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]

瑞财经 严明会 10月27日，上海显耀显示科技有限公司（简称：JBD）宣布完成超十亿元人民币B2轮融资，金额刷新全球MicroLED微显示 领域的单笔融资纪录。 本轮由混沌投资和中信金石领投，中信证券国际资本、中信证券投资、光速光合、银柏投资、智微资本、金浦投资、浦耀信晔、广发乾 和、广发信德、浙江宥金和派诺资本跟投。本轮资金将用于加速JBD在MicroLED微显示技术的创新与产品迭代。 | 变更日期 | 变更项目 | 变更前 | | 变更后 | | --- | --- | --- | --- | --- | | 2025-10-22 | 注册资本变更(注册资 金、资金数额等变更) | 5822.2825万人民币 | 6644.7976万人民币 | | | | | | 伦伟(董事) | | | | | 伦伟(董事) | 徐慧文 (董事) | | | | | 徐慧文(董事) | 刘子毅(童事) | | | | | 刘子毅(董事) | 禁为民(监事) | | | | | 祭为民 (监事) | 王昌(董事) | | | | | 王晶(董事) | 陈敏(财务负责人) | | | 2025-10-22 | 高级管理人员 ...