Group 1 - The core point of the article is that Shanghai Xianyao Display Technology Co., Ltd. has recently increased its registered capital to 66.448 million yuan and has added new shareholders, including Moutai Jinshi Fund and Zhejiang Youjin Venture Capital [1] - The company was established in October 2015 and is focused on the research and innovation of MicroLED micro-display technology [1] - Changes in the company's main personnel have also been reported alongside the capital increase and new shareholders [1]

Core Insights - JBD has successfully completed a B2 round financing exceeding 1 billion RMB, setting a record for single financing in the global MicroLED micro-display sector [1] - The funding will accelerate JBD's innovation in MicroLED technology and product iteration, aiming to transform its technological advantages into large-scale industrial capabilities for the global market [1][3] Company Development - JBD is celebrating its 10th anniversary in 2025, having established a strong technical moat through continuous innovation in MicroLED technology, achieving large-scale production and breakthroughs in key metrics like brightness and power consumption [3][4] - JBD's MicroLED products are currently utilized in nearly 50 models of smart glasses globally, positioning MicroLED as a key driver for the popularization of consumer-grade AR smart glasses [3] Technological Innovation - The recent financing provides robust support for JBD's ongoing technological innovation, including the launch of the "Hummingbird II," the smallest mass-produced color light engine, which enhances design flexibility and display quality while reducing power consumption [4] - The introduction of the MicroLED 2.5-micron pixel pitch "Zoujuan" platform addresses long-standing industry challenges, paving the way for next-generation compact, wide-field light engines and improving the user experience of consumer-grade AR smart glasses [4] Investment Perspective - Investors recognize AR glasses as a crucial product in the AI development process, with JBD being a leading company in the MicroLED micro-display sector, having built a deep moat through customer recognition, product iteration capabilities, and early large-scale production [5] - The investment aligns with strategies to capture leading companies in core industry segments, supporting JBD's position in the AR supply chain and its role in defining the next generation of human-computer interaction [5]

Group 1 - JBD has completed a Series B financing round exceeding 1 billion RMB, setting a record for the largest single financing in the global MicroLED micro-display sector [1] - The financing round was led by Chaos Investment and CITIC Jinshi, with participation from multiple investors including CITIC Securities International Capital and others [1] - The funds will be used to accelerate innovation and product iteration in MicroLED micro-display technology [1] Group 2 - JBD was established in 2015 with a registered capital of 66.448 million RMB and is a member of the Gallium Semiconductor [1] - The chairman and general manager of the company is Li Qiming, who holds a 13% stake [1] - On October 22, 2025, the company underwent a registered capital change, increasing from approximately 58.223 million RMB to 66.448 million RMB [2]