Group 1 - The company, LianDe Equipment (300545.SZ), has received a bid notification confirming it as the winner for the BOE 8.6 generation AMOLED production line project [1] - The total bid amount for the project is 201 million yuan [1]

Company Overview - Visionox is a leading innovative supplier of new display solutions, focusing on the research, production, and sales of AMOLED displays for various applications including smartphones, wearables, and automotive displays [2][3] - The company maintains strong partnerships with major brands such as Honor, Xiaomi, OPPO, and Google, ensuring a robust market presence [2] Market Trends - The global AMOLED market is experiencing rapid growth, with a projected shipment of over 750 million smartphone AMOLED panels in 2025, representing a penetration rate of over 60% in the smartphone market [2] - The compound annual growth rate (CAGR) for IT product AMOLED panel shipments is expected to reach 26.5% by 2030, while automotive display AMOLED panel shipments are projected to grow at a CAGR of 30.6% [3] Financial Performance - In the first half of 2025, Visionox achieved a revenue of 4.121 billion yuan, marking a year-on-year growth of 4.79% [3] Product Development - The company is actively developing technologies for foldable smartphones, aiming to transition foldable screens from niche products to mainstream options [4] - Visionox has made significant advancements in localizing its supply chain, achieving a substantial increase in local sourcing rates [5] Technological Innovations - The company has introduced solid-state laser annealing (SLA) technology, which addresses long-standing industry challenges and improves display uniformity while reducing production costs [5] - Visionox's ViP technology features a high aperture ratio of 69%, enhancing brightness and lifespan, and enabling innovative applications such as transparent displays [6] Production Capacity - Visionox is investing in high-generation AMOLED production lines, with the first line expected to commence operations in September 2024, targeting the mid-to-large size market [6]

Core Viewpoint - The financial performance of Visionox (维信诺) shows a slight improvement in revenue but continues to face significant losses, indicating ongoing challenges in profitability and cash flow management [1][12]. Financial Performance Summary - Total revenue for the first half of 2025 reached 4.121 billion yuan, a year-on-year increase of 4.79% compared to 3.933 billion yuan in 2024 [1]. - The net profit attributable to shareholders was -1.062 billion yuan, improving by 9.74% from -1.177 billion yuan in the previous year [1]. - In Q2 2025, total revenue was 2.306 billion yuan, up 7.96% year-on-year, while the net profit attributable to shareholders was -532 million yuan, an increase of 2.67% [1]. - The gross margin improved to -0.21%, a significant increase of 97.96% from -10.50% in the previous year [1]. - The net margin also improved to -30.55%, up 17.01% from -36.81% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 686 million yuan, accounting for 16.63% of revenue, a decrease of 9.97% year-on-year [1]. Cash Flow and Debt Management - The current ratio stands at 0.52, indicating rising short-term debt pressure [1]. - Cash and cash equivalents decreased by 24.24% to 6.505 billion yuan [1]. - The company’s receivables increased by 35.48% to 3.381 billion yuan, reflecting potential cash flow issues [1]. - Interest-bearing liabilities rose by 3.46% to 20.806 billion yuan [1]. Investment and Development Insights - The company has increased its capitalized R&D expenditures by 66.08%, indicating a focus on innovation [6]. - The market for AMOLED technology is expected to grow significantly, with a projected compound annual growth rate of 56% for IT products and 49% for automotive displays from 2023 to 2028 [13]. Risk and Return Analysis - The historical return on invested capital (ROIC) has been poor, with a median of -0.71% over the past decade [12]. - The company has reported five years of losses since its IPO, raising concerns about its long-term viability [12].

尽管云英谷在财务上陷入窘境，但是从行业前景来看，全球显示面板产业的重心正加速向中国大陆倾斜。 都会交易宝数据显示，近期，中国大陆第一大AMOLED显示驱动芯片厂商——云英谷科技股份有限公司(简称"云英谷")向港交所主板提交上市申请，中金公 司、中信证券为其联席保荐人。 | 编纂]的[編纂]數目 : [編纂]股H股(視乎[編纂] | | | --- | --- | | 行使與否而定) | | | 香港[编纂]數目 【編纂】股H股(可予[編纂]) | :: | | 國際[編纂]數目 [編纂]股H股(可予[編纂]及 | :: | | 視乎 編纂 行使與否而定) | | | 最高[編纂] : 每股H股[編纂]港元,另加1.0％經紀 | | | 佣金 · 0.0027% 證監會交易徵費 · | | | 0.00565% 聯交所交易費及0.00015% | | | 會財局交易徵費(須於申請時以港元 | | | 繳足,多繳股款可予退還) | | | FIFE 每股H股人民幣1.00元 | :: | | [編纂] : [編纂] | | 本次云英谷上市有两个背景。 第一，2023年1月，公司曾签署过上市辅导协议，原定于A股上市 ...

