Core Viewpoint - The Chinese display industry has transitioned from a reliance on imported technology to becoming a global leader in the OLED panel market, with a focus on achieving self-sufficiency in high-end technology and supply chains [1][20]. Group 1: Industry Development - The Chinese OLED panel shipment share is projected to reach 48.8% by 2025, nearly matching South Korea's share, but there is still room for improvement in core equipment and processes for large-sized high-end markets [1][3]. - The competition in high-generation lines is crucial for penetrating the mid-to-large size market, with two main technological paths: traditional evaporation using Fine Metal Masks (FMM) and the "no FMM" route [3][4]. - The traditional evaporation process is currently dominated by overseas suppliers, leading to high costs and dependency issues for panel manufacturers [4][5]. Group 2: Technological Innovation - The introduction of ViP technology by Visionox represents a significant shift in OLED manufacturing, replacing traditional evaporation methods with semiconductor lithography, thus eliminating reliance on FMM [7][10]. - ViP technology enhances pixel independence and significantly increases effective luminous area from 29% to 69%, improving lifespan and brightness metrics [10][12]. - The ViP production line offers flexible manufacturing capabilities, allowing for a wide range of products and custom screen shapes, thus enhancing market adaptability [12][14]. Group 3: Industry Ecosystem - Visionox's advancements in ViP technology mark a transition from following to leading in high-end OLED technology, establishing a critical testing ground for domestic equipment and materials [14][15]. - The company has developed a comprehensive innovation system that integrates basic research, pilot testing, and mass production, fostering a new industrial chain [15][17]. - The shift in focus from scale expansion to value creation and ecosystem building reflects the evolving logic of the Chinese display industry, as seen in Visionox's practices [17][20].