic partnerships with optical lens manufacturers and channel partners to enhance their presence in the AI glasses market. Companies like Mingyue Optical and Doctor Glasses are actively collaborating with tech firms to leverage their distribution channels [10][11][22]. 5. Investment Recommendations: Maintain "Outperform the Market" Rating - In a structurally differentiated market environment, the report suggests focusing on high-growth sectors, particularly in new consumer areas driven by emotional value and technological empowerment. The light industry optical lens manufacturing and channel companies involved in AI glasses are highlighted as key areas for investment [11][34].