Core Viewpoint - The report highlights Shanghai Hehui Optoelectronics Co., Ltd.'s financial performance and strategic focus on AMOLED display technology, emphasizing growth in the tablet and laptop sectors while addressing challenges in the smartphone market [1][2][3]. Company Overview and Financial Indicators - The company reported a revenue of 267,006.21 million RMB for the first half of 2025, an increase of 11.51% compared to the same period last year [2]. - The total profit for the period was -83,973.42 million RMB, showing an improvement of 44,309.80 million RMB year-on-year [2]. - The net cash flow from operating activities was 23,284.36 million RMB, a significant increase of 855.77% compared to the previous year [2][3]. - The company's net assets at the end of the reporting period were 919,436.55 million RMB, a decrease of 8.37% from the previous year [2]. Industry and Main Business Situation - The company operates in the semiconductor display industry, specifically in the manufacturing of display devices, which is classified as a strategic emerging industry in China [4]. - AMOLED technology is increasingly adopted across various sectors, including smart wearables, smartphones, tablets, laptops, and automotive displays, due to its superior display quality and energy efficiency [5][6][7]. Market Trends and Growth Potential - The global AMOLED market is projected to grow from approximately 350.3 billion RMB in 2024 to about 627.9 billion RMB by 2030, with a compound annual growth rate (CAGR) of 10.2% [5]. - In the tablet and laptop segment, the penetration rate of AMOLED displays is expected to rise from 5.5% in 2024 to 23.9% by 2030, with a corresponding market size increase from 27.9 billion RMB to 153.8 billion RMB [5]. - The automotive display market is also anticipated to grow significantly, with a projected CAGR of 44.2% from 2024 to 2030 [6]. Competitive Position and Strategic Focus - The company is recognized as a leader in the AMOLED display market, particularly in the medium and large-size segments, holding a significant market share in China [9][10]. - The company has established long-term partnerships with major brands in the consumer electronics sector, ensuring stable supply and demand for its products [23]. - The focus on R&D and innovation has led to the development of key technologies such as Hybrid and Tandem display technologies, enhancing the company's competitive edge [14][19]. Innovation and R&D Achievements - The company has invested heavily in R&D, with a total expenditure of 247 million RMB in the reporting period, representing 9.24% of its revenue [3][14]. - The company has developed 18 core AMOLED technologies, including flexible displays and high refresh rates, which are crucial for maintaining its market leadership [19][25]. - The company has received numerous industry certifications and awards, reflecting its commitment to quality and innovation in the AMOLED display sector [25].

Core Insights - The global AMOLED smartphone panel shipment is projected to reach approximately 420 million units in the first half of 2025, reflecting a slight year-on-year increase of 0.2%, indicating a resilient growth trend despite economic and geopolitical challenges [1] - Chinese manufacturers accounted for 51.7% of the global AMOLED smartphone panel market share in the first half of 2025, marking a 1 percentage point increase year-on-year, while South Korea's share decreased to 48.3%, down 1 percentage point [1] Market Dynamics - Samsung Display's (SDC) AMOLED panel shipments declined by 6.3% year-on-year, with its market share dropping from 43.8% to 40.9%, indicating a loss of competitiveness in the mid-to-low-end flexible screen market due to cost advantages from Chinese manufacturers [3] - BOE's shipments increased by 6.7% year-on-year, securing a 17.1% market share, up 1 percentage point, supported by a dual strategy of "high-end breakthroughs and mid-range expansion" [3] - Tianma's shipments grew by 16.6% year-on-year, achieving a market share of 10.8%, the largest increase among domestic manufacturers [3] - CSOT's shipments rose by 4.9% year-on-year, with a market share of 10.2%, benefiting from deep collaborations with domestic brands like Xiaomi [3] Quarterly Performance - In Q2 2025, global AMOLED smartphone panel shipments were approximately 210 million units, reflecting a year-on-year decline of 6.3% and a quarter-on-quarter decline of 1.4%, primarily due to adjustments in brand procurement schedules [5] - South Korea's market share in Q2 2025 was 47.4%, down 4.3 percentage points year-on-year, while domestic manufacturers' share rose to 52.6%, continuing to show strong growth [6] - SDC's shipments in Q2 2025 fell by 17.4% year-on-year, with a market share of 40.8%, down 5.4 percentage points, facing significant challenges to its leading position [6] - BOE achieved a year-on-year growth of 9.6% in Q2 2025, with a market share of 17.3%, up 2.5 percentage points [6] - Tianma's shipments increased by 13.3% year-on-year, with a market share of 11.1%, driven by capacity release from its Xiamen G6 production line [6]

