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 ...

Core Viewpoint - Visionary Technology Co., Ltd. is set to undergo an IPO review on December 24, 2025, on the Sci-Tech Innovation Board, with significant backing from various institutions [1][13]. Company Overview - Visionary 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 [3][15]. - The company is the first globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafer backplanes and possesses comprehensive self-research capabilities across display chips, micro-displays, and optical systems [3][15]. Industry Position - Visionary Technology plays a crucial role in China's silicon-based OLED industry chain and is recognized as a leading enterprise by the Ministry of Industry and Information Technology [5][16]. - The company is tasked with enhancing the resilience and security of the new display industry chain and is positioned to capitalize on the growing demand for silicon-based OLED micro-displays, which have been historically dominated by foreign manufacturers [5][17]. Financial Performance - The company has experienced continuous revenue growth from 2022 to 2024, with R&D expenses constituting a significant portion of revenue at 124%, 133%, and 96% respectively during this period [5][17]. - Despite revenue growth, the company reported net losses of CNY 247 million, CNY 304 million, and CNY 247 million over the same periods, indicating that it has not yet achieved profitability [5][17]. Shareholding Structure - The company has a special voting rights arrangement, where the controlling shareholder's A-class shares have a voting power ratio of 7:1 compared to B-class shares, allowing the actual controller to hold approximately 62% of the voting rights with a 29% indirect shareholding [6][17]. IPO Fundraising - Visionary Technology aims to raise CNY 2.015 billion through the IPO, which will be allocated to the expansion of high-resolution silicon-based OLED micro-display production lines and the establishment of a research and development center [6][18]. - The investment will help the company enhance its production capacity, optimize product variety, and strengthen its technological capabilities [6][18]. Production Capacity - The company has established a production line dedicated to 12-inch wafers, capable of producing 9,000 wafers monthly, which is more cost-effective and technologically advanced compared to traditional 8-inch wafers [8][19]. - Visionary Technology is also advancing the construction of a second production line to meet diverse customer demands, with a maximum potential capacity of 27,000 wafers per month across three lines [8][19]. Market Applications - The silicon-based OLED micro-displays are already widely used in various applications, including photography and medical devices, with plans to expand into AR glasses and other industry-specific scenarios [9][20]. - The market for silicon-based OLED micro-displays is expected to grow rapidly, driven by their compatibility with wearable devices and increasing demand across multiple sectors [9][20].