Core Viewpoint - Shiya Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, aiming to raise 2.015 billion yuan for its operations and expansion in the micro-display sector, particularly focusing on silicon-based OLED technology [1][2]. Company Overview - Shiya Technology is a leading global provider of micro-display solutions, specializing in silicon-based OLED micro-displays and offering value-added services such as strategic product development and optical systems [1][2]. - The company is the first in the world to achieve mass production of silicon-based OLED micro-displays using 12-inch wafer backplanes and possesses comprehensive self-research capabilities across the entire stack of "display chip + micro-display + optical system" [1][2]. Industry Position - The silicon-based OLED micro-display market has been historically dominated by foreign manufacturers, but the importance of this technology is increasing rapidly due to the growth of downstream applications [2]. - Shiya Technology has developed several core technologies, including strong micro-cavity technology and high-efficiency stacked OLED technology, enabling it to surpass competitors in product performance [2]. Market Performance - As of 2024, Shiya Technology ranks second globally and first domestically in silicon-based OLED product shipments, capturing approximately 35.2% of the market, while Sony leads with 50.8% [2]. - The company has established a strong presence in the supply chains of major clients, including ByteDance, Yingshi Innovation, and Lenovo [2]. Financial Overview - The company's projected revenues for 2022, 2023, 2024, and the first half of 2025 are approximately 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan, respectively [2]. - Net profits for the same periods are projected to be -247 million yuan, -304 million yuan, -247 million yuan, and -123 million yuan, indicating ongoing financial challenges [2][3]. Fund Utilization - The funds raised from the IPO will be allocated primarily to the expansion of ultra-high-resolution silicon-based OLED micro-display production lines (79.86% of total funds) and the establishment of a research and development center (20.14% of total funds) [2].

Core Viewpoint - The article discusses the approval of Shiya Technology Co., Ltd.'s IPO application on the Sci-Tech Innovation Board, highlighting its business model and financial performance, as well as the company's growth potential in the micro-display solutions market [1][2]. Group 1: Company Overview - Shiya Technology is a leading provider of micro-display solutions, specializing in silicon-based OLED micro-displays and offering value-added services such as strategic product development and optical systems [3]. - The company was established in October 2016 and transitioned to a joint-stock company in May 2022, with a total share capital of 900 million shares before the IPO [3]. - As of June 2025, the company has a total of 722 employees and operates six wholly-owned subsidiaries and four affiliated companies [3]. Group 2: Shareholding Structure - The controlling shareholder, Shanghai Jishan, holds 140.52 million shares, accounting for 15.61% of the total share capital, and has significant voting rights due to special voting arrangements [4]. - The actual controller of the company is Gu Tie, who owns 100% of Shanghai Jishan and can control 29.36% of the shares through it [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 190.43 million yuan, 215.45 million yuan, 280.06 million yuan, and 150.50 million yuan, while the net profit attributable to the parent company was -278.68 million yuan, -363.90 million yuan, -308.30 million yuan, and -142.62 million yuan [5]. - As of December 2025, the total assets are projected to be 4.27 billion yuan, with a debt-to-asset ratio of 32.94% [6]. Group 4: Listing Standards - The company meets the listing standards set forth in the "Listing Rules," with an expected market value of no less than 10 billion yuan, which qualifies it for the Sci-Tech Innovation Board [7]. Group 5: Key Questions from the Listing Committee - The listing committee raised questions regarding the sustainability of revenue growth, potential risks of overcapacity, and the commercial rationale behind agreements with strategic customers and suppliers [8].