Core Viewpoint - The global AMOLED smartphone panel shipment is projected to reach approximately 420 million units in the first half of 2025, showing a slight year-on-year increase of 0.2%, despite a decline in the second quarter [2][5]. Market Overview - The AMOLED technology is demonstrating an irreversible trend of replacement due to its advantages such as high contrast, low power consumption, and lightweight design, which are key drivers for market resilience [2]. - In the first half of 2025, Chinese manufacturers accounted for 51.7% of the global AMOLED smartphone panel market share, an increase of 1 percentage point year-on-year, while South Korea's share decreased to 48.3%, down 1 percentage point [5]. Company Performance - Samsung Display (SDC) experienced a year-on-year shipment decline of 6.3%, with its market share dropping from 43.8% to 40.9%, indicating a 2.8 percentage point decrease [6]. - BOE's shipments grew by 6.7%, maintaining a 17.1% market share, which is an increase of 1 percentage point year-on-year, supported by a dual strategy of high-end breakthroughs and mid-range volume [6]. - Tianma's shipments rose by 16.6%, achieving a market share of 10.8%, up 1.5 percentage points year-on-year, marking the largest increase among domestic manufacturers [6]. - CSOT's shipments increased by 4.9%, with a market share of 10.2%, up 0.5 percentage points, benefiting from deep collaborations with domestic brands like Xiaomi [6]. Quarterly Analysis - In the second quarter of 2025, global AMOLED smartphone panel shipments were approximately 210 million units, reflecting a year-on-year decline of 6.3% and a quarter-on-quarter decline of 1.4% [9]. - The decline in shipments was attributed to adjustments in terminal brand procurement rhythms, with major brands postponing some orders to the third quarter to control inventory [9]. - In the second quarter, South Korean manufacturers held a 47.4% market share, down 4.3 percentage points year-on-year, while domestic manufacturers' share rose to 52.6%, continuing to show strong growth [9]. Competitive Landscape - In Q2 2025, SDC's AMOLED smartphone panel shipments fell by 17.4% year-on-year, with a market share of 40.8%, down 5.4 percentage points [10]. - BOE achieved a year-on-year growth of 9.6% and a market share of 17.3%, up 2.5 percentage points [10]. - Visionox, despite a 4.9% year-on-year decline, saw a 28.9% quarter-on-quarter growth, with a market share of 11.2%, up 0.2 percentage points [10]. - Tianma's shipments increased by 13.3% year-on-year and 4.5% quarter-on-quarter, with a market share of 11.1%, up 1.9 percentage points, driven by capacity release from its Xiamen G6 production line [10].

Core Viewpoint - Hehui Optoelectronics is planning an IPO in Hong Kong to alleviate its significant debt burden and improve its financial situation, despite facing ongoing losses and delays in its production expansion project [1][4][20]. Group 1: Financial Performance - Hehui Optoelectronics has accumulated losses of 12.198 billion yuan from 2017 to 2024, with losses doubling in the four years post-IPO compared to the four years prior [2][16]. - The company reported a net loss of 9.45 billion yuan in 2021, 16.02 billion yuan in 2022, 32.44 billion yuan in 2023, and 25.18 billion yuan in 2024, totaling 83.09 billion yuan in losses since its IPO [16][19]. - Revenue has shown some growth, with figures of 4.021 billion yuan in 2021, 4.191 billion yuan in 2022, 3.038 billion yuan in 2023, and 4.958 billion yuan in 2024, reflecting a year-on-year growth of 60.69%, 4.24%, -27.5%, and 63.19% respectively [16]. Group 2: Debt Situation - As of February 2025, Hehui Optoelectronics had interest-bearing liabilities totaling 16.3 billion yuan, with annual interest expenses exceeding several hundred million yuan [1][4][9]. - The company's short-term debt has increased significantly, with short-term liabilities reaching 10.395 billion yuan by the end of 2024, while cash and cash equivalents were only 3.8 billion yuan, resulting in a liquidity gap of 6.6 billion yuan [4][6]. - The proportion of interest-bearing debt to total assets rose from 42.33% in 2022 to 58.59% in 2024, indicating a deteriorating financial position [9]. Group 3: Production Expansion Challenges - The sixth-generation AMOLED production line expansion project, initially expected to be completed by December 2022, has faced multiple delays, now projected to reach operational status by December 2025 [1][11][12]. - As of the end of 2024, only 3.18 billion yuan had been invested in the project, with a completion rate of just 67.8% [15]. - The company has cited delays due to global economic downturns and supply chain issues as reasons for the slow progress in the project [11][12]. Group 4: Market Position and Competition - Hehui Optoelectronics ranks second globally and first in China for large-sized AMOLED semiconductor display panel manufacturing, with a focus on consumer electronics and automotive displays [3]. - The AMOLED display industry is characterized by rapid technological advancements and intense competition, with Hehui Optoelectronics needing to secure market share while addressing its financial challenges [20].