Company Overview - Shanghai JBD Display Technology Co., Ltd. (JBD) recently completed a B1 round financing of several hundred million RMB, with investors including Anhui Railway Fund, Fanghua Fund, and Ant Unicorn Fund among others [1] - The financing will primarily be used for the R&D of MicroLED micro-display core technology, capacity expansion, talent acquisition, and deepening ecological cooperation to meet the growing demand in the global AR+AI terminal market [1] Product Development - JBD has been focusing on the development and production of MicroLED micro-displays under 0.3 inches since its establishment in 2015, and is one of the few manufacturers capable of mass-producing these displays [1][10] - The "Hummingbird Mini II" monochrome light engine, set to launch in 2024, exemplifies AR lightweight design with a volume of only 0.15 cubic centimeters and a weight of 0.3 grams, meeting the demands for lightweight, comfortable wear, and long battery life [6] - JBD has made significant advancements in panel brightness and quality control, achieving brightness levels of 10 million nits for green light and 2 million nits for blue light under typical driving conditions [9][10] Market Trends - The global AR device market is experiencing accelerated growth due to increased demand for digital transformation and breakthroughs in consumer hardware technology [3] - According to Counterpoint, the international smart glasses market is expected to see a 110% year-on-year increase in shipment volume in the first half of 2025, driven by the entry of major hardware manufacturers [4] - The market is focusing on "lightweight" and "high-quality performance" as key demands for AR devices, which will expand their application from professional fields to everyday scenarios [4][7] Competitive Positioning - JBD's products are rapidly penetrating the terminal market, with nearly 50 smart glasses utilizing JBD's MicroLED technology, including well-known domestic brands and international tech giants [1] - The company is set to release more new products based on its technology in the coming year, further enhancing its influence in the global AR near-eye display industry [1][10] - JBD's ARTCS quality correction solution and the upcoming "Hummingbird II" color engine are expected to provide high-quality display capabilities suitable for consumer-grade lightweight AR glasses [7]

Group 1 - The company, China Merchants China Fund, has signed an investment agreement to inject 30 million RMB into Shanghai JBD Display Technology Co., Ltd. as part of its Series B financing round [1] - JBD, established in October 2015, specializes in the research and manufacturing of MicroLED technology, with R&D departments and factories located in Hefei and Shanghai, China [1][2] - JBD is recognized as a leader in the mass production and application of MicroLED micro-display chips for augmented reality (AR) glasses, boasting industry-leading features such as high brightness, low power consumption, and compact size [2] Group 2 - The company anticipates strong demand for consumer-grade AR products in the future, positioning MicroLED as a promising display solution for lightweight AR glasses [2] - JBD's founding team has extensive experience in optoelectronic materials and devices, providing the company with a significant technological advantage in the MicroLED micro-display sector [2] - With ongoing product iterations and the commercialization of downstream AR terminals, JBD is expected to have a favorable development outlook as a leading player in the MicroLED micro-display field [2]