Core Viewpoint - The article highlights the successful IPO of Shiya Technology, a leading company in silicon-based OLED technology, which has achieved rapid acceptance in the capital market despite significant losses, indicating strong market confidence in high-end micro-display technology [3][5]. Company Overview - Shiya Technology, based in Hefei, Anhui, has reported cumulative losses exceeding 950 million yuan from 2022 to 2024, yet managed to complete its IPO process in just six months [3][6]. - The company is the first globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafers, which offer higher cutting efficiency and lower unit costs compared to traditional 8-inch wafers [3][5]. Technological Advancements - Shiya Technology possesses comprehensive self-research capabilities across the entire stack of silicon-based OLED technology, including "display chips, micro-displays, and optical systems," achieving industry-leading performance metrics such as a contrast ratio of up to 600,000:1 and a DCI-P3 color gamut coverage exceeding 99% [3][5]. - The company is recognized as a national leader in the new display industry chain by the Ministry of Industry and Information Technology, playing a pivotal role in promoting self-sufficiency within the industry [5]. Market Position and Competitiveness - According to a report by Frost & Sullivan, Shiya Technology is projected to rank second globally and first domestically in the shipment of silicon-based OLED products for XR devices by 2024, capturing a market share of 35.2% [5]. - The company has established itself as a core supplier for major tech firms such as ByteDance, Lenovo, and others, demonstrating its competitive product offerings and integrated solutions [5][6]. Financial Insights - Despite the significant losses, the capital market's acceptance of Shiya Technology is driven by its long-term value potential, with over 900 million yuan invested in R&D during the reporting period, leading to a research expense ratio as high as 133.35% in one year [6]. - The global market for silicon-based OLED displays is expected to reach 67.93 billion yuan by 2030, with a compound annual growth rate of 94.11%, providing substantial growth opportunities for Shiya Technology [